Chapter 1162

The news that microblogging is going to launch round B financing soon spread.

In 2008, there were few Chinese Internet enterprises that could get capital, and few enterprises with large financing scale.

In the first half of 2008, microblog had a round of financing, and the amount of financing was not small at that time.

Sequoia, IDG, Baidu, Weigang fund four, with cash of $240 million, as well as some technical support, accounting for 20% of the shares.

In terms of cash flow alone, the value of micro blog after financing is as high as 1.2 billion US dollars.

However, google is more technical and channel support. According to the financing amount of Sequoia and IDG, the value of microblog was as high as $1.4 billion at that time.

It is less than half a year since the last successful financing.

Microblog financing funds converted into RMB, nearly 1.7 billion yuan.

It is reasonable to say that micro blog doesn't burn money so fast. Even if the international version is launched, global channels are opened up, and the domestic promotion and development of micro blog are completed, it will take less than 1.7 billion yuan in half a year.

However, before financing, Li Dong made an agreement with the other party.

Of the 1.7 billion capital that he has raised, he will spend 1 billion, which can be regarded as borrowing, with a term of one year.

Li Dong hasn't paid back the money now, at least not until next year.

And the $700 million fund, to be honest, sometimes doesn't need to be spent.

Despite the fact that Weibo seems to have nothing to do with it, many people think that it is enough to simply maintain it. If you get dozens of people, you will get paid.

Seven hundred million, it will never be spent in a lifetime.

But in fact, there are things that cost more than most people think.

Internet companies burn money, this is not an empty word.

Not to mention anything else, it is just for the development and launch of the international version of microblog, the addition of domestic servers, the start of intelligent big data audit, and the review of manual groups

This series of cost management cost more than 300 million microblogs.

The rest of the money is burned in China.

Microblog users can exceed 200 million, which is not to say that word of mouth is enough.

Just for publicity, PP, remote portal, remote mall, star endorsement, ground advertising

This series of actions, it is also to spend money, but also to spend a lot of money.

Drainage, it's not that simple.

For millions of registered users, it's not difficult to publicize it a little bit. For tens of millions of users, it's necessary to publicize it. If the number of users exceeds 100 million, it's not simply a matter of publicity. There are many other things to assist.

Various activities, the development of various new functions, and the production of some focus topics, all of which need operation.

The remaining hundreds of millions of funds will soon burn out.

However, whether Baidu or IDG, or Sequoia, in fact, are not satisfied.

Burning hundreds of millions is nothing!

Worth it!

In the round of financing of microblog, the number of registered microblog users just exceeded 100 million, and after several hundred million, microblog users exceeded 200 million!

Double!

Although the proportion of active users is slightly lower than before, but the number of users increased by 100 million, these financing institutions can almost wake up laughing.

According to the current market valuation method for Internet enterprises, the most important thing for we media platform like microblog is the number of users.

And the relationship between enterprise valuation and user volume is square ratio.

What does that mean?

In other words, the valuation of a website with 1 million users and a website with 10 million users of the same type is not 10 times of difference, but 10 times of square, that is, 100 times of the gap!

Enterprises with 1 million users are valued at 100 million, and enterprises with 10 million users can be valued at 10 billion!

Of course, this statement is not absolute, but we can also see the impact of user volume on the enterprise.

If the number of remote microblog users is doubled, the valuation of microblog can be squared on the basis of 2 times, that is, the valuation will be increased by 4 times.

That's obviously impossible.

In any case, it only cost 700 million RMB. In exchange for such achievements, several investment institutions are naturally happy and can not find the north.

Now Weibo is out of money, and Li Dong's 1 billion is not due.

The second round of financing seems to be faster, but it is also inevitable.

At least at this time, the micro blog itself is not a lot of means of profit, mainly advertising revenue, this profit, to burn money, also can not stand for long.

With the launch of the international version, it is time to use money. To continue financing microblogs, both Sequoia and IDG, including the other two, are happy to see its success.

If Li Dong's personal style is not too strong and his own capital is abundant, I'm afraid that before he mentions it, several major investors will take the initiative to propose.

