Chapter 841 Play with or without Capital?

Sitting on the plane back to Yanjing, Li Mu kept thinking about the advice and reminders Zhao Xianliang gave him.

Before talking with Zhao Xianliang about this, Li Mu had always had a slightly pretentious "vision": after the B round of Muye Technology, he would no longer raise funds and directly look for opportunities to go public in the United States, but now that he thinks about it, his idea is at the capital level. It does seem childish.

Listing is indeed very attractive, but the number of financing before listing is small, which has no practical impact on the fundamental result of listing, and it has no practical significance. Choosing less financing is equivalent to adding difficulty to the game by yourself, and after customs clearance You won't get any additional rewards, at most you can get a sentence from someone else: "Fuck, it's awesome!"

In the past life, many domestic Internet companies developed extremely fast, and the number of financing rounds was too many to count. The outstanding companies can raise three rounds a year. It’s like the fighter jets continuously open the afterburner to turn on the afterburner, and the fuel consumption is extremely fast, so the frequency of fuel replenishment should be extremely high, but the biggest advantage is that the speed is fast. The ultimate pursuit is a higher market value and a higher market share.

The domestic Internet industry is still a bunch of small saplings at the moment, and I am the stronger one among the bunch of small saplings, but if you think about it carefully, you must not despise these small saplings, because most of them have behind them. Strong capital relationships, and without exception, all overseas capital.

Right now, Li Mu does not have any overseas capital to cooperate with. If he wants to open up the overseas market in the future, if there is no foreign traitor to lead the way and open the door, how many detours will he have to take? Thinking about it again, if you have strong overseas capital relations, once you want to enter the overseas market, these mercenary investment banks will definitely do everything possible to help them conquer the city and conquer the land. This feeling must be very refreshing.

Moreover, as Zhao Xianliang said, capital is not just about money. Capital is a powerful ally. It can not only provide guns and ammunition, but also provide fire support for the trinity of sea, land and air. In the future, there will be tough battles to be fought. For allies, I am afraid that it is somewhat hasty.

After thinking about this level, Li Mu decided to go back and systematically study and discuss the planning of corporate financing, not only Muye Technology, but also Taobao and Taobao Logistics.

Taobao now has a book profit, that is because I arrived at the battlefield first, and the enemy is still buying equipment in its own blood spring, and it will not come in for a while. How to deal with so many domestic entrepreneurs, as well as the invasion of overseas capital and overseas enterprises?

And Taobao Logistics has now begun to enter the stage of large-scale procurement. Various purchase orders are placed continuously. Liu Yingdong is also actively promoting the construction of six major logistics and warehousing bases in the country, and the volume of 500 million funds has gradually begun to meet various needs. In addition to meals, the investigation team sent by Taobao Logistics to Germany has also established an excellent personal relationship with German Berman by showing off their wealth and throwing money. Whether to use Berman's automatic sorting and automatic storage solutions, After all, it's a question of money.

In fact, the Internet industry is actually playing with capital to a large extent, and even using capital to make magic, put out 100 million and put it in front of the audience. When a fire burns, the magician snaps his fingers when the sky is full of ashes, and the pile of ashes may change. A billion is in front of you.

One and a half years after it was launched on instagram, it sold a billion dollars. As a rebirth, Li Mu has taken out so many advanced products and operational thinking, and made this business with all his might, but now there is very little money in his hands. .

Although the valuation is high, if no capital is found to take over, the valuation is just an imaginary number.

Since it is rumored in the industry that the valuation of Muye Technology has exceeded 10 billion, then simply raise a C round, and actually transfer some shares at a valuation of 10 billion, so that the rumor of a valuation of 10 billion is completely confirmed!

...

So, the day after returning to Yanjing, Li Mu came to Muye Technology,

Before anyone arrived, she had already asked Lin Qingya to convene the core team to gather in the conference room to prepare for the meeting.

For the core team members of Muye Technology, it is very rare for Li Mu to disappear for two consecutive days on Mondays and Tuesdays. Usually, no matter how busy Li Mu is, he will make time to come over every Monday and Tuesday, even at night, but It's been two days this week, and he hasn't shown up once.

When Li Mu came to Muye Technology, all the core team members were already waiting in the conference room. They intuitively thought that Li Mu had disappeared for two days, and the meeting had to be convened before he appeared. There must be a very important event.

Sure enough, Li Mu walked into the conference room and said hello to everyone, the first sentence was: "Today I'm so anxious to invite everyone to come to the meeting. In fact, there is a very important decision that needs everyone's help."

Everyone looked at Li Mu and waited with bated breath.

Li Mu paused slightly, adjusted slightly, and said word by word: "I'm considering whether to start the C-round financing of Muye Technology. What do you think about this decision?"

