My Return to Life

"..."

"..."

Fang Nian glanced at the time before looking at the number on the screen.

In the end, he chose to connect, and said with a smile: "Mr. Liu, good evening."

"Mr. Fang." Liu Qin greeted with a smile.

Then he said directly: "Mr. Fang, how is Dangkang's development now? Is there any financial pressure?"

Fang Nian laughed: "How can there be no pressure? Although TGP is only a small part of Goose Factory, it is still a huge monster that Dangkang cannot compete with."

"Haha." Liu Qin laughed, "Fang is always so humble."

"Based on my general understanding of the other party, you should have thought that Goose Factory would launch similar products."

After a short pause, Liu Qin said again: "The facts also illustrate this point. Dangkang's response efficiency is shocking. We are still discussing in the afternoon. Dangkang, with Mr. Fang, will become a great company without any obstacles."

"Mr. Liu, my tail is really going to grow!" Fang Nian said happily with an interesting expression on his face.

"..."

Chatting with Liu Qin, Fang Nian was also feeling emotional.

The sense of smell of investors like Liu Qin is far more sensitive than imagined.

The discussion between Guan Qiuhe and Fang Nian in the teahouse was only between the two of them, and the outside world had no way of knowing about it.

Liu Qin called so soon, obviously also judged that under the current situation, the best way for Dangkang is to embrace capital more openly.

Not everyone can ignore the confidence that the capital market can give.

Even if the goose factory is so huge, it still needs capital to support it.

It is hard to say that there is no capital support behind any big company that has grown up.

After touting and talking for a long time, both parties were in a good mood, and Liu Qin officially cut to the chase: "Mr. Fang, I'll just say it straight. Will Dangkang launch a B round of financing in the near future?"

Fang Nian pretended to ponder, and only took a moment to answer: "Yes."

"Dangkang's revenue last month was impressive, but

But this month is gradually normal. The emergence of TGP will affect Dangkang, and they also focus on free. Dangkang needs more and more abundant funds to cope with the competition. "

Hearing this, Liu Qin thought for a while: "I don't know what Mr. Fang thinks Dangkang is worth?"

"Why don't Mr. Liu tell us, what is Morningside Capital's latest assessment of Dangkang?" Fang Nian asked with a smile.

Liu Qin didn't mean to hide it, and said directly: "We know more about Dangkang, and after internal analysis, we have adjusted our latest internal valuation of Dangkang..."

After a short pause, Liu Qin said calmly, "It's 8.5 billion yuan."

Then he added: "However, I guess this valuation should not be expected by Mr. Fang. If financing is based on Internet companies, Dangkang's valuation should be tens of billions of RMB."

Fang Nian pondered and said: "To be honest with Mr. Liu, the valuation of 8.5 billion did not meet my expectations. Although last month's revenue was brought by 'Minecraft', and this month has dropped significantly, no matter whether it is paid by the platform The rate and the scale of payment are very high.

Financing is not based on the standards of Internet companies, but financing is based on ordinary technology companies, and is based on the internationally commonly used price-to-sales ratio (P/S) valuation method;

Dangkang’s revenue in fiscal year 2010 should be the same as that of Goose Factory Games last year, which is a bit lower, at 4 billion yuan. Dangkang’s current valuation should also be more than 40 billion yuan. "

Liu Qin smiled and said: "Calculating the valuation based on the price-to-sales ratio with a multiple of 10 is a bit bullying the investment institution;

Moreover, only high-value-added technology companies in the world can have a scale of 10 times, and it is difficult for ordinary technology companies to exceed 5 times..."

After a short pause, Liu Qin changed the topic: "I know Mr. Fang's valuation should not be so high in his heart, so please speak frankly."

"Haha~" Fang Nian laughed twice, and took the initiative to tell the truth, "I still can't hide it from Mr. Liu. At present, Dangkang's research and development investment does not account for a high proportion, and the output is very low..."

"Coupled with the fact that there are strong competitors in the market, I thought over and over again, and finally lowered the valuation as much as possible, rounding up 10 billion."

Liu Qin pondered for a moment, and finally expressed his basic agreement: "Mr. Fang is right, and I basically agree."

