The RMB fund is too bad, I want to go public this year and next year, and I want to cash out immediately after listing. If you have to conceive a child for ten months, how can you not even marry the child with your mother without even the process?

1. RMB funds want to have children without conceiving a baby

The mid-autumn sunset gave one last warm glance at the hurried Chang'an Avenue and disappeared into the horizon. The rush and crowd of people come and go, making the night in Beijing stretch.

On the eighteenth floor of a certain building in Wangfujing Oriental Plaza, in a luxurious and high-profile office of more than 30 square meters, sits Zhang Jiahong, chairman and president of Mingming Media. The office faces Chang'an Avenue, with large glass floor-to-ceiling windows, looking down at the window, the traffic is busy, and the traffic with flashing night lights is lined up into several fire dragons, squirming forward.

When decorating this office, Zhang Jiahong put a lot of effort into it. A set of desks and chairs are all carved with dragonfly pattern mahogany, which is very valuable, and there are some ink treasures and bamboo carvings she has been looking for over the years on the wall, but the lighting is intricate European style, which sets off a little elegance. This office was designed with the help of cultural people, and it can be elegant and tasteful. What is intriguing is that at this moment, she is standing in front of Xiao Qiang, the vice president in charge of operations, who is standing on the side, and explodes in a foul mouth: "You guys are in the water, right? Why did the boiled duck fly? That's a contract of 10 million! For this list, I also made a special trip, and my time is very precious, understand?"

Xiao Qiang is obese and medium-sized, and has followed her in advertisements for more than ten years, and considers himself Zhang Jiahong's confidant, and is accustomed to her increasingly irritable reprimands. He muttered a few times and wanted to say something, and when he saw Zhang Jiahong scolding, he seemed to be slightly relieved, so he took over and said: "Mr. Zhang, it's not our own problem, it's that the other party is always entangled in that case, and the people in the advertising department said that the case is not in place, and their boss can't sign it without nodding." ”

"Which case?" Zhang Jiahong was stunned.

"It's the case they brought to the Supreme Court, which involves 300 million. Xiao Qiang reminded softly.

Zhang Jiahong immediately remembered. She slapped the mahogany desk hard, biting her lip, and felt remorse.

When they first went to Chongqing to meet this customer, they didn't think about signing a 10 million yuan order. Before going, the other party readily agreed to sign a cash advertising contract of 2 million yuan, which is already a big cash order for Remembering Media.

The reason why this list seems effortless is because of Xiao Qiang's relationship. Almost since the early 90s of the 20th century, there are more advertisements than prostitutes, and they have a little relationship with an advertising company. Therefore, the advertising competition can be called fierce, and those who survive either rely on excellent relationships and subcontract the orders to small companies such as creativity, design, and production downstream, or they use money to pile up and win good advertising time slots and good plates for placement. In Shi Wenqing's words, those girls in the advertising company have just left the school gate, and their faces can wring out water. Xiao Qiang got this advertiser, of course, not by beauty, but by relationship. That is Xiao Qiang's buddy who served as the director of a certain ministry, after a full meal and wine, while the strength of the wine was not gone, under Xiao Qiang's compliments, he picked up the phone and called the white boss who was the best in Chongqing. When Boss Bai heard this, he replied very refreshingly: "First, you must receive it well; second, you can put 2 million, you have spoken, how can you not respond? Anyway, whoever you vote for is also voted, not to mention that this media should sound good." ”

Zhang Jiahong and his entourage happily flew to Chongqing Jiangbei Airport, and the situation was really good. Chairman Bai, the boss of that company, personally led two 7 Series black BMWs and a gray Mercedes-Benz to greet them. When they arrived at the company - they worked in a high-end office building in Yuzhong District, and it is said that they spent tens of millions of dollars to buy two floors - perhaps thanks to the VIP customers, the property typed a line on the large display screen at the main entrance of the building for the first time: Warmly welcome Chairman Zhang and Mr. Xiao of China Mingming Media to guide the work!

