RINAPE :: Volume #15

#1494: Credit corroborative

Mark Zuckerberg after thinking of the Li Mu's experience, immediately makes own decision, in chatted after Larry Page, he said to Li Mu in secret: „Chief Li, I gave careful consideration, decides at the suggestion of Mr. Petch, since Harvard temporarily leaves school, then moves the company to Silicon Valley goes, do you feel?” 马克・扎克伯格在想到李牧的经历之后,立刻就做出了自己的决定,在与拉里・佩奇几人聊完之后,他私底下对李牧说:“李总,我慎重考虑了一下,决定接受佩奇先生的建议,从哈佛休学,然后把公司迁到硅谷去,您觉得呢？” Li Mu shows a faint smile, said: „Temporary leave I support, because of over the following several years, will be the golden period of internet rapid development, time that if you half body in the school, this high-speed train will still open will tear into shreds you, but will move Silicon Valley the company, now to you is also not a good time.” 李牧微微一笑,说:“休学我支持,因为接下来的几年,将是互联网飞速发展的黄金期,你如果半个身子还在学校,这趟高速列车开起来的时候会把你撕碎,不过把公司迁徙到硅谷,现在对你来说还不是一个好时机。” Mark Zuckerberg puzzled asking: „Why? Silicon Valley is the industry center, if in Silicon Valley, can contact the core resources in more industry.” 马克・扎克伯格不解的问道:“为什么呢？硅谷是行业中心,如果在硅谷,可以接触到更多行业内的核心资源。” Li Mu said with a smile: „What your present call circuit aiming is university lives, Silicon Valley is the agglomeration of internet elite, but not in the school university fresh agglomeration, therefore you must do now, temporarily leaves school temporarily from the school, then goes into the entire US university campus as well as university full power lives in community giant ivory tower.” 李牧笑道:“你现在的业务线瞄准的是大学生,硅谷是互联网精英的聚集地,但不是在校大学生的聚集地,所以你现在要做的,就是从学校里暂时休学出来,然后全力扎进全美大学校园以及大学生群体这个巨大的象牙塔里去。” Saying, Li Mu is asking Mark Zuckerberg: „Do you have the discovery, a moment ago that several people, including Larry Page, their essence not many caring to Facebook project?” 说着,李牧问马克・扎克伯格:“你有没有发现,刚才那几个人,包括拉里・佩奇,他们对faebook项目的内核都没有过多的在意？” Mark Zuckerberg nods, said: „Truly like you said.” 马克・扎克伯格点了点头,说:“确实像你说的那样。” Li Mu said: „Why knows?” 李牧道:“知道为什么吗？” Mark Zuckerberg shakes the head. 马克・扎克伯格摇了摇头。 Li Mu said with a smile: „Because the heart deep place did not think that you are a true internet pioneer, they thought that you are only one, in university lives in the community small scale university to live, your project is also only small scale university lives the project, this showed that they live the community to university are not such attaching great importance, looks like the N Boss A Lakers to regard the mentality of some university campus basketball team to be the same, they think that you are not the professional, the level and prospect are not worth mentioning.” 李牧笑道:“因为他们内心深处并不觉得你是一个真正的互联网创业者,他们觉得你只是一个在大学生群体里小打小闹的大学生,你的项目也只是一个小打小闹的大学生项目,这证明他们本身对大学生群体并不是那么的重视,就像是nba湖人队看待某个大学校园篮球队的心态一样,他们认为你们根本不是职业选手,水平和前景也根本不值一提。” Mark saying of Zuckerberg approval: „Truly......” 马克・扎克伯格赞同的说道:“确实……” Li Mu hit a sound to refer, says with a smile: „This is the best aspect, others opening, grows to depend entirely on careless, a little crops up slightly, the big shot will annihilate him rapidly, but your present opening, is at the domain that these so-called big shot do not pay attention to do not care about, but, this community has more than ten million potential subscribers, has about hundred million potential subscribers in the world, once grows to grow in this domain to enough magnitude, when you kill Silicon Valley from the university campus time, you are one of the Silicon Valley big shot.” 李牧打了个响指,笑道:“这才是最好的局面,别人开局的时候,发育全靠苟,稍有一点冒头,大佬就会迅速把他歼灭,但你现在的开局,正处在一个这些所谓大佬们不关注也不在意的领域,但是,这个群体拥有上千万潜在用户,在全球拥有近亿潜在用户,一旦在这个领域里成长发育到足够的量级,等你从大学校园杀进硅谷的时候,你已经是硅谷的大佬之一了。” Speaking of here, Li Mu also said: „China has an extraordinary personality, had established the great strategy of rural surrounding city, now this strategy is suiting you to study to imitate, to the Silicon Valley elites, only then Silicon Valley, New York, Los Angeles and Wall Street are the internet industries ‚city’, just at the time of coming in handy the strategy of rural surrounding city, does their one to be caught off guard.” 