Consumer God

Chapter 426 is for you!

The next day was the last Sunday in March 2014, and Liu Minghao started working.

And Han Lie called Zhang Yiming to climb the Badaling Great Wall.

To be honest, going out to play with Lao Zhang is really boring.

This buddy couldn't rest his head at all, he was either thinking about technical issues, or chasing Han Lie to ask about the international situation and the financial environment.

Zhang Yiming now has a lot of things he doesn't understand, but he is very willing to learn.

Although there are some things that are useless after learning, Han Lie's attitude of thirsting for knowledge is not the same as that of Han Lie.

Gou Lie makes money for the enjoyment of power and status, and never affects entertainment because of studying work.

Zhang Yiming's professionalism is much purer.

However, this is probably the secret of his success.

Among the Internet tycoons, those who are addicted to enjoyment and love to show off basically stop at a certain height, but those who are not interested in money are getting bigger and bigger.

Don't laugh, normally, pleasure is contradictory to aggression.

Except for Han Lie, who is such an asshole, who can easily succeed while playing like crazy?
All have to be devoted to extreme concentration, as busy as a dog.

So, despite the fact that Han Lie and Zhang Yiming chatted a lot, in fact, his mind was no longer here.

Different ways do not conspire with each other, Yiming, you are useless, goodbye!
After parting, Gou Lie boarded the return plane without hesitation, leaving Liu Minghao alone in the imperial capital.

Then, Zhang Yiming, who returned to the company, was completely stunned after seeing the details of Liu Minghao.

"What?! This is really all the terms they gave?!"

Holding the papers, Zhang Lidong nodded excitedly: "Yes! It's basically confirmed, and the letter of intent can be signed at any time!"

Happy, of course, for a reason.

Liu Minghao's conditions were not harsh at all, on the contrary, he was as considerate as his own father.

In a normal PE investment contract, in addition to the general clauses, the most important content is the investor rights clause and the binding clause of the invested company.

The major item of investor power includes all legally obtainable powers of Tianxing.

such as:

Capital increase right, dividend distribution right, liquidation right, redemption right, anti-dilution right, IPO pre-emptive subscription right, most favorable right, first refusal right, co-sale right, equity lock-up clause, transfer right, information right, board of directors seat, pre-emptive right, pre-emptive transfer right, tag-along stock right, priority liquidation right, compulsory liquidation right, repurchase agreement, etc.

There are more than ten major items and hundreds of minor items, the level of complexity that a normal person would have their brains buzzing after reading them all.

Investors want all the power to keep their investments safe and maximize their profits.

The invested companies hope to give as little power as possible, avoid constraints, and save working for investors in vain.

This is a fundamental contradiction, so the detailed negotiations often take a long time, and every small clause has to be slowly worked out until both parties can accept it.

Therefore, every time a company raises funds, the negotiation team and legal affairs will peel off a layer of skin.

But how did Liu Minghao do it?

Except for the basic normal rights and interests, he only made requirements on the anti-dilution regulations, and the rest are all arbitrary!
There are no VAM clauses or performance promises.

There is no buyback clause.

They didn't even ask for the priority of repayment and the right of compulsory liquidation!

So it was all done in one day on Sunday, creating the fastest speed in history.

Zhang Yiming was as confused as a husky: "So... Han Lie really doesn't want to withdraw from the guarantee? How confident is he in us..."

Zhang Lidong said with emotion: "I have never seen such a generous investor in my life... Except for the most basic interest protection, he has almost given all the power to our team, and he is not afraid that we will cheat him?"

Zhang Yiming rubbed his forehead: "No, there are basic terms and conditions. The only way we can cheat him is to turn the Byte down and start a new one... I'll go! If the Byte is really down, won't Han Lie get back a penny?"

"Ah."

Zhang Lidong nodded, and sighed: "This kind of trust... makes me have the urge to die for my confidant!"

"Very good, I have no objection, let's sign the intention."

