Gu Cheng quickly figured out Sun Zhengyi's scheme:

The other party blocked many of their own outlets, such as not being allowed to sell their equity to cash out after 2 years, and not being allowed to hold part of the money in their hands after getting it, and not investing it completely. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

In the Internet circle, many businesses only earn traffic in the first few years of their start-up, but do not make money.

According to Sun Zhengyi's playing style, if Gu Cheng can't make a gross profit of 4 billion in 2 years, he can only obediently watch 40% of the company's equity, or at least the difference, fall into SoftBank's pocket.

Sun Zhengyi made a gamble knowing that it was impossible to coerce Gu Cheng to directly accept venture capital -- he wanted to forcibly lend Gu Cheng money far beyond Gu Cheng's current investment planning and digestion capacity, and gambled that Gu Cheng's profitability was not enough to pay off the principal and interest in the past two years. In this way, when the time comes, he will be able to enter the market smoothly and become the major shareholder of Gu Cheng's future company.

Of course, Gu Cheng can also choose not to agree to this condition, and then let Cai Chongxin rematch, find Goldman Sachs, IDG, or Sequoia, borrow a little less, have a higher interest rate, and have fewer constraints......

The key depends on what Gu Cheng thinks and whether he has the confidence to "make 4 billion gross profits within 2 years".

And although Sun Zhengyi gambled on this big one, in fact, even if he didn't win the bet, he didn't lose anything -- after all, he lent 3 billion, recovered 4 billion, and made a net profit of 1 billion in interest in two years, which is much higher than the bank's yield in the same period.

After all, housing prices have not begun to skyrocket in 2001, and even if you speculate on houses, you may not get a 35% increase in 2 years.

If you win a bet, you will get the shares, and if you don't win the bet, you will get the interest; Sun Zhengyi will not pay any compensation, unless Gu Cheng is too uncompetitive and goes out of business.

Gu Cheng decided to ask a little more clearly: "It seems that if I agree at that time, there will be a lot of use restrictions in the contract that 'you can't use this money for XXX'?"

Sun Zhengyi replied with a word of gold: "Yes." ”

Gu Cheng took a breath: "Then can I ask more specifically?"

Sun Zheng thought about it for a while and said briskly: "We must keep all the money in the Internet industry and the content startup industry for use." In other words, you are not allowed to speculate in financial products and real estate, and I have the right to stop you from using the loan for these high-risk projects. ”

If Gu Cheng gets the money and Sun Zhengyi can't control the usage, if Gu Cheng enters the stock market or futures and foreign exchange, and speculates on a stroke of genius, won't he just get out?

To put it mildly, if you enter the gambling house and be ruthless, you may turn the book. The lender naturally has the right to block the use of funds that are too irresponsible to the lender.

GU CHENG GOT THE OTHER PARTY'S MEANING: "OK, SO, AS LONG AS I CAN MAKE 4 BILLION GROSS PROFITS IN THE CONTENT INDUSTRY AND THE INTERNET INDUSTRY, I CAN GET RID OF YOU WHEN THE TIME COMES." If you can't, you'll be the majority shareholder of the company – am I right?"

Sun Zhengyi Zhizhu said: "It's as simple as that. ”

Gu Cheng nodded: "Okay, I'll get it, but it's a cold winter, if I don't sell my shares to cash out and rely purely on gross profits, 2 years will be shorter." If you don't talk about 50% total interest for 3 years, you can lend me 3 billion now, and by September 2004, I will repay you 4.5 billion, and I can give you a few months of delay. If I don't say yes, I'll have to go to someone else. ”

Gu Cheng's current situation is so good, there are still a lot of spare tires. So Sun Zhengyi didn't think too much, thought about it, and agreed.

The two sides initialed a framework agreement on the same day, and the details were left to the legal and financial affairs to negotiate slowly.

……

Although this transaction was unexpected, after looking back, Gu Cheng also felt that Sun Zhengyi's move was logical.

After all, Gu Cheng put on a posture of "never accepting venture capital" from the beginning, and if Sun Zhengyi didn't want to give up, he could only make a curve.

And this kind of example, Gu Cheng, who has more decades of experience, can find some precedents with a little recollection.

For example, another plane, 12 years later. There are two entrepreneurs and investors who ran out under Ahri Ma Feng, Cheng Wei and Wang Gang, who set up a platform called Didi Taxi. At the end of 2013, these two goods were coincidentally found by Ma Teng for tea.

went to the in Shenzhen, Cheng Wei and Wang Gang were still chatting: It's no problem to listen to what Ma Teng is going to beep and what evil intentions he is harboring. But we must adhere to the principle, and we must not take Ma Teng's money! We are all Ahri, and we have to go back to Qiantang to find Ma Feng to play mahjong during the Chinese New Year! If we take Ma Teng's money, how can we meet Jiangdong's father?

On the way, the brothers were very loyal and unyielding, but after walking into the 3701 office of Tengyun headquarters, the situation was out of control.

Ma Teng said straight to the point: I like you very much, and I especially like your project, come, let's see the conditions that Lao Luo (Tengyun CFO Luo Shuohan) gave you.

Then, a "snap" investment agreement that has never been seen in the history of the human Internet was auctioned. Cheng Wei saw it and was shocked: Ma Teng actually had the courage to say, "Didi is profitable, and the investment agreement is still valid." If Didi is finished, Tengyun will buy back all the shares that are still in the hands of Didi's founder team at 80% of today's valuation in unlimited quantities."

Translated in human terms, that is, Cheng Wei accounted for seventy percent of the business and Ma Teng accounted for thirty percent. The business was lost, and Ma Teng returned the capital lost by Cheng Wei to Cheng Wei in full.

