Chapter 1039 Eat meat together

  After the Yahoo's matter settled, Sun Zhengyi did not rush back to Japan, but chose to continue his career in the United States, because he still had an important task in his mind that had not been completed, and he had to stare at the completion before he was relieved.

  A few days later, Sun Zhengyi called Xia Jingxing to formally put forward the negotiation request for investment tubing on behalf of Softbank.

  Under Xia Jingxing’s arrangement, the oil pipeline management, who had recently been scorched by financing, contacted the SoftBank team. Xia Jingxing and Sun Zhengyi, as their respective leaders, were naturally present.

   "Pre-investment valuation of US$20 billion, financing of US$2 billion, and post-investment valuation of US$22 billion."

  Tubing’s current CEO Luo Li immediately made Sun Zhengyi’s blood pressure soar.

  Ba Ga, are you really taking yourself a fool?

  Although in the eyes of the outside world, I am generous and refreshing, but it is actually to create a top investor’s personality to facilitate future projects. It is not really not taking money as money.

  Sun Zhengyi cast his gaze on Xia Jingxing, where the old **** was on the side, with a certain inquiring meaning. How would you treat your allies like this?

  "Haha, Mr. Sun, YouTube’s user base has been clinging to the tail of Facebook. At present, the total number of registered users is only slightly smaller than that of Facebook, and it has already exceeded 500 million users. It is the world’s largest video website deservedly.

  Microsoft, Yahoo, Google, News Corporation and other giants have tried to challenge the status of the oil pipeline in the past, but without exception, all of them have come back.

  This is our moat and exclusive advantage. After you invest in the oil pipeline, you don’t have to worry about the future development issues at all. You just need to wait for the platform to grow bigger and bigger, and then find the right opportunity to exit. "

  Xia Jingxing deliberately emphasized the word "appropriate opportunity". He believed that Sun Zhengyi understood his hint.

  Sun Zhengyi understands of course. The other party has hinted before that Facebook and YouTube will be reorganized in the future, and SoftBank’s holdings in YouTube will be converted to holdings in Facebook.

  This is also a precious investment opportunity that Sun Zhengyi has been thinking about for a long time. If it is not done properly, he will not worry about returning to Japan.

  SoftBank currently only holds a share of Facebook, which can only be said to be better than nothing. To say that it is particularly satisfied, there is naturally no. It has not even entered the board of directors, which is completely inconsistent with SoftBank’s consistent investment style.

  Sun Zhengyi pondered for a moment and replied: “I have been paying attention to the development of oil pipelines. These days, I have done some analysis with the team with the collected oil pipeline operation data.

  We have discovered a very serious problem. It has been a few years since the establishment of the tubing, and there are more and more users, but the amount of losses is constantly expanding.

  Today, few investment institutions in Silicon Valley and Wall Street can afford this gold-swallowing behemoth.

  In the Internet industry, the person who can bet billions of dollars in a single transaction is not my boast. Apart from you, I am afraid I am the only one. "

  Xia Jingxing laughed and said nothing, Sun Zhengyi became a fine fox too, not easy to fool.

  Tubing is indeed not easy to raise funds. The amount of financing of several billion US dollars has far exceeded the investment range of VC and belongs to the target range of PE funds.

  However, PE funds, such as Blackstone, like to buy real estate projects, and KKR thinks about acquiring a certain company every day... Each has its own focus.

  After a few laps, looking at the world, he and Sun Zhengyi can have such a courage to invest in an Internet company and a billion-dollar loss-making Internet company.

  He is definitely not going to raise the oil pipeline anymore. Although he has this financial strength, the return on investment is not high, and it also involves a series of troubles such as excessive holdings and exiting.

   Therefore, SoftBank has almost become the best and most ideal financing object.

  If you don’t choose SoftBank, you can only hold a bowl and go door-to-door.

  It is not necessarily impossible to raise capital, but shareholders with less money and more things will be troublesome when they come in.

  Compared to those unreliable institutions, as long as the company can make money, Sun Zhengyi's support for the management and founders has always been well-known, and it is much more reliable.

"If the external institutional investors are really in trouble, our internal shareholders can pool some more funds to support the oil pipeline for a year or two, and then when things turn for the better, there is no need for external financing. In other words, this is probably the oil pipeline. The last round of financing is now."

  Sun Zhengyi fell into silence, which is to imply that after one or two years, Facebook acquired oil pipe after its listing, relying on Facebook’s own profit and secondary market financing channels, and raising an oil pipe is nothing to say.

  In other words, this is indeed the last good opportunity to invest in tubing and increase Facebook shares.

   Thinking of this, Sun Zhengyi felt a little helpless about Xia Jingxing’s bundling sales.

  Unless you choose to give up, you can’t escape the fate of being severely slaughtered by Xia Jingxing.

