My Return to Life

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The noisy atmosphere in the Park Hyatt South Tower, located more than 400 meters above sea level in Shanghai, was suddenly pressed by the pause button.

Lei Jun explained by Wen Yan,

Dai Qiang, who is still ‘careful,’

Liu Qin who occasionally talks with her eyes,

Kuang Ping with a slightly excited expression,

Guo Hong who sits firmly on the Diaoyutai,

And the people who questioned or suspected Fang Nian was too pessimistic all stopped.

Looking at the people who suddenly expressed their opinions when they first started bargaining.

In response to many sights, Shen Nier added unhurriedly: "The valuation of US$200 million is fine."

Looking at Shen Neil, Dai Qiang frowned and said in surprise: "Shen, you..."

Someone immediately grabbed the conversation: "Lei and Fang guaranteed Xiaomi together. Of course, there is no problem with the investment, but Shen always doesn't think about it at a valuation of 200 million US dollars..."

As soon as the voice fell here, Liu Qin smiled softly over there, "Even President Shen is more active than our Morningside, ashamed."

"Morning followed suit."

Upon hearing this, Kuang Ping couldn't sit still a bit, and he quickly said: "Qiming has voted."

As soon as Kuang Ping's voice fell, Dai Qiang immediately said, "We Ji Yuan also voted."

At this time, Guohong no longer waited and watched and stated that IDG agreed to vote.

The remaining investment institutions that did not agree with the valuation proposed by the other party Nian, and the investment institutions that expressed doubts about the other party’s Nian’s rhetoric could only choose to leave.

With the addition of frontier angels, six investment institutions have invested in Xiaomi in the A round.

Although it is only A round, Lei Jun has already carried out a complicated cutting and division of Xiaomi's overall shares.

It is completely different from Dangkang Games’ Series B financing.

The initial calculation is carried out in accordance with the more common financing stock dilution plan.

That is: pre-investment valuation + financing amount = company new valuation = agreed valuation.

In other words, although everyone agrees with Fang Nian's $200 million valuation.

But in fact, before the deal was concluded, Xiaomi's valuation was only 160 million U.S. dollars, and the investment bank needed to invest a total of 40 million U.S. dollars, and the combined new valuation was only worth 200 million.

Dangkang Games directly released a corresponding proportion of shares for investment according to the agreed valuation.

Although the algorithms are different, but subject to some conventions, there is no difference between valuation and per share value calculation.

As for why different algorithms must be used, and the complex division of shares is also involved, it involves agreements such as equity and earnings per share commitments.

Due to the existence of additional gambling agreements in the financing of Dangkang Games, there is no additional revenue commitment agreement.

Xiaomi has this financing.

There are two agreements, one is to withdraw from the agreement, and the other is to promise of income.

for example:

For example, Xiaomi and Sequoia Capital have agreed that the investment period is five years, and within five years, they can obtain shareholder dividends after accounting;

You can withdraw after a certain period of time, usually a certain round of financing, which is equivalent to saying that another institution buys the shares in Sequoia's hands at the valuation at the time of financing;

And after five years, if the investment income does not meet expectations, etc., when Sequoia exits, Xiaomi will need to refund the principal + interest invested by Sequoia Capital at an annualized interest rate of 8%.

The actual agreement is naturally more complicated than this simple example, and there are more reference factors.

All in all, although Shen Nier took the lead in agreeing with Fang Nian's valuation, he also imposed in-depth constraints.

Most of the time, capital pays attention to absolute interests and absolute rationality.

Shen Nier can change his original intention because of Fang Nian's sentence, but he will not give up his due interest constraints.

this is the truth.

In Xiaomi's A round of financing, Frontier Angel and Morningside Capital are just co-investing to ensure that the shareholding ratio is not diluted.

That is, Frontier Angel invested US$8 million this time, and Morningside Capital invested US$6 million.

The remaining four companies, Qiming, Jiyuan, IDG, and Sequoia, will invest 13% of their shares.

After this investment, the Xiaomi founder team, including Lei Jun, still has 47% of the shares left.

Frontier angels still account for 20%, Morningside Capital 15%, Qiming 3%, Jiyuan 2%, IDG 4%, Sequoia 4%, Fang Nian Individual 5%.