Faced with this unprecedented condition in human history, Cheng Wei, who was born in Ahri, couldn't hold back and defected to Ma Teng.

And Gu Cheng knew this example.

Sun Zhengyi's conditions today are nothing more than the same as the conditions that Luo Shuohan offered to Cheng Wei 12 years later: the former is "all you earn, and we will share if you lose", and the latter is "We will share if you earn, and I will lose all my shares".

That's when investors chase the best quality assets, they put themselves in a super low position, just looking for a chance to enter the market.

Thinking about all this, Gu Cheng was not as shocked as he was at the beginning.

However, he is a time-traveler, and he can understand that in the capital boom of later generations, money is low and small-scale in order to pursue good projects, but it does not mean that others can do the same.

Cai Chongxin is not a traverser, and it is impossible to know those examples in later generations. In his eyes, today's Gu Cheng is a history-making machine, creating a situation that has never been seen in human history to make investors 'Corporal Lixian'.

The historical significance is similar to that of "three visits to the thatched house" -- why has Zhuge Liang been talked about by later generations of scholars for 2,000 years, and the more he blows it, the higher he gets? IQ is actually secondary, and the key is that Zhuge Liang's "being looked at the thatched cottage three times" has brought into full play the literati's obscenity for "the monarch is a corporal and takes the initiative to seek merit" for 2,000 years. Let the Chinese poor and sour literati for 2,000 years find a sense of substitution.

It's so cool!

Cai Chongxin was originally Ma Feng's partner, and he couldn't talk about any position between Gu and Sun. Now that Sun Zhengyi is gone, Cai Chongxin immediately stood in Gu Cheng's position and gave advice:

"Xiao Gu! Your matter today is still very risky! Think about it, your current business can be regarded as a cash cow as a legend.

Okay, let's do the math: at present, the net profit that the legend gives you is only 10 million per month. Even if you are not short of money in the future, the gross profit does not need to be invested in the cost of publicity and distribution, 100% of it will be converted into net profit, and you will earn at most 30 or 40 million yuan per month, right? 1.5 billion in three years!

Other books, audio-visual, and genuine game e-commerce, how much money can you make? Those are all small heads. Your gross profit in three years is only 2 billion at most! Where are you going to find two more cash cows that are as profitable as Legend? So, you agreed to this condition hastily today!"

However, Cai Chongxin analyzed and analyzed, his expression seemed to gradually become indifferent, and finally he even changed his words to "with honor":

"Forget it, it's nothing, the big deal is that Mr. Sun paid 400 million yuan, please give him 40% equity. If you can get such a high valuation, you can be regarded as a big bull in the circle. ”

At that moment, what Gu Cheng saw from Cai Chongxin seemed to be Mr. Lu Xun's pen, "As long as people first press him to the point that they are inferior to cattle and horses, and then give a price slightly equal to that of cattle and horses, they will be happy and convinced."

He wasn't going to explain anything, though.

Cai Chongxin is willing to think so, just to save him from noisy again, and it can also make Sun Zhengyi relax some vigilance.

Only Gu Cheng believes that he will definitely be able to earn 4 billion gross profits in 3 years.

Of course, the details and strategies need to be slowly fine-tuned according to the development of the situation. After all, if such a big deal continues, history will inevitably be seriously changed. Many prophetic historical events will not be used later, and he needs to see the moves.

Only the general trend of technology will never be changed.

……

Gu Cheng wanted to borrow 200 million, but Sun Zhengyi borrowed 3 billion from him. just wanted to support him, and held on until he couldn't pay the interest and finally had to execute the mortgage equity.

The key depends on Gu Cheng's appetite and digestive function.

Historically, Chen Tianqiao started from the legend to the final bankruptcy, and the cumulative gross profit earned was about 1.5 billion, and the share given to Dongyi had to be counted, and this figure has greatly surprised other "prophets" in the same period of history. Therefore, Sun Zhengyi's offer can be said to be very solid and not casually.

It was only after careful calculation that he thought that at least opening so much could he ensure that Gu Cheng could not do it, and let Gu Cheng think that he was a little hopeful, so as not to scare Gu Cheng away. The magic of psychological warfare can be described as single-minded.

With such a big deal, it is naturally impossible to complete it quickly.

First of all, Gu Cheng needs to adjust the company's equity structure and create a general holding company to act as the equity pledge of the convertible bonds.

He first brought Pan Jieying over, explained the situation roughly, and then asked her to come up with a plan to open a new holding company in the near future and concentrate the three companies of Legendary Entertainment, Dingdang.com and Eslite Audio-visual.

After hearing this, Pan Jieying's first reaction was to be taken aback: "3 billion? Didn't we say that we would only borrow 200 million or 300 million? Why did it expand tenfold all of a sudden? When the time comes, we won't be able to pay off the interest! The interest rate of convertible bonds is several times higher than that of loans!"

"It's really high, borrowing for 3 years, the total interest is 1.5 billion. Gu Cheng didn't raise his head, and reported the number.

My cousin shook her feet and almost fainted, and she held the conference table with her hands for a while before she sighed: "That's it, after 3 years, you will wait to go home and become a rich man." There are at least 3 billion yuan, and even if the company is sold, it will not be a loss. ”

She has been poor for a long time, and she still has doubts about Gu Cheng's talent. After all, legendary success is unattainable.

Gu Cheng originally wanted to enlighten his cousin, but it was not a good thing to think that the other party could think like this.

Keep all your worries to yourself.

"You do this as soon as possible, and Sun Zhengyi's first money in September will be in his account. I'm waiting to invest in it. ”

"Okay, I'll do that. ”