RINAPE :: Volume #11

#1032: The aggressive side leaks

LNMTL needs user funding to survive Read More

170 hundred million USD, get up to discuss. 一百七十亿美元,起谈。 Li Mu expression indifferent In short, could not speak the ks startled long time. 李牧表情淡然的一句话,把ks惊的半晌说不出话来。 Before oneself come, eo confessed Sequoia bottom list price, is 165 hundred million USD. 在自己来之前,eo就交代了红杉的底牌价,是一百六十五亿美元。 The so-called bottom list price, is the ceiling of Sequoia participation bidding. 所谓底牌价,就是红杉参与竞价的最高限度。 Although eo had not explicitly indicated that what to do if the price of Muye Science and Technology request is higher than the Sequoia bottom list price should, but according to normal flow, Sequoia, once sets the bottom list price, then the result nothing but is two types: In this price range, if can discuss, Sequoia enters ; If surpasses this price, Sequoia draws back, for these years, has almost not had the third possibility. 虽说eo没有明确表示,万一牧业科技要求的价格高于红杉的底牌价应该怎么办,但是按照正常的流程,红杉一旦定下底牌价,那么结果无非就是两种:在这个价格范围内如果能谈下来,红杉就进;如果超过这个价格,红杉就退,这么多年来,几乎没有发生过第三种可能。 Sequoia is like other Venture Capital, each investment must calculate the potential room for profits and fund risk, a Muye Science and Technology round of this large amount of investment, the one breath goes out ten hundreds of millions USD cash, must therefore appraise to the risk repeatedly, after all the Sequoia money is not the gale blows, is all elasis as well as various subordinate fund investor common assets. 红杉和其他风投一样,每一笔投资都要计算潜在的利润空间以及资金风险,牧野科技轮这种大宗投资,一口气就出去十几亿美元的现金,所以更要对风险反复评估,毕竟红杉的钱也不是大风刮来的,是所有董事会成员以及下属各基金投资者共同的资产。 In this case, even if Sequoia thinks that Muye Science and Technology may be 1700 hundred million USD assets within future many years, must weigh the risk that this back contains reasonably, cannot because of enterprise present development SF Express with the current, on careless makes the decision, stays behind the risks and potential problems. 在这种情况下,就算红杉认为牧野科技在未来多少年之内有可能达到一千七百亿美元的资产,也要合理衡量这背后蕴含的风险,决不能因为一家企业现在的发展顺风顺水,就草率的做出决定,留下风险隐患。 To Venture Capital, they, when the lead(er) throws or throws alone, certainly will find the way to reduce the actual estimate value, on the one hand this to reduce the fund invests, on the one hand also for future better letting go. 对风投来说,他们在领投或者独投的时候,一定会想办法压低实际估值,这一方面是为了减少资金投入,一方面也是为了将来更好的脱手。 100 million estimate values time comes, 500 million estimate values time withdraws, making the family/home take over a business when 500 million prices, repertoire that this general Venture Capital makes money, but if oneself take over a business has not grasped the premium, lets other investment banks appraise time thinks the price that oneself take over a business is too high, will then let go in the future is very difficult to sell the high premium. 一亿估值的时候进来,五亿估值的时候撤出,让下家在五亿的价格上接盘,这就是一般风投赚钱的套路,但是如果自己接盘的时候就没把握好溢价,让其他投行评估的时候认为自己接盘的价位过高,那么将来脱手时就很难卖出高溢价。 ks thought all of a sudden, Li Mu sees his expression to be strange, guessed correctly the pricetag that oneself opened possibly to give to frighten him at heart, before him, oneself has frightened the representatives in two Venture Capital Corporation, therefore a Li Mu point also thought little, slightly said with a laugh: „Mr. Hanks does not need too puzzled, China has an old saying, said ‚business inadequate justice and humanity in’, even if in other words we, because the price has no meeting of minds, but cannot achieve the cooperation, but among us as before friend.” ks一下子想了很多,李牧见他表情古怪,心里也猜出自己开的价码可能把他给吓到了,在他之前,自己已经吓到了两个风投公司的代表,所以李牧一点也不以为意,微微笑着说:“汉克斯先生不需要太纠结,华夏有句古话,说‘买卖不成仁义在’,就是说即便我们因为价格谈不拢而没能达成合作,但我们之间依旧还是朋友。” ks nods gently, a face earnest said to Li Mu: „Chief Li, said honestly, the Muye Science and Technology situation we have made very thorough objective evaluation, 170 hundred million USD estimate values were too truly high, if according to this estimate value finances, the capital that can perhaps accept is very few.” ks轻轻点了点头,一脸认真的对李牧说:“李总,坦白说,牧野科技的情况我们做过非常深入的客观评估,一百七十亿美元的估值确实太高了,如果按照这个估值来融资,恐怕能接受的资本少之又少。” The Li Mu expression was indifferent, brings to say aloofly self-confidently: „Mr. Hanks, I wants first to correct you a moment ago the mistake in words.” 