The micro blog must conduct the news that B rounds finance to disseminate quickly. 微博要进行b轮融资的消息很快就传播了出去。 08 years, Huaxia Internet enterprise can melt to the enterprise of capital are few, the financing scale big enterprise is very few. 08年,华夏互联网企业能融到资的企业少,融资规模大的企业更是少之又少。 The micro blog has conducted round of financing in 08 the first half of the year, at that time the financing amount was not the small number. 微博在08年上半年就进行过一轮融资,当时融资金额不是小数目。 The Chinese larch, idg, hundred degrees celsius and Victoria Harbor fund four, by cash 240 million US dollars, as well as some technical support, occupy stock 20. 红杉、idg、百度、维港基金四家,以现金2.4亿美元,以及部分技术支持,占股20。 Calculates by the cash flow purely, the micro blog estimate value after financing reaches as high as 1.2 billion US dollars. 单纯以现金流计算,融资后的微博估值就高达12亿美元。 However what hundred degrees celsius are more is the technology and channel support, according to the Chinese larch and financing amounts of idg two sides, the micro blog estimate value had in fact reached as high as 1.4 billion US dollars at that time. 不过其中百度更多的是技术和渠道支持,按照红杉和idg两方的融资金额,实际上当时微博估值已经高达14亿美元。 From previous time finances successfully, by the present, on less than a half year of time. 距离上次融资成功,到现在,也就半年不到的时间。 The fund of micro blog financing converts the Renminbi, about 1.7 billion Renminbi. 微博融资的资金换算成人民币,将近17亿人民币。 Properly speaking, the micro blog burns money so is not quick, even if the international edition gets online, makes a connection with the global channel, and micro blog domestic propaganda development, six months also with is less than 1.7 billion. 按理说,微博烧钱没这么快,哪怕国际版上线,打通全球渠道,以及微博国内的宣传开发,半年时间也用不到17亿。 However because before financing, Li Dong reached an agreement with the opposite party. 不过因为在融资之前,李东就和对方说好了。 The 1.7 billion capital of melting, he must use 1 billion, is borrows, the deadline is one year. 融来的17亿资本,他要动用10亿,算是借的,期限为一年。 This money, Li Dong now, at least should not be good to next year. 这个钱,李东现在没还,起码要到明年才行。 But sometimes 7 hundred million funds, to be honest, really do not pass through the flower. 而七个亿的资金,说实话,有时候真的不经花。 Do not look that the micro blog has no thing probably, many people felt, the simple maintenance one enough, made dozens people, pays out round of wages the matter. 别看微博好像没什么玩意,很多人觉得,简简单单的维护一下就够了,弄个几十号人,也就发发工资的事。 7 hundred million, the flower cannot all spend for a lifetime. 七个亿,花一辈子都花不完。 But in fact, something, spend to imagine everyone are more. 可实际上,有些东西,花钱比所有人想象的都要多。 The Internet enterprise burns money, this is not an empty talk. 互联网企业烧钱,这不是一句空话。 If nothing else, the light gets online for the micro blog international edition development, additionally builds the domestic server, starts the intelligent big data verification, the artificial group reexamines...... 别的不说,光是为了微博国际版开发上线,增设国内服务器,启动智能大数据审核,人工小组复核…… This a series of cost management, burnt micro blog 3 hundred million. 这一系列的成本经营,就烧了微博三个多亿。 But the remaining money, burn internally. 而剩下的钱,都是在国内烧的。 The micro blog user can break through 200 million, did not say, handed down by enough. 微博用户能突破2亿,可不是说,靠口口相传就够了。 Only is propagandizes this, pp and distant gateway net, the distant commercial city and star represents, the ground advertisement...... 光是宣传这一块,pp、远方门户网、远方商城、明星代言、地面广告…… This a series of actions, that must spend, but must spend the good money to be good. 这一系列的举动,那也都是要花钱的,还得花大钱才行。 The drainage, is not that simple matter. 