Gambling is like a prenuptial agreement, who thinks about divorce when they get married? Hold on! Investors are actually more afraid of gambling. What's the use of an investor taking away most of his equity if the business doesn't go well? And if the entrepreneur doesn't think it's worth it, won't he still play with you?

1. The bet is to think about divorce before you get married

The due diligence was completed, the audit and the law issued a detailed report, and there were no material negative opinions except for some irrelevant suggestions that needed to standardize the financial system, the terms of the advertising agreement, the employee labor contract, etc.

Zhang Jiahong happily waited for the big investment from Sentai Fund and Dadao Investment to solve the urgent need. The cash on the company's books was dwindling, and the finance manager reported that it was less than two months at most.

As a result, there was an accident, and at the stage of signing a formal joint venture agreement, Zhang Jiahong was anxious: "I'm ×, play with us!"

The investor proposed that if it invests US$30 million and acquires 30% of the shares in accordance with the previously signed agreement, it will sign a VAM agreement with the original shareholder. Their reasoning is that after the due diligence is completed, they are going to re-evaluate the valuation, which was already significantly high.

This surprised Zhang Jiahong: "Did the capitalists sign the agreement and not recognize it afterwards?"

They didn't send anyone over, and the initial communication was by email.

This situation was expected by Qin Fangyuan. Since the yin and yang contract incident of media resource outlets and sales, Qin Fangyuan found that he was not as straightforward as he used to negotiate, and he always felt that there was something blocking his heart.

The other party proposed that according to the current calculation, the original shareholders need to take out 10% of the shares to gamble. Their demands seem to have good reasons: first, the current capital market has turned, recession, the economy has not fully recovered after the international financial crisis, and some experts have also said that it is not ruled out that the global economy will fall into a long-term depression, and it is not ruled out that it will bottom out again, so cash is king and must be cautious; second, they assess that the overall valuation needs to be reduced by at least 30% on the original basis If the original shareholders insist on the original valuation, it is recommended that if the expected performance is not achieved in the first year, the original shareholders need to transfer 10% of the shares to the B round shareholders.

It was not Zhang Jiahong who first expressed strong opposition to the VAM agreement, but Lao Yan, and the only original shareholders proposed by the Series B investors were Zhang Jiahong and Lao Yan. Lao Yan sent people over to say that they firmly disagreed with this clause. The person appointed by Lao Yan said schemingly: "The VAM agreement is like a prenuptial agreement, which is a last resort. Who wants to get divorced when they get married? Hold on, in fact, investors are more afraid of gambling. If the profit target is not reached, what is the use of the investor taking away most of the company's equity? Moreover, has the investor ever thought that if the valuation is lowered, once the entrepreneur thinks that it is not cost-effective, he will still play with you?"

Zhang Jiahong was very anxious, she called Li Hong and asked Huaxia Zhongding to come forward to coordinate: "Didn't you sign an agreement of intent before? The investment amount and the transfer ratio have been negotiated, why has it changed now?"

Although Li Hong believes that the investor's requirements are a bit impersonal, VAM is also an industry practice. "Of course I understand that divorce is a lose-lose situation. Why do your parents persuade you to be in a relationship for two years before you get married? That's for you to do two years of due diligence. Of course, if you do two years of due diligence for every investment, the LP will already slaughter you!" Li Hong said, "I'll coordinate and coordinate." However, there is one thing that needs to be reminded to Mr. Zhang, in reality, even if an investor signs a formal investment agreement, it is not uncommon for him not to invest in the end. ”

This sentence made Zhang Jiahong's heart tighten. However, she was more concerned about: "Isn't the other party's report an unreserved opinion? Why did such a big change come about in the end? Is there something wrong in the middle?" she alluded to Qin Fangyuan.

Li Hong said: "We haven't seen the due diligence report either, but I'm sure it doesn't have much to do with Qin Fangyuan. Personally, I think that the problem may still be in a large number of accounts receivable, I have heard the other party talk about these contents, the audit department may make a provision for loss of bad debts, so that the valuation can be understood to be reduced accordingly. ”

Zhang Jiahong's cleverness lies in borrowing other people's brains when she finds that her brain is not enough. She wanted to figure out the essence of the bet, and said that this is a general principle of Wall Street, what is universal? Why do we Chinese use theirs? Zhang Jiahong really wanted to scold her mother, but remembered that when she designed this financing plan, she mentioned that the future listing place would be NASDAQ, or she had to play on their turf.

