"By the way, what are the current games that drain it to voice behind YY? I don't care about the progress of the testing and launch of the games. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ”

Gu Cheng closed the statement of YY Network Technology (a company established for the YY project and directly owned by Eslite Holdings) and asked his cousin a question.

"Miracle MU and Ragnarok RO." Pan Jieying didn't even have to think about it, she was very clear about the progress in her mind, "The completion of the development of "Angel Online" is too low, didn't you say that you would improve it after the last evaluation and then put it in the internal test, so you are still lying in the R&D department."

"Ragnarok RO" is the most complete and the least buggy of the three games - if it weren't for this, the developer would not have been so confident that they would not buy out the copyright and only sell the agency rights for 3 years. So the game was launched in open beta at Christmas, and it has already started to charge during the winter break. At present, more than 80,000 people pay to buy some cards, and the situation is not bad.

"Miracle MU" last time you criticized that the map was too small and the content was not substantial, so the people in the R&D department and WEBZEN worked together to promote it and completely improve the map before launching it for testing. At present, there is no charge, but there are many people who play, and it has exceeded 300,000 online at the same time - it has even affected the income of "Legend", and the legend operation department has complained to me twice, saying that Zhu Jun is engaged in small circle interests, and used the advantage of "Miracle MU" to take advantage of the temporary no charge to snatch the stock customers of "Legend". ”

Jiucheng Company is currently 80% owned by 'Legend Entertainment', which is said to be a subsidiary of Legend Entertainment. But during the acquisition process, Gu Cheng promised Zhu Jun considerable management authority, promised him the position of 'executive vice president of Legendary Entertainment', and reported directly to himself.

There are two game products in a company with relatively overlapping positioning, and infighting and competition are certainly inevitable.

Ten years later, those female entrepreneurs who do entrepreneurial projects such as "Honey Buds" will go to the homes of venture capital bosses like Shen Nanpeng and cry, "You have invested in so many XX products, who is the original match between me and XX!" "Such shameless words.

This kind of question, every venture capital can't answer, at best, in the heart of the belly: whoever is especially good is the main house!

In contrast, at present, Gu Cheng's internal project teams are fighting mouths, which is already a shame.

"Since the current situation of "Miracle MU" is not bad, it shows that Zhu Jun still has operational talents. Let him do it, but tell him that he must start charging in early March. Gu Cheng thought about it for a while and gave his own conclusion.

Pan Jieying didn't want to deal with Zhu Jun, so she pushed back arrogantly: "Isn't he directly responsible for you, you can tell him this." ”

Gu Cheng patted his head embarrassedly: "It's too, it's confused." ”

The sisters and brothers quietly calculated, at present, "Ragnarok RO" can have a revenue of 5 million per month, according to the experience of promotion and distribution, this almost means that it can grow to at least 15 million per month in the middle of the year, and finally stabilize and earn 300 million a year. Removing all costs, a net profit of more than 200 million is at least.

Of course, this is not entirely due to the quality of the game, but more importantly, it has invested in 'Legend Entertainment', which owns Alipay as a promotion platform - in fact, this price is far higher than that of "Ragnarok RO" in the same period in history, because the publisher of the game in history is a small street company with few channels.

"Miracle MU's revenue" will only be stronger.

As a result, coupled with the fact that the old "legend" is still fermenting in the rising channel, Gu Cheng will have a total gross profit of more than one billion yuan in the game industry alone this year.

At least it is more than double the psychological price estimated when Sun Zhengyi lent him money.

In addition, the cumulative profits of the genuine music distribution channels and the book industry exceed 100 million, the online literature that can barely guarantee its capital and self-financing this year, and the crowdfunding ticketing model that was invented last year and has an ultra-low risk of attracting money.

The money that Gu Cheng owes Sun Zhengyi is definitely hopeful of being paid off within the second anniversary.

