Perfection of Rebirth

Chapter 209
Mr. Song from IDG arrived at the conference room of Xiaonei on time.

"Mr. Jiang, I have finally met you in person. In the past six months, the Internet world of Tianchao has been terribly frightened by you," Mr. Song said with a smile.

"Hehe, it's nothing. We just have more creativity and put in more effort than others," Jiang Hui said.

"What we like most about IDG Investment are entrepreneurial companies that are creative and hardworking. Our company started venture capital investment in Tianchao in 1992 and was the first foreign investment fund to enter Tianchao. At present, companies such as Penguin, Du Niang, and Xiecheng are And our investment is in it," Mr. Song said.

"I've heard that your company invests in a number of companies in Tianchao every year. I have also noticed that Xunlei and NetDragon have your investment in it recently. Our Xiaonei website also welcomes sincere investors from all walks of life to share with us. The fruits of development," Jiang Hui said.

"The partners of IDG Capital have the longest cooperation time in China, and they are also the professional team with the longest cooperation time in the domestic venture capital industry. They have backgrounds in science and technology, medicine, finance and management, and rich management and venture capital operation experience. The performance and reputation in the industry have won the trust of entrepreneurs and investors. One of IDG Capital's strong advantages is that it has established a wide range of communication channels with entrepreneurs in Tianchao, and at the same time maintains a close cooperative relationship with them; Each company in the company will provide strong support in terms of capital, experience, and business relationships. IDG Capital is committed to assisting outstanding entrepreneurs in China to jointly create world-class technology companies. So, Mr. Jiang, you don’t have to worry about the sincerity of our company’s cooperation”, President Song said.

What Mr. Song said was not a blow to the wind.Due to their early entry into the market, future Internet giants such as Penguin and Du Niang have invested in IDG.In addition to establishing IDG Capital's position in the investment industry, these projects have also brought rich returns to investors.According to statistics from IDG Capital, the first fund started in 1993 and until 2003, the average annual rate of return was 36%; the second fund started in 1999, and the rate of return exceeded 40%.Up to now, IDG Capital has only invested more than 1 million U.S. dollars in China, and the return has reached [-] to [-] million U.S. dollars, which can be regarded as a lot of money.

"Xiaonei.com is actually not short of money now, but I still say the same thing: sincere investors are welcome. May I ask Mr. Song, what is IDG's valuation for Xiaonei.com?" Jiang Hui asked.

"At present, our preliminary estimate is [-] million, but if Mr. Jiang can provide further financial information and other content on the Xiaonei website, we will make reasonable corrections," Mr. Song said.

Since he was considering financing, Jiang Hui asked He Ling to make a simple financial statement for the venture capitalists to view, and the corresponding number of users and other information were also sorted out.

"I understand. I will provide you with a document after the meeting, and I will organize some financial information and other content on the Xiaonei website," Jiang Hui said.

According to Mr. Song's current valuation of [-] million, Jiang Hui will definitely not agree to financing. The main reason for the financing of Xiaonei is to consider the large amount of funds needed to build a data center in the future. There is no shortage of money.

"Well, then we will give a new valuation based on the information provided by Mr. Jiang," Mr. Song said. He probably also saw that Jiang Hui was not satisfied with the current valuation.

Everyone continued to talk for a while, and the first meeting ended.

……

After meeting with the team from IDG Investment, the next day was followed by a meeting with people from Sequoia Capital.

Sequoia Capital was established in Silicon Valley, USA in 1972.In the more than 30 years since its establishment, Sequoia, as the first institutional investor, has invested in many innovative and trend-leading companies such as Apple, Google, Cisco, Oracle, and Yahoo.In China, the Sequoia Capital China team manages billions of dollars in overseas funds and domestic funds, which are used to invest in China's high-growth companies.It can be said that this is a richer investment institution than IDG.

江辉专门去了解了一下红杉资本近十来年的发展情况，比IDG还要好一大截。红杉于1992年设立的6号基金的年化内部回报率为110%，1995年设立的7号基金的内部回报率为174.5%，即使因设立较晚而未完全收回回报的8号基金，在1998年到2003年初之间的内部回报率也达到了96%。这是一系列足令风投业任何人侧目的数字：行业内部回报率的平均水平，在15%至40%之间。

Jiang Hui was looking forward to meeting Sequoia Capital.

At ten o'clock in the morning of the next day, Sequoia Capital and his party came to Xiaonei under the leadership of Zheng Zong, the person in charge of Tianchao Branch, and Jiang Hui went to the elevator entrance to greet him personally.

Personnel introductions, greetings, and mutual compliments have almost become standard procedures for first-time interviews.Ten minutes later, the meeting finally got to the point.

"Mr. Zheng, I won't beat around the bush. You probably know the situation of Xiaonei. I would like to ask what is the valuation given by your company? Only when we have reached a consensus on this major premise can we continue The meaning of continuing the negotiation," Jiang Hui said.

"About the valuation of Xiaonei.com, we have several versions. The data of that version needs to be considered comprehensively based on the situation of Xiaonei.com and several other companies. Can Mr. Jiang introduce Guanghui Investment, Guanghui Technology, and Guanghui to me? What about the relationship between games, Brilliance Payment, Xiaonei, Meituan, Douban, Autohome, and several offshore companies?" said Mr. Zheng.

"Of course. To put it simply, these companies all have one thing in common, that is, they are controlled by me, but the form of control is different. Xiaonei is not fighting alone, or it will become an aircraft carrier, and a fleet will cooperate with each other to advance ", Jiang Hui said.

"Apart from Xiaonei.com, is Mr. Jiang interested in financing other companies?" said Mr. Zheng.

"As long as the valuation is appropriate, we can talk about it," Jiang Hui said.

Although Guanghui Payment and Guanghui Technology Jianghui have no plans to introduce new shareholders, there is no need to say it all at once.

"If these affiliated companies are indeed controlled by Mr. Jiang, then our team Mr. Jiang's confidence will be raised to a higher level. On Xiaonei.com, our company can conduct financing negotiations at a valuation of 8 million. Mr. Jiang is very concerned about this price. Are you satisfied?" Mr. Zheng said.

"I once said to the shareholders of Xiaonei, let them not be too surprised by Xiaonei's current valuation of [-] million or [-] billion. In a few years, each of their shares will not be much less than this valuation .”

(End of this chapter)