说到这儿,李牧又道:“华夏有一位伟人,曾经创立过农村包围城市的伟大战略,现在这个战略正适合你去学习效仿,对硅谷的精英们来说,只有硅谷、纽约、洛杉矶、华尔街才是互联网行业的‘城市’,正适合用农村包围城市的战略,去搞他们一个措手不及。” Mark Zuckerberg is difficult to cover exciting saying: „After I go back, first holds the temporary leave, then Facebook is fast, in university lives in the community to be bigger and stronger!” 马克・扎克伯格难掩兴奋的说道:“那我回去之后就先办休学,然后把faebook快速在大学生群体内做大做强！” Li Mu nods: „Supplemented investment I will arrange to call quickly you, Larry Page here all the search current capacity about university will lead Google to you, your following anything does not need to worry, full power in university lives in the community the high-speed expansion.” 李牧点了点头:“追加的投资款我很快会安排给你打过去,拉里・佩奇这边会把谷歌所有关于大学的搜索流量导给你,你接下来什么都不用操心,全力在大学生群体内高速扩张吧。” ...... …… And came from far away the guests who chat after the cocktail party, Li Mu and Sequoia Capital person in charge steve johnson meets in secret. teve now johnson most cares was Muye Science and Technology as well as other Li Mu enterprise subsequent capital operations, Sequoia tasted the huge benefit on Muye Science and Technology, then the somewhat impatient hope can find other breaches again, but Li Mu the attitude great care to the capital, as a result of the upward situation in global capital market, Li Mu hardly gives the opportunity that the capital any infiltrated now now, this caused steve johnson grasped the heart flexure liver. 在酒会上与远道而来的客人们聊完之后,李牧与红杉资本的负责人steve・johnson私下里见了个面。teve・johnson现在最关心的就是牧野科技以及李牧其他企业后续的资本操作,红杉在牧野科技身上尝到了巨大的甜头,便有些迫不及待的希望能够再找到其他的突破口,但李牧现在对资本的态度格外谨慎,由于全球资本市场的上行态势,李牧现在几乎不给资本任何渗透进来的机会,这就使得steve・johnson抓心挠肝。 On capital market downward time, the enterprise worries to finance in abundance, because capital cold winter that is worried about to arrive at anytime, therefore sacrificed some stocks ahead of time, stockpiles the cash to winter well, but on capital market upward time, the enterprise starts to clench teeth to insist, after waiting for the price continues to increase, to sell the stock. 每逢资本市场下行的时候,企业就都纷纷着急融资,因为担心随时有可能到来的资本寒冬,所以提前牺牲部分股份,储备现金才好过冬,但每逢资本市场上行的时候,企业就都开始咬牙坚持,等着价格继续攀升之后再出售股份。 Now the quotation excellence of global capital market, Li Mu naturally does not worry to finance, but was anticipating can through the listing, realize fundraising of large-scale. 现在全球资本市场的行情一片大好,李牧自然也就不着急融资,而是期待着能够通过上市,来实现一笔超大规模的募资。 Li Mu and steve after johnson sits down, the latter gives a Li Mu cigar, said with a laugh said: „Chief Li, tastes, entire world peak Cuba cigar.” 李牧与steve・johnson坐下之后,后者递给李牧一支雪茄,笑着说道:“李总,尝一尝,全世界最顶尖的古巴雪茄。” Li Mu shakes the head, says with a smile: „Thanks, but this thing I cannot pull out.” 李牧摇了摇头,笑道:“谢谢,不过这东西我抽不惯。” Saying, Li Mu pulls out one packet of domestic-made cigarettes from own pocket, asked him: „Can try this?” teve johnson hesitant moment, immediately refreshed saying with a smile: „Ok, attempts.” 说着,李牧从自己的口袋里掏出一包国产卷烟,问他:“要试试这个吗？”teve・johnson犹豫片刻,随即爽快的笑道:“ok,尝试一下。” Li Mu extracts two panda cigarettes, gives his one, oneself also light one, later is asking him: „Steve, your such worry offer I meet, what good deed has to look after?” teve johnson lit a cigarette to pull out one, slightly a taste, put out the white smoke later, said with a smile: „To be honest, Sequoia has prepared a lot of cash only to wait for you to call, but you are not willing to make round financing again, I do not have the means......” 李牧抽出两支熊猫香烟,递给他一支,自己也点燃一支,随后笑着问他:“steve,你这么着急要约我见面,是有什么好事关照吗？”