The development of the intranet has also been seen by many venture capitalists, especially SoftBank, who sees the development of the intranet in the island country and very much hopes to expand its stake in the intranet. As the general manager of the school's intranet, Tang Wenwen has negotiated with Softbank, IDG Capital, Sequoia Capital, CDH Investments and other companies for Series B financing of 78 billion yuan many times.

Two or three months ago, there were already venture capitalists who opened a valuation of seven or eight billion yuan to the school intranet, although not every venture capital recognized this valuation, but at least it can be used as a reference.

In recent months, the number of new users has increased rapidly, especially in places such as island countries and South Korea, which have opened registration rights to all netizens, and the intranet has become one of the top three or top five Internet companies in terms of local traffic. This adds a nice positive factor to the valuation of the intranet. Internet companies that have been tested by the international market and have achieved outstanding results than you are more popular with venture capitalists, especially internationally renowned venture capital institutions.

"Jiang Dong, do you have the time to meet with representatives of several venture capital institutions, and we have a basic understanding of their initial ideas," Tang said.

"How many VCs have made official offers now?" Mr. Jiang said.

"There are more than a dozen companies that have been in contact with each other, and six of them have officially made offers," Tang said.

"Then you can communicate with the venture capitalists who have been in contact with each other, and say that the school intranet intends to determine the B round of financing in the near future, and now we will officially receive their offers, and all institutions have the opportunity to re-quote," Jiang Hui said.

"Okay, Jiang Dong, do we need to set a threshold to avoid a bunch of institutions giving messy financing conditions at that time," Tang said.

"Let's take valuation as the threshold, and those who agree that the starting price of the school's intranet valuation is not less than 8 billion can continue to talk, and those who don't agree don't need to be contacted," Jiang Hui said.

In Jiang Hui's eyes, the current valuation of the school intranet should be about 10 billion, of course, the higher the venture capital, the better. If it is less than eight billion, there is no need to talk about it.

……

"Mr. Tang, this is the official quotation document given by our company, please take a look," the person in charge of the Celestial Empire of SB Capital said to Tang Wenwen.

Tang Wenwen took the document and looked at it carefully, how to say that SB was also the first company to submit a quotation after Tang Wenwen released the news, and his attitude was still relatively positive.

"Thanks to Mr. Guan's love, please take this offer back, I hope we will have opportunities to cooperate in the future", Tang Wenwen handed the information back to Mr. Guan and said.

"Mr. Tang, isn't the highest price for intranet financing? What did you just return to me with our offer?", Mr. Guan said.

"I'm sorry, we Jiang Dong said that the offer below the valuation of 8 billion yuan, the school intranet will not consider negotiating with him," Tang said.

"In other words, the valuation of the intranet in the quotation must be higher than 8 billion yuan to have the opportunity to participate in the B round of financing?", said Mr. Guan.

"Yes, eight billion is a threshold," Tang said.

"Then why didn't you say it earlier?", Mr. Guan said depressedly.

"Every venture capital has its own valuation method, and in your eyes, the current intranet is not worth 8 billion, so you will submit the current offer, and it has nothing to do with whether we mention it or not," Tang said.

……

"Mr. Lin, I'm sorry, please take this offer back, I hope we still have opportunities to cooperate on other projects," Tang Wenwen said to Mr. Lin of Dawn Capital.

"Why? Mr. Tang, we are very sincere," Mr. Lin said.

"I'm sorry, I don't see where your sincerity is. For the valuation of the school's intranet is less than 8 billion, we don't think there is any need to waste everyone's time to continue talking," said Tang.

"The valuation we gave of 7 billion is already very high, and you haven't said that it's okay to be less than 8 billion," Mr. Lin said.

"I'm sorry, I hope there will be other opportunities for cooperation in the future," Tang said.

……

SoftBank Celestial Empire.

"You've all received news about the recent Series B funding for the school's intranet, right?"

"Well, I heard that SB Capital and other institutions rushed to make an offer, but they were directly rejected. Jiang Hui set a threshold of 8 billion yuan for the B round of financing in the school intranet."

"The price we were originally going to give was only 8.5 billion, and according to the current situation, this price will not be able to get a share of Series B financing."

"Yes, the threshold is 8 billion, so the valuation requirement for the final financing of the school intranet must go to more than 9 billion."

"The investment department will re-evaluate the intranet as soon as possible, and I will report to the headquarters after it comes out, our company must participate in the financing of the intranet, and if you miss this opportunity, you don't know when you will have to wait until later."

"Okay, I'll go get ready right away."

……

What happened to SoftBank is also happening within companies such as IDG Capital and Sequoia Capital. After hearing about the valuation threshold of 8 billion yuan in the school intranet, everyone readjusted the quotation. It's either give up or go all out, that's the idea of these VCs.

When Tang Wenwen received offers from several companies such as SoftBank again, the highest had already gone to a valuation of 10.5 billion.

Jiang Hui intends to take up to 15 percent of the shares in this financing, and requires that at least half of these shares have no voting rights. This is mainly to avoid future refinancing and loss of control of the intranet after listing.

Jiang Hui now owns more than 70% of the school's intranet shares, and it is estimated that about 60% will be left after this financing. After another Series C financing, it will almost be listed. According to this rhythm, Jiang Hui will definitely hold less than 50% of the shares after listing, so it is necessary to take precautions in advance to ensure that he has more than 50% of the voting rights.

After several rounds of negotiations, SoftBank, Sequoia Capital and IDG Capital finally decided to jointly participate in the B round of financing of the school intranet, and accepted the premium valuation of 11 billion yuan requested by Jiang Hui, but required the school intranet to promise to give priority to them in the C round of financing, and this financing is not allowed to be cashed out.

According to the valuation of 11 billion, 15% of the shares were transferred, and the school intranet had 16.5 funds, although these funds were not in place in one step, but the first phase of 300 million was enough for the school intranet to let go.

Before the outbreak of the mobile Internet market, the intranet was basically the leader of personal social networking and photo sharing on the Internet, and Guanghui Weibo occupied a piece of the market, forming two iron fists of Guanghui Group's influence on the Internet.

Regarding the update, at the moment it is trying to maintain a rhythm of one change in the morning and two in the evening. Nanshantang needs to go to work during the day, and only has time to code words at night, and sometimes there is no time to code words after working overtime. However, Nanshan Tang Hui made sure to try to watch three shifts a day, at least two shifts. Although the update speed is not fast, it will definitely not be a eunuch and will not be unfinished.

(End of chapter)