Wednesday, August 9, 20:05 p.m. EDT. Pen, fun, and www.biquge.info

Yang Fan, wearing a white long-sleeved shirt, stood in the waiting hall of the crowded Pujiang Waiting Station, frowning, raising his hand to look at his watch every minute or two, and using the dual-time chronograph function on it to check the Eastern Time, looking very anxious.

Liu Yunlai, who came with him, was very relaxed, leaning on a pillar, chewing gum, and asked, "Yang Fan, you are wearing a Rolex Greenwich watch, right?

"The second-hand goods I bought in the auction house when I joined the work in 90 years are not worth a few dollars. Yang Fan raised his hand again to look at the time and said, "The NASDAQ will open in 48 minutes." ”

"Mr. Du they are the train at 8:25, and it takes up to 20 minutes from here to the hotel, so it's in time. ”

Yang Fan paced back and forth in the narrow area around him and asked, "Brother Liu, do you think Netscape will fall below the issue price?"

"I don't know, but they dare to raise the issue price the day before the IPO, which should be very popular with the capital market. ”

"Netscape has only been established for 18 months, and it hasn't made a single dollar in profit. Yang Fan wiped his cheeks with both hands, as if hypnotizing himself, and said in a somewhat low tone: "Now the Internet concept is very hot, but the issue price of $22 is too risky, the US financial market is very mature, and shareholders are not as easy to deceive as in China." ”

Liu Yunlai didn't say anything, looked up at Yang Fan, who was a little haggard, and sighed inexplicably a little more in his heart.

Two days ago, because of Du Qiu's attention, this guy joined Snapdragon with the highest salary in China, and he was full of spirit and had a bright future......

Two days later, this guy was embarrassed because he looked down on Du Qiu, and he tossed himself into disgrace......

Yesterday morning, Du Qiu sent Liu Yunlai and Han Ying to Pujiang with the authorization agreement, and handed over the investment negotiations to Yang Fan to be fully responsible, while he played missing and did not give any instructions, Yang Fan had to go into battle shirtless, and after negotiating with Yang Zhengxiong, he reached a preliminary investment intention, ready to transfer 10% of Snapdragon's shares at a price of 25 million yuan.

According to the latest current exchange rate, 25 million yuan is about 3 million US dollars, which means that Yang Fan set the valuation of Snapdragon at 30 million US dollars, and the reason why he set this price is from two compromises.

On the one hand, Microsoft intends to acquire Snapdragon at a price of $20 million in May, and now after more than two months of development, the brand awareness and market share of the iView browser have increased a lot, so the financing must not be lower than this valuation, otherwise there is a suspicion of betraying the interests of Snapdragon.

On the other hand, the venture capital community in Silicon Valley has always linked Snapdragon and Netscape, believing that the market value of the two is ten times different, at that time, the IPO price of Netscape was only $14, and the valuation was $420 million, which can be converted to the valuation of Snapdragon at about $42 million, but the national conditions of China and the United States are different, considering the background and influence of the Lianhe Investment Company, it is good to reduce some valuation and sell it, and after this towering tree, you can get a lot of invisible benefits from other places, and you will not suffer.

In terms of the form at that time, Yang Fan handled it very reasonably, both sides took what they needed, each got something, it was a win-win situation, even Liu Yunlai, who came to Pujiang as a supervisor, could not find fault, but admired his means and eloquence.

It's a pity that people are not as good as heaven, and they have just reached an intention on the valuation, and Netscape has changed the issue price from $14 to $22, and the valuation has jumped from $420 million to more than $650 million, making Yang Fan fall into passivity.

Snapdragon has not yet been listed, and the valuation depends on the prediction and confidence of both parties in the company's development, and there are many factors that cannot be measured.

Although Yang Fan and Yang Zhengxiong are only talking about investment intentions and have not yet reached a formal agreement, the valuation deviation is so large that shareholders will not only lose their trust in it, but also lose prestige in the hearts of employees, and it will be difficult to gain a foothold in Snapdragon in the future, so he can only pray that Netscape will fall below the issue price after listing, so as to save the defeat and avoid becoming a laughing stock.

"Brother Liu, is there any smoke?"