李牧表情淡然,带着超然自信的说:“汉克斯先生,我想先纠正一下你刚才话里的错误。” the ks brow selects, looks at Li Mu is waiting for his as follows. ks眉头一挑,看着李牧等待着他的下文。 Li Mu said with a smile: „I do not want 170 hundred million USD estimate values, I must start to discuss from 170 hundred million USD, you can understand for this is a starting bid price.” 李牧笑道:“我不是要一百七十亿美元的估值,我是要从一百七十亿美元开始谈,你可以理解为这是一个起拍价。” ks feels on Li Mu that at this moment powerful self-confident, in his opinion, Li Mu said when these words tone, is not self-confident was so simple, even is somewhat extremely arrogant. ks此刻感受到李牧身上的那股强大自信,在他看来,李牧说这句话时的语气,已经不是自信那么简单了,甚至是有些狂妄。 Sequoia did so many years in the internet domain, has been familiar with the internet enterprise, did not say exaggeratingly, Sequoia is the godfather of internet industry, by these precipitations, Sequoia that a internet enterprise assesses, basically can achieve ** does not leave ten, in other words, Sequoia, if takes 165 hundred million USD as the Muye Science and Technology bottom list price, then in this industry overwhelming majority enterprises will not give compared with this high price, Li Mu opens the mouth is 170 hundred million USD gets up to discuss, this truly somewhat is in his opinion extremely arrogant. 红杉在互联网领域做了这么多年,对互联网企业已经了如指掌,毫不夸张的说,红杉就是互联网行业的教父,凭借这些沉淀,红杉对一家互联网企业做出的评估,基本上可以做到**不离十,也就是说,红杉如果把一百六十五亿美元作为牧野科技的底牌价,那么这个行业里绝大部分的企业都不会给出比这再高的价格,李牧一开口就是一百七十亿美元起谈,这在他看来确实有些狂妄。 Li Mu could see, in the ks foreheads has some were inwardly angry with discontentedly, as if own words have made him have some veiled criticism, but Li Mu also and does not care , to continue said with a laugh: „Mr. Hanks, the China person likes a named emerald the jade, the quality good emerald price high astonishment, even if only a ring of emerald, there is a possibility value ten million/countless RMB, but if the quality is not good, several hundred can also buy, because just the price sector of emerald is very big, therefore in the industry expedited a pattern of gambling stone, betting the stone is very interesting, I thought that has very big compatibility with the investment industry, your interested words, I can give you to say.” 李牧看得出,ks眉宇间已经有了些许愠怒和不满,似乎自己的话已经让他心里有了些许微词,不过李牧也并不在意,继续笑着说:“汉克斯先生,华夏人喜欢一种名为翡翠的玉石,成色好的翡翠价格高的惊人,哪怕只是一个翡翠的戒指,也有可能价值过千万人民币,但是如果成色不好的,几百块也就可以买到了,正因为翡翠的价格区间很大,所以行业里催生了一种赌石的模式,赌石很有意思,我觉得跟投资行业有很大的共通性,你有兴趣的话,我可以给你讲一讲。” ks extends a hand: „Please say.” ks伸出一只手来:“请说。” Li Mu said: „Emerald is a special ore, interestingly, it, when mines basically to bind a cover of decency, inside emerald actually value how much, does not cut open to have a look at anyone unable to see a reason why, sometimes gets down all at once, a basketball big stone can the value over hundred million, actually not be sometimes worth a red cent, therefore the seller of ore to pass the burden the risk, oneself does not do to the ore cuts completely, but makes the buyer buy to cut.” 李牧道:“翡翠是一种特殊的矿石,有意思的是,它在开采出来的时候基本上都裹着一层风化的外皮,里面的翡翠究竟价值几何,不切开看看谁也看不出个所以然,有时候一刀切下去,篮球大的一块石头可以价值过亿,有时候却一文不值,所以矿石的卖家为了转嫁风险,自己不对矿石做完全切割,而是让买家买回去自行切割。” ks hear of becoming wholeheartedly interested of somewhat, a face is waiting for Li Mu's as follows curiously. ks听的有些入胜,一脸好奇的等待着李牧的下文。 