Gold Investor

Chapter 119 The Curse of Round C (2)
"Seeing an opportunity fall from the sky, and you are about to mess it up again, do you think I can take it easy?" Kong Dehui continued, "I heard that Mr. Fang of Xinglan Capital agreed to inject two capitals into Yijia Financial Holdings." Yi, the condition is just for you to cancel that bullshit cow card plan. For Yijia, this is a life-saving money! Everyone in the company is not happy? But you are in the middle, hindering everyone's good deeds. Really put Yi The house is ruined, where can I ask for the debt?"

Yuan Ruilang lit the cigarette in his hand: "So you came up with the trick of kidnapping me to prevent me from attending the board meeting, and then forced me to sign that statement."

"Don't say it so ugly." Kong Dehui laughed, "I just invite you to stay at my brother's hometown for a few days."

Yuan Ruilang said: "Your goal has been achieved, can I leave here?"

Kong Dehui nodded and said, "Of course. No, I'll come here personally and pick you up back to Shanghai."

"Thank you!" Yuan Ruilang said coldly.

Kong Dehui said slowly: "You don't need to be thankful, but after you go out, you won't do any more stupid things, right? For example, go to the Public Security Bureau to report that you were kidnapped, or find a media outlet to say that you didn't sign the statement voluntarily? "

"The overall situation has been decided, and I don't want to cause extra complications." Yuan Ruilang said this, but he made up his mind in his heart that once he regained his freedom, he would immediately report the case, and the previous resolution of the board of directors would be completely overturned.Yijia is my painstaking effort, how can I tolerate being taken away by others?Being kidnapped this time is a great shame and humiliation, how can this hatred not be avenged?It's just that he is still in Kong Dehui's hands now, let's talk about it perfunctorily for now, and let's talk about it after he escapes.

Kong Dehui patted the armrest of the sofa, laughed loudly and said, "You promised so readily, I can't believe it."

Yuan Ruilang was eager to get away, and said, "What I said will definitely count."

Kong Dehui waved his hand and said, "Old Yuan, don't treat me like a three-year-old child. If I really believe what you say, can I still be on the road to this day?"

Yuan Ruilang was a little anxious: "I've already said it, but you don't believe it, what should I do?"

Kong Dehui's face turned serious: "Promises are unreliable. The key is to find a way so that you don't dare to talk nonsense."

"What do you mean?" Yuan Ruilang asked.

Kong Dehui stretched out his hand, and Ma Tsai immediately handed over a document.Kong Dehui glanced at the document, then passed it to Yuan Ruilang: "Look for yourself."

Yuan Ruilang took the file and quickly browsed it.This is an account book, which records in detail the flow of funds of Yijia Financial Holdings in the past month.Yuan Ruilang asked puzzledly, "Why show me this?"

"You, are you really confused or pretending to be confused?" Kong Dehuibi twitched his finger and said, "Look at the last page, there is a sum of tens of millions, which was remitted from Yijia Financial Holdings to a company registered in Beijing. "

Yuan Ruilang certainly had an impression of this sum of money.Facing Fang Yubin's forcing the palace and sacrificing the Niuka plan, Yuan Ruilang was also planning to transfer funds.The only cash in Yijia's account was that he ordered the chief financial officer to transfer it to the company in Beijing.The legal representative of this shell company is Yuan Ruilang's relative, but Yuan Ruilang is actually in control of it.Yuan Ruilang's idea is very simple, if he can't hold the position, he must fortify the wall and clear the field, leaving no grain of food for the enemy.

Kong Dehui said: "You are also a veteran in the mall. No matter how impatient you are, you can't make such a low-level mistake! Do you know what this is? This is called unauthorized embezzlement of company funds, which is occupational occupation! If kidnapping is a crime, it is the same. It is a crime. You should know that a few days ago, Wu Changjiang, the founder of NVC Lighting, was sentenced for more than 10 years because he had a quarrel with investors and was caught by others for embezzling funds. The company failed to keep, and I still have to stay in the office.”