"Yes. Liu Yunlai took out a cigarette case, handed one to Yang Fan, helped him light the fire, and comforted: "Don't think about it, what we talked about yesterday was just a preliminary intention, as long as Mr. Du didn't sign the contract, everything can't be done." ”

Yang Fan took a puff of his cigarette and self-examined: "I'm too eager for quick success, I shouldn't have made concessions on the company's valuation early, and I should wait for Netscape to go public." ”

Liu Yunlai also lit a cigarette for himself, and after taking a few puffs, he said: "Yang Fan, you are a top talent who has returned from studying abroad, I am just a big man who is busy working in China, and I am not qualified to tell you some things......

"Brother Liu, don't say that. Yang Fan stopped his irritable pacing, put out the half-smoked cigarette on the trash can, and said, "Brother Liu has something to say, I'll listen to you." ”

"When I was a soldier in the past, the company commander often told me that you should not be impulsive in battle, and that you should think about defeat before you win. Liu Yunlai played with the sterling silver lighter sent by Du Qiu, and said: "Shopping malls are like battlefields, the Internet is an industry that has only emerged in the past two years, no one knows what the prospect is, crossing the river by feeling the stones, the risk is very high, you take precautions, find a backer for Snapdragon investment, is a necessary measure to prevent risks, and it is done right, this alone proves that you are an excellent business manager." ”

Yang Fan's expression relaxed slightly, and he said modestly: "Brother Liu has won the award." ”

"Actually, according to my opinion, your problem is not that you are eager for quick success, but that you underestimate Mr. Du's ability. Liu Yunlai rubbed his forehead with his thumb and forefinger, but he still couldn't think of how to describe Du Qiu, so he said concisely: "Du is always a computer genius, but if you only regard him as a computer genius, it would be a big mistake." ”

These words made Yang Fan's heart sink, because he studied computer science when he was an undergraduate, and only changed his career to study management after going abroad, so he discovered the potential and prospects of Snapdragon earlier than ordinary people, but at the same time, he also made him blind, and was dazzled by Du Qiu's amazing computer technology, ignoring other aspects of ability.

"Many people, including your uncle, think that Mr. Du has been wandering since he was a child, and he has taught himself some computer knowledge by relying on his talent, and he doesn't know anything else, so he can do whatever he wants. Liu Yunlai shook his head, extinguished the cigarette butt, threw it into the trash, and said: "Although the domestic computer industry is not very developed, there are not many people who do this business, and there are a lot of state-owned and private enterprises.

Yang Fan was silent.

"When you were inspecting Snapdragon a while ago, you focused on the middle and lower-level employees and ignored Mr. Du, of course, it is not wrong to do so, after all, he is the boss, you are a subordinate, and you can't control him, but if you communicate with Mr. Du more, you will know that he has a mature plan for the development of the company. When Liu Yun came to this, he patted Yang Fan on the shoulder and said: "Du is always the soul of Snapdragon, if you underestimate him, you will naturally underestimate the value of Snapdragon, and make a wrong judgment at the wrong time, so you will be in a hurry to raise money." ”

Yang Fan continued to be silent, but he disagreed with Liu Yunlai's statement, the reason why he was in a hurry to find Lianhe Investment Company as a backer, on the one hand, was selfish, wanting to take advantage of the situation to expand his power in Snapdragon, on the other hand, he did have the intention of preventing risks for Snapdragon, because if Microsoft's $4 million cooperation fee is removed, Snapdragon's only stable source of income is Chen Dayou's iCard homepage, which is only a hundred thousand dollars a month, but Du Qiu's self-confidence is over-inflated, ignoring the reality that the domestic computer level is not good, and investing frantically in extremely difficult projects such as operating systems and databases, the possibility of failure is very high, if you don't hurry up to raise money, it is very likely to bury the good situation in front of you.

"It's 8:23, Mr. Du's train is almost here, let's go, let's go to the exit to have a look. ”

At 8:25 p.m. on August 9th, Du Qiu, Chen Zhiyang and Gu Shoubing, three Snapdragon shareholders, arrived in Pujiang together, and 45 minutes later, Netscape was officially listed on the NASDAQ, and when the opening price was displayed on the TV set of the five-star hotel, Yang Fan was stunned and his brain went blank, because the opening price soared all the way, from $22 to an incredible $71!

Are Wall Street Crazy?!Are American Stockholders Crazy?!

Now it's really a laughing stock, Netscape has a market value of nearly $3 billion, Snapdragon is worth at least 300 million, and I actually think it's only worth 30 million......