Early summer afternoons are more likely to be sleepy.

The fragrance of the South Pavilion on the 93rd floor of Park Hyatt is slightly different from that in the morning, and it is said to be refreshing.

But these are not as good as the two sentences that Shang Nian suddenly said with a harmonious atmosphere.

After the words fell, only Fang Nian lowered his eyes again in the entire room, drinking tea slowly.

Even Guan Qiuhe changed his posture slightly, so that his legs were folded more elegantly.

The faces of the five middle-aged men, including Liu Qin, changed.

Their thoughts were suddenly interrupted, and they had to re-plan, and no one spoke immediately.

In the end, it was Liu Qin who broke the quiet atmosphere: "I think there are always other conditions for coming here." ”

As she spoke, Liu Qin looked at Fang Nian.

The others also looked at Fang Nian, who was impartial and just sat in the center.

Under the gaze of everyone, Fang Nian put down the teacup unhurriedly and smiled: "It's not a complicated condition. ”

After a pause, Fang Nian said calmly: "It's only been a year and two months since Dangkang was still called greedy and fun, and I don't want Dangkang to become a short-lived ghost company;

As Mr. Kwong said, Dangkang Games has abundant cash flow and is far from being able to start Series B financing;

However, the goose factory game led by Mr. Ren is too powerful, and Dangkang game must spend a lot of effort and funds to fight for some future possibilities. ”

As a writer, Fang Nian naturally has the ability to tell stories.

If he wanted to, he could even polish it slowly in advance, so that he could make a splash in his verbal expression, which was quite fascinating.

Fang Nian didn't mind taking advantage of what he was good at.

"As early as the end of last month, I exchanged views with Mr. Liu on the phone, and at that time I thought that Dangkang was worth 10 billion and was willing to raise financing at a valuation of 10 billion;

After entering this month, the capital, especially everyone here, has stronger confidence in Dangkang's profits, with a conservative estimate of 12 billion valuations;

Theoretically, Dangkang games will not be actively sold cheaply. ”

Speaking of this, Fang Nian looked at a few investors and said calmly: "Financing at a valuation of 10 billion is somewhat sincere on the one hand;

On the other hand, I also want to make a gambling agreement with you. ”

The tone and tone of Fang Nian's narration made everyone want to listen, and no one interrupted.

"Dangkang Games will start the C round of financing around January 10, 2011, and then take out 10% of the shares, the valuation is calculated at 9 times the annual revenue in 2010, and the investment institutions participating in the B round of financing will be fully subscribed!"

When Fang Nian said this, several people present were moved, but they didn't say anything.

They know that VAM agreements can't be that simple.

Fang Nian did not disappoint everyone, and continued.

"As of December 31, 2010, Dangkang Games has ensured that the number of registered users of the game platform has reached 200 million;

Ensure that R&D expenditures meet the standards of high-tech enterprises;

Ensure that the annual revenue in 2010 is more than 6 billion. ”

“......”

After Fang Nian finished speaking, he noticed that the corners of Guan Qiuhe's mouth moved slightly, and his face changed.

I smiled in my heart: 'I didn't expect me to have this trick to cut first and then play!'

The terms of the VAM agreement were very vague when Fang Nian communicated with Guan Qiuhe yesterday.

Now that he said this, Guan Qiuhe was blinded.

This made Liu Qin and the others realize that this was most likely Fang Nian's real temporary decision.

The mind is more active.

Zhang Sijian was the first to express his opinion: "I'm really sorry, I need to exchange opinions with the higher-ups." ”

Then came Ren Yuxin.

Then there was Zhu Yue.

Liu Qin and Kuang Ping did not move, they both had the right to make their own decisions.

However, the size of the investment institutions they represent is not as large as the three who go out and make calls.

Fang Nian's meaning is very clear, if Kang meets these conditions, the valuation must be calculated according to the P/S method, and it is as high as 9 times.

This is an exaggeration for a company with a valuation of more than 10 billion yuan.

According to the 6 billion revenue promised by Fang Nian, Dangkang's valuation will become 54 billion at the beginning of next year.

A 10% stake would require a cash investment of RMB5.4 billion from each institution.

