Having said that, Hu Yiting has already understood the attitude of the three investment banks dominated by Goldman Sachs towards QQ, and they are indeed optimistic about the value and image of QQ, thinking that they can package it and become a star in the capital market.

But for the future development of QQ, they are not sure, so after the listing, they will sell a large number of QQ shares for profit-taking, and Chongguang is helpless about this, after all, in the first year, even the employee shares can not be sold, and even if all the employee shares are lifted after a year, only 5% of them are sold That's it, as for the lifting of the ban on the shares in the hands of Chongguang Group three years later, it is estimated that these three investment banks have already made a lot of money, and most of the stocks in their hands have been sold for arbitrage, leaving only three or four percent of the ballast goods, as a long-term investment that is optimistic about the company's future.

Of course, if QQ's development is not satisfactory, with the advantage of mastering the first-hand materials of the company's operation in the board of directors, they will run out of oil on the soles of their feet in the first time.

According to what he asked Yu Youcheng to inquire about in advance, among the three investment banks, Goldman Sachs, as one of the supergiants on Wall Street, often becomes a senior official of the US government after resigning, and US government officials often enter Goldman Sachs to hold senior positions after resignation, enjoying an astronomical annual salary. Vanguard Investments and Brown Financial Consulting are two venture capital and capital management companies with strong capital, and they can often be seen in the list of shareholders of famous American technology companies.

Yu Youcheng analyzed Hu Yiting on the phone that there is a big difference between investment banks and venture capital companies, investment banks only enter the list of shareholders within 12 months before listing, and the pursuit is to operate the company to go public as soon as possible, and then cash out the shares in hand as soon as possible to achieve huge gains in the short term, after all, according to the existing regulations of the NASDAQ, shareholders before 12 months of listing have a one-year stock lock-up period, and those within 12 months are not restricted, which is actually convenient for investment banks to withdraw, and the rules are formulated by Wall Street, of course, they are also formulated by investment banks, of course, it is beneficial to them。 Venture capital companies are more detailed, some only do A round of financing, some only do B round of financing, some are from the A round all the way to the capital increase until the listing, and these venture capital companies are generally optimistic about the companies they invest in after listing, after all, they have done a lot of research and analysis, and all the way to support, so they will not easily give up the equity in their hands, and some venture capital will even make long-term commitments to listed companies, for up to three to five years, and then gradually dilute the share capital in their hands.

Hu Yiting understands that Goldman Sachs is not a venture capital company, he is an out-and-out investment bank, and what he does is a broker business, which is responsible for carefully packaging the company and then promoting it to the market, so as to throw out a large number of equity in his hands at almost zero cost, and cut the leeks of those retail investors, which will definitely not be held for a long time. As for the other two, judging from their style of wandering between investment banks and venture capital, I am afraid that this time they do not really want to hold for a long time, but intend to follow Goldman Sachs to make a profit, from the fact that they did not even send representatives to participate in the first preliminary negotiation this time, it can be seen that they are going to advance and retreat with Goldman Sachs, but since they have a capital management business, it is still possible to become long-term shareholders.

Hu Yiting knows that the advantage of Chongguang QQ is that it has not been ventured, and the original capital comes from Chongguang Group, so 80% of the overall equity is in the hands of Chongguang and has not fallen into the pocket of the venture capital company. If this is the case, Goldman Sachs will not choose a large number of stocks, but directly ask the company for hundreds or even tens of millions of dollars in huge listing and issuance fees, plus a little bit of stocks, about one percent or so, and sell them after listing as additional profits.

According to what Yu Youcheng said to Hu Yiting after thinking about it, Goldman Sachs entered with a large number of shares with his two younger brothers, which is both good and bad for Chongguang.

The good thing is that Goldman Sachs is tying itself to Chongguang this time, so it will definitely be crazy to speculate on Chongguang's valuation, and it can be seen from the current listing agreement they have given that the total valuation is as high as 200 to 30 billion US dollars, which is the valuation that only has been listed by super enterprises in this year! This is a high recognition of Chongguang's product innovation, a high affirmation of Chongguang's technical strength, and a high degree of optimism about Chongguang's market share and future development prospects.

In particular, Chongguang, as one of the few Internet companies with a sustainable profit model and has achieved profitability, can be described as the darling of the market and will undoubtedly become the focus of market attention.

In today's world, the Internet is in the ascendant, hundreds of companies have sprung up, most of them are website companies, but few of them are able to achieve profitability on their own, all of them are burning a lot of money, competing with each other who loses more, who can afford to lose, who can use money to brush up a rising number of visits and clicks, and use money to smash out a constantly increasing market share. And the heavy light is silent, and it is quietly profitable!