The other party's reception was so grand that the people of Mingming Media, who had always bowed their heads and begged for help, were flattered. In the conference room of the other company, Xiao Qiang and the others hastily explained the elaborate advertising strategy PPT, and Chairman Bai urged him to go to a luxury hotel in Yuzhong District. At the wine table, Chairman Bai saw Zhang Jiahong's mass, he toasted a glass of Zhang Jiahong, his subordinates took turns to toast, Zhang Jiahong did not refuse to come, and the bold energy could calm those people.

Zhang Jiahong hasn't seen a big order of 2 million yuan in cash for a long time, and he went out in person to ensure that nothing goes wrong. Maybe it was because he was drunk, Zhang Jiahong borrowed wine and whispered next to Chairman Bai: "Mr. Bai, I know that you have a big wrist in Chongqing, but in Beijing, if there is anything, as long as we can settle it, we will go all out." ”

As soon as Chairman Bai heard this, his eyes rolled, and he took over the words and said without concealment: "We just have a case, we lost the second instance, and we have submitted it to the Supreme Court for retrial, and we are in a hurry to find a relationship." ”

Zhang Jiahong is a salesman, naturally understands that meeting customer needs is the principle of heaven, as long as you dare to mention, I dare to agree, and the matter is done without worrying about the list can not be signed. She said word by word: "Leave this matter to us, little things." She took over the job for her husband, who works in Zhongnanhai.

Chairman Bai also reciprocated: "Then let's do it, Mr. Zhang." We can't let you help in vain, if this matter is dealt with, we will increase the investment quota to your company to 10 million yuan, and maintain close cooperation every year in the future. ”

A big order of 10 million yuan? This is a great stimulus for the media that is in the hungry period, and Zhang Jiahong and his entourage are overjoyed when they hear it.

When he turned around and got on the plane back, Zhang Jiahong began to regret it, and Xiao Qiang reminded: "Mr. Zhang, is this thing reliable? In case it can't be done, we estimate that we can't even sign the original 2 million list." ”

This woke up Zhang Jiahong, and after she stepped into the business class, she was dizzy, sat down, and crushed the crystal dragonfly knot that she put in her hand.

Back in Beijing, as soon as Zhang Jiahong told her husband about it, she was completely denied.

Zhang Jiahong is not dead yet. The other party urged Xiao Qiang many times, and Zhang Jiahong told Xiao Qiang to talk about 2 million yuan first, and then increase the amount of investment in batches when the matter is resolved to a certain point.

More than two months have passed, and the list of 2 million yuan that is about to arrive is gone, which can meet the company's two-month salary demand gap.

Xiao Qiang hadn't gone out yet, and Zou Huasheng, vice president in charge of media resource development, broke in: "Fuquan Building must double the rent, otherwise it will not renew the contract with us." ”

Fuquan Building is a landmark building in Beijing's CBD, a super five-star office building, and the two-year probationary period of the contract is approaching. When she signed this list, she found the district chief of this site to say hello. "Isn't it just some bathrooms? The mayor called the owner of the developer and scolded him.

Later, the district chief was transferred to a large district in the north, which is also a place where white-collar workers gather, the IT industry is developed, and high-end office buildings are lined up. Zhang Jiahong pondered happily, this time he could catch it all again, but he didn't expect that the district chief would go to prison not long ago.

It's really a house leak that happened to rain overnight. A month ago, financial manager Hu Dongmei reported to Zhang Jiahong that if the cash list could not be brought back, the company's cash flow would only be enough to pay half a year's salary for employees at most, but the continuous growth of development, operation, management and other expenses would not be settled.

Zhang Jiahong runs this media company, in the words of her only best friend Liao Xiaolan, purely to support herself. When she said this, Liao Xiaolan had already immigrated to Australia with her husband, who had retired from the rapid flow of state-owned enterprises, and was lying on a chair on a beach in Sydney to bask in the sun.

