“......”

“......”

Fang Nian glanced at the time first, and then looked at the number on the screen again.

In the end, he chose to connect and said with a smile: "Good evening Mr. Liu." ”

"Fang is always good. Liu Qin said hello with a smile.

Then he went straight and said: "Mr. Fang, how is Dangkang's development now, is there any financial pressure." ”

Fang Nian smiled: "How can there be no pressure, although TGP is only a small part of the goose factory, it is still a behemoth that is difficult to compete with for Dangkang." ”

"Haha. Liu Qin laughed, "Fang is always really modest. ”

"Based on my general understanding of the other party, you should have thought that the goose factory would launch similar products. ”

After a pause, Liu Qin said: "The facts also show this, Dangkang's response efficiency is shocking, and we are still discussing in the afternoon, there is a general Dangkang, will become a great company without any obstacles." ”

"Mr. Liu, my tail is really about to grow!" Fang Nian said with an interesting face.

“......”

chatting with Liu Qin, Fang Nian was also sighing in his heart.

Liu Qin: These investors have a much more sensitive sense of smell than they imagined.

The negotiation between Guan Qiuhe and Fang Nian in the teahouse was limited to the two of them, and the outside world had no way of knowing about it.

Liu Qin called so quickly, obviously judging that in the current form, the best way to be healthy is to embrace capital more openly.

The confidence that the capital market can give is really not something that anyone can ignore.

Even if the goose factory is so behemoth, it still needs capital to help it back.

It is difficult to say that there is no capital behind any large enterprise that has grown up.

After touting and touting for a long time, both parties were in a good mood, and Liu Qin officially cut to the point: "Mr. Fang, I will say it bluntly, whether Dangkang will start Series B financing in the near future." ”

Fang Nian pretended to groan, and replied after a moment: "Yes." ”

"Although Dangkang's revenue last month was very bright, this month is gradually normal, the emergence of TGP will affect Dangkang, and they are also mainly free, Dangkang needs more and more abundant funds to deal with the competition. ”

Hearing this, Liu Qin thought for a while: "I don't know what Mr. Fang thinks Dangkang's valuation is?"

"Why don't you tell Mr. Liu, what is Morningside Capital's latest assessment of Dangkang?" Fang Nian asked with a smile.

Liu Qin didn't mean to hide it, and said directly: "We know more about Dangkang, and after internal analysis, we have adjusted our latest valuation ...... for Dangkang."

After a pause, Liu Qin said in a calm tone: "8.5 billion yuan." ”

Then he said: "However, I expect that this valuation should not be within Mr. Fang's expectations, if it is financed according to Internet companies, Dangkang's valuation should be tens of billions of yuan." ”

Fang Nian said with a deep groan: "Don't hide it from Mr. Liu, the valuation of 8.5 billion is indeed not what I expected, although last month's revenue was brought by 'Minecraft', and it has dropped significantly this month, but both the platform payment rate and the payment scale are very high."

Financing is not based on the standard of Internet enterprises, but is financed by ordinary technology enterprises, according to the price-to-sales ratio (P/S) valuation method commonly used in the world;

In the 2010 fiscal year, Dangkang's revenue should be the same as that of Goose Factory Games last year, a little lower, 4 billion yuan, and Dangkang's current valuation should be more than 40 billion. ”

Liu Qin said with a smile: "According to the price-to-sales ratio and the multiple of 10 to calculate the valuation, it is a bit of a bully to invest institutions;

Moreover, at present, only high value-added technology enterprises in the world will have 10 times the scale, and it is difficult for ordinary technology enterprises to exceed 5 times the ......"

After a slight pause, Liu Qin's words changed: "I know that Mr. Fang's valuation in his heart should not be so high, and I ask Mr. Fang to speak up." ”

"Haha~" Fang Nian laughed twice and took the initiative to say it, "I still can't hide it from Mr. Liu, at present, Dangkang's R&D investment does not account for a high proportion, and the output is very low......"

"Coupled with the fact that there are strong competitors in the market, I thought about it again and again, and finally lowered the valuation to the maximum extent and rounded up 10 billion. ”

Liu Qin pondered for a moment, and finally expressed her basic agreement: "Mr. Fang is reasonable, and he basically agrees." ”

Then the conversation changed: "I want to go to Shencheng to ask for a cup of tea in the near future, I don't know if I can always receive one or two." ”

"Definitely. Fang Nian said with a smile.

