Rebirth of the Entrepreneurship Era

The most important thing in stock trading is how many chips you can bring into the market.

For someone like Xu Yiyang who knows the direction of the market, he is like a fisherman who knows where fish schools will appear. If he wants to get the most benefit, he must make a large enough net before the fish schools appear.

Otherwise, even if you find tens of millions of fish, the net is too small and you can only catch a few.

Looking at it this way, four million dollars was really too little in the final carnival stage before the dot-com crash in the U.S. stock market.

Forty million dollars, barely enough;

More than 400 million US dollars can really make a lot of money.

However, Xu Yiyang only has four million US dollars in his hand now, and the remaining RMB cannot be brought into the US stock market, and it is quite troublesome to exchange RMB into US dollars.

Just when Xu Yiyang didn't know where to get enough chips, he suddenly thought of a person.

Li Zekai.

The second son of the Li family has a lot of money in his hands. If only he could get some money out of his hands and invest it in the US stock market, it would be great to catch a wave of Nvidia's market.

However, I can't sell Fujixun shares to him to speculate in stocks, can I?

Isn't that a success or failure?

Thinking of this, Xu Yiyang was suddenly inspired. It happened that the second son of the Li family wanted to invite him to dinner, so he suddenly had a plan in mind.

...

After class in the afternoon, Xu Yiyang didn't go to the cafeteria to eat with everyone, but left the school directly.

Li Zekai's Rolls-Royce motorcade arrived at the gate of Hong Kong University one step ahead of him.

When Xu Yiyang sat in the back row of his Rolls-Royce, Li Zekai smiled and said, "Mr. Xu, today I will bring you the best Hong Kong-style restaurant in the world. There must be no such authentic restaurant in the mainland or abroad."

Xu Yiyang nodded and said with a smile: "Then thank you Mr. Li for your hospitality."

In a luxurious Hong Kong-style restaurant, Xu Yiyang and Li Zekai sat in front of a floor-to-ceiling window facing Victoria Harbour.

In the huge box, there were only two people facing each other.

In front of you are the most popular top seafood ingredients in Hong Kong.

The eyes are full of precious abalone, shark's fin, fish maw, bird's nest, yellow lip fish, grouper and other things that are so expensive.

Li Zekai didn't talk about the business at the beginning, but first acted as an explanation, telling Xu Yiyang the source of various ingredients and his status in Hong Kong's catering industry.

Xu Yiyang listened intermittently, waiting in his heart for when he would get to the point.

The current situation is like this, Li Zekai has a lock in his pocket, waiting to put Xu Yiyang into it, and Xu Yiyang has a shovel in his pocket, waiting to bring Li Zekai into the pit.

On the whole, Xu Yiyang is more dominant, after all, he belongs to the hexagram where the enemy is clear and we are dark.

After finishing the meal, Li Zekai wiped his mouth, and finally got to the point.

He said with a smile: "Mr. Xu has the vision to invest in Fujishine at such a young age, and he can also help Fujishine turn its losses into profits. I really admire this ability."

Xu Yiyang knew that the business was coming.

So he laughed and said: "Mr. Li, to tell you the truth, investing in Fujixun and helping Fujixun make money are all out of a love of fun.

"

Li Zekai asked curiously, "How do you say that?"

Xu Yiyang said: "Look, I was originally a Fujixun user. I often use Fujixun to chat with friends, or add some strangers to chat and chat. I think this software is very interesting. There will be more and more in the future. People like this software, so I have an interest in investing in it.”

As he said that, Xu Yiyang continued: "As for the mobile QQ business, it's mainly because I feel the need. I really want to chat with netizens when I can't be in front of the computer, but I can't solve the problem of carrying the computer with me online. So I thought of the mobile phone. It would be great if I could chat with QQ friends through text messages on my mobile phone. It happens that one of my uncles is an executive of China Overseas Telecom. I chatted with him and Boss Ma about this business. It had to be done, so I did it.”

Li Zekai nodded and said with a smile: "From this point of view, playing is also a great motivation to make money."

After a slight pause, Li Zekai continued: "Actually, I personally estimate that Tengxun will have great market potential in the future. In addition, the Internet is booming now. You see, these Internet companies that cannot make money have a scary high market value. Like Once a profitable Internet company like Fujixun goes public, its market value will be even higher.”

Xu Yiyang agreed and said: "It makes sense, I think so too."

Li Zekai continued: "So, now is the stage of rapid development of Fujixun. Not only does it need a large amount of capital injection, but also a stronger capital relationship is needed to ensure that Fujixun can be listed in Hong Kong smoothly in the future."

"A new listed company needs an endorsement from a strong old listed company. At that time, my Yingke Digital has integrated Hong Kong Telecom, with a market value of at least tens of billions of dollars. If I endorse Fujixun, Fujixun will be more popular. Favored by capital!"

Xu Yiyang said: "Young Master Li is right."

Li Zekai continued at this time: "So, I hope to successfully invest in Fujixun. I, you, and Mr. Ma, the three of us perform our duties and work together to create a better future!"

Xu Yiyang asked: "Mr. Li, how much valuation are you willing to pay for financing?"

Li Zekai said: "Two billion yuan, or the equivalent in US dollars."

Xu Yiyang said: "That's more than 240 million US dollars, right?"

"Yes." Li Zekai nodded, and said: "My ideal financing ratio is to hold 20% to 30% of Fujixun's shares. I heard that 15% of your shares are locked. Now you and Mr. Ma's team hold shares The ratio is 40:45, which translates to 47:53. If the financing ratio is 20%, then your actual diluted points are about 9.4% for Mr. Xu and 10.6% for Mr. Ma’s team. For both of you, the diluted points Not too many points."