Zhang Jiahong said on the phone: "These foreigners are not afraid of skin cancer when they bask in the sun every day. In Beijing, winter is not cold, snow has become a luxury, and when it is hot in summer, the SPF (sun protection index) of more than 30 on the sunscreen we wear does not work. ”

Liao Xiaolan is no longer surprised by her complaints. When it comes to the relationship between these two, they can barely be regarded as best friends. They used to be colleagues of the state-owned enterprise Huage Cable, and in just a few years, they each came out to do their own things. Zhang Jiahong started an outdoor advertising company, which is to erect billboards everywhere in Beijing, a fast-growing city. Liao Xiaolan followed her husband's advice to teach her husband and children at home, and she was too lazy to go to work, not to mention that the subway was crowded, even if she drove to work, she was afraid of the noise of those impatient car owners who kept honking their horns.

Zhang Jiahong made a lot of money from outdoor advertising, which once made Liao Xiaolan red-eyed. However, in just a few years, her husband served as the chairman of a wholly-owned subsidiary of a state-owned enterprise, and there were a lot of bonuses and welfare allowances every year. So, in full view of everyone and in the blood-red eyes of his competitors, he took the initiative to resign, and he had enough votes anyway. After the superior unit completed the outgoing audit, the immigration was completed, and the family immigrated across the ocean to Australia.

If you talk about money, Zhang Jiahong has also earned a lot, at least enough for the whole family for a lifetime, even including her baby daughter's life. However, there is one thing she just can't figure out, some people who were ponies in the early years are neither as good as her husband nor as high as her, but in the blink of an eye, they are the CEOs of certain listed companies, such as NASDAQ, NYSE or ** GEM, Main Board, and even London's AIM (the second board trading market of the London Stock Exchange), these people have become billionaires almost overnight. In contrast, although the money I earn is not in tears, it is also earned one by one, which is really not easy.

Later, at a dinner, she was anxious about the large-scale removal of outdoor advertising for the Beijing Olympics and was at a loss for the future, and a friend gave her an idea - Focus Media, and also get a NASDAQ-listed company to play in the future. As a result, there is this high-end office building bathroom LCD screen media of the memory media.

Liao Xiaolan said on the phone across the ocean: "The first round of burning is over, it will be burned out, and it's not your money, anyway, you haven't earned less, right, what's the hurry? You should be the emperor now, and the eunuch is not in a hurry! That investor, Lao Yan, he invested 3 million US dollars, he should be in a hurry! What age are we, and we are not young people, what kind of life are we fighting!"

Liao Xiaolan's words, Zhang Jiahong listened to half of them. She thought to herself, what if she really became a listed company? How easy and how fast would it be to make money! Even if she couldn't go public, wouldn't she be able to continue playing if she brought in the money? Who wouldn't burn money?

She thanked Liao Xiaolan for her enlightenment on the phone. People are really strange, when they are together, they fight openly and secretly, no one obeys anyone, once they are separated, there is a distance, but they are worried about each other, and they can even dig out their hearts. Each other has passed the year of not being confused, and it is good to find that friends are still old, but there is really no one in Beijing who can really dig out his heart and relieve this deep depression.

The company still has to survive, what should it do?

Debt financing requires collateral, and banks treat private small and medium-sized enterprises like thieves. Zhang Jiahong's husband, through his special relationship, also occasionally helped find the president of a small bank, and the president agreed very happily: "Okay, we support my sister-in-law to start a business." "However, as soon as it is implemented, it will encounter all kinds of obstacles, especially the pledge of real estate and valuable items, and what can a light-asset company use as collateral? Seeing that the state-owned enterprises are taking money from their homes like their own ATMs, these entrepreneurs can only watch with their eyes dry and want to scold, but what is the use of scolding? Zhang Jiahong once complained that her husband was a dragonfly and could not make any efforts.

Then go ahead with equity financing!