引流,不是那么简单的事。 Several million registration users, that is not difficult, propagandizes slightly on the line, more than ten million users, that must propagandize wantonly, user broken hundred million, that is not the matter of simple propaganda, many other thing assistances. 几百万注册用户,那不难,稍微宣传一下就行,上千万用户,那就要大肆宣传,用户破亿,那就不是简简单单宣传的事,其中还有很多其他的东西辅助。 Various activities, the development of various new functions, as well as create some hot topics to come out, these need to operate. 各种活动,各种新功能的开发,以及制造一些焦点话题出来,这些都需要运营。 The remaining several hundred million funds, quick outburnt. 剩下的几个亿资金,很快就烧完了。 However, hundred degrees celsius or idg, or Chinese larch, in fact satisfaction is not good. 然而,无论是百度还是idg,又或是红杉,实际上都满意的不行。 Burning several hundred million are anything! 烧了几个亿算什么！ Value! 值！ When micro blog round of financing, the micro blog registration user just broke hundred million, but after burning several hundred million, the micro blog user breaks through 200 million! 在微博一轮融资的时候,微博注册用户刚破亿,而在烧了几个亿之后,微博用户突破2亿！ Turns time! 翻倍！ Although the active user proportion was slightly lower than before, but the user increased 100 million, the organizations of these financing can smile to awake simply. 尽管活跃用户比例比以前稍微低一点,可用户增加一亿,这些融资的机构简直都能笑醒。 According to the estimate value way of current market to Internet enterprise, micro blog self media platform, is the volume of users of most regarding as important. 按照当前市场对互联网企业的估值方式,微博这种自媒体平台,最为看重的就是用户量。 But the relations of enterprise estimate value and volume of users, become a square ratio. 而企业估值与用户量的关系,成平方比。 This saying what meaning? 这话什么意思？ In other words, user 1 million websites and same type user 10 million websites, their estimate values are not 10 times of difference, but is 10 times of squares, is 100 times of disparities! 也就是说,一家用户100万的网站和一家同类型用户1000万的网站,他们的估值不是十倍差,而是十倍的平方,也就是100倍的差距！ The enterprise estimate values of 1 million users 100 million, the enterprises of 10 million users can the estimate value 10 billion! 100万用户的企业估值1亿,1000万用户的企业就能估值100亿！ Naturally, this view is not absolute, but also effect of obvious volume of users on enterprise. 当然,这种说法不是绝对的,但是也可见用户量对企业的影响。 The distant micro blog volume of users turns time, really must according to this computing mode, the estimate value of micro blog be able to conduct the square in 2 times of foundations, is the estimate value rises 4 times. 远方微博用户量翻倍,真要按照这种计算方式,微博的估值就能在二倍的基础上进行平方,也就是估值涨四倍。 Calculates, obviously is not possible. 这么算,显然是不可能的。 May say no matter how, burnt 700 million Renminbi, trades such achievement, several investment institutions naturally are happy being able to find the way. 可不管怎么说,才烧了7亿人民币,换来这样的成果,几家投资机构自然是乐的找不着北。 Now the micro blog did not have money, Li Dongqian 10 hundred million have not expired. 现在微博没钱了,李东欠的十个亿又没到期。 Two rounds of financing were seemingly quick, in fact was also inevitable. 二轮融资看似快了点,实际上也是必然。 At least at this time, micro blog's profit method were not many, mainly the advertizing revenue, this profit, brought to burn money, how long could not go against. 起码这时候,微博本身的盈利手段还不多,主要还是广告收入,这点盈利,拿来烧钱,也顶不了多长时间。 As the international edition gets online, spends money, must continue to finance to the micro blog, the Chinese larch or idg, including other two, are glad to see him succeed. 随着国际版上线,正是用钱的时候,对微博要继续融资,无论是红杉还是idg,包括其他两家,都是乐见其成的。 