After thinking of Li Mu's experience, Mark Zuckerberg immediately made his own decision, and after chatting with Larry Page, he said to Li Mu in private: "Mr. Li, I thought about it carefully and decided to accept Mr. Page's suggestion, take a leave of absence from Harvard, and then move the company to Silicon Valley, what do you think?"

Li Mu smiled slightly and said: "I support the suspension of school, because the next few years will be the golden period of the rapid development of the Internet, if you are still in school, this high-speed train will tear you apart when it starts, but it is not a good time for you to move the company to Silicon Valley." ”

Mark Zuckerberg was puzzled and asked, "Why? Silicon Valley is the center of the industry, and if you are in Silicon Valley, you can get access to more core resources in the industry." ”

Li Mu said with a smile: "Your current business line is aimed at college students, and Silicon Valley is a gathering place for Internet elites, but not a gathering place for college students, so what you have to do now is to temporarily suspend your studies from school, and then go all out to plunge into the huge ivory tower of college campuses and college students across the United States." ”

As he spoke, Li Mu asked Mark Zuckerberg: "Have you noticed that the people just now, including Larry Page, don't care too much about the core of the Facebook project?"

Mark Zuckerberg nodded and said, "It's exactly like you said." ”

Li Mudao: "Do you know why?"

Mark Zuckerberg shook his head.

Li Mu said with a smile: "Because deep down they don't think that you are a real Internet entrepreneur, they think that you are just a college student who is making a small fuss in the college student group, and your project is just a small college student project, which proves that they themselves do not attach so much importance to the college student group, just like the NBA Lakers look at the mentality of a college campus basketball team, they think that you are not professional players at all, and the level and prospects are not worth mentioning at all." ”

Mark Zuckerberg agreed: "Indeed, ......"

Li Mu snapped his fingers and said with a smile: "This is the best situation, when others start, their development depends on Gou, and if they take the slightest chance, the big guy will quickly annihilate him, but your current start is in a field that these so-called bigwigs don't pay attention to and don't care about, but this group has tens of millions of potential users, and nearly 100 million potential users in the world, once you grow and develop enough in this field, when you enter Silicon Valley from the college campus, you are already one of the bigwigs in Silicon Valley." ”

Speaking of this, Li Mu said: "There is a great man in China, who once created a great strategy of surrounding cities in the countryside, and now this strategy is suitable for you to learn and emulate, for the elites of Silicon Valley, only Silicon Valley, New York, Los Angeles, and Wall Street are the 'cities' of the Internet industry, and it is suitable to use the strategy of surrounding cities in the countryside to catch them off guard." ”

Mark Zuckerberg couldn't hide his excitement and said: "Then I will take a leave of absence after I go back, and then quickly make Facebook bigger and stronger in the college student community!"

Li Mu nodded: "I will arrange for you to call the additional investment money soon, and Larry Page will direct all Google's search traffic about the university to you, so you don't have to worry about anything next, and go all out to expand rapidly in the college student group." ”

……

After chatting with the guests from afar at the reception, Li Mu and the head of Sequoia Capital, Steve · Johnson met privately.

Steve· Johnson is now most concerned about the follow-up capital operation of Makino Technology and Li Mu's other enterprises, Sequoia has tasted a huge sweetness in Makino Technology, and he can't wait to find other breakthroughs, but Li Mu is now extremely cautious about capital, due to the upward trend of the global capital market, Li Mu now almost does not give any opportunity for capital to penetrate in, which makes Steve· Johnson scratched his liver.

Whenever the capital market is down, companies are in a hurry to raise funds, because they are worried about the capital winter that may come at any time, so they sacrifice part of their shares in advance and reserve cash to survive the winter, but whenever the capital market goes up, companies begin to grit their teeth and insist on waiting for the price to continue to rise before selling shares.

Now that the global capital market is in a good situation, Li Mu is naturally not in a hurry to raise funds, but looks forward to being able to achieve a super-large-scale fundraising through listing.

Li Mu and Steve· After Johnson sat down, the latter handed Li Mu a cigar and said with a smile: "Mr. Li, taste the world's top Cuban cigars." ”

Li Mu shook his head and said with a smile: "Thank you, but I can't get used to this thing." ”

As he spoke, Li Mu took out a pack of domestic cigarettes from his pocket and asked him, "Do you want to try this?"

