RINAPE :: Volume #11

#1031: 170 hundred million USD get up to discuss

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Before Eric. Hanks meets, in office that Li Mu in Lin Qingya for oneself prepares, saw two Silicon Valley Venture Capital organization representatives one after another, in process that in met with these two Venture Capital, Li Mu on is not thorough, in the limited time that the matter of financing chatted, most time the representatives with two companies are feigning ignorance. 在与Eric.Hanks见面之前,李牧在林清雅为自己准备的办公室里,陆续见了两家硅谷的风投机构代表,不过在与这两家风投见面的过程中,李牧并没有就融资的事情聊的太深入,有限的时间里,多数时间是在跟两家公司的代表打马虎眼。 Li Mu does not suspect most Silicon Valley Venture Capital to be able with obtaining ten hundreds of millions USD, did not suspect that most Silicon Valley Venture Capital can be willing to invest Muye Science and Technology, but the present is he is selecting the partner, the capital that Muye Science and Technology C rounds of financing take to bring is important, the light was rich could not have been the partner of Muye Science and Technology next strategic stage. 李牧不怀疑大部分的硅谷风投都能拿得出十几亿美元,也不怀疑大部分的硅谷风投都会愿意投资牧野科技,但现在是他在挑合作伙伴,牧野科技C轮融资带进来的资本非常重要,光是有钱还远做不了牧野科技下一个战略阶段的合作伙伴。 The representatives after with two companies chatted respectively was too long, the representatives in two companies somewhat cannot repress, tried to demand the commercial prospectus that Muye Science and Technology C rounds financed to Li Mu. 分别与两家公司的代表闲扯了太久之后,两家公司的代表都有些按捺不住,都试图向李牧索取牧野科技C轮融资的商业计划书。 A normal commercial prospectus, not only will write plainly that the company current scale of development, the business progress and earning, the core team personal history, has the intention estimate value of corporate finance, attains the commercial prospectus, was equivalent attained the target price of Li Mu this financing. 一份正常的商业计划书,不但会写明公司目前的发展规模、业务进展、营收情况,核心团队履历,更有企业融资的意向估值,拿到商业计划书,就相当于拿到了李牧这次融资的目标价格。 But, Li Mu does not have to be the Muye Science and Technology C rounds of financing preparation commercial prospectus from the start. 可是,李牧压根就没为牧野科技的C轮融资准备商业计划书。 In other words, Li Mu absolutely does not have one to write the target price on paper surface, his target evaluation is 200 hundred million USD above, but this estimate value also needs the following several significant movements to support, otherwise puts out this target price now the words, will have a scare all Venture Capital, the premium proportion is too high, will make the market think own over expansion. 换句话说,李牧根本就没有一个可以写在纸面上的目标价格,他的目标估值是两百亿美元以上,但是这个估值还需要自己后续的几个重大动作来支撑,否则现在拿出这个目标价格的话,会把所有风投吓一跳,溢价比例太高,会让市场认为自己过度膨胀。 Therefore, Li Mu under questionings of two company representatives, gave an admission condition probably : The Muye Science and Technology ideal estimate value in 170 hundred million USD above, after first approves 170 hundred million USD guaranteeing a minimum estimate values, we again sit thorough chatting. 所以,李牧在两家公司代表的追问下,大概给出了一个入场条件,既:牧野科技的理想估值在一百七十亿美元以上,先认可一百七十亿美元的保底估值之后,咱们再坐下来深入的聊。 