"SAL issued an additional 50 million shares of common stock, or $20 per share." Cai Siqiang gently spit out the number.

Hearing this number, Zhao Jianwu and Dong Feng were really stupid now, and they just stood motionless there, no, did we hear it wrong or is this world too crazy, and now it is fashionable to ask for a price, and they can directly double the bid like this? It's a lion's mouth.

Of course, the two of them are well aware of the valuation of SAL before the venture capital, and now the valuation of SAL with a total of one billion shares is about $10 billion, in other words, $10 per share. Now 50 million additional shares are being issued, at $20 per share, which translates into the entire SAL, which is now valued at $21 billion. Although I close my door and calculate that if I pass next year, I will have no problem doubling my income, but this year is not over yet.

In other words, Cai Siqiang's fluttering words more than doubled this valuation compared to before. One mouth is 10 billion dollars, which is not 100 dollars. 20 billion US dollars, that is more than 100 billion yuan, looking at the current more than 2,000 stocks in China's stock market, are there 30 that can exceed 100 billion yuan?

Ruthless enough! Zhao Jianwu and Dong Feng twitched in their hearts and then came up with such a word at the same time, but I like it, in this way, it is equivalent to doubling the net worth of the brothers. It's just that this is a fierce blow, can these venture capital bigwigs accept it?

Thinking of this, the two brothers couldn't help but glance at the venture capital boss opposite.

Fortunately, although I couldn't see the inner thoughts of these venture capital bosses for a while, at least their faces could remain calm. There was no look of surprise or surprise.

Just because these two brothers can't see what's going on in the hearts of a few venture capital bigwigs doesn't mean they don't have ideas.

Cai Siqiang's offer was obviously a bit unprepared for them in terms of thinking, and it was too high compared to their expected price.

After listening to Cai Siqiang's brief introduction to the current situation and future business development of SAL, they all estimated that the original valuation of $10 billion may be a little lower. After all, in the future, SALA's advertising revenue alone will add up to more than $600 million in annual revenue, which is the most coveted part of SAL, and the annual revenue of other businesses will be more than $100 million 200 million according to this year's level.

As for the navigation business, we automatically ignore it, this piece has just been acquired, we are satisfied without losing too much, as for the profit, we really don't dare to think about this aspect, the acquisition of such a company will be profitable, for the acquirer is too demanding.

Everyone immediately concluded that SAL could double its gross profit on the basis of this year, but correspondingly, Sala's high advertising revenue growth potential will be almost developed next year, and don't expect such a high growth rate the year after.

With such a sharp growth of the company, the company's various expenses will increase, and the net profit can double this year, and everyone is very satisfied. Therefore, SAL should have a net profit of 500 million to 600 million next year, and everyone knows these figures, so in terms of price-earnings ratio, if it is calculated according to 30 times next year, it will probably be between 15 billion and 18 billion US dollars.

Considering the safety factor of venture capital, it is obvious that everyone will take a lower value. $15 billion is said to be not low, 50% higher than the previous valuation, you must know that the last valuation has not been long ago, and such a rapid increase in valuation is very rare in the venture capital world.

$5 billion is enough for everyone to invest in dozens of promising projects. Facebook's angel investment was only a few hundred thousand dollars, and the following year's Series A venture capital was $12.7 million.

Even though SAL looks like faceb, it has to invest a billion dollars and get less than five percent of its common stock.

This really made the venture capitalists here a little unacceptable. You must know that this is a high-risk investment, not those enterprises with stable business, after investment, at least a few percent of the annual dividend can be guaranteed, and it will go bankrupt next year and lose all its money.

So, if there is no opportunity for windfall profits, who would want to invest in it.

Now everyone believes that SAL has the foundation to grow and grow, but if you have to discount the potential of several years of development in advance, what money do VCs still make? Generally speaking, if there is no room for profit imagination of several times or dozens of times, venture capital will not come in.

The high failure rate must be compensated for by high yields, which is the value of venture capitalists.

Now the direct price of SAL is more than $20 billion, and to get 5 times the profit, this will require SAL to exceed $100 billion. To be honest, in the past ten years, there are really few projects that can cultivate more than $100 billion in listed companies.

