With the backing of Galaxy Capital, Zhou Shi did not directly throw out this condition. Instead, the investors, namely Sequoia, Perkins Perkins and Lehman Brothers, were convened for a briefing.

Zhou Shi mainly talked about the significance of real-name social networking and his progressive role in the advertising market. There's also their improvement in advertising, which is pay-per-performance. If Google's pay-per-click represents the present, then Friend.com's pay-per-performance represents the future.

"We have designed the following advertising methods according to the future-oriented thinking: CPM: also known as "1,000 impressions", which can be simply understood as the cost of every 1,000 impressions, suitable for products that require a lot of exposure, in general, the better the advertising content, the cheaper the CPM, and vice versa. CPC: It refers to the cost that will only be incurred when the viewer clicks on your ad, and is suitable for sellers with limited budgets. CPA: It is a high-charging bidding model, which is the cost that users need to pay when they click on an ad and have downloads, registers, and added to the shopping cart, but its return on investment is also more impressive. OCPM: The charging standard is the same as CPM, but OCPM has undergone some optimization, choose this mode, the system will automatically calculate the cost and effect of advertising, and constantly adjust the advertising to achieve the optimization of benefits. ”

"That's why we're so aggressively chasing tech talent and proposing a $500 million valuation, now it's up to people to invest for the future. Zhou Shi said flatly

"Bang Bang!" Seven or eight venture capitalists in the audience applauded, although Time Friends only negotiated with those three, but it was not completely rejecting other venture capital. Just need the assistance of these three, they can also invest in time friends.

"Simon, your speech is very convincing, and I am willing to raise our valuation, a valuation of $400 million, which is our greatest sincerity. It really can't be higher, we are investing in Time Friends because we recognize your ability" Lehman's Andrew, as the person in charge of this investment, had to take the initiative to speak.

"When I communicated with Lu Qi in the United States, he was willing to return to the mainland to work, I was very happy and grateful for Lehman Brothers' help, but I came back to the company and heard about your valuation of Time Friends, I was very unhappy and wanted to compensate you for the loss of this time, and then continue to communicate with others. But my partner dissuaded me and wanted me to continue to maintain a friendly relationship with everyone. Zhou Shi continued to say flatly

"The $500 million valuation is the lowest valuation I've given myself, and below that we don't have the value or meaning to continue working together. We don't need much money, we need more cooperation from other parties. If any of you are willing to quit, we are willing to compensate. Zhou Shi looked at Lehman after speaking, wondering what their reaction was, but unfortunately Zhou Shi was obviously disappointed, and no one directly objected, and no one agreed.

"In order to reduce everyone's risk, you can pay part of the price to sign a guarantee agreement with Galaxy Capital, if you want to exit before the company goes public, Galaxy Capital is willing to go to the bottom, and is willing to use the same amount of Ali shares as collateral. Zhou Shi then said Lu He's strategy. To be honest, this is not very attractive to venture capital institutions that want to make excess profits, but it is still very tempting for pure investment institutions. Twice the return in three years and three times in five years, not every investment institution has this level.

"We agree to a valuation of $500 million" Shen Nanpeng immediately stood up when he heard Zhou Shi finish speaking

"We at Kleiner Perkins agree. Zou Wei, the person in charge of Kleiner Perkins, also stood up.

Others also wanted to stand up and agree, but at this time, Lehman's men also stood up and looked back, stopping the others from making further moves.

"We agree," Lehman's Andrew finally spoke.

Zhou Shi also took a deep breath in his heart, this time he still succeeded!

The next thing was handed over to the others, and Zhou Shi pulled Lei Jun around the company, talking about his communication with the three technical geniuses in the United States, as well as the current situation of the company. Social networking is to open up a relatively closed space on the open Internet. The value of this space has not yet been fully realized, and it needs to be carefully developed. And their growth team, big data analytics, artificial intelligence, and other lofty goals, all need people to execute.

"You should know by now how hungry we are for talent, and although we have found three geniuses, it is still far from enough. We not only need talents, but also need talents to maintain strong competitiveness, how to manage technical elites and scientists, this is a very big challenge for us. I need a group of people who align with our values!"

"I don't know enough about my friend's company, and I still have doubts about your future direction. ”

"If you have any doubts, you can ask me, or others, I will wait for you, but time will not wait for us, I want to be a worldwide social network empire. There are many rivals ahead, such as Facebook and MySpace. "Zhou Shi

"Oh, by the way, I can give you a promise on your equity incentive issue, no matter what the value of your equity in Jinshan is, you will get at least twice as much as Jinshan in the same time on Friends.com. This is not only salary income, but also stock option income. That is to say, after the salary, your equity value in Jinshan for ten years is 1 billion, then you have been in Friends for 5 years, and the value of stock options will be at least 1 billion. Zhou Shi then added.

"It's very exciting. "Lei Jun

"The main thing is that I want to open up the international market, and without a big man in charge, I'm really afraid that the company will collapse before I go halfway"

After walking all the way, Lei Jun still did not give a positive reply. Zhou Shi also knew that he was in a hurry, so he had to talk about some other interesting things, and the atmosphere was finally not so embarrassing.

If you get the venture capital, you also have to get the internal staff. To solve the problems of employees, whether it is salary, training and promotion, the core purpose is to continuously stimulate the source of motivation of employees. And the real motivation of employees comes from: dreams, income, growth, opportunities, identity and culture.

In the development of Time Friends, Zhou Shi has also been emphasizing the purity of the company's corporate culture, and treating several employees in different ways as "wild dog" employees. Although this kind of person is very capable, he has a very poor attitude, which seriously affects the unity of the company and must be eliminated; This kind of person is not only very capable, but also serious, sincere, and has a strong sense of teamwork, which is the talent we cherish; This kind of person has a good attitude, treats people warmly, and has a good sense of teamwork, but his ability is very poor, he can't make a performance, he can't successfully transform, and he will be eliminated sooner or later.

Before the introduction of venture capital, the company's equity was divided into 50% of Time Holdings, 30% of Zhou Shi, and a total of 20% of the current and future equity incentive pools of other employees.

The wheel of history is rolling forward, and the development of time friends will also enter a new stage.