Top of the big era

In Ziweixing's last round of financing, it introduced several domestic venture capital institutions. Sequoia China, Capital Today, Hillhouse Capital and Hony Capital are all well-known dual-currency funds.

At the time of that round of financing, Ziweixing's valuation was only about US$13 billion. In the past few years, the valuation has increased seven to eight times.

At that time, Sequoia China invested US$100 million and obtained 10 million shares.

In order to prevent Ziweixing's IPO issue price from being too high, which would lead to a decrease in stock activity, Ziweixing conducted a stock split of 1:3.5.

It means splitting the past 1 share into the current 3.5 shares.

So now Sequoia China holds 35 million shares of Purple Star.

Zhou Buqi found Shen Nanpeng, the head of Sequoia China, who was also an old friend, and wanted to persuade him to transfer some stocks in this round of financing.

For example, let Sequoia China take out 10 million shares, and then ask SoftBank to take out 20 million shares, and then make up 30 million shares to sell to emerging domestic venture capital institutions, so that they can also participate in Ziweixing's IPO capital feast. .

Shen Nanpeng knew that this round of Ziweixing's financing, Sequoia, was not in operation at all, and he was still celebrating the New Year at home. After receiving the summons from Boss Zhou, he quickly rented a private plane and rushed over, covered in dust, and said with a smile: "I thought something good was coming!"

Zhou Buqi said: "Giving you a chance to quit is a good thing."

Shen Nanpeng smiled and said: "This is going to be IPO soon. Wouldn't it be a huge loss to withdraw now?"

Zhou Buqi said: "Balancing risks, what if the IPO fails?"

If you sell Ziweixing's shares now, you can sell them at a high price.

Once Ziweixing's listing fails and the stock price breaks or even continues to fall, the value of Ziweixing's shares may not be as good as the price of this round of financing.

"Failed?" Shen Nanpeng shook his head, "I don't think this is possible."

Zhou Buqi said with a smile: "You are more confident than me."

Shen Nanpeng didn't joke with him and asked, "Do you need my help?"

Zhou Buqi sighed, "It's quite troublesome. The plan for this round of financing is to release 50 million shares. You should have heard about it. The main purpose is to get more domestic capital institutions to participate, thereby promoting the domestic capital market." development of."

Shen Nanpeng nodded, "This is what a big entrepreneur like you should do."

Zhou Buqi accepted the other party's praise generously and said, "But the Social Security Fund has given a big plan and wants to acquire 40 million shares."

"Ah?" Shen Nanpeng was surprised, "Social security?"

Zhou Buqi said: "Well, they seem to have approved a budget of 5 billion yuan."

Shen Nanpeng praised: "It shows the official's trust and support for you."

Zhou Buqi said helplessly: "This has disrupted all my plans. All the financing shares have been taken away by social security funds and pension funds. Ziweixing will be listed soon, and it is not easy to do it again." I have revised the financing plan and made it a mess. Publishers, investors, and Nasdaq will all have concerns, as if I want to play some kind of capital game."

Shen Nanpeng was convinced, "Well, it's better to do as little action as possible at this time. After all, it's going to be listed in the United States, so don't cause panic to the outside world."

Zhou Buqi smiled half-heartedly, "Then help?"

"Can you not help?"

"Can't."

"Why don't you go to SoftBank?" Shen Nanpeng didn't want to refuse. A big investor of his level would not reject Boss Zhou for a small immediate benefit. "SoftBank is the largest shareholder."

Zhou Buqi said: "SoftBank is also looking for me. Why don't I look for you first? You can set an example. After all, Masayoshi Son is a foreigner. I'm afraid it's not easy to communicate."

Shen Nanpeng didn't believe it at this moment and said funnyly: "Even if it's not easy to communicate, you're only telling others. You're still not easy to communicate? Just make a phone call and everything will be solved, right?"

Zhou Buqi said: "It is best to unify domestic capital and foreign capital. It will not be good to always focus on foreign capital. I didn't look for Today Capital, Hillhouse Capital or Hony Capital, so I looked for you." . Who told you to be the number one person in the domestic venture capital industry?"

"I'm not."

Shen Nanpeng was very humble and waved his hands repeatedly.

The two went to the Portman Hotel together, where there are many entertainment activities, including a Tai Chi center, an aerobics hall, and even indoor surfing.

Zhou Buqi usually plays bowling and drinks tea.

Boss Zhou is well-known in the industry for his good bowling skills, but Shen Nanpeng's level is much lower. He threw a few times and it was really not that good.

Then, he suddenly said: "Where is Ali? Is Ali moving?"

Zhou Buqi said: "Don't even think about it."

"Boss Ma's structure is so small?" Shen Nanpeng was a little unconvinced, "You can't even help me with such a small favor?"

Zhou Buqi smiled and said: "It's not that we are busy, we have a check on each other, and I also hold a lot of shares in Alibaba."

During the last round of financing, Ziweixing and Alibaba still had a deep cooperative relationship.

In addition, Zhou Buqi had a good relationship with Lao Ma, so he introduced Alibaba's investment. At that time, Alibaba had just gone public on the Hong Kong Stock Exchange and the company was very rich. Boss Ma spent a full US$300 million to get 30 million shares of Ziweixing.