So, she called Qin Fangyuan over again for some brainwashing.

The so-called VAM (Valuatio

Adjustme

t Mecha

i**, literally translated as "valuation adjustment agreement"), refers to an agreement between the investor and the management of the investment: if the company's operating performance can reach a certain amount specified in the contract, the investor will pay a certain number of shares to the company's management on the premise of obtaining a substantial increase in the value of the invested shares;

In such a VAM agreement, the parties to the agreement bet on the company's operating performance, and the shares held by the parties to the agreement become the bet in this big gamble.

As an emerging financial instrument, when an investor chooses to invest in an enterprise through a VAM, it generally sets a relatively high operating performance target for the development of the enterprise, which also poses a severe challenge to the management of the enterprise receiving the investment. If the goals set by the investor can be achieved, the management of the enterprise can not only obtain the benefits brought by the appreciation of its own shares, but also obtain additional shares donated by the investor; on the contrary, if it cannot achieve the business objectives required by the investor, it will lose part of the company's shares held by itself.

Qin Fangyuan believes that the current status quo of enterprises is not suitable for the use of VAM.

Mengniu's bet with venture capitalists was successful, but some of the problems that arose in the market later occurred in management and marketing. For an industrial enterprise in the early stage of development, although there are certain risks associated with VAM, if it has a group of excellent management personnel, it will still have a considerable probability of success, and when it successfully achieves the performance specified by the investor, the share gift from the investor obtained by the management will become an additional reward for its hard work.

However, there are many failed bets. Yongle Electric is a case of failed VAM, which was acquired by Gome Electric. As for the dispute between Chen Xiao and Huang Guangyu, it was a later thing and had nothing to do with gambling. The Yongle incident shattered the long-standing notion that financial investors do not interfere with corporate operations and strategies.

Zhang Jiahong completely understood why Lao Yan repeatedly emphasized that they belonged to the old shareholders on the same front in this round of financing, and they were so opposed to the bet, because they were all considering their own vital interests.

At night, Zhang Jiahong had insomnia again.

The reason why Qin Fangyuan opposed the VAM was because he found that the VAM was a gambling enterprise, and the investors were very little affected. The impact of this state of affairs on both sides is fundamentally different: for investors, the result is a matter of making more and less money, while for the management, the pressure on them is much heavier. If the company wins the VAM, the management of the enterprise will naturally breathe a sigh of relief; if the VAM is lost, it will not only cede a part of the shares to the investors, but will even face the risk of losing control of the enterprise. In order to achieve the goals set out in the VAM agreement, the management of the enterprise is exhausted, and often becomes more passive in the operation and management, succumbing to performance and capital, and sometimes even going towards the end of the enterprise being acquired by the merger.

Qin Fangyuan told Zhang Jiahong about this worry.

The next morning, Zhang Jiahong called a friend in the industry to inquire about gambling. That gentleman is also the owner of a company that has raised three rounds of financing and successfully listed on the market, and when he heard Zhang Jiahong's anxiety, he laughed: "Investors are smart people who do stupid things." To put it bluntly, what is the possibility of the final implementation of the VAM? Is it realistic to use cash compensation if the profits of the enterprise are not done well? If the shares are used to compensate for the deterioration of the enterprise's equity, how much is the value of the equity of an enterprise whose operation has deteriorated? Take a step back, even if you get compensation, if the entrepreneur feels unhappy, he will certainly find an opportunity to make up for it, because he is the one who manages and runs the enterprise every day. Don't be afraid, just gamble! Tell you, Mr. Zhang, my experience is that we are grandsons before we get the money, and we are the uncles after we get the money, and the key is to get the real money. ”

After Zhang Jiahong arrived at the company, he called Qin Fangyuan and Shi Wenqing over.

