1980 My literary era

Before the new year, Zhang Chaoyang went to the Chinese Literature Society.

"Why are you here free?" Lin Weimin poured him a cup of tea.

"No need to go to the Three Treasures Palace!"

Zhang Chaoyang took out a document from his bag and said: "Teacher Lin, the company has made more than 2 million yuan in advertising fees in the past six months, but it can spend more. Not only the money earned is spent, but also the financing money is spent." I’ve raised more than half of it, and I plan to raise another round of money.”

Lin Weimin looked at the business plan written by Zhang Chaoyang and asked, "What's the matter? Are you thinking about it? Don't you worry about the shares anymore?"

"There's nothing to worry about. Sitong Lifang hasn't accomplished anything yet, and Wang Zhidong's shares are only 13%, so I have nothing to worry about." Zhang Chaoyang said with a relaxed expression.

His confidence and ease were certainly not given by Wang Zhidong, but were brought about by Sohu's rapid development over the past year.

It is no exaggeration to say that China's Internet in 1998 belonged to Sohu. Since the launch of Sohu's webpage at the beginning of the year, Sohu has led the current domestic Internet industry in terms of the number of users, popularity and influence. It can be said to be a standout. .

After this year of development, Sohu has initially established the prototype of a large-scale portal. As long as it continues to develop steadily according to the current trend, in less than three years, Sohu's influence will be comparable to that of any provincial satellite TV platform in China. .

As China's Internet continues to develop and the number of users continues to rise, Sohu's influence will further expand.

Zhang Chaoyang even imagined that one day in the future, Sohu's influence and coverage would reach the scale of a national media.

Therefore, under this situation, the first thing Zhang Chaoyang has to consider now is no longer the issue of how many shares and equity he personally owns in Sohu.

One step faster, one step faster, so that Sohu will always be one step ahead of others, and becoming the number one company in the domestic Internet industry is Zhang Chaoyang’s top priority now.

"Just think about it clearly." Lin Weimin agreed with Zhang Chaoyang's idea and asked: "Where are the financing targets? Who is willing to invest?"

"Goldman Sachs is interested in continuing to invest, and Intel is also willing now, as well as Ye Keyong from China China Net. However, our investment in this round is too large, and he cannot finance the car with his small amount of funds, so I declined."

Zhang Chaoyang introduced several potential investment institutions, with a bit of pride suppressed on his face.

Intel ignored him back then, but now that they have seen the development of Sohu, they have changed their tune and begged to invest in Sohu. How could this kind of counterattack and slap in the face not make Charles Zhang Chunfeng proud?

"And on your side, I wanted to ask you if you want to invest more." Zhang Chaoyang said.

Lin Weimin shook his head, with a smile on his face, "I didn't follow the investment last time because I was afraid that we would acquire too many shares. If you have ideas, I'm afraid we won't be able to afford to invest this time."

His words warmed Zhang Chaoyang's heart. Zhang Chaoyang said with a smile: "The valuation this time is indeed much higher than before. It is not worthwhile to invest again."

In fact, among the potential investors mentioned by Zhang Chaoyang just now, only Goldman Sachs is truly capable of investing heavily in the fourth round of financing.

"This should be the last round of financing before Sohu goes public. After this time, you will prepare for the listing. The high point is natural. Sohu is worth this price now. 'China's No. 1 Internet Stock', Guang Just this name is worth a valuation of US$200 million.”

Zhang Chaoyang was so proud of what Lin Weimin said, and the smile on his face burst out uncontrollably, "Your vision is still accurate. People from Goldman Sachs contacted me before and were very sincere. They quoted a valuation of 200 million in this round."

"Low!"

Lin Weimin took a sip of tea and said: "I said that the title of 'China's No. 1 Internet Stock' is worth 200 million yuan, but that doesn't mean that Sohu's round of financing is only worth 200 million yuan. Now the Nasdaq market is booming. You It should be remembered that Sohu becoming the first Chinese Internet company to be listed on Nasdaq is not only beneficial to Sohu itself, but also a huge help to the performance of investment companies..."

Hearing this, Zhang Chaoyang's eyes immediately lit up!

He is indeed a cunning person. Teacher Lin's way of thinking about the problem is really tricky. Why didn't he think of this?

"China's Internet industry has been booming in the past two years. Sohu is almost unique in the domestic market. As long as they can negotiate with you, they will never choose anyone else easily."

Zhang Chaoyang suddenly thought of what Lin Weimin had said to him before. It was not until today that he understood the true meaning of this sentence.

This is like buying and selling second-hand houses. There are 100 houses listed for sale in a community. Everyone is asking for 1 million, but only one house is listed for 900,000.

So before this 900,000 house is sold, the houses in the community will never be sold.

Zhang Chaoyang couldn't help but marvel in his heart. Teacher Lin had understood and explained the problem clearly a long time ago, but he didn't deeply understand its meaning until today.

Zhang Chaoyang suddenly felt a bit lucky in his heart. On the development path of Sohu, it was a blessing for him and Sohu to meet an investor like Mr. Lin who was both a teacher and a friend!

"400 million! What do you think of 400 million?"

Zhang Chaoyang decided to open his mouth like a lion.

Lin Weimin joked: "You have a big appetite!"

"Didn't I learn this from you?"

Lin Weimin mused: "There should be no problem. But I will need Goldman Sachs' help for future listings, so I don't have to bite the bullet so hard."

At Sohu's stage, listing on Nasdaq is the only way to go, but a successful listing cannot do without the help of financial giants such as Goldman Sachs.