“......”

Although Liu Qin's Morningside Capital is the third largest shareholder of Dangkang, the proportion of shares is not high, and the dominance is completely in the hands of Fang Nian and Guan Qiuhe.

Capital, on the other hand, is only responsible for investment and rarely intervenes in the management of the company.

Morningside Capital is no exception.

And Liu Qin deeply believes that if Morningside Capital intervenes in the company's management, it will only be slapped in the face.

It's good to occasionally send someone to a high-level meeting to look at the financial report or something.

What Fang Nian discussed with Guan Qiuhe, Liu Qin had no way of knowing.

The valuation of 10 billion is not a fixed number, and it cannot be taken seriously if it does not fall into black and white.

With such a large financing, Liu Qin also knows that it will not be just Morningside Capital to participate.

He knew very well that this did not meet Fang Nian's strategic needs.

But Liu Qin was also willing to carry a sedan chair for Fang Nian.

To be honest, Fang Nian never thought of using the price-to-sales ratio to raise money, and it was really bullying people in this regard.

But you have to start a little bit to start the price.

Liu Qin's meaning is obvious, when Kang, as a game company, has no big game R&D output except for the game platform, how can it be possible to raise funds at a high proportion of price-to-sales ratio.

It is still possible to use the price-to-earnings (P/E) ratio to calculate the valuation.

Although the valuation ratio of the P/E ratio is higher, it is generally 15~30 times.

However, the profit is not high, and based on the net profit margin of Dangkang in the current month, even if it is 30 times, it is difficult to exceed 10 billion.

Fang Nian would certainly not agree with such a valuation model.

In fact, the biggest contradiction here is not the appearance of the financing valuation method, but the TGP.

Because investment is a form of the future, it is the future income that is invested.

After the birth of TGP, how to ensure that its income does not decline and can continue to bring investors ten times the return, this is the most real.

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

After ending the call with Liu Qin, it was already more than seven o'clock in the evening.

After the usual dinner with Ms. Lu Weiyu who is far away in Chang'an.

For the other year, it is quite a pity.

So much so that he didn't finish cooking, but went downstairs to deal with it near the community.

I haven't resisted talking to Lu Wei to force Lai Lai.

Fang Nian looked angry, and bewitched to Lu Wei: "In the afternoon, I still feel that 'my family has a girl who has just grown up', and in the evening, she will look for me for a bunch of things, why don't you look for Guan Qiuhe!

Hearing this, Lu Wei said softly: "It seems that the major shareholder is Mr. Fang......"

"What's wrong with the major shareholder, the major shareholder deserves not to eat to deal with the investors. Fang Nian snorted and said arrogantly.

Lu Wei said softly: "But Mr. Fang is obviously better at this kind of thing." ”

Hearing this, Fang Nian suddenly said with satisfaction: "That's right, after all, I'm so good." ”

“......”

More than a thousand kilometers away, and still having to comfort the suddenly 'childish' Fang Nian on the phone, Lu Weiyu's heart was bubbling with beauty.

Who doesn't want to have a sticky object anymore.

“......”

After chatting a few words, Fang Nian changed his words and said, "I booked a ticket for you to come to Shencheng in advance on June 1st, how about it, get ready." ”

"Hmm. Lu Weiyu said with a smile, "I'll just take the car to the airport by myself in the morning." ”

Fang Nian didn't bother much: "That's fine." ”

He knew that Lu Weiyu would know that he would arrange it.

"Mr. Fang, can you breathe in a little bit of wind, is there some conspiracy?" Lu Weiyu suddenly laughed.

Fang Nian said solemnly: "How can there be a conspiracy, at most it is just a direct heart." ”

"Huh~~~Oh in broad daylight~"

"White Sun...... It's good to dream. ”

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

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

Nothing was said all night.

On Monday the next day, Fang Nian rushed to Fudan early in the morning to attend class.

This and that thing is not as important as studying.

Because of the knowledge learned, others can't take it away.

