Salted Fish’s Self-help Strategy

Thinking of some situations in the original world, Chu Yuanxi glanced at the audience again. Yuan Jing and Yuan Mu were sitting together. Yuan Mu frowned slightly, as if she felt that her work would become tricky after Chu Yuanxi said this. Many, and Yuan Jing nodded frequently, seeming to agree with this judgment.

"I'm not saying that financing with the PE system is not good, but premature IPOs and financing under the PE system mean that the start-up company is desperately undervalued by investors. The subsequent refinancing is impossible. Early listings can be a one-off. Raised a large sum of money, but this "a large sum of money" is relative to the company's size is not large enough, but if you want to maintain rapid development, financing cannot be stopped, what should be done in the future? Investors want to give the company a premium It is also not good to send cash, only according to the market price, then there are more problems.

So you can see that there are very few early-stage companies that can use the open market to grow into super-large companies, unless it is early to go public, but it has dominated a sufficiently wide track. the reason? The company is not large enough. Entrepreneurs must release more shares in order to raise the same amount of money. It is easy to lose control of the company and either fall into internal struggles or do not want to raise funds. In short, the company is not big.

In particular, companies on the open market are subject to more and more stringent regulations. For example, embezzlement of raised funds is a felony, and it is difficult for companies to maintain a pioneering posture. If the barbarians at the door come over, even more awkward. . Therefore, companies like TMD who are aspiring to become a super-large company are not in a hurry to IPO. They must at least achieve a scale of 300 billion yuan. If the company is large enough to consider going public, no barbarians are afraid. I said before that 300 billion is a pass, which is also before listing.

Conversely, in the venture capital stage, courageous investors can be "inspiring" because they are optimistic about the company, and can give a company that has potential but not yet taken off with over-spec support, regardless of the P/E ratio, allowing the company to fully realize its own Potential, reaching the expected height, and eventually growing into a super large company, a national-level and even a global-level company.

This is a question of quantity. As much equipment as there is, how much space should be arranged. So like the two of Magic City, they went public quickly and went to Nasdaq to do IPO, which is called the capital market myth? Investors are indeed very happy. They have made quick money. In fact, the ceiling is already obvious. It will take a long time to return from privatization in the future.

I don't want Xiaokang to become such a company.

To give another less appropriate example, iFLYTEK, originally expected to become the overlord of the track, what if this company was unlisted in 2013? Is it sure to explode with the accumulation of Xunfei technology? Based on the industry status and prospects of Xunfei in the past, how to raise funds? After 6 years of hard work and continuous large-scale financing, the market value of 300 billion should be the lowest limit, right? Properly large company.

Still assuming that iFLYTEK is not a listed company in 2013, and then IPO at that time, or how much money can the open market raise in the past 6 years? Considering the domestic refinancing environment in the past few years, 10 billion is the sky? It may not be there yet. From the perspective of financing volume, it basically negates the opportunity to become a large national company. "

Chu Yuanxi didn't say something. In reality, iFLYTEK completed its IPO in 2008. After 13 years of artificial intelligence, it has been desperately raising funds. It will do a private placement almost every two years, but it has only raised less than 8 billion.

Rising 8 billion is already an indescribable surprise for the average company, and it has to pay a lot of indescribable prices, but how can it be used for iFLYTEK, which is the ‘first share of artificial intelligence’ in China?

Xunfei is not Xiaomi. It raises some money to directly produce products. It is not known how much it is without directly forming the R&D direction of products and external sales. 8 billion is a drop in the bucket. It is impossible to do whatever you want.

So 6 years later, this track has been crowded with capable entrepreneurs. The highest peak of the market value of Xunfei is only 100 billion, which is not a breath away from the national level, and has almost given up the track.

After Chu Yuanxi finished talking about iFlytek, she found that there were a few big guys looking weird. If you think about who iFLYTEK has done with a fixed increase in recent years, this situation is very interesting...

"Exciting! Exciting!" Xu Xin tasted for a while after listening, and then unabashedly applauded quickly, "Your opinion is exactly the same as Yuri, a Russian investment crocodile. I like to invest in companies at a high valuation of three times the market price. Looking at people with a lot of money, one investment is a super company. If you don't become a business, I feel that you can get ahead in investing instead, really."

Chu Yuanxi laughed and said to her heart that this was all from the pit! Why did the original world start pursuing the listing after two years of work? Because, Chu Yuanxi just sprayed a bunch of babal~www.ltnovel.com~ what it was like to say "a bold investor".

And the overall attributes of the investor group in Xiaokangyuan World obviously has nothing to do with courage, even if Yuan Jing is hoarse in it, it is useless, so the morning market is good for everyone, and it is also a relief for Chu Yuanxi. When he is on the market, he is responsible for buying and selling, and his responsibilities to this group of investors are not so heavy.

This time the hero has come again. Of course, Chu Yuanxi hopes to purify the revolutionary team. Now he is qualified to select some truly courageous investors. At least Xu Xin said that the financing plan for August seems very promising.

Finally, this small investment report meeting finally ended, Fang Shiling felt that it was finally his turn, right? The result was not there yet, Yuan Jing still had something to say to Chu Yuanxi, and had to watch Chu Yuanxi take Yuan Jing and Yuan Mu into the tea room. Zhu Yan had been so sleepy a long time ago, he looked helplessly at Fang Shiling and Wei Ning, took them to another small meeting room, and ran away quickly.

In the tea room, Chu Yuanxi made two cups of tea for Yuan Jing and Yuan Mu, and then started straight to the point: "Actually, there is nothing else. I want to do a round of Pre_A financing in April at the latest in May."

"So anxious?" Yuan Mu did not expect, "your 100 million is enough to spend?"

"Sufficient flowers are enough flowers, but in April we will advance to milestone 2. According to the 100 million flowers, it is difficult to recruit particularly powerful people with the current situation of well-off. I sent you the milestone schedule. Right? We get the milestone in April and August so that outsiders can see a general picture of it, and it will be more attractive."

"Didn't you recruit some powerful people in front of you?"

"The talents in front of me are dug out one by one. For example, don't you know the process of recruiting Liu Lu? It's impossible to recruit people like this later, you have to open recruitment."

Yuan Mu was even more fascinated: "But are you not afraid to break the balance of the wage structure by relying on super high salaries?"