As a result, Fang Nian represented the frontier angel inexplicably as one of the largest investors in Xiaomi's A round.

"Happy cooperation."

A man in the room shook hands separately and smiled.

While holding Fang Nian's hand, Shen Nier smiled and said: "When I meet today, Fang Zong is really extraordinary. I look forward to more cooperation in the future."

"Thank you, Mr. Shen, someone from our side will definitely ask for Mr. Shen." Fang Nian smiled slightly.

Hearing this, Shen Nier took a deep look at Fang Nian: "President Fang is polite, and I have a chance to drink tea together."

"Be sure next time." Fang Nianlian said.

Sequoia Capital China Fund manages several large funds. Fang Nian's "Luzhou 20 billion" plan needs such a rich investment bank too much.

It is not ashamed to use capital to develop a career.

Fang Nian just doesn't use frontier companies to raise funds, but it doesn't mean it doesn't use other frontier companies to raise funds.

Even in the planning, there will be the idea of ​​establishing a partnership led by other companies in the Frontier Department.

Soon, Dai Qiang came over and smiled and stretched out his hand: "President Fang, it's an honor to meet you."

"Mr. Dai, this is the first cooperation, please take care of it in the future." Fang Nian said sincerely, holding Dai Qiang's hand.

When Guo Hong shook hands with Fang Nian to greet him, he sighed with emotion: "President Fang really made me see the young man's vitality, and I have mixed feelings!"

"Where and where, Mr. Guo is always absurd." Fang Nianlian said.

Kwong Ping, who had met Fang Nian for the second time, was also somewhat emotional.

"President Fang, take care of this kind of business in the future."

Fang Nian responded with a smile: "It must be."

Although he missed the angel wheel, Qiming finally got on the A wheel, which Xiaomi has a fairly cheap valuation.

It can be regarded as a relief to Kuang Ping.

Although more money was spent than expected.

Liu Qin, who was already familiar with Fang Nian, just smiled and shook hands with Fang Nian, and said nothing.

"..."

After greetings one by one, Lei Jun said two concluding remarks.

"On behalf of Xiaomi, I thank you for your generous support. Every step of Xiaomi's future development is inseparable from your help at this time.

..."

Finally, Lei Jun smiled and said: "In Fang's words, this financing must be the most authentic valuation of Xiaomi.

If you vote, you earn it! "

"Hahaha..."

"..."

Fang Nian shrugged helplessly while the whole room was laughing.

Young always can't avoid being ridiculed by old fried dough sticks like Lei Jun.

It's okay, Fang Nian said that he was used to it.

Anyway, there are a lot of pieces of meat that are touted.

As long as you have a clear head.

…………

Fang Nian and Lei Jun sent investors from all over to the car.

Fang Nian breathed a sigh of relief when the last Mercedes drove away on the porch on the side of the World Financial Center.

After a short while, Fang Nian suddenly said, "Mr. Lei, are we a bit too much, really don't even care about lunch?"

Lei Jun: "..."

He looked at the time and said, oh, it happened to be twelve o'clock at noon.

This is...

It's embarrassing.

It happened to be lunch, like Kuang Ping and Liu Qin who were not based in Shencheng, they were a little bit embarrassed.

Facing Fang Nian's playful gaze, Lei Jun said with a calm face: "Xiaomi's economic situation is not very good, I believe everyone can understand."

"Mr Lei is also stingy, I said earlier, I can still help out with the money for a dinner." Fang Nian waved his hand and the thief was generous.

Before Lei Jun could speak, Fang Nian went on to say: "Don't say more, just ask Mr. Lei to eat."

Lei Jun looked at Fang Nian sideways: "Okay, thank you for the hospitality, Mr. Fang, I just want to say something to you."

"..."

Ten minutes later, Fang Nian drove Lei Jun to a restaurant.

In order to take care of Lei Jun's conversation, Fang Nian naturally chose a restaurant with elegant bags.

Order meals and serve meals.

After a few small chats, Lei Jun spoke unhurriedly: "I wonder if Fang always heard of WPS?"

"Of course, this is the ideal that Mr. Qiu and Mr. Lei have persisted from ten years ago to the present." Fang Nian said calmly.

