Yanzi Valley of Jingcheng

Chapter 262 Absolute Control

Sitting opposite Guan Sha, Lian Tianhai has white hair that reaches to his neck, and is wearing a high-quality black Zhongshan coat. "Hello, Mr. Guan." He smiled politely at Guan Sha, and his golden front teeth stood out. .

Guan Sha heard from Xiao Jie that people in the industry called Lian Tianhai "Mr. Lian".

Lian Tianhai is the founding partner and managing director of CDH Investments, a private equity investment management company. He started his own business before working as a venture capitalist, and later went to the United States to study and became a well-known Chinese investor on Wall Street.

CDH invests in a wide range of fields, including automobiles, finance, media, video websites, water affairs, chain restaurants and tea factories.

Of course, it is well known in the industry that CDH favors long-term rental apartments. In the past few years, it has successively acquired apartment brands such as Aishan, Lezu, Kaixin and Youyou. In 2015, it also invested in Aisin.com.cn.

All the resources in Lian Tianhai's hands are what Guan Sha needs, but Guan Sha resolutely refuses to agree to the condition of controlling rights, not to mention what Lian Tianhai wants is absolute controlling rights.

At present, none of the shareholders of Yanzigu Apartment has an absolute controlling right. The largest shareholder Guan Sha holds 43.89% of the shares, the second largest shareholder Jinquan Investment Group holds 32.59%, and the third largest shareholder Ye Taodu The shareholding ratio is 18.52%, and the last is CTO Ying Tianran, with a shareholding ratio of 5%.

This type of shareholding structure shows that every major decision of the company, all shareholders can sit together to discuss and discuss, the minority obeys the majority, Guansha has the most shares, and naturally has the greatest voice. The company has not yet experienced disagreement among shareholders , and basically follow the strategic guidelines previously formulated by Guansha and move forward steadily.

But if Lian Tianhai wants an absolute controlling stake, his shareholding ratio must be more than 50%. In this way, the real owner of Yanzigu Apartment becomes CDH Investment. What Guan Sha wants to do in the future, as long as CDH Investment invests With a veto, Guan Sha will not be able to do it. It is a bit like a veto in a board seat, that is, you can do anything I agree with, and you can never do anything I disagree with.

"Others can be discussed, but if he wants more than 50% of the shares, it's impossible." Guan Sha said firmly to Xiao Jie.

Xiao Jie didn't refute Guan Sha immediately, he said calmly, "We can talk again, it's not that the conditions offered by the other party for the first time are the final plan, the business is negotiated slowly one at a time."

Guan Sha thinks what Xiao Jie said is not unreasonable. She blames herself for being too impulsive before. If such a good resource as CDH is not seized, then the Phoenix that will be reborn in the ruins of the long-term rental apartment in the future may not be the Yanzigu apartment .

So Guan Sha agreed to ask Lian Tianhai to come out to meet and talk. The headquarters of CDH Investment is in Qingyang. Lian Tianhai said that he has time this Friday. In fact, it is a more advanced buffet restaurant than Junshangwangfu. Diners can watch the entire night view of Qingyang through the restaurant's 360-degree panoramic floor-to-ceiling windows.

Guan Sha and Xiao Jie went to the banquet together. As soon as Guan Sha came up, she complimented Lian Tianhai, "Mr. Lian, I see that you have been on the list for the past three years. There are many lists. What are the 30 most influential investors?" , China's top venture capitalists TOP50..."

"Haha, it's all a false name." Lian Tianhai opened a bottle of wine while talking.

When Xiao Jie saw the wine, he hurriedly said, "Mr. Lian, today..."

"Don't worry today, if you don't drink, you drive. I'll have two drinks with Mr. Guan today." Lian Tianhai said that he had already poured wine for Guan Sha, "Just two drinks, what do you mean, is it okay, Mr. Guan?"

"No, no, no, I can't drink." Guan Sha immediately declined. She knew that she would go crazy after drinking, and she would speak without restraint. There was still such an important business to discuss in the future, so nothing happened.

"Only two cups!" Lian Tianhai repeated.

"She really can't drink." Xiao Jie moved the wine glass in front of Guan Sha to his own, "I'll take her place."

Xiao Jie's eyes were very serious. After so many years in the world, he could tell at a glance that the relationship between Xiao Jie and Guan Sha was not ordinary, so he laughed, "That's all, let's replace wine with tea tonight. Mr. Xiao, you drove here. Stop drinking."

"Mr. Lian, what was your major in college before?" Guan Sha asked casually, afraid of embarrassment.

"Communications engineering." Lian Tianhai gave an unexpected answer, "So I was more interested in start-ups in the fields of Internet, wireless and enterprise information applications in the early days. Later, I found that the investment world is too big, and the market is too big. over……"

Guan Sha nodded, and then asked: "Nowadays, venture capital is investing in artificial intelligence, new energy, digital medical or VR/AR and new media industries. Why is Mr. Lian interested in long-term rental apartments?"

"Hehe, why does Mr. Guan want to do this? Especially in the current environment."

