Wind Rises 2005

Chapter 368 Let's Forget It, I Think!
The reason why Wang is so arrogant is because he has the capital to be arrogant.

After all, Tudou.com has now been used to compete with YouTube, and was once recognized by the Huaxia venture capital circle as the next most likely company to become a unicorn.

You know YouTube has just been acquired by Google for $16.5 billion in stock.

No matter how bad Tudou.com is, as long as it continues to develop, the market value of [-] billion US dollars will not be a problem.

At least Zhang Suyang, Huang Peihua, Li Yongjin and other investment tycoons think so.

Because of Huaxia's large population, its potential is growing.Otherwise, in recent years, there will not be so many US dollar funds that have put the main battlefield in China.

So, as the founder and CEO of the most popular entrepreneurial project, how can Wang not be arrogant.

"Everyone, please sit down quickly, let's talk while eating!" Seeing that the room was a little cold, Xu Xin hurriedly called everyone to take their seats.

After all, she is the host of the guests and also the queen of venture capital, so she naturally sits in the middle seat.

But Zhang Suyang, Wang and the others sat on Xu Xin's right hand side very consciously, and they were not next to Ma Liang and Chai Daguan, so that people could tell at a glance that they were not all the same.

This is also related to the nature of the work of Zhang Suyang, Huang Peihua, and Li Yongjin, because they have no possibility of cooperation with Ma Liang.

Don't look like they work in large institutions, but they are mainly responsible for investment business in the Asia-Pacific region.

Although Ma Liang invested in Twitter, it was impossible for the three capital tycoons to follow suit, because it was the responsibility of colleagues in the US branch, so they didn't pay much attention to it.

On the contrary, it was Wang's Tudou that made Zhang Suyang and the others more concerned, so they agreed to the venture capital queen's appointment and planned to start a game together.

The speed of serving food in high-end restaurants is fast, especially Cantonese cuisine.

After a while, a table of delicious delicacies was served on the table. Xu Xin took the lead in toasting and greeted everyone: "Come on, let me toast everyone, thank you all for your face."

The queen of venture capital was very generous, and dried up the red wine in the glass in one gulp.

China's wine table culture is like this, even if the drink is expensive red wine, it is still boring to toast.

"Mr. Xu is too polite, don't dare to be, don't dare to be." Zhang Suyang followed suit and drank a cup.

Huang Peihua, Li Yongjin and the others also toasted to follow up, completed the opening ceremony of tonight's dinner, and then continued to chat with each other.

After three rounds of wine and five flavors of food, it finally came to the main show.

I only heard Xu Xin say: "Mr. Zhang, how will the next few rounds of financing of Tudou.com be played, please introduce it to everyone first!"

"Okay, then I'll talk about it first!" Zhang Suyang put down his chopsticks and began to talk in a leisurely manner, "Tudou.com has already conducted two rounds of financing, and it is expected to raise another three rounds before going public.

In the third round, the financing amount is about 2000 million US dollars, and 90% of it has been completed so far.

The fourth round is expected to raise US$6000 million;
The fifth round is probably about the same.

……

The final total financing amount is about 1.5 million US dollars, and the valuation of Tudou.com should reach more than one billion US dollars before listing.

If you refer to the current performance of YouTube, the stock should grow all the way after the listing, and the market value will go straight to 30 billion US dollars.

If it catches up with the good times, even 50 billion US dollars is not impossible.”

Zhang Suyang carefully analyzed the follow-up financing arrangements. For a veteran of the game like him, Tudou.com's road to financing and listing has long been clearly arranged.

After listening, Xu Xin added: "Brother Chai, Mr. Ma, the third round of financing is led by Capital Today and General Catalyst.

South Korea's KTB Venture Capital Fund, GC Enterprise Fund, and CA-JAIC China Internet Fund followed suit.
Zhang Zong, Helen and Sam will continue to follow up, and the general situation is like this.

With IDG, GGV Capital GGV and JAFCO Asia (JAFCO Asia) three big fund endorsements, plus our escort all the way, Tudou.com's next few rounds of financing will definitely be no problem.

The fourth round of financing will be led by Crescent Fund, and the talks are almost done, and there are basically no major problems.

Venrock, a venture capital firm owned by the Rockefeller family in the United States, is also very interested in following up.