Li Mu's words can be said to have stirred up a thousand waves.

Financing? For any business, no one, except the boss and major shareholders, will refuse financing.

For the company, financing means more money coming in. The core managers of the company are sitting here, which is equivalent to the generals of the army of Muye Technology. They naturally hope to expand their military strength and have more in their hands. With more advanced weapons and equipment, it can attack bigger opponents and fight bigger battles. After all, recruiting troops step by step is slow. Financing is equivalent to injecting a large wave of mercenaries in one breath, and the entity can be rapidly improved.

In addition, for these core leaders, financing is also an opportunity for them to cash out.

They only have a small amount of options in their hands, and these options have not been cashed out yet. According to Li Mu's regulations, the core team with options can cash out one third of the year. Like Kong Lingyu and Lin Qingya, they can cash out their shares first this year. , if there is capital coming in, the company's valuation will be updated once, and if they are willing to cash out, the company can naturally let them cash out.

Therefore, on the whole, the core team has no reason to refuse financing.

Although he recognized the financing in his heart, the core team was still very surprised. Didn't Li Mu say before that he would no longer raise funds after the B round? Everyone was waiting for him to lead them to a great show of direct listing after the B round, but he didn't expect him to start thinking about financing.

Li Mu asked everyone to express their opinions freely, and Lin Qingya asked everyone's doubts: "Mr. Li, why do you want to start the C round of financing now? With the current scale of Muye Technology, the status of product operations, and our influence in the China Internet industry. Even if we launch a Nasdaq listing now, it’s not too difficult, just look at CDC, Sina, NetEase and Sohu, we are much stronger than them in terms of product scale and revenue scale.”

Li Mu shrugged his shoulders and said helplessly: "Qingya, you are right, if we want to go to the Nasdaq to ring the bell now, we will be able to stand in front of the Nasdaq bell in a short time. But we can't ignore one problem."

After speaking, Li Mu sighed and said, "If we start the listing rhythm now, no one will endorse us in the U.S. capital market."

The endorsement theory is not yet popular, and everyone will not understand the meaning of Li Mu's words for a while.

Seeing everyone's doubts, Li Mu explained in depth: "Endorsing, to put it bluntly, is like reciting a text, telling others about our situation, including how awesome we are and how much potential we have, which is equivalent to selling. "

After a pause, Li Mu said: "There are many factors that the capital market refers to, and the book data is only one of them. However, the market prospects and development potential cannot be effectively reflected by the book data. I made a million in book this year, and the capital believes me at most. I can make 2 million next year, but if I say I can make 20 million or even 200 million next year, will the capital market believe it?”

The crowd was silent.

Li Mu said, "Looking at your expressions, you probably won't believe it either."

Everyone nodded.

There is no reason to say that, how big a bubble can blow, can it be seen just by looking at the lung capacity? of course not.

The lung capacity is only a minimum reference standard, but everyone knows that the bubbles blown by the lung capacity alone are not that big, but if a gust of wind blows, it may be able to blow a bubble larger than a person, but the latter Obviously, it is impossible to rely on self-bragging to convince people. Who will believe it if you say it? Zhuge Liang is such an awesome character, he said he can borrow the east wind, who really believed him when the wind didn't come?

At this time, Li Mu added: "If we have a purpose first, find a powerful investment bank from the US capital market to cooperate with, and after the C round of financing, we will not need to go public in the United States where we are unfamiliar. We have found someone to brag that we can be recognized by the capital market by relying on the endorsement of the investment banks we cooperate with everywhere, and the listing should be a matter of course, so the key to our discussion today is: whether to bring capital to play?”

Everyone basically understood Li Mu's intentions, and Ding Zhenglin, a great man he dug from Sequoia Capital, said with excitement: "Mr. Li, if we really start the C round of financing, there will definitely be a large number of investment banks swarming with cash. Yes, then all you need to consider is whose money you take."

Li Mu smiled and said, "Old Ding, you are from Sequoia, what do you think if we take Sequoia's money?"

Ding Zhenglin said seriously: "I think Sequoia is the best choice right now for three reasons."

"First, Sequoia has been developing in China for the longest time. It not only understands the situation of China's Internet industry, but also has invested in a number of China Internet companies, and has enough experience;"

"Second, Sequoia is directly the top venture capital institution in the United States, and it has a strong influence around the world, and the most influential one is precisely the United States. Shan's capital operation ability, we will be able to get the greatest recognition from securities companies in the future when we list in the United States, and achieve the best results;"

"Third, the eyes of Huaxia Sequoia have been chasing you, not only Muye Technology, but also Taobao. Even now, they have been contacting me to ask about our recent financing plans."