My Age of Investment

Chen Hong got up and rummaged through boxes in the office for a while.

Soon, he found a stack of documents, threw them on the coffee table, and said with a smile, "Look at it for yourself, the maneuverability is very strong, but the risk is not small.

You read it first, after reading it, let me explain to you where the risk lies? "

Xia Jingxing nodded, picked up the document, and looked at it carefully.

On the front page of the document, there is a large catalogue: "Framework Media Series B Financing Plan".

Frame Media, established in 1999, is a leading elevator print advertising service provider in China...

Xia Jingxing carefully read the contents of the plan and roughly extracted several key pieces of information.

Frame Media was established very early and enjoyed industry development dividends. Before 2003, the development was smooth.

However, due to the low barriers to entry in the industry, elevator print advertisements continue to flood into new competitors, and the market quickly becomes a "red sea".

Once the competition in the industry is fierce, price wars become a conventional weapon.

As a result, the market has become more and more chaotic, the industry has become more and more disorderly, and the profits have become thinner and thinner, and advertising companies in various places are facing difficulties in survival.

Frame Media is also facing the problem of slowing development and urgently needs to find a breakthrough.

At this time, Frame Media was inspired by the success of LCD advertisements divided into media, and wanted to realize the "differentiated" competition of advertisements in elevators, from static to dynamic advertisements.

So in 2003, Frame Media launched A round of financing, raised nearly 20 million yuan, and launched the LCD screen advertising project.

But unfortunately, the LCD screen advertising business has not been established, and the original frame business has not been taken into account, and the market has been quickly eroded by competitors.

Under the internal and external troubles, the company launched a B round of financing.

The company's revenue in 2004 is estimated to be 40 million yuan, and its net profit is estimated to be about 8 million yuan.

After carefully reading the document, Xia Jingxing looked at the date of signing, November 2004.

It has been almost three months since today.

put the file aside,

Xia Jingxing asked indifferently, "It's been three months, and the financing has not been successful yet?"

Chen Hong said with a smile: "Of course not, the financing has been successful. Guess what the valuation is?"

Xia Jingxing frowned, "According to ten times the price-earnings ratio, it should be at least 70 to 80 million yuan, right?"

Chen Hong laughed and said: "If their business maintains a very good growth rate, let alone ten times the price-earnings ratio, even twenty times can be given.

But unfortunately, when Frame Media found us, their advertising market share was shrinking.

The LCD screen advertisements were crushed by Focus Media and Juzhong Media, and the framed print advertisements were eroded by other competitors.

After negotiation, we invested RMB 15 million in Frame Media at a pre-investment valuation of RMB 20 million and took 43% of the shares.

Of the 15 million yuan, we contributed 10 million yuan and IDG contributed 5 million yuan. "

Xia Jingxing did not speak.

Is it very robbery?

But what capital does is the icing on the cake and the work of providing help in the snow!

When the icing on the cake, the valuation must be higher than the sky, and it is the capital seeking the founder.

Giving charcoal in the snow, on the other hand, the valuation will be crushed to death.

An advertising company with an annual net profit of nearly 8 million yuan was dismissed with a pre-investment valuation of only 20 million yuan.

On the one hand, it can be seen that Hanergy Investment and IDG are both ruthless guys;

On the other hand, it can also be seen how bad the situation of Frame Media was at that time, and this kind of financing conditions could be agreed.

"You all voted, why are you looking for me? Do you vote for a B+ round?"

Listening to Xia Jingxing's tone, Chen Hong felt that the other party was a little unhappy, maybe he didn't like this project, or maybe he felt that Hanergy hadn't notified him earlier.

Chen Hong and Xia Jingxing met at last year's Huayuan Science and Technology Association annual meeting, and they drank together for more than half a year.

It is impossible to say how deep the relationship is.

However, Chen Hong was a smart person and said very euphemistically: "Ah, Jing Xing, it's not that I didn't inform you, I didn't even know that you founded Vision Capital.

And you've been in the US, and I thought your focus would be on the US.

IDG partner Wang Gongquan, I and Tan Zhi are friends, so I finally found them.

Tan Zhi is a partner and managing director of Hanergy Investments and a senior consultant of TOM Group.

At present, he has been appointed by us to Frame Media, as the chairman of the company, responsible for the transformation plan of Frame Media. "

While speaking, Chen Hong calmly observed Xia Jingxing's expression.

But Xia Jingxing's expression was as usual, Chen Hong didn't notice it at all, and scolded that he was really a little fox.