After some education from that friend, Zhang Jiahong already had a fixed opinion in her heart, she said: "It is estimated that it will definitely not work if you don't gamble, so we still follow the other party's advice." If you don't make a bet, this investment is estimated to be yellow, no matter how high the valuation is, it is meaningless, and you won't get a penny!"

In this case, Qin Fangyuan and Shi Wenqing provided the plan they had prepared before, and they could bear the VAM liability according to the equity ratio of the original shareholders, such as the 10% share ratio of the VAM, according to the ratio of 60% and 40%, Zhang Jiahong's responsibility is 6%, and Lao Yan's is 4%, risk sharing and benefit sharing.

Zhang Jiahong immediately agreed, pulled Lao Yan's back, and advanced and retreated together, of course it's good!

Lao Yan resolutely disagreed, saying: "I don't participate in the specific management of the enterprise, I can't control it, and the risk of gambling is too great; moreover, I am also a pure financial investor, which is too unfair." ”

Zhang Jiahong said: "Mr. Yan, we are very grateful for your support to us at the beginning. We understand your mindset as an investor, but you also see that if the financing is successful this time, you will increase your value more than tenfold!

"Mr. Zhang, otherwise, we can have less money in this wave, and don't bet on it? We can also carry out a third round of financing, so that the valuation will be higher. Lao Yan threw such a move at this node.

Not to be outdone, she made a clear statement to Lao Yan: "If the money can't be successfully financed this time, I'm afraid the company won't be able to support it for a few days." ”

This shocked Lao Yan!

Since investing in this company, they have basically relied on the phone to understand the progress of the company, never met the board of directors, although they have also received the company's annual financial statements, and the last item in the asset income statement is positive, and they have not studied it carefully, after all, this project is an inconspicuous one of his dozens of projects, and they have not taken it seriously.

When he inquired about the situation and learned that most of it was barter income or a large amount of accounts receivable, he was a little discouraged. However, ** Lake is different, he still resolutely disagrees to bet on his own shares, he judges that in this situation, Zhang Jiahong will be more anxious than him.

Zhang Jiahong once heard peers talk about it, as long as there is a successful first round of financing, there is no need to worry about the second round, and the so-called emperor is not in a hurry and the eunuch is in a hurry. This time, the eunuch was not in too much of a hurry, and the emperor was in a hurry.

She understands that this ** lake is dead or alive and disagrees, but she can't just suffocate to death!

She found Qin Fangyuan and said, "I only agree to bet 6%, and let the investors negotiate with other shareholders on their own!"

Qin Fangyuan asked Shi Wenqing to explain the opinions of the original shareholders, and Shi Wenqing also felt that his head was big, so he threw this question to his boss Li Hong. Li Hong coordinated everywhere, but investors did not agree at first. However, after all, they are all investments, and one day they will cooperate with Lao Yan on other projects, not to mention that this project is recommended by Lao Yan, so they agreed that Lao Yan will not participate in the VAM, and the VAM management team will specialize, but they only agree to reduce the VAM stock ratio from 10% to 8%.

Once the two points are listed, it may be a market value of hundreds of millions of yuan, Zhang Jiahong is still distressed after thinking for a long time, and he insists on not letting go.

So the two sides were at a stalemate.

2. Abnormal competition in investment

The waiting time is hard. Fortunately, there is also Yu Yan.

Yu Yan often had dinner with Qin Fangyuan on weekends or evenings, or went out for a walk, and the next show was the crazy "climbing the mountain". That day, after Qin Fangyuan told Yu Yan the joke of the landlord's house at the Xiangshan Hotel, "climbing the mountain" became a code for the two of them to be happy, and they tacitly understood it.

Qin Fangyuan was a little more familiar with Beijing, and he made a plan for the next weekend. This project used to be one of Qin Fangyuan's dreams, which was to ride a bicycle with a girl who was in love with him to visit all the former residences, museums and cultural sites of celebrities in Beijing. This dream began to sprout when Qin Fangyuan lived in the dormitory of his classmates at Tsinghua University during the summer vacation of college, but he couldn't find the right time and the right person. When he told Yu Yan about this plan, the two hit it off. Of course, Yu Yan is happy, and every bit of Beijing and even China is new to her.

