The Pentium Era - South to North

"Zhang Xiangbei, you did a good job this time." The senior said to Zhang Xiangbei, "I have been observing your "fresh delivery" and fighting against the old horse. In today's terms, such a big melon , how could I not watch?

"To be honest, seeing Lao Ma attack so harshly makes me worried for you. However, I admire your ability to dodge and counterattack in an orderly manner."

"Thank you, senior!" Zhang Xiangbeiyun smiled lightly.

Whether the senior is worried or not is unknown to others, but the concern is certain. After all, he is very interested in "Zhaixianshu" and has always wanted to invest in "Zhaixianshui".

"Mr. Zhang, is it you, a veteran, who will hold the battle from behind this time?" the senior asked Zhang Chen.

"Not really. I can't even intervene if I want to." Zhang Chen said.

The senior didn't believe it. He looked at Xiaofang and Liu Yun. Liu Yun said from the side:

"Really, we did come up with an idea. The idea we came up with was to go against the Daily Fresh. They were a bit too bullying."

"Then it plays into Lao Ma's hands. He likes to do this the most." said the senior.

"So, it was completely rejected by Beibei." Liu Yun said with a smile, "He started a new business."

"sharp!"

The senior became interested and asked Zhang Xiangbei: "How do you know that you should avoid his sharp edge?"

Zhang Xiangbei was a little embarrassed. He said: "It's nothing special. I just feel that I don't have as much money as him. If I compare the money with him, I will definitely not be able to burn him. I can only choose the lowest cost."

"Very good intuition." The senior clicked his tongue and nodded appreciatively.

"Come on, Zhang Xiangbei, let's clink." The senior raised his cup and said to Zhang Xiangbei: "This time, you can be regarded as a face for us at Yale. That old horse, who went to a bad school by himself, always... They like to put on airs and look down on those of us who have come back from outside. They like to talk nonsense. Turtles need to be raised in the soil. Can't we never leave the soil?"

Zhang Xiangbei laughed. He raised his glass and touched it with his senior. He drank the wine in one gulp. The senior took a big sip, looked at Zhang Xiangbei and said:

"You still have a good drinking capacity. I can't do it like this."

Zhang Xiangbei said quickly: "No, no, no, it's up to you."

Four of the five people present here are shareholders of "Diet Men and Women", so the topic naturally quickly turned to "Diet Men and Women".

The senior came to Hangzhou this time mainly for "Food and Drink". The valuation of the B round of "Food and Drink" is 3.28 billion yuan. It will not be a problem to attract new investors and raise funds. The senior and Xiaofang and Liu Yun both have a lot of resources.

What troubles them is still the problem. The senior and Zhang Chen said:

"Mr. Zhang, you can't make the company what it is now without a shortage of money. We have done several rounds on our own and had no problem raising funds. Investors are more interested and confident in such a company and management team, but in the end If you want to prepare for listing, you won’t be able to pass other people’s qualification review.”

The senior's words were exactly the same as Xiaofang's. Zhang Chen thought to himself, why do you all invest in the same style?

Zhang Chen smiled and said: "No way, I'm used to it. To be honest, if the company doesn't make money or the debt ratio is high, I will be really anxious. Shouldn't it be like this?"

"Yes and no." The senior said half of the sentence, and the other half of the sentence was yes, at least not now.

The reason why seniors and Xiaofang want to bring this matter up now is that they all know that according to the business model of "Eating Men and Women", it is destined to be a business with low assets, low inventory, high net worth, and high turnover. A company, that is, a company that has no need to go public to raise funds as reflected in its financial statements.

For such a company, it will definitely be difficult for the exchange to pass.

But the purpose of investors investing in "Diet Man and Woman" is for it to be listed. Only after it is listed can its price-earnings ratio reach dozens or hundreds of times, and investors' investment funds will be amplified accordingly. At that time, they will continue to hold it. , or cash out, is the freedom of every investor.

For them, the amount of profit is not the most important. As long as your profit level can meet the requirements of the exchange, you can write articles, and attract people to buy your stocks, it is enough. This round of pre-IPO investors , what they are interested in is not the dividends to shareholders, but the amplified premium part of the stock after listing, which is the big one.

If a company wants to go public, it cannot just improvise. Even if you have to do some tricks, that is, adjust statements or financial planning, you have to do it in advance. It is best to do it before the year of the audit report required by the exchange. Otherwise, it will be easy to be seen through. hands and feet.

The low debt ratio of "Diet Men and Women" will definitely become an increasingly prominent problem as time goes by. As it completes its layout in major cities across the country, the cash on its books will continue to grow. This is inevitable. of.

The main costs of "Catering Men and Women" are staff wages, site rent, and vehicle and equipment purchases. Because the site rent is not a commercial place, there are no special requirements for geographical location, and the rents are very cheap. The more remote cities you go, the staff wages and The rental of the venue is cheaper.

