If Legend Entertainment really succeeds in listing on the NASDAQ, what can its market value reach?

This question is naturally what Sun Zhengyi wants to know the most after the preliminary negotiations on the same day. Pen, fun, and www.biquge.info

This kind of negotiation may take more than half a month just to come up with a framework, and it will take another month or two to grind and let the lawyer team finalize various details, so Sun Zhengyi's people have plenty of time to figure out this issue.

After a week of investigation, the evaluation report reported to Sun Zhengyi by the following people shows that if it goes public and maintains the stable operating revenue of Legendary Entertainment's current three games, "Legend", "Miracle MU" and "Ragnarok RO", then the company's Nasdaq market value can be stable at least $5 billion.

This assessment is actually very professional and not radical at all. Because of the parallel time and space Chen Tianqiao's Shengda Network, relying on the online game "Legend" alone, has managed to stabilize the market value of 30~4 billion US dollars for two years, and it is not for nothing that some stock prices have exceeded 5 billion US dollars in the peak season.

At that time, Chen Tianqiao was known as the first stock of Huaxia Network and the richest man in the Internet circle, and these names were not called in vain. If it weren't for Chen Tianqiao's expansion later, he did a business that was 10 years ahead of Jia Leting, and he would not have suddenly collapsed later.

Today's Gu Cheng has more cash cows in his hands than Chen Tianqiao in the same period in history, and Sun Zhengyi's risk assessment team estimated him at least 5 billion, which is reasonable.

"The principal of the convertible bond I invested in Gu Cheng at the beginning is about more than 400 million when converted into US dollars. He has already repaid my first installment of interest of 500 million yuan, and the remaining principal should be around 300 million 500 million US dollars. If Legendary Entertainment can really have a market value of $5 billion after going public and give me more than 25% of the station's shares, it will be equivalent to the money I invested, and it will reach 4 times the market value in 3 years, which is not bad. ”

3 years, 4 times the appreciation rate, of course, is nothing in the venture capital circle. The $20 million that Sun Zhengyi invested in Ma Feng has now become $7 or 800 million, an appreciation of thirty or forty times, and it has only been more than four years.

If you put it for another ten years, and wait for Ahri Baba to IPO on the NASDAQ, Sun Zhengyi's 20 million will become more than 15 billion (note: SoftBank has many rounds of follow-up investment and dilution of Ahri, and the initial 20 million has indeed only become 15 billion), and the value has increased by 800 times in 15 years.

Compared with other institutions, more than 40% of the shares of MIH in the Internet winter (finally diluted to about 25%) also appreciated from more than 50 million US dollars to 70 billion, an increase of 1,300 times in 15 years.

However, those examples are all based on the fact that "Ma Feng and Ma Teng are not sure that they will be able to make money in the future". Only by giving charcoal to Internet companies that do not see any hope of making a profit can they have the theoretical possibility of getting a huge return -- and that is more likely to fail, and generally 19 of these projects can die if they invest 20 projects, and they will rely on the remaining one to make back the money lost by the 19 companies that died.

And Gu Cheng's legendary entertainment, after all, had already made a profit by itself before being targeted by Sun Zhengyi! And it's a big cash cow! Ultra-premium assets.

Invest in this kind of high-quality assets with very low risk, 4 times in 3 years, and accept it when you see it. If Sun Zhengyi's conditions were a little harsher at the beginning, Gu Cheng might not have looked for IDG or Goldman Sachs.

At the end of March, the two sides reached a framework agreement in Tokyo. This is a fragile balance point formed after the interests of both sides, everyone is a human spirit, and no one can suffer too much.

Gu Cheng finally decoupled all the other businesses under his name from Sun Zhengyi's SoftBank Group. Only 25% of the equity of Legend Entertainment was left.

In the future, what will Alipay look like, what YY will look like, and how much Gu Cheng's 20% shares in ADSENSE and Huang Yi's 10% NASDAQ shares are worth have nothing to do with Sun Zhengyi.

Gu Cheng also completely got rid of the harsh financing channel restrictions attached to the previous financing agreement, and he would introduce whoever he wanted to cooperate with in the future.

……

"It's finally done, let's get ready to go back home. Finally, I can have the courage to go all out to promote YY and Alipay. Before he signed it, he was always afraid that he would make YY bigger, and Sun Zhengyi would not let go. ”

Late one night, when he left from the end of negotiations at SoftBank's headquarters, Gu Cheng finally breathed a sigh of relief when he looked at the equity agreement that he had finally taken down.

Recently, he has been busy with negotiations and work every day, and has been sitting in the conference room and eating, drinking, and feasting without exercising, he feels that his abdominal muscles have degenerated from six to four, and his figure is only afraid that it will be out of shape again to nearly 150 pounds.

Sitting in the company's nanny car and stretching his waist, Gu Cheng just remembered something and wanted to talk to his cousin, but was interrupted by Liu Qian, a light bulb in the same company, with a cold speech:

"You still have to work - the current shareholding structure of the company does not meet the requirements required for listing on the NASDAQ. The proportion of your personal shareholding with Eslite Holdings is too high, and you want to find a puppet white glove as soon as possible, we will submit the final application in the fourth quarter at the latest, and the time difference between submission and listing is at least half a year, and during this period of time, the equity will be frozen and not allowed to be traded, and all the hands and feet must be done before this. ”

"I almost forgot about it." Gu Cheng patted his head and shook his head helplessly, "Do you have any general suggestions?" ”

Liu Qian replied businesslikely: "I advise you to find white gloves first, and then go to New York together, I will arrange for someone from Goldman Sachs to talk to you in person and help you operate, and you can give a few tenths of a percent of the consulting fee." ”

A few tenths of a percent - it may not seem like a high percentage, but it is calculated according to the value of the white glove equity to be transferred, and if it involves hundreds of millions of dollars in equity operations, the consulting fee will be more than one million dollars.

