Convertible bonds are a financial instrument that is somewhere between bank mortgage bonds and equity investments. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

In the case of a general bank mortgage loan, or an ordinary corporate bond, the borrower has to provide the assets that have been appraised as security. After the maturity of the principal and interest to be repaid, both parties will pay off, and if they cannot repay the debt, the collateral will be enforced.

Emerging companies that cannot take out tangible assets and collateral assets can often only take out the company's equity when they need money to lure venture capital institutions that are optimistic about the company's growth to buy shares.

Convertible bonds just compromise the risks and benefits of the above two methods: when borrowing money, the model needs to be collateralized like ordinary bonds, but the collateral at this time is the equity of the company. If it can be repaid when it expires, the lender still earns interest and leaves. If it cannot be repaid, the difference will be enforced. The creditors who speculate on this kind of debt have also become shareholders, just like venture capital.

Because the risk of convertible bonds is higher than that of ordinary bonds, the interest will also be several times higher. According to the law, the maximum amount of the bank's credit loan for the same period may not exceed 4 times. According to the current interest rate of 5 points for mortgage loans and 7 or 8 points for credit loans, convertible bonds at that time could theoretically have an annual yield of up to 30%, which can be called usury.

In practice, it is impossible to come to the top level, so it is generally common to have products with an annualized rate of return of about 20%.

This financial product is a good choice for business owners who are very confident in their company's prospects and who believe that their annual capital appreciation is much more than 20%. Of course, investors should also be optimistic about your growth, and it is impossible to sell convertible bonds only by selling and boasting.

Because of the Southeast Asian financial crisis in '98 and the bursting of the dot-com bubble in 2000. There are few venture capital firms in China today that believe that start-ups can grow by far more than 20% annually and pay off their money on time. So the convertible bond market is very small today, and very few people know how to play with it.

Pan Jieying has only learned this knowledge in MBA textbooks, but has not practiced it. After listening to her cousin's opinion, her eyes only lit up slightly, and she was once again immersed in worry:

"How does this thing work, and who does it talk to? I don't even know a fund investor who makes convertible bonds, and neither do my mother. ”

At present, the CFO of Legend Entertainment is still Gu Cheng's aunt Gu Wen, Gu Wen is an old financial officer who has been an accountant of state-owned enterprises for more than ten years. It is very solid to do accounts, and it is also very good for the financial management of enterprises. But there are almost no contacts and insights in the investment circle.

After nearly a year of entrepreneurship, as the business grows, Gu Cheng feels more and more that the family business cannot hold up and needs more talents who understand the capital circle.

Gu Cheng said logically: "Next year, we still have to find a new CFO to make up for the shortcomings of the company's capital operation." There are still a few months left in this year, so I will work hard for my aunt to top it for a while. As for the convertible bond investment this time, I plan to talk to Ma Feng and borrow Cai Chongxin to help for the time being. ”

Pan Jieying didn't react: "Who is Cai Chongxin?"

"Ahri Baba's CFO!" Gu Cheng intimately cleared illiteracy, he knew that his cousin had been studying like a sponge for more than a year, and there were so many things that there were still many blind spots in common sense.

"Cai Chongxin is also the number one person. Doctor of law from Yale University, he was originally an investment director in a German fund, with an annual salary of 700,000 yuan. Two and a half years ago, he had a business entrusted by a friend to talk to Ma Feng. At that time, Ma Feng's Huaxia Yellow Pages had just been liquidated, Ahri Baba had not yet been officially registered, and the wages paid to the brothers were very low.

As a result, Cai Chongxin rowed a boat with Ma Feng on the West Lake for half an hour, and was fooled by Ma Feng's chaotic painting of pies, so he quit his job with an annual salary of 700,000 meters and went to Ma Feng to get 500 yuan a month as CFO. Later, Ahri's venture capitalists were all brought back by him. ”

Pan Jieying listened to it and was speechless: "700,000 meters of annual salary is not earned, do you want to do 500 yuan a month......?" What kind of courage is this! It's about the same as gambling. ”

Gu Cheng showed a rare evil smile: "You're not bad." I said I need a COO, you don't need a dime to help me do a day job, how can I make you live more generously than Cai Chongxin in the future, is it enough?"

Pan Jieying's face turned red, and she was about to beat: "You kid is begging to be beaten, dare to make fun of my sister!"

The siblings chatted for a while, felt tired, and fell asleep on the plane. When I woke up, the flight had already landed in Hujiang and I took a taxi back to Qiantang.

Along the way, Gu Cheng called Ma Feng and said that he wanted to borrow Cai Chongxin for a favor in a few days, and also said the specific requirements.

Ma Feng readily agreed, and said half-jokingly on the phone: "I really help you get money, Brother Xie can do it in two points." ”

Help raise 200 million, and the handler gets 4 million benefit fees/rebates, which is very reasonable, and this is what is done in the investment circle.

When Gu Cheng was a fledgling and helped Ding Sanshi to fraudulently brush the NASDAQ brokerage, the total expenses were basically this proportion.

Gu Cheng smiled and agreed.

……

A week later, Cai Chongxin, who had urgently done some homework, came to Gu Cheng's company with a fifty-year-old boss.