Kong Dehui leaned on the sofa, and the more he talked, the more complacent he was: "You are going to report the crime, and you are welcome. Brothers dare to come out to lend usury, and what they do is lick blood on the tip of a knife. If you do a lot of kidnapping, you can't do it." I haven't seen anyone do anything to Lao Tzu. It's really not possible, we two brothers go in together, so we can have a companion inside."

Yuan Ruilang was annoyed and regretted at the same time, at first he only thought about strengthening the wall and clearing the country, but he forgot about this.After being silent for a long while, he said slowly: "What a good way! Bind me to Yandang Mountain, held a board meeting while I was away, and then forced me to sign a statement so that Jiang Ruobing can legitimately exercise the power of the president. Once Jiang Ruobing takes power, immediately counterattack and reckon Check the previous accounts and grab my handle. They are all intertwined and seamless."

Kong Dehui unscrewed a bottle of drink and drank it.Before the drink in the bottle was finished, he threw the bottle out forcefully.The plastic bottle hit the floor with a loud bang.Kong Dehui went on to say: "At this point, it's time for you to know what's going on? First fool me with a few words, and then turn back immediately after going out. If you really want to play with such tricks, you will only shoot yourself in the end."

"I admit it." Yuan Ruilang said bitterly.

Kong Dehui said: "It's good to accept the fall, and you will learn a lot of wisdom. But now, you have no face to stay in Yijia Financial Holdings. The last time the board of directors met, you were only dismissed from the position of president. The chairman, I think you resign yourself."

"You guys are going to kill them all!" Even though he was in a dangerous situation, Yuan Ruilang's eyes still shot out angry flames.

"Not to mention." Kong Dehui said, "You just quit the management of Yijia Financial Holdings, and the equity is still in your hands. In the future, the company will develop well, and you will be able to pay a lot of dividends. Since you can lie at home and count the money, why do it yourself? Take that guilt!"

"From your tone, I seem to have no choice." Yuan Ruilang said desperately.

"Knowing that you have no choice means that you are not confused yet." Kong Dehui laughed.

"I promise you. But there is one thing, you might as well tell me." Yuan Ruilang looked directly at Kong Dehui, "Who is behind your back? Fang Yubin or Jiang Ruobing? Even if I fall, I have to know whose hands it fell into."

Kong Dehui patted the sofa, and seemed to be furious: "Who can order me to move me? I did this just to ask for debts, and no one needs to order me."

It was the first time that Yuan Ruilang's laughter was heard in the room, but the laughter sounded a little scary.After laughing, Yuan Ruilang said: "You said just now, I am not confused yet. Will I believe what you said? It is true that you want debts, but there are many things that you can do alone? You are a loan shark , How could you get the minutes of the board meeting of Yijia Financial Holdings in the first place? Who did you hand over the statement I signed? And this account book is the core secret of Yijia Financial Holdings. Will there be?"

Yuan Ruilang's barrage of questions made Kong Dehui at a loss for words.After a few minutes of silence in the room, Kong Dehui slowly opened his mouth: "I said no one ordered you, so you can believe it or not. Now you can go, should you go or not?"

"Of course I have to go." Yuan Ruilang said, "You are sure that I will not dare to make mistakes after I go out, and naturally you will not let me continue to eat and drink here for free."

Yuan Ruilang stood up and said, "The traffic here is inconvenient, please take me down the mountain."

The car was driving on the mountain road, and Yuan Ruilang, who had regained his freedom, rolled up the window, and saw the blue sky, and the beautiful rock peaks in the distance, steep and strange.The gentle mountain wind blows the drifting white clouds, which reveals a bit of charm and tranquility in the haze.This kind of scenery deserves to be the No.1 mountain in the southeast!

Yuan Ruilang remembered that the mountain was named Yandang Mountain because there was a lake on the top of the mountain, the reeds were dense, and the grass formed a sway, where many geese flew south in autumn.At this moment, I am like a lonely wild goose, abandoned by everyone and unable to find its way back.The road ahead must be full of ups and downs, hardships and dangers.But in his heart, there is an extremely firm belief-I must come back and take back what originally belonged to me.