Sooner or later, you will encounter many unexpected situations that you have never experienced before, and at that time, it goes without saying that you can only rely on your own knowledge system to solve problems.

Although there were few classes in the morning, Fang Nian did not leave the school, but wandered to the liberal arts library.

No matter how many books there are in the bookcase at home, they can't compare to the richness and diversity of books in a comprehensive university library that ranks among the top in China.

Although Fang Nian studied science in high school, his first year of college was almost over, and Fang Nian had never been to the science library.

“......”

I didn't know the time to study, and I quickly finished the last class of the day.

Fang Nian left Fudan with his bag and walked to the forefront company.

There are still only Wen Ye and Gu Yu in the office.

Wen Ye's eyes were sharp, and when he saw Fang Nian first, he immediately said hello: "Fang is always good." ”

Then he said, "Do you have a convenient time now, there is a small matter that needs to be reported to you privately." ”

Fang Nian raised his eyebrows, and looked at Wen Ye for a long time: "You say." ”

"Xiaogu, you go out for a while. So Wen Ye looked at Gu Yu and said.

Although Gu Yu didn't know why, he quickly left the office.

Soon, Wen Ye lowered his voice and reported: "Mr. Fang, the Huatai you asked me to acquire was finally completed in the morning, and this is the corresponding contract document." ”

As he spoke, Wen Ye handed out a briefcase.

The number of documents is quite small.

After many rounds, the process is comparable to that of ordinary people changing their names, which is lengthy and complicated.

Fang Nian flipped through the documents, and couldn't help muttering: "You are doing this as if you want to have nothing to do, which scares me." ”

"Ah......" Wen Ye said hurriedly, "No, no." ”

"Even if there were, it shouldn't be here...... bar. ”

Fang Nian glanced at Wen Ye: "You tilt your head." ”

"Huh?" Wen Ye complied.

"Do you hear the sound of water?"

“......”

Fang Nian said angrily: "You don't grow now, you don't grow a body, and the nutrition is not supplied to your brain?"

"Go and shout out to Xiaogu, don't be so sneaky next time. ”

Wen Ye answered and ran out quickly.

After Wen Ye and Gu Yu came back together, Fang Nian had already started to play the 'Dinosaur Chong Chong' on the Dangkang game platform.

"Mr. Fang, in fact, there is still some news to report, including the news of the company's regular meeting today, as well as the news on the Internet. Wen Ye's tone was a little harsh.

Fang Nian said casually: "Tell me about the news on the Internet." ”

Because of itchy hands, Fang Nian simply didn't read the news on the Internet.

Otherwise, I can't help but go up and beep a few words.

The news of the company's regular meeting, Fang Nian was not very interested, and he only met Guan Qiuhe yesterday after all.

Wen Ye sighed, and reported on 1510: "This afternoon, Goldman Sachs Capital, Sequoia Capital, Morgan Stanley, JP Morgan and other international investment banks have updated their latest assessments of Dangkang.

Among them, Sequoia Capital China gave the highest latest valuation of 9.5 billion yuan;

Most of the other investment banks have adjusted their valuations to between 85~9 billion yuan. ”

"It is rumored that because yesterday Dangkang successively launched small game packs, small assistants, 61 discounts, etc. to deal with the strong rise of TGP, it has received enough attention. ”

Some financial industry analysts said that the current valuation of Dangkang may be seriously undervalued, and if Dangkang starts the financing process, there may be unexpected gains. ”

There are also good things netizens posted on major platforms that they made moves to each other in the first round, and Kang Xiao won a little. ”

“......”

Finally, Wen Ye concluded: "This is probably the important information on the Internet, and so far, there are no new developments in TGP. ”

After listening to what Wen Ye said, Fang Nian said casually: "It's normal, after all, TGP has directly secured the position of the leading boss;

However, the investment bank was really snobbish, and raised the valuation of four or five billion in the blink of an eye.

This round may seem like a small victory, but it doesn't really matter. ”

Then he changed the conversation and asked, "Can you set up the office areas of the two companies of Frontier Project and Frontier Venture this week?"

"It should be fine. Wen Ye replied cautiously.

======

Broken bowl begging to subscribe to a monthly pass, it's about to be the end of the month, and the ticket is cleared~