In fact, he had already repaid Sun Zhengyi 500 million interest at the end of last year. There are still 2 years of interest of 1 billion and principal of 3 billion that have not been repaid.

Thinking of this, Gu Cheng proudly changed the topic and reassured his cousin: "Sister, I think as long as we do a good job of these cash cows, don't spend money on additional investments in the past two years, and we can pay off Sun Zhengyi's money." Now you shouldn't be worried about the majority of the company's equity falling into the hands of Fuso people. ”

Pan Jieying never noticed this problem, and when she was reminded by Gu Chengyi, she was also happy. But then it relented a bit, and it seemed to give rise to new concerns:

"It's good to be able to pay it off, but in this way, many of our plans to continue to expand our business in the past two years will be starved. According to the original financing contract, Sun Zhengyi has the absolute priority of the follow-up financing plan, and we cannot bypass him to find money. In this way, in order not to be swallowed by him, we may have to slow down our own development. ”

The Internet winter has just ended, and everyone else is busy staking to expand their business.

"This is indeed a problem, Sun Zhengyi has thought about it a long time ago, giving money is one thing, and monopolizing our financing rights through contracts is the key." Gu Cheng pondered, but he didn't look very worried.

Pan Jieying frowned: "Then do you have any ideas?" ”

Gu Cheng nodded: "Yes, I want to talk to Sun Zhengyi again." Let him voluntarily cancel the absolute priority he had been given a year and a half ago. ”

Pan Jieying was taken aback: "How is this possible!" How can he return the benefits he has worked so hard to get back to you in vain. Sun Zhengyi, the old ghost and the old spirit, won't fall for you! ”

Gu Chengcheng said in his chest: "Business, naturally anything is possible." Isn't business based on two people's different views on the same thing? The same thing, with an objective price of 10 yuan, is worth 12 yuan for those who are optimistic about it, and only 8 yuan for those who are pessimistic about it. Those who think it's only worth 8 yuan will sell it, and those who think it's worth 12 yuan will buy it. ”

Pan Jieying pouted: "Don't talk about these big truths, tell me your specific thoughts." ”

"My idea is to take the future of 'Legend Entertainment' to exchange the equity with Sun Zhengyi for the 'priority of conditional convertible bonds for Eslite Holdings as a whole'."

Pan Jieying didn't react: "What do you mean?" ”

According to Sun Zhengyi's original plan to finance us, his plan is this: if all the companies under Eslite Holdings do not earn 4 billion gross profits in three years, then he will have the opportunity to exercise the preferential right to transfer shares of the difference and get up to 30% of the shares of Eslite Holdings (not a single dollar has been repaid).

If we pay it off, then he will not lose anything, but he will borrow 3 billion from us, and we will pay him back 4.5 billion after 3 years, and he will earn 1.5 billion in interest, which is already twice as high as the interest rate of commercial loans in the market. ”

Gu Cheng said, taking a sip of water and pausing.

And now, we have told him with our actions and financial statements: according to the current development trend, as long as we save money and stop spending money in the next 18 months, we will definitely be able to pay off the remaining 4 billion. So even if he doesn't let go of the initial contract, it will be impossible to get the equity of Eslite Holdings. At most, we will slow down our own development pace, and he Sun Zhengyi will 'lose both'.

In that case, why don't we show him a better prospect? We can come up with a real and unconditional 'Legend Entertainment' expiration stock option, and we will allow him to use the 4 billion to purchase shares in 'Legend Entertainment', regardless of whether we still have the remaining 4 billion yuan. But in exchange for his reduction of the equity of the 4 billion equal mortgage, to give up the mortgage of all other businesses under Eslite Holdings except for 'Legendary Entertainment'. ”

Pan Jieying digested Gu Cheng's calculations and finally figured out what was going on.

Gu Cheng was equivalent to holding back with Sun Zhengyi, posing as if both sides were defeated, and then declared:

According to the original conditions, if my brother doesn't pay 4 billion, then my brother will mortgage the shares that may be worth 10 billion (hypothetical) to you.

