The VAM is actually a kind of demonized translation, which means valuation adjustment mechanism, which is actually a form of option, and can effectively protect the interests of investors through the design of terms.

Of course, there are two sides to everything, and if this mechanism is used by investment institutions to do evil, such as the terms are too harsh and investors are too optimistic, it can indeed nullify the efforts of investors.

Kyle's fundraising journey was not smooth, and it was too difficult to rely on HH's prospects and decisions to persuade investors to participate in that risky plan without revealing Li Jiaming's great 'idea' for smartphones, otherwise Yahoo would not have vetoed the shareholding plan through the process.

Li Jiaming wanted to get Yang Zhiyuan's funds, but he couldn't reveal those ideas, because they were priceless ideas. If it leaks out, Yahoo will put him together again, get rid of him, and they will develop it themselves. Compared with the investment of more than a billion dollars, the benefits after success are so huge, and the company, the risk of more than a billion dollars is not worth mentioning to them.

The key point is that Li Jiaming needs to make his best efforts to convince Kyle to gamble hard, and the company will take the risk alone.

It's hard to be the boss, and it's very enjoyable to be autocratic, but that's not the royal way, it can only be the worst choice after being forced to be helpless. When the boss is at the highest level, Song Renzong is the god man, don't look at him always letting his courtiers wash their faces with saliva, but he maintains the country's situation in a dangerous situation, and when he dies, he can let the enemy wear filial piety for him.

Of course, if Yang Zhiyuan dares to accompany Li Jiaming to gamble, he will also accept the other party's investment. The essence of modern business lies in risk sharing, and Mr. Yang Zhiyuan, the 'light of the Chinese', is in full swing, and he can attract many Chinese engineers and programmers to join him just by virtue of his name. To engage in such a large system project, money is worthless, and what is valuable is the talent who comes to participate in the construction.

The most important thing is that the future mobile network terminal market is too big, and it is not at all something that HH can monopolize. As long as Hanhua can establish its supremacy in this field, what about sharing a piece of the pie? It is better to let this 'light of the Chinese' shine than to let those Korean sticks copycat at a very fast speed, right?

On the bench in a nearby park, Li Jiaming finished explaining his agreement, and said helplessly: "If it weren't for this stock market crash, why would Lao Tzu have been? If it weren't for the coincidence of timing, after two years, when HH is on the right track, the last market will be enough for us to gamble." ”

"No, didn't you cash out 1 billion last time? Don't think I don't know, your brother-in-law must be just a puppet. ”

This person, you can't be too rich, if you are too rich, you will be conservative, Li Jiaming sighed: "Except for the one that lent me to my brother-in-law, the rest were smashed on the iPod, do you think the iPod doesn't burn money? Just rely on the little money in my hand to use it, just the patent sent by Zhao Le today, Kyle estimates that it will take 50 or 60 million US dollars to develop it successfully. ”

Straightening his legs, Li Jiaming stretched his waist and said with a wry smile: "You started as an Internet business, and you don't know the hardships of doing business, that is, you only swallow gold! iPod alone burned 200 million RMB, nearly 300 million US dollars in channel fees, advertising fees, websites, prepaid royalties, and so on. This is still our success, and we have succeeded in developing it before Apple, otherwise all that money will be wasted. ”

Yang Zhiyuan, who was sitting on the same bench, was silent, the epoch-making mobile phone that Li Jiaming said must be an epoch-making mobile phone, otherwise it would be impossible for people to take such a big risk. But this is too risky, HH company has no technology accumulation, in addition to buying patents, most of the technologies beyond reality still need them to develop, and the cycle is as long as five to six years, I am afraid that 1.5 billion US dollars will not be able to stop.

"What about the prospects?"

"Epoch-making, what prospects do you say? At most, it's not that I don't dare to take risks, but I need to convince my team to accompany me to take risks. If I don't try my best to find funds, there will be internal conflicts. The top and bottom are concentric, and its benefits are broken. Money is not worth much, it is just a tool, what is valuable is the people, it is the team!"

