Rebirth in a Perfect Era Chapter 1032: Domineering side leakage

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17 billion USD, let ’s talk.

Li Mu ’s indifferent expression of In short makes Eric. Hanks speechless for a while.

Before he came, the CEO explained the Sequoia's base price, which was 16.5 billion USD.

The so-called floor price is the highest limit for Sequoia to participate in the auction.

Although the CEO did not make it clear that what should be done if the price required by Muye technology is higher than the Sequoia reserve price, but according to the normal process, once Sequoia sets the reserve price, the result is nothing more than two: in this price range If you can talk about it, Sequoia will enter; if it exceeds this price, Sequoia will retreat. Over the years, almost no third possibility has happened.

Sequoia is the same as other Venture Capitals. Every investment must calculate the potential profit margin and capital risk. Such a large investment in the Muye Science and TechnologyC round will go out with more than one billion USD cash in one breath, so it is necessary to repeatedly assess the risk. After all, the money of Sequoia is not caused by the wind, it is the common asset of all board members and investors of the various funds.

In this case, even if Sequoia believes that Muye Science and Technology may reach 170 billion USD assets in the next few years, it is necessary to reasonably measure the risks behind this, and it must not be because the current development of an enterprise is downwind Along the water, make a rash decision, leaving hidden risks.

For Venture Capital, they will definitely find a way to lower the actual valuation when leading or solo investing. This aspect is to reduce capital investment, on the one hand, it is also to better get rid of in the future.

Incoming at 100 million valuation, withdrawing at 500 million valuation, let the next take over the price of 500 million, this is the general Venture Capital profit-making routine, but if you take the market yourself, you ca n’t grasp the premium , Let other investment banks evaluate the price of their own orders is too high, then it will be difficult to sell a high premium in the future.

Eric.Hanks thought a lot at once, Li Mu saw him with a strange expression, and guessed that the price tag he opened might scare him. Before him, he had scared two Venture Capital company representatives, so Li Mu I do n’t care at all, Weiwei said with a laugh: "Mr. Hanks does n’t need to be too tangled. China has an old saying," Buying and selling are not righteous ", which means that even if we ca n’t reach a cooperation because of the price, we do n’t cooperate. Are still friends. "

Eric.Hanks nodded gently and said seriously to Li Mu: "Chief Li, frankly, we have done a very in-depth objective assessment of the situation of Muye Science and Technology, the valuation of 17 billion USD is indeed too high By the way, if financing is based on this valuation, I am afraid that the acceptable capital is very small. "

Li Mu has an indifferent expression and said with detachment and self-confidence: "Mr. Hanks, I would like to correct the mistakes you just made."

Eric. Hanks raised his eyebrows, and looks at Li Mu awaited his follow-up.

Li Mu laughed and said: "I do n’t want a valuation of 17 billion USD, I want to start talking from 17 billion USD, you can understand that this is a starting price."

Eric. Hanks now feels the strong self-confidence in Li Mu. In his opinion, Li Mu's tone when he said this sentence is not as simple as self-confidence, or even a bit arrogant.

Sequoia has been working in the field of internet for so many years, and already knows well about internet companies. It is no exaggeration to say that Sequoia is the godfather of the internet industry. With these precipitations, Sequoia ’s assessment of a internet company can basically be achieved Ten, that is to say, if Sequoia takes 6.5 billion USD as the base price of Muye Science and Technology, then most companies in this industry will not give a higher price than this, Li Mu is one hundred seventeen Talking about a billion USD, this is indeed a bit arrogant in his opinion.

Li Mu can see that Eric. Hanks has a little anger and dissatisfaction between the eyebrows, it seems that his words have made him feel a little bit of cynicism, but Li Mu does not care, continue said with a laugh: "Mr. Hanks, China People like a kind of jade called jade. The price of jadeite with good color is surprisingly high. Even if it is just a jade ring, it may be worth more than 10 million RMB, but if the color is not good, hundreds of pieces can be bought. Because the price range of jadeite is very large, a pattern of stone gambling has been spawned in the industry. Stone gambling is very interesting. I think it has a lot of commonality with the investment industry. If you are interested, I can tell you about it . "

Eric. Hanks reached out a hand: "Please say."

Li Mu said: "Jadeite is a special kind of ore. What is interesting is that when it is mined out, it is basically wrapped in a weathered skin. The value of the jadeite is geometric. I do n’t see why this happens. Sometimes a one-size-fits-all piece of basketball can be worth more than 100 million yuan, but sometimes it ’s worthless. Therefore, in order to pass on the risk, the seller of ore does not completely cut the ore, but lets the buyer buy it back Cut it yourself. "

Eric. Hanks was a little bit successful, waiting curiously for Li Mu's.

