My Return to Life

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The noisy atmosphere in the Park Hyatt South Pavilion located at an altitude of more than 400 meters in Shencheng was suddenly pressed the pause button.

Lei Jun explained gently,

Dai Qiang, who is still 'careful',

Liu Qin, who occasionally chatted with her eyes,

Kuang Ping, who looked a little excited,

Guo Hong, who sits firmly on the Diaoyutai,

And those who questioned or suspected that Fang Nian was too pessimistic all stopped.

Looking at the person who suddenly expressed his opinion when he started bargaining.

Facing many gazes, Neil Shen added unhurriedly: "The valuation of 200 million US dollars is not a problem."

Glancing at Neil Shen, Dai Qiang frowned, and said in surprise, "Mr. Shen, you..."

Immediately someone grabbed the conversation: "Mr. Lei and Mr. Fang will guarantee Xiaomi together. Of course, the investment is no problem, but the valuation of 200 million US dollars should not be reconsidered..."

As soon as the words on this side fell, Liu Qin on the other side smiled lightly: "Even Mr. Shen is more active than our Morningside, I'm ashamed."

"Morningside followed suit."

Hearing this, Kuang Ping couldn't sit still, he hurriedly said: "Qiming voted."

As soon as Kuang Ping finished speaking, Dai Qiang immediately said, "We, Ji Yuan, also voted."

At this time, Guo Hong no longer waited and waited, and expressed his commitment to vote in IDG.

The rest of the investment institutions that disagree with Fang Nian's valuation and express doubts about Fang Nian's rhetoric can only choose to leave the market.

Including frontier angels, six investment institutions invested in Xiaomi in the A round.

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

It is completely different from the B-round financing of Dangkang Games.

The initial calculation is carried out according to the more common financing share dilution plan.

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

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

But in fact, before the transaction was concluded, Xiaomi’s valuation was only 160 million US dollars, and the investment bank needed to invest a total of 40 million US dollars, and the new valuation added up was only worth 200 million US dollars.

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

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

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

Due to the existence of an additional VAM agreement in the financing of Dangkang Games, there is no promise of additional income.

Xiaomi has financing this time.

It is agreed in two aspects, one is the withdrawal agreement, and the other is the income commitment.

for example:

For example, Xiaomi and Sequoia Capital agreed that the investment period is five years, and within five years, they can get the calculated shareholder dividends;

You can exit after a certain period of time, usually for a certain round of financing, which means that another institution buys Sequoia’s shares according to the valuation at the time of financing;

However, after five years, if the investment income does not meet expectations, etc., when Sequoia exits, Xiaomi needs 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 Neil took the lead in agreeing with the valuation proposed by Fang Nian, he also imposed in-depth constraints.

Capital most of the time pays attention to absolute interests and absolute rationality.

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

this is the truth.

In Xiaomi’s A round of financing, Frontier Angel and Morningside Capital just followed the investment to ensure that the proportion of shareholdings would not be diluted.

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

Qiming, Jiyuan, IDG, and Sequoia are left with a 13% share quota.

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

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

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

"Pleasant cooperation."

A room full of men shook hands, talked and laughed at Yanyan.

Neil Shen held Fang Nian's hand and said with a smile: "When I met Mr. Fang today, he was really extraordinary. I look forward to more cooperation in the future."

"Thank you Mr. Shen, someone from our side will definitely ask Mr. Shen." Fang Nian said with a slight smile.

Hearing this, Shen Neer took a deep look at Fang Nian: "Mr. Fang is very polite, we have a chance to drink tea together."

"Next time." Fang Nian said repeatedly.

Sequoia Capital China Fund manages several large-amount funds, and Fang Nian's "Luzhou 20 billion" plan really needs such a rich investment bank.

There is no shame in using capital to develop your business.

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

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

Not long after, Dai Qiang came over and held out his hand with a smile: "Mr. Fang, it's an honor to meet you."

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

When Guo Hong shook hands with Fang Nian and said hello, he felt a little emotional: "Boss Fang really made me see the youthful vigor of young people, and I have mixed feelings!"

"Where is it, it's always absurd." Fang Nian said repeatedly.

Kuang Ping, who met Fang Nian for the second time, also expressed some emotion.

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

Fang Nian responded with a smile: "Definitely."

Although it missed the angel round, Qiming finally got on the A round of Xiaomi's relatively cheap valuation.

It was also something that made Kuang Ping feel relieved.

Spent more money than expected though.

