Internet 2010

In DCM's office, Lu Zhou was reading the documents to be signed.

Before coming, he had already consulted a law firm for the corresponding electronic file, and after talking with Lin Xinhe and Lei Jun today, he would also be reviewed by relevant lawyers.

"Lu Zhou, regarding the anti-dilution clause. There is no objection to this."

Lu Zhou naturally did not have much objection. After all, the valuation of Dream Valley advertising is not low, and DCM always has to come up with some terms and restrictions. What's more, this is not a limit, at best, it is a bet on the next round of valuation.

Now DCM has led the investment in Dream Valley Advertising, and the A round valuation has reached 100 million US dollars.

The price is a bit high, but it is reasonable. Based on Menggu’s current monthly profit of 3.5 million yuan, if the promotion work of Menggu is not carried out, the annual profit will be equivalent to about 6 million US dollars. At a price-earnings ratio of 50 times, Menggu can even reach 300 million US dollars. Valuation.

Therefore, although it is artificially high, it is acceptable to DCM. After all, Dream Valley Advertising has achieved initial profits even if it has not raised financing before.

And if DCM's money is invested, if Dream Valley Advertising can continue to increase its market share, it will naturally gain some gains in the next few rounds of DCM.

However, if there is an accident in the middle, and the poor management of Luzhou causes the valuation of the B round to be much lower than the 100 million US dollars of the A round, then the anti-dilution clause proposed by Lin Xinhe will take effect.

For example, the B round of Menggu’s discount financing is valued at 90 million, and the shares previously held by DCM will lose money. In this case, the founding shareholders of Lu Zhou and Fang Qiang must take the discount ratio from their own shares. out a part of the compensation DCM.

If Menggu Advertising develops further and worse and its valuation continues to decline, the founder's shares will decrease with the financing rounds. For the valuation difference in the middle, the founders have to compensate the previous round of investors with shares.

"Mr. Lin laughed. This is a common practice in the industry. It is also to protect the rights and interests of VCs. I dare not have objections. If there are objections, it is really impossible to discuss haha." Lu Zhou said with a haha.

After all, entrepreneurship goes all the way to the dark, which is the case from everyone's point of view.

"Boy, let me warn you too." Rebs interjected.

"Mr. Lei, please speak."

"The valuation of Dream Valley advertising today is too high. Although the price-earnings ratio is roughly calculated, it can far cover the valuation of 100 million, but it is a valuation practice before listing.

Competitors of distribution channels, I believe you also see it. To put it horribly, third-party market applications can only maintain a period of rapid development for a few years. When mobile phone manufacturers come in, the market in this segment will definitely continue to compress.

So don't talk about number one, try to keep the top three, and you can survive. "

"Thank you for reminding Mr. Lei. I have foreseen this. After all, Mr. Lei, you are also making mobile phones. In the future, the combination of software and hardware to provide added value to users can be said to be the winning point of rice."

"Haha. Yes, it's quite thorough. After a while, you can find me in the B round of Menggu Advertising, and Rice Mobile or my fund will have the strength to lead the investment."

Lu Zhou couldn't help laughing secretly. After all, this Rebs is a great individual. After reading the advertisement of Dream Valley, he also knows its future value.

"Old Lei, you're anxious about this. You haven't signed the A round today, so you are thinking of picking peaches in the B round, but I remember that your investment style is not like this." Lin Xinhe interjected.

"Luzhou, ah, this one, Qian Menggu will develop first when it is financed. The B round is up to you. After all, DCM is still a veteran in the industry. I will find you the lead investment institution for the next round. You can talk about it, it's all simple. ."

Rebs was not in a hurry and laughed to himself. How to get this matter, it may be difficult to say everything in the B round, but at this time, both of them have to express an attitude.

The subtext is nothing more than to let Lu Zhou remember the two brothers during the B round, and if they develop well later, remember to leave a mouthful of soup.

If it doesn't develop well? Oh, don't talk about feelings, just follow the terms.

"Boss, this is embarrassing for me." Lu Zhou showed a bright smile, showing a harmless appearance.

He changed the subject, "Mr. Lin. In addition, regarding the selection of directors, I would like to seek help on the human resources system and the law.

Frankly speaking, our Dream Valley advertisement is the stuff of a bunch of students. All systems and governance within the company are extensive. It's a bunch of interns who don't sound good.

What kind of contract, industry and commerce, manpower system, option setting, I have a headache just thinking about it.

So I hope Mr. Lin can provide some help, assist one or two. "

After hearing Lu Zhou's words, Lin Xinhe waved his hand directly, "Okay. I have appointed you a document for this person, and I will definitely give you a satisfactory answer."

In the middle, Lu Zhou asked and did not ask, Lin Xin and Du will always arrange for people to exercise the directorship of DCM, but if Lu Zhou did not ask for it, the candidate would be broad, and it would be enough to have a sense of supervision.

For example, when making a resolution, asking why you did it, why you spent so much money, and so on, the director plays a role in understanding the progress and supervision of Dream Valley.

As for votes and resolutions, as long as Lu Zhou did not do too much, DCM would generally not interfere.

Now that Lu Zhou has made a request, from the perspective of pleasant cooperation, Lin Xinhe has to try his best to meet Lu Zhou's needs.

Lin Xinhe naturally wouldn't take Lu Zhou as a good thing. Haha, doesn't this kid just want a labor force to help him solve some professional problems? He said that he just started a business and really doesn't know anything~ The director of www.readwn.com~ will make a plan and give opinions, and finally he will have to travel. Agree to execute the motion.

"In addition, Fang Qiang will be the CEO of the company. This has not been explained to you two before."

Both of them were a little surprised.

"Oh? I remember this Fang Qiang, he is a college student who just graduated this year. I don't know the relationship between the two of you, but to be honest, this investment for Lao Lei and I is not only about the advertisements of Dream Valley, but also more important. or your own worth.

I am very worried that you are not involved in the day-to-day operations of the company. "

Of course, Lin Xinhe said so, but in terms of shares or directorships, he couldn't interfere with Lu Zhou's decision. Even so, there are still opinions that have to be mentioned, after all, things are negotiated.

Rebs also nodded, "This boy is not like you running a train with your mouth full. You are also able to toss, and the penguins who declared war came two days ago. Let's get on it, haha."

"The two of you can rest assured. Although Dream Valley's advertising has only been a few months now, to be honest, I'm just an introduction. From May to today, the daily operations of the company have been handed over to Fang Qiang. "

"Then what else are you doing? Cloud computing?" Rebs asked curiously.

A word popped up in Lin Xinhe's mind, "WeChat?"

This is not the relevant information he found when he asked his subordinates to do due diligence some time ago, but because all WeChat business has not been carried out, Lin Xinhe did not take it seriously. But now, he remembered the "show" of the Dream Valley Developers Conference a few days ago, and suddenly he was in a frenzy.

This kid has a plan! Really a big game of chess.

He glanced at Rebs and said calmly, "Okay. I'll accept it."