return to bolang life

Chapter 263

The IFC office area is relatively deserted on weekends.

A group of people walked out of the elevator room on the 65th floor talking and laughing.

Bringing Tao and Li into the conference room, the three parties exchanged warm greetings.

Wen Liang said apologetically, "It's hard for Director Tao and Director Li to work overtime on weekends, I'm really sorry."

"Where is it, Mr. Wen is too polite." Tao Zhenguang said with a smile.

"..."

The public secretary brought tea.

Then start negotiating business.

As early as before the festival, Wen Liang had already mentioned that he was planning to establish a new subsidiary company.

During Wen Liang's business trip, Bo Lang had already completed the relevant affairs, and he also arranged to transfer 15 billion funds in the middle.

The subsidiary is called Bolang Terminal Technology Co., Ltd.

In addition, Bolang Laboratory has transferred a large part of the technological achievements related to the mobile phone business to the name of Bolang Terminal.

Of course, it also includes Star Studio, which was originally established through cross-cutting means.

Before this financing, Bolang has already calculated the valuation range that Bolang terminal should have according to a fair investment model.

Wen Liang did not open his mouth, and took the low figure of 40 billion as the pre-investment valuation.

Tao and Li, who were just going through the motions, were obviously a little surprised by Wen Liang's "pragmatic" style.

Outsiders don't know, Tao and Li are still very clear.

They're just going through the motions.

It's nice to say that they are going through the motions. It should be said that they acted according to orders, not to mention high-standard things like decision-making power, and they don't even have the initiative.

After all, the arrangement they heard was that, in principle, the opinions of Mr. Bo Lang, Wen Liang and Mr. Wen shall prevail, and stick to matters of principle. Tao and Li should not understand this kind of words too well.

The attitude of Tao and Li made Wen Liang touch his nose a little bit.

"It turns out that it really depends on relationships~"

Although the financing this time is very simple, it is not like the previous Bolang Xiaocheng financing that raised tens of billions of pre-investment valuations in one sentence;
But in fact, the 15 billion transferred by Bolang Group to Bolang Terminal has signed a loan agreement between the parent and subsidiary companies, and the planned use is the research expenses of 9 cooperative laboratories with 15 universities.

It can be understood that the Bolang terminal only has the value of technical data.

The pre-money valuation of 40 billion can be regarded as quite "arrogant".

As a result, representatives from both parties believed that Mr. Wen's style of work was 'pragmatic'.

In short, aside from these small episodes, the entire financing process will be completed in a harmonious, friendly, honest and enthusiastic atmosphere.

Wen Liang visited Wang Yingjun in the morning and reached a consensus with Huagong.

In the end, Huagong Asset Management Company squeezed out 5 million funds, which were used to invest in Bolang Terminal.

Yangcheng Urban Investment has ample funds, but this year's investment scale has been limited. According to the finalized 30 billion funds, it will invest in Bolang Terminal.

So far, the post-investment valuation of Bolang Terminal is 75 billion.

The company's total share capital is 100 billion shares.

Among them, Yangcheng City Investment accounted for 40% of the shares with 40 billion shares, and Huagong Asset Management accounted for 6.67% of the shares with 6.6667 million shares.

The rest is held by Bolang Group.

Because the pre-investment valuation is not high, the proportion of shares will appear more prominent.

This was the surprise for Tao and Li.

In addition, Bolang, Bolang Terminal, Yangcheng Chengtou, and Huagong Asset Management signed an investment appendix framework agreement.

This agreement is the top priority of Bolang's indifferent shareholding ratio.

The agreement with Huagong asset management is relatively simple.

The main terms are: Huagong Asset Management will no longer participate in the investment of subsequent financing rounds. Starting from December 2013, the share capital will be reduced year by year based on the valuation of the year, and the reduction will return to zero in December 12.

The subsidiary clauses are: Bolang Group guarantees that the minimum annual return on the capital investment principal of Huagong assets is 8%.

This 8% annual return is basically the exit benchmark in the investment and financing business in the primary market. The general premise is that if the financing party does not go public within a few years, it needs to give the investor the principal and an 8% annual return.

However, for large investments, 8% is simply sprinkling water, so this can be regarded as a friendly term.

