On the banks of the Huangpu River, the Bund's international buildings shine in the sun, complementing the Oriental Pearl on the other side of the river.

At this time, the construction of the Oriental Pearl has been completed, and the interior is being renovated, and it is planned to open to the public by the end of the year.

The N Jing Road Pedestrian Street is bustling, with a weaving flow of people and an endless stream of pedestrians, shopping, or lounging, or tasting street food, a prosperous scene.

At the intersection of the eastern section of the pedestrian street and H South Middle Road, Xinghai Square is under construction, which has been under construction for more than half a year since the start of construction in September last year.

In order to open as soon as possible, Lu Dahai arranged a large number of manual overtime to catch up with the construction period, and the main body is almost completed, and the second half of the year can enter the decoration stage.

The citizens of Shencheng City passed by this comprehensive commercial plaza under construction, and they were very looking forward to it and full of emotion.

Looking forward to what such a large shopping mall will be like, it is very likely to become the commercial center of Shencheng.

I feel that such a magnificent commercial plaza is actually owned by a young rich man, and it is only one of them.

Many passers-by fantasize that if they have such a commercial plaza, they can have whatever they want, choose clothes and bags at will, eat, drink and have fun every day, surrounded by a group of paparazzi, and their lives have reached their peak and climax.

On the south side of Jiaotong University, such Xinghai Square is under construction, but the progress is much slower, and at present, in the construction of the foundation, Lu Dahai has concentrated a large number of people in Xinghai Square on N Jing Road.

Anthony Santos has been in Shencheng for a few days since he traveled from Chouguo to understand the industry of Xinghai Group.

Anthony is the head of the capital management department of Citigroup, and at the invitation of Fang Bai, he came to Huaguo to investigate investment.

With an investment of less than tens of millions of dollars, there was no need for a supervisor-level leader to come out, and the director of Citi was actually the boss of a department, similar to the manager of Huaguo Enterprise.

It's just that Anthony and Fang Bai had a very good relationship, Fang Bai personally invited him, and he flew over after completing the formalities for leaving the country without much hesitation.

Anthony also took the team, and after arriving in Shencheng, he did not meet Fang Bai immediately, but first took a tour of the city of this eastern country.

It was the first time for him to come to Huaguo, although he was not very optimistic about Huaguo, but after the real investigation, he felt that some aspects were very good, such as the shopping mall was very lively, the people were willing to shop, and the shopping mall lacked materials.

"The construction of this shopping mall of Xinghai Group in this prosperous location is really very good, but I don't know if the party is willing to finance, I am more optimistic about this one." Jeffrey Westin, an accompanying analyst, pointed to Xinghai Square on N Jing Road and analyzed.

Anthony, who is about fifty years old, thought thoughtfully: "Hehe, I guess Fang is not very willing, don't look at him young, that guy is very shrewd, just an old fox, it seems that he can always guess what you are thinking."

This time, we are going to inspect the campus supermarket chain. ”

Jeffrey pursed his mouth and agreed very much: "That's right, I have dealt with Fang, a very shrewd investor." ”

Two days later, Anthony Santos led the team to inspect the operation of Hualian Supermarket, and to their great surprise, the business was too hot.

Many cities in Shencheng are like this, and there are no competitors in the school at all.

They didn't take the lead in meeting Fang Bai, because they were afraid of being persuaded by Fang Bai's sharp eloquence, so they secretly investigated first.

In the past few days, the team members have been responsible for examining the records and analysis, and the results are truly surprising.

Such a novel open supermarket certainly exists in their country, but it is not as popular as Hualian Supermarket, and the service quality is also good.

After a few days of in-depth investigation, everyone has a deeper understanding of the situation of Hualian Supermarket.

According to a detailed report submitted by Fangbai, the number of such supermarkets is close to 100 and is still in the stage of rapid expansion.

"Anthony, the performance of Hualian Supermarket is indeed beyond imagination." After carefully reading the analysis report, Jeffrey solemnly said, "I think this is a worthwhile investment opportunity, but I don't know how many shares the party is willing to sell." ”

Anthony agreed, adding: "Well, it's a good investment, and it's a very good investment seed, so let's meet with Fang to discuss this in detail, and hopefully get a 20% stake." ”

The A round of financing, which is generally 10%, is at most 20% of the shares, and everyone understands that the shrewd Oriental will not give them so many shares.

On April 28th, the sun was shining.

Fang Bai met with Anthony Santos and others at the company's headquarters.

Anthony and others came to Xinghai Group for the first time, and were slightly surprised to see the green belt full of spring, everything recovering, the surrounding buildings magnificent, the business busy, and the trucks full of goods coming in and out.

Anthony praised: "Fang, is this your company?" It's really busy, and it's very good. ”

"Yes, you are welcome to Birch Country, how do you feel about Birch Country?" Fang Bai shook hands with everyone and smiled, and by the way, he put a favorability on important personnel such as Anthony and Jeffrey.

A year has passed, and the favorability of the two has decreased slightly.

Therefore, Fang Baika invited the two of them to Huaguo in advance a year ago.

This time, he set his favorability, and the time limit can be as long as ten years.

After a while, Fang Bai had to go abroad to give those investors a favorability and brush up on his contacts by the way.

At the end of the year, it's the best time to invest in those three stocks.

Whether you can get rich in the next few years depends on going abroad this time.

"Uh, that's great! Especially the food. Anthony laughed heartily.

Xu Kun, the secretary who followed Fang Bai, watched the chairman naturally laugh and talk with the foreigner, chatting about everything, and admired it very much, this is the senior Citi executive of the ugly country, the relationship between the two is so good?

After the two sides were polite, they came to the chairman's small conference room to talk.

After Anthony praised Xia Xinghai Group, he asked bluntly: "Fang, do you Xinghai Group need financing?" ”

"Haha, Xinghai Group doesn't need financing for the time being, if there is a need, I'll talk to you when the time comes." The corners of Fang Bai's mouth raised slightly, and he refused with a smile.

He took out a copy of the information and handed it to him: "Your company's investment in Xinghai Investment Company is 80 million US dollars, and the current income is good, Mr. Anthony, do you plan to increase investment?" ”

"Your subordinate Simmons has approached me once, and the current annual profit rate is only 15%, which is too low."

Fang Bai erected his food command: "NO, the annualized rate of 15% is very high, and you Citi can't guarantee it, and you can't do it."

The 20% given before was only due to the fact that Xinghai Investment Company was not famous.

If we open up fundraising, there will be no shortage of funds, but I prefer a more stable long-term partner, and not everyone can work with me. ”

Anthony listened to Fang Bai and read the information.

At the same time, I have to admire Fang Bai, Xinghai Group has been established for three years, and its assets have reached three or four billion US dollars, and it is in a period of rapid growth.

In other words, even if Xinghai Investment Company is operating poorly, Fang Bai itself has the ability to repay the interest and principal.

After a little hesitation, the annualized interest given by Xinghai Investment Company is indeed very good, they have many project investments, and they can't reach this amount, so it is better to withdraw and transfer to Xinghai Investment Company.

"Yes, we'll invest another $200 million."

"It's a pleasure to work with, you won't be disappointed, and after a year, you can withdraw your investment at any time. When the time comes, you will be secretly glad that you have made a wise decision. Fang Bai laughed, stood up and shook hands with him.

$200 million is a small amount for Citigroup, but it is a permission that Anthony can personally agree to, and if the investment is large, it will need to be decided by an internal meeting.

Xu Kun, the secretary who was standing on the sidelines and serving, was very shocked: 200 million US dollars was just gotten in his hands?

Their chairman only said a few words, and the foreigner agreed, as if he was haggling in the vegetable market.

$200 million, that's not child's play.

And the risk engineer Jeffrey didn't give any advice, and very much agreed with his leader's operation.

What Xu Kun didn't know was that Anthony and Jeffrey had a favorable opinion of Fang Bai reached 85, which was at a very trusting level, and Fang Bai did not lie to them, since it was worth investing, what was there to hesitate.

Next, Fang Bai handed Jeffrey Weiss the latest financial information of Hualian Supermarket, and the two sides negotiated with Hualian Supermarket.

The foreign staff asked while looking at it, mainly looking at the opening speed, profit margin, cost and annual profit growth of Hualian Supermarket.

They have been conducting investigation and analysis for a few days, and now they are reviewing the data, mainly to check it roughly.

Fang Bai had already submitted the information before, but that was a month ago.

Including the company's three-year financial statements, operating conditions, financial conditions, equity distribution and other information.

The current submissions have been compiled in the last few days.

The company's valuation work is not a result in a moment and a half, but after a lot of preparation.

At present, there are 100 Hualian supermarkets in operation and 10 supermarkets under construction.

Including the cost of building a supermarket and other fixed assets of about 60 million yuan, the debt of about 10 million yuan, the working capital of about 20 million yuan, and the net assets of 70 million yuan.

But it makes money fast, with profits growing at a rate of more than 100% per year.

Fangbai's highest valuation is about 2 billion yuan, shouting 2.5 billion yuan, and a maximum of 10% of the shares will be transferred;

Anthony is valued at $200 million, equivalent to $1.736 billion, and intends to take a 20% stake.

Fang Bai said very confidently: "Mr. Anthony, if it weren't for the listing, you wouldn't be able to get such high-quality resources, I am very confident that the profit growth rate of Hualian Supermarket can reach more than 80% in the next five years."

Five years later, it will be worth at least $2 billion, and Citi's investment will be more than five times more profitable. ”

Anthony actually doesn't care about the valuation as long as he is optimistic about the investment, he just wants to take more shares so that he can earn more.

It's just that Fang Bai held on to it, saying that during the B round of financing, Citi could continue to invest a part.

The two sides continued to discuss it, and the results were soon reached.

Citigroup raised US$29 million, equivalent to 250 million yuan, accounting for 10% of the shares, that is, a pre-investment valuation of 2.25 billion yuan and a post-investment valuation of 2.5 billion yuan.

If Fang Bai didn't know Anthony Santos's thoughts, he might be valued at most 2 billion yuan before investment, and he didn't expect the other party's ceiling to be higher.