Xu Yiyang smiled slightly and said, "Sacrificing a little share is nothing, but to be honest, I think the valuation of more than 240 million US dollars is too little."

Li Zekai said in surprise: "US$240 million is already very high. NetEase will soon be listed on Nasdaq, but judging from their planned issue price, it is estimated that the market value after listing will be around US$600 million."

Xu Yiyang said seriously: "Young Master Li also said just now that many Internet companies are losing money. I just read Netease's financial report last year. The annual revenue was only 1.88 million US dollars, which is 15 or 6 million RMB. As for the net profit, there was no net profit at all, but a loss of 6.27 million US dollars, equivalent to more than 50 million yuan."

As he said that, Xu Yiyang said again: "Because of losses, NetEase has to go public now, even if the valuation is lower than expected. If they don't go public, they can raise some money from the secondary market. If the company continues to lose money like this, it will be over."

Having said that, Xu Yiyang took a look at Li Zekai and said with a smile: "This kind of operation is called a bloody listing in my eyes. The performance and development potential are far worse than Fujixun."

Using a more vivid metaphor to describe the bloody listing, the company can be compared to a pig farm, and the company's shares are the pigs raised by the pig farm itself;

If the company raises 10,000 pigs, but the market for pork is very poor, only five yuan a catty, even if he knows that the price of pork will rise to fifty yuan a catty next year, but he has no If you run out of money and can’t afford feed, if you don’t sell a batch of pigs in your hand, if the feed cannot be supplied, 10,000 pigs will die;

At this time, the primary capital market, that is, investors and investment institutions are not optimistic about the market of pork, so they are unwilling to invest in pig farms, making the owners of pig farms worse;

In order to survive, the owner of the pig farm can only pick 1,500 to 2,000 pigs out of 10,000 and put them on the secondary market at the current price of five yuan a catty or even lower. Sell ​​it to consumers and exchange some of the money back, so that the remaining 8,000 to 8,500 pigs in the company can thrive and persist until the market rises.

Once the market picks up and the price of pork returns to more than 10 or 20 yuan, the remaining 8,000 to 8,500 pigs can still bring a lot of profit.

This is equivalent to the company taking out 15 to 20% of the shares, conducting an IPO, and then turning the shares into issued shares at a very low price, and exchanging them for funds to continue to maintain the company's operations.

If you don't bleed or die, there is no other way.

Li Zekai was slightly surprised.

Unexpectedly, at such a young age, Xu Yiyang knew the current situation of the capital market very well.

Even Netease's financial report data can be memorized backwards!

It seems that he really has in-depth research on the Internet, not a stunned young man.

However, he didn't want Xu Yiyang to have the mentality that Fujixun was better than other companies.

Because in this way, it will inevitably increase the cost of getting on the car.

So, he said with a smile: "Mr. Xu, NetEase is not actually a bloody listing. The valuation they got from their IPO is already very good in my opinion, and their business scope is larger than that of Fujixun. The portal website and mailbox There are more users than Fujixun, and it is normal for the valuation to be higher than Fujixun, so I give Fujixun a valuation of 240 million US dollars, which is actually quite reasonable.”

Xu Yiyang shook his head and said: "The net profit of Fujixun's mobile QQ business in January is just over 10 million; in February it is expected to be over 15 million, and it is not a problem to exceed 30 million in March. More than 300 million yuan, how clear is this realization method? Can Huaxia Internet Market find a second one?"

"Looking at NetEase again, if we can't find a stable and profitable business, the company will go bankrupt. Therefore, compared with NetEase, Fujixun is not bad at all, and I even think it is a head higher."

Speaking of this, Xu Yiyang said again: "How about this, Mr. Li, let's not worry about financing. You give Fujixun half a year. By July or August this year, you can see how much Fujixun can make. At that time, you should have a clearer understanding of Fujixun’s valuation.”

Li Zekai had a headache.

Xu Yiyang didn't need to say about the value of Fujixun, he had already seen some clues through Fujixun's current profitability, so he also knew that Fujixun had great potential in the future.

However, he couldn't say this by himself, as it would raise Xu Yiyang's psychological value again.

Moreover, Xu Yiyang made it clear that he was unwilling to sell, or in other words, made it clear that he was not interested in the valuation of 240 million US dollars.

However, the valuation of 240 million US dollars is already a bit high. It stands to reason that to invest in a company, you must continue to observe its revenue performance for at least one year to give a more reasonable and clear valuation.

But the problem is that Fujixun's current development potential is too great. Anyone can see that this company will skyrocket. If you still want to use a conservative valuation at this time, people will ignore you at all.

If a company is short of money, investors will naturally take this opportunity to desperately lower the price. For something worth 10,000, they can’t wait to open it for 1,000, whether they like it or not;

However, the reverse is also true.

If a company is not short of money, investors will chase after the other party, begging for investment. In this case, for something worth 10,000, they would like to give 50,000;

This is the situation of Fujixun now. One of its businesses has driven up the share price of China Telecom by eight points in a day, which shows the company's development potential.

Moreover, it has already started to make money, and it has made a lot of money since it came up, and it will naturally make more and more money in the future.

The relationship with China Telecom is also very good. Its own users are developing rapidly, and China Telecom's mobile phone users are also developing rapidly. The inevitable result of the joint growth of both sides is that both parties will usher in a period of rapid growth, and the future is limitless.

So in Li Zekai's view, at this time, even if the premium is higher, you must get on the car as soon as possible, otherwise you may not be able to get on the car after half a year.

But the only question now is, what is Xu Yiyang's appetite?

Thinking of this, he asked Xu Yiyang: "Mr. Xu thinks, if financing is required, what valuation would you be satisfied with?"

Xu Yiyang smiled lightly and said, "If you want me to say, at least 500 million US dollars!"

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