For an Internet enterprise, investment institutions have a great say in financing.

In order to ensure the safety of their own funds, the investors may have to propose to continue financing before the money is spent.In the distance, no one mentioned it until this time. There was no money left on the book. It was not the Redwood that they didn't want to. It was just that they said it in vain.

Who is Li Dong?

If you take the initiative to mention it to him, he may not even bother to look you in the eye.

If you have the ability to withdraw capital, if you don't want to withdraw capital, you have to listen to Li Dong.

If he wants to raise funds, you can continue to raise funds. He doesn't want to. You have to go away or wait honestly. There is no third way to go.

Now Li Dong has started the b-round financing. Although the internal plan has not yet been worked out, several major investment institutions have brought people to the distance, and want to hear Li Dong's specific words.

……

Conference room.

Xiong Xiaoge and Shen NANPENG all brought their own teams.

Both Sequoia and IDG invested hundreds of millions of dollars in the last round of financing, which is not a small amount.

Now microblogging is going to carry out b-round financing. They can't rest assured that their subordinates will come over. If they really want to let their subordinates come over, it will be difficult to talk about some things.

Li Dong has always been relatively strong. If he offers any unacceptable terms, he will not even have a chance to negotiate without them.

The fact is not as many people expected.

As soon as they arrived, Li Dong held a meeting. As soon as the meeting was held, the first condition was somewhat unacceptable to all.

"On the microblog side, I am going to redraw the total share capital and issue some additional shares.

Before Weibo equity after financing, the total equity was 140 million shares, with a price of $10 per share.

Now, the value of microblog has soared. The international version is online, the number of users has doubled, and the number of active month users has increased by 70%.

I gave a rough estimate in my mind, two billion dollars.

So I am going to issue 70 million new shares with a total share capital of 210 million shares.

The price of each share is still set at $10.0 million, and the shares held by Yuanfang are 160 million, 14 million, 10 million and 2 million respectively

After Li Dong finished, he took a look at the crowd and did not speak again.

According to Li Dong, some people may have doubts. Isn't 210 million shares?

But now, according to the proportion, the total number of shares held by the public is only 200 million shares. What about the remaining 10 million shares?

In fact, this point does not need to be pointed out by Li Dong. The remaining share capital is short equity.

These shares, which are priced internally, actually exceed Li Dong's estimate of $2 billion for Weibo.

And what are the 10 million shares for?

Option incentive!

Yes, the option incentive does not mean that Li Dong should bear it alone, nor should it be undertaken by a distant family, but that everyone should bear it.

It's not a big deal. It's the rule of the industry.

However, Li dongduo issued 10 million additional shares. It seems that the value of the equity in their hands remains unchanged, and even the proportion of equity in their hands remains unchanged.

But in fact, it took advantage of them.

10 million shares, according to Li Dong's price, that is 100 million US dollars!

Although the $100 million is not money now, it can't be sold. When Weibo goes public, it will be included in the total equity.

By then, that's money.

Now we will distribute 100 million US dollars, and when we go public, maybe hundreds of millions or even billions of US dollars.

The option incentive, which has nothing to do with the investors, is only distributed to the employees and executives far away.

A small amount of option incentive is acceptable to all, because it is necessary.

10 million shares

Well, it's not very high to calculate in proportion.

However, the value of micro blog is very high, and the internal price is as high as $10 per share. So, the option value of the 10 million shares is very large.

Li Dong immediately sought so much equity for his employees, which was hard for several companies to accept.

Xiong Xiaoge several people looked at each other. After a long time, Shen NANPENG said with a smile: "Mr. Li, we have no objection to increase the share capital.

Is it a little bit too much to offer 10 million shares for equity incentive? "

Li Dong frowned: "much? It's only less than 5%. Do you think it's too much?

Micro blog is not fully equipped with senior executives, and the employees have not reached the limit. I listen a lot. When I get the last point, how many points can I get?

I was going to increase the total share capital to 220 million shares.