170 hundred million USD get up to discuss, this unthinkable initial price frightens the representatives in these two enterprises, Muye Science and Technology truly has very big development at last, but Muye Science and Technology has completed the resolution after all, now explodes the fire «Town of Paradise» has divided family property in the account and Muye Science and Technology, therefore " Town of Paradise » running water cannot be used to calculate the Muye Science and Technology estimate value directly, even if must calculate «Town of Paradise» that part in the Muye Science and Technology estimate value attaches the influence, absolutely was impossible to have such high premium space. 一百七十亿美元起谈,这个匪夷所思的开价着实吓到了这两家企业的代表,牧野科技在最近这段时间确实有着非常大的发展,但是牧野科技毕竟已经完成了拆分,现在爆火的《天堂小镇》在账面上和牧野科技已经分了家,所以《天堂小镇》的流水不能直接用来计算牧野科技的估值,就算是要在牧野科技的估值里计算《天堂小镇》的那部分附加影响力,也绝对不可能有这么高的溢价空间。 The market gives the Muye Science and Technology relatively calm estimate value at present, probably in 150 to 160 hundred million USD, reason that ten hundred million USD floating spaces, did not mean that 160 hundred million USD estimate values relatively are also calm, because 160 hundred million USD estimate values will need YY to break through in the recent business. 市场目前给牧野科技相对冷静的估值,大概在一百五到一百六十亿美元之间,之所以有十亿美元的浮动空间,并不是说一百六十亿美元的估值也相对冷静,而是因为一百六十亿美元估值需要YY在近期的业务上有所突破。 If YY can have a bigger development in the near future, or PayPal can make a bigger breakthrough, then the capital side will make certain breaking surface to the Muye Science and Technology estimate value correspondingly, ten hundred million USD breaking surface spaces, just burst soon US (America) in the internet bubble, saw sufficiently these Venture Capital had to Muye Science and Technology favors. 如果近期YY能够有更大的发展,或者PayPal能够有更大的突破,那么资本方会相应给牧野科技的估值做一定的上浮,十亿美元的上浮空间,在互联网泡沫刚破裂不久的美国,足以看出这些风投对牧野科技有多看好了。 However a Li Mu opens the mouth, raised in the threshold of admission ticket 170 hundred million USD level lines, frightened unbearably the opposite party. 但是李牧一开口,就把入场券的门槛提高到了一百七十亿美元的水平线上,把对方吓得够呛。 Regardless at any time, the capital is discrete, every behind the investment of seeming like the great writer, does not know that the investigation and discussion of many thorough enterprise and industry marrow, the investor not only need weigh the enterprise current scale and earning, but also wants in -depth analysis enterprise following development opportunities, the most important thing is, they must estimate the risk, and control risk, even if knows that the probability of Muye Science and Technology accomplishment is big, but who worried that the enterprise detours in the process of decision, was worried that the industry meets suddenly coldly. 无论任何时候,资本都是谨慎的,每一次看似大手笔的投资背后,都不知道有多少深入企业和行业骨髓的调查与讨论,投资者不但要衡量企业目前的规模、营收情况,还要深度分析企业接下来的发展空间,最重要的是,他们要预估风险并且控制风险,即便都知道牧野科技大成的机率不小,但是谁都担心企业在决策的过程中走弯路,更担心行业忽然遇冷。 The internet industry sells is the concept, the companies of high market value, very some first-year university student market values by concept support, if comes a internet bubble burst again the tragedy, then the capital in market pays for the concept no one again, when the time comes internet Corporation of these high market values will definitely crash, Muye Science and Technology is impossible to escape by luck. 互联网行业卖的就是概念,一家又一家高市值的公司,很大一部分市值是靠概念支撑,如果再来一次互联网泡沫破裂的惨剧,那么市场上的资本将无人再为概念买单,到时候这些高市值的互联网公司必然会崩盘,就连牧野科技也不可能幸免。 