However, now from an objective point of view, there is a high probability that my brother will pay off the 4 billion. If you spend it, you can only get 4 billion in the end.

Now my brother will give you a new condition: don't bet that my brother won't be able to pay off the 4 billion by then, anyway, my brother has other uses in his business, and he has to borrow money, and you ask for the 4 billion to let your brother pay it back, and my brother promises to give you at least 6 billion worth of equity at that time.

In this logic, Sun Zhengyi, in the seemingly new negotiations, is taking the initiative to reduce the size of the equity pledged by this financing. However, in fact, a large mortgage that can only be executed with conditions and is likely to fail to meet the conditions is turned into a small mortgage that must be executed unconditionally.

Gu Cheng's posture has also changed from "don't talk about investing in shares if you want to" a year and a half ago to "you can choose part of my business for you to buy shares".

The key is to renegotiate the valuation and bargain.

The most likely miscalculation is the valuation of the company to be allowed to take a stake in Gu Cheng is obviously underestimating the long-term prospects of the pure game company, while Sun Zhengyi is likely to overestimate it.

"Do you really think that the long-term prospects for the future of game companies are not going to be too good? So you want to quit by handing over part of the equity of the game company to Sun Zhengyi in exchange for Alipay and YY? Pan Jieying's blind confidence in her cousin's vow on this issue still feels a little incomprehensible.

Gu Cheng corrected her statement: "I think that a pure game company that does not have its own channel platform or social platform behind it will not have a very good prospect - online gamers will never have feelings for the operators of money-absorbing online games." Even if there is an emotion, it is for the developer. Once the quality of next-generation games declines, even the most mature paying user base will lack the efficiency to migrate. ”

Pan Jieying reminded him: "However, the situation you hypothesized has not happened in history, and there is no precedent to prove that 'the number of registered users of game companies is particularly worthless and disloyal compared to the number of registered users of other companies'." ”

Gu Cheng smiled and patted his cousin on the shoulder: "Sister, it is precisely because of this unprecedented time that we can induce Sun Zhengyi to make a misjudgment." But if there is a precedent, what else do we pretend? With Sun Zhengyi's IQ, one example is enough for him to learn to be obedient. ”

Gu Cheng is a person of the future, although these things are "unprecedented", but "there are precedents in history" - the rapid decline of Shengda and Jiucheng after the life cycle of the life-saving online game has arrived, and the history books can be analyzed clearly.

Pan Jieying couldn't understand why Gu Cheng would judge the "unprecedented" thing so much. She thought about it for a long time, but just sighed:

"But this matter at least has to wait for the market sales data of "Miracle MU" to come out, so that I can have the confidence to talk to Sun Zhengyi. No matter how good our current estimate is, it is also based on free traffic, and even the legend has been affected. What if the locusts run away again after the "Miracle MU" charges?

Moreover, the CFO of our company is not strong enough, and the negotiation ability of the finance team is too weak. If you ask Lao Ma to borrow Cai Chongxin again, it is estimated that it is not reliable - Cai Chongxin and Sun Zhengyi's friendship is better than ours, for the win-win situation of Sun Zhengyi and us, Cai Chongxin will make a good contribution. If it is a zero-sum game where we want to cut meat from Sun Zhengyi, it is estimated that Cai Chongxin will hide as far as he can. ”

When Pan Jieying said this, Gu Cheng was also speechless for a while: What do you mean by "our company's CFO is not strong enough"? Isn't it "Lord Lingtang" who is currently playing a cameo role as CFO!

However, this is indeed a very serious problem, and with the further opening of the company's attitude to the capital field, the mentality of "no need to deal with venture capital anyway, no need to be a multi-professional CFO" in the cold winter period must be stopped immediately.

"Within three months! You have to find a great CFO! Took care of all the mess. Gu Cheng secretly set a small goal for himself.