However, considering that there are not many employees in microblog, and many senior executives also have multiple posts, in order to make you feel relieved, they have changed their plans and plans.

Now you still tell me more, is bullying me Li Dong do not understand the market or how!

Domestic Internet enterprises, you are not investing in one or two, what market you do not know? "

Li Dong's voice dropped, and everyone was slightly embarrassed.

As Li Dong said, the proportion of less than 5% is not too much.But because the value of micro blog is too big, it seems that it is losing a lot.

Capital institutions are all vampires. If they can get more benefits, they will naturally take more.

But since they can't get it, they can't talk about it.

Li Dong really wants to force more distribution. They really have no good way to stop it.

He said with a smile: "Mr. Li, don't get me wrong. Mr. Liu, they have worked hard and have made great achievements. The employees are also conscientious. Option incentive is necessary.

General manager Li just said the plan of additional issuance, we have no objection.

But I have some doubts personally, and I also want Mr. Li to help us

"Say it."

"I heard that the micro blog option incentive scheme covers the whole remote system, isn't this..."

Xiong Xiaoge's words did not finish, but the meaning is very clear.

Micro blog internal employees have options incentive, this is not to say what, how many are their own people.

But it involves the whole remote system. Isn't it taking their money to buy people's hearts for Li Dong?

They don't want this kind of thing.

My brother will settle accounts clearly. Li Dong is strong enough to treat their money as a good man. That's not good.

Li Dong had expected it, but was not surprised. Wen Yan said faintly: "micro blog is a subsidiary of the remote group. The senior executives of the headquarters should take the option incentive.

As for other sub groups, they are different from microblogs.

I didn't say free distribution. Of the 10 million shares, take out 2 million shares for paid distribution, and the funds belong to Weibo. Is that ok? "

"Then the exercise price of these 2 million shares is..."

"One dollar!" Li Dong was so direct that the corners of his mouth began to twitch.

The price of $10 mentioned before is just the embodiment of microblog value, while the exercise price is actually the real equity value, or net asset per share.

Micro blog is still in the stage of investment burning money, enterprises are still in the state of loss, the fair value of equity is generally negative.

Li Dong said that one dollar is not too much.

In other words, if the 2 million shares are purchased by employees and executives from afar, they will be sold for $2 million in total, which is 10 times lower than the current valuation.

If this is the case for the internal staff of Weibo, we have nothing to say.

But what do other sub groups have to do with them?

I don't know how to take advantage of it!

Several people are not satisfied, but for a while they can't find any excuse, because this is also the current market, and many enterprises are actually doing the same.

Shen NANPENG several people looked at each other again, two million shares, not much, and actually accounted for the majority in the distance.

It doesn't make much sense to go on about it.

What's more, it's better than allocating all the shares free of charge. The 2 million shares are not given to employees of other sub groups, and micro blog itself has digested it.

Give a few executives more points, and they can't.

Since the total allocated share capital remains unchanged, it seems that it is not a loss to get an additional $2 million back.

After a long period of murmuring, several representatives finally nodded their heads and said, "we agree with Mr. Li's plan for the time being, but we have to wait until we go back to make a decision on the specific plan."

Even if it is a success, if we agree here, there is no reason to oppose it.

The process should be followed.

Li Dong didn't care. He said with a smile: "this is the best way. In addition, congratulations to you. There's no reason why you don't make money to invest in distant industries.

Today's microblogging, valued at $2 billion, is not much.

In this blink of an eye, your income is as high as 40%, but it is not half a year.

When it comes to the market, everyone can make a lot of money. This is the way to win-win

At this time, everyone's faces were also slightly happy. Within half a year, as Li Dong said, everyone made a lot of money.

This is still in the financial crisis as the premise of the situation, many enterprises, this year are crazy loss.

Far away microblog not only did not lose money, but also soared in value, making money more than usual.

But that's not the point. It's too early to talk about making money.

This is not the purpose of everyone's coming today. As for the previous option incentive scheme, it's all by-pass. The real purpose of everyone is still in Weibo round B financing.

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