There are three main types of controlling mergers and acquisitions: one is a wholly-owned acquisition, which takes one plus one to be greater than the scale effect of two, the second is equity replacement, which is based on the premise that the acquirer lacks cash flow and the other party can partially supplement profits, and the third is cash plus equity, which is applicable to the situation where the acquiree has objections to the value assessment and its own cash flow is not very sufficient.

1. Virtual opponents in acquisitions

The acquisition of Shenzhen Focus Media is a turning point in Qin Fangyuan's career in memory of media.

When the plane arrived in Shenzhen, it was more than 8 o'clock in the evening, and Focus Media sent an Audi A6 to pick up the station, and the vice president came to pick it up. The vice president's surname is Xiong, and he speaks Cantonese Mandarin: "Mr. Qin, welcome, welcome! We go directly to the hotel, Mr. Yang is waiting for you to have dinner together." ”

Qin Fangyuan couldn't resist Vice President Xiong's enthusiasm, and the tiredness of flying for three hours all the way disappeared in a blink of an eye, after all, he was a young man. On the way to the hotel, Qin Fangyuan learned that Mr. Yang and Xiong are always fellow villagers and are both from Hunan. Qin Fangyuan thought in his heart: After only a few days in Guangzhou, he became unable to speak with a curled tongue. How nice the Hunan dialect is, it was Chairman Mao who announced the founding of the People's Republic of China on the tower of Tiananmen Square in Hunan dialect, and the whole country rejoiced!

When Vice President Xiong heard that Qin Fangyuan was from Hubei, he still curled his tongue and said: "It's rare and rare, we are half a fellow countryman! ”

"Yes, Hunan and Hubei are all Chu lands. I have been to Changsha Yuelu Academy, the front door couplet is 'thousands of years of Chu material guidance originated here, in recent centuries Hunan studies and the sun to win glory', the gate is 'only Chu has materials, Yu Si is prosperous', very imposing. ”

Chatting all the way, we arrived at the Ritz-Carlton Hotel in Futian Central Business District, adjacent to the Shenzhen Convention and Exhibition Center.

They opened a suite of a big bed room for Qin Fangyuan. Qin Fangyuan found Vice President Xiong and said, "We pay for our own travel expenses, which is the company's regulations. ”

"Why are you so polite? You're here as VIPs. ”

Qin Fangyuan insisted on refusing, and he ran to the front desk to swipe the card to consume.

They arranged a sumptuous dinner with seafood as the main focus. Mr. Yang is in his forties and also speaks Cantonese Mandarin, and he brought five people, three women and two men, to accompany him. Mr. Yang originally took three steps and made two steps, but when he came in and saw a young face, he deliberately slowed down his pace, stepped forward and shook his hand gently, and said, "Mr. Qin is very young." ”

Mr. Yang thought to himself, how can the media send a young man to talk about the acquisition? We are also a prince, so why do we have to send a vice president or a member of the board of directors to come over to talk?

The meal began in an atmosphere that was neither salty nor light. Qin Fangyuan saw it in his eyes, he was here to talk about acquisitions, and he didn't need to flatter others, nor did he need to be flattered, so he didn't mind.

The next day, Qin Fang went to their company, on the eleventh floor of the Diwang Building, with five offices. Vice President Xiong said: "Originally, the entire floor was leased, but later because I didn't plan to go public, I wanted to form a strategic alliance with a large company, so I reduced the cost and reduced the leased area." ”

Vice President Xiong is still an honest man, at least it's more practical to talk about this, Qin Fangyuan thought.

In the small conference room, Qin Fangyuan expressed his real intention to acquire, and then talked about the benefits of the merger of the two companies in general. At the same time, he emphasized that he is the leader of the acquisition, and once the two parties reach a merger intention, the acquisition team will come over quickly and demand speed and efficiency.

Mr. Yang listened carefully, smoking a cigarette, and after seeing Qin Fangyuan frowning slightly, he extinguished the cigarette with more interest. He handed Qin Fangyuan an agreement of intent to merge: "Mr. Xiao Qin-don't you mind calling it like that, right?"

"Just call me far away, or call me Simo

Please speak. Qin Fangyuan glanced at this agreement, and immediately stopped when his eyes fell on Party A.

This moment was captured by Mr. Yang.

Qin Fangyuan said: "You have already contacted Power Media?"

