$2.5 billion?

Hearing this data, everyone gasped, the boss's appetite was so big. Pen ~ Fun ~ Pavilion www.biquge.info you must know that September Technology has indeed developed well, but after all, it has been established for less than a year, and it is amazing to have a valuation of 1.5 billion US dollars.

Some people couldn't help but look sideways at Fang Guozhi and the others, and shook their heads slightly in their hearts, these people still thought they were the elite of the elite. The performance just now was really ridiculous, and I didn't even ask the boss's questions clearly, but as a result, several people crackled and said a lot, and they were completely wrong.

It's just that the boss has now firmly stated his attitude, and everyone can only use their brains to solve problems for him. However, after thinking about it for a while, everyone didn't have a clue at all, and it seemed to be a dead knot.

Fang Guozhi and the others originally wanted to take the opportunity to resolve this embarrassment, but they just thought about it a little, and they also thought that there was no solution to this matter. Although the psychological price of the boss can be reduced to $2 billion, there is a big gap with the institutional offer, especially Zhicheng Venture Capital is only willing to pay $1.1 billion.

"Boss, a famous speculator in the United States once said that if you want to get a lot of profits, you need to take a lot of risk!" Ruan Yue seemed to have guessed Ye Zhengzheng's answer, and seemed the most calm.

In fact, when she first saw the information about financing, she pondered Ye Zhengzheng's intentions. When she saw Ye Zhengzheng, who looked solemn, walking in, she guessed that the problem was by no means such a trivial matter as the choice of investment institutions, but the problem of valuation differences.

In fact, it is not difficult to guess that equity financing is actually the same as buying and selling things, and the most likely place for buyers and sellers to dispute is price.

"You mean there is a solution to this contradiction?" Ye Zhengzheng put down the teacup and immediately came with some interest. You know, if there is no good way, he will eventually have to succumb to reality, after all, the matter of September technology financing is imminent.

Hey?

The others in the audience turned their heads to look at Ruan Yue, wondering what else she could come up with. If the boss makes up his mind and does not compromise, then those institutions need to choose a valuation of $2 billion, but the valuation given by those people is obviously "reasonable".

"What else can be done, you just blow it!" Fang Guozhi didn't think that Ruan Yue could be smarter than him, so he said in a strange way.

When Ye Zhengzheng heard this, his brows furrowed slightly, but in the end he didn't say anything.

Ruan Yue met everyone's slightly suspicious gazes, pondered for a while, and then spoke, "Boss, now that the valuation is so different, no matter how you sit down and talk about it, I'm afraid you can't talk about it, so you can only sign a VAM agreement with the investor." ”

VAM?

This word swept through everyone's minds like a whirlwind, and in an instant, it was like opening a skylight, and many people's faces were suddenly colored. They are all elites who can only come in through careful selection, and naturally know what the gambling agreement is all about.

A VAM is an agreement between the investor and the financier on uncertain future situations when they reach a financing agreement. If the agreed conditions arise, the investor may exercise a right; If the agreed conditions do not arise, the financier exercises a right.

In effect, a VAM is an option. Originally introduced from abroad, some international venture capital companies launched a capital game in order to stimulate the passion of the entrepreneurial team to a greater extent.

To put it simply, as long as you have confidence in the future of your company, you can win higher "profits" from it.

"Go on!" Ye Zhengzheng's mind was working, suppressing the excitement surging in his heart, and he faintly felt that this was a feasible way.

You know, just before he walked into this conference room, he thought about compromise in his heart. It's just that he didn't expect that this investment department, which gradually disappointed him, suddenly gave him a big surprise.

Ruan Yue saw everyone's reaction in her eyes, and she was not as nervous as she was just now, "VAM agreements have long been widely used abroad, and many start-ups will sign such agreements, and they are also common in our country now!" ”

"Boss, I just searched for some examples on the Internet, you can take a look first!" Ruan Yue said, picking up her phone from the notebook clipped, standing up and pushing the phone down the desktop to Ye Zhengzheng.

Due to the lack of strength, she stopped two meters away from Ye Zhengzheng, Su Xiaoyan immediately stood up, her advantage of long hands and legs was revealed, she picked up the mobile phone and carefully handed it to Ye Zhengzheng.

Ye Zhengzheng took the phone, first clicked it, and there was a document on the screen, which sorted out three examples of VAM agreements. What is particularly rare is that she listed the various types of VAM agreements, namely: cash reward, equity VAM and equity dilution.

Cash reward type: In November 07, Dongfang Fuhai and other institutions invested 80 million yuan in a solar energy company in Huaxia, of which 50 million were directly invested in exchange for equity by increasing capital and shares, and the other 30 million were lent to enterprises in the form of entrusted bank loans, which was essentially a "performance gambling" bargaining chip. The agreement stipulates that if the solar energy company grows by 20% in 2007 and 2008, the 30 million yuan will not need to be returned to the investors, but will be directly attributed to the company's own funds.

Equity VAM: In 03, Morgan Stanley and other investors signed a VAM agreement based on performance growth with Mengniu management, and the two parties agreed that from 03 ~ 06 years, the compound annual growth rate of Mengniu Dairy will not be less than 50%. If it is not reached, the company's management will lose about 60 million ~ 70 million shares of Morgan Stanley to the listed company; If the performance growth reaches the target, Morgan Stanley and other institutions will have to give their corresponding share awards to Mengniu's management.

Equity dilution: At the beginning of '07, Prince Milk received $73 million in capital injections from Goldman Sachs, British Associate and Morgan Stanley. At the same time, the two parties also signed a VAM agreement: in the first three years after receiving the capital injection of 73 million US dollars, if the performance of Prince Milk Group increases by more than 50%, it can adjust (reduce) the equity of the other party; If the 30% growth is not achieved, Li Tuchun, the founder of Prince Milk Group, will lose his controlling stake.

……

Ye Zhengzheng finished reading the document that had just been sorted out, and then looked up at Ruan Yue, who was sitting in the distance. He knew that the type of sorting was not comprehensive, but he could know his intentions in such a short period of time, and sort out so many things, at least better than the other nine people present.

"These three types you put together don't seem to solve my current problem, do they?" Ye Zhengzheng gently put down the phone, looked up at Ruan Yue and asked.

Although the direction of the train of thought does not seem to be wrong, on a little thought, none of these three types are suitable for September Tech. Needless to say, cash is a small gamble, a big gamble will hurt the body, as for the equity gambling can not actually solve the valuation problem.

"Boss, what are the three types of what she is talking about, let's talk about it! When I was at Merrill Lynch, I heard many colleagues talk about the VAM agreement, and I ...... in this regard: "Fang Guozhi was unwilling to be lonely and interjected again."

It's just that when he looked at Ye Zhengzheng's eyes, the words gradually swallowed back.

"Yes! The above three types really can't solve the boss's problem, because the boss wants the other party to sacrifice a lot of interests! Ruan Yue still didn't mind Fang Guozhi interjecting, and waited until his voice stopped before raising his head and speaking calmly.

"You mean there's a way?" Ye Zhengzheng handed the phone to Sun Huaye, who had been standing next to him, and Sun Huaye took the phone and prepared to send it back to Ruan Yue.

"I just said that! How much you need to take if you want to get a profit, how much risk you need to bear! "Ruan Yue sold a pass.

"Tell me about it!" Ye Zhengzheng touched a cigarette and asked lightly.

In fact, he already knew in his heart that the VAM agreement seemed to be varied, but in essence, it was a capital game to resolve the divergence of interests. If you want the other party to accept his $2 billion valuation, you need to give the other party greater assurance and take more risks yourself. (To be continued.) )