Mr. Song from IDG and his entourage came to the conference room of the school intranet on time.

"Mr. Jiang, I finally met you in person, in the past six months, the Internet industry in the Celestial Empire has been very frightened by you", Mr. Song said with a smile.

"Hehe, it's nothing, we just have more creativity and effort than others," Jiang Hui said.

"Our favorite thing about IDG investment is start-ups that are creative and willing to work hard. Our company began to make venture capital in the Celestial Empire in 1992, and was the first foreign investment fund to enter the Celestial Empire.

"I have heard that your company invests in a number of companies in the Celestial Empire every year, and I have also noticed that Xunlei and NetDragon have your investment in it recently, and we also welcome sincere investors from all walks of life to share the fruits of development with us," Jiang Hui said.

"IDG Capital's partners have the longest cooperation time in the Celestial Empire, and it is also the professional team with the longest cooperation time in the domestic venture capital industry, with technology, medicine, finance, management and other backgrounds and rich experience in management and venture capital operations, excellent performance and reputation in the industry, one of the strong advantages of DG Capital is to establish a wide range of contact channels with the entrepreneurs of the Celestial Empire, and maintain close cooperation with them; DG Capital is committed to assisting outstanding entrepreneurs in the Celestial Empire to jointly create world-class technology enterprises. Therefore, Mr. Jiang, you don't have to worry about the sincerity of our company's cooperation", Mr. Song said.

What Mr. Song said was not blowing water. Due to the early entry into the market, the future Internet predators of the Celestial Empire, such as Penguin and Du Niang, have IDG investment. These projects not only establish IDG Capital's position in the investment industry, but also bring rich returns to investors. According to IDG Capital statistics, the first fund started in 1993 and ended in 2003 with an average annual return of 36%, and the second fund returned more than 40% from 1999. So far, IDG Capital has invested just over US$100 million in China, and the return has reached US$7 or 800 million, which is a lot of money.

"There is actually no shortage of money in the intranet of the school now, but I still have the same sentence: sincere investors are welcome. May I ask Mr. Song, what is the valuation of IDG's intranet?", Jiang Hui asked.

"At present, our preliminary estimate is 600 million, but if Mr. Jiang can provide further financial information and other content on the school intranet, we will make reasonable corrections," said Mr. Song.

Since he was considering financing, Jiang Hui asked He Ling to make a simple financial statement for the venture capitalists to watch, and the corresponding number of users and other information were also sorted out.

"I understand, after the meeting, I will provide you with a copy of the information, and I will sort out some financial information and other content on the school intranet," Jiang Hui said.

According to Mr. Song's current valuation of 600 million, Jiang Hui will definitely not agree to financing, the main reason for financing in the school intranet is to consider that a large amount of funds are needed to build a data center in the future, and if you simply maintain the current development state, there will be no shortage of money this year.

"Okay, when the time comes, we will re-give the valuation according to the information provided by Mr. Jiang", Mr. Song said, and it is estimated that he also saw that Jiang Hui was not satisfied with the current valuation.

The group continued to talk for a while, and then the first meeting ended.

……

After meeting with the staff of IDG Investment, the next day was a meeting with the people of Sequoia Capital.

Sequoia Capital was founded in 1972 in Silicon Valley, USA. In the more than 30 years since its founding, Sequoia has been the first institutional investor to invest in many innovative and trend-setting companies such as Apple, Google, Cisco, Oracle, Yahoo, and many others. At Celestial Empire, Sequoia Capital's Celestial Empire team manages billions of dollars in overseas and domestic funds to invest in Celestial Empire's high-growth companies. It can be said that this is a more wealthy investment institution than IDG.

Jiang Hui went to learn about the development of Sequoia Capital in the past ten years, which is much better than IDG. Sequoia's Fund 6 in 1992 had an annualized IRR of 110%, Fund 7 in 1995 had an IRR of 5%, and even Fund 8, which had not fully recovered its returns due to its late establishment, had an IRR of 96% between 1998 and early 2003. That's a series of numbers that will make anyone in the venture capital industry look at it: the average industry IRR is between 15% and 40%.

Jiang Hui is looking forward to meeting Sequoia Capital.

At ten o'clock in the morning of the next day, Sequoia Capital and his entourage went to the school intranet under the leadership of Mr. Zheng, the head of Tianchao Branch, and Jiang Hui personally went to the elevator to greet him.

Personnel introductions, greetings, and compliments are all about to become the standard process for the first interview. Ten minutes later, the meeting finally got to the point.

"Mr. Zheng, I won't beat around the bush, you probably know the situation in the intranet, I would like to ask what is the valuation given by your company? Only when we reach a consensus on this major premise, can we continue to negotiate," Jiang Hui said.

"Regarding the valuation of the intranet, we have several versions, and using that version of the data, we need to consider the situation of the intranet and several other companies, can Mr. Jiang tell me more about the relationship between Korn Ferry Investment, Korn Glory, Korn Glory, Korn Ferry Games, Korn Ferry Pay, Intranet, Meituan, Douban, Autohome and several other offshore companies?" said Mr. Zheng.

"Of course, to put it simply, these companies all have one thing in common, that is, I control them, but in different forms. The intranet will not be fighting alone, but will become an aircraft carrier, with a fleet working with each other," Jiang said.

"In addition to the intranet of the school, is there any interest in financing other companies?" said Mr. Zheng.

"As long as the valuation is appropriate, you can talk about it," Jiang said.

Although Guanghui Pay and Guanghui Technology Jianghui have no plans to introduce new shareholders, there is no need to talk about it all at once.

"If these affiliated companies are indeed controlled by Mr. Jiang, then the confidence of our team Mr. Jiang will reach a higher level. Our company can negotiate financing according to the valuation of 800 million in the school intranet. Is Mr. Jiang satisfied with this price?", Mr. Zheng said.

"I once told the shareholders of the intranet that they should not be too surprised by the current valuation of 500 million or 1 billion in the intranet, and in a few years, each of them will not have much less stake than this valuation. ”()

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