You must know that Lei Jun, who is particularly good at capital operation, only received about 5 billion yuan in Xiaomi's F round of financing.

And after the F round, Xiaomi began to prepare for the listing.

In other words, Fang Nian's VAM agreement is intended to directly start the listing process of Dangkang together with everyone after the completion of the C round of financing in 2011.

And Fang Nian's three conditions are not casually said.

The 200 million registered users represent that the Dangkang game platform will continue to have huge gimmicks in the second half of the year to achieve.

Complying with the high-tech enterprise standard means that the R&D expenditure is huge, and there will be enough game products to launch.

And this condition implies a preferential content enjoyed by high-tech enterprises: 10% preferential corporate income tax.

It almost equates to a 10% increase in net profit margin.

The second and third conditions are to express to the capital that Dangkang has strong enough confidence in profits.

It's more convincing than just telling a story.

Fang Nian was telling Liu Qin present that they had the goal and confidence of Dangkang Games.

is also telling Liu Qin that the return on investment is extremely impressive.

As for the conditions not being reached, the VAM agreement will naturally not take effect, and Dangkang is purely losing money and making money.

If the conditions are met, Dangkang Games will grow into a game giant without hindrance, the kind that the wind can't blow.

Strictly speaking, this was a big gamble after Fang Nian persuaded Guan Qiuhe in a few words.

Losing actually has little impact on Dangkang's game.

Needless to say, it won.

............

In the South Pavilion, Guan Qiuhe and Fang Nian had a chat with Liu Qin and Kuang Ping.

Everyone talks about the rules and doesn't get down to business.

Even if they have their own thoughts, there is no need to be so ugly.

Fang Nian didn't think about this negotiation, and his mind flew to Java.

For a while, I thought that I would finish the exam next Thursday afternoon, and then I thought that I would have to talk to Huang Xiujie and Lei Jun for a long time on Friday;

and then think about how Xiaomi's A round of financing should be excellent;

In the end, I still want to think about whether the rich robin sleeps well, whether the meal is fragrant, and whether he thinks about 91.

Before I knew it, I finished drinking the cup of tea.

It just so happened that Ren Yuxin took the lead, and they all returned to the South Pavilion.

After a long time of delay, the formal negotiations began.

However, as soon as the scene opened, Zhu Yue looked helpless and spread his hands.

"We at Goldman Sachs withdrew from this round of financing of Dangkang Games. ”

As he spoke, he looked at Fang Nian with a face full of regret: "It's a pity that I can't cooperate with Mr. Fang;

From my personal point of view, I agree with Mr. Fang's VAM agreement, the conditions are very lucrative, and Mr. Fang is very frank;

Not only let me see the sincerity of Mr. Fang, but also let me see the courage and ambition of Dangkang Game. ”

After a pause, Zhu Yue finally said: "I wish Dangkang Games a smooth development and a chance to cooperate again." ”

Fang Nian was not surprised, with a smile on his face and a calm tone: "Thank you, Mr. Zhu, for being so optimistic about our Dangkang game, it's a pity that we can't reach a deal." ”

Then Fang Nian showed a little interesting: "I believe that there will be opportunities to cooperate with Mr. Zhu in the future." ”

"Haha~" Zhu Yue laughed, "Looking forward to the next cooperation." ”

Of course he knew what Fang Nian was referring to.

Fang Nian is not only the founder of Dangkang, but also has an angel investment company in his hands, and his performance in just a few months has attracted the attention of industry insiders.

Maybe one day we will work together on another project.

After a few words of greeting, Zhu Yue left the scene first.

The atmosphere in the room remained the same.

Ren Yuxin, as the president of Dangkang Games' biggest competitor, Goose Factory Games, had never seen any scenes, so he opened his mouth tightly.

"Let me say two words first, as the only president of Goose Factory Games who has a competitive relationship with Dangkang Games, I am personally very optimistic about the development future of Dangkang Games;

As far as the game is concerned, there is no free payment, TGP is basic and free, and the Dangkang game platform is a hybrid type, and I am actually optimistic about the system established by Dangkang Games.