Li Mu then said: „Some sellers trade the pure original stone, how in this stone has the jadeites and some words qualities, basically totally to depend on buyer own judgment and luck, this type of stone generally speaking, the average price is relatively low, because the buyer must take the complete risk ;” 李牧接着说:“有的卖家交易纯粹的原石,这块石头里面到底有没有翡翠、有的话成色如何,基本完全靠买家自己的判断和运气,这种石头一般来说,均价相对低,因为买家要承担全部风险;” „Also some sellers, trade the original stone time in the external skin of original stone first cutting, making its inside jade reveal a color, the shoptalk calls the facial venereal scars, after the skylight opened, some qualities that if reveals are very high, then the price of this stone will also soar, a little color of because by the skylight revealing, the buyer judged were many several points of assurance, to reduce several points of risk ;” “还有的卖家,交易原石的时候会在原石的表皮先浅浅的切割开一点,让它里面的玉石露出一点颜色,行话叫开天窗,天窗开了之后,如果露出的部分品质很高,那么这块石头的价格也会飞涨,因为凭借天窗露出的这么一点颜色,买家判断的时候多了几分把握、减轻了几分风险;” „Some original stone open/start roof louvre windows, some original stones will even open 35 even more roof louvre windows, but relative, the skylight opens are more some qualities that and reveals to be better, then the price of original stone is also higher ;” “有的原石开一个天窗,有的原石甚至会开三五个甚至更多天窗,但是相对的,天窗开的越多、露出的部分成色越好,那么原石的价格也就越高;” „But, even if opens many roof louvre windows to have very big risk, because the skylight only opens in the surface, no one knows that actually in many jades are what quality of material, many jade roof louvre windows look very good, but after cutting, actually discovered, it is good besides skylight that part, other being worth a red cent ; Moreover many jade merchants use deception, intentionally facial venereal scars some forge becomes very high-quality appearance, in this case, the buyer buys the incision, will immediately lose all and even lose everything.” “但是,即便开再多的天窗都有很大的风险,因为天窗只开在表面,谁也不知道里面更多的玉石究竟是什么质地,有很多玉石天窗看起来非常棒,但是切割进去之后却发现,它除了天窗那部分非常棒之外,其他的一文不值;而且有很多玉石商人弄虚作假,故意将开天窗的部分伪造成很高质量的样子,这样的话,买家买回去切开,立刻就会鸡飞蛋打、甚至倾家荡产。” „Otherwise is also same, some looks at that sometimes cuts open are not much, but after buying cuts open completely, discovered, intrinsic quality excellent, in this case, the return of investment naturally will also be much higher.” “反之也是一样,有时候切开的部分看着不怎么样,但买回去完全切开之后才发现,内在的品质绝佳,这样的话,投资的回报率自然也会高得惊人。” At this point, Li Mu looks at ks, smiling then said: „You looked, bets stone with to invest the multi- shapes, dares to buy the entire original stone, is the angel investment ; Developed the enterprise of some time, making the outside world have certain cognition, that this enterprise was equal to opening the skylight, more develops the project that longer, handled more, the skylight opened were also more ; Once the listing, all are thoroughly public after the stock market, that was equal to that has processed the formation, to place the emerald that the market sells, all with honest price tag displayed and treating both the young and old honestly.” 说到这里,李牧看着ks,一脸笑意的接着道:“你看,赌石跟投资有多像,敢买完全原石的,是天使投资;发展了一定时间的企业,让外界有了一定的认知,那这种企业就等于是开了天窗,发展得越久、经手的项目越多,天窗开的也就越多;一旦企业上市、一切彻底向证券市场公开之后,那就等于是已经加工成型、放在市场售卖的翡翠,一切明码标价、童叟无欺。” ks smacks the lips with a smile, said: „although has not listened unusual is clear, but sounds also is really a little meaning.” ks笑着咂了咂嘴,说:“虽然没有听的非常明白,但听起来还真是有点意思。” Li Mu nods, shifting to a new subject, said: „Bets the stone in the industry, even if the skylight opens again many, its interior still has the mystery that the expert is unable to completely understand, the buyer cannot completely understand completely, therefore cannot think that own judgment is equal to the entire jade exactly the real value.” 