20 minutes of meeting time arrive, the representatives in two companies have the deep shock to say goodbye to leave, 170 hundred million USD thresholds, they need to return to the company to report as soon as possible, how having a look at the highest management to make a decision. 二十分钟的会面时间一到,两家公司的代表都带着深深的震惊告辞离开,一百七十亿美元的门槛,他们需要尽快回公司上报,看看最高管理层如何决断。 After Li Mu sends off two groups of people one after another, rested slightly the moment in the office, 10.2 15, Lin Qingya knocks the office front door, said: „Chief Li, the Sequoia person came.” 李牧接连送走两拨人之后,在办公室里稍稍休息了片刻,十点二十五分,林清雅敲开办公室大门,道:“李总,红杉的人来了。” Li Mu nods: „Please come.” 李牧点点头:“请进来吧。” Eric. Hanks under the guidance of Lin Qingya, before the corridor arrives at the Li Mu's office gate, experienced Eric. Hanks once in the innumerable size investments played the strong character, such as the potluck has accomplished a task with ease to these meetings and negotiations generally, what even his own didn't expect is, in this moment, his at heart unexpectedly somewhat is unexpectedly anxious. Eric.Hanks在林清雅的引导下,穿过长廊来到李牧的办公室门前,久经沙场的Eric.Hanks曾经在无数大小投资中扮演重要角色,对这些会面与谈判早就如家常便饭一般游刃有余,但连他自己都没想到的是,在这一刻竟然,他的心里竟然有些紧张。 Can person who achieves 100 hundred million USD market values the enterprise, can discover much in Silicon Valley, but the China person, and China internet enterprise has not reached such altitude, can 20 years old be able to achieve this step person let alone, which country regardless of what race, he is one has not seen, but in this leaf of door, sits such young people of Legend version at present, therefore Eric. Hanks anxiety cannot help but, because in his subconscious felt, will witness a history. 能把企业做到一百多亿美元市值的人,在硅谷能找出不少,但是华夏人,以及华夏互联网企业还从来没有达到过这样的高度,更何况能二十岁就能做到这一步的人,无论什么人种、哪个国家,他更是一个都没有见过,而就在眼前这扇房门内,就坐着这样一个传奇版的年轻人,所以Eric.Hanks不由自主的紧张,因为他的潜意识里觉得,自己将见证一个历史。 Lin Qingya shoves open the door of office, bringing Eric. Hanks to come, said to Li Mu: „Chief Li, this is Sequoia Capital vice-president Mr. Eric. Hanks.” 林清雅推开办公室的房门,带着Eric.Hanks进来,对李牧说:“李总,这位是红杉资本的副总裁Eric.Hanks先生。” Then, Lin Qingya also said to Eric. Hanks in English: „Mr. Hanks, this is our Muye Science and Technology CEO Mr. Li Mu.” 说罢,林清雅又用英文对Eric.Hanks说:“Mr.Hanks,这位是我们牧野科技的CEO李牧先生。” Li Mu gets up from the desk advance party, walks out, while said to Eric. Hanks in English with a smile: „Sees your Mr. Hanks very much happily.” 李牧从办公桌前站起来,一边往外走,一边笑着用英语对Eric.Hanks说:“很高兴见到你Mr.Hanks。” Was saying then arrived at the Eric. Hanks side, Li Mu put out a hand to grasp grasping with him, the Eric. Hanks also similar politeness responded: „Mr. Li, I in US (America) greeting on first meeting your given name, have been anticipating with your meeting, thank you today the time in spite of being very busy finding.” 说着便走到了Eric.Hanks的身边,李牧伸出手与他握了握,Eric.Hanks也同样礼貌回应:“李先生,我在美国久仰你的大名,一直期待着与你的见面,感谢你今天在百忙之中抽出的时间。” Li Mu shows a faint smile, said one: „Mr. Hanks does not need is so polite, among us meeting to have the opportunity develops together, therefore is far from thanks.” 