Perfection of Rebirth

Chapter 349 Attack on Xiaonei Network
The development of Xiaonei.com is also seen by many venture capitalists, especially Softbank. Seeing the development of Xiaonei.com in the island country, they very much hope to expand their shares in Xiaonei.com.As the general manager of Xiaonei.com, Tang Wenwen has negotiated with Softbank, IDG Capital, Sequoia Capital, CDH Investment and other companies for the B-round financing of 80 billion yuan many times.

Two or three months ago, some VCs valued Xiaonei at 80 billion. Although not every VC agrees with this valuation, it can at least be used as a reference.

In recent months, Xiaonei.com has seen a particularly rapid increase in new users, especially in island countries and South Korea where registration permissions are open to all netizens. Xiaonei.com is already among the top three or top five Internet companies in terms of local traffic.This adds a good favorable factor to Xiaonei's valuation.Internet companies that have passed the test of the international market and achieved better results than you are more popular with venture capital, especially internationally renowned venture capital institutions.

"Director Jiang, would you like to take the time to meet with representatives of several venture capital institutions? We already have a basic understanding of their initial thinking," Tang Wenwen said.

"How many VCs have made formal offers?" Jiang Hui said.

"There are about a dozen companies that have been contacted before and after, and there are also six companies that have officially offered quotations," Tang Wenwen said.

"Then communicate with the venture capitalists you have contacted, and say that Xiaonei intends to confirm the B round of financing in the near future, and now we will officially accept their quotations, and all institutions have the opportunity to re-quote," Jiang Hui said.

"Okay, Chairman Jiang, do we need to set a threshold to avoid messy financing conditions from a bunch of institutions," Tang Wenwen said.

"Let's take the valuation as the threshold. Those who agree that the starting price of Xiaonei.com is not less than 80 billion can continue to negotiate, and those who do not agree, there is no need to contact," Jiang Hui said.

In Jiang Hui's eyes, the current valuation of Xiaonei.com should be around 100 billion. Of course, the higher the venture capital investment, the better.If it is less than 80 billion, there is no need to talk about it.

……

"Mr. Tang, this is the official quotation document given by our company, please read it," the person in charge of WSB Capital said to Tang Wenwen.

Tang Wenwen took the document and looked at it carefully. How can I say that WSB is also the first company to submit a quotation after Tang Wenwen made the news, and his attitude is quite positive.

"Thanks to Mr. Guan's love, please take this quotation back. I hope we will have opportunities to cooperate in the future," Tang Wenwen said as he handed the information back to Mr. Guan.

"Mr. Tang, isn't the highest bidder wins the financing on Xiaonei? Why don't you just return our quotation to me?" said Mr. Guan.

"I'm sorry, our director Jiang said that Xiaonei.com will not consider negotiating with him if the quotation is lower than the valuation of 80 billion yuan," Tang Wenwen said.

"That is to say, the valuation of Xiaonei in the quotation must be higher than 80 billion to have the opportunity to participate in the B round of financing?" Mr. Guan said.

"Yes, 80 billion is a threshold," Tang Wenwen said.

"Then why didn't you say it earlier?" Mr. Guan said depressingly.

"Every venture capital has its own valuation method. In your eyes, the current Xiaonei.com is not worth 80 billion, so you submit the current quotation, and it has nothing to do with whether we mention it or not," Tang Wenwen said.

……

"Mr. Lin, I'm sorry, please take this quotation back. I hope we have opportunities to cooperate in other projects," Tang Wenwen said to Mr. Lin of Chenxi Capital.

"Why? Mr. Tang, we are very sincere," Mr. Lin said.

"I'm sorry, I don't see where your sincerity lies. We don't think it's necessary to waste everyone's time continuing to talk about the value of Xiaonei.com at less than 80 billion," Tang Wenwen said.

"The valuation of 70 billion we gave is already very high, besides, you never said that it can't be lower than 80 billion," Mr. Lin said.

"Sorry, I hope there will be other opportunities for cooperation in the future," Tang Wenwen said.

……

Softbank China.

"Have you heard the news about the recent B-round financing of Xiaonei.com?"

"Well, I heard that WSB Capital and other institutions rushed to offer quotations, but they were directly rejected. Jiang Hui set a threshold of 80 billion for Xiaonei's B round of financing."

"The quotation we originally planned to give was only 85 billion. According to the current situation, this price will not be able to get the share of the B round of financing."

"Yes, the threshold is 80 billion, so Xiaonei's valuation requirement for the final financing must be more than 90 billion."

"The investment department will re-evaluate Xiaonei as soon as possible, and I will report to the headquarters after I come out. Our company must participate in the financing of Xiaonei. If you miss this opportunity, you don't know when you will have to wait in the future." up".

"Okay, I'll get ready right away."

……

What happened to SoftBank is also happening inside companies like IDG Capital and Sequoia Capital.After everyone heard about the valuation threshold of 80 billion for Xiaonei, they all re-adjusted their quotations.Give up or go all in, that's how these VCs think.

When Tang Wenwen received quotations from Softbank and other companies again, the highest valuation had already reached [-] billion.

Jiang Hui intends to take out at most 15.00% of the shares in this financing, and requires that at least half of these shares have no voting rights.This is mainly to avoid future refinancing and loss of control over Xiaonei after listing.

Jiang Hui now owns more than [-]% of the shares of Xiaonei.com, and after this financing, it is estimated that there will be about [-]% left.After another C round of financing in the future, it will be almost time to go public.According to this rhythm, after the listing, Jiang Hui will definitely hold less than [-]% of the shares, so it is necessary to take precautions in advance to ensure that he always has more than [-]% of the voting rights.

After several rounds of negotiations, Softbank, Sequoia Capital, and IDG Capital finally decided to jointly participate in the B round of financing of Xiaonei. Time to give priority to them, and this financing does not allow cash out.

According to the valuation of 110 billion and the sale of 15.00% of the shares, Xiaonei.com has 16.5 funds at once. Although these funds are not in place in one step, the first phase of [-] million is enough for Xiaonei.com to do a big job.

The current positioning of Xiaonei.com is somewhat similar to the computer version of WeChat. Before the mobile Internet market exploded, Xiaonei.com was basically the leader in personal social networking and photo sharing on the Internet. The two iron fists of internet influence.

　Regarding the update, at present, it is trying to maintain the rhythm of one update in the morning and two in the evening.Nanshantang needs to go to work during the day, and only has time to code at night, and sometimes there is no time to code after working overtime.However, Nanshantang made sure to try to make three shifts a day, at least two shifts.Although the update speed is not fast, it will definitely not be a eunuch, and it will not be unfinished.

　　
　
(End of this chapter)