After the share expansion, it has become more than 100 million shares.

The current valuation exceeds $2 billion.

It’s such a huge profit.

Zhou Buqi holds a lot of shares in Alibaba, and Yahoo also holds a lot, which makes Boss Ma somewhat uncomfortable. At this time, it is impossible for Ali to change hands in Ziweixing's shares.

Holding each other can be regarded as a certain mutual restraint.

Shen Napeng's level is very high, and the layout is not bad. He nodded, "I can transfer up to 10 million shares, and you can find others for the rest."

This is what he should do.

Compared with Capital Today, Hillhouse Capital, Hony Capital, including Goldman Sachs in the United States, Shen Nanpeng is indeed special. None of the other investors have joined Ziweixing's board of directors, but Shen Nanpeng has been an independent director of Ziweixing for many years.

Even Legend Holdings, the company behind Hony Capital, failed to get a seat on Ziweixing’s board of directors.

With this relationship, Shen Napeng naturally has to do more.

Zhou Buqi smiled and said, "Okay, I'm just waiting for your words!"

Shen Nanpeng said: "However, shares can be transferred, but the price per share cannot be less than 20 US dollars."

Zhou Buqi said: "23-24 US dollars, you won't lose too much anyway."

"OK."

Shen Nanpeng nodded.

For capital institutions, the purpose of investment is one, which is to cash out profits.

Generally there are three strategies.

First, cash out in the primary market, that is, during financing. For example, if the Series A company enters the market with a valuation of 10 million, and when the valuation of the Series C company reaches 500 million, it may be possible to sell all the stocks obtained in the Series A and cash out.

Second, cash out in the secondary market, that is, during the IPO.

Although a company is listed, the stocks held by early investment institutions have a long lock-up period and cannot be sold. So you can sell the shares during the IPO.

Third, it is a long-term holding.

I have been holding stocks for a long time, and when I find that something is wrong, I will look for opportunities to sell.

Most cash-out logic uses three strategies together.

First, cash out through the primary market to recover the initial investment to ensure that this investment will not suffer losses; then, cash out through the secondary market and make a small profit to ensure that this is a successful and profitable investment.

The remaining part is held for the long term.

Even if the company suddenly closes down or goes bankrupt, it will not be a fatal blow to the investors. Their investment has long been earned back in the previous primary and secondary markets.

For Shen Nanpeng, taking advantage of this financing opportunity to cash out part of the stock in the primary market will not only recover the investment, but also earn a large amount of income.

It’s also a good choice.

As for the remaining stocks, hold them for the long term.

Zhou Buqi went to the tea room with him to drink tea and said with a smile: "With you here to express my position, SoftBank will give me confidence, and Son will not be able to say anything."

Shen Nanpeng said: "There is a lot of cooperation between you, and he will not refuse."

Zhou Buqi pondered for a while and said slowly: "In the past, there was no way. Domestic capital had not been mobilized and there were a lot of policy restrictions. We could only go to foreign capital for help. Now the situation is different. I will look for investment in the future. When looking for partners, we can consider more domestic capital.”

"Oh?" Shen Nanpeng heard it right away, "You have a new project?"

Zhou Buqi smiled and said, "How about it? Want to participate?"

Shen Nanpeng said: "I can't ask for it!"

Zhou Buqi said: "A SaaS project is to build a cross-platform online collaboration design tool. A partner has been found. Steve Sinofsky, the executive who resigned from Microsoft, doesn't know. Have you heard of it?”

Shen Nanpeng took a deep breath, "The godfather of Office software."

Zhou Buqi smiled and said, "Yes, that's him. We have already provided the starting capital, and I can invite you for any future rounds of A, B, C, and D."

"good."

Shen Nanpeng didn't need to do too much research. As long as there were three words "Zhou Buqi", he could vote with his eyes closed.

Zhou Buqi said: "There is also an e-commerce project. It is a cross-border e-commerce project. It is an entrepreneurial project of my ex-wife... Shi Jinglin, you should have heard of it."

"Of course I have heard of it. She is the big devil of Xiaonei.com. She started the school group buying. Later, she also led Yuanwei Group to be listed in Hong Kong."

Shen Nanpeng laughed.

Zhou Buqi said: "Yes, this project needs some funds, and the ambition is to build a global market. Taobao and on-campus group buying will help, and JD.com will definitely participate. What about you? Are you interested?"

Shen Nanpeng laughed and said, "Do we still need to choose? Even if the project fails, it will still be a huge gain."

"Okay, that's settled then."

Zhou Buqi is now very concerned about Shi Jinglin's entrepreneurial project.

After all, she is her own woman.

She had just given birth not long ago, and it was not good to see her running around so hard. As a man... he had to be a good backer for her and build a big framework for her.

Cooperate with Xiaomi to develop the Internet of Things and provide brand-guaranteed products, as well as the talents, technology and operational experience of Taobao, JD.com and on-campus group buying.

Then bring in several major venture capital institutions with strong social resources.

That's probably it.

They are all starting a business, but Shi Jinglin is different from others. She is a Zhou Buqi woman.