In short, Wen Liang made a special trip to Huagong to visit Wang Yingjun, and brought Huagong Asset Management Company as a shareholder, not for binding or anything, but to bring a wave of Huagong through the development of Bolang Terminal.

It can be regarded as a real benefit.

On the one hand, relying solely on the funds raised by the South China University of Technology Education Development Foundation will not help Huagong in investing in academic and research resources, even if Wen Liang endorses it.

On the other hand, all of Bolang's research and development projects can be said to have been developed with the background of blood-sucking Chinese workers, and they should be rewarded.

And in Wen Liang's memory, Wang Yingjun stepped down from the position of Huagong's principal only 18 years ago. With this group of familiar school leaders around, he didn't worry about being taken away by the Bolang terminal, and the proceeds he obtained would be used for other purposes.

As for what if... Mr. Wen can rely on relationships today, but can Mr. Wen not rely on relationships tomorrow~
The appendix framework agreement with Yangcheng Chengtou is very complicated.

And it is to send away the Chinese workers first and then talk.

What is rare is not Wen Liang taking the lead, but several other young people who came with Tao Zhenguang.

They proposed the framework, and Wen Liang increased or decreased terms according to actual needs.

A lot of things are involved.

Including but not limited to taxation, continued investment, shareholding reduction methods, etc.

The terms have certain restrictions on the Bolang terminal, but the relevant standards set up are not high, unless it is a big death, it is relatively easy for the Bolang terminal.

The core of the terms is that the share capital will eventually be reduced to zero.

However, the process will not be like that of Huagong Asset Management, where it will no longer follow up with the investment in subsequent financing rounds, nor will it be a continuous reduction of holdings.

For example, next year, companies led by Chengtou may become the major shareholders of Bolang Terminal, with a shareholding ratio of even more than 80%.

And the way of reducing holdings is also very different.

There are a lot of details. For example, when urban investment companies in some areas invest in local companies, there are precedents for the company to withdraw its equity for free when the company is developing at an advantage, that is, the investment money is not required. ①
Or reduce the holdings according to the original investment principal, that is, not enjoy the dividends brought about by the development of the enterprise.

In short, Wen Liang didn't call Lao Li for nothing, nor did he visit Su and An's house for nothing.

His desire to start some experiments in Yangcheng is also unwavering.

Putting other things aside, as long as the 'money' is 'grabbed' to Bolang, at least the continuous R&D investment in necessary projects can be guaranteed.

With the current size of Bolang alone, it has followed the self-research route of pan-microelectronics, and there will be more things to repeat in the future.

We must also guard against the pressure brought by our domestic counterparts, and we must also guard against the suppression that may occur overseas at any time. If we don’t find a few pure and innocent people, how can we live.

If it weren't for these pressures, Wen Liang wouldn't have been open and honest with Lao Li early in the morning.

It's not that you can't develop on your own, but that there are external forces to borrow, so why not borrow them.

Just as Su and An said, who is the money for?
In several complicated appendix framework agreements, it is stipulated that the investor will not participate in the daily operation of Bolang Terminal in any form, and only conduct necessary financial audits.

It doesn't matter whether there is such a thing as financial auditing.

Because there is a more advanced constraint than finance, that thing is called tax audit.

Wen Liang didn't think he was big enough to challenge the authority of taxation.

All in all, because these clauses are very complicated in the appendix framework agreement, Bolang doesn't care about the shareholding ratio of Bolang Terminal at all, as long as it is not less than 5%.

As for breach of contract?

Don't be ridiculous, aside from Huagong, if you want to engage in Bolang with the background of Yangcheng Chengtou, there is not much room for Bolang to struggle in any way.

Of course, that kind of thing happened, unless Wen Liang betrayed mankind.

…………

Downstairs of the IFC, Wen Liang and others watched Tao Zhenguang and his party leave, then turned and went back to the 65th floor.

After walking into Bolang's office area, Li Ze couldn't hold back at all, and said in a jerk, "I've gained a lot of knowledge today, and this horse riding is actually an investment?!"

Wang Wanyu next to her was actually a little eye-opening: "What Wen always talks about, the representative of the investor is just saying clearly that you are honest."