teve・johnson点燃一支香烟抽了一口,略一品味,随后吐出白烟,笑道:“说实话,红杉一直备着大量的现金只等你招呼了,可你不愿意再做一轮融资,我也没办法啊……” Li Mu gives a calm smile, said: „Apple has purchased, at this time financed to me does not have the attraction.” teve johnson said: „Therefore my time comes not to prepare with you to discuss that the matter of financing, I want you to chat Muye Science and Technology with Chief Li in the future the ipo matter.” 李牧淡然一笑,道:“苹果都已经收购完了,这个时候融资对我已经没有吸引力了。”teve・johnson说:“所以我这次来已经不准备跟你谈融资的事情了,我是想跟李总你聊一聊牧野科技未来ipo的事情。” Li Mu selected the eyebrow, asked him: „Ipo matter, which do you want to chat with me specifically?” teve johnson said with a smile: „I mainly want to know the general time plan of Muye Science and Technology ipo.” 李牧挑了挑眉,问他:“ipo的事情,你具体想跟我聊哪些呢？”teve・johnson笑道:“我主要是想知道牧野科技ipo的大概时间规划。” Li Mu said: „After and other Google and Baidu ipo successful listing, Muye Science and Technology will launch own ipo plan.” teve johnson nods, says with a smile: „Chief Li is really experienced and careful, after waiting for these two company ipo, the Muye Science and Technology estimate value will further rise sharply, truly is a best time.” 李牧说:“等谷歌和百度都ipo成功上市之后,牧野科技就会启动自己的ipo计划。”teve・johnson点了点头,笑道:“李总真是老谋深算,等这两家公司都ipo之后,牧野科技的估值会进一步大涨,确实是一个最佳时机。” After patting a horse buttocks, steve johnson expression earnest asking Li Mu: „Chief Li, should the Muye Science and Technology interior start is ipo prepares? Does the convenience disclose a next current progress situation?” 拍了一记马屁之后,steve・johnson表情认真的问李牧:“李总,牧野科技内部应该已经开始为ipo做准备了吧？方便透露一下目前的进度情况吗？” Smiling that Li Mu shows neither approval nor disapproval, said: „Steve, you have what idea greatly to speak frankly, how we said that is also the partner, does not need to go round and round.” teve the johnson hesitant moment, opens the mouth saying: „Chief Li, actually to Sequoia as well as me, hopes that can carry out in -depth cooperation at the Muye Science and Technology ipo matter with you, we have estimated the Muye Science and Technology future estimate value situation, in Muye Science and Technology maintains in the existing speed-up invariable situation, in addition takes the Google 30% stocks additionally, Muye Science and Technology ipo raises may break through 200 hundred million USD very much, creates NASDAQ largest ever ipo, but, all these must establish in having one maturely reliable, and in strength perfect underwriting merchant group team foundation.” 李牧不置可否的笑笑,道:“steve,你有什么想法大可以直说,我们怎么说也是合作伙伴,没必要绕来绕去。”teve・johnson犹豫片刻,开口道:“李总,其实对红杉以及我个人来说,都非常希望能够在牧野科技ipo的事情上与您进行深度合作,我们预估过牧野科技未来的估值情况,在牧野科技保持现有增速不变的情况下,再加上额外拿下谷歌30%的股份,牧野科技的ipo募资很有可能突破200亿美元,创造纳斯达克历史上最大规模的ipo,不过,这一切都要建立在有一个成熟可靠且实力过硬的承销商团队基础上。” Li Mu nods, at this time has understood steve johnson motive, what he wants, when will be the future Muye Science and Technology ipo credit corroborative qualifications. 李牧点了点头,这时候已经明白了steve・johnson的动机,他想要的是,是未来牧野科技ipo时的承销商资格。 First in NASDAQ ipo, first that must make is to submit the verification, next found an appropriate underwriting merchant group team, then with the opposite party determination estimate value, a release quantity and price, gave the super clients in their hand the stock sales promotion of ipo by the opposite party again, generally speaking, the stock of US stock market ipo release did not meet with basically to the private investor, carved up in the asset amount over million USD super client levels cleanly, can, in the ipo stage fell into the stock in retail hand, generally was also the trash stock. 在纳斯达克ipo,首先要做的第一步是提交审核,其次就是找到一个合适的承销商团队,然后与对方确定估值、发行股数量以及价格,再由对方将ipo的股票推销给他们手里的大客户,一般来说,美股ipo发行的股票基本不会面向散户,都是在资产金额过百万美元的大客户层面上瓜分干净了,能在ipo阶段就落入散户手里的股票,一般也都是垃圾股。 Sometimes, the enterprise goes to US the listing failure, is not the enterprise does not meet the requirement that NASDAQ goes on the market, but is the enterprise is unsatisfied to the price that the credit corroborative gives, home once literature giant, Shanda literature start going to US IPO, but starts and reaches a deadlock repeatedly repeatedly, eventually gives up the listing overall sell, most primary cause that the listing reaches a deadlock has the estimate value difference from the credit corroborative. 