Salted Fish’s Self-help Strategy

? Yuan Jing's face paled. He is a professional investor in this business. He took out a calculator and quickly worked out Chu Yuanxi's specific plan. At the same time, he quickly asked: "What if we continue to raise funds in the future?"

"Simple, if there is further financing later, the net profit required for the gambling is calculated according to the actual net profit of the A-round financing weight ratio."

What does Chu Yuanxi mean? Assuming that the A round of valuation is 1 billion, all belong to the founding team including the employee stock ownership platform, a total of 10 million shares, 200 million raised, and 2 million shares are obtained. After the A round, the total valuation is 1.2 billion, and investors account for 1/6 of the shares. .

First look at the simplest model. Assuming that there will be no further financing, Chu Yuanxi’s requirement is that if the first year’s net profit reaches 333 million, the investor will give the founding team 1.0525 million shares, leaving only 947,500 shares. The share ratio fell to 7.9%, and the founding team’s holdings became more than 11.05 million shares. However, the company revalued at 20 times the net profit, and the value of this part of the investor’s shares was 525 million yuan, a surge of 325 million yuan.

At this time, Pakistani Entertainment's valuation is already 6.66 billion, which is the scale of an A-share listed company. In a bear market, it can even step on half of the listed companies. If the Pakistani people can go public, the valuation will change to the market value, and the total will have to rise, because there are few cultural and creative companies on the open market that are 20 times as cheap, and the profit of more than 300 million a year is absolutely for listing. Meet the financial indicators.

If the net profit in the first two years reaches 1 billion in total, the investor will give a total of 1.25 million shares to the entrepreneurial team, and the remaining 750,000 shares will still be priced at 625 million yuan at a price-earnings ratio of 20 times.

The net profit in the first three years totaled 2.666 billion. Investors gave a total of 1.47 million shares to the entrepreneurial team, and the remaining 530,000 shares were priced at 785 million yuan.

That is to say, if any one of the three conditions is fulfilled, the investor’s shareholding ratio will fall sharply, but the net value will increase significantly because the company’s total value increases rapidly.

This expansion is called gambling, and it is actually an incentive.

As a financial investment, this plan is very reasonable, but it is a harmonious word for venture capital! what--

Calculating the third year, if the company has just completed the gambling, the net profit is 900 million yuan a year, and investors assume that they can sell shares at a price-earnings ratio of 17.8 billion at 20 times the price-earnings ratio, then invest 200 million yuan and make a big profit of 5.8 in three years. Billion, the rate of return is close to 100% per year. The problem is that the risks are huge! I have never heard of a three-fold return rate in the A round of investment startups, and 30 times is almost the same!

Yuan Jing would like to ask Chu Yuanxi, can you tell the difference between VC investment and PE investment?

At the same time, he would like to ask if you are serious about this bet? What is the concept of net profit of 2.7 billion in three years, do you know? How many star White Horse stocks listed on A-shares are heavily held by funds and have not had a net profit of 2.7 billion in three years? Do you know that in the past three years, Foshan Lighting, Xinhecheng and Yunnan Baiyao, the three super-large white horses, how many high-quality assets in A-shares have recorded net profits? Simply Asiba!

In fact, he could also treat the gambling proposed by Chu Yuanxi as non-existent, because it seemed impossible to complete at a glance. You just raised a round of financing, what kind of profit are you talking about? He has read a lot about the gambling agreement of the A round of financing. In his memory, he has never seen a requirement for profit. Investors who request such a request will be regarded as bullying or ignorant. Chu Yuanxi arrived...

At this time, Yuan Jing finally understood why Chu Yuanxi asked them to put out two or three billion in the A round. This has its logic, no more points, investors can't lose when gambling...

In particular, Chu Yuanxi regards herself as a super potential stock that has been listed. On the open market, stocks that can earn 300% in three years are rare even in a bull market, requiring very high investment skills and research skills. Or a very superb news channel...