"Jing Xing, what do you think? Our two institutions only delivered the equity investment last month.

Envision Capital's additional investment at this time is just right. "

Xia Jingxing nodded, "Okay, let me think about it."

Chen Hong didn't bother Xia Jingxing, and just waited quietly.

Xia Jingxing was trying his best to recall, never heard of a No. 1 company like Frame Media?

When it comes to advertising in elevators, the most famous ones are undoubtedly Focus Media, Juzhong Media, and there will be a trendy media in the future.

Frame Media also entered the LCD screen advertising, but according to the introduction in the plan, it failed.

Failure is also normal.

Focus Media is too powerful. Before Jiang Nanchun founded Focus Media, he owned a traditional advertising company called Yongyi, and achieved an annual revenue of 150 million yuan.

To be honest, Jiang Nanchun was the one who made the most of his life. When he was a junior at the age of 21, he earned the first million in his life through an advertising agency.

Then in 2003, Yongyi Company was renamed Focus Media, opening a new chapter in life.

Xia Jingxing once considered investing in Focus Media, but he couldn't afford it at all. When he raised the Series A in 2003, he accepted tens of millions of dollars from Softbank China.

What he is thinking now is, should he invest in this little-known frame media?

I've never heard of it, and it's very likely that he died in the middle of starting a business, right?

However, he didn't make a rash decision, but asked, "What is the valuation for the B+ round now?"

Chen Hong thought that Xia Jingxing had figured it out, and said with a smile: "Our investment agreement was signed in November last year, and then Tan Zhi joined Frame Media as chairman and was responsible for the company's transformation.

It has been three months now, and the company has made a certain improvement compared to before.

If you are interested in learning more, I will call Tan Zhi over and let him talk to you. "

Xia Jingxing nodded, "Okay, let's call over and have a chat!"

Chen Hong took out his mobile phone and started calling Tan Zhi.

After waiting for almost an hour, a middle-aged man in a suit with gray temples walked in.

"Hello, Mr. Xia, my name is Tan Zhi, and I am currently the chairman of Frame Media.

You can ask any questions you want to know. "

As Tan Zhi shook hands with Xia Jingxing enthusiastically, he was also looking at this young man who was 30 years younger than him.

Xia Jingxing looked at this uncle who was more refined and elegant because of his gray temples.

more and more familiar...

When he felt like he was about to remember, Chen Hong interjected, "Jing Xing, what's wrong with you? Did you and Tan Zhi know each other before?"

Come on, Xia Jingxing forgot again after being interrupted by Chen Hong.

"I don't know, but I think Mr. Tan is very temperamental, not like a businessman, but more like a diplomat, or a show host."

Xia Jingxing's words made Tan Zhi couldn't help but smile, "Mr. Xia, you've won the prize, I'm fifty years old, what kind of temperament do you have?

On the contrary, you are full of heroism, and your spirit is far superior to those of Ding Sanshi and Chen Tianqiao. People can't help but sigh. There are talented people in the country, and there are talents everywhere in China. "

Xia Jingxing laughed so much that his mouth was splitting to the back of his head, so he would praise people a few more words.

"Jing Xing, you are really right, Tan Zhi is one of the most popular among girls of our generation when he was young."

Tan Zhi spread his hands and said humorously, "Isn't it also popular with middle-aged women now?"

Chen Hong nodded, "Yes, to get the lady, I have to send you on the stage."

Xia Jingxing accompanied him and chuckled a few times, but he didn't expect that both of them were so old and unpretentious.

"Jing Xing, every time the two of us meet, we like to joke a few times, but it makes you laugh."

Chen Hong pointed at Tan Zhi and introduced: "This guy was never a diplomat when he was young, but he served as the director of the computer center at the Ministry of Foreign Trade and Economic Cooperation. He was only in his early thirties at the time!

He also worked in official business for several years, and went abroad to do business for several years.

People who have been officials naturally have a temperament in their bodies, which is different from us ordinary people. "

Chen Hong greeted Xia Jingxing to take a seat, while complaining about his partner.

"He worked at UT Starcom for a few years, and then went to serve as the deputy general manager of Microsoft China, and then went to 8848 to serve as their CEO..."

Xia Jingxing asked, "8848?"

"Yes, the e-commerce site."

After Chen Hong said these words, he noticed that Xia Jingxing suddenly smiled, very inexplicably.

txt download address:

phone-reading: