Rebirth in a Perfect Era Chapter 853: Take it apart

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When the promotion of daily necessities quickly progressed, Brother Liu left Yanjing and started to raise money for the Construction logistics base for Taobao Logistics.

Teacher Lei who participated in the Taobao meeting is looking forward to joining the Taobao team as soon as possible, so he is busy actively promoting the Taobao acquisition of Joyo.com.

It is gratifying that both Kingsoft and Lenovo | mental association have reached a consensus and are willing to follow the Li Mu's quotation. The next thing to do is the pre-acquisition asset audit and team transition, so Teacher Lei is waiting for the audit to be completed as soon as possible. Give your old team a peace of mind, so that everyone can rest assured that even if the company is to sell to Taobao, everyone can continue to work in their own positions, and Taobao promised to give Joyo.com employees a 20% salary bonus, which is not Because the Taobao network attaches great importance to this team, but the treatment of Taobao employees is much higher than that of Joyo.com. Even if this 20% increase is not enough to balance the basic salary gap.

Several days have passed, and I want to melt the C round of Muye Science and Technology, and I continue to receive investment letters of intent from major venture capital institutions. Li Mu Ding Zhenglin dug from Sequoia firmly implements the Li Mu's requirements, and all value Muye Science and Technology Venture capital institutions below 10 billion were rejected by Ding Zhenglin in seconds.

What is second rejection? It is when Ding Zhenglin sees the investment letter of intent handed over by the other party and the valuation of the intent is less than 10 billion, it will not hesitate to close the investment letter of intent and return it to the other party, saying without expression: "Sorry, Muye Science and Technology Not considering accepting financing from your company. "

The other party was dumbfounded by Ding Zhenglin, and Ding Zhenglin immediately informed the other party of the reason: "Sorry, our boss said, all institutions with quotations below 10 billion will refuse."

As soon as the other party heard this, hastily said, "Then we will go back to the meeting to meet again and make another letter of intent."

"No need." Ding Zhenglin has a firm expression and reiterates: "Our boss means that the quotation is less than 10 billion, and there is no need to talk about it in the future."

The other party looked awkward and only reacted after a while. This conservative offer made him completely missed the Muye Science and Technology C round of financing. In fact, they also have Plan-B and Plan-C as alternatives. The alternative plan quotation is constantly increasing, but because of the fluke, I want to get a lower quotation first. If the other party refuses, then take the second alternative plan, and then increase and pull a little bit. .

How can they also didn't expect, Muye Science and Technology even awesome to this point, once the quotation is too low, directly out of the game, do not give themselves the opportunity to remedy

As many companies with quotations below 10 billion were rejected, the high profile of Muye Science and Technology also caused a huge shock in the internet industry. As far as the current development of the China internet industry is concerned, it can be so strong in front of capital, except Muye Science and Technology is no more.

No, if Taobao also announced the start of financing, the attitude should be similar to Muye Science and Technology, after all, it is Li Mu's company.

So, everyone reached a consensus: In the China internet industry, there is no second person except Li Mu who can treat capital as grandson.

While Li Mu was being talked about in the industry, the people of Sequoia were fortunate and thankful they gave Muye Science and Technology a 13 billion quotation.

The reason why quotations of 13 billion valuations are given, Sequoia also very carefully analyzed the current influence of Muye Science and Technology. The highest valuation part is naturally YY, which is a god-level product that dominates the entire China internet At present, almost every computer connected to internet of China has YY client installed. The high coverage rate is absolutely impossible to find the second one in China.

In addition to YY, the second largest products of Muye Science and Technology are Tieba (Post It) and YYPortal. These two are web products, that is, page products. There is no client, but the traffic is very large. Tieba (Post It) is naturally needless to say, after this Over the years of operation, Tieba (Post It) has become the world's largest Chinese community, not only a large number of Chinese users, but most importantly, a large number of Chinese stars, especially the star Tieba (Post It), which can bring star resources to this point. The moment is really amazing, and it feels much more influential than the Sina blog of later generations, second only to Sina Weibo.

YYPortal started late, but with the huge source of YY traffic, its traffic has been growing rapidly since going online First Day.

After Li Mu received Hao123 and fully integrated it into YY123, it almost blocked the traffic of the entire navigation website. All the news modules on the navigation website were all links of the YY network. The other website traffic was cut off quite first-year university student blocks, all The subsidy came to the YY network, so the traffic of the YY network ranked first in the Chinese website, exceeding the traffic of the three old Portal sina, 163 and sohu. As for the Baidu, it has not yet been able to enter the Chinese websiteTOP5.

Overall, in Sequoia's eyes, Muye Science and Technology is the most valuable of these three sections. As for the YY game hall and Happy Farm, in their view, although is also a very good product, but it does not have too strong. Development space, althoughYY games and Happy Farm's recharge flow is not low, but Sequoia thinks that they are two games that make quick money, so when calculating the valuation, their standard is ten times the estimated revenue, at 13 billion The proportion of values ​​is very low.