"It's not just the contact, we've talked about the details of the terms. Mr. Yang was very excited when he talked about business, he was sitting on his back and said to Qin Fangyuan, "Fang Yuan, if you want to buy, one is to be fast, and the other is to have the right price." ”

Qin Fangyuan looked at the price, the price column in the agreement was blank, and he flipped through the final payment, all of which were not stamped, that is, the two parties did not even sign the agreement of intent.

Qin Fangyuan said: "Of course, the cooperation is open, and as for which one to cooperate with, we still need to be cautious. We don't deliberately belittle each other, Power Media is our direct competitor, but at present, we are at least 30% higher than each other in the national market share, we are the current industry leader, I believe that Yang will always understand who to cooperate with has the best chance of winning. ”

"I am a rough person, and I negotiated with Power Media for three months, and finally did not sign the agreement, mainly for two reasons: one is that they are procrastinating, the board of directors is slow to make a decision, and the other is that the price is unreasonable. If you can pay more than them, we are in business, and of course we will choose you. ”

"How much does the other party give?"

"45 million, all acquired. ”

Qin Fangyuan's eyes widened, this would be the largest acquisition of local media in his hand, and no previous transaction exceeded 10 million yuan. He also had a preliminary understanding of Focus Media's resources and customers before, although it was not completely true, his valuation was at most 15 million yuan.

Qin Fangyuan said: "We can negotiate the price. As you know, we also have two rounds of venture capital, and we are also preparing to IPO in foreign capital markets such as NASDAQ in the future, and our willingness to cooperate is still very strong. ”

"Hehe, Fang Yuan, we are businessmen, I know your words. When it comes to cooperation, it is actually mergers and acquisitions, or more realistically, acquisitions. There is no hope for us to go public on our own, just waiting for you to acquire, just like the focus acquisition of Juzhong back then. ”

Qin Fangyuan felt that Mr. Yang was honest and straightforward, which was also in line with Qin Fangyuan's style. However, he compared himself to Juzhong Media back then, and he thought too highly of himself, Juzhong Media had raised several rounds of funds, and almost succeeded in IPO, what are their resources? Not even the king of South China.

Qin Fangyuan said: "Mr. Yang is straightforward, then we will send someone to do due diligence, and then evaluate it and follow the process?"

"None of this is a problem. Mr. Yang paused, "Our price is 50 million, which is 5 million higher than the other party, which is a 10% premium." If the offer is agreed, we will proceed through the acquisition process. ”

"It's a premium of 11% or more. We really have to evaluate this price before deciding, after all, we are an investment company, we have a perfect board of directors system, and we need to report this matter to foreign investors. ”

"Oh, then wait for your report to be sure!" Lao Yang began to show that he had lost interest, "But then again, if you don't speed up, we may sign an agreement with Power Media at any time." ”

Qin Fangyuan looked at Mr. Yang and said, "Can you provide a complete business plan?"

Vice President Xiong answered: "There is no problem with this, we will provide it to you later." ”

After the meeting, Qin Fangyuan reported to Zhang Jiahong, and as soon as Zhang Jiahong heard that Focus Media had almost signed an agreement of intent with other companies, he was quite nervous: "We must not let the power media succeed! Now is the best time to stake land, whoever grabs the territory first will occupy a favorable situation, and the layout of the four major cities of Beijing, Shanghai, Guangzhou, and Shenzhen is inferior to Shenzhen, and we must go all out to win it!"

"I just got the business plan, and according to the preliminary estimate of their outlets, the purchase price of 50 million is too high!"

"It's okay, I promised first, and then we will talk about the actual purchase price slowly. We want to stop the acquisition of Power Media!"

Qin Fangyuan felt that Zhang Jiahong was a little confused, especially when he heard the movements of his competitors, he was more nervous.

In the afternoon, he went directly to Mr. Yang's office to convey Mr. Zhang's opinions, and preliminarily agreed to sign a cooperation agreement, and also preliminarily agreed to the acquisition of 50 million yuan.

Mr. Yang was obviously emotional: "That's good, that's good! Your team is really efficient." Although I have not dealt directly with you Mr. Zhang, we have a mutual good friend among us, and we know a little bit, she can be called a strong woman, and she does things vigorously. ”

In the afternoon of the same day, the agreement of intent was to be signed, and the other party proposed that after signing the agreement of intent and before due diligence, it should be remembered that the media needed to pay 5 million yuan in cash as an advance payment.

Of course, Qin Fangyuan disagreed, he had never signed a similar clause before.

Mr. Yang said: "If you don't pay the advance payment, how can you do your due diligence? After doing your due diligence, you strip me of my clothes, and then you say no, who are we going to go to? Just like when we look at an apple, look at it, pinch it around, pinch it when it's ripe and it's broken, and then we leave it and leave, who do we cry to? Spread it out, who will buy it?"