The Li Dong individual style is too intense, in addition the itself capital is strong, perhaps does not wait for he himself to mention, several big investors must suggest on own initiative. 要不是李东个人风格太强烈,加上本身资本雄厚,恐怕不等他自己提及,几大投资商就要主动建议了。 Changes an Internet enterprise, the investment institution has big right to speak in financing. 换一家互联网企业,投资机构在融资方面具有很大的话语权。 Investor to assure own fund safety, before money has not all spent, must suggest to continue to finance. 投资方为了保证自己的资金安全,在钱没花完之前,恐怕就要建议继续融资了。 But the distant place, no one raised until this time, saw that in the account did not have money, was not the Chinese larch they do not think, was knows said also spoke in vain. 而远方这边,直到这时候都没人提,眼看着账面上都没钱了,不是红杉他们不想,是知道说了也白说。 Who Li is Dong? 李东是什么人？ You mention this matter with him on own initiative, perhaps he is disinclined to see you. 你主动跟他提这事,他说不定都懒得正眼看你。 Has the skill you to disinvest, does not want to disinvest, that must listen to Li Dong. 有本事你就撤资,不想撤资,那就得听李东的。 He wants to finance, you can continue to finance, he does not think, you or get the hell out, or continues to wait for honestly, the third road may not walk. 他想融资,你才能继续融资,他不想,你要不滚蛋,要不就继续老老实实地等待,没有第三条路可走。 Now Li Dong starts B rounds of financing, although the internal plan has not come out, several big investment institutions the person were coming to the distant place on the region, how wants to listen to Li Dong specifically to say. 现在李东开启b轮融资,尽管内部方案还没出炉,几大投资机构就屁颠屁颠地带着人来了远方,想听听李东具体怎么说。 ...... …… Conference room. 会议室。 bear Xiaoge, Shen Nanpeng several people lead personally. 熊小鸽、沈南朋几人都亲自带队来的。 On the Chinese larch and idg round of financing, invest over a hundred million US dollars, this sum of money is not the small number. 红杉和idg上轮融资,都投资上亿美元,这笔钱不是小数目。 Now the micro blog must conduct B rounds of financing, they did not feel relieved makes the subordinate come, really must make the subordinate come, that something did not talk about. 现在微博要进行b轮融资,他们可不放心让手下人过来,真要让手下人过来,那有些东西就不好谈了。 Li Dong is quite always strong, if started out anything the condition that is hard to accept, without them arrives, the opportunity of even negotiating did not have. 李东向来比较强势,要是开出了什么难以接受的条件,没他们到场,连谈判的机会都没。 Fact several people of expectations. 事实也不出几人的预料。 They one, Li Dong held the conference, but meets, the first condition makes the people be somewhat hard to accept. 他们一来,李东就召开了会议,而一开会,第一项条件就让众人有些难以接受。 „ Micro blog, I prepare to draw up the total capital stock, issues additionally some capital stocks. “微博这边,我准备重新拟定总股本,增发部分股本。 Before the micro blog capital stock after financing, the total capital stock was 140 million, each stock fixed a price 10 US dollars. 之前微博股本在融资之后,总股本为1亿4000万股,每股作价十美元。 Now the micro blog value rises sharply, the international edition gets online, the volume of users turns time, the active moon/month user grows 70. 现在微博价值大涨,国际版上线,用户量翻倍,活跃月用户增长70。 In my own heart gave an approximate estimate, 2 billion dollars. 我自己心中给了个大致的估算,20亿美金。 Therefore I prepare to issue additionally 70 million new stocks, the total capital stock is 210 million. 所以我准备增发7000万股新股,总股本为2亿1000万股。 Each stock fixes a price as before 10 US dollars, the distant place owns stocks 160 million, the Chinese larch and idg owns stocks 14 million, hundred degrees celsius owns stocks 10 million, Victoria Harbor owns stocks 2 million. ” 每股依旧作价十美元,远方持股1亿6000万股,红杉和idg持股1400万股,百度持股1000万股,维港持股200万股。” Li Dong said, looked at people not to speak again. 李东说完,看了一眼众人没再说话。 