my fintech empire.

Chapter 291 [Rejecting Foreign Investment]

As the news was released, other investors in the venture capital circle saw that Qunxing Capital finally opened its doors and planned to let other VCs get on the bus, not only Zhongtai Capital shouted to get on the bus, but also many large state-owned investment institutions who were interested .

Domestic investment institutions include Pengrui Capital, etc., as well as many internationally renowned venture capital institutions, such as IDG Capital, Sequoia Capital, Epoch Capital, Matrix Partners, SoftBank Investment, etc.

The reason why so many venture capital institutions are so enthusiastic is, of course, that they are optimistic about Weibo under Quantum Jump. Now the number of users has exceeded 1 million, and the investment circle is very optimistic.

The most important thing is that Xu Jingren's team has impressed investors with the operation and management of the microblog platform for more than a year. Every step of development and continuous launch of ideas let investors see the strong competitiveness of this team.

Weibo has just completed the A round of financing, and it’s not too late to get on the car now, especially investors are optimistic that the Weibo platform operated by Xu Jingren’s team is the most likely to stand out from the encirclement, at least according to the current development momentum.

At the same time, getting in the car now also means that the risk is further reduced. Although Qunxing Capital ate alone in the early stage, it also took almost all the risks. It is not too late to get in the car now.

……

Friday, June 10.

This morning, more than a dozen VC institutions at home and abroad gathered at Quantum Jump headquarters.

In a conference room, Xu Jingren directly invited all the VCs to talk together instead of talking individually. Before meeting these investors, he had already discussed with Fang Hong, and he had a certain idea of ​​how to proceed.

The current Xu Jingren has grown a lot compared to one year ago. It can be said that it is not an exaggeration to describe it as swift and violent, and his vision has been greatly broadened.

"I'm sorry, everyone..." In the conference room, Xu Jingren looked at people from foreign investment institutions such as Softbank and Sequoia and said, "Weibo's subsidiary cannot accept your investment."

"What? Don't accept it? Why?" The person in charge of Epoch Capital asked immediately, and all the foreign-funded institutions present were caught off guard.

"Because we plan to list the Weibo subsidiary on the A-share market." Xu Jingren said calmly, "The introduction of foreign capital will hinder our future listing plan, so I'm sorry!"

As soon as this remark came out, the seven or eight foreign-funded institutions present were half-fried and expressed their dissatisfaction.

The person in charge of Softbank suddenly said: "Why did you choose A-share listing? Isn't it good to go public in the United States?"

Other foreign-funded institutions immediately agreed, and they really couldn't figure out what kind of brain circuit the Quantum Jump team was in. Which Internet company in Greater China wasn't seeking to go public in the United States?

Xu Jingren replied calmly: "This is for the company to gain a better foothold in domestic development. This is a strategic decision unanimously made by the company's decision-makers and will not change. Our plan is to land in A shares within the next two years."

Among the people present, Liu Qizheng, the head of Zhongtai Capital, and Xiao, the head of Pengrui Capital, were all here. They, including several other domestic investment institutions, were surprised at what Xu Jingren said, and then I am secretly happy.

Especially Zhongtai Capital, Liu Qizheng is silent at the moment, but he is already thinking quickly in his heart.

Foreign capital was rejected by the Quantum Beat team, so Zhongtai Capital did its part. It is the most capitalized among the domestic VC institutions present.

Therefore, this time it is very possible to lead this round of financing. Originally, Liu Qi planned to follow the investment, and the lead investment must be foreign capital.

But now the situation has changed, Xu Jingren does not accept foreign investment, so Zhongtai Capital is the most powerful domestic institution to lead the investment.

At this moment, all the foreign-funded institutions that came here are trying to persuade Xu Jingren not to be extravagant, to accept foreign investment honestly, and then go to NASDAQ in North America to ring the bell and it's over. What kind of A-shares?

Some foreign-funded institutions even said that if they go public in the United States, they will be able to ring the bell in Nasdaq within ten months, and they can operate.

No way, foreign capital is in a hurry.

If Weibo is listed on Big A, there will be no chance for foreign capital at all, because the current A-share market has not been liberalized to foreign capital, and there is no such thing as northward capital, and it will have to wait until five or six years later.

"I'm really sorry, this is a strategic decision made by the company's board of directors, and it is impossible to change it." Xu Jingren remained calm, without the slightest hesitation.