"Mr. Yang, we can sign a confidentiality agreement. ”

"Non-disclosure agreements are a piece of!"

Qin Fangyuan pursed his lips: "I have to report to Mr. Zhang about this clause you said." ”

He called Zhang Jiahong, Zhang Jiahong also hesitated, and asked Qin Fangyuan's opinion, of course Qin Fangyuan disagreed.

Zhang Jiahong said: "Then you can't go on like this, I'll call Mr. Yang." ”

Mr. Yang received a call from Zhang Jiahong and went to a small reception room. About ten minutes later, Zhang Jiahong called Qin Fangyuan: "1 million in advance." ”

Qin Fangyuan said: "This clause is very harsh, once the two parties do not merge and acquisition, the 1 million will belong to the other party, and we will lose 1 million." ”

Zhang Jiahong cheered Qin Fangyuan with confidence: "There will be no problem, I will take responsibility for the 1 million advance payment." ”

As soon as he hung up Zhang Jiahong's phone, Mr. Yang came in: "You Mr. Zhang only agree to 1 million, then follow Mr. Zhang's opinion!"

On-site office. Qin Fangyuan faxed the agreement of intent to the legal manager of the headquarters, and after reading it, the legal manager did not point out what needed to be modified, so he faxed and signed it.

Qin Fangyuan proposed that in the past two days, the company will appoint an intermediary agency for audit and legal affairs to conduct due diligence.

2. Due diligence: to standardize, or to time

On the issue of applying for an intermediary, Zhang Jiahong and Qin Fangyuan had a dispute. Qin Fangyuan insisted on inviting audit and legal intermediaries to enter the market, but Zhang Jiahong disagreed, and she had two reasons: first, the intermediary due diligence time was too long, and there were many dreams at night, and from the perspective of saving time and cost, the sooner the project was completed, the better;

During the stalemate, Qin Fangyuan felt very helpless, and his intuition told him that this was very out of line. Although there was no due diligence for several previous projects, it was a matter of several million yuan, and this project involving 50 million yuan, how could you not do due diligence?

According to the signed investment agreement, an investment of more than $5 million must be approved by the board of directors, and the directors of the investor have a veto power. Qin Fangyuan wants to use the rational voice of the board of directors to intervene in Zhang Jiahong's insistence, which will be beneficial to the company and shareholders.

Zhang Jiahong may have figured out Qin Fangyuan's psychology and said: "You just have to execute, any investment behavior will be risky." What time is it? The time is not waiting! I'm going to convince them on the board. All I need is one word: quick!"

In the end, Zhang Jiahong did not hire an intermediary agency, but sent a total of three people, including Zhao Yu, the legal manager, Hu Dongmei of the finance department, and their colleagues, and set a time limit.

Qin Fangyuan had no choice but to arrange a sampling survey, mainly to investigate three aspects: first, whether the media resources were provided by the other party, to verify the authenticity of the data, and the contract period. The second is to spot check what region and what real estate of the other party's media resources, five-star and three-star are different, which determines the different objects and capabilities of consumption. The more upscale the place, the higher the value, and the harder the contract will be. The third is to spot check the customer satisfaction of the other party, whether it is real, whether it is satisfied with the delivery, and whether it is willing to continue to deliver.

Zhao Yu, the legal manager, said that Mr. Qin is really an expert!

3. In the capital market, if you lie to others, others will also lie to you

During Qin Fangyuan's stay in Shenzhen, Yu Yan also flew over, and she was going to Guangzhou to see a project that her classmates at Harvard Business School discovered in Russia. This project is experiential marketing of medical devices for home use. Harvard students found that there are many experience stores of jade physiotherapy beds in Russia, and many elderly middle-aged and elderly people queue up at the door every day.

Qin Fangyuan remembers that when he first returned to China, he heard a classmate who was an investor talk about this project, and he still remembers that when he analyzed the company's business model to his colleagues in Mingming Media, Shi Wenqing also used this company as an example. In the field of household medical equipment, there are two well-known enterprises, one is the rehabilitation home, which has obtained two rounds of financing, and the other is Guangzhou, which has been shrouded in mystery in the eyes of the capital market because it has not been interested in financing.

This time, Yu Yan's fund contacted the owner of the equipment company through a friend's relationship and agreed to see each other. Qin Fangyuan accompanied Yu Yan over.