  "Pre-investment valuation of 10 billion US dollars, we invested 5 billion US dollars!"

  Sun Zhengyi showed his courage. Now that he has decided to vote, he should vote more so that it is possible to replace as many shares as possible on Facebook in the future.

  Luo Li and the tubing management who were present were very tempted to hear Sun Zhengyi’s condition, and their valuations ranked second, the most important being US$5 billion!

  With this money, the oil pipeline will not be short of money for expansion and development in the next three to four years, and they are even confident that the company will be profitable...

  Well, it may not be possible, but at most break-even or close to break-even infinitely.

  Xia Jingxing ignored the gaze of Luo Li and others, and said lightly: “It is impossible to raise so much money at once, it is worthless, and it is not in the interests of existing shareholders.”

  Sun Zhengyi laughed and said: “Generally speaking, the financing of start-up companies is round every year or even half a year.

  Small-scale dilution of equity in each round of financing, so as to obtain a development fund, and spend the money raised within half a year or a year, and the valuation will be doubled, doubled or more.

  Next, continue small-scale financing with doubled valuation...

  Weekly, this is indeed in the interests of existing shareholders.

  According to the current situation of the oil pipeline, the annual loss figure may double in the future.

  I lost only a few hundred million U.S. dollars last year, but this year it may be one billion U.S. dollars, and it may reach two billion U.S. dollars the next year.

  To be honest, if it weren’t for Darren’s sincere invitation, I might not have invested in tubing. The risk is too great. I don’t know how much money I need to invest if I want to cross that break-even line.

  With the 5 billion US dollars we provided, the oil pipeline can develop safely for two to three years, and wait for the emergence of changes. "

   "5 billion US dollars is too much, I can accept at most 2 billion US dollars, and the valuation is at least 18 billion US dollars."

  Sun Zhengyi shook his head slightly, "The current tubing is less than half of Facebook's worth.

   is not the gap between users, but the gap between business models and future development prospects.

  If YouTube is now in a profitable state like Facebook, coupled with the huge scale of 500 million users, I fully accept your conditions.

  The business model of the oil pipeline has not been fully proven. At this stage, I can accept a pre-investment valuation of up to $10 billion.

  If SoftBank’s investment is reduced, then the valuation will need to be adjusted down proportionally. For example, the pre-investment valuation of US$8 billion corresponds to the amount of financing of US$4 billion. "

  Luo Li and a group of executives did not interrupt, quietly watching the big boss and Sun Zhengyi fight each other, the two people also popped up some riddles from time to time, "waiting for a turn" and "change", completely unable to understand.

After talking for several hours, the dry-mouthed Xia Jingxing and Sun Zhengyi reached a framework agreement. According to the pre-investment valuation of 12 billion U.S. dollars, SoftBank invested 3 billion U.S. dollars in tubing and obtained 20% of the company’s shares. The specific details of the two teams are There will be more detailed consultations.

  For example, Sun Zhengyi insisted on a supplementary clause that, within three years, the oil pipeline must be listed, or the curve is sold to a listed company.

  If it can’t be reached, SoftBank has the right to request the stock repurchase from the previous round of stockholders and management of the oil pipeline, and a certain amount of interest will be added.

  This is Sun Zhengyi's worry that Xia Jingxing said that he was unprovoked and demanded that the promise be put on paper.

  Xia Jingxing has nothing to do. After all, 3 billion US dollars is not a small sum. It must be the heart of Comrade Sun.

  It only involves interest, repurchase incentive conditions, etc. These meticulous work requires the teams of both parties to pick up the words a little bit.

  Other conditions, Xia Jingxing is generally satisfied, such as a $3 billion financing, saving some money, enough tubing to last for two to three years, and enough to support Facebook lightly, and after the completion of the listing, he will come to take over again.

  The pre-investment valuation of US$12 billion is not an underestimation. After all, Gates’s last round of investment was only US$6 billion in pre-investment valuation, which has doubled.

   Seeing Xia Jingxing nodding, Sun Zhengyi finally showed a satisfied smile.

They have made internal estimates that Facebook and YouTube will continue their current development momentum. 20% of the stock of YouTube can be exchanged for at least 5% of Facebook. With the addition of the original share, SoftBank should be able to compete with Axel. Wrench your wrist and become the largest institutional shareholder in Facebook, second only to the founder!

  This is no longer about drinking soup, but eating meat together.

  Because of the late investment stage, Sun Zhengyi no longer expects the rate of return to reach hundreds or thousands of times, but he is looking forward to the absolute value of the return on this investment, and it is not impossible to think about the tens of billions of dollars.

  　 I feel a little uncomfortable today, so let’s change it and make it up tomorrow.

  　　

  　

  (End of this chapter)