According to the Li eastern view, some people may have the doubts, isn't 210 million? 按照李东的说法,可能会有些人产生疑惑,不是2亿1000万股吗？ But now, according to the proportion, the people altogether owns stocks also 200 million, remaining 10 million? 可现在,按照比例,众人总共持股也才2亿股,剩下的1000万股呢？ Actually this does not need Li Dong to point out, the remaining capital stocks, are the dead end capital stocks. 其实这点不用李东点明,剩下的股本,算是空头股本。 These capital stocks, according to internal price, actually surpassed Li Dong to a micro blog 2 billion dollars estimate. 这些股本,按照内部作价,其实超过了李东对微博20亿美金的估价。 But what these 10 million are used to make? 而这1000万股是用来做什么的？ Option drive! 期权激励！ Yes, the option drive, did not say that wants Li Dongyi to undertake personally, is not distant one undertakes, but is everyone must undertake is good. 是的,期权激励,不是说要李东一个人承担,也不是远方一家承担,而是所有人都要承担才行。 Properly speaking, is not what important matter, this is the industry rule. 按理说,不算什么大事,这是行业规则。 But Li Dong issues additionally 10 million, seems like the capital stock values in their hand to be invariable, even the relative distant place, in the hand the capital stock proportion is invariable. 可李东多增发1000万股,看似他们手中的股本价值不变,甚至相对远方这边,手中股本比例都不变。 But in fact, actually occupied them to be greatly cheap. 而实际上,却是占了他们大便宜。 10 million, according to the Li eastern price, that are 100 million dollars! 1000万股,按照李东的作价,那就是1亿美金！ But these 100 million dollars, although now is not money, is unable to sell, may wait till the micro blog to go on the market, that must be the total capital stock. 而这1亿美金,现在虽然不是钱,也无法出售,可等到微博上市,那也是要算到总股本当中的。 When the time comes, that was money. 到时候,那就是钱了。 Now divides 100 million dollars, when went on the market, perhaps is several hundreds of millions and even several billions dollars. 现在分出去1亿美金,等上市了,也许就是数亿乃至数十亿美金。 But the option drive , there is nothing to do with their these investor, only apportions the staff executive in distant place. 而期权激励,和他们这些投资商无关,只分给远方的员工高管。 Few option drives, everyone can accept, because this is must. 少量的期权激励,大家都可以接受,因为这是必须的。 But 10 million...... 可1000万股…… Good, really must calculate according to the proportion, is actually not high. 好吧,真要按照比例来算,其实也不高。 But the micro blog value is very big, the internal price reaches as high as 10 US dollars each, such a calculates, the option values of that these 10 million capital stocks very greatly were very big. 可微博价值很大,内部作价就高达十美元每股,这么一算,那这1000万股本的期权价值就很大很大了。 Li Dong sought so many capital stocks for own staff all of a sudden, several are very difficult to accept. 李东一下子就为自己的员工谋取了这么多股本,几家都很难接受。 bear Xiaoge several people look at each other one, long time, Shen Nanpeng said with smile on the face: „ Li, issues additionally the capital stock, we do not have the opinion. 熊小鸽几人对视一眼,半晌,沈南朋才面带笑容道:“李总,增发股本,我们没意见。 May put out 10 million capital stocks to make the stockholder's rights drive, was a much less? ” 可拿出1000万股本做股权激励,是不是有点多了？” Li Dong knits the brows: „ Many? Also 5 are less, you said, this proportion are many? 李东皱眉道:“多吗？也才五不到,你们自己说,这个比例算多吗？ The micro blog the executive disposes now is incomplete, the staff has not reached the limit, listens to be very many, when the last point, how many can be divided? 微博现在高管配置还不齐全,员工还没达到极限,听着挺多,等到最后一分,能分多少？ I am the preparation issued additionally the total capital stock to 220 million, this is appropriate. 我原本是准备将总股本增发到2亿2000万股的,这样才合适。 