The company bought a one-story office building in the Poly World Trade Center in the new Canton Fair Center in Pazhou, Guangzhou, which should have cost hundreds of millions of yuan. The boss of the company, Mr. Pan, is really young, elegant, and quiet, worthy of being a university teacher, and considers the problem thoughtfully and comprehensively: "It's not that we are unwilling to raise funds to go public, we must think clearly about the development of the next five or even ten years, so that we can start financing." To be honest, I didn't see the future clearly, people said that it would take five years, but at that time I only saw three years at most. ”

In a large office, the furnishings are relatively simple, and the back cabinet of the desk contains all kinds of books, which is related to the owner's hobbies. Mr. Pan belongs to China's relatively early college student entrepreneurship, unlike college students who dropped out of school to start a business, he insisted on studying for a doctorate during the entrepreneurial period, and stayed at the university to teach after graduation, but the company has been running well.

At the age of 26, Mr. Pan was a director of a listed company and the second largest shareholder of the company: "This experience has provided me with a good reference in my life, that is, in the capital market, if you deceive others, others will also deceive you." Just like many companies that whitewash their financial statements and go public, only trying to succeed in IPO for a while, the next profit pressure from shareholders is quite huge, and I have witnessed the tragic scene of many listed companies delisting due to unsustainable performance, which makes me more cautious. ”

Qin Fangyuan asked: "What is the current status of the company's shareholding structure?"

Mr. Pan is frank: "We are a family business, there are only two shareholders, and I am the absolute majority shareholder. To tell you the truth, I used to want to learn from Europe and the United States and become a 100-year-old family private business. It is no secret that there was no strong desire to become a public company before. The reason why there are considerations in this regard now, there are also considerations in corporate governance: first, the equity should not be too concentrated, to become bigger and stronger, it is necessary to rely on the wisdom of others, the introduction of external forces, so as to make decision-making more scientific; second, to be a public company, not a family business, the current market environment and opportunities, the former is better than the latter. ”

After listening to Mr. Pan's words, Qin Fangyuan and Yu Yan looked at each other and smiled. According to Wall Street's standards, such companies and entrepreneurs are what they need to find.

The conversation was very pleasant, and everyone's interest came up.

Yu Yan said: "With the help of the power of capital, it will develop faster, and those who have brains will fully use capital and become the masters of capital; those who have no brains will only be called upon by capital and become slaves of capital." I believe that you belong to the first group of people. ”

Mr. Pan smiled slightly: "According to the current development speed, if it is just for listing, there is no problem in listing in the next two or three years." What I am more concerned about now is how to lead my team to seize the upcoming golden wave of China's pension industry.

"I think I see the industry trend clearly. First, an aging population has given rise to an industry that has been growing rapidly for 50 years, and this industry may be the most important business opportunity for our generation. The market demand is expanding rapidly, and many commodities are rigid demand. Second, the rapid growth of per capita income for many years has solved the problem of purchasing power, especially in first- and second-tier cities, where the per capita GDP of many regions has exceeded 10,000 US dollars. According to the experience of developed countries and regions, the purchase of household medical devices in regions that reach this number will continue to grow rapidly. Finally, the people's health awareness has been strengthened, and the problem of willingness to buy or not to buy has been solved. China's household medical device market will also experience an explosive growth, and by that time, by 2030 at the latest, the size of China's household medical device market, we definitely estimate, will be in the trillions of market sizes. ”

Mr. Pan accompanied them to visit the company's factory. The two production bases are located in Guangzhou Industrial Park, covering an area of about 30,000 square meters, and are managed in strict accordance with GMP requirements.

The company's development strategic plan shows that it is ready to use 2~3 years to do a good job in the overall improvement of the company, and promote sales growth at a rate of 130%~145% every year; it will transform into a community family health service provider in the next 1~2 years, with the help of the latest Internet technologies such as e-commerce, wireless transmission, cloud management platform, etc., integrate comprehensive resources such as hospitals, experts, Internet, cloud computing, and medical devices, and build a "professional medical service organization (expert) - customer - medical device based on wireless detection and diagnosis and treatment" The three-dimensional health management system occupies a leading position in the comprehensive health service industry.

Yu Yan said to Qin Fangyuan with a smile: "Actually, our fund is more suitable for investing in this kind of enterprise. The implication is that it is more suitable to invest in household medical equipment than to invest in mindful media. Qin Fangyuan was embarrassed to hear it, and he didn't know if it was a joke or serious, after all, Qin Fangyuan was the leader of media financing.