An old friend, Mr. Liao, helped introduce a so-called mainstream RMB fund to negotiate. On this day, the partners of this fund brought a group of people over, and Zhang Jiahong went to the beauty salon to dress up and refresh before receiving him. Zhang Jiahong took three or four people, including secretary He Jing and financial manager Hu Dongmei, and the number was basically equal to that of the other party. The introducer Mr. Liao is also an old advertising person, and his media company is listed in **, state-owned holding, naturally, the fund introduced by such an identity will not be bad. Before coming, Mr. Liao told Zhang Jiahong that this fund company is very rich and has invested in many companies in the media industry, which is very dramatic. Zhang Jiahong was excited when she heard it, she was short of money at hand, so she naturally regarded this fund as a big savior. Therefore, early in the morning, she arranged for the office staff to buy five pots of daffodils, put some fresh fruits on the table, and boiled the water soaked in the dragon well, in order to show the grand hospitality and win the goodwill.

After Zhang Jiahong won the first financing, he did not hesitate to rent this floor of more than 800 square meters of office space. The meeting room was bright and had a large table in the shape of a creamy white bar. Welcomed the guests into the large conference room. After they entered the conference room one after another, they naturally formed a face-to-face sitting pattern, which seemed to be far away.

The partner's surname is Liu, a man of the same age as Zhang Jiahong, he has been looking around since he entered the company, always with a smile on the corner of his mouth, not angry but threatening. After sitting down, they first introduced their respective teams to each other and exchanged pleasantries. Mr. Liu took a sip of tea, pursed his lips, and said a call, and said Zhang Jiahong stunned: "Mr. Zhang, before I came, I listened to our friend Mr. Liao's introduction, and I also studied it, you and Focus Media Busi."

The ESS Model (business model) is similar, but there are also innovations, their cash flow (cash flow) and

eve

UE (income) is stable, I believe you will not be far behind, especially when I hear about your FOU

de

The introduction of (the founders) and the team (team), although some places are not very perfect, the mainstream is still good, especially as a FOU

de

We are very satisfied with you, and the other teams can be gradually improved. This time, we're going to make a long story short and we'd like you to provide a detailed BP (Busi

ess Pla

, Business Plan), we can do DD (Due Dilige) after we study it

CE, due diligence), and then report to the IC (Investment Decision Committee) for approval. If it goes well, it will be closed after two months. ”

Zhang Jiahong listened with her ears pricked up for a long time, and the other party's series of English words made her confused. She was a little annoyed, and she couldn't hold back and blurted out: "Mr. Liu, we are all Chinese, let's still speak Mandarin! My English is too poor, and I only went to a junior college in college, and I don't need to get any degree when I graduate, let alone take any English level 4, just say it in the vernacular, so as not to misunderstand your meaning." ”

After Zhang Jiahong said this, Mr. Liu was stunned for a moment, and then looked at each other and smiled. This detail was captured by Zhang Jiahong, and this mocking demeanor made Zhang Jiahong a little unhappy.

Next, the other party asked about the financial situation of Zhang Jiahong's company, and Zhang Jiahong said: "The financial situation is good, and the net profit is positive, right?" The financial manager nodded first, and then continued: "Net assets and net profit are positive, but about 70% of the income composition is barter income, including golf cards, fitness cards, physical examination cards, and *** ......."

After listening to the words of the financial manager, the smiles of Mr. Liu and his party gradually stiffened on their faces. Mr. Liu asked coldly: "Mr. Zhang, according to the current progress, how long can the company's cash last?"

"Half a year at most!" Zhang Jiahong was reminded by Lao Yan afterwards, only to know that this sentence was purely brainless.

They looked at each other again and smiled meaningfully. These details were captured by the sensitive Zhang Jiahong, could I have said it wrong? Alas, she regretted that she had just spoken too quickly. If it lasts for half a year, will it lower the price for us? Whatever, the ugly daughter-in-law always wants to see her in-laws, the sooner you get to know it, the better, anyway, as long as the investment money comes in quickly.

"Which VCs are you talking to?"

"There was no real talk, but there were a few contacts, so I made a few phone calls and said that I wanted to come for an interview, but I didn't come. Zhang Jiahong said, "Mr. Liao knows our company very well, since you have invested in similar media, I believe that our company is suitable for you to invest." My request is very simple, make a profit investment, and the money will come in as soon as possible. ”

Mr. Liu turned a blind eye to Zhang Jiahong's urgency, and he still asked unhurriedly: "Mr. Zhang, what is the current shareholding structure?" I heard that the first round was invested by Yan Lao, and he has a lot of weight in our industry, and the projects he looks at are generally not far behind. How much valuation did Elder Yan give?"