At this stage, I think the valuation of 130 or 150 is acceptable for Dangkang Games' B round of financing. ”

Speaking of this, Ren Yuxin paused.

Everyone was waiting for his 'but'.

Facing a few bundles of eyes, Ren Yuxin suddenly said concisely: "I have just communicated directly with Mr. Mapo Lima, and our goose factory fully agrees with the VAM agreement proposed by Mr. Fang, and is willing to participate in the B round of financing of Dangkang Games." ”

After Ren Yuxin's words fell, Fang Nian was slightly stunned.

Guan Qiuhe's eyebrows raised directly.

Liu Qin and the others even changed their complexions slightly.

Merely......

Before Ren Yuxin's words were finished, he added honestly: "Because I promise Mr. Ma that no matter how Dangkang Games develops, it will not be able to complete the revenue target of increasing by another 4 billion in the remaining six and a half months!"

Speaking of this, Ren Yuxin looked at Fang Nian and apologized: "Mr. Fang, I'm really sorry, no matter whether or not a deal is reached today, Goose Factory Games will be more comprehensive for Dangkang Game Platform." ”

Ren Yuxin is so honest.

At the age of 35, he is in the prime of life and is also known as the king of games.

Ren Yuxin has his own pride.

Although TGP was launched after the successful experience of the Dangkang game platform, this does not mean that Ren Yuxin is incapable!

Of course, Ren Yuxin knew that Fang Nian, who looked as tender as a high school student, was not simple.

Obviously, he was even better than he was back then, after all, he went to college a little later, joined the goose factory at the age of 25, and only began to exert his strength after the age of 30.

But Ren Yuxin, who is backed by the goose factory, doesn't think he needs to be afraid!

Hearing this, Fang Nian smiled and said: "The market needs reasonable competition, so we can only wait and see." ”

didn't add more, saying that his mind was no longer on Dangkang.

“......”

Ren Yuxin smiled slightly, didn't say anything more, picked up the teacup and drank water by himself.

There was no silence in the room for long, and Liu Qin quickly spoke: "I also agree with Mr. Fang's gambling agreement;

I have dealt with Mr. Fang many times, and from an objective point of view, the conditions proposed by Mr. Fang are more restrictive to Dangkang games;

If it is reached, Dangkang Games has such a strong profitability, it is naturally worth higher value;

No matter how you calculate it, it's a sure-fire deal. ”

After a pause, Liu Qin pushed her glasses and said earnestly: "I personally think that Mr. Fang is full of sincerity, but he is actually abiding by the verbal agreement with me on the phone." ”

Morningside Capital was originally a shareholder of Dangkang Games, and it was not surprising that it supported Dangkang so quickly.

After all, except for Ren Yuxin, everyone is a pure investor.

After Liu Qin agreed to the verbal VAM agreement, Kuang Ping quickly expressed his opinion.

"I also agree with Mr. Fang's VAM agreement. ”

Speaking in a gentle tone, he said: "Mr. Fang is so sincere and courageous, I believe that Dangkang Games will bring unexpected gains to Qiming Venture Capital." ”

In fact, Kuang Ping still owes Fang Nian a little favor.

Maybe it's a kind of reciprocation.

In the end, Zhang Sijian of Sequoia Capital was left without expressing his position.

In fact, relatively speaking, this kind of large organization has a more stable style.

It is difficult to say that they would be willing to engage in this form of VAM.

So at the beginning, Zhu Yue quickly stated his position and left the scene, and everyone present, including Fang Nian, was not surprised.

There are three investment institutions willing to sign this VAM agreement, in fact, it is enough for Dangkang Games.

At least......

Fang Nian's original intention has been achieved.

Seeing that everyone was looking at him, Zhang Sijian showed a smile: "I originally wanted to talk to Mr. Fang again;

But several of them followed, and I was also authorized by Mr. Shen, and Sequoia China was willing to sign this VAM agreement. ”

After basically reaching a consensus, Fang Nian glanced at Liu Qin and said with a friendly smile.

"Now there is only one last thing left, you will discuss how much to invest in the B round, and we will not be involved in this matter. ”

======

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