After another silence, Yang Zhiyuan suddenly said, "Can you describe to me the mobile phone in your mind?"

"It's an idea, what do you think?"

Yes, it was a great time, so great that with a genius idea, you could create a business empire with the help of capital. Didn't he and David just rely on creativity, plus a few months of sleeplessness, to create the great Yahoo and stand at the top of society?

"You're a madman!"

"If I don't become crazy, I can't live! If I am timid, can I do sohu and ipod? It's not that I look down on you, you are similar to Lao Zhang, you do all the work that no one can do without you, Lao Tzu wants to do something that no one can do.

It's not that I'm bragging, if this thing is done, at least it will be a market of hundreds of billions of dollars. After this vote, Lao Tzu can leave a name in history, and then quit the scientific and technological world to teach!"

Bragging! If you really want to get to that point, this bastard will teach?

It seems that there is not much hope, this guy founded Yahoo is nine points of luck and one point of ability, and he does not have the courage and courage to dare to be the first in the world. Anyway, he tried his best and was able to explain it, Li Jiaming didn't bother to bother with saliva anymore, and said disdainfully: "Do you think I am you?

You are good, if Lao Zhang and Lao Gu have so much wealth and fame at my age, it would be strange if they were not lustful and luxurious!"

There is really little hope, even if Li Jiaming proposes a VAM agreement that can greatly reduce the risk, Yang Zhiyuan still does not want to wade into this troubled water. His money is not blown by the wind, even if he wants to make a career, he will do it himself, how can he take money and take risks to contribute to other people's achievements?

However, this matter is not non-negotiable, for example, this kid has a whopping 32.68% of the fully voting shares. If you are really short of money, you can sell it to Yahoo, although the stock market is starting to fall now, but it is still very cost-effective to eat it at the right price.

"Vultures!"

"It's an investment!"

"Don't even think about it! If sohu falls into your hands, will it be good?"

Then there is no need to talk about it, but Li Jiaming's heroism of daring to be the first in the world also made Yang Zhiyuan, who has a somewhat faceted personality, extremely appreciative, and dispelled the evil feeling of being played by him just now. Very person, this guy is not very human, and his style of doing things is different from ordinary people.

"Hey, you just bragged and said that you would go back to school to teach after you did this, so what about your career?"

Don't talk about business, that's bragging, Li Jiaming nonsense: "Leave it to professional managers, after any company has experienced a period of rapid growth, it will inevitably usher in a period of steady development, and the role of the individual will be greatly weakened and become a spiritual symbol." People like me can chop the waves, but if I can't keep it, it's not exciting.

Instead of torturing those tedious chores, it is better to have a cup of tea and a book. ”

This is a cowhide, but it makes Yang Zhiyuan have seven points of faith, which is really Li Jiaming's usual life. Not to mention that the requirements of life are not high, Yang Zhiyuan himself is not particular, but Li Jiaming's way of managing the company, Yang Zhiyuan has never seen it, it is purely a hands-off shopkeeper.

When others are chairmen and CEOs, they are all very busy, and they can't wait to break a minute into an hour, for fear of making mistakes in decision-making or execution, even if they are on vacation. This guy is good, he wanders leisurely all day long, and he doesn't worry about the company's problems at all.

Li Jiaming couldn't help laughing, and secretly said that this guy was not at the level enough. Also, people are only thirty years old, how can they do everything as light, and how can they compare with monsters like themselves? It's boring, people are dogs who keep their jobs, Lao Tzu is a fierce wolf, and they don't have much common language.

"Let's go, thank you for your authentic fake Hunan cuisine".

"Where are you going?"

"It cost 36 million, I have to make Larry's kid become a bastard sooner, do you think I'm like you, I'm very idle? Fuck, 3600 US dollars, it's enough for Lao Tzu to go back to his hometown to dig mountains and build tunnels!"