My Age of Investment

  Chapter 521 Shrimp and Pig Heart (seeking monthly ticket)

  The next day.

  The conference hall of a hotel in the magic city was packed with reporters. This was the invited audience.

  Xia Jingxing, Fu Jixun and Zhang Tao sat on the stage, facing countless spotlights, and began to cut melons, oh, it was a cannon!

  Zhang Tao sits in the middle of the three, who is the person involved and the main artillery output.

   "I invite friends from the media and reporters to come today, just to ask everyone to be a testimony!"

  Zhang Tao did not smile, his face was extremely serious, and his tone was cold, and he gave a touch of solemnity to the already silent conference hall when he opened his mouth.

   "Our Dianping.com is a website established in April 2003, and its business scope is..."

  Zhang Tao first briefly introduced his company, and then said: “A few months ago, Dianping received a US$2 million round A investment from Envision Capital and signed an investment agreement with Envision Capital...

  Some of my partners violated the confidentiality agreement in TS, contacted Sequoia Capital privately, and planned to tear up the investment intention agreement of Envision Capital.

  I think this has no ethical bottom line, and I’m sorry to trust my investment institution. I wanted to dissuade the partners from reining in the precipice, but I had a big fight...

  In this way, because of the disagreement between the concepts, a few partners and I decided to get together and get together after negotiation.

  I overwhelmed my personal wealth, borrowed US$500,000 from Vision Capital, and repurchased all the shares held by several partners.

  When repurchasing the shares, I signed a non-competition agreement with several people.

But now, several people have violated the non-competition agreement and founded a Dianping.com, digging our employees, digging our customers. The morals are extremely corrupt and the character is extremely despicable, which has caused huge economic losses to Dianping.com... "

   Zhang Tao, incarnate as a sad entrepreneur, presented his painful entrepreneurial lessons to the media with an expression of grief.

  At the same time, several Dianping employees distributed “evidence materials” to reporters.

  These materials include equity repurchase agreements and competition agreements signed by several co-founders, as well as evidence of Doduodian.com’s employees and customers, which are very detailed.

  For today, they prepared all night yesterday, just to completely nail the target.

  Holding the materials, the reporters whispered to each other while taking photos and recordings.

  It was originally a small "violation of the non-competition agreement" social news, but because it involved two well-known investment institutions, Envision Capital and Sequoia Capital, this incident became topical.

  Zhang Taoyi sat on the stage and looked at the reporters off the stage. Yizheng said: "We have formally submitted the litigation materials to the Magic City Court, and the case is currently being accepted.

  The reason for holding this press conference is not to win sympathy, but to show up and give a reminder to friends who want to start a business or are starting a business.

  Choose a partner, character is very important, I didn’t notice it for a while, and it caused such a big disaster.

  Finally, I would like to advise Sequoia Capital to stop helping others.

  Because of their confusion, several of my partners have thoughts of violating the agreement.

  Nowadays, a group of guys with such bad morals can get investment from a famous venture capital institution? Is this society sick?

  In order to make money, has capital become so bottomless? "

   Zhang Tao asked sharply, and directly bombarded Sequoia Capital. The reporters were full of splendor.

  Since the late 1990s, China’s Internet industry has begun to thrive. Internet entrepreneurial heroes, ringing the bell to go public, and financing news of millions and tens of millions of dollars have become hot topics one after another.

  But there are few media reports on topics such as "Competition Prohibition Agreement", "Founders Struggle", "Venture Capital Helping Outrage", "Capital Greed" and so on.

  Dianping’s press conference today provided reporters with a good news material.

  It must be a big book!

  Fu Jixun, on behalf of Envision Capital, also expressed his own views.

  Compared with Zhang Tao's "showing up to tell stories", Fu Jixun's language is much more official and professional.

  He is holding sheets of documents and materials, revealing to reporters which agreements Duoduo Dianping has violated, and what losses it will bring to Dianping.com.

  "...The Internet industry is one of the few high-tech industries in China that can catch up with the United States and the world.

  But this industry is still very young, and requires practitioners, venture capital institutions, and all sectors of society to take care of it.

  Dianping’s incident has far-reaching significance.

  It has sounded the alarm for the entire industry!

  If entrepreneurs have no professional ethics, no original spirit, plagiarism everywhere, and breach of contract everywhere, who will really push the industry forward?

  People often say that the Internet in China is all plagiarism from the United States!

  Dianping Dianping, born a full year earlier than the earliest review site in the United States, Yelp, is a true innovator!

  Some peers are blinded by benefits, fail to invest, and instead support the plagiarism.

   Lowered the moral standards of our industry and ruined the three views!

  As a venture capital practitioner, I call on entrepreneurs to keep their eyes open and stay away from these “greedy” capitals.

  At the same time, I also call on friends from the media, I hope you can pass on these things to the public, and everyone will supervise and promote the orderly development of the industry..."

  Media reporters nodded from time to time. Judging from the materials and information they have now, the co-founders of Dianping Dianping and Sequoia Capital are indeed like a despicable villain and an absolute villain.

After Fu Jixun finished speaking, the reporters turned their eyes to Xia Jingxing, who had been silent.

   "Mr. Xia, as the founder of Envision Capital, do you have anything to say?" A reporter asked in the audience.

  Xia Jingxing picked up the microphone, her tight face barely squeezed out a smile.

  "First of all, I still have to thank my friends from the media for coming. Because of your arrival, I believe that in this materialistic society, there is such a group of people who always stick to their hearts, pay attention to injustices, and promote social progress."

  The reporters laughed a bit. They are not "paying attention to injustices", they are purely looking for hot news, and the purpose is for year-end awards.

  However, Boss Xia has raised their uncrowned king so high today, so even this sentence must be written seriously in today’s manuscript.

  Gan!

Xia Jingxing sighed, "Actually, I think the existence of commercial competition is completely reasonable.

  Because there is no competition, there is no progress.

  But I strongly oppose bottomless competition, because the overdraft is the moral level of this society.

  Dianping's former employees violated the agreement and engaged in plagiarism, and they were still favored by venture capitalists.

  This is undoubtedly a very bad start!

  If groups follow suit, the entire Chinese technology industry will fall into endless internal friction, and development will stagnate.

  I said before that investment means investing in "people", and there are many sayings about this "people".

  First of all, character and morality must come first.

  A person who has no bottom line and no spirit of contract is destined to be short-sighted and unlikely to achieve great success in entrepreneurship.

  Even if it is achieved, it may be a story of "farmer and snake" due to its character and morality, and venture capital institutions may not be able to reap the rewards.

  Secondly, investment depends on one's talents.

   People who only know plagiarism and do not have real talents will always learn to walk in Handan. They will not succeed and will not bring innovative services to the society.

  When the ancients evaluated a person, why should they say "both ability and political integrity"?

  Moreover, virtue is still in the front, so everyone can taste it carefully.

  I am here to express an attitude on behalf of Envision Capital. We strongly support Dianping.com to safeguard its legitimate rights and interests.

   and strongly condemn entrepreneurs and investment institutions who are wrong-headed and want to take shortcuts.

  All these they have done will also be forever nailed to the shame of the history of China's venture capital development.

  Okay, let's talk about it!

  Hope all friends from the media continue to follow up and report!

  The case is currently being accepted, and the court will be officially opened soon. I hope everyone will pay attention to it. thank you all! "

  The reporters applauded and watched the three of Xia Jingxing leave.

   Soon, the reporter sorted out the press releases, and each report was published.

  (End of this chapter)