Chapter 1032 (1/2)
Seventeen billion dollars. Let 's talk.
Li Mu's expression is indifferent Eric.Hanks I couldn't speak for a long time.
Before he came, the CEO explained the base card price of Sequoia, which is 16.5 billion US dollars.
The so-called base card price is the highest limit for Sequoia to participate in bidding.
Although the CEO didn't make it clear what to do if the price required by animal husbandry technology is higher than the base price of Sequoia, according to the normal process, once the base price of Sequoia is set, the result is nothing more than two kinds: if it can be negotiated in this price range, Sequoia will enter; if it exceeds this price, Sequoia will retreat, which has hardly happened for so many years The third possibility.
Like other venture capital, Sequoia has to calculate the potential profit space and capital risk for every investment. For a large investment like the C round of Makino technology, it will go out more than one billion dollars in cash at one go, so it is necessary to repeatedly evaluate the risk. After all, Sequoia's money is not the common asset of all board members and subordinate fund investors.
In this case, even if Sequoia believes that Muye technology is likely to reach $170 billion in assets in the next few years, it is also necessary to measure the risks behind it reasonably. It is not allowed for an enterprise to make a rash decision and leave behind potential risks because of its current development.
For venture capital, when they lead or invest alone, they will try to reduce the actual valuation. On the one hand, it is to reduce capital investment, and on the other hand, it is also to get rid of the market better in the future.
When it comes to the valuation of 100 million yuan, when it comes to the valuation of 500 million yuan, it's a common way for venture capitalists to make money. But if they don't grasp the premium when they take the offer, and let other investment banks think that their price is too high when they take the offer, it's hard to sell the high premium when they take it out in the future.
Eric.Hanks After a lot of thinking, Li Mu saw that his expression was strange, and he guessed that his price might scare him. Before him, he had scared two representatives of venture capital companies, so Li Mu didn't care at all. He smiled and said: ”Mr. Hanks doesn't need to be too tangled. There is an old saying in China that” business is not a matter of benevolence and righteousness. ” Said that even if we failed to reach cooperation because of the price negotiation, we are still friends. ”
Eric.Hanks ”Mr. Li, frankly speaking, we have made a very in-depth objective assessment on the situation of Muye technology. The valuation of US $17 billion is indeed too high. If we finance according to this valuation, I'm afraid we can accept very little capital.”
”Mr Hanks, I want to correct the mistake you just said,” said Li Mu with a calm expression and confidence
Eric.Hanks Brow a pick, looking at Li Mu waiting for his next.
Li Mu said with a smile, ”I don't want a valuation of $17 billion. I want to start from $17 billion. You can understand that this is a starting price.”
Eric.Hanks At the moment, I feel Li Mu's strong self-confidence. In his opinion, Li Mu's tone when he said this sentence is not so simple as self-confidence, or even some arrogance.
Sequoia has been in the field of Internet for so many years, and knows Internet enterprises well. It's no exaggeration to say that Sequoia is the godfather of Internet industry. With these deposits, the assessment of an Internet enterprise made by Sequoia can be almost as good as ten in September, that is to say, if Sequoia takes 16.5 billion US dollars as the base price of Makino technology, Then most of the enterprises in this industry will not give a higher price than this. Li Muyi started to talk with us $17 billion, which in his opinion is really arrogant.
Li Mu can see, Eric.Hanks There has been a little anger and dissatisfaction between the eyebrows. It seems that his words have made him have some micro words in his heart, but Li Mu didn't care. He continued to smile and said: ”Mr. Hanks, Chinese people like a kind of jade called jadeite. The price of good jadeite is amazing, even if it's just an jadeite ring, it may be worth too much Tens of millions of RMB, but if the quality is not good, hundreds of RMB can also be bought. Because the price range of jadeite is very large, a gambling stone mode has emerged in the industry. Gambling stone is very interesting. I think it has a lot in common with the investment industry. If you are interested, I can tell you something. ”
Eric.Hanks Stretch out a hand: ”please say.”
”Emerald is a special kind of ore. interestingly, when it is mined, it is basically wrapped in a layer of weathered outer skin. The value of the emerald in it is geometric. No one can see it without cutting it. So, sometimes, a big basketball stone can be worth more than 100 million yuan, sometimes it's worthless, so the seller of the ore is He does not cut the ore completely, but let the buyer buy it back and cut it by himself. ”