The money financed by this financing is not Fang Bai's personal, but the company's, which is used for the development of the company.

Financing and transfer are completely different concepts.

That is, from this moment on, Fang Bai really needs to be responsible for investors.

Fang Bai did not dilute his classmates' shares this time, and the dilution part was made up from his personal shares, which was allowed, it was all a private act, and it had nothing to do with Citi.

That is, after the successful financing, Citigroup accounted for 10% of the company's shares, Fang Bai personally accounted for 78.2%, and classmates accounted for 11.8%.

Next, both parties sign the share transfer agreement, legal documents, and related agreements.

After signing, Fang Bai stood up and shook hands with the other party:

"Mr. Anthony, it's a pleasure to work with, and we'll see each other again soon in a few months."

"Okay, I'm very much looking forward to it, just let them take care of the next formalities, and I'll be back to China in the near future." Anthony Santos laughed and pointed to the entourage next to him.

After Hualian Supermarket digests the A round of financing, Fang Bai plans to strive to go public at the end of the year, at the latest in mid-1995.

Of course, it depends on the timing, and according to the current situation, it is better to go public next year.

In short, before the 1997 financial crisis, Fang Bai had to cash out a part of his shares to prepare for market shocks.

Normally, it usually takes more than a year for a company to go public after a Series B financing, because in the process, the company needs to continue to expand its business scale, strengthen its financial and governance structure, and explore the market to increase its value and attractiveness, and be fully prepared for listing.

However, the specific timing of listing will vary depending on the specific circumstances of the company, including the company's size, business, financial position, market environment and regulatory requirements.

After the completion of the Series B financing, the company needs to apply for listing in accordance with the requirements of securities laws and regulations, and be reviewed by the CSRC.

In this process, companies need to cooperate with intermediaries such as brokers, lawyers, and accountants to ensure the compliance and smooth conduct of the listing process.

In other words, Fang Bai is also uncertain about the specific time of listing.

Now that it is the end of April, if the A round of funds is digested quickly, it may need to be refinanced in a few months, that is, the B round of financing.

In the Series B financing, the shares of all shareholders will be diluted.

The last time the IPO was raised, the shares were diluted again.

In Fang Bai's plan, after the A round and before the B round, Fang Bai will reward each student with 0.6% of the shares, and Fang Bai will personally have the remaining 54.6% of the shares.

It is planned to sell 10% of the shares in the B round of financing, and the shares of each student will be diluted to 0.54%, and Fang Bai's personal shares will be diluted to 49.14%.

Listed for refinancing, 20% of the shares were transferred, and Fang Bai's remaining shares were about 39.312%, and each student's shares were diluted to 0.432%.

After Anthony Santos left, there were more follow-up matters for the Series A financing.

If it is a listed company, it is required to report the financing-related information to the Securities and Exchange Commission after the financing is successful, including the amount of financing, the purpose of use, etc.

However, Hualian Supermarket Company is not currently listed and does not need to go through the securities center.

Fang Bai needs to inform the other shareholders, his classmates, about the financing situation and make sure they are aware of the latest situation of the company and the direction of development in the coming months, and they have the right to know this information.

At the same time, a press release will be issued to the public about the success of the fundraising to expand the company's visibility.

The next morning, Fang Bai came to school again.

Before coming, he informed the class of the class to have a class meeting.

At this time, at ten o'clock in the morning, just after two classes, the students of the third class of mechanical engineering gathered in classroom 302 of the first teaching building, talking a lot, and they were all curious about what to do at this meeting.

"Why did the boss suddenly notify everyone of the class meeting, there has never been."

"I guess it's a very important thing, is it a matter of financing?"

"Yang Tan, what did you say about the call from the squad leader?"

Yang Tan pouted: "How do I know, the boss just asked when there was no class, I said that these two classes were free, the boss asked all the students to concentrate, and then hung up the phone, it was mysterious, I also want to know, and then I will notify everyone." ”

"What's the hurry, I'll be here in a while."

In fact, many students probably guessed that it was a matter of financing, otherwise, in the past three years, Fang Bai has not taken the initiative to gather for a meeting.

I just don't know whether I have failed or succeeded, so many students are nervous and suffer from gains and losses.

The classroom was very noisy, and a colleague suddenly saw Fang Bai walking into the classroom leisurely, and instantly exclaimed: "The squad leader is here!" ”

In an instant, everyone's eyes were on him.

It's just that when Fang Bai saw the eyes of his classmates, his expression was still faint, there was no smile, and there was no sorrow, so that everyone couldn't guess what he was thinking.

After walking on the podium, coughing, everyone instantly fell silent, and the classroom could hear the needle falling.

Fang Bai exhaled and sighed, "Hey, there's a good news and a bad news, which one do you want to hear?" ”

As soon as the words fell, the students were a little nervous, and it seemed that most of them had failed in financing.

"Boss, let's talk about the bad news."

"yes, hear the bad news first, isn't it bad?"

"Squad leader, I don't think the financing has failed, and it's not bad news, at least our supermarket has always been profitable, this one is not good, there will always be an investment institution that you like."

"Yes, squad leader, failure is failure, it's not a big deal." (End of chapter)