Coming out of the company, Yu Yan said: "This is one of the few reliable companies I have seen in China, and this project will be a bette."

deal (better deal). ”

In the evening, Qin Fangyuan and Yu Yan returned to Shenzhen. After the intimacy, Yu Yan said, "Simo."

I'm so tired of doing things in China!"

Qin Fangyuan was strange, Yu Yan's mood was not bad during the day, especially after watching the project during the day, the excitement continued into the evening, why did he feel depressed in a blink of an eye?

Qin Fangyuan asked what happened, and Yu Yan replied that he couldn't say anything specifically, he just felt tired, everyone was busy, and everyone had no sense of happiness.

"I actually like Mr. Pan's dream: carrying a satchel, walking the world alone, imaginative, free. Read all the beauties of the world, write wonderful chapters, poetic life!" Yu Yan's eyes were full of longing.

They got dressed and stood on the oversized balcony, looking up at the starry sky and looking down at the beautiful city outside the window. The night sky of Shenzhen is vast and far-reaching!

4. Suspicious acquisitions

During the pre-acquisition investigation of Focus Media, Zhang Jiahong made a phone call almost every day to ask Qin Fangyuan about the progress of the investigation. More than half a month has passed, Zhang Jiahong can't sit still, and he is urging the progress vigorously. Zhang Jiahong's verbal words were: "You can't let your direct competitors succeed, look at her head, she still wants to fight with me!"

Qin Fangyuan heard it, Zhang Jiahong was in a hurry, and he was about to carry out a personal attack. Zhang Jiahong prides himself on being a southerner and a northerner, with the skin of a southern woman and the size of a northerner, claiming to be naked and 1.72 meters tall. The founder of Power Media is a native of Hunan, graduated from Peking University, and is small and exquisite.

Zhang Jiahong became more and more dissatisfied with Qin Fangyuan's investigation, and the previous project was not done, didn't it still be successfully acquired? I don't know who Zhang Jiahong consulted, and he also shook off some professional knowledge, what is not a listed company and a state-owned enterprise, there is no need to conduct a value assessment, the two sides have almost talked about it. What era is it now? Fast fish eat slow fish, not big fish eat small fish, small fish eat shrimp, speed determines everything.

This acquisition is not a small project, how can it be rushed like this? Qin Fangyuan couldn't laugh or cry. He believes that Zhang Jiahong, who is not confused, shows even more childishness than Qin Fangyuan, who is in his twenties, at some times.

Zhang Jiahong directly interfered with the speed of front-line personnel. About 20 days later, Hu Dongmei, the financial manager, said that the financial part of the audit had been completed, and some simple risk assessments had been made, and the risk factors were similar to those of Mingming Media.

The situation submitted by the legal manager made Qin Fangyuan vigilant. As soon as we look at the signed resource development contracts, the problems are exposed: first, 80% of the real estate projects developed are below three-star, and the audience's spending power is one grade lower than that of Mingming Media's resources; second, about 60% of the two-year contracts are about to expire, and the risk is extremely high due to the reduction of media resources or rent increases; third, there are more than 30% of the current media resources with black screens, which is five times higher than the industry's 5%, and 90% of the sales revenue is barter income, which is 70% higher than that of Mingming Media The proportion of barter revenue.

According to these reports, Qin Fangyuan believes that the 50 million yuan acquisition is completely unreliable. He did not directly find Mr. Yang of Focus Media, but led the team to fly back to Beijing to report to Zhang Jiahong.

They went straight back to the office from the airport, and at 4 o'clock in the afternoon, Zhang Jiahong was still waiting in the office. She let Qin Fangyuan come in alone.

Zhang Jiahong said: "If you want to withdraw, you have to say hello to Lao Yang." When people saw that you suddenly disappeared, they thought something was wrong, and they chased the phone to me just now. ”

"Oh, this is my negligence, I'm too anxious, I should say hello to him. However, Xiong, who was in charge of docking with me, always knew that we had returned to Beijing! It seems that he was not worried about us, but worried that we would not vote. ”

Zhang Jiahong said: "This project must be invested, and I have already reported it to the board of directors. ”

Qin Fangyuan told Zhang Jiahong about the problems found in their preliminary investigation and the results of the valuation based on the investment model he made, believing that if the company's premium was assessed at fair value, it would not exceed 15 million yuan.

Zhang Jiahong didn't answer Qin Fangyuan's words, but looked at him directly, and saw that he felt a little furious in his heart. Then, Zhang Jiahong spoke: "I will seriously consider the information you provide." In this way, it is also very hard for you to go to Shenzhen this time, I approve you to take a week's vacation, so relax!"