Zhang Jiahong, whose mood was still gradually declining with the other party's lukewarm attitude just now, immediately became emotional: "Yes, I just took a few pages of paper, laid out a few LCD screens, and took some photos. Lao Yan is an atmospheric person, not very careful, only accounts for 40% of the shares, the other 60% of the shares are mine, the company currently has only two shareholders, if you invest, it will be three. ”

Mr. Liu may not have expected Zhang Jiahong to speak so briskly, and he can understand the key issues he wants to know clearly, and he has a bottom in his heart. In the ensuing casual conversation with Zhang Jiahong, he kept looking at his watch.

After chatting for a while, Mr. Liu stood up and said: "We still have a project to look at in a while, and if you do this industry, you have to keep looking for projects and looking at projects, and you are born with a hard life." Thank you Mr. Zhang for arranging the precious time to receive us in the morning, we are still very interested in this project, and we will continue to contact and keep in touch in the future. ”

Zhang Jiahong was a little anxious: "You just said that the project will be completed within two months, right? When will we officially talk?" She was already thinking in her heart how long the company's existing funds could support and when the money would arrive.

Mr. Liu behaved very calmly, and he said: "Mr. Zhang, this needs to wait for me to go back, a few of us."

t

e

(Partner) want to study your deal, I will notify you as soon as there is news. ”

In Zhang Jiahong's bewildered eyes, this group of VCs took the elevator downstairs.

Hu Dongmei, the financial manager, also felt that something was wrong, and she stepped forward to say to Zhang Jiahong: "Is it that we said something wrong or too much?"

Zhang Jiahong thought for a long time: "I don't think it's wrong." ”

After the news of financing was released, in half a month, more than a dozen VCs came to talk, and even met three groups of people one day. Among these funds, there are Zhejiang consortiums, new VCs set up by Shanxi coal mine bosses in Beijing, and VC and PE with state-owned enterprise backgrounds, and they introduce hundreds of millions of dollars. However, they came up to look at the net profit, and the financial statements were not bad, but when they heard Zhang Jiahong honestly introduce that more than 70% of the income was barter income, including some hard-to-realize things such as eggs with a shelf life of only more than one month, most of the VCs were scared away. The bold ones put forward some harsh conditions and wanted to come in at a very low price, which was almost equivalent to the price before the A round of financing, and this time it was the A round of investors who were scared. Lao Yan said: "How can you sell golden eggs as shit?"

Lao Yan is scheming. As one of the first bigwigs to introduce VC and PE to China, Lao Yan has a super appeal in the circle, and he certainly knows when and how to make a move.

Lao Yan said to Zhang Jiahong, who was a little anxious on the phone: "First, before signing the confidentiality agreement, you can't tell any investors accurate financial data, including the previous round of valuation and share ratio. The current VC does not rule out the possibility of stealing trade secrets and turning to invest in competitors. Especially on the question of how much cash is still in the account, don't tell the other party, once the various VCs have sufficient information, you can't imagine how much trouble you can't imagine. Second, you're a great founder, IMHO, but your team is incomplete, and that's going to be a big deal. Third, I think professional things should be left to professionals, you are a sales business type, financing will be a very exhausting and physical work, it is recommended to find a financing consulting company. ”

Lao Yan also comforted Zhang Jiahong and proposed to find US dollars, saying that he could consider using his resources at the appropriate time: "Don't worry, Mr. Zhang, we are grasshoppers on a rope, and I won't leave it alone." ”