Seeing Yuan Jing’s face, Chu Yuanxi decided to cheer him up: “It’s rather uncomfortable to just look at the first three years, but my goal is to achieve a valuation of 100 billion yuan. The first three years are just a starting point, and there is no need to continue to cut back. Your shareholding ratio has changed."

"Valuation of hundreds of billions? The market value of China Reading Group is only more than 50 billion..."

"Ah, you are right. The Reading Group is mature and stable, not as radical as I am. We are not a typical cultural and creative enterprise. Pakistani Entertainment has always broken the rules."

Yuan Jing wanted to say something: My last name is broken, and my double name is regular, how about you hit me? Tik Tok is already a national-level application. It has been popular in half of Asia outside the country, and its valuation is only 10 billion dollars. There is no 100 billion valuation. Where can you find a 100 billion valuation?

Instead, he was not angry anymore. He was neither angry nor annoyed, let alone anxious. He became a lot more Buddha-natured. Instead, he became more interested in how Chu Yuanxi’s brain grows for bragging: "Then you plan to How to achieve this 100 billion valuation? Also, when you expect to achieve the 100 billion valuation, how much benefit will our early investors realize?"

"You are not actually early. Although it looks early, you started investing on a billion-dollar basis. You can't think of it as a venture capital, let alone think of it as a round A. You It’s easier to see it as a B round or C round."

Chu Yuanxi vowed to answer: "How do I achieve a valuation of 100 billion yuan? It is not time to talk about it. Assuming that only this round of capital is raised and a valuation of 100 billion yuan is achieved on this basis, you roughly Realize a net record of six to seven billion yuan, more than 30 times the return. Many angel investments can achieve hundreds of times the return. That's because the investment is small, and the 30-fold return of the hundreds of millions of investment is already good."

"It sounds like a lot, but why are you so keen on gambling? In terms of the financing ratio you designed, if you don't conduct gambling, the founding team has enough money?"

"Because there may be financing later. What I can't accept is that the company is developing very well, but the founding team's shareholding continues to decline." Chu Yuanxi found that the difficulty of convincing Yuan Jing was much higher than expected.

After thinking about it for a while, he suddenly thought that the original world Xiaokang adopted a similar plan. The reason why it was no problem, even the plan was proposed by Yuan Jing himself. The reason was that his holdings were low... In the original world, he had been from the beginning. Only holding the founder's personal valuation represents so much, a little more than 10% is still a sufficient overestimation of his value, and Zheng De has always held the bulk.

The reason does not mean that he is working for Zheng De Fund, because Yuan Jing gave him the voting rights by way of agreement ~ www.ltnovel.com~ but he does have few shares. Then, through gambling and incentives all the way, Zheng De's equity was continuously diluted after several financings, and his own shareholding ratio increased slightly.

But Zheng De was very happy in this way. The stock price declined slowly but the stock price rose rapidly, making a lot of money overall. Moreover, every financing of Xiaokang needs Zheng De's cooperation, because even if the voting rights are handed over, the company's daily operation has nothing to do with Zheng De, but the priority of financing must be guaranteed. Zheng De will not be able to successfully raise funds without letting go.

And now in the plan he proposed, the founding team took an absolute majority, and Zheng De could only take a part of the two hundred million and became a weaker party. Such a reduction might seem psychologically difficult to accept.

But it won’t work if you don’t cut it, because assuming that the founder will hold 80% of the shares after the A round, the company will be valued at 100 million after raising 20 million. After a development round, the B round will be valued at 400 million, and then 100 million will be left. 64% of the equity is sold, and the C round is valued at 2 billion, and the financing is 500 million. The remaining 51.2% is still barely.

The full name of the gambling agreement is actually called the "valuation adjustment agreement", which is signed based on the expectation of performance growth. Under a healthy financing model, the founder team must replenish themselves in each round to stabilize the shareholding ratio. The way is to gamble.