有些时候,企业赴美上市失败,并非是企业不符合纳斯达克上市的要求,而是企业对承销商给出的价格不满意,国内曾经的文学巨头,盛大文学多次启动赴美上市计划,但屡次启动、屡次搁浅,最终放弃上市整体出售,其中上市搁浅的最主要原因就是与承销商有估值分歧。 An enterprise will have two estimate values before without the listing, one is enterprise to own estimate value, one is the capital market to own estimate value, this thing with looking for the work and employer communicates the pay is not different, if the enterprise wages give is below the expectations, most job seekers will reject, but high that quite if the job seeker pay requests, most enterprises will also reject. 一家企业在没有上市之前会有两个估值,一个是企业自己对自己的估值,一个是资本市场对自己的估值,这东西就跟找工作与用人单位沟通薪资没什么两样,企业工资如果给的低于预期,大部分求职者都会拒绝,而求职者薪资如果要求的比较高,大部分企业也都会拒绝。 If prepares in the enterprise that NASDAQ goes on the market, oneself to oneself target evaluation are 10 hundred million USD, they hope that through distributing 10 million and each 10 USD, raises hundred million USD, accounts for the enterprise total stock 10%, but the credit corroborative felt, the prospect of this enterprise does not have is so good, in the credit corroborative eyes that enterprise think, the estimate value of this enterprise can only to 5 hundred million USD, other conditions be invariable, corresponds each 5 USD price to sell, the price is high, very difficult to sell to go out the stock of ipo release. 如果一家准备在纳斯达克上市的企业,自己给自己的目标估值是十亿美元,他们希望通过发行一千万股、每股十美元、募资一亿美元,占企业总股份10%,但承销商却觉得,这家企业的前景并没有企业自身认为的那么美好,在承销商眼里,这家企业的估值只能给到五亿美元,其他条件不变的话,对应每股五美元的价格能够卖得出去,价格再高的话,很难把ipo发行的股票都卖出去。 Under this foundation, if the enterprise accepts the estimate value of credit corroborative, then he also puts out 10% stocks, actually can only raise five Ten Million USD, the psychological expectation hits one to rebate , is very naturally difficult to accept, but both sides are not willing to yield in this issue, therefore this ipo can only reach a deadlock because of the big difference time. 在这个基础之下,如果企业接受承销商的估值,那么他同样拿出10%的股份,却只能募资五千万美元,心理预期打了一个对折,自然也很难接受,可是双方谁都不愿意在这个问题上让步,于是这一次的ipo只能因为巨大的分歧而搁浅。 Therefore, in the ipo process, the role of credit corroborative is very important, the strength of unceasing credit corroborative is enough, moreover credit corroborative's value and prospect to the customer enterprise must enough approve, the Muye Science and Technology although prestige is very globally high, moreover capital market approval is also very high, but involves the ipo words, needs the credible credit corroborative to cooperate together, strives to seek the maximum benefit in the process of listing for the enterprise. 所以,在ipo的过程中,承销商的角色还是非常重要的,不断承销商的实力要足够,而且承销商对客户企业的价值与前景也要足够认可,牧野科技虽然在全球范围内声誉很高,而且资本市场认可度也很高,但牵扯到ipo的话,还是需要有一个靠谱的承销商来共同协作,争取在上市的过程中为企业谋取最大利益。 At any time to the seller, the best sale price just can most altitude limit that is close to the buyer accepting, Li Mu is also same. 任何时候对卖家来说,最好的卖出价格都是刚好能接近买家接受的最高限,李牧也是一样。 Therefore Li Mu asked him: „Do you want to be the Muye Science and Technology credit corroborative?” teve johnson also confident nod, said at this moment: „Chief Li, told the facts, perhaps at the Muye Science and Technology ipo mass, any investment bank not possible to eat, by our estimates, at least needed a three to six investment bank to form a underwriting team together, we hope that by us and Muye Science and Technology close cooperation, can become the coordination line of Muye Science and Technology ipo.” 于是李牧问他:“你是想做牧野科技的承销商？”teve・johnson此刻也坦然的点了点头,说:“李总,实话实说,以牧野科技ipo的体量,恐怕任何一家投行都不可能自己吃得下来,以我们的估计,至少需要三到六家一线投行来共同组成一个承销团队,我们希望以我们与牧野科技的密切合作关系,能够成为牧野科技ipo的牵头行。”
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