In terms of legendary entertainment, it is naturally a grand reception.

As soon as several people met, Cai Chongxin was about to introduce each other, Gu Cheng's eyes tightened, and he already recognized him.

"Yo, isn't this Mr. Sun? Lao Cai, are you running out of connections? I'll issue some private placement bonds, and don't want venture capital, you move Mr. Sun out. ”

It turned out that the person who came was Sun Zhengyi, the major shareholder of Ahri behind Ma Feng and the president of Fuso Softbank. Gu Cheng has been traveling over for a year and a half, and he gradually began to become familiar with the photos and appearances of the bigwigs of this era.

Not to mention Gu Cheng, although he doesn't have much money, the recent exposure of this face is really okay.

Cai Chongxin didn't seem to like Sun Zhengyi's entry very much when he heard Gu Cheng's tone, so he couldn't help but smile a little embarrassed, and hurriedly explained: "Mr. Sun's Softbank, of course, is not only a venture capitalist, but also a convertible bond." If you want to talk about the vision of insiders, who dares to be better than Mr. Sun. ”

Sun Zhengyi also looked at Gu Cheng, he didn't speak for a long time, he just observed Gu Cheng's eyes there, and his whole aura was very calm.

In the end, Cai Chongxin, who was in the middle, couldn't find words for a long time, and the three of them all sat down in the conference room before Sun Zhengyi spoke: "Xiao Gu is very confident, it seems that he can't look down on us to enter the venue." ”

Gu Cheng waved his hand modestly: "Where, I just want me to have such a small amount of money now, why bother to work Mr. Sun, there will be opportunities for cooperation in a few years." ”

Gu Cheng's tone was very easy-going, and his expression was not disdainful, nor was he stammering, it was a kind of ethos of "Brother is very anxious to urinate now, and I will talk to you when I come back from the last WC".

It seems that a soak in urine can increase the value of your business a little more. With a sense of confidence and contempt, excitement. His eyes were as bright as those of a Vegas gambler who had already predicted the outcome.

Sun Zhengyi saw it in his eyes, and he didn't even need to say a word, he glanced at Gu Chenggao.

More than ten years later, it was rumored that Sun Zhengyi had a unique job in investment, and he was particularly good at looking at the eyes of entrepreneurs. From this kind of spiritual confrontation in the eyes, it can be seen whether the entrepreneur wants to be invested in the shares, and whether the entrepreneur really believes that his business will be successful.

If Sun Zhengyi feels that the entrepreneur's eyes reveal "I don't want your money to be in the way for a long time, I just want to borrow your money to turn around, and when Lao Tzu is developed, he will pay it off and get rid of you" - then Sun Zhengyi must do the opposite, if you don't let me vote, I just rush to stuff money for you.

Ma Feng is a successful example of this kind of mental confrontation. There are many people who say that Ma Feng is a guy who likes to draw big cakes and fool people with values. However, even if he really fooled people, he was definitely the top fool, so fooled that even he believed it from the bottom of his heart. Only this kind of person can "deceive" Sun Zhengyi's eyes, even if he doesn't ask Sun for money, Sun Zhengyi has to rush to give Ma Feng 20 million yuan A round with soft grinding and hard bubble plugs.

Compared with Ma Feng, Gu Cheng even saved this step. He doesn't need to fool himself, he knows exactly what he wants to do, he knows exactly where his victory is. Even the uncertainty was so low that he didn't need to pray for the blessings of any religion, and he didn't need any spiritualistic ghost to provide him with solace.

My life is up to me, not to the sky, and the sky dares to stop me every day.

It's just that Gu Cheng never thinks that this kind of majestic self-confidence is useless, and it doesn't matter if this kind of ethos is leaked or not. Because it's not a weapon in general, and there's nowhere to use it. Just as the defenders had not yet invented radar, even if the attackers had anti-radiation missiles, they were just useless dragon-slaying skills.

As a result, today I met a Sun Zhengyi with vicious eyes like the ancient Xiangshi who was good at "looking at qi". In Sun Zhengyi's eyes, Gu Cheng is properly "looking at his qi, they are all dragons and tigers, they are colorful, don't lose them in a hurry!"

After chatting a little bit, as soon as Gu Cheng finished talking about his financing plan, Sun Zhengyi tried to change Gu Cheng's original intention.

"Xiao Gu, I think, how can you only finance 200 million - as long as you want, I can give you 5 times or even more financing. The premise is, let's stop talking about convertible bonds, and let's enter the market with direct venture capital. ”

Gu Cheng made a gesture of false press: "Mr. Sun, I think it's better to talk about venture capital in two years, and I'm confident that I can pay off the money......"

Sun Zhengyi suddenly raised his voice several layers: "How do you know how many times the premium I will offer? Maybe the valuation of your company I give today can reach the highest height you can imagine in two years, why don't you let me in?"

Gu Cheng sincerely persuaded the other party to give up this unrealistic idea: "This is impossible, you can't imagine what I think my company will grow into in two years - the ancients who have never used computers, even if their imagination breaks through the sky, they can't imagine how big the software and hardware industry is today." In my eyes, you are just an ancient. ”