Chapter 102： [Commercial Blowing]

In this round of C financing, the 15 VC investors participating in the investment all led or followed, and Gates Personal Investment Fund and Google also participated in this financing.

After the completion of this round of financing, the major investors invested a total of $ 1.275 billion in proportion, and the equity held by the major shareholders changed accordingly.

After completing the Series C financing, the equity structure of Bluestar Technology is:

Option pool reservation: 7.11%

Luo Luosheng: 41.72%

Goldman Sachs: 9.66%

Tengxun: 9.46%

SoftBank: 8.8%

Venture Capital: 5.8%

IDG: 5.47%

Morgan: 3.3%

Gao Huajin Securities: 3.22%

Xu Xuyong: 3%

Sequoia: 1.15%

Gates: 0.5%

Google: 0.5%

Others: 0.31%

After completing the C round of financing, it is no surprise that this will not happen, and private equity financing will not be carried out in the future.

And Luo Sheng also agreed to co-founder Xu Yong with a 3% share, and was formally divested from the option pool, which also means that starting from the C round of financing, once there is a new equity change, Xu Yong's equity will also increase. Less or less dilution changes.

After the C round of financing, several early-stage domestic investors chose to cash out and leave, adding up to a total of 0.25% of equity.

But this is a small 0.25%, the current value is as high as ￥ 310 million. The private investment funds of Google and Gates participated in the Series C financing this time, and the two parties together received a total of 1% equity. Contributed a huge sum of 1.241 billion yuan.

According to the special agreement in the shareholder agreement, the shareholders of Bluestar Technology transferred the equity held in their hands. At the same price, the company has the right of preferential repurchase.

Some small shareholders An Nai can't help but want to cash out in advance in the form of transfer. As long as someone is willing to accept it, it can also be cashed out. According to the valuation after the C round of financing, these investors who want to leave invest a few hundred yuan in Bluestar Technology in the early stage Ten million, now brings more than 50 times the excess return rate, several million to several hundred million at a time, even now cash out and leave, it is full of money.

Luo Luosheng chose to buy back, of course, based on the company's valuation after Series C financing.

After the C round of financing, the company's book capital was immediately increased by RMB 10.55 billion. Only after VC paid the money, and took out 310 million to repurchase 0.25% of the equity. It was definitely a profit. Luo Sheng knew better than anyone. The future value of Star Technology will further skyrocket.

Moreover, after intending to repurchase this equity, he will not evenly distribute it to the shareholders of major companies in proportion, but will transfer it to the company's option pool to reserve for the company's long-term development and the introduction of talents.

This is tantamount to the major shareholders of the company giving up part of the benefits to meet the company's development. It is definitely very reluctant. This is also a few hundred million. It is now worth tens of millions of dollars and may increase in value by more than 100 million in the future.

I nevertheless reluctantly agreed.

But when Luo Sheng negotiated with a few large shareholders who had left the spot, Softbank jumped out of the way at this time, and Li Yan bought the 0.25% stake on the spot for RMB 500 million.

This caught Luo Sheng off guard, and other investors were speechless, and it really was the "kaizi" in the investment world, no, it was the rhythm of "kaiye".

The minority shareholders who were ready to cash out and left the market were happy, of course, without any hesitation, resolutely changed hands to sell to Softbank, and were still expecting Luo Sheng to coax the price, it is best to double it again.

不到 Less than a year, the return on investment is over 80 times, what better than that?

But Luo Sheng gave up decisively. In any case, Li Yan had just given up his power and he was able to pay back his personal feelings. Sometimes he had to fight for every advantage, but sometimes he had to learn to give up properly.

岩 Li Yan so diligently helped SoftBank Capital to absorb the shares of Bluestar Technology because he was also good, because Sun Zhengyi promised him that the more shares of Bluestar Technology he obtained for SoftBank, the more additional compensation he would give.

Li Yan involves his own vital interests, of course Li Yan will do so.

After the completion of the Series C financing, Luo Sheng and his entrepreneurial team jointly held approximately 51.8% of the shares, and the external investment shareholders had approximately 48.2% of the shares. So far, the equity structure of Blue Star Technology has become Luo Sheng's entrepreneurial team and external Venture capital firms each account for about half of the company's residual value.

However, even if the equity of Bluestar Technology is further diluted, the absolute control of the company is firmly in the hands of the entrepreneurial team, and in the entrepreneurial team, Luo Sheng has absolute control of the company.

融资 The speed of this round of financing is very fast. When negotiated on the same day, the contract will be signed on the same day.