Zhang Yiming happily handed over the draft of the contract, and said: "Look at changing the contract, give others the power that should be given to them, take the initiative, look at this, Mr. Han is really a pure financial investor who sincerely seeks development with us, don't let others underestimate our structure."

"I know."

Zhang Lidong nodded: "However, this contract may not be useful. Mr. Han is a person who is easy to discuss. If there are any differences in the future, they can be resolved through internal communication, so there is no need for a contract."

The founding team's favorability towards Han Lie was immediately full.

Where can I find another good person who takes the initiative to give more money, has a strategic vision, and does not mess with the command? !
From now on, we will be brothers and sisters who love each other dearly, that's right!
The more Zhang Yiming and Zhang Lidong thought about it, the happier they were, and they went to sign the contract of intent happily.

then……

Shen Nanpeng beeped in bewilderment.

Negotiations for the B round of financing have already started, and many investment institutions know each other well, and are currently in the contract grinding stage.

The general process of talking about financing is-each of them first chats with Byte to make a preliminary intention, and then Byte will determine the shortlist, and then Byte will put out the best conditions to see if the shortlisted objects will follow.

If you can keep up, then it is up to Byte to choose at its discretion to see whose investment will be accepted in the end.

If you can't keep up, let's discuss again.

If the difference is similar, we can continue to discuss, because each investor has different endowments, and the conditions that can be provided must also be different, and the invested companies must consider it comprehensively.

Therefore, normally speaking, there are very few two institutions that produce exactly the same things.

But if the difference is too much, then there is definitely no chance.

Mr. Shen looked at the important terms and conditions of the latest fax, and he was completely stupid.

"Fuck! Who is this? What's wrong with the horse rider?!"

Brother Peng scolded his mother on the spot.

The main reason is that the conditions given by Liu Minghao are so lenient, it's outrageous!
Don’t want this, don’t want that, once Byte’s development is frustrated, Tianxing can’t even run away, and [-]% will be buried at the bottom.

The founder team can run ahead of them, isn't this nonsense? !

"Check! Go and find out what's going on with that PE!"

Boss Shen, who has never been very angry, really became impatient, and wished he could drag those clubs over, swung his legs over in a whirlwind, and knocked off their heads.

It turned out to be even more stupid.

"A newly established private equity investment fund? The first project? The total scale is less than 10 billion? No, you wait for me slowly, I'm a little confused..."

Brother Peng was completely manipulated by Han Lie and began to doubt his life.

He didn't understand.

I can't understand no matter how I think about it.

So, I specially asked my old buddy Zhang Fan to discuss it quietly.

"Dude, can you figure it out? Is that fund crazy?"

Eyes wide open.

There was one more beeping person.

Zhang Fan thought about it for a long time, then scratched his head painfully: "How about... I talk to them? Are you new to the industry and don't understand anything, thinking that as long as you can get in the car, you can discuss everything?"

"Let me ask someone to see who is in charge."

Brother Peng is now the school director of Jiaotong University in Shanghai. Although he is resident in the capital and doesn't go back to school very often, his contacts in Shanghai are also very important.

Not long after, he found out about Pan Shengwu.

"Hiss...why is it him?"

Zhang Fan was not familiar with demons, so he frowned and asked, "What's wrong?"

Shen Nanpeng smiled wryly and shook his head: "The local snake, Fuxing Mr. Guo's iron magnetism, is a very thoughtful person."

After thinking and thinking, he started to burn the CPU again: "It's still wrong! Pan Shengwu wants to invest, it's normal, but this person is not crazy, why is he doing this?"

Pan Shengwu is indeed not crazy, but he has a crazy son...

Now Pan Zi has returned to Shanghai, and he is happily drinking flower wine with Xiaodou and the others.

Then suddenly received a call from Liang Jianzhang.