Yu Yan is interested in historical figures. They walked around the former residences of celebrities one by one, Ji Xiaolan, Qi Baishi, Mao Dun, Cheng Yanqiu, Cai Yuanpei...... In the afternoon of this day, I walked to Lu Xun's former residence and looked at the two famous lilac trees in the yard, Yu Yan asked, "Simo."

Why hasn't the Fairbank Institute at Harvard University studied him much?"

"It's not a question that can be explained in a few words, and it's more than enough to write a doctoral dissertation. It is difficult for Westerners to understand the special feelings of the Chinese towards Lu Xun. Those who love him see him as the father of the spirit, a torch in the dark. Many people use the word 'sir' to refer to him. Those who hate him attack him for being vicious and twisted, only destructive, unconstructive, and easily exploited by autocracy. From the perspective of the West, Hu Shih's thought comes from the West, which is easy to understand and can be positioned. He is a symbol of the transformation of China by Western thought. But Lu Xun is difficult, no matter how you label him, it is not appropriate. He is a symbol that Western ideas cannot change China. If you don't have a first-hand experience of ...... unique to Chinese society The fear in the dark can't really understand Lu Xun. ”

"Then do you understand him?" Yu Yan caught Qin Fangyuan's small pause and asked. For a moment, she seemed to see a shadow pass through Qin Fangyuan's eyes, and no amount of sunshine could hide it.

To paraphrase a Western saying, if a Chinese does not embrace Hu Shi before the age of 30, it has no ideals; if he does not understand Lu Xun after the age of 40, he has no brains." However, I really hope that after we are 40 years old, we no longer need to understand Lu Xun. Qin Fangyuan said with unprecedented sincerity.

Yu Yan didn't seem to understand when he heard it, but he just looked at Qin Fangyuan's immersion in a daze. Qin Fangyuan smiled slightly and told her the story of Lu Xun. Lu Xun ran from Beijing to Xiamen, and in less than a year, he rushed from Xiamen to Guangzhou, where he took over the student Xu Guangping. Although the teacher-student love was booed at that time, they turned a deaf ear and eventually became a family. He sighed: The mountains and rivers are drunk, and the piano is a cherishing friend......

Yu Yan answered: Qingqing Zijin, take care of my heart, and meet love around the corner...... They looked at each other and smiled. Yu Yan said warmly: "I was fascinated by your expression just now. ”

Qin Fangyuan responded with a smile: "Only you can ignite me." ”

The two have walked out of Lu Xun's former residence, pushing bicycles, and wandering around the alleys of Fuchengmen. Yu Yan leaned the bicycle towards Qin Fangyuan's car, wrapped his right hand around Qin Fangyuan's head, stood on tiptoe, and gave him a kiss on the forehead: "Let's climb the mountain." ”

This sentence made Qin Fangyuan's heart flutter, and his desire swelled instantly.

After saying that, Yu Yan jumped on his bicycle and rode forward on his own. Qin Fangyuan chased after him and shouted, "You are not in the direction of Xiangshan. ”

"I also have a mountain at home. A series of laughter as crisp as wind chimes drifted through the air.

In the middle of the night, after entanglement and burning, tiredness and intoxication hit, and Yu Yan fell asleep with a pillow in his arms. Qin Fangyuan was not sleepy, and gently stroked Yu Yan**'s smooth back. The bedroom curtains were not closed, and the nightlight reflected in, as if soaking the two in milk, and glowing with a faint neon light, with a somewhat surrealist flavor.

Her body is burning, pure, energetic, and can make people taste the beauty of love and joy. And Jo Mei, though also intense, but now in retrospect, seems to come more from the force of physiological impulses. Everything between them, even the most instinctive human pleasures, bears invisible responsibilities and cause and effect.

Thinking of Qiao Mei, Qin Fangyuan chuckled in his heart, and Shicai's ease and selflessness disappeared in an instant, and irritability and depression surged up.

Yu Yan seemed to feel it, and with a confused "hum", he turned around and hugged him, lay on his chest, and continued to sleep.

Qin Fangyuan touched her hair, feeling more and more bored with herself in his heart. He knew it shouldn't, but he couldn't. Usually he can't think of half of Qiao Mei, but every time he gets along with Yu Yanhuan, he can't help but think of her. The more he and Yu Yan were like a fish in water, the more stern Qiao Mei's face appeared in front of him, as if to remind him that too much good pleasure was a betrayal of the past and a sin.