The negotiation was completed in the morning, and the signing ceremony was completed at 17:00 pm, and then a temporary media conference was held at the Hilton Hotel to disclose some relevant information about the financing. When the media conference was over, it was close to the meal. At that time, of course, we also hosted a dinner at the Hilton Hotel to celebrate the successful completion of this round of financing.

It can be said that the time schedule is a dead card and does not waste a minute.

审计 C round of financing to get the audit, and follow-up negotiations to go through the entire process.

This is the efficiency and perfection that Luo Sheng is pursuing.

For him, the time is very fast, the time cost is the most expensive here in Luo Sheng, no cost can be compared.

There are too many R & D projects in the [Azure] project plan of Azur Coast Company, among which the "Blue Core" project is still led by him, and the entire [Azure] plan must be coordinated by him.

He doesn't want to waste even one day before the [Azure] plan succeeds.

During the banquet, all parties were happy. Before that, Meng Qiu and others glared at Li Yan with their beards, and now they are happy again.

He talks about business when he is in business, but it doesn't prevent private relationships.

At a dinner table on the main table, Luo Sheng was sitting with a group of major investors. Xu Chenghua laughed next to him: "Brother Luo, I still want to break the casserole and ask in the end, Bluestar Technology's online video business to the end How can it be realized? "

Others were also very curious. Xu Chenghua's words were obviously not finished yet, so he went on to say:

"In the conference room during the day, you 'dissected' Wikipedia with the investors who were present. It is indeed a very novel interpretation. The problem is that Wikipedia can continue to this day not by its own commercialization, but by feelings and peace. Crowdfunding is living. Admittedly, it is a non-profit charity, but even if it is commercialized, it will not create much profit, and it has a fatal weakness. "

After a pause, Xu Chenghua took a sip of wine, and then looked around and said, "Once Wikipedia chooses commercialization is the end of it, why? My reason is also very simple. After commercialization, the content will no longer be objective, or Even more prejudiced, because to satisfy advertisers must sacrifice the quality of the content. Obviously it is to stop drinking and quench thirst. Users will sooner or later abandon it. Therefore, Wikipedia can only become a non-profit charity and then live, relying on the user's feelings and willingness, plus crowdfunding Donate to maintain operations. "

Xu Chenghua saw other people nodded silently to agree with this statement, and then looked back at Luo Sheng, and smiled: "So I came to a rigorous conclusion, will Bluestar Video Bluestar Video ... also face like Wikipedia The embarrassing situation? The product that eventually became a failure is slain by you? If not, how can you achieve the perfect balance between users, content, and monetization? "

Luo Luosheng saw Xu Chenghua and the others on the table posing a pair of ears to listen to, waiting for his posture below,

At the end, Luo Sheng calmly said with a smile on his face: "In this business, traffic is the root of everything. Without traffic, everything is meaningless. Wikipedia doesn't make money, why should I stick to Yungebaike? This is not to ask how much profit the product can bring directly, but to enrich Yunge Search, it can't make money but it must have it. "

"Ask is to increase the user experience, and ultimately improve the vitality and long-term vitality of Yunge Search. As the head of the company, www.uukannsu.com, if the company is going to calculate the account, the company is sure to finish, I will never calculate the company's account, That's what middle and senior management should do. I only count the company's general ledger. You will find that Google has been donating money to Wikipedia and there is no need to acquire it. Google is already the overlord of the search engine, but it Do n’t stop giving money to Wiki, is n’t it worth thinking about? ”

"After finishing one sentence, as long as you have traffic, you can't find a chance to realize it now, and one day you can find it." Having said that, Luo Sheng looked at Xu Chenghua with a smile and added: "Teng Xun already had 2 at the end of last year. More than 100 million users, before the second half of 2003, were struggling to find cash but could n’t. In various attempts, a qq show turned your finances upside down. Without a strong user base and traffic base, no show is useless. Right?"

Xu Chenghua could n’t find any reason to refute this time, but he could only hold a wave, and immediately laughed: "It is indeed the existence of Silicon Valley as the" son of the Internet ". Listening to Jun ’s words is better than reading ten years. , Haha. "

I still have a lot of melon-eating netizens talking about why "Silicon Valley" magazine called Luo Sheng "the son of the Internet" instead of "domineering names" such as "Internet godfather" and "Internet emperor".

Actually, what's so tangled?

Luo Luosheng is so young now, how could he give a title of "Internet godfather" to those who do not know that he no longer has an old fox who is sixty or seventy years old.

And the title of "child of the Internet" gives the first impression that this person is very young and very young in the Internet world.

The domineering name is not necessarily the right one, but the right one is perfect.

The following dinner, there were not many surprises, and the commercial blow was over.

Uh ...