3 "C-round death" curse - [-]% of start-up companies will fall in the C-round financing threshold

In the chairman's office of Xinglan Capital, Fang Yubin turned on the computer and followed a live broadcast on the Internet.

Jiang Ruobing, the new chairman of Yijia Financial Holdings, is attending a donation ceremony. On behalf of the company, she donated 1000 million cash to medical institutions to help those sick children.The big star Chu Man also appeared at the event and was invited to act as a love ambassador, taking intimate photos with the patients.Chu Man said that she is also a mother, and her role as a love ambassador is entirely based on her mother's conscience and responsibility, and she will not receive a penny of compensation.

Fang Yubin naturally wouldn't believe a word of Chu Man's sincere speech.He has an iron abacus in his heart, and he can dial it better than anyone else.She is not interested in free volunteer work!When Yijia's capital chain was in crisis, Chu Man did not hesitate to issue an open letter to force Yijia to remove all posters in which she was the image ambassador.However, when Xinglan Capital increased its capital by [-] million and the company survived the crisis, she immediately joined them again.

Three months ago, Yuan Ruilang resigned as chairman of Yijia, and Jiang Ruobing took over as a matter of course.Relying on Fang Yubin's injection of [-] million cash and Jiang Ruobing's shrewdness, Yijia quickly turned around.

Jiang Ruobing allocated funds to allow the company to pay the principal and interest of all investors on time.Those who received the money were naturally overjoyed, and those investors who had invested their money in Yijia and had not yet reached the payment date were also reassured.The run of the crowd quickly subsided, and some investors who received money even handed over the money to the platform again.

Jiang Ruobing is even more of a master at building momentum. She held a grand signing ceremony and announced the news of Xinglan Capital's capital injection in a high-profile manner.Then the deposit system was introduced, and it was promised to make compensation in advance-if the funds lent by the platform encounter overdue risks, the platform will use the deposit to compensate investors first.Jiang Ruobing generously deposited 5000 million yuan in deposits in the bank, and then showed the deposit slips on the company's website and various promotional materials.

Another event is the donation ceremony held today.Fang Yubin, an investor, felt really distressed when he abruptly took out 1000 million.He knew the family background of Yijia. Although there was 5000 million cash injected, it took [-] million to fill the hole, and another [-] million was spent on the security deposit.The daily operation and marketing promotion of the platform, which one should not spend money?The money Jiang Ruobing had in hand was really not rich.

But Jiang Ruobing insists that P2P is still finance after all, and the most important thing to do in finance is to tell others that you are not short of money.Nowadays, there are many P2P platforms running around, but few of them can donate a lot of money.Through the donation ceremony, it is to tell everyone that you can rest assured when you invest your money in Yijia.Donating 1000 million is definitely more useful than advertising with 1000 million.

As the live broadcast of the donation ceremony came to an end, Fang Yubin habitually picked up his mobile phone and opened WeChat.Suddenly, he saw a Moments message that Yuan Ruilang had just sent.Judging from this circle of friends news, Yuan Ruilang seems to be enjoying a pleasant journey in Australia.In the photo, he is in good spirits, with the intoxicating scenery of the Gold Coast behind him.

Yuan Ruilang hasn't updated Moments for a long time, and the phone has been disconnected.Fang Yubin hurriedly left a message under the circle of friends, and at the same time grabbed the phone and dialed out.Unfortunately, as before, Yuan Ruilang's cell phone is still turned off.

At this time, there was a knock on the door. "Come in!" Fang Yubin said.

"Yubin." Jiang Ruobing appeared in front of her eyes.In reality, she is even more beautiful than what she saw on the live screen just now.Jiang Ruobing wears a white shirt, but the tie design is full of tension, so that the white shirt does not look monotonous, but has a soft and elegant beauty.Pair it with a high-waisted skirt to immediately show feminine and elegant curves.She is like this, not only born beautiful, but also able to wear monotonous workplace attire with full charm.

Fang Yubin smiled and said, "I was watching the live broadcast just now, but I didn't expect you to come here."