李牧微微一笑,说了一句:“汉克斯先生不必这么客气,我们之间的见面是为了有机会共同发展,所以谈不上谢。” Eric. Hanks nods, says with a smile: „Right that Mr. Li said that the common development is the core idea that we commonly pursue.” Eric.Hanks点点头,笑道:“李先生说的对,共同发展才是我们共同追求的核心理念。” Li Mu invited him to sit down in the receiving callers area, later said: „Mr. Hanks, should I find the time to pay a visit personally, but is newly-arrived, a lot have not processed with enough time, but also please excuse me.” 李牧邀请他在会客区坐下,随后道:“汉克斯先生,本该我抽时间亲自登门拜访,但初来乍到,很多事情还没来得及处理,还请见谅。” Eric. Hanks knows that the China person spoke to love the smalltalk, but didn't expect was so unexpectedly polite, hastily said: „Mr. Li comes Silicon Valley, Sequoia to establish for the first time for many years in Silicon Valley, is half host, naturally must visit on own initiative, originally I hope yesterday invited you to have the dinner, Silicon Valley although was the high-tech industry, however had several very good characteristics restaurants near Stanford university, including roasting pig rib platoon was known as that was the state is most delicious, if you interested, we can approximately a time pass to taste.” Eric.Hanks知道华夏人讲话爱客套,但是没想到竟然这么客气,急忙说:“李先生第一次来硅谷,红杉在硅谷创立多年,也算是半个东道主,自然要主动登门,本来我昨天希望邀请您共进晚餐的,硅谷虽然都是高新技术产业,但是在斯坦福大学附近有几家非常不错的特色餐厅,其中有一家的烤猪肋排号称是全州最好吃,如果你有兴趣的话,我们可以约个时间过去尝尝。” The Li Mu nod said with a smile: „Good, had the words of time certainly to taste together in the past.” 李牧点头笑道:“好啊,有时间的话一定一起过去尝尝。” Saying, Li Mu is sighing one lightly, said: „Possibly will be quite recently busy for these days, Muye Science and Technology just started in US (America), the the development of operation and market of build and product of team needs to consume lots of time energy, the matter that therefore eats meal can probably drag in the future, but also please excuse me.” 说着,李牧轻叹一声,道:“不过最近这几天可能会比较忙,牧野科技刚开始在美国起步,团队的搭建、产品的运营、市场的开拓都需要耗费大量的时间精力,所以吃饭的事情能要往后再拖一拖,还请见谅。” Eric. Hanks saw Li Mu to chat the work on own initiative, showing a faint smile of maintaining composure, immediately immediately follows the Li Mu's words to open the official topic: „Mr. Li, the performance of Muye Science and Technology in US (America) market makes entire Silicon Valley hold in high esteem, by the Muye Science and Technology strength, I believes that will have to become that day of the world top internet enterprise eventually, all are just the time issues.” Eric.Hanks一见李牧主动聊到了工作,不露声色的微微一笑,随即立刻顺着李牧的话打开了正式的话题:“李先生,牧野科技在美国市场的表现让整个硅谷刮目相看,以牧野科技的实力,我相信终究会有成为世界顶尖互联网企业的那一天,一切只不过是时间问题而已。” Eric. Hanks said that this saying, paid attention to a Li Mu's expression, sees the Li Mu wear a look of happy expression, then continues saying: „Mr. Li, opening up territory to develop the earth to be important to any company, every so often, opens up territory to develop the earth time needed, with the money of consumption is in reverse proportion, money of consumption are more, the time needed is shorter, vice versa. The development ideal of our Sequoia Capital , helping all enterprises, better changes the time with money, develops the time of costing to be shorter, the development opportunities of enterprise naturally are bigger.” Eric.Hanks说完这话,留意了一下李牧的表情,见李牧面带笑意,便继续说道:“李先生,开疆拓土对任何一个公司来说都非常重要,很多时候,开疆拓土所需要的时间,和耗费的金钱是成反比的,耗费的金钱越多,所需要的时间就越短,反之亦然。