Lao Liang is Shen Nanpeng's die-hard brother, the current CEO of Ctrip, a native of Modu, graduated from Aurora, and he knew Pan Shengwu when he was in the chamber of commerce in the early years, and Ctrip also dealt with local hotels during its development, so he could be regarded as a friend.

"Hello? Old Liang, you haven't contacted me for a long time, don't be silly, come out and drink flower wine!"

Pan Zi was in a particularly good mood, and he was kindly invited as soon as he came up.

Lao Liang didn't like this, but he had a heavy responsibility on his shoulders, so he had no choice but to grit his teeth and go to the appointment.

Then I was held down by Pan Zi and poured...

In the end, I went all out to find out the news: "My son-in-law is in charge of the company's major issues, and the small things are in charge of Lao Liu. I am in charge of entertaining partners and drinking flowers... By the way, what do you want to ask?"

Good guy, the next day, the letter of intent for cooperation between Tianxing and Byte was signed, and Brother Peng received the answer.

Well, it's still a useless answer...

Brother Peng didn't understand what Tian Xing wanted to do. He only knew that Liu Minghao was in the imperial capital and was in charge of negotiating the details. Han Lie and Pan Shengwu had already returned to the magical capital.

Come on, go see it!

After finally making an appointment with Liu Minghao, and sitting down for a chat, Shen Nanpeng's heart skipped a beat.

What the hell!

This guy is very clear about the unspoken rules in the venture capital circle!

So... on purpose? !
Up to now, Liu Minghao is still showing weakness to the enemy.

"Mr. Shen, you don't know the hardships of a small family! This is our first investment, and the boss fell in love with the headlines and insisted on entering the market at any cost. As a result, the competitors are all big institutions. What can I do?
I couldn't complete the task, and the board hit me on the head.

It's done, don't care about the price or not, the boss can say a few words at most, if it were you, how would you choose?
I'm sorry, I'm sorry, next time, I will definitely consider friends! "

Liu Minghao had a bitter face, full of grievances that I am desperate too.

Brother Peng was still trying to reason with Liu Minghao.

"Liu Lu, you still have to fight for the power that should be fought for. Now you let the bytes go and don't give them any constraints. After the investment fails, you can't get back a penny. Isn't the board going to hit yourself?"

Liu Minghao shook his head meaningfully: "How can I manage so far now? After three or five years, I don't know if I will still be in Tianxing, but in the past two years, I can count on our President Han to make a fortune..."

Brother Peng choked so hard.

Is there something wrong with Liu Minghao's words?
No!
He knows everything, but his greatest interests are not in it at all. What's the use of you telling him the truth?

Brother Peng returned disappointed, and had a small meeting after returning to the company. Then, when they heard about Tianxing's conditions, all the partners exploded.

"How does this follow?"

"I don't want the safety of funds, nonsense!"

"Venture capital is not crazy investment. The most important thing is always risk management. It is impossible for Sequoia to set such an outrageous precedent!"

Shen Nanpeng is still a little bit reluctant, he is really optimistic about Zhang Yiming's team.

"If you just follow up with 5% of the investment, you won't need 3000 million US dollars, and the problem of safety should not be too big..."

However, as soon as the voice fell, it was overwhelmed by objections.

"Nanpeng, we definitely won't get the majority of Byte's equity release this round. Once Tianxing hands over all voting rights to Zhang Yiming's team, they will always maintain an absolute power of more than 67. This is too dangerous."

"Nanpeng, you can't set a precedent!"

"3000 million US dollars is really not much, but it's 3000 million out of control! Don't ask for exit, don't ask for buyback, don't ask for priority... That's not how you do charity!"

"Tianxing is messing around, let's just watch it, there is no way to follow."

"Brother, it is indeed possible for Zhang Yiming to develop Byte very well, but I would rather spend $20 billion in the D round and get the due guarantee, than bet on whether the 3000 million with no guarantee can win!"

"Yes, the principle cannot be broken. We are a professional investment institution. Even if we invest 100 million yuan in the angel round, we must have what we want!"

