The journey back to the headquarters building from the gate of the base is a bit long, and it takes about seven or eight minutes to drive at the steady speed of the hovering bus. Pen % fun % Pavilion www.biquge.info

After getting on the bus, Chen Wenhao, who had an average amount of alcohol, drank a few glasses of wine because he had socialized a little bit at the dinner, and now he is a little embarrassed, so he will ignore it now and close his eyes and rest for a while.

The old horse sitting next to him tilted his head and glanced at Chen Wenhao, and couldn't help but fall into deep thought. Compared with Ali's old horse, Baidu's Xiao Li, he is the most low-key among the troika of the domestic Internet, rarely accepts media interviews, and even if he does, he rarely expresses his views clearly. However, the low-key performance does not mean that he has no ideas, Tencent has invested a lot in various enterprises in recent years, and when he decides to make important investments, the first thing to look at is not the content of the investment project, but to see the character of the project leader. Character here does not refer to the usual evaluation of good people such as kindness and honesty, but to the leadership, execution and vision from a business perspective.

Some people are perfectionists, pay attention to details, pay attention to feelings, and are suitable for leading a technical team, while others have wolf nature, and if they can open up the situation in foreign exchanges, they are suitable for projects that need offline promotion...... And so on. Over the years, Lao Ma has been in contact with many Internet companies and project leaders, and he thinks that he still has some experience in looking at people, but after several contacts with Chen Wenhao, he feels like a fog.

Generally speaking, the person in charge of such a background likes to grasp all the links of the company in the early stage, and the strategic layout is basically one step at a time, and it is unlikely that there will be too much consideration. After all, it will take a few years of tempering and a few detours before something changes.

But Chen Wenhao broke this understanding, when the small card software was still in full swing, he began to delegate a lot of power, and turned to the aerospace industry that no one could imagine, during which he also drummed up the world's unique selfie drone, the world's leading new battery, and also licensed the battery technology to domestic enterprises (industry alliances) on very favorable terms. Lao Ma also faintly heard some news, because Chen Wenhao licensed the new battery to the country's military enterprises for free, so he got a very large license in the aerospace field.

Lao Ma felt that he couldn't see through Chen Wenhao, mainly from a commercial point of view, many of his choices were unwise, taking the new battery as an example, the commercial value contained in it was huge, but as an inventor, the benefits obtained were too little, and too many rights and interests were transferred.

After visiting this base today, he felt that Chen Wenhao had a great plan, so big that he no longer looked like a Chinese entrepreneur who started on the Internet. If there must be an analogy, it is a bit like Elon Musk in the United States, who started with an Internet project (PayPal) to obtain a huge amount of money, and then single-handedly promoted Tesla and SpaceX, two pioneering companies.

Because of this, after Lao Ma saw and personally took the suspension bus today, all the thoughts of new energy vehicles came out, and under the calm appearance, his heart shouted at the first time, "This is the opportunity that Tencent wants!" ”。 To be at the forefront of an industry, it is best to rely on new technologies to subvert the original pattern, just like when a steamship replaced a sailboat, and a smart touch phone replaced a mechanical button phone. The only trouble is, how to talk about cooperation with Chen Wenhao? Investing in shares? The other party does not seem to be short of money.

In his thoughts, the bus had already stopped downstairs in the headquarters building, Chen Wenhao opened his eyes and invited Lao Ma, "Let's go, it is estimated that they are also in a hurry." ”

Lao Ma retracted his thoughts, there was still an important issue to deal with in front of him, and the rest could only be thought about later.

***

The conference room on the 5th floor of the headquarters building of the new base still continues the science fiction style of a spaceship, with silver-white special metal walls and floors, with simple metal tables and round chairs, the overall shiny ceiling makes the whole room bright and transparent, and the beige electric curtains and flowers placed on the table soften the overall hard feeling.

The building is divided into 18 floors, with floors 1-5 for administrative offices and client reception, each floor is equipped with several meeting rooms and complete relaxation areas, this one is already the smallest of the bunch of meeting rooms, but it still covers an area of more than 100 square meters, anyway, there is plenty of space in the horizontally expanded building.

Xiao Zha turned his head to look around the conference room and said, "There are a few people in my company who are Star Trek diehards, and they will be excited if they come to you." Seriously, I'm a little impulsive to make a copy when I get back. ”

"If you really want to make one, I can kindly sponsor the metal materials of the walls and floors." Chen Wenhao joked.

"I remember the first time we worked together, an exclusive right to use it, and you received me $5 billion. At that time, your entire company wasn't as big as this conference room, was it? Xiao Zha said with a little emotion.