The financing of the project is at an impasse, and although he has thought of various difficulties before, the current difficulties are still beyond his control.

That night, back in the dormitory, Qin Fangyuan opened MSN again, Qiao Mei's avatar was still dark, and Qin Fangyuan was empty and panicked again. I can't see Qiao Mei shiny on MSN anymore, has I changed my mailbox?

Thinking of the vicious energy on her face when she bit her lip at the airport, Qin Fangyuan's heart tightened.

On MSN, a familiar name lit up, Li Shouyu, isn't it that Taiwanese buddy?

Qin Fangyuan immediately went up to say hello.

Chu Feng Xiao Xiao: Hi, buddy, long time no see!

I'm in Taiwan: Hi, Brother Fang Yuan, it's not easy to see you!

Chu Feng Xiaoxiao: Hehe, yes, I'm going back to China.

I'm in Taiwan: Congratulations! I already knew, Qiao Mei told me.

Chu Feng Xiao Xiao: Qiao Mei, when have you seen her?

I'm in Taiwan: You'll be back soon. We were chatting on MSN and saying that you had returned to China, and it seemed sad.

Chu Feng Xiao Xiao: Alas, it's hard to say.

I'm in Taiwan: What do you do when you go back to China?

Chu Feng Xiao Xiao: Responsible for financing and investment in a company.

I'm in Taiwan: Invest in a company?

Chu Feng Xiao Xiao: For entity companies, we raise money from funds.

I'm in Taiwan: You're turning around gorgeously. I remember, you were one of the few who stayed at Morgan Stanley on Wall Street, and we were so envious!

Chu Feng Xiao Xiao: Where!

I'm in Taiwan: By the way, our other brother Hao Yunlai is also in China, and he is said to be doing quite well, you can contact him, he has been back in China for some years.

Chu Feng Xiao Xiao: Yes, do you have his contact information?

I'm in Taiwan: You tell me my phone number, and I'll text you right away.

Hao Yunlai is four years older than Qin Fangyuan, graduating with a Ph.D., and they spent a year at Princeton University. After graduation, Hao Yunlai returned to China. Qin Fangyuan still remembers that when they first entered the school, Hao Yunlai and his Taiwanese girlfriend lived in a rented apartment, and often pulled them over for dinner. His girlfriend cooks a good dish and can also make authentic pizzas, which are delicious.

Qin Fangyuan almost beat Li Shouyu, that was when he first entered the school, and it was Hao Yunlai who reconciled it. Speaking of which, at that time, they were all stunned, I don't remember what occasion, Li Shouyu said that he was Taiwanese not Chinese, Qin Fangyuan heard it and got angry, saying that you can disagree with the political system, but you can't disagree with China as a cultural community. Besides, Taiwan is a small island in China, and your ancestors still came from Fujian.

Li Shouyu just didn't admit it, so angry that Qin Fangyuan rolled up his sleeves and almost slapped him, if it wasn't for the other classmates to pull it, he might have really done it, and in the end, it was Hao Yunlai who reconciled it. Later, the two became good friends.

Qin Fangyuan called Hao Yunlai, and Hao Yunlai knew that it was Qin Fangyuan when he heard it, although he hadn't seen him for many years, he still chatted cordially. Hao Yunlai had just gotten off the plane and drove back to his residence in the city from the airport, in Fangzhuang Zifangyuan. He said on the phone: "I have time in the evening, why don't you come over and have dinner together." ”

R&F City is located in the East Third Ring Road, not far from Fangzhuang in the South Third Ring Road. Not long after Hao Yun arrived, Qin Fangyuan rushed over.

They made an appointment to eat at a Hunan restaurant in Fangqunyuan. Although the restaurant is not big, the food is very authentic. Hao Yun said that he lived in this place after returning to China, first rented a house to live, and then simply bought a new house in Fangzhuang, and ate in this restaurant for many years. He also quietly told Qin Fangyuan that he had also bought a villa in the suburbs.