Qin Fangyuan is not too interested in the holiday, he is more concerned about how the company finances the acquisition of Focus Media, as one of the company's executives and one of the option owners, he is of course concerned about the transaction of this case.

When Qin Fangyuan was about to leave her office, Zhang Jiahong suddenly seemed to ask casually, "Is Miss Yu Yan of Sentai Fund also in Shenzhen?"

"yes, they went to see a project, they stayed for two days, and then they flew somewhere else. ”

Qin Fangyuan felt very strange that Zhang Jiahong suddenly cared about Yu Yan, and they had never talked about Yu Yan directly before.

"Oh, what does Miss Yu Yan think of our acquisition?"

"We never communicated about this project. In this industry, even husbands and wives do not communicate with each other, which is the industry practice on Wall Street. ”

"Oh. Zhang Jiahong seemed relieved, "Invite the two of you to dinner one day." ”

"Thank you, Mr. Zhang, it is difficult for the time between us to intersect, but I will convey your heart to her. ”

Coming out of Zhang Jiahong's office, Qin Fangyuan had a lot of doubts in his heart.

5. To what extent are we responsible for shareholders?

Qin Fangyuan slept at home all day, and then went to the National Library to read a book for a day. On the third day, Shi Wenqing happened to return to Beijing, and Qin Fangyuan asked him to go to Yixian County, Hebei Province.

It took about two hours to drive from Beijing to Yi County, and they went to Jing Ke Pagoda in Yi County, and then asked a local taxi driver where the Yishui River was. The taxi driver seemed to wonder at the question, looked at the two young men in the Phaeton, and said, "What are you doing there?"

Qin Fangyuan said solemnly: "Jing Ke is a man, let's go to worship." ”

"We have a Jingke Pagoda in Yi County, where the Yishui River is, I really don't know. However, you've come all the way to our place, and I'll make sure you'll find out. ”

He used his mobile phone to ask three people in a row, and then found out the address.

On the way, Shi Wenqing said: "Why has your virtue not changed! You can't do things with a single tendon, don't be so stubborn, and slow things will be round." Giving you a holiday is to let you relax and relax more, don't think so much. ”

Qin Fangyuan was pondering, the phone rang, and it was the legal manager Zhao Yu calling: "Mr. Qin, Mr. Zhang flew to Shenzhen." ”

"Went to Shenzhen?" Qin Fangyuan was surprised.

"I went last night and brought CFO Li Dong. Except for He Jing in the company, no one else knows, but I still listened to He Jing when I went back to the company today to find Mr. Zhang to sign. Isn't it talking about acquisitions? Listening to the tone you just said, you didn't go along. ”

"I'm in Yi County. Qin Fangyuan then frankly expressed his opinion, saying, "I have reservations about acquiring this project. ”

Shi Wenqing heard it clearly on the side, and he asked Qin Fangyuan what had happened. Qin Fangyuan said briefly, but he didn't reveal much information. Shi Wenqing has ended the cooperative relationship with the company, so it is naturally inconvenient to know too much about the company's internal affairs.

After hearing this, Shi Wenqing said: "This matter, let me give you a suggestion, open one eye and close one eye! ”

Qin Fangyuan didn't seem to understand: "I am the person in charge of this project, I still have to mix in this circle, and I have to be responsible for the shareholders." If the conditions are outrageous, I won't sign it. ”

Zhang Jiahong is a shareholder herself, she is not responsible for herself, what responsibility do you bear?"

"I am the one who operates the B round of financing, and I must at least be worthy of this round of investors!"

Shi Wenqing laughed: "You want to be responsible for Yan, right? When did the little girl say that she wanted you to be responsible?"

Qin Fangyuan knew that Shi Wenqing's rogue strength had come up again, so he immediately stopped: "Don't discuss this, it's not enough to worry about it." Besides, I still have options, which are cost-effective and cost-effective, and we have to go public as soon as possible!"

The Yishui River is a small dry river, covered with weeds and a few puddles of water that seem to have accumulated rainwater. One side of the river was littered with garbage, and a gust of wind blew in the sky, sending white plastic bags and confetti flying all over the sky.

The heroes have long crossed the Yishui River and are gone, and those beautiful legends have been drowned in history. Looking at the Yishui River in front of him, Qin Fangyuan suddenly thought of a sentence that Li Ao said to the girl he had a crush on when he was young: It's better to miss each other than to see each other.

He couldn't get excited.