Fang Nian still has a deep understanding of WPS.

Although Fang Nian was not born when WPS was born——

Qiu Bojun wrote WPS in 1988, and WPS1.0 was released in 1989.

But Fang Nian still has a deep understanding of Jinshan and WPS.

This software can almost be called the "living fossil" of China's Internet development to the present period.

The release of WPS1.0 in 1989 filled the gaps in word processing in my country's computers. It once occupied 90% of the domestic market based on word of mouth and became a symbol of the times.

Then it was quickly crushed by Microsoft.

Subsequently, Lei Jun joined Jinshan.

In order to fight against Microsoft, Kingsoft has developed a component called Pangu, including WPS, electronic watches, dictionaries and so on.

Unfortunately the fiasco.

Later Lei Jun said something that spread to the public cyberspace.

For example: actions on Windows are too conceited.

For example: From a purely commercial perspective, doing WPS office software is a ‘stupid’ thing...

Lei Jun looked at Fang Nian and asked with a smile: "Didn't Fang always think that with the listing of Jinshan, this ideal has been realized?"

"From an objective point of view, I don't think so." Fang Nian said frankly.

He didn't say any compliments.

The listing of Kingsoft is not necessarily related to the success of WPS.

The "battle" that began in 1988 to deal with the impact of foreign software has actually been regarded as a complete failure.

"At that time, I couldn't hold on for a few times." Lei Jun said quietly, "Finally, Jinshan finally went on the market, so I let go of my burden and flee. I was relieved and ashamed."

Having said that, Lei Jun sighed: "Before the establishment of Xiaomi, I also thought about making my own operating system;

At that time I convinced Lin Bing with the triathlon of software, hardware, and the Internet. "

Fang Nian listened carefully and did not interrupt Lei Jun.

"When I was in Jinshan, please tell me a word:

Compared with their foreign counterparts, Chinese programmers have more ideas. They are willing to regard product and technology research and development as a kind of glory in order to achieve self-realization. "

Lei Jun eased.

"Later, I decided to do deep UI customization based on Android because countless examples in the past told me that it was too difficult to start anew."

As he said, Lei Jun suddenly raised his head and looked towards Fang Nian: "The reason why you were convinced that you finally took Xiaomi to enter the independent research and development process is because you put the possibility of success before my eyes;

Before that, we didn't know if it was correct. "

Speaking of this, Lei Jun laughed at himself: "Before today, I am very curious that Mr. Fang, you are determined to study where your belief in future development comes from, until..."

"Mr. Fang, you said,'It's better to have a father than a mother', and I suddenly realized it."

"I'm wondering, before Xiaomi officially makes mobile phones, can we consider covering this point of view more widely."

Fang Nian was silent for a long time after Lei Jun's words fell.

After a while, he said: "Actually I am not sure that it must be correct;

It's just that I look forward to a future that will slowly develop through my own influence. "

"As Mr. Lei said, Chinese programmers are willing to regard product development as a kind of glory."

Having said this, Fang Nian smiled and said calmly: "I like this kind of enthusiasm."

Following this conversation, Fang Nian said a few more words.

"With the rapid development of the Internet age, some opinions have begun to believe that the idea of'buying is worse than making' has given our country another possibility in the development of core technology;

I am half-support and half-against these remarks. Looking at the past from the present, I always think that there were more choices in the past;

Therefore, I support these remarks, ‘Buy is worse than make’, which has indeed affected my country’s core technological development and progress;

From the perspective of the past~www.ltnovel.com~, if our country wants to integrate with the mainstream international society, it cannot avoid entering the information superhighway and introducing the software and hardware that the United States has developed for many years;

From this perspective, I oppose these remarks, and ‘buying is worse than making’ has given our country the opportunity to enter the information age. "

Having said that, Fang Nian paused briefly, looked at Lei Jun, and said with a smile.

"Now, we are at the entrance of another era. Jobs unveiled this era with iPhone4;

I don’t know if I am right, but I can take advantage of the trend at the beginning of the next decade. "

Hearing Fang Nian said this, Lei Jun's face was suddenly moved.

He heard more meanings from Fang Nian's words...

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