Then the topic changed: "I want to go to Shanghai to ask for a cup of tea in the near future. I wonder if Mr. Fang can welcome you."

"Definitely." Fang Nian smiled.

"..."

Although Morningside Capital, where Liu Qin works, is Dangkang's third largest shareholder, its shareholding ratio is not high, and Fang Nian and Guan Qiuhe have the leading power.

On the other hand, capital is only responsible for investment and rarely intervenes in company management.

Morningside Capital is no exception.

Moreover, Liu Qin deeply believes that if Morningside Capital intervenes in the company's management, it will only be slapped in the face if Fang Nian is here.

It would be fine to send someone occasionally to participate in high-level meetings and look at financial reports when you have time.

Liu Qin had no way of knowing what Fang Nian discussed with Guan Qiuhe.

A valuation of 10 billion is not a fixed number, and it cannot be taken as true if it is not written in black and white.

For such a large financing, Liu Qin also knew that Morningside Capital would not be the only one to participate.

He knew very well that this did not meet Fang Nian's strategic needs.

But Liu Qin was also willing to carry Fang Nian's sedan chair.

To be honest, Fang Nian never thought of using the price-to-sales ratio to raise funds. This aspect is really bullying.

However, there is always a little bit of a head start to sit down and raise the price.

What Liu Qin meant was obvious. As a game company, Dangkang has no major game R\u0026D output except for the game platform, so how could it be possible to raise funds at a high market-to-sales ratio.

It is also possible to use the price-to-earnings ratio (P/E) to calculate the valuation.

Although the valuation ratio of the price-earnings ratio is higher, it is generally 15 to 30 times.

But the profit is not high. Based on Dangkang's current month's net interest rate, even if it is 30 times, it is still very difficult to exceed tens of billions.

Fang Nian would definitely not agree with such a valuation model.

In fact, the biggest contradiction here is not the appearance of financing valuation methods, but TGP.

Because the investment belongs to the future form, the investment is the future income.

After the birth of TGP, how Dangkang can ensure that his income does not decline and can continue to bring investors tens of times of returns is the most real.

…………

After finishing the call with Liu Qin, it was past seven o'clock in the evening.

After the usual dinner time with Ms. Lu Weiyu who is far away in Chang'an.

For the other year, it is quite a pity.

So much so that I didn't even finish the cooking, but went downstairs to deal with it near the community.

Still can't hold back talking to Lu Wei to force Lai Lai.

Fang Nian looked furious, and beeped to Lu Wei: "I still thought in the afternoon that 'my family has a young girl', so I will find me for this pile of things in the evening, why don't you find Guan Qiuhe! She is the major shareholder!"

Hearing this, Lu Weiyu said softly, "It seems that the major shareholder is Mr. Fang..."

"What's wrong with the big shareholder, the big shareholder deserves nothing to eat to deal with the investors." Fang Nian snorted and said arrogantly.

Lu Weiyu said softly, "But Mr. Fang is obviously better at this kind of thing."

Hearing this, Fang Nian suddenly said with satisfaction: "That's right, I'm so good after all."

"..."

More than a thousand kilometers away, Lu Weiyu had to comfort Fang Nian on the phone who suddenly became 'childish', but Lu Weiyu's heart was bubbling with beauty.

Who doesn't want to have someone clingy to.

"..."

After chatting for a while, Fang Nian changed the subject and said, "I've booked you a ticket to Shanghai on the morning of June 1st. How about it? Get ready."

"Yeah." Lu Weiyu said with a smile, "I'll go to the airport by myself in the morning."

Fang Nian didn't worry too much: "That's fine."

He knew that Lu Weiyu would know that he would make arrangements.

"Mr. Fang, can you vent a little bit, is there some conspiracy?" Lu Weiyu suddenly laughed.

Fang Nian said solemnly: "There is no conspiracy at all, at most it's nothing more than telling the truth."

"Hey~~~It's broad daylight~"

"During the day...it's better to dream."

…………

…………

Nothing to say all night.

On the next Monday, Fang Nian rushed to Fudan University for class early in the morning.

This and that are not as important as learning.