On Wall Street, there are many top law firms and accounting/asset valuation firms that engage in this kind of operation, and they are all receiving orders at the level of such predators. But people all over the world who want to go public in New York can't get around it, so they have to pay this consulting fee.

Gu Cheng thinks that he is not professional in this regard, since Liu Qian has accumulated contacts in the past few years in Goldman Sachs to engage in "one-stop packaging services" or "overall solutions", Gu Cheng is naturally happy to outsource.

"I can't go for the time being in April, and after getting rid of Sun Zhengyi, I have to go back first to start the follow-up promotion methods of those pressed YY post bars, YY space, and Alipay. And my TV series is about to be released, the TV series is small, if there is a break with CCTV, there will be a firefighting emergency, and I will definitely deal with it myself - Sister Liu, you can give me an appointment in May, and I will fly to New York in person at that time. He thought about it and roughly told Liu Qian about the schedule.

After saying this, Gu Cheng remembered a new question and turned to his cousin Pan Jieying: "By the way, how are the new measures to promote YY Tieba and YY Space, how are you prepared, we can start it as soon as we go back, right?" ”

Pan Jieying was also almost tired, and complained angrily: "How do I know!" I'm just a CPO now, not a COO. You should be talking about the 'YY Taobao Professional Edition' projects, right? When you return to China, you can ask Lei Jun to go. ”

Liu Qian, who was on the side, also felt helpless when she heard it. Gu Cheng's business, now the organizational structure is really strange.

Lei Jun is obviously just the COO of Alipay, and it is said that he only cares about Alipay and the free bundled security software. And YY has been online for three or four months, and Gu Cheng hasn't even assigned a special COO to YY Network Technology, so Lei Jun has taken care of it, I really don't know what he thinks.

She has been a great father since she was a child, and her temperament is naturally sharp, and she doesn't care about what the "leader" thinks of her, so she interjected as a matter of course: "Ah Cheng, you are too unprofessional to do this." The span between doing payment and security business and doing social business is too far, and it is not suitable for a COO to grasp the operation. ”

"I know, it's just starting out, and I can't find the right person to take over. When you're starting out, reliability is more important than talent. If you don't know enough people to pull in, you have to remind you every day whether there will be this ghost and that collusion - then the problems you are worried about will definitely happen in the end, don't use the initial stage of entrepreneurship to test human nature. ”

Gu Cheng calmly answered Liu Qian's question, which also made the girls feel at ease. This shows that Gu Cheng is not incomprehensible, but he would rather walk slowly and be more solid.

SoftBank is not located in the financial district, like other financial firms, but is uniquely located in the media district of Roppongi – perhaps something to do with the clustering of other local business headquarters in Fuso that Mr. Sun has invested in, as Yahoo Fuso is also in Roppongi.

The other landmarks in the vicinity are all media bigwigs such as NHK TV or Roppongi Center. When the car passed by, Gu Cheng suddenly remembered that Quan Baoya had recently released a new album in Tokyo, so he proposed to send Liu Qian back to the hotel first, and he and Pan Jieying went to find their cousin for a drink.

Gu Cheng had a temper that said he would go, and asked casually: "What time is the ticket tomorrow?" ”

Pan Jieying: "Two o'clock in the afternoon. ”

"Then go find Xiaoya for a drink and see what she's doing."

Gu Cheng said, remembering the experience that Jiang Xin taught him that night in the Beijing Hotel before going abroad:

"If you like it, chase it! Why bother why she likes you, or even wait for a girl to confess you? Manly man, what a fart! Even if you don't want girls to fall in love with your money and handsomeness, and you want them to fall in love with your talent and character, it's a big deal to let go of the courage to talk about it first. I really think that people are not suitable, and it doesn't matter if the three views are not compatible. If you want to clean yourself, you don't have to go to bed before you see it clearly. ”

Gu Cheng went back and thought about it, it was indeed due to the occupational disease in his previous life - he was surrounded by so many girls who begged for popularity, and he didn't have to take the initiative to send them to play for nothing. Over time, he did lose his male instinct to actively hunt for beauty.

When he was thinking nonsense, the car had already arrived at 3-chome, Gu Cheng was not hypocritical, he went upstairs directly with his cousin, and asked the driver to buy some takeaway on the way, and Gu Cheng personally carried it.

"Why don't you make a single call? I thought I was a thief. ”

When Gu Cheng took the key to open the door, Quan Baoya was washing her hair in the house, and her head was wrapped in a towel like a San. When he heard the movement, he pulled his hair, poked his head out of the bathroom and looked out - of course, he spoke Fusang language, so only Gu Cheng could understand it, and Pan Jieying was blind.

"Talk to the people at SoftBank. I miss you when I pass by, so I'll take a look. Gu Cheng put the supper on the TV cabinet without seeing it, "Have you had a supper?" What have you been busy with lately? ”