我们红杉资本的发展理念,就是帮助所有的企业,更好的用金钱换时间,发展所耗费的时间越短,企业的发展空间就自然越大。” Li Mu said with a smile: „That is natural, the Sequoia reputation was praised by the innumerable enterprises in the industry, you helped many internet start-ups grow strong rapidly, was the development of internet industry made very big contribution.” 李牧笑道:“那是自然,红杉的口碑在行业里是被无数企业交口称赞的,你们帮助了许多互联网初创企业迅速发展壮大,为互联网行业的发展做出了很大的贡献。” Eric. Hanks said: „Contribution is far from, everyone is according to his need, we project operation team actually, because of this, we cannot only seek for the potential project and team everywhere, invests to them, lets they better development, brings better fund return to us.” Eric.Hanks说:“贡献谈不上,大家都是在各取所需,我们没有实际的项目运营团队,正因为如此,我们只能到处寻找有潜力的项目和团队,投资给他们,让他们更好的发展,同时也给我们带来更好的资金回报。” Saying, Eric. Hanks looks at Li Mu, was saying earnestly: „Mr. Li, Sequoia has extremely paid attention to your Muye Science and Technology and Taobao net, knows that you are C rounds of financing of Muye Science and Technology have looked for the right partner, we as internet industry senior Venture Capital Corporation, hope that can become your two company in the capital domain partner, moreover please believe, Sequoia can take to you, not only the great support in fund, has the endless resources of US (America) capital market, when even you plan in the future in US (America) will go on the market, Sequoia can also provides the powerful support for you and your enterprise.” 说着,Eric.Hanks看着李牧,认真的说:“李先生,红杉一直非常关注你的牧野科技与淘宝网,也知道你一直在为牧野科技的C轮融资寻找合适的合作伙伴,我们作为互联网行业资深的风投公司,非常希望能够成为你这两家公司在资本领域的合作伙伴,而且请你相信,红杉能够带给你的不只是资金上的大力支持,更有美国资本市场的无尽资源,甚至当你计划未来在美国上市的时候,红杉也能为你和你的企业提供强大的支持。” Li Mu facial expression earnest nod, said with a laugh: „These I who you said highly believe, at present Muye Science and Technology is also truly arranging the relevant issues of C rounds of financing, I also anticipated that very much can establish the cooperation with your firm.” 李牧神情认真的点了点头,笑着说:“你说的这些我都非常相信,眼下牧野科技也确实在筹备C轮融资的相关事宜,我本人也很期待能够与贵公司建立合作。” One hear of this saying, Eric. Hanks expression relaxed several points, said with a smile: „Since this, I think we can hold the discussion of deeper level on this issue, does not know that Muye Science and Technology the commercial prospectus that does prepare C rounds to finance?” 一听这话,Eric.Hanks表情轻松了几分,笑道:“既然这样,那我想我们双方可以就这个问题进行更深层次的讨论,不知道牧野科技有没有准备C轮融资的商业计划书？” Li Mu shakes the head, a face said indifferently: „We have not prepared the commercial prospectus, Muye Science and Technology many situations believe that you are also clear, for the time-saving and promotion communication efficiency, before in -depth discussion, we need first to determine a consensus with you.” 李牧摇了摇头,一脸淡然的说:“我们没有准备商业计划书,牧野科技的很多情况相信贵方也都非常清楚,为了节省时间、提升沟通效率,在深入讨论之前,我们需要先和贵方确定一个共识。” Eric. Hanks hastily said: „Please say.” Eric.Hanks急忙说道:“请讲。” Li Mu said: „C rounds of financing of Muye Science and Technology, the company estimate value must in 170 hundred million USD above, you, if approves this point, we arrange a more thorough discussion ; If not approve this point, then in line with for the objective of both sides time-saving, does not need to continue to start the discussion on this issue.” 李牧说:“牧野科技的C轮融资,公司估值必须在一百七十亿美元以上,贵方如果认可这一点,那我们就紧接着安排更深入的讨论;如果不认可这一点,那本着为双方节省时间的宗旨,就不需要继续就这个问题展开讨论了。”
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