Steve· Johnson hesitated for a moment, then smiled cheerfully, "OK, give it a try." ”

Li Mu took out two panda cigarettes, handed him one, lit one himself, and then asked him with a smile: "Steve, are you in such a hurry to ask me to meet, is there anything good to take care of?"

Steve· Johnson lit a cigarette and took a puff, tasted it for a while, then exhaled the white cigarette and said with a smile: "To be honest, Sequoia has always had a lot of cash waiting for you to say hello, but you don't want to do another round of financing, and I can't help it......"

Li Mu smiled indifferently and said, "Apple has already been acquired, and financing is no longer attractive to me at this time." ”

Steve· Johnson said: "So I'm not going to talk to you about financing this time, I want to talk to Mr. Li about the future IPO of Makino Technology." ”

Li Mu raised his eyebrows and asked him, "What do you want to talk to me about the IPO?"

Steve· Johnson laughs: "I mainly want to know the approximate timing of Makino Technology's IPO. ”

Li Mu said: "After Google and Baidu are successfully listed, Makino Technology will launch its own IPO plan. ”

Steve· Johnson nodded and said with a smile: "Mr. Li is really scheming, and after these two companies are IPO, the valuation of Makino Technology will rise further, and it is indeed the best time." ”

After a slap on the back, Steve· Johnson asked Li Mu with a serious expression: "Mr. Li, Makino Technology should have started to prepare for the IPO, right?

Li Mu smiled noncommittally and said, "Steve, if you have any ideas, you can say it directly, we are also partners no matter what we say, there is no need to go around." ”

Steve· Johnson hesitated for a moment and said: "Mr. Li, in fact, for Sequoia and I personally, we very much hope to be able to cooperate with you in depth on the matter of Makino Technology's IPO, we have estimated the future valuation of Makino Technology, and under the condition that Makino Technology maintains the existing growth rate, plus an additional 30% of Google The IPO of Makino Technology is likely to raise more than $20 billion, creating the largest IPO in Nasdaq history, but it all depends on having a mature and reliable underwriter team. ”

Li Mu nodded, and at this time he already understood that Steve· Johnson's motivation, what he wants, is to be qualified as an underwriter for a future Makino IPO.

In the NASDAQ IPO, the first step to do is to submit for review, the second is to find a suitable underwriter team, and then determine the valuation, the number of shares issued and the price with the other party, and then the other party will sell the IPO shares to their big customers.

Sometimes, the failure of the company to go public in the United States is not because the company does not meet the requirements of NASDAQ listing, but because the company is not satisfied with the price given by the underwriter.

Before a company is not listed, there will be two valuations, one is the company's own valuation of itself, and the other is the valuation of the capital market to itself, which is no different from finding a job and communicating with the employer about the salary.

If a company is going to list on the NASDAQ and its target valuation is $1 billion, they want to raise $100 million through the issuance of 10 million shares, or 10% of the company's total shares In the eyes of the underwriters, the valuation of the company can only be given to $500 million, and if other conditions remain unchanged, the corresponding price of $5 per share can be sold, and if the price is high, it is difficult to sell all the shares issued by the IPO.

On this basis, if the company accepts the valuation of the underwriter, then he also takes out 10% of the shares, but can only raise 50 million US dollars, and the psychological expectation is discounted, which is naturally difficult to accept, but neither side is willing to make concessions on this issue, so this IPO can only be stranded because of huge differences.

Therefore, in the process of IPO, the role of the underwriter is still very important, the strength of the continuous underwriter should be sufficient, and the underwriter should be enough to recognize the value and prospects of the customer enterprise, although Makino Technology has a high reputation in the world, and the capital market recognition is also very high, but when it comes to IPO, it is still necessary to have a reliable underwriter to work together, and strive to seek the greatest interests for the enterprise in the process of listing.

At any time, the best selling price for a seller is just close to the maximum acceptable limit for the buyer, and Li Mu is the same.

So Li Mu asked him: "Do you want to be the underwriter of Makino Technology?"

Steve· Johnson also nodded calmly at this moment, and said: "Mr. Li, to tell the truth, with the size of Makino Technology's IPO, I'm afraid that any investment bank can't eat it by itself, according to our estimates, at least three to six first-line investment banks are needed to form an underwriting team, and we hope that with our close cooperation with Makino Technology, we can become the lead bank of Makino Technology's IPO." ”