Jiang Ruobing sat across from Fang Yubin and said, "The donation ceremony is at the hotel across the street, very close to your office. But to be honest, I didn't dare to bother you, a busy person, but I just received a message about you. After reading the WeChat news, I felt infinite admiration in my heart."

"Taking fun at me again." Fang Yubin said, "What WeChat news related to me?"

Jiang Ruobing said: "Last week, did you go to Beijing to participate in a venture capital summit forum? At the forum, you also gave a speech?"

"That's right." Fang Yubin said.

Jiang Ruobing said: "There is an investment WeChat public account that sorted out your speech, and a friend forwarded it to me."

"It was just an impromptu speech at that time, without any preparation." Fang Yubin said.

"Your impromptu speech is already exciting enough." Jiang Ruobing's eyes were exactly as he said just now, full of admiration, "You invented a VM index, and you have explained the valuation of start-up companies clearly in a few words. "

"It's not an invention, but I've been in the investment industry for a long time, and I've seen all kinds of start-up companies, and I want to share my experience." Fang Yubin spoke modestly, but looked a little proud.This VM index is indeed his favorite pen. Jiang Ruobing has a good eye, and he grasped the key points from the whole speech at once.

Jiang Ruobing said: "How to analyze the valuation of a start-up company, using this VM index, the accuracy is probably very high. The key point is that this index is easy to understand, even people outside the investment circle like me can understand it at a glance." After a pause, she Then said: "You said this: V is the valuation, M is the number of months; the VM index refers to the multiple of the valuation difference between the current round of financing and the previous round of financing. For example, the valuation of a company after the B round of financing is 1 3 million, the valuation before the C round of financing is 3 million, the pre-investment valuation of this round is 3 times the valuation after the last round of investment, the time interval between the two rounds is 1 months, and the VM index is 3; if the valuation is still 6 times, the interval between two rounds is 0.5 months, and the VM index is [-].”

Jiang Ruobing continued: "You gave Xiaomi as an example. There was a two-month gap between its A round and B round, but because of the unprecedented success of the launch of Mi 1, the valuation has increased by more than 4 times, and the VM index is as high as 2.1. 10 months later, the VM index of the C round dropped to 0.4, 12 months later the D round VM index dropped to 0.2, and 16 months later, the E round financing, the valuation rose to 450 billion US dollars, and the VM index was around 0.3.”

"That's right." Fang Yubin said, "Your retelling is exact."

Jiang Ruobing said: "You not only invented the VM index, but also put forward a point of view - the VM index of the C round of financing should usually not exceed 0.5, otherwise it is a dangerous signal."

Fang Yubin nodded and said: "This is my point of view, and it can be regarded as a family opinion. For a start-up company, the post-investment valuation of the B round is 5000 million US dollars. If the C round is held after 6 months, the pre-investment valuation should not exceed 1.5 million U.S. dollars. If it is raised after 12 months, the pre-money valuation should not exceed 3 million U.S. dollars in principle.”

"I have two questions." Jiang Ruobing asked humbly, "First, why did you give the number 0.5 so definitely? Is it really so absolute that there will be no exceptions?"

Fang Yubin replied: "From the perspective of a start-up company, you may think that the figure of 0.5 is too conservative. In the era of Internet entrepreneurship where people are so bold and land is so prolific, why can't their company's valuation soar? But from the standpoint of investment From a human point of view, once the VM index exceeds 0.5, it proves that the company’s valuation premium is too fast, and subsequent investors will weigh in their minds, am I buying too much?”

"Of course, there are exceptions to everything." Fang Yubin added, "If a start-up company has a particularly explosive growth between two rounds or a sign event that seriously affects the company's future expectations, it is possible for the VM index to exceed 0.5. Another example, If the post-investment valuation base of the B round is extremely low, only a few million or 1000 million, and there is a large premium before the C round of investment, it is possible for the VM index to exceed 0.5. But from the analysis of high probability, exceeding 0.5 is definitely not a good phenomenon.”

Jiang Ruobing asked again: "Why did you specifically mention the C round of financing instead of the previous A round, B round, or several subsequent rounds of financing?"

(End of this chapter)