Yu Youcheng said that according to his news, the news that Chongguang has achieved profitability and increasing profits has caused a huge shock among Wall Street and Silicon Valley venture capitalists, just because Chongguang can be self-sufficient in funds, rely on a large amount of investment from the parent company and can also make blood on its own, in short, there is no shortage of money! So that those venture capital companies have nowhere to talk and have to find another way, so that now a large number of companies in Silicon Valley are following the trend of developing instant messaging software, so QQ listing is urgent, and we must invest a lot of money as soon as possible to improve service quality and strengthen market share, so as to ensure that our monopoly position is stable.

As for the disadvantage, Goldman Sachs, like all investment banks, has the habit of killing chickens and eggs, they use their super influence of Wall Street giants to speculate the company's valuation to sky-high prices during the listing counseling period, and advance the company's development prospects for the next five or even ten years. There won't be much room for improvement in six years.

"When the time comes, Goldman Sachs they only do one thing, that is, in the case of maintaining the stock price without a large-scale collapse, desperately shipping arbitrage and running away, which will be a big blow to the confidence of countless investors in the market, countless people will be trapped in QQ's stocks, the best situation is only a slow rise, it is estimated that there will not be much increase in three or five years, once they sell off after three years, it may be difficult for Chongguang Group to ship according to the valuation at the time of listing, unless the company is developing very well at that time, but the survival cycle of most Internet companies is only three years。 Yu Youcheng predicted to Hu Yiting.

But Hu Yiting knows that QQ's life will never end in three years, but Goldman Sachs will never have such confidence.

Based on the company's internal meeting analysis and Yu Youcheng's judgment, Hu Yiting found that he did not have many bargaining chips in negotiations with Goldman Sachs.

"It is not a loss to trade 17% of the equity for the status of a U.S. listed company, so as to continue to make money in the U.S. market and operate in the name of a U.S. listed company in countries around the world. Of course, Hu Yiting understands this truth, and he must make a choice when China has not yet grasped the power of international discourse.

"At least I still make American money, unlike most domestic Internet companies, which make domestic money, and American shareholders who are cheaper. ”

After Hu Yiting comforted himself, he lowered his requirements, in fact, he even felt that if Goldman Sachs asked for 20% of the shares, he might be forced to accept it.

It was probably because Pony and Goldman Sachs had been in a see-saw stalemate for nearly half a year, which made the other party feel urgent in the face of the number of users and profits that rose every month, and finally managed to bite off 17%, which is one-sixth of the shares.

Judging from Goldman Sachs' active participation in the reconciliation with the U.S. government, they do not intend to give up this piece of fat that is about to arrive, and they are very afraid that other Wall Street vultures will come to grab food, after all, some investment banks are currently ready to move, such as ****, Xiaoma said that the other party's senior manager has also made tentative contact with him in the United States, but the 15% shareholding ratio is not much different from Goldman Sachs.

Considering that Goldman Sachs' government background can help Chongguang settle a lot of troubles, and they have already shown their energy before, Hu Yiting finally decided to choose them, maybe there will be a place to rely on other people's lobbying again in the future, and he can't easily tear his face for two percentage points.

But for the board seat, Hu Yiting has no intention of conceding.

"I can accept that you have four of the eight directors, but the voting weight must be according to the proportion of shareholdings, this is my bottom line, and no major shareholder in the world will accept the proposal to divide the voting rights equally. Hu Yiting changed his model, but he changed the soup but not the medicine, and the purpose was to gain control of the board of directors

Alfred smiled and shook his head, "Isn't that any different from an increase in seats?"

Hu Yiting said softly to him with the most cordial smile: "This is the only way to ensure that Chongguang's rights and interests are not violated, I can't sign a clause that humiliates the country, if Goldman Sachs does not agree, I can only find other investment banks, in fact, **** has made initial contact with us, but I take into account that Goldman Sachs has done a lot of work for Chongguang before, so I am not tempted, you must know that the shareholding ratio they require is much lower than yours." ”

Some words, although short, are more effective at explaining the problem than a lengthy essay.

When Alfred heard this, he was silent for a long time, during which he instructed his assistant to refill the coffee.

After drinking the cup of black coffee that had just been poured in one gulp, his lips finally moved.

"Goldman Sachs has a veto. ”

Hu Yiting immediately followed up: "But it is limited to the investment of funds raised in the stock market, and the veto power is only valid for one year." ”

"Five years!"

"The Internet is a fast-growing industry, and we can't dwell on a problem for five years, but at most a year. ”

"My bottom line is four years. Alfred insisted.

"Three years, but the investment of the funds raised in the first year must be planned before going public. Hu Yiting looked at Alfred's dark eyes, wondering how strong his desire to control was.

"Deal. Alfred's cheerful answer made Hu Yiting's heart sink, and he knew that the other party seemed to be determined to sell a large number of them within three years after the listing.

Hu Yiting stretched out his hand and shook Alfred, squeezed out a smile and said, "Then let's talk about the use plan of the raised funds now." ”