Wen Liang looked at Wang Wanyu, then at Li Ze, and waved his hand casually: "Routine operation, normal operation."

Li Ze clicked his tongue in amazement: "Forgive me, I have little knowledge, and this is the first time I've seen you."

"You guys are showing that you have no confidence in the company's development!" Wen Liang said angrily, "You know 6, the pre-investment valuation of 40 billion is already low, and even if you don't see the small movement of Xiao Gaoliang, you will have a valuation of 60 billion US dollars. Is it worth it?"

Wang Wanyu, who has always been on Wen Liang's side, couldn't hold back: "Mr. Wen, have you forgotten that the 15 billion funds supporting the Bolang terminal need to be returned before the end of the month?"

Hearing this, Wen Liang sat down on the corner of the sofa in the office, and said in a relaxed tone: "Then what's the matter, if I don't want to return it, I can let them take advantage of it?"

"Joke, I'm an upstart in the investment industry, you don't take the title of the strongest investor born in the 90s seriously?"

"Weibo has developed so much, why don't we have to hand over [-]% of the shares to me now?"

"Shanda Chen is awesome, he has been the leader for so many years, and he wants to sell Shanda Literature to me!"

"I only asked for their money to save Yangcheng's face. How dare they have fun at such a low valuation? If you don't show it, I'll take revenge every minute!"

Then there are difficult words, such as "I will never be born, business is like a long night", "Shouldn't the richest man born in the 90s stand in front of you?" and so on.

Anyway, I just beat him to death and refused to admit that this wave of soft rice is delicious.

Wang Wanyu and Li Ze really tried a lot to hold back their laughter.

To be honest, they were really fooled by this wave of financing.

On the faces of the representatives of the investors, Mr. Wen really deserves to be Mr. Wen. He is gentle, courteous and thrifty, and has everything, and his style is simple.

It seems to be taking advantage of Bo Langtian.

In fact, there is a 6 in the Bolang terminal of Tama, and the 15 billion funds are all borrowed from the parent company. It is time to go back to do other things in these two days.

As far as the technical information is concerned, it is now considered rootless.

The ghost knows how much energy Zheng Qi, a mathematical genius, has spent to calculate a valuation range of 35 to 55 billion yuan from piles of messy data.

After a while, Li Zecai finally calmed down and could speak as usual: "What will Mr. Wen do next?"

"Wait for the final result of the SoC tape-out." Wen Liang had long thought about it, "Let's do the rest step by step, the funds are still not enough."

"The budget of 15 billion for collaborative research with universities is a necessary expenditure, so the remaining funds are 20 billion, which should roughly cover the production cost of the first batch of mobile phones."

Speaking of this, Wen Liang looked at Wang Wanyu: "Mr. Wang will lead the contact with Shanda. Shanda Literature still has to buy it quickly. If it must be 40 billion, it has to accept a one-year delivery period."

Wang Wanyu responded, "Okay."

Then Wen Liang looked at Li Ze: "Mr. Ze, from now on you will officially become the general manager of Bolang Terminal, and make a monthly plan as soon as possible, so I can see when the second round of financing will be held next year."

"I used to think that the first batch could be negotiated at 50 billion, but unfortunately the relevant parties have limited the scale, and it can only be 30 billion within the year."

Hearing Wen Liang's regretful and sighing tone, Li Ze's thick eyebrows seemed to be about to dance, and his mouth subconsciously echoed: "Yes, yes."

Regardless of the process, Bolang's financial pressure in the immediate stage has been resolved.

…………

later.

Xin Dai, who is not working at the company, announced the latest public relations news.

"Aliyun has released an invitation letter, and the launch event of a mobile phone with Acer will be held in Shanghai tomorrow afternoon. According to the news, this Acer mobile phone will be equipped with Aliyun OS."

As soon as the news came out, Wen Liang and Li Ze, who were planning to leave the company, stayed behind.

The opportunity that Bolang has been waiting for since the festival has finally come!
Afterwards, Li Ze quickly initiated the meeting.
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①: There have been local and national cases, and there is another example that is completely opposite. The investment debt is exempted from the poor management of the invested company. I don’t know the details. It’s all news reports.
: In order to avoid being reported, let's use the English name for this sensitive company.

(End of this chapter)