Li Mu went on to say: "Some sellers trade pure raw stones. Is there any jadeite in this stone, and if so, what is the color? It basically depends on the buyer's own judgment and luck. Generally speaking, this kind of stone The price is relatively low because the buyer has to bear all risks; "

"Some sellers, when trading raw stones, will cut the surface of the original stone lightly, so that the jade inside it reveals a little color. The jargon is called a skylight. After the skylight is opened, if the exposed part is of high quality High, then the price of this stone will also skyrocket, because with such a little color exposed by the skylight, the buyer has a little more control and less risk when judging; "

"Some rough stones have a skylight, and some rough stones even have three or five or more skylights, but relatively, the more the skylights are opened, the better the exposed part is in color, and the higher the price of the rough. ; "

"However, even if you open more skylights, there is a great risk, because the skylights are only opened on the surface, and no one knows what the texture of more jade in it is. Many jade skylights look very good, but After cutting it in, it was found that it was worthless except for the skylight part; and there were many jade merchants who faked and deliberately faked the skylight part to a very high-quality look. In this case, the buyer bought it back and cut it. If you open it, you will immediately hit it and even ruin it. "

"The reverse is also true. Sometimes the part of the looks at that is cut is not good, but after buying it back, it is found that the internal quality is excellent. In this case, the return on investment will naturally be surprisingly high."

Speaking of this, Li Mu looks atEric.Hanks, with a smile on his face, said: "You see, how much like gambling is like investment, the one who dares to buy completely original stone is angel investment; it has developed a certain period of time to let the outside world With a certain understanding, this kind of enterprise is equivalent to opening the skylight. The longer it develops, the more projects it handles, and the more skylights open. Once the company is listed and everything is fully disclosed to the securities market, then It is equivalent to jadeite that has been processed and sold on the market. All prices are clearly marked and the child is not bullied. "

Eric. Hanks smacked his lips with a smile and said, "although didn't understand very well, but it sounds really interesting."

Li Mu nodded his head and said, "In the stone gambling industry, even if the skylights are opened too much, there are also mysteries inside that the experts can't see through, and the buyers can't see through all, so they can't feel their judgment It is exactly equal to the actual value of the whole jade. "

Eric.Hanks heard that Li Mu was saying that Sequoia could n’t see through the interior of the jade stone Muye Science and Technology, he could n’t help laughing: “Mr. Li, if according to your statement, what is the actual value of a jade stone, the buyer does n’t know , The seller also did not know. "

Li Mu laughed: "Of course, neither the seller nor the buyer knows, they can only rely on their own judgment."

Eric. Hanks shrugged his shoulders and spread his hands: "Since both rely on judgment, it must be that both parties have deviations. The most important thing is that they can reach a consensus before each other. If they ca n’t reach a consensus, it ’s jade. Well, no deal can be reached. "

Li Mu smiled and clapped, said: "This is what I want to express. Buyers and sellers can't reach a consensus on the value of jade, then naturally there is no way to reach a deal, but it doesn't matter if there is no consensus at the moment, you can go back first, After I open another skylight by myself, you can come back and take a look at it, then use your expert's eyes to re-estimate the price of the new Muye Science and Technology that opened a skylight; if it is not possible to reach a consensus, it does not matter, I can open another Fan, open two, until you or other Venture Capital are willing to reach a consensus with me! "

Eric.Hanks heard a bit of fog. I thought Li Mu wanted to ridicule Sequoia for not knowing the goods, but didn't expect Li Mu also said that he would actively open another skylight. What does that mean? He said that he understood the matter of opening skylights to jade, but to open skylights to enterprises, he didn't really know what kind of operation this corresponds to.

although did n’t understand the specific metaphor, but Eric. Hanks still heard the domineering in the Li Mu words. The meaning in the Li Mu words is very clear. Make sure that Venture Capital is willing to reach a consensus with him. The subtext is: only Venture Capital bowed to him, and he would never bow to Venture Capital.

Eric. Hanks was a little disgusted with Li Mu's ’s youthful arrogance and arrogance. At the same time, he was also very clear that he was sure that he had returned today. Li Mu had killed 17 billion USD ’s quotation. Lower the quotation, then you can only go back to life.

If the CEO and the board are willing to change their minds and accept the offer, the two parties will continue to discuss. If not, Sequoia will rise from the negotiating table. This project will be suspended indefinitely for Sequoia.

In that case, unless Li Mu hits a wall and changes his mind, and then downgrades, in exchange for Sequoia to continue to sit back to the negotiating table to continue the discussion.

And Eric. Hanks is determined that the one who will change his mind must be Li Mu!