Shen Nanpeng knew that everyone's opinions were correct, so he didn't fight any further.

That's what VCs are like - I can take legitimate risks, but I can't let someone else go crazy and lose control.

There are no rules and no squares!

"Okay, then officially notify Byte: We will not follow this round of financing."

After the small meeting, the partners were still full of resentment and ridicule towards Tianxing.

"madman!"

"When newcomers come in, they always want to make big news."

"Don't worry about them, this kind of rookie who has no sense of risk at all, even if he is lucky enough to vote for Tongxun Ali, he will eventually go bankrupt!"

"I know that Han Lie is really good in the secondary market."

"What is the use?"

"Yes, earning tens of billions is not enough for him to spend so much!"

"Haha, wait and see the joke!"

"What will he vote for next time, should we avoid it? It feels like a guiding light..."

Everyone talked and laughed, and didn't take the loss of Byte's B round of financing as a big deal.

Although the current Byte has some weather, the uncertainty is still high, and the hidden dangers from the public opinion level can be seen by everyone.

It may not be as clear as Han Lie, and the angle of view is so high, but everyone is familiar with the lessons learned by Fanfou.com.

Otherwise, based on Toutiao's DAU, the valuation is really not only 5 million.

If you block comments and suppress creators, user stickiness and commercial value will be greatly affected.

You are too laissez-faire and want to be popular, and the supervision will ask you to eat melons.

How far the news distribution platform with recommendation as the core can go is unknown.

Shen Nanpeng is the most regrettable, but it is not unacceptable.

The word Sequoia is the source of his confidence.

If Byte can really develop, then even if the D-round valuation reaches 150 billion or 200 billion, Sequoia can still afford it.

At that time, Tianxing, what resistance do you have?
Are you crazy about wanting nothing?
Hehe, funny!
……

When Sequoia's receipt was sent to Byte, Zhang Yiming felt a little regretful, but he didn't feel much surprise.

Zhang Lidong put together the rejection documents from Sina, Shunwei, IDG, Mingde and Sequoia, shaking his head and smiling bitterly.

"Yeah, it's all shrunk... Yiming, do you think Mr. Han did it on purpose?"

Zhang Yiming replied casually: "So what if it was intentional? The advantage is that it has been given to us in a solid manner. I am too lazy to guess what he thinks."

"This guy is amazing."

Zhang Lidong suddenly let out a sigh of emotion.

"I have decided, I must talk to him more when I have time, and make this friend well, there are so many things to learn..."

"Ah."

Zhang Yiming responded, his eyes still fixed on the computer screen, and his mind was not on this matter at all.

"As long as he keeps this attitude, then he will be our good friend. The more powerful he is, the happier I will be..."

"It's good. With him here, it feels like we can't suffer any more financially."

Zhang Lidong packed up the documents and prepared to retreat.

Before leaving, he suddenly asked: "By the way, I'm going to pledge some shares and cash to invest in him to see if I can earn some capital appreciation. How about you?"

"Okay, I've inquired with my classmates who are engaged in finance. Mr. Han is really good in this area. He just beat down a few old private equity companies, and his status in the world is very unusual."

"Then it's decided, and then we will go through the process slowly, and it will be announced in mid-to-late May."

"OK, say hello to Teacher Han for me, we will be a family from now on."

"Next week, I'll go to Shanghai to have a look. Bye!"

Zhang Lidong went out with the documents and went about his business.

Zhang Yiming rattled the code, completely forgetting the original intention of restricting Han Lie's shareholding.

Some people can't be restrained.

If you want to have a pattern, you need to have a magnanimity, you need to have a plan, and you need to have a strategy. What should you fight against?What to fight against?
When you meet, exchange your sincerity for your sincerity, and go all out to make friends.

Ten or 20 years later, if everyone has made some achievements, it will be a good story to spread.

Isn't it just 20% of the equity?

It's all for you!

(End of this chapter)