My Age of Investment

Xia Jingxing tapped his fingers on the table and said with a smile, "It's only been a month, and the valuation has tripled, isn't it too high?"

Chen Hong seemed to have expected Xia Jingxing to say this, and shook his head calmly, "Jing Xing, you are wrong.

We have been in contact with Frame Media since July last year, and the contract was not officially finalized until November.

In the intervening four months, we have not been idle, and have been thinking of a successful way for Frame Media.

The acquisition and integration plans you have heard so far seem to be very simple, but in fact, we have spent a lot of time collecting industry competitor information, analyzing it, and verifying the feasibility.

These things are intangible values.

In addition, Tan Zhi joined Frame Media in November last year.

The current frame media is different from three months ago.

Not only has the team been reorganized, the development goals and directions have been determined, but all obstacles before the action have been removed.

If you invest in Frame Media now and wait at most one year, it will definitely give you a satisfactory result. "

Speaking in the right way, the purpose is only one, and don't let yourself lower the price.

Xia Jingxing saw it very clearly, so he also started to reason.

"Hanergy and IDG invested 10 million and 5 million respectively, but we have to invest 50 million, and the risk and pressure are much greater.

Focusing and gathering people regard building advertisements as a place to sleep, how can they allow others to sleep soundly?

Once the LCD screen advertising market is over, the next thing they will use is framed advertising.

The two of them each hold hundreds of millions of dollars in funds. Once they make a real move, Frame Media may not be able to withstand it. "

Tan Zhi smiled, "The LCD advertising battle isn't decided so quickly, and they won't necessarily choose to be our enemy.

If you want to go public and get a higher issue price and market value, you must have a good-looking business report.

Work hard with us, it's not worth the loss.

I have dealt with Jiang Nanchun and Yu Feng,

They are smart people who know how to do it to their advantage. "

Xia Jingxing shook his head, "It's impossible to say. If the acquisition of Frame Media requires 400 million yuan, they only need to spend half of it, which is 200 million yuan, to destroy Frame Media."

"I admit that in terms of capital strength, we are indeed inferior to Focus and Juzhong, which are supported by top capital such as SoftBank, Goldman Sachs, and Carlyle Investments.

But Jing Xing, you can't look at things like this.

For their two companies, choosing to acquire Frame Media obviously outweighs the disadvantages. With their perfect advertising channels, after Frame Media is acquired, the revenue may double many times.

If it is a listed company, if the stock price rises by a few points, the cost of the acquisition will be smoothed out.

If there is a price war with us, the stock price will drop a few points.

Those investment institutions on their board of directors are not good.

The company is listed, and if investment institutions seek to exit, they must naturally choose a high stock price to sell.

Even if the founders don't want to buy us, they want to fight with us.

Shareholders will also have their opinions, because it is not in their interests to do so. "

Chen Hong looked at Xia Jingxing with a smile, and analyzed the game among the listed companies, venture capital institutions, and founders without haste.

Xia Jingxing felt that it was difficult, as he was an old capitalist, so he couldn't be fooled.

"With a pre-investment valuation of 50 million yuan, we can entrust the corresponding voting rights to Mr. Tan Zhi and continue to serve as the representative of the capital."

Tan Zhi looked at Xia Jingxing with a smile and said, "Mr. Xia, I'm already fifty years old and I feel old, but I don't really want to be the chairman.

We have been looking for management talents before, but we have not found the right one, so I have been in charge.

If Vision Capital has a suitable candidate, I can abdicate and make way. "

Chen Hong looked at Xia Jingxing with a smile, Envision Capital was a newly established fund and had no talent pool at all.

Even if they asked Vision Capital to host Frame Media, the other party couldn't recommend the right person.

Therefore, in his eyes, Xia Jingxing's abstention from voting was not an important weight.

Xia Jingxing saw that the two of them were unmoved and put forward a new condition.

"Follow-up, if people focus and gather people to find fault, Envision Capital can also make additional investment."