Because the knowledge learned cannot be taken away by others.

Sooner or later, there will be many unexpected situations that I have never experienced before. Needless to say, I can only rely on my own knowledge system to solve the troubles.

Although there were few classes in the morning, Fang Nian did not leave the school, but strolled to the liberal arts library.

No matter how many books there are in the bookcase at home, it cannot compare to the rich and diverse collections of a top-ranked comprehensive university library in China.

Although Fang Nian studied science in high school, but the first year of university is almost over, Fang Nian has never been to the science library.

"..."

I don't know the time to study, and I quickly finished the last class of the day.

Fang Nian left Fudan with his bag in his arms and walked to Frontier Company.

There were still only Wen Ye and Gu Yu in the office.

Wen Ye had sharp eyes, saw Fang Nian first, and immediately said hello: "Mr. Fang is good."

Then he said: "Is it convenient for you now? There is a small matter that I need to report to you in private."

Fang Nian raised his brows, and looked at Wen Ye leisurely: "Tell me."

"Xiaogu, go out for a while." So Wen Ye looked at Gu Yu and said.

Although Gu Yu didn't know why, he still left the office quickly.

Soon, Wen Ye lowered his voice and reported: "Mr. Fang, the Huatai you asked me to buy was finally completed in the morning. This is the corresponding contract document."

With that said, Wen Ye handed out a briefcase.

There are quite a few files.

After going through many circles, the process is as long and complicated as an ordinary person changing his name.

Fang Nian flipped through the documents, and couldn't help muttering: "You act like you have nothing to do, scare me."

"Ah..." Wen Ye hurriedly said, "No, no."

"Even if there is, it shouldn't be here... right?"

Fang Nian glanced at Wen Ye: "Turn your head."

"Huh?" Wen Ye followed suit.

"Did you hear the sound of water?"

"..."

Fang Nian said unhappily: "You don't grow taller now, you don't grow taller, and you don't even supply your brain with nutrition?"

"Go and call Xiaogu, don't be so sneaky next time."

Wen Ye responded and ran out quickly.

After Wen Ye and Gu Yu came back together, Fang Nian had already started playing 'Dinosaur Chong Chong Chong' on the Dangkang game platform.

"Mr. Fang, actually there is still some news to report, including news about the company's regular meeting today and news on the Internet." Wen Ye's tone was a bit difficult.

Fang Nian said casually, "Tell me about the news on the Internet."

Because of his itchy hands, Fang Nian simply stopped reading news on the Internet.

Otherwise, I can't help but go up and beep a few words.

Fang Nian was not very interested in the news of the company's regular meeting. After all, he only met Guan Qiuhe yesterday.

Wen Ye groaned, and reported 1510: "This afternoon, Goldman Sachs Capital, Sequoia Capital, Morgan Stanley, JP Morgan and several other international investment banks have successively updated their latest assessments on Dangkang.

Among them, the latest valuation given by Sequoia Capital China is the highest at 9.5 billion yuan;

Most other investment banks adjusted their valuations between RMB 8.5 billion and RMB 9 billion. "

"There are rumors that yesterday Dangkang successively launched small game packs, small assistants, June 1 discounts, etc. to deal with the strong rise of TGP, and gained enough attention."

"Some financial industry analysts said that the current valuation of Dangkang may be seriously underestimated. If Dangkang starts the financing process, there may be unexpected gains."

"There is also a good thing that netizens posted news on major platforms saying that in the first round of mutual moves, when Kang Xiao won."

"..."

In the end, Wen Ye concluded: "This is probably the important information on the Internet. As of now, there is no new development in TGP."

After listening to what Wen Ye said, Fang Nian said casually: "It's normal, after all, TGP has directly secured the position of leader;

However, the investment bank was really snobbish, and raised the valuation by four or five billion in the blink of an eye.

This round looks like a small win, but it doesn't really matter. "

Then he changed the subject and asked, "Can you decide on the office areas of Frontier Project and Frontier Venture this week?"

"It should be fine." Wen Ye replied cautiously.

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I want to subscribe to the monthly ticket, the end of the month is coming soon, the ticket is cleared~

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