Seeing his tough look, the heads of several foreign-funded institutions present cursed in their hearts.

It's gone!
So the people from Epoch Capital shook their sleeves and left first, followed by several other foreign-funded institutions who left helplessly one after another, and left a threatening sentence, which meant: You won't let me get in the car?Well, I'll throw money at your competitors, and you'll regret it later!
The people who invested in Softbank also left, and the remaining VC institutions in the conference room are all domestic-funded institutions.

At this time, Liu Qizheng, the head of Zhongtai Capital, was sitting upright, looking left and right at a few people in the same institution, thinking that the foreign-funded institution was gone, and now the labor and capital are the best.

Liu Qizheng turned to look at Xu Jingren and said with a smile, "Mr. Xu, can we talk about the new round of financing of the Weibo subsidiary?"

Xu Jingren smiled back, nodded and said: "It's easy to say, but before that, I would like to say something. The most important thing to thank for Quanxing Jump's success today is Qunxing Capital's unremitting support. To tell you the truth, the company is not short of money. Qunxing Capital manages enough money..."

Fang Hong explained what he said.

Liu Qizheng, Xiao Quan and other domestic-funded institutions present at the scene immediately understood when they heard this. This time, getting on the bus is not about Quantum Beat or the Weibo subsidiary is short of money, but to give everyone a chance to get on the bus and share with you. cake.

The financing is really due to lack of money. Qunxing Capital has more strength than you, and it is also more generous than you.

The further subtext is: You have no room for bargaining, I will make a price, if you agree, get in the car directly, if you don’t agree, you will pull down, and any form of bargaining is declined!
At the end, Xiao Quan, head of Pengrui Capital, said, "Mr. Xu, just speak up."

Xu Jingren nodded, and said bluntly: "For this financing, we have given a valuation of 70 billion yuan to the Weibo subsidiary, and plan to sell 15% of the equity to raise 10.5 billion yuan!"

"what?"

As soon as this remark came out, the investors present all showed consternation.

Liu Qizheng couldn't help but said: "Directly valued at the unicorn level? The Weibo subsidiary is a bit high."

The valuation is 70 billion, which is a little more than 10 billion US dollars, and the valuation of start-up companies reaches 10 billion US dollars. People in the industry call such companies unicorns.

Other investors echoed that, saying it was overvalued.

The last round of valuation was only 20 billion yuan, which is 2.5 times higher than the previous round of financing. How much room for premium will there be in the future?
What's more, for the spun-off Weibo subsidiary, 5 million of the previous round of financing, and 3 million of the funds are left in the parent company. The investors present are very clear that the current financing is about to be split Weibo subsidiary, not the parent company Quantum Beat.

Xu Jingren thought about the previous communication with Fang Hong, and then looked at everyone and smiled calmly: "Everyone, I don't want to go into too much detail about the prospects of Weibo. Since you want to invest in my company, you should believe that our team can hit the target." Destroy all competitors."

Xu Jingren, who paused for a moment, said again: "In the Internet industry, there is only number one, and there is no number two. If you have the idea that you can't be number one, but you can accept being number two, you might as well not vote. Since you can do it First, do you think 70 billion is an overestimate?"

Liu Qizheng and the others couldn't help being taken aback, they looked at each other in blank dismay, feeling a little surprised in their hearts.

This young man, this momentum, this confidence, can only say something.

If you think about it carefully, the Internet industry is indeed Hengqiang, a strong player in the Matthew effect. The industry's first almost occupies more than 70% of the market share, the second only has a share of more than ten percent, and the rest is other miscellaneous things.

The most typical one is QQ under Penguin, or the search engine Baidu.

Quantum Beat has the determination to be the first in the industry, and the current momentum is already at the head position. Although competitors are catching up fiercely, the Weibo platform under Quantum Beat has always been ahead. The key is that it can always launch innovative elements, which shows that the company is in the There is a strong vitality under the leadership of the team.

Liu Qizheng and others quickly thought of another point. The team had expert guidance behind them. The previous arrangements, especially the shutdown of Fanfou, were safe and sound, as well as the fact that they were attacked by traffic before. Coping and so on.

Without expert guidance, it shows that this team is not simple and has great potential.

The investors present were thinking about it in their hearts, and they were not in a hurry to express their opinions on the spot, but they had roughly made a decision in their hearts.

……

(End of this chapter)