Liu Qin, who was already familiar with Fang Nian, just smiled and shook hands with Fang Nian without saying much.

"..."

After exchanging pleasantries one by one, Lei Jun said two concluding words.

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

..."

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

Invest and earn! "

"Hahaha……"

"..."

Amidst the laughter, Fang Nian shrugged helplessly.

Young people can't avoid being ridiculed by old fritters like Lei Jun.

It's okay, Fang Nian said that he has long been used to it.

Anyway, touted, and a lot of meat.

Just keep your head clear.

…………

Together with Lei Jun, Fang Nian sent investors from all over the place to the car.

Fang Nian also heaved a sigh of relief when the last Mercedes-Benz left at the porch on the side of the World Financial Center.

After a while, Fang Nian suddenly said, "Boss Lei, aren't we going too far, and really don't even care about lunch?"

Lei Jun: "..."

He looked at the time, oh well, it was exactly twelve noon.

This is...

It's embarrassing.

It happened to be lunch time, and Kuang Ping and Liu Qin were not resident in Shanghai, so they were somewhat picky.

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

"Boss Lei is too stingy, let me tell you earlier, I can still help pay for the money for the dinner." Fang Nian waved his hand, showing generosity.

Before Lei Jun could speak, Fang Nian went on to say, "Don't talk too much, just invite Mr. Lei to eat."

Lei Jun looked sideways at Fang Nian: "Okay, thank you Mr. Fang for your hospitality, I just want to talk to you a few words."

"..."

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

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

Order and serve your meal.

After chatting for a while, Lei Jun said unhurriedly: "I don't know if Mr. Fang has heard of WPS?"

"Of course, this is the ideal that Mr. Qiu and Mr. Lei have insisted on since more than ten years ago." Fang Nian said calmly.

Fang Nian's understanding of WPS is still very deep.

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 an in-depth understanding of Jinshan and WPS.

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

The release of WPS1.0 in 1989 filled the blank of word processing in my country's computer, and once occupied 90% of the domestic market based on word of mouth alone, becoming a sign of the times.

Then it was quickly crushed by Microsoft.

Subsequently, Lei Jun joined Jinshan.

In order to fight against Microsoft, Jinshan developed a component called Pangu, including WPS, electronic watch, dictionary and so on.

Sad 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 point of view, it is a 'stupid' thing to do WPS office software...

Lei Jun looked at Fang Nian and asked with a smile, "Doesn't Fang always feel 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 made no compliments.

The listing of Jinshan 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 a complete failure so far.

"At that time, I couldn't hold on to it several times." Lei Jun said quietly, "Finally, Jinshan was finally listed, and I put down my burden and fled. I was relieved and ashamed."

Speaking of this, Lei Jun sighed: "Before I founded Xiaomi, I also thought about building my own operating system;

At that time, I used the triathlon of software, hardware, and the Internet to convince Lin Bing. "

Fang Nian listened carefully and did not interrupt Lei Jun.

"When I was in Jinshan, Mr. Qiu said to me:

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

Lei Jun calmed down.

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

As he said that, Lei Jun suddenly raised his head and looked at Fang Nian: "The reason why I was persuaded by you to finally take Xiaomi into independent research and development is because you put the possibility of success in front of my eyes;

Before that, we didn't know if it was the right thing to do. "

Speaking of this, Lei Jun laughed at himself: "Before today, I was very curious about the source of your determination to study future development, Mr. Fang, until..."

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

"I'm wondering if it is possible to cover this point of view more widely before Xiaomi officially makes a mobile phone."

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

It took a while before he spoke: "Actually, I'm not sure it's correct;

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

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

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

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

"With the rapid development of the Internet era, some people began to think that the view of 'buying is worse than building' made our country develop another possibility in the development of core technology;

I half support and half oppose these remarks. Looking at the past now, I always think that there were more choices in the past;

So I support these remarks, "making is worse than buying" has indeed affected the development and progress of our country's core technology;

From the perspective of the past, if our country wants to integrate with the international mainstream society, it cannot avoid entering the information superhighway, and it cannot avoid introducing software and hardware that have been developed in the United States for many years;

From this point of view, I am opposed to these remarks, 'it is better to buy than to make' so that our country has the opportunity to enter the information age. "

Having said that, Fang Nian paused, looked at Lei Jun, and smiled.

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

I don't know if I'm right, but I can start the next decade with the flow. "

Hearing what Fang Nian said, Lei Jun's expression suddenly changed.

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

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