In the blink of an eye, 2005 has come to an end.

The imperial capital also woke up to the first snow of winter.

The snowflakes fluttered, and the entire imperial capital became a white world. On both sides of the school road of the Imperial Capital University of Technology, the cars are like snow-white breads, and the poplar trees with fallen leaves are full of white snowflakes, and when the wind blows, the snowflakes fall angrily like peach petals in the spring breeze.

The persimmons in the central garden of the Imperial University of Technology have not yet fallen, and the snowflakes fall on the yellow and clear persimmons, which is very beautiful.

Jiang Hui and He Ling strolled through the campus.

"My parents seem to know about the two of us."

"It's normal to know, your dad is the dean of our academy, it's strange that you don't know anything."

"Well, at dinner last night, my parents talked to me for a long time. Although I could see that my mother was not very happy, she did not object."

"I'll find a time to visit your house and talk to your parents."

"Let's see, I'll see how they react first."

"The courtyard house I bought before is almost decorated, I'll take you to see it later."

"Okay, but it's a bit far from the school."

"There are also some courtyard houses on the side of Wanshou Temple near the school, I asked Zeng Qingying to help keep an eye on it, and buy it once there is one."

……

At the same time, He Ling was at home.

"Lao He, you said that our family Lingling is true, I know that Jiang Hui has a girlfriend, and I can't be with him clearly."

"We still don't care so much about young people, how old are they now? Who knows what will happen in the future."

"You said that Jiang Hui is too, I think he is also a very honest young man, how can he do the thing of stepping on two boats."

"Look around, is there a young man who is better than Jiang Hui? Look at the so-called outstanding young people around you, how many girls have attracted the attention? If you want me to say, Jiang Hui just stepped on two boats, and it's okay."

"Lao He, why do I think you are a little unwilling that you don't have two boats under your feet? Or did you once hide this from me?"

"What are you talking about?"

"Who knows what's in your heart".

……

At the end of each year, there are inevitably various summaries and reports, and Korn Ferry Group is no exception.

Jiang Hui first looked at the summary report of the group's finance department.

In 2005, the group's operating income exceeded 10 billion, of which the first Guanghui game was as high as 9.2 billion, followed by YY live broadcast, with a total turnover of more than 1.5 billion, and then Meituan, with a revenue of 1.1 billion, Tudou.com, and 100 million on the school intranet......

Although the turnover of each company is quite high, except for Glorious Games and Glorious Film and Television, other companies are basically not profitable, and some are even losing money."

This may be a major feature of Internet companies, that is, companies are burning money, not making a penny, but the valuation is rising. Companies like Guanghui Weibo and School Intranet, although they are not profitable now, have a valuation of tens of billions.

This phenomenon is actually easy to explain, making money and being worth money are two different concepts. In fact, they are jet-lagmed and cannot be simply discussed.

The concept of money, or wealth, has changed with the times. In the past, wealth was more about material, but today a lot of wealth is not material, it may be my service, it may be an exchange. For example, a lunch with Warren Buffett costs $3 million.

Wealth itself is changing, and Internet companies are more likely to create new wealth through new models, such as a piece of hardware may be worth $100, but a piece of software may be worth $1,000, $10,000. The biggest touch of the Internet to Jiang Hui, or the thing that makes Jiang Hui feel the most passionate, is that it has changed some basic things. For example, the traditional economy is two lines, and while your income grows, your costs also grow rapidly, and this profit is not sustainable.

After the Internet reaches a scale, the cost will be basically flat, and your income will still grow rapidly, so the market value of the enterprise will be higher.

Why? Actually, because the Internet has broken the limitations of the traditional economy, for example, the cost of electronics may be zero after a certain level, but the cost of this book may be five yuan, which is not a concept at all.

The times are different, and the business logic of the Internet era is changing: those who make money and those who don't make money can sit on an equal footing.

The traditional economy is a rich economy, which mainly depends on how much money the company makes, while the Internet economy is a negative economy, even if it is not yet profitable and continues to lose money, it can go public and obtain high valuations and huge investments.

In the future, such a loss-making listing and a high market value as unprofitable will become more and more common in the Internet economy.

Because the valuation method has changed in the Internet era, the key for Internet companies is not how much money they make, but how many users they gather.

This is also why websites such as Intranet, Meituan, and Tudou have not yet made a profit, but there are still so many venture capitalists who take the initiative to raise their valuations and want to give Jiang Hui money.

"In the next year, I estimate that in addition to Guanghui Games and Guanghui Film and Television, the other profits of the group's companies are still limited, and I plan to arrange for the school intranet and Meituan to go public in the United States at the end of next year, so in the next month or two, I am ready to put a batch of venture capital in, and raise a sum of money to burn it, so that the data before the listing will look better," Jiang Hui said to Tang Wenwen and Fang Dawen and others.

In addition to the group's finance department and other departments, the general managers of Tudou, Intranet, and Meituan also attended.

"Dong Jiang, the school intranet has been in contact with various venture capitalists, as long as you nod, we can raise billions at any time", Tang Wenwen said with confidence.

In this life, because it was born earlier, Jiang Hui deliberately avoided the mistakes made in the intranet in his previous life, so now the intranet is definitely a sweet spot on the venture capital side, with a valuation of more than 30 billion yuan.

Although Jiang Hui also knows that the shares of the group's companies will be worth much more in the future than they are now, this is not a reason to refuse financing.

Not to mention that the intranet has always refused to raise funds, will venture capital support a similar company and fight with the intranet. Let's just say that after financing, you can make the cake bigger, even if the stake declines, the income is more, which is worth considering financing. In addition, selectively enriching the company's shareholders will be conducive to the company's listing, so Jiang Hui decided to selectively carry out some financing.

In addition, in order to have more funds into the physical industry such as mobile phones and automobiles, Jiang Hui is also preparing to sell shares in some less core companies when raising funds and going public.

In particular, at the end of 07, it will acquire Jaguar Land Rover, at the end of 06, the school intranet, Meituan.com will be listed, and in 07, a part of it will be cashed out at the hottest time in Shanghai, and if necessary, it will be repurchased after the subprime mortgage crisis, and the income must be full.

(End of chapter)