Rebirth: The Financial Giant

Lu Ming came to Shencheng and completed the two venture capital investments of Pinduoduo and Mihayou. For other VCs, they need to keep looking for opportunities, but for Lu Ming, there are opportunities everywhere.

Learning to be willing is a kind of wisdom. The concept of "Three thousand weak water, but take a scoop" is not only used to whitewash the founders and fool the founder, but it is really to be practiced, and the money in this world is not enough.

After it was officially finished, when I came to Shencheng, I took a vacation with Yao Yun and An Yirou by the way. I can't be too capitalist, and I have to rest.

...

On October 5th, Pinduoduo and Mihayou also announced the completion of the A round of financing. The investor is the famous Tiansheng Capital.

What the industry can't understand is that the two investments of Tiansheng Capital can be described as irrelevant, one e-commerce, one two-dimensional mobile game.

Invested US$100 million in Pinduoduo, which is equivalent to giving a valuation of 21 yuan; invested US$78.8 million in Mihayou, which is equivalent to giving a valuation of 2 billion yuan.

What makes the capital circle quite interested is that Tiansheng Capital is not satisfied with the secondary market, and has already started to make VC venture capital in the primary market.

However, industry insiders are not very optimistic about the two investments of Tiansheng Capital, especially the investment in Pinduoduo.

The reason is very simple, because Jingdong and Ali have already divided up the e-commerce market share, and the Matthew effect has taken shape.

Most people are sure that Tiansheng Capital’s debut in the primary market is mostly worthless. On the contrary, it is interesting to invest in Mihayou. However, they still think that Tiansheng Capital’s 500 million investment is really not worth it. Trading stocks on the secondary market comes in handy.

It's true that Mihayou's performance has grown rapidly in the past two years, but the 100 million revenue is really not much in the game industry known for its huge profits. Some web game companies even make more than this, just get one. Once you get the money, it will come, and you will get another wave of money after changing your vest and ID.

And there is a lifespan issue involved. How many game makers can last for three years? Basically, it is a short-lived, or just to make a fortune and change the vest to wash the line and continue to make money, and the idiots will spend time and money to create high-quality products.

...

The first day after the holiday to work.

When Lu Ming came to the company, he called Li Mingyang to the office.

"Mr. Lu, what's your order?"

Lu Ming glanced at Li Mingyang, and commanded neatly: "Old Li, take a group of people to Hangzhou to investigate Bolaiya, an unlisted domestic daily chemical company, Tiansheng Capital wants to invest in this company, Tiansheng Capital Do your part to help this company land in Big A. Bolaiya is a good company and is expected to become the first stock in the beauty industry in the domestic capital market. It has the potential of ten times the stock. You have to find a way for me to do this car. Go up, if you can’t go up, you have to be strong.”

"Bolaiya?" Li Mingyang said in surprise: "Mr. Lu, the difficulty of listing has been a hidden pain for domestic cosmetics companies for many years. Most of those cosmetics companies after listing face the situation of declining performance or net profit, which makes investors and The regulatory authorities maintain a cautious attitude towards this industry, and overall, the situation of domestic cosmetics companies in the capital market has been neglected.”

What Li Mingyang said is not unreasonable. There are a large number of brand products in the cosmetics market, and brand concepts emerge in an endless stream. In addition, the international daily chemical giants occupy a dominant position, and the market competition is very fierce.

But the profit of cosmetics is unquestionable.

Lu Ming said in a deep voice: "I have a general understanding of the company Bolaiya, and its positioning is related to popular skin care products. At present, it owns brands such as Bolaiya, Hanya, and Youya, and its products cover skin care products, make-up, cleaning products. In the field of cosmetic care and aromatherapy lamps, it can meet the needs of consumers of different ages and preferences.”

"What I like is the company's dislocation competition model. The main consumer target group is young consumers aged 20 to 35 who pursue diversification and cost-effectiveness. The beauty industry is the Chaoyang track, and the international daily chemical leader has made a lot of money. But not all people have such spending power, but all women are inseparable from cosmetics, and Breya's dislocation competition is very imaginative."

In fact, Bolaiya has tried to achieve its own growth through the capital market for a long time. Since 2011, it has been preparing for listing, and by 2012, it has completed the shareholding system reform, and has improved the company structure, three-year financial report and other aspects. The layout is almost there.

However, the market situation changed, and the mainland capital market environment was not ideal around 2012, so in 2014, it tried to go public in Hong Kong.

By this year, Bolaiya has started to dismantle red chips, and will submit materials to the China Securities Regulatory Commission next year, and has been working day and night to prepare for the listing.

"clear!"

Li Mingyang nodded and said, BOSS is so optimistic, then take someone to investigate.

Lu Ming added: "You led a delegation to investigate this time. Going to Hangzhou to investigate Bolaya is secondary. Another important task is to go north to ByteDance to provoke research, focusing on the company's D-round financing. , and strive for Tiansheng Capital to lead the D round of financing, and it is best to win the exclusive investment."

At this time point, I can only get on the bus halfway, but it is not too late.

In the first half of last year, ByteDance received US$100 million in Series C financing from VC institutions such as Sequoia Capital and Shunwei Capital, with a stake of 20% and a valuation of US$500 million.

There is no way to do this, who made the time node of crossing in the second half of last year.

By the D round of financing, the valuation of ByteDance has exceeded 10 billion US dollars, which has directly increased by as much as 20 times, but it does not matter even if it is in the D round financing, because ByteDance will soon be estimated in the near future. With a value of hundreds of billions of dollars, it is another big Internet giant.

The D-round financing is also ten times higher than that of the car, which is fine.

Li Mingyang began to prepare for the research work after receiving the task.

After returning from the holiday, another important task for Lu Ming to prepare is to prepare for the listing of Tiansheng Capital. He does not plan to seek a listing in the United States, but chooses to be listed in Big A.

To maximize the benefits, it must be listed. This is all planned in Lu Ming's mind.

The domestic capital market follows the normal IPO process. First, it needs to find strategic investors, then the accounting firm modifies the company’s financial statements, and then it finds a securities company as the sponsor, and then conducts a road show and waits in line at the China Securities Regulatory Commission. If the inquiry is over and the meeting can be passed, it will be successful.

There are also many conditions for a company to go public. One of the issues is that the issuer was established by Yifa and has continued to operate for more than three years. This condition alone has knocked out Tiansheng Capital.

The company has been established for less than a year, and it is impossible to achieve it in a short time by following the normal listing process.

But there is a way to circumvent this rule reasonably, and that is backdoor listing.

There are still quite a lot of shell resources in the capital market. These are all listed companies. They were not shell companies before, they were all normal companies. However, the company suffered losses due to poor management. novelmt.com~ If the net asset per share is less than 1 yuan, it will even be starred *ST.

Such companies are basically useless on their own, and for some powerful companies that plan to go public, they convert their own companies into shares, and then exchange shares with a shell company at a certain price. The non-performing assets of the company are packaged and thrown away, and the company's name will be changed.

Obviously, the process of backdoor is simpler than IPO, mainly because of the speed. Backdoor only needs to bear the debt of the original company. For large companies, this debt is trivial.

Many companies would rather backdoor than go public, especially Internet startups. The IPO queue will give you three years, and the company may die in the second year due to funding problems, or miss the opportunity.

Obviously, if Lu Ming wanted Tiansheng Capital to go public quickly, he could only take the path of shell resources, complete the merger and reorganization, and revise the company's articles of association. The original company name changed and it was completely new.

...

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