For the fifth round of financing, we are negotiating with Temasek, and they should lead the investment, so the problem should not be too big.

In the next two rounds, large institutions will be the main investors, so we can make up the rest of the game, make the fourth and fifth rounds of financing more secure, and escort Tudou all the way to Nasdaq.

Brother Chai, Mr. Ma, there is not much left in the third round of financing. You can make a small investment, which can be regarded as buying tickets for the fourth round.

I don't know what the two of you think? "

What Xu Xin said was without any scruples, and he was more responsible than Wang, the founder of Tudou.com.

As an investor, it is not enough to just invest once, post-investment management is also very important.

Capital tycoons like them have to go a step further when they really play a project, just like a nanny, helping the founders to raise all the subsequent rounds of financing in advance.

That's the way it is done, and it's over if investment institutions like them make arrangements all the way.

On the contrary, the founders don’t need to be distracted from the financing, and just work on the project with their heads covered. This will make the company develop better and everyone will be happy.

Xu Xin called Mr. Chai here today to make arrangements for the fourth round of financing in advance.

Who let Boss Chai hold one billion dollars in his hands? It is not a problem at all to invest 800 million US dollars in the fourth round.

It's just that Ma Liang was an accident, Xu Xin simply counted as one and took him along.

Investing is different from doing business. No one will put all their eggs in the same basket, even if they are optimistic about a project.

Everyone is playing with one word, steady.

In addition to the angel round of investment, each subsequent round can have a ten-fold or eight-fold return, which is already very satisfying.

Even if it's not that much, a three or four times return on investment is a very good answer.

This is the normal way of playing in the venture capital circle. The bigger the capital, the more you want to play like this. It is not possible to make heavy bets every round.

If you do that, other investment institutions will not play with you.

Even if Ma Liang had the foresight, he would not be able to vote to the death every round when investing in projects in the future, because that would be meaningless.

Even if you invest all the way to the IPO, you can fry the valuation so much that it's useless for executives alone.

What everyone thinks is good is really good. A round of financing is required. After many large institutions participate together and have their investment endorsement, the valuation will be considered reliable.

If you vote to the end by yourself and hold [-]% to [-]% of the shares before listing, let’s not talk about whether it will be listed or not. After listing, there will definitely be no big funds willing to follow up.

Without a big fund to take over the offer, stockholders will not be able to bird you.

Unless your revenue is against the sky and your profits are against the sky, otherwise you will be blind, and even a fool can see that there is a problem.

And Tudou.com is a money-burning project, and it is impossible to make a profit in the early stage.

That's why Xu Xin, the queen of venture capital, will bother to make a game today, in order to ensure that his investment can be taken over.

Because beating drums and spreading flowers is the rule of the investment game in the primary market, and it is the right way for everyone to raise the valuation together, so as to truly realize the realization of investment.

Wouldn't it be a fool to inflate the valuation by himself and then buy it back by himself later?

Moreover, the later the financing, the larger the amount of funds required, and basically only large funds can participate.

No one will be so stupid as to continue to invest heavily in every round, speculate on their own high and then eat it by themselves.

If the development momentum of the next few rounds of projects is very good, it is already very conscientious to follow up and invest a little more at most to make up the game together.

The development of many projects is not as expected, and many institutions will even choose to withdraw early, and will not continue to hold shares in the company at all, and follow them all the way until they are listed.

This is the capital game, this is called the game, and it is not a logic at all to do business with ordinary people.

When Boss Chai heard this, he was very moved.

Although the third round can no longer take advantage of it, there is still a chance in the fourth round.

With the endorsement of US dollar funds such as IDG and GGV, and the escort of super-large capitals such as Kaixin Asia and Temasek, he is still in a panic, and the matter is over.

Chai Jin responded immediately: "No problem, sister, I can wrap up as much as there is left in the third round."

"Brother Chai, from what you said, you must give President Ma some credit!" Xu Xin complained angrily, then turned to Ma Liang and asked, "President Ma, what do you mean?"

Although she doesn't know too much about [Gale Capital], she is well-known for being able to invest in Twitter.

Including Ma Liang in this game is also a good endorsement.

At this time, everyone at the table looked at Ma Liang, just waiting to hear how he would respond.

Ma Liang regained his composure, and replied flatly: "Sorry, I'm a little tight on funds, so I'll forget it!"

(End of this chapter)