Now, they have completed their layout or are under preparation in major cities across the country. Next, they will definitely develop into remote cities. Their investment will become smaller and smaller, and the cash on their books will accumulate more and more. They need to invest this part Cash, and the cash brought in from this round of financing, to find a way out.

"Zhang Xiangbei, please help us come up with ideas." The senior said.

"Buy a house or land." Zhang Xiangbei said, "In the core areas of core cities, a few projects can consume your cash, and this part of real estate has strong ability to add value and realize cash. Purchasing this part of real estate is not much different from depositing money in a bank.”

Several people's eyes lit up, and the senior said: "This is a good idea!"

The final result of their discussion was to buy a house or a house in the core area of ​​the first-tier cities across the country in the name of building a "Food and Drink" flagship store. After buying it, they actually had no intention of actually building a flagship store. There is no need for this, it is mainly for asset reallocation.

Land and houses are now hard currency. Keeping the money in the account is cash. Buying land or houses is fixed asset investment. In this way, cash is reduced. After acquiring the land, building a house, and then renting the house to other units, Zhang Xiang Bei was right, it was not much different from putting money in a bank, but "Food and Drink" changed its gender from an asset-light company to this.

The increase in property value plus the annual rental rent will definitely be higher than bank interest, which is more cost-effective than leaving money in the account.

At the same time, there is no way to get a premium for cash, but land and houses can. After the land and houses are evaluated at a premium, the company can expand its scale. After the company goes public, this part of the house can be turned into cash again at any time.

The capital flow of "Food and Drinking Men and Women" is very fast, and one day is one cycle. They do not need to have too much cash preparation at all. It is indeed a good choice to convert excess cash into real estate.

"There is one more thing we can do." Liu Yun said.

The senior and Xiaofang asked her what was going on.

Liu Yun’s suggestion is to buy art and entrust it to be stored in the "Riverside Oil Painting Gallery" after purchase. The advantage of buying art is that the price of art will rise a lot almost every time it is auctioned, and it can resist inflation. However, as a company asset, artwork can be depreciated annually.

This will lead to a strange phenomenon, that is, on the company's books, the book value of these assets will become lower and lower due to annual amortized depreciation. In theory, it can eventually become zero.

But in fact, art is becoming more valuable year by year. The two prices are separate. An asset with more and more depreciation shared can be sold to a specific person at its book value. This behavior is legal and legal. Standard, no flaws, although at this time, its actual value has become higher and higher.

Certain people can then sell it at several times the price. This huge profit leaves a huge space for them to do with whatever they want.

The most extreme thing is that a piece of art, as a company asset, after ten to fifteen years of amortized depreciation, it will become zero in the company's accounts and disappear, but in fact, it is still preserved in the "Riverside Oil Painting" Pavilion" is already sky-high price.

Zhang Chen listened to what Xiaofang and Senior Liu Yun were talking about, and felt that it was eye-opening. It turned out that it could be handled this way. No wonder Xiaofang always said that companies are made, especially companies that are shown to banks and investors. In fact, they are Made after report adjustment.

“In today’s society, accounting firms, valuation companies, and audit firms can create something out of thin air and turn a shell company into a giant company that can still be listed on the market and go to banks for financing. "Xiaofang once said to Zhang Chen.

Zhang Chen asked: "Are those exchanges and banks so stupid? They don't know that this company is a shell company?"

"They don't want to know, and they don't need to know." Xiaofang said, "Everyone manages things on paper, that is, they manage what they can see in front of them. As long as this is in compliance, he will have no problem.

"Brother Liu and Sister Shuwan's company is listed. Have you seen people from Nasdaq come to Hangzhou? They will not come. If they come for on-site verification, they will bear all the legal responsibilities. Now, it is the audit The office helped them carry it.

"The same goes for banks. In fact, banks only need to go to the tax bureau and pull out the statements of companies applying for loans to see how much water there is. But they don't do it. Why? Because the companies themselves bear the risk of providing false materials. They If you go to verify it, you will transfer the legal risk to yourself.

"Now you understand why we never read the statements provided by the company, but learn about the true situation of the company from other channels? Reports cannot reflect the true situation of the company. Of course, there are exceptions. Your 'half-acre field' The statement is very true, and why it is true is because you don’t raise funds at all.”

"Mr. Zhang, you are an expert in this field. There will definitely be no problem if you choose the artwork." The senior said to Zhang Chen.

Zhang Chen listened to the seniors and Xiaofang Liu Yun talking non-stop, feeling worried in his heart. When he got home, he said to Xiaofang:

"I think those of you who work in finance make simple things complicated. You play a game of left-hand for right-hand. Be careful and make yourself disabled."

"No." Xiaofang and Zhang Chen said, "It's just because there are laws and regulations. We need to do things perfectly and be legal and compliant, so we need to go around like this."

Zhang Chen didn't say anything, but he felt that since it needed to go around like this, there was either a problem with the regulations or a problem with the people. Otherwise, why bother going around like this?

As far as he is concerned, he still hopes to be simple and direct.

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