Consumer male god

The next day was the last Sunday in March 2014, and Liu Minghao started working.

Han Lie asked Zhang Yiming to climb the Badaling Great Wall.

To be honest, hanging out with Lao Zhang is not fun at all.

This guy's head couldn't be idle at all. He was either thinking about technical issues or chasing Han Lie to ask about the international situation and financial environment.

Zhang Yiming doesn't understand a lot of things now, but he is very willing to learn.

Although some things he learned were useless, his eagerness for knowledge was different from Han Lie's.

Gou Lie makes money for the enjoyment of power and status, and will never interfere with his entertainment by studying work.

Zhang Yiming's professionalism is much more pure.

However, this is probably the secret to his success.

Among the Internet tycoons, those who are addicted to enjoyment and love to show off basically stop at a certain height. On the contrary, those who have no interest in money are getting bigger and bigger.

Don't laugh, normally, enjoyment is contradictory to pursuit.

Except for Han Lie, who is such a loser, how can anyone be able to succeed easily while playing like crazy?

They all have to devote extreme concentration and are as busy as a dog.

Therefore, even though Han Lie chatted a lot with Zhang Yiming, in fact, his mind was not here at all.

Different ways don't work together. Once it becomes clear, you are no longer useful. Goodbye!

After they separated, Gou Lie boarded the return plane without any hesitation, leaving Liu Minghao alone in the imperial capital.

Then, Zhang Yiming, who returned to the company, was completely confused after seeing the details of Liu Minghao.

"What?! Are these really all the terms they gave?!"

Zhang Lidong took the pieces of paper and nodded excitedly: "Yes! It's basically confirmed, and the letter of intent can be signed at any time!"

There is a reason to be happy.

The conditions Liu Minghao gave were not harsh at all. On the contrary, he was as considerate as his own father.

In a normal PE investment contract, in addition to the general clauses, the most important contents are the investor rights clauses and the binding clauses of the invested enterprise.

The major category of investor rights includes all rights that Tianxing can legally obtain.

for example:

Capital increase rights, dividend distribution rights, liquidation rights, redemption rights, anti-dilution rights, preemptive subscription rights for new shares, most preferential rights, first refusal rights, co-sale rights, equity lock-in clauses, transfer rights, information rights, board seats, priority Purchase rights, priority transfer rights, follow-up rights, priority liquidation rights, compulsory liquidation rights, repurchase agreements, etc.

There are more than ten major items and hundreds of minor items. It is so complex that a normal person’s mind would be buzzing after reading it in its entirety.

Investors want all the power to secure their investments and maximize their profits.

The invested companies hope to give as little power as possible to avoid constraints and avoid working for investors in vain.

This is a fundamental contradiction, so detailed negotiations often take a long time, and every small clause must be slowly refined until both parties can accept it.

Therefore, every time a company raises funds, the negotiation team and legal affairs will shed a layer of skin.

But what did Liu Minghao do?

In addition to basic normal rights and interests, he only made demands on the anti-dilution regulations, and everything else was arbitrary!

There are no betting terms or performance commitments.

There is no buyback clause.

There is no claim for preferential liquidation rights or compulsory liquidation rights!

So we did it all in one day on Sunday, creating the fastest speed in history.

Zhang Yiming was as confused as a husky: "So... Han Lie really doesn't want to withdraw from the insurance? How confident is he in us..."

Zhang Lidong sighed: "I have never seen such a generous investor in my life... Except for the most basic protection of interests, he has given almost all power to our team. Are you not afraid that we will cheat him?"

Zhang Yiming rubbed his forehead: "No, there are basic terms. The only way we can cheat him is to collapse Byte and start a new business... I'll go! If Byte really collapses, will Han Lie lose a penny? Can’t you take it back?”

"Um."

Zhang Lidong nodded and sighed: "This kind of trust... makes me have the urge to die for my confidant!"

"It's good. I have no objection. Just sign the letter of intent."

Zhang Yiming happily handed over the draft of the contract and warned: "Please change the contract and give them all the rights that should be given to them. Be proactive. Look at this. Teacher Han is really sincere in colluding with us." As a purely financial investor in development, don’t let people underestimate our structure.”

"I know."

Zhang Lidong nodded: "But this contract may not be useful. Teacher Han is a person who is easy to discuss things. If there are any differences in the future, they can be resolved through internal communication without the need for a contract."

The founding team's favorability towards Han Lie was extremely high.

Where can I find another good person like him who takes the initiative to give more money, has a strategic vision, and doesn't give random orders? !

From now on, we will be loving relatives and friends, brothers and sisters, for sure!

The more Zhang Yiming and Zhang Lidong thought about it, the happier they became, and they happily signed the contract of intent.

Then……

Shen Nanpeng was confused.

Negotiations for Series B financing have already begun. Many investment institutions are aware of each other and are currently in the contract grinding stage.

The general process of talking about financing is - each of them first talks to Byte about a preliminary intention, and then Byte determines the shortlist. After that, Byte puts out the best conditions to see if the shortlisted candidates will follow.

If they all can keep up, then it will be up to Byte to choose which one will ultimately accept investment.

If you can't keep up, let's discuss it later.

If the difference is close, we can continue to negotiate, because each investor’s endowment is different, and the conditions they can provide are definitely different, and the invested company must consider it comprehensively.

Therefore, normally, it is rare for two institutions to come up with exactly the same things.

But if the difference is too big, then there will definitely be no chance.

Mr. Shen looked at the latest faxed important terms and felt stupid.

"Damn it! Who is this? Is there something serious about the horse rider?!"

Brother Peng scolded his mother on the spot.

Mainly, the conditions given by Liu Minghao were so lenient that they were outrageous!

Neither this nor that. Once Byte's development suffers a setback, Tianxing will not be able to escape and will be 100% buried at the bottom.

The founder team can run ahead of them. Isn’t this nonsense? !

"Check! Go and find out what's going on with that PE!"

Mr. Shen, who had never been very angry, was really angry. He wanted to drag those sticks over and knock their heads off with a whirlwind kick.

When I checked, I was even more stupid.

"A newly established private equity investment fund? The first project? The total scale is less than 1 billion? No, please wait for me to slow down, I am a little confused..."

Brother Peng was so fucked by Han Lie that he began to doubt his life.

He couldn't understand.

I can't figure it out no matter how much I think about it.

So, I specially asked my old friend Zhang Fan to discuss it quietly.

"Brother, can you figure it out? Is that fund crazy?"

Big eyes stare at small eyes.

There is one more confused person.

Zhang Fan pondered for a long time and scratched his head in pain: "How about... I talk to them? Are they new to the industry and don't understand anything, thinking that as long as they can get on the bus, everything can be discussed?"

"I'll ask someone to ask and see who makes the decision."

Brother Peng is now the director of Shanghai Jiaotong University in Shanghai. Although he is based in the capital and doesn't go back to school very often, his connections in Shanghai are not trivial.

It didn't take long for him to find out Pan Shengwu.

"Hey...why is it him?"

Zhang Fan was not familiar with demons, so he frowned and asked, "What's wrong? Is it difficult to deal with?"

Shen Nanpeng smiled bitterly and shook his head: "A local snake, reviving Mr. Guo's magnetism, a man with great ideas."

After thinking again and again, he started to burn the CPU again: "It's still wrong! Pan Shengwu wants to invest, which is normal, but he's not crazy, so why is he doing this?"

Pan Shengwu is indeed not crazy, but he has a crazy son...

At this moment, Pan Zi had returned to the Magic City and was happily drinking flower wine with Xiao Dou and the others.

Then suddenly I received a call from Liang Jianzhang.

Lao Liang is Shen Nanpeng's die-hard brother. He is the current CEO of Ctrip. He is a native of Shanghai and graduated from Aurora. He was familiar with Pan Shengwu when he was in the Chamber of Commerce in the early years. Moreover, Ctrip has often dealt with local hotels during its development, so he can be regarded as a friend. .

"Hello? Lao Liang, you haven't contacted me for a long time. Stop being so impatient and come out to drink wine!"

Pan Zi was in a very good mood and extended a warm invitation as soon as he came up.

Lao Liang didn't like this, but he had a heavy responsibility on his shoulders and had no choice but to grit his teeth and keep the appointment.

Then Pan Zi held him down while he was being fed...

In the end, I risked my life to find out the news: "My son-in-law is in charge of the big things in the company, and I am in charge of the small things. I am in charge of entertaining partners to drink wine... By the way, what do you want to ask?"

Good guy, the next day, the letter of intent for cooperation between Tianxing and Byte was signed, and Brother Peng received the answer.

Well, this is still a useless answer...

Brother Peng didn't understand what Tianxing wanted to do. He only knew that Liu Minghao was in the Imperial Capital and was responsible for detailed negotiations. Han Lie and Pan Shengwu had already returned to the Imperial Capital.

Yes, go check it out!

After finally making an appointment with Liu Minghao and sitting down to chat, Shen Nanpeng's heart skipped a beat.

Damn it!

This guy knows all about the hidden rules in the venture capital circle!

So... on purpose? !

Until now, Liu Minghao is still showing weakness to the enemy.

"Mr. Shen, you don't know the hardships of a small business! This is our first investment, and the boss caught the headlines and insisted on entering the market at any cost. As a result, the competitors are all large institutions. What can I do? ?

If I fail to complete the task, I will be slapped on the head.

Done, don't worry about the price or not. The boss will mutter a few words at most, if it were you, how would you choose?

Sorry, sorry, next time, I will definitely consider my friends! "

Liu Minghao had a sad face, full of grievances like "I am also desperate."

Brother Peng still tried to reason with Liu Minghao.

"Liu Lu, you still have to fight for the power that you should fight for. If you let Byte go without giving them any restraints now, if your investment fails and you can't get back a penny, won't you have to hit yourself on the head?"

Liu Minghao shook his head meaningfully: "How can I control so far now? In three to five years, it is not certain whether I will still be in Tianxing or not, but in the past two years, I can count on our Mr. Han to make a fortune..."

Brother Peng was choked to death.

Is there anything wrong with what Liu Minghao said?

No!

He knows everything, but his greatest interests are not at all. What's the use of talking to him about it?

Brother Peng returned disappointed and held a small meeting after returning to the company. Then, when he heard Tianxing's conditions, the partners all exploded.

"How can this follow?"

“I don’t care about the safety of my funds, it’s nonsense!”

"Venture capital is not crazy investment. The most important thing is always risk management. Sequoia cannot set such an outrageous precedent!"

Shen Nanpeng is still a little reluctant to give up. He is really optimistic about Zhang Yiming's team.

"If you only follow 5% of the investment, you won't need 30 million U.S. dollars, and the safety problem shouldn't be big..."

However, as soon as he finished speaking, he was drowned out by objections.

"Nanpeng, we will definitely not get the majority of the equity released by Byte this round. Once Tianxing hands all the voting rights to Zhang Yiming's team, they will always maintain absolute power of more than 67%. This is really dangerous. .”

"Nan Peng, we can't set a precedent!"

"Thirty million US dollars is indeed not much, but this is an out-of-control 30 million US dollars! There is no requirement to withdraw, no requirement to buy back, no priority... This is not how charity is done!"

"We can just watch Tian Xing's nonsense, we can't follow him."

"Brother, it is indeed possible for Zhang Yiming to develop Byte very well, but I would rather spend 2 billion US dollars to enter the game in the D round and get the guarantees it deserves, than bet on whether I can win with 30 million without any guarantee!"