In addition to Sequoia, several other venture capital institutions also gave more than 10 billion valuations. What surprised Li Mu most was that Japan ’s Softbank also gave their quotation, which was as high as 15 billion RMB.

Sun Zhengyi (Masayoshi Son) even wanted to vote for Muye Science and Technology, which makes Li Mu a little unexpected, but think about it carefully, this person is also one of the awesome investors in the internet industry. Boss Ma is his investment, and he also invested many other China internet Enterprises, using CCTV's tone, said that he is also considered an "old friend" of the China people.

After receiving the quotations from almost all venture capital institutions, Li Mu held an internal meeting in Muye Science and Technology, and now there are five companies that offer Muye Science and Technology more than 10 billion yuan, among which the highest quotation is 15 billion from Softbank. RMB, the quotation ranked second, is 13 billion of Sequoia capital. Of the remaining three companies, two have a quotation of 12 billion, and one has a quotation of 10 billion.

For other employees of Li Mu and Muye Science and Technology, you can basically reach a consensus within a very short period of time, that is, this time the financing must be one of Softbank and Sequoia.

Not only because these two companies offer high prices, but also because these two companies are top Venture Capital institutions, both in terms of capital strength, ability and background in the capital market, are extraordinary.

Sequoia is naturally needless to say, one of the world ’s largest Venture Capital institutions has invested in a large number of enterprises, large and small, and there are many super bulls. It is also an old American Venture Capital, with a solid foundation in the US capital market, compared to Next, except that the quotation is a bit lower than Softbank, the other levels are a few points stronger than Softbank.

Regarding Softbank, aside from his nationality background, this is indeed a very awesome company. Softbank has invested a large number of internet and electronic hardware companies, many of which have successfully listed in the United States and are also very important in the US capital market. Strong, but Li Mu somewhat resembles the nationality of Sun Zhengyi (Masayoshi Son), but reason also tells him that there is no need to be a cynical in the capital market. The United States and Japan have a lot of hot money to wander in the field of international capital, and want to avoid it completely in the international capital market. Japanese capital is basically an impossible thing, and the Softbank's quotation is sufficiently higher than 2 billion, which is absolute confidence and affirmation of the future of Muye Science and Technology.

Just when everyone expresses their views, when Sequoia and Softbank express their views, Li Mu sets the tone: "First of all, you do n’t have to think about whether to choose Sequoia or Softbank now, because they are only quoted by them. At this stage, we have n’t negotiated with them yet. Without what they say, we just want more. ”

When everyone nodded their heads, Li Mu went on to say: "Second, we have to figure out first, how much of the business of Muye Science and Technology now these sections are worth in the eyes of capital, YY, YY net, YY game hall, these three The product cannot be split because of its direct affiliation, but other products can be split apart from it, such as Tieba (Post It), such as YY game project division, so when we really sit down and talk with capital, we need to All opened up to talk. "

Lin Qingya asked Li Mu: "Chief Li, do you mean that we want to split up and refinance?"

Li Mu said: "Don't split or not, it depends on how much they value each."

Pause, Li Mu likes to say: "Take Sequoia for example, they gave a valuation of 13 billion, this is their overall package valuation for the entire Muye Science and Technology, but if they think Tieba (Post It) is worthless, In the valuation of more than 10 billion, they think that Tieba (Post It) is only worth one billion, we think that Tieba (Post It) is more than one billion, then we will split Tieba (Post It), we do n’t want this one billion valuation, Tieba (Post It) I will do it alone , Your remaining 12 billion valuation, subtract this part of Tieba (Post It) to Muye Science and Technology. "

Lin Qingya nodded lightly and said, "I think a considerable part of the valuation given by capital is given to YY."

Ding Zhenglin also said: "Lin Zong is right. According to the routine analysis of Venture Capital, what they value most is the direct ecology of YY, not Tieba (Post It) and Happy Farm. After all, YY ’s imagination is huge, and it is currently occupied by YY ’s market. Rate and development trend, Venture Capital must have great confidence in the development of the next five years or more, and in the valuation, YY must also account for the vast majority. "

Li Mu nodded and said: "If this is the case, we will talk to them in multiple ways in the next negotiation, what is the overall valuation, how much valuation will be given after the split, if they put the valuation absolutely Most of them are given to YY, then we will split Tieba (Post It) and Happy Farm, Tieba (Post It) and the blog we are developing are merged together to re-establish a company; Happy Farm is spun off and a company is established, after terminal migration is our first A client-side game, and aren't we just digging up a group of game talents? They can then directly develop a new terminal game for us. In the future, our terminal games will all be done in the shell of Game Company. "