However considering the micro blog now the staff are not many, many executive also person of multi- duty, to let you feel relieved, therefore changed itself to plan and plan. 不过考虑到微博现在员工还不算多,很多高管也一人多职,为了让你们宽心,所以才改变了自己计划和方案。 Now you also tell many me, is how bullies my Li Dong not to understand the quotation is! 现在你们还跟我说多,是欺负我李东不懂行情还是怎么样！ The domestic Internet enterprise, you invest is not one two, what quotation aren't you clear? ” 国内互联网企业,你们投资的不是一家两家,什么行情你们自己不清楚？” Li Dong voice falls, the people slightly somewhat are awkward. 李东话音落下,众人都微微有些尴尬。 This that just like Li Dong said that 5 are less than the proportion, indeed does not calculate too. 正如李东说的这样,五不到的比例,的确不算太多。 But because the micro blog value is too big, it is fortunate that obviously sent greatly. 可因为微博价值太大,就显得亏大发了。 The capital organization, is the vampire, can many with the advantage, that naturally must take. 资本机构,都是吸血鬼,能多拿点好处,那自然要多拿点。 However since cannot attain, they were not good to say again. 不过既然拿不到,那他们也不好再说。 Li Dongzhen must assign some forcefully, they also really have no good way to prevent. 李东真要强行多分配一些,他们还真没什么太好的办法阻止。 Quits when you're ahead, the people also no longer said this, bear Xiaoge is all smiles: „ Li do not misunderstand, Liu they performs high service through hard work, the staff are also conscientious, the option drive must. 见好就收,众人也不再说这个,熊小鸽笑容满面道:“李总别误会,刘总他们劳苦功高,员工们也都兢兢业业,期权激励是必须的。 Issuing additionally plan that Li just said that we do not have the opinion. 李总刚刚说的增发方案,我们没意见。 However my aspect a little has doubts, but also thinks that Li clears up suspicions for us. ” 不过我个人方面有点疑惑,还想李总为我们释疑。” „You said.” “你说。” „I heard, the micro blog option stimulus, the range involves the entire distant system, this is......” “我听说,微博的期权激励方案,范围涉及到整个远方体系,这点是不是……” bear Xiaoge the words have not said that but the meaning was very clear. 熊小鸽的话没说完,不过意思很明确了。 The micro blog internal staff has the option drive, this did not say anything, many were the people on one's own side. 微博内部员工有期权激励,这点就不说什么了,多少都是自己人。 May involve the entire distant system, doesn't that with their money, buy the hearts of the people for Li Dong? 可涉及到整个远方体系,那不是拿他们的钱,替李东收买人心吗？ This matter, they do not want. 这种事,他们可不愿意。 The blood brother clearly does accounts, Li Dong is strong, works as the good-hearted person with their money, that is not good. 亲兄弟明算账,李东再强势,拿他们的钱当老好人,那也不行。 Li Dongzao has the expectation, is not accidental/surprised, hears word said lightly: „ Micro blog is the subsidiary company of distant group, the headquarters executive, should be with the option drive. 李东早有预料,也不意外,闻言淡淡道:“微博是远方集团的子公司,总部高管这边,拿期权激励是应该的。 As for other child group, indeed is not with the micro blog. 至于其他子集团,和微博的确不同属。 I have not said the free assignment, in the middle of 10 million capital stocks, puts out 2 million, conducts the compensated assignment, the fund belongs to the micro blog, this doesn't have the issue? ” 我也没说无偿分配,1000万股本当中,拿出200万股,进行有偿分配,资金归于微博,这点没问题吧？” „That these 2 million gangs of group of authority Jia are......” “那这200万股的行权价是……” „1 US dollar!” Li Dong is straightforward, the people corners of the mouth twitched. “一美元！”李东直截了当,众人嘴角都不由抽搐了一下。 10 US dollars price that before said that that was only manifestation of micro blog value, but group of authority Jia, in fact was the true capital stock value, or was each net assets. 之前说的十美元作价,那只是微博价值的体现,而行权价,实际上才是真正的股本价值,又或者说是每股净资产。 