Guan Sha smiled when she heard the words, and only heard Lian Tianhai continue, "Investment is to invest in what people want, especially young people like you who have the ability to spend and are willing to spend, what you want most, I will What to invest in, and good investment depends on reverse thinking, and things that others are not optimistic about will have excess returns."

"Then if others are optimistic..."

"If others are optimistic about it, it means that it can be sold, unless the company has real cash flow later."

Tonight, the two sides were chatting while eating, which was very strange. According to Guan Sha’s previous personality, she would go straight to the point, but she didn’t today. She was very curious about investors like Lian Tianhai, and curious about the difference between him and Xiao Jie. , curious about his own personality and investment philosophy, and whether he is suitable to be a shareholder of Yanzigu Apartment.

Lian Tianhai said, "Others like to vote for the fastest one in a track. I am different. The fastest one is too expensive. I like to vote for the second, third or even fourth and fifth ones, and then combine them. Teamwork, more than the first."

"Then what if you can't surpass it?" Guan Sha asked.

"Currently in my hands, I can't surpass it." Lian Tianhai took a sip of tea, "People say that I am gambling if I don't buy No.1, and that as long as they have a first-mover advantage of three to six months, it will be difficult for me. After chasing, I also said that I am a strong gambler, but I am not. I am definitely not a gambler. I have calculated everything. Not only must things be good, but they must also be cheap enough. It is only good but not cheap, and it is not a good investment. Multiply the valuation of the Internet by 20, multiply by 30, that won’t work, at least know how to give this valuation.”

Guan Sha felt anxious when she heard the words, and thought that Lian Tianhai's talk revealed a feeling of bargaining. If she mentioned the digital transformation of Yanzigu apartment and the empowerment of the Internet at this time, wouldn't it be just a matter of bargaining? what?
Thinking of this, Guan Sha changed the subject, "Mr. Lian, how many projects do you watch in a year?"

"Hundreds of them, depending on the year, I saw thousands of them in 2017." Lian Tianhai said and glanced at Xiao Jie, "Of course, our CDH is not as good as Jin Quan, and Mr. Xiao must have seen it better than me." many."

"No, they are almost the same." Xiao Jie said.

"Mr. Lian, you started your own business before. What do you think is the difference between starting a business and investing?" Guan Sha asked.

"Entrepreneurship requires wholehearted devotion, more concentration, extreme concentration, investment will be different..." Lian Tianhai paused at this point, "Why? Mr. Guan also wants to be an investor in the future?"

Guan Sha looked at Xiao Jie in a blink of an eye, and said with a smile, "I can't rule out this possibility. You are all excellent people in this line of work, and you want to learn more. Of course, the premise is that Yanzigu Apartment must first become bigger and stronger. I can turn around by myself."

"There will be a day." Lian Tianhai said, "Actually, in my opinion, you female entrepreneurs pay more attention to details and pursue perfection. Of course, you are also more emotional, and the pressure from the friends around you is definitely not small."

"Stress is a good thing!"

Guan Sha didn't refute Lian Tianhai, she thought it's not a bad thing to show an entrepreneur's high-pressure tendency and fault-finding character in front of investors.

Before that, Guan Sha also heard from her postgraduate classmates at Apple that when Jobs was alive, his subordinates gave him a newly-made Apple prototype for acceptance. He threw the phone into the fish tank in the office without even looking at it, and then pointed at The fish tank said to the person in charge, "Look, there are bubbles, which means that the space in the phone is not fully utilized. Take it back and redo it."

"At present, we have figured out a way to save 3% of the cost of decoration, furniture, home appliances and cleaning without relying on Internet empowerment. The industry average of this related fixed cost is 15%, and we can achieve 12%. These are all picked out by our team point by point, and we can show you the specific implementation plan later.”

Hearing what Guan Sha said, Lian Tianhai smiled, "That's not easy, it shows that Mr. Guan is an excellent business manager." He clinked a teacup with Guan Sha as he spoke.

Guan Sha was secretly delighted, and secretly glanced at Xiao Jie, who was also looking at her, and didn't say much. Guan Sha believed that highlighting the aspects of her company's operation and management that surpassed that of the same industry would definitely be conducive to subsequent negotiations.

"Mr. Nalian, what size company do you usually invest in?" Guan Sha began to insinuate CDH's investment limit, she wanted to know what price a company considered expensive in Lian Tianhai's perception.

Lian Tianhai naturally knew what Guan Sha meant, so he didn't hide it, and gave the answer directly, "Generally, if the company's valuation is below 4 million US dollars, we will consider following it, and if it goes higher, we won't participate."

Guan Sha quickly calculated in her head that 4 million U.S. dollars is almost 26 billion yuan. A company with this valuation is already a giant for Guan Sha.

The last valuation of Yanzigu Apartment was only RMB 1350 million. Of course, that was the valuation when there was no big data analysis system and refined operation system. At present, the number of houses in Yanzigu Apartment is close to 800, compared with 250 last time. It has tripled again, so this time, apart from the shareholding ratio, the valuation must be higher.

Guan Sha thought of this and was about to speak, Xiao Jie's cell phone on the table vibrated, and the call reminded Guan Sha that she had seen it by accident, two words: Yan Li.

(End of this chapter)