The applicable P/E ratio of a fast-growing company and a stable growth company should obviously be different.

Of course, valuation based on the P/E ratio is only one of the methods, and it is not universally applicable for start-ups.

"Mr. Cai, as far as my personal opinion is concerned, is the valuation you are giving now a little out of touch with the actual situation of SAL now, and I don't know what is the basis for the valuation you are giving now? SAL is a very good company, but in our previous valuations, we have taken into account the high growth of SAL. You know, Apple's price-to-earnings ratio is only 16 times. ”

Zhou Chen, vice president of Carlyle Investments, was the first to question. At this moment, if he hadn't been in contact with it before, he even doubted whether Cai Siqiang didn't know what valuation was at all and asked for a sky-high price.

"We certainly have a strong case for this new valuation." In the face of doubts, Cai Siqiang did not feel that he was asking for a sky-high price at all, but said confidently.

"I think you may have forgotten that SAL now has more than a billion users, and according to our observations, this huge user base of input methods is extremely active and sticky.

With such a large user base, there are many areas that can be developed on the basis of our speech recognition core technology, such as the navigation application that you have seen before, so I think it is very inappropriate to value SAL purely from a profit point of view. The potential of SAL is also completely underestimated, and this is the first point.

The second point is that even in the middle of the existing business, we also have the potential to further cultivate, for example, in the mobile phone smart voice customization business, I think you will not forget the market performance of the deeply customized Gemdale smart voice mobile phone. ”

"What we can tell you now is that SAL has only been authorized for one year for Gemdale Mobile Phones' deep customization." Cai Siqiang continued with a smile on his face.

"There is basically no suspense that the sales of Gemdale smart voice mobile phones will exceed 40 billion yuan this year. We feel that next year's contract will need to be revised according to the actual situation, and we are not in a position to disclose the details at this time, but it will definitely not be charged at the price of $2.5 per unit.

The third point is that Dr. Duke, CTO of our company, is a scientific wizard who has created a miracle of science and technology, after the breakthrough of speech recognition technology, there is another breakthrough in brainwave recognition this year, and brainwave games are just a small aspect of brainwave recognition applications, and the business space that can be developed is also very broad.

To sum up, I think the valuation of $20 per share is already undervalued, and by this time next year, it may be $40 or $50 a share. ”

Co-author SAL is still trying to intervene in mobile phones?

The four venture capital bosses automatically filtered out the brainwaves, which are still relatively weak for the time being, and focused their attention on the mobile phone.

This is really big news, you must know that this year's Gemdale mobile phone can break through the sales volume of 40 billion at once, everyone knows what role the Sala voice engine plays in it.

Originally planned to invest in Gemdale mobile phone Lu Yunpeng, but fortunately today is too worthwhile, if there is no this information, the valuation of Gemdale mobile phone is estimated to make yourself cry when the time comes, don't look at Gemdale mobile phone This year life is very moist, but if you lose this deep customization authorization, Gemdale will be immediately beaten back to its original shape.

Cai Siqiang has said it so bluntly to everyone, and none of these venture capital bosses can hear SAL's intention to deepen the mobile phone market. No longer sell licenses, if not ready to directly intervene in production, then ready to talk about dividing.

In the current situation, Gemdale Mobile, which does not have core technology, has little room for negotiation, but I don't know what kind of harsh sharing conditions SAL will put forward this time. However, it is completely conceivable that the price paid by Gemdale Mobile to obtain this new authorization is definitely several times higher than this year.

If Gemdale does not agree, SAL is estimated to just release the rumors of this custom licensing renegotiation, and at least several domestic mobile phone giants will soon line up to talk to Cai Siqiang.

No way, red eyes, although Gemdale mobile phone turned out to be said to have entered the top three in China, but the sales and shipments between the top few are actually not much different from each other, who knows that after suddenly getting out of this intelligent voice control mobile phone, everyone was thrown out of several streets at once, and also entered the high-end market in one fell swoop.

The mid-to-high-end market is everyone's eyes, lucrative fat, in the past, domestic manufacturers only smell a little taste, can't eat at all, more than 2000 yuan of mobile phones can sell hundreds of thousands, hundreds of thousands of units, is enough to make people laugh.

(Continue to ask for collections, red tickets)