The micro blog is also in the investment to burn money stage now, the enterprise is also losing money, the capital stock sound value generally is the negative number. 微博现在还处于投资烧钱阶段,企业还处于亏损状态,股本公允价值一般都是负数。 Li Dong said 1 US dollar, is not excessive. 李东说一美元,也不算过分。 In other words, these 2 million capital stocks, were purchased by the distant staff executive, altogether can also sell for 2 million US dollars, differed 10 times with the present estimate value all of a sudden. 换句话来说,这200万股股本,被远方员工高管购买,总共也就能卖个200万美元,和现在的估值一下子就相差了十倍。 If to micro blog internal staff this, everyone is speechless. 要是对微博内部员工这样,大家无话可说。 But distant other child group and their what does/works? 可远方其他子集团和他们何干？ This does not profit obvious! 这不明摆着占便宜嘛！ Several people of some are unsatisfied, suddenly actually could not find anything to give a pretext, because this is also the existing quotation, many enterprises are actually also doing that. 几人都有些不满意,一时间却是找不到什么借口,因为这也是现有行情,很多企业其实也在这么做。 Shen Nanpeng several people look at each other one again, 2 million, are not many . Moreover the distant place in fact occupied the big end. 沈南朋几人再次对视一眼,200万股,不算多,而且远方实际上还是占了大头。 Really must make for this matter, the significance is not big. 真要为这事闹下去,意义也不大。 Let alone, always compared assigned completely free well, these 2 million, did not give the employee of other child group, micro blog also digests. 何况,总比全部免费分配了好,这200万股,不给其他子集团的员工,微博自己这边也消化了。 To several executive many points, they same do not have the means. 给几位高管多分一点,他们一样没办法。 Since the total score is invariable with the capital stock, can many come back with 2 million US dollars, probably does not owe. 既然总分配股本不变,能多拿200万美元回来,好像也不亏。 The people discussed in a low voice, finally several represent nods saying: „Li plan we agreed temporarily, specific plan, but must wait for us to go back to give the resolution.” 众人低声议论了一阵,最终几家代表都点头道:“李总的方案我们暂时同意,不过具体的方案,还得等我们回去才能给出决议。” Even if this became, agreed in this, goes back not to oppose the truth that. 这就算是成了,在这同意了,回去也没有反对的道理。 Flow that should walk, must walk. 该走的流程,还是要走的。 Li Dong did not care, smiled saying with a smile: „ This best, moreover congratulates again, truth that the industry of investment distant place, has not made money. 李东也不在意,笑了笑道:“这样最好,另外再恭喜一下诸位,投资远方的产业,没有不赚钱的道理。 The present micro blog, the estimate value 2 billion dollars, are not many. 现在的微博,估值20亿美金,不算多。 This time in an instant, income reaches as high as 40, but has not arrived six months. 这一转眼的工夫,诸位收益就高达40,可还没到半年时间呢。 When goes on the market time, everyone can gain full, this is altogether the say/way of winning. ” 等到上市的时候,大家都能赚个盆满钵满,这才是共赢之道。” The people on the face also revealed the happy expression at this time slightly, less than a half year of time, indeed such as Li Dong said, everyone gained a big pen. 众人这时候脸上也都微微露出喜色,半年不到的时间,也的确如李东所说,大家都赚了一大笔。 This is at the financial crisis for the situation of premise, many enterprises, lose money this year crazily. 这还是在金融危机为前提的情况下,很多企业,今年都疯狂亏损。 The distant micro blog not only has not owed, the estimate value also rises sharply, compared with usually makes money to be worth happily. 远方微博不但没有亏,估值还大涨,比平时赚钱更值得高兴。 However this is not the key point, now discussed that makes money also early. 不过这不是重点,现在谈赚钱还早。 Everyone today the goal is not this, as for the beforehand option stimulus, that is while convenient, the people true goal of also the matter that lies in the micro blog B rounds finances. 大家今天来的目的也不是这个,至于之前的期权激励方案,那都是顺带的,众人真正的目的还在于微博b轮融资的事。