After listening to Lao Yan's words, Zhang Jiahong understood. Well, team, there's a problem. Xiao Qiang, vice president of operations, has followed himself for many years, graduated from a veteran high school, understands business, once accompanied a customer to drink a 52-degree two-pot head one and a half pounds at a meal, the wine style is excellent, and the northern customers like it, but he can't lead the team, a team of more than ten people is divided into three factions, infighting is constant, lack of management experience, and the biggest feature is loyalty. Zou Huasheng, vice president of resource development, is down-to-earth and good at gnawing hard bones. Once developed a customer, made an appointment to meet, unfortunately it snowed heavily, there were few cars on the road, and the bus stopped, he walked to the customer's office in the wind and snow, his hair was frozen, and the customer was moved and signed a cooperation agreement on the spot. But his biggest weakness is that he has a narrow vision and is difficult to manage the whole country. Finance manager Hu Dongmei is the daughter of Zhang Jiahong's father's comrade-in-arms, who works carefully and loyally, but asked her to make a business plan that the VCs wanted, held back for more than a month, and the result was not like four things, and then she took the initiative to give up and said that she couldn't do this job. Although she is a good housekeeper, she is as far away as the investor from the earth to the moon. Thinking of this description, Zhang Jiahong couldn't help but be happy. Then there are the sales directors, after Lao Yan's $3 million came in, the company also recruited some people with great fanfare, except for Xiao Nan, the sales director of the second department of major customers, who can be of great use, and other slippery and layoff, more than half of them have gone in two years. Zhang Jiahong sighed: "Fight tiger brothers, go into battle father and son soldiers." As the old saying goes, at the critical moment, it is the old ministers and the old department who can stay and follow themselves to fight the world. ”

Didn't Lao Yan suggest finding a financing intermediary? Who to find, it seems that anyone can do this work, and a few guns can pull up an investment consulting company, and you have to find a reliable one. Zhang Jiahong asked Lao Yan to help find it, and Lao Yan recommended an investment intermediary, which was Huaxia Zhongding Investment Group.

Seeing that the money from the first round of financing was gone, Zhang Jiahong was anxious, and what he was most afraid of was that the financial manager came over and said that there was an LCD screen supplier urging payment recently, and the cash could be maintained for which month.

On this day, Xiao Qiang reported that the list of 10 million yuan was gone, and even the list of 2 million yuan was gone. The advertisement was not sold, and the price of media resources was going to rise, and it was sandwiched left and right. Zhang Jiahong was speechless for a long time, she waved her hand to let Xiao Qiang and Zou Huasheng go out, and she collapsed on the chair all of a sudden. She suddenly felt sorry for herself, and these people with high salaries couldn't help her think of a way! A sense of powerlessness that she had never felt before enveloped her whole body, and she had only one thought: If there is no more order, how can the company maintain it!

At this moment, the phone rang. Shi Wenqing informed Qin Fangyuan, who was in charge of financing, that he had returned to China and asked for an appointment.

Zhang Jiahong's heart suddenly lit up, and he immediately sat up straight, put down Shi Wenqing's phone and picked up the company's internal line and asked He Jing to arrange an interview at 9 o'clock tomorrow morning.

She's taking a big gamble, related overseas. One is to bet on overseas funds. She has been in contact with RMB funds many times, and she doesn't know how many times she has scolded in her heart. This kind of fund is too bad, I want to go public after investing this year and next year, and I want to cash out after listing, which will take two or three years in total. If you have to conceive a child for ten months, how can you not even marry the child with her mother without even the process? I heard that the conditions of overseas funds are not as harsh as those of these people. Didn't Mr. Li and Shi Wenqing of Huaxia Zhongding analyze that the life cycle of RMB funds as VC is either "3+2" or "5+2", that is to say, their patience is at most seven years, and they will be liquidated when they expire; overseas funds are also the shortest "5+2", and the long ones are "8+2" and "10+2". Foreigners talk about fighting endurance, while China enjoys sprinting. A 100-meter sprint hurdle king, everyone lined up to grab him for advertising, and the one who won the marathon championship was forgotten by everyone for a while.

Then there is betting on Qin Fangyuan, didn't he come back from overseas? Wasn't it from Wall Street? Therefore, even Shi Wenqing was blushing at the conditions offered by Zhang Jiahong.

Shi Wenqing thought to himself: This woman is not simple, generous!