Hao Yunzi brought health wine, which is said to have been handed down from Emperor Wanli of the Ming Dynasty. Before the wine was opened, Hao Yunlai opened the conversation: "Do you know what is good about this kind of wine? Let me tell you a joke, you will know: men drink women can't stand it, women drink men can't stand it, men and women drink and neighbors can't stand it, everyone drinks the earth can't stand it." Four words: nourish yin and aphrodisiac!"

Qin Fangyuan laughed happily when he heard this: "You drank it tonight, my sister-in-law can't stand it!"

Hao Yunlai was also happy: "Your sister-in-law is also on a business trip, so it's a big deal to go to the hot mansion to take a bath, and find a young lady to massage and massage." ”

Qin Fangyuan thought in his heart, these guys, after returning to China, will all follow the customs.

The meal was hearty. I haven't seen him for many years, Qin Fangyuan has also let go, the amount of wine is not big but it is simple, the two of them are one cup after another, you come and go, so unhappy.

When it comes to investment and financing, Hao Yunlai is very energetic. After Hao Yunlai came back, he mixed in three places, from the US fund to the RMB fund, and people in their thirties spoke like people in their forties. People say that if a person is precocious, let him go to the fund, then the place can taste the warmth and coldness of people, the heat and coldness of the world, and no matter how naïve the child is, he will be matured.

Hao Yunlai leaned his neck and drank a glass of wine, his face was red and slightly drunk. He pointed at Qin Fangyuan, and then knocked on the table, much like some entrepreneurs: "In China, without high-level network resources, good projects can't be grabbed at all." Those foreign funds or something, when they go to China, they also tend to dig up a high-level relative to come in, which can be regarded as following the local customs. The project is going to be grabbed, you know?"

Qin Fangyuan echoed and said, "Yes, I want to rob it." ”

"Don't you don't like to listen to it, just grab it! You think, a project that has entered the counseling period can be IPO immediately, and in the blink of an eye, it will be a geometric multiple of the income, who is not red-eyed? Those of us who do PE, what kind of professional knowledge, what Wall Street background, in their eyes are not as good as the son of a provincial governor and the daughter-in-law of those people in Zhongnanhai. ”

Qin Fangyuan pricked up his ears, he wanted to hear how these daughters-in-law and sons robbed them.

It is rare to have a safe and secure audience in life, Hao Yunlai was full of energy and told a real case.

"In a western province, let's not talk about the specific province, it is a state-owned enterprise in that province that plans to IPO. Some overseas funds, of course, are funds that have raised a lot of RMB in China, and they have been talking for a long time, and they have done a lot of research, and the price has been negotiated, and they plan to invest. At this time, one of our investors was halfway to the past, and he was introduced by the secretary of the local provincial Commission for Discipline Inspection, who had a background in Zhongnanhai. The first time we met, we were very good, but the second time, the chairman of the state-owned enterprise was gone, and we couldn't find it, so we were in a hurry! Later, we finally found the chairman of the board, and he said that he would take more than 20 days to return when he was in the field. What should I do? This project has to be signed immediately, and there are many dreams at night. But how could we be doing projects in the local area all day, so we left one person there to wait.

"After 20 days, we finally made an appointment with the chairman to come out for dinner. In order to avoid suspicion, the secretary of the Provincial Commission for Discipline Inspection sent a secretary to participate, plus our investor, me, and the colleague who was stationed behind, a total of five people. Before eating, we inquired that in the past 20 days, the chairman has not left the local area at all, but has been avoiding us. While drinking, my colleague went crazy with the strength of the wine, picked up a glass of wine in his right hand, stood up, pointed to the chairman of the board of directors with his left hand, and said, "Are the state-owned enterprises owned by you?" No? Who are you? You think you are so great that you are so excited! You are a dog of the state, and you will eat whatever you are given. We are not begging for food, so do we need to hide from us? I have been waiting here for 20 days! How much has I been delayed! Do you think your ass is clean? As soon as we check, you will be a sure child, and if you get out of this room today, you will have to stay in a hotel tomorrow in 'Shuanggui', believe it or not?