Chen Hong was a little interested and asked, "How much do you add?"

Tan Zhi also looked at Xia Jingxing.

Although they kept saying that they were not afraid of the threat of segregation and gathering, the merger was more in the interests of the two companies than competition.

But no one can guarantee that there will be no accidents.

Xia Jingxing is willing to guarantee additional investment, which is what Frame Media urgently needs, and it is also a way back.

"There is no problem within 100 million, of course, it depends on the specific situation."

Hearing this, Tan Zhi looked at Chen Hong, and the two looked at each other.

Chen Hong said: "Well, with a pre-investment valuation of 80 million yuan, you invest 50 million yuan and become the company's largest shareholder."

Tan Zhi also smiled and nodded, agreeing to this condition.

This major shareholder is not good.

Once you have invested 50 million yuan, you will get on their ship, and the sunk cost is very large.

If there is a situation where Focus, Gathering and Frame Media break out fierce competition.

They can all give up, but Vision Capital can’t, and they must go all the way to the dark, unless 50 million is not worth it.

This is not a trap, it can only be regarded as a kind of binding.

"Another 5 million yuan. According to the pre-investment valuation of 75 million yuan, I will invest 50 million yuan and take 40% of the shares."

Chen Hong hesitated for a moment, and finally nodded, "Okay, this is also our first time working together. I hope everyone has a good cooperation."

After finishing speaking, Chen Hong got up and handed out his hand to Xia Jingxing.

Xia Jingxing shook hands with him and said with a smile, "It's a pleasure to cooperate."

Tan Zhi next to him also got up and shook hands with Xia Jingxing. He was quite satisfied with the result. Compared with the post-money valuation of 35 million in the previous round, the pre-money valuation of this round more than doubled.

It's not a big profit, but there is also a certain amount of book floating profit.

The most important thing is to obtain sufficient cash, which will provide the strongest support for their upcoming serial acquisitions.

"I have no other requirements, I just hope that the funds will be available as soon as possible, preferably within half a month."

Chen Hong looked at Xia Jingxing and made a request.

Tan Zhi added: "This is because we plan to start the operation this month, and the funds cannot be delayed."

The slow delivery of investment funds by venture capital institutions is a very normal thing.

Take Hanergy and IDG as an example. The contract was signed in November last year, and the delivery was completed in January this year.

This is because some investment institutions have a long decision-making process and also need to conduct due diligence.

The most important thing is that everyone likes to drag it for a while. In case of an accident in the middle, you can quickly stop the loss.

Xia Jingxing knew that Frame Media needed money very much, so he said, "Don't worry, I pay money very quickly."

"Haha, that's fine."

Chen Hong smiled and greeted Xia Jingxing for tea.

"Then do we sign the investment intention agreement now? Or wait a few more days?" Tan Zhi looked at Xia Jingxing and asked tentatively.

Chen Hong also looked at Xia Jingxing, the latter said with a smile, "Don't wait, aren't you in a hurry? Sign it now.

I'll call tonight to inform the due diligence team that they will be flying in from the US tomorrow. "

Xia Jingxing's vigorous and resolute actions made the two very satisfied.

Chen Hong took out his mobile phone, walked to the next office, and called the IDG people.

About half an hour later, Chen Hong came back. He smiled and said, "The people from IDG have no problem. Wang Gongquan will fly over from the capital tonight. Tan Zhi, go back to the company to arrange a contract!"

Tan Zhi nodded, did not stop, and quickly left.

Chen Hong continued to chat with Xia Jingxing, preparing to go to Frame Media Company later.

"Brother Chen Hong, you are well-connected, can I entrust you to help me find someone?"

While chatting, Xia Jingxing suddenly remembered a person, so he asked a question.

"Who are you looking for?"

Just after the cooperation was reached, Chen Hong was in a good mood and looked at Xia Jingxing with a smile on his face.

"Executive President of Bertelsmann China."

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