Chen Wenhao also thought it was amazing, at that time, he had just started to contact artificial intelligence like Xiaoka, and he didn't have much planning for the company's development prospects, and the opening price of $5 billion was also a bit of a lion's mouth, but he didn't expect Xiaozha to admit it. This money played a huge role in the early days, at least the Kamodo company did not depreciate and sell its shares, which is also the reason why he was willing to take Xiaozha to play with him when the Kamodo company reorganized its equity.

Jim and Si Ze kept smiling on the side, they had both participated in Facebook's venture capital, and Xiao Zha was very familiar with him, knowing that he had always insisted on not spending too much money on the interior decoration of the office, even in the newly built headquarters building on Facebook, the interior decoration was very simple, not even the common integrated ceiling of the office, and all kinds of pipes were directly exposed to the outside, known as industrial style.

Together with Lao Ma, this office brings together the five major shareholders of the Kamodo company. At the end of the year, several shareholders were going to meet and talk about Kamodo, and it happened that Chen Wenhao's company was going to move, and several other shareholders said that they would be present to congratulate, so at his suggestion, they simply put this meeting in the new headquarters building in Yidong.

It's a little strange to think about it, Kamodo's office is still in Jianghai City, and the industry in Yidong belongs to Chen Wenhao's personal wholly-owned holdings in terms of equity, and it has nothing to do with other people. But Chen Wenhao doesn't care, and the others naturally don't care.

December is not over yet, and the official annual report cannot be released, but judging from the data as of the end of last month, the development of Kamodo is staggering:

Kamodo's current business has two major parts, one is small card translation software, including computer and mobile terminals, with more than 200 million paying users worldwide, and the monthly cash income of this alone is more than 2 billion yuan. You must know that this figure of 200 million refers to paying users, which is completely different from some software products claiming to have hundreds of millions of users. Especially in China, after the software is charged, the users who are willing to pay are generally only 2%-3% of free users, and Europe and the United States will indeed be better.

The other piece is this year's new development of business - intelligent system liberation solution provider, currently mainly for the major enterprises to provide intelligent processing modules for intelligent products, the business is just on the right track, last year's annual revenue just exceeded 4 billion yuan, but with the use of intelligent modules after the product has been sold well, it is expected that the new year's business volume will grow explosively.

As for the cost, the main thing is the cost of manpower and servers, Kamodo has more than 300 employees, the annual manpower expenditure is less than 100 million yuan, the server cost is less than this number, the marketing expenditure is basically nothing, mainly relying on word-of-mouth communication, compared with more than 28 billion yuan of cash income a year, it can be called a windfall profit. The key is to avoid the R&D expenditure that is most expensive for the average software company, and the company has a mature product from the beginning.

Of course, there is no mature and popular product, and several other shareholders will not recognize the valuation proposed by Chen Wenhao at the beginning, and invest heavily in it. In terms of process, when everyone participates in the shares, it is counted as Series A funds, but in terms of valuation, everyone has recognized the company's potential in advance and paid a premium.

At present, 50% of the shares of Kamodo are in the hands of Chen Wenhao, Accel, Greylock, Facebook and Tencent hold 12%, 12%, 11% and 10% of the shares respectively, and the other 5% is in the employee option pool, ready to be distributed to the company's team members. After formulating the option plan, it was agreed that the options would be issued at the end of the year according to the business situation, and now is the right time. Proposed by Chen Wenhao, all shareholders on the scene unanimously agreed that the first batch of employee options could be issued next month.

The cheerfulness and generosity of other shareholders is naturally the establishment of the rapid growth of investment.

At the beginning, the company was based on 30 million paying users, based on the company's annual cash income, and calculated at a premium of 50 times the price-earnings ratio, and finally determined that the company's market value was 180 billion yuan. Now that the annual revenue has increased by more than 7 times, the market value cannot of course also increase by 7 times. However, the consensus is that a threefold increase in market capitalization to 360 billion yuan ($54 billion) is the most conservative estimate.

In less than a year, the market value has doubled, which seems to be nothing in the Internet venture capital industry. But there are two things to consider:

First, the amount of this fund, Tencent, which has invested the least, has spent more than 200 million US dollars, doubling the income of at least more than 200 million US dollars. This is similar to stock speculation, 1 million yuan is given to the stock speculation master, if it encounters a bull market, it may be able to earn four or five times back, but if the principal of 1 million yuan becomes 1 billion yuan, if the income can exceed 50%, they are all top traders. The larger the amount of money, the easier it is to hit the upper limit of funds.

Second, judging from the current situation, this investment is almost risky and destined to continue to grow, which is a super cost-effective business. To put it simply, if there is a wealth management product with little risk, a fixed period of one year, and a rate of return of 100%, do you buy it?

If you don't buy it, you're a fool!