The two parties complement each other and Zhang Chaoyang's lion opens its mouth. Goldman Sachs is willing to join the game for the sake of greater interests after Sohu's listing.

Zhang Chaoyang nodded, "I understand."

Lin Weimin said at this time: "After getting the fourth round of financing, we still need to promote the listing as soon as possible, preferably in the first half of the year."

Hearing this, Zhang Chaoyang was a little surprised.

If we go by our previous assumptions and Sohu only received its fourth round of financing during the Chinese New Year, there will be no shortage of money at all. Listing in the first half of the year is equivalent to planning to go public just after receiving the fourth round of financing. No matter how you look at it, it is too impatient.

"I heard that Sina is in contact with SoftBank and DCM recently, including Goldman Sachs. It is said that their financing amount in this round may exceed 20 million US dollars. If they get this money, Sina will take off. Just around the corner.

If Sohu doesn’t tighten its grip, it’s still unclear who will win the battle between “China’s No. 1 Portal Stock” and “China’s No. 1 Internet Stock”! "

Zhang Chaoyang was shocked when he heard this.

Sina is a new company formed by the merger of Stone Life and Huayuan Information. Although the merger was just completed in December, the strength of these two companies cannot be underestimated, and they have the shadow of American financial capital behind them. After the merger of the two companies, if they continue Having received tens of millions of dollars in financing, it is almost Sohu’s biggest competitor in the domestic Internet industry. Sohu will inevitably face fierce competition from Sina in the next few years.

Zhang Chaoyang's first reaction was that Sina could not successfully obtain financing, but then he rejected his idea. This was not something he could decide.

Since Sina's financing cannot be disrupted, the best way now is to secure its position and establish Sohu's leading advantage in China's Internet and Nasdaq in the United States.

In a flash of thought, Zhang Chaoyang already had a plan in mind.

"The valuation of this round of financing can indeed be more flexible. How about I attract a few more venture capital investors and form an exclusive investment agreement?"

Lin Weimin immediately understood what Zhang Chaoyang meant.

Nowadays, there are not many foreign investment institutions willing to invest in the domestic Internet industry. Assuming that Sohu can attract several large companies to Sohu and sign exclusive agreements, then even if Sina can raise funds, the scale will be very limited.

This is tantamount to slowing down Sina's development. The Internet industry is slow one step at a time, and it will be even more difficult for Sina to catch up with Sohu.

Lin Weimin shook his head, "It's not worth it. Sina has money, connections, and resources. Even if you can stop them from financing this time, you can't stop them from raising money next time. China's Internet market is so big, unless Sohu can become a sole player Big, otherwise how can you stop it?

And if you want to sign an exclusive agreement, why should you sign it with those investment companies? How many shares do you have to give up to impress them? "

Zhang Chaoyang was awakened by Lin Weimin's words and knew that his idea was a bit wishful thinking. He looked serious and said, "You are right. Then seize the time to raise funds. During this period, you must spend money non-stop. After the new year, prepare to go public and strive for the mid-year Ring the bell at Nasdaq.”

After talking "seriously and thoughtfully" for a long time, Lin Weimin was relieved to see that he finally got through Zhang Chaoyang's work.

He added: "Right now you still have an urgent task."

"What mission?"

"Although Sohu's portal news business has developed very well in the past six months, it is still a side project after all. Before going public, you must formalize the news business. The most important thing here is to obtain the news business qualification approved by the State Council. "

Portal websites are a new thing in China, and the time to focus on news is even shorter. It is a blank area in terms of supervision.

But if Sohu wants to go public, there can be no gray areas and everything must be legal and compliant.

Generally, media units must first obtain the qualification to publish news business. Since Sohu wants to do news business, this procedure is indispensable.

Zhang Chaoyang felt a little embarrassed when he heard this, "I'm afraid this won't be easy to do. We at Sohu don't have the resources in this area."

As he spoke, he turned his eyes to Lin Weimin for help.

Lin Weimin sighed, "Come on, why are we also shareholders of Sohu? Let me tell you about this!"

Zhang Chaoyang beamed with joy, "Thank you, Teacher Lin, you are our guiding light at Sohu!"

"It goes without saying thank you. Taking Sohu public as soon as possible is the best reward for me."

"Don't worry, Sohu will definitely go public in the first half of the year. I will give you a military order!" Zhang Chaoyang said firmly.

"There is no need to issue a military order. With Sina chasing you, I believe your motivation will not be weak." Lin Weimin said with a smile.

Zhang Chaoyang couldn't help but laugh. This is true. Sometimes competition from peers is the most powerful driving force for entrepreneurs.

Three days after communicating with Lin Weimin, Zhang Chaoyang called.

Sohu's fourth round of financing has been completed, led by Goldman Sachs and followed by Intel Capital. This round of valuation of Sohu is US$380 million, releasing 18% of the shares, and Sohu has received US$68.4 million in financing.

The financing matter was completed in just three days. Zhang Chaoyang's decision-making was decisive and his actions were vigorous and resolute.

After the news came out, it quickly detonated the domestic Internet industry and financial circles.

The financing amount of US$68.4 million and the valuation of US$380 million set a financing record in China's Internet industry. Before Sohu, no Chinese Internet company had reached such heights.

Before the arrival of the Lunar New Year, Sohu has become the most popular and promising company in China's Internet industry. Everyone is sure that Sohu will become China's first Internet company listed on Nasdaq.

As the helmsman of Sohu, Zhang Chaoyang has also become the most shining star in China's Internet industry before the new century under the attention of countless media and people.