"Yes, the principle cannot be broken. We are a professional investment institution. Even if we invest 1 million yuan in the angel round, we still have to get what we need!"

Shen Nanpeng knew that everyone's opinions were right, so he didn't fight any further.

That's the thing about venture capital - I can take legitimate risks, but I can't let others go crazy and lose control.

There is no rule without rules!

"Okay, then officially notify Byte: we will not follow this round of financing."

After the small meeting, the partners still resented and ridiculed Tianxing.

"madman!"

"When new people enter the scene, they always want to make big news."

"Don't worry about them. Newcomers like this who have no sense of risk at all, even if they are lucky enough to invest in Paixun Ali, they will eventually go bankrupt!"

"I know that Han Lie is really powerful in the secondary market."

"What is the use?"

"Yes, earning tens of billions is not enough for him to be so wasteful!"

"Haha, wait and see the joke!"

"Next time he throws something, should we avoid it? It feels like a guiding light..."

Everyone was chatting and laughing, and didn’t take the loss of Byte’s Series B financing as a big deal.

Although Byte has become somewhat popular now, the uncertainty is still very high, and the hidden dangers from the level of public opinion are visible to everyone.

Maybe not as clearly as Han Lie, with such a high perspective, but everyone is familiar with the lessons learned from Fanfou.com.

Otherwise, with Toutiao’s DAU, the valuation really wouldn’t be only 500 million.

If you block comments and suppress creators, user stickiness and commercial value will be greatly affected.

If you are too laissez-faire and want to be popular, the regulatory authorities will treat you badly.

It is still unclear how far a news distribution platform with recommendation as its core can go.

Shen Nanpeng is the most regretful, but it is not unacceptable.

The word "sequoia" is the source of his confidence.

If Byte can really develop, then even if the Series D valuation reaches 15 billion or 20 billion, Sequoia can afford to keep up.

Until then, Tianxing, what can you do to resist?

Is it because of your madness that you don’t want anything?

Haha, funny!

…

When the receipt from Sequoia was transmitted to Byte, Zhang Yiming felt a little regretful, but not too surprised.

Zhang Lidong put the rejection documents from Sina, Shunwei, IDG, and Mingde together with those from Sequoia, shook his head and smiled bitterly.

"Yeah, it's all shrunk...Yiming, do you think Teacher Han did it on purpose?"

Zhang Yiming casually replied: "So what if it was intentional? The advantage is that it is in our hands in a solid way. I am too lazy to guess what he thinks."

"This guy is so awesome."

Zhang Lidong suddenly let out a sigh.

"I have decided that I must talk to him more when I have time and make a good friend. There are so many things I can learn..."

"Um."

Zhang Yiming responded, his eyes still staring at the computer screen, his mind completely not on this matter.

"As long as he keeps this attitude, he will be our good friend. The more powerful he is, the happier I will be..."

"It's good. With him here, I feel like we can't suffer any more financial losses."

Zhang Lidong packed up the documents and prepared to retreat.

Before leaving, he suddenly asked: "By the way, I plan to pledge some shares and invest some cash in him later to see if I can earn some capital appreciation. What about you?"

"Okay, I've asked my classmates who are engaged in finance. Teacher Han is really good in this area. He just defeated several old private equity firms and his status in the world is very extraordinary."

"Then it's settled. We will slowly go through the process and it will be announced in mid-to-late May."

"OK, say hello to Teacher Han for me, we will be a family from now on."

"Next week, I'll go to the Magic City to have a look. Bye!"

Zhang Lidong went out with the documents and went about his business.

Zhang Yiming was typing the code, completely forgetting his original intention of limiting Han Lie's share of equity.

Some people cannot be restrained.

We need to have a pattern, we need to be magnanimous, we need to be strategic, and we need to fight against what? What to fight against?

If you meet someone, just exchange your sincerity for sincerity and go all out to make friends.

After ten or twenty years, if everyone has achieved something, it will be a good story if it spreads.

Isn’t it just 20% equity?

All for you!