Then, he poured the glass of wine on the chairman, maybe the drunkenness was difficult to control, and he did not control the wine glass while pouring the wine, only heard a 'pop' sound, the wine spilled the chairman's body, and the wine glass smashed on the chairman's forehead like a small stone, and in a blink of an eye, he saw blood flowing down the chairman's forehead like an earthworm.

"The chairman is in his fifties, has been in office for more than five years, and he is also the same in the unit on weekdays. He trembled with rage, cried, and stood up to fight my colleague, a short Hunan man in his forties. We didn't expect it to get to this point, and we didn't know what to do about it. At this time, we investors are only in their thirties - don't underestimate it, although we are not a few years older, we have seen the world. He was relatively calm, immediately stopped drinking, controlled the scene, scolded his colleague who was crazy with alcohol on the spot, and took the opportunity to comfort the chairman.

"In fact, we all know in our hearts that our bid is only 60% of that of several other funds, and the chairman is kind-hearted, but he is also afraid of taking responsibility and worrying that people will blame the loss of state-owned assets, so he avoids us slowly. However, within a few days, we successfully entered it, and then our investors went to the secretary of the Provincial Commission for Discipline Inspection who he called uncle, and it was quickly finalized.

"However, some of the other projects we have come across, we investors can't handle because some of the funds are bigger than him. Those princes and feudal officials, it is not that everyone gives you enough face, even if you help, there are only one or two lists, and if you find more, people will start to pass the buck, and some will not give you face at all. Of course, if my parents make a phone call, it will definitely work, but how many of them will call directly on the stage now? Isn't it time to discuss PE corruption? What about discussion, and empty talk will not solve anything...... Now that there are more monks and less porridge, and there are more people robbing, the cost is high, and our pressure is also greater. The higher the expectations of LPs, the greater their appetite, the more investment they make, and the greater the pressure. ”

When it came to financing, Hao Yunlai pointed out that Qin Fangyuan was far away, and what he said was not rough. He said: "Do you know Wu Hai, the CEO of Orange Hotel? I think he described investment and financing as being in place, and you should learn from it."

He likened the financing company to a 'young lady' who wants to be introduced, sits on the stage, has become a Kaiyi Red Courtyard, gets ahead, and wants to continue to grow big or go public, and the investor is a prostitute of you, but a long-term relationship with you. 'Miss' is the one who can't take care of herself, you don't make him happy, you don't know how this prostitute will kill you.

"Why do 'young ladies' always have illusions about their clients, believing that there are always many good people? If you take the client's money and still complain outside, the client may kill you. In addition, 'Miss' is also a human being, and she wants to save face, and she says that it is not good to support her people outside, and she has no face. So although the Internet is so developed, there are not many 'young ladies' yelling outside, because the result of yelling is often that the prostitutes who support themselves are angry, and other prostitutes don't want to look for you.

"The money given to you by prostitutes is for you to do beauty, learn piano, chess, calligraphy and painting, and make brands, and never let you buy a house, buy a car, or save money for a private house. When someone hears that others have spent tens of millions or hundreds of millions of dollars, their first reaction is that you kid sent it, this is extremely wrong, this money is not for you, it is for your body. ”

"Wall Street is also greedy. "As soon as Hao Yunlai's conversation box is opened, he gushed endlessly," said Gus Levy, president of Goldman Sachs in the sixties and seventies of the twentieth century, that Wall Street has always been in pursuit of profit, pursuing long-term greed — making money with clients. Do you know what the situation is now? Although they say every day that 'the customer comes first, at least second, not last', in fact they have called the customer a 'marionette', ruthlessly knocking on the customer's bamboo pole, and turning it into short-term greed. Their theory is that they make far more money from a trade than from a long-term relationship, so they should use profiteering instead of investment advisors. ”

Qin Fangyuan said that although his experience on Wall Street in the past three years was not very profound, he also felt that the atmosphere of money first and profit first was indeed ubiquitous. Wall Street will certainly pay a high price for a short-term mentality. If customers don't trust you, they will eventually stop doing business with you, no matter how smart you are.

Hao Yunlai patted Qin Fangyuan's shoulder: "Not only you, but also me, we are all too tender." As we struggled to hold on to our ideas, we found that the original ideals we pursued had changed. We're always caught off guard. ”