李牧点了点头,话锋一转,道:“赌石的行业里,就算天窗开的再多,其内部也有行家无法看透的玄机,买家看不透全部,所以不能觉得自己的判断就恰好等于整块玉石的实际价值。” the ks hear Li Mu was saying Sequoia could not completely understand Muye Science and Technology this jade interior, he said with a smile: „Mr. Li, if according to your view, actually the jade to have what kind of real value together, the buyer does not know, the seller does not know similarly.” ks听出李牧是在说红杉看不透牧野科技这块玉石的内部,他不由笑道:“李先生,如果按照你的说法,一块玉石究竟有怎样的实际价值,买家不知道,卖家也同样不知道啊。” Li Mu said with a smile: „Naturally, the seller and buyers do not know, they can only depend upon oneself judgment.” 李牧笑道:“当然,卖家和买家都不知道,他们只能依靠自己的判断。” ks shrugs the arm, spreads out the hand saying: „Since depends on the judgment, that is both sides has the deviation inevitably, before the most important thing is each other, can reach an agreement, if cannot reach the agreement, that jade is even good, is unable to make the deal.” ks耸了耸肩膀,摊开手道:“既然都靠判断,那必然是双方都有偏差,最重要的是彼此之前能够达成一个共识,如果达不成共识,那就算玉石再好,也无法达成交易。” Li Mu laughs, claps saying: „This is the meaning that I want to express, the buyers and sellers cannot reach the agreement in the value of jade, that naturally does not have the means to make the deal, but cannot reach the agreement is not unimportant at present, you can first go back, after I open a skylight personally again, you passed the time to give skylight Muye Science and Technology to estimate the estimate standard with the vision of your expert again newly-opened ; If could not have reached the agreement is not unimportant, I can open one leaf, to open two leaves again, arrives at you or other Venture Capital is willing to reach the agreement with me!” 李牧哈哈一笑,拍手说道:“这也是我想表达的意思,买卖双方在玉石的价值上达不成共识,那自然就没办法达成交易,不过眼下达不成共识不要紧,你可以先回去,等我亲手再打开一个天窗之后,你再过时候用你行家的眼光来给新开了一扇天窗的牧野科技重新估估价格;如果还达不成共识也不要紧,我可以再开一扇、开两扇,开到你或者其他风投愿意跟我达成共识为止！” ks hears some, this thinks that Li Mu wants to ridicule Sequoia unable to judge the quality of goods, but didn't expect Li Mu also said that must open a skylight on own initiative again, what is this? He said that to the matter of jade facial venereal scars, oneself understood actually, but to enterprise facial venereal scars, he has really not known what specifically this correspondence is what kind of operation. ks听得有些云里雾里,本以为李牧是想讥讽红杉不识货,但没想到李牧又说要主动再开一扇天窗,这是什么意思？他说给玉石开天窗的事情,自己倒是懂了,但是给企业开天窗,他具体还真不知道这对应的是怎样的操作。 although has not understood the specific metaphor, but ks listens to the aggression that in Li Mu words did not make concessions, the meaning in Li Mu words is very clear, must make Venture Capital be willing with him to reach the agreement, subtext is: Only then Venture Capital bows to him, but he, will not bow to Venture Capital absolutely. 虽然没有听懂具体的隐喻,但ks还是听出了李牧话中的那一份绝不退让的霸气,李牧话里的意思很明白,一定要让风投愿意跟他达成共识,潜台词就是:只有风投向他低头,而他,绝对不会向风投低头。 ks somewhat dislikes Li Mu's young and impetuous with feeling self-important at heart, he also is very simultaneously clear, oneself today definitely lost, Li Mu bites to death the offers of 170 hundred million USD, oneself do not have the means to make him cut the offer, that can only go back to report after carrying out orders. ks心里有些反感李牧的年轻气盛与骄傲自大,同时他也很清楚,自己今天是肯定铩羽而归了,李牧咬死一百七十亿美元的报价,自己没办法让他降低报价,那就只能回去复命。 If eo and board of directors are willing to change the mind, to accept this offer, both sides on continue discuss again, if cannot, that Sequoia set out before the conference table, this project suspended to Sequoia indefinitely. 如果eo以及董事会愿意改变主意、接受这个报价,那双方就继续再谈,如果不能,那红杉从谈判桌前起身,这个项目对红杉而言就无限期暂停了。 In that case, only if after Li Mu is rebuffed everywhere, changes the mind, then from falling the estimate value, before received exchange Sequoia to continue to sit returns to the conference table , to continue to discuss. 那样的话,除非李牧四处碰壁之后改变主意,然后自降估值,来换取红杉继续坐回到谈判桌前继续讨论。 Moreover the ks innermost feelings are assured, will change the mind that certainly is Li Mu! 而且ks内心笃定,会改变主意的那个,一定是李牧！
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