As the news was announced, other investors in the venture capital circle saw that Qunxing Capital had finally opened its doors and planned to let other VCs get on the bus. Not only was Bell Tai Capital clamoring to get on the bus, there were also many large-scale national investment institutions who were interested. .
Domestic investment institutions include Perennial Capital, as well as many internationally renowned venture capital institutions, such as idg Capital, Sequoia Capital, Epoch Capital, Matrix Partners, SoftBank Investment, etc.
The reason why so many venture capital institutions are so enthusiastic is of course that they are optimistic about Quantum Beat's Weibo. Now the number of users has exceeded 100 million, and the investment circle is very optimistic about it.
Most importantly, Xu Jingren’s team’s operation and management of the Weibo platform over the past year has impressed investors. Every step of development and continuous innovation have allowed investors to see the strong competitiveness of this team.
Weibo has just completed its A-round financing, so it’s actually not too late to get on board, especially since investors are optimistic that the Weibo platform operated by Xu Jingren’s team is most likely to stand out, at least based on the current development momentum.
At the same time, getting on the bus now also means further reduction of risks. Although Qunxing Capital was a monopoly in the early stage, it also assumed almost all the risks. It is not too late to get on the bus now.
…
Friday, October 9th.
This morning, more than a dozen domestic and foreign VC institutions gathered at the Quantum Beat headquarters.
In a conference room, Xu Jingren directly called all the VCs to talk together instead of talking one by one. Before meeting these investors, he had already talked with Fang Hong and had a certain idea of how to proceed.
Now Xu Jingren has grown a lot compared to one year ago. It can be said that it is not an exaggeration to describe him as fast, and his horizons have been greatly broadened.
"I'm sorry, everyone..." In the conference room, Xu Jingren looked at people from foreign investment institutions such as SoftBank and Sequoia and said, "Weibo's subsidiary cannot accept your investment."
"What? Not accepted? Why?" The person in charge of Epoch Capital immediately asked, and all the foreign-funded institutions present were caught off guard.
"Because we plan to list Weibo's subsidiary on the A-share market." Xu Jingren said calmly: "Introducing foreign capital will hinder our future listing plans, so I'm sorry!"
As soon as these words came out, the seven or eight foreign-funded institutions present were all upset and expressed their dissatisfaction.
The person in charge of SoftBank immediately said: "Why choose A-share listing? Isn't it good to go public in the United States?"
Other foreign-funded institutions immediately agreed. I really can’t understand the brain circuit of the Quantum Beat team. Which Internet company in Greater China is not seeking to be listed in the United States?
Xu Jingren replied calmly: "This is so that the company can better base its domestic development. This is a unanimous strategic decision made by the company's decision-makers and will not change. Our plan is to land in the A-share market within the next two years."
Among the people present, Liu Qizheng, the head of Zhongtai Capital, and Xiao, the head of Perennial Capital, were all here. They, including several other domestic investment institutions, were first surprised when they heard what Xu Jingren said, and then I was secretly happy.
Especially for Zhongtai Capital, Liu Qizheng was silent at this moment, but he was already making quick calculations in his mind.
Foreign capital was turned away by the Quantum Beat team, so Zhongtai Capital did its part. It has the strongest capital strength among the domestic VC institutions present.
Therefore, it is very likely that Liu Qi will lead this round of financing this time. Originally, Liu Qi was planning to join the investment, and the lead investor must be a foreign investor.
But now the situation has changed. Xu Jingren does not accept foreign investment, so Bell Tai Capital is the most powerful domestic investment institution to lead the investment.
At this moment, all the foreign investment institutions that came here are earnestly advising Xu Jingren not to be fancy, to accept foreign investment honestly, and then just ring the bell on the NASDAQ in North America. What about A-shares?
Some foreign-funded institutions even said that if they go public in the United States as soon as ten months, they can ring the Nasdaq bell and they can operate.
There is no way, foreign investors are anxious.
If Weibo were to land in Big A, foreign investment would have no chance at all, because the current A-share market has not yet been liberalized to foreign investment, and there is no talk of northbound funds. That will have to wait until five or six years later.
"I'm really sorry. This is a strategic decision made by the company's board of directors and cannot be changed." Xu Jingren remained calm and without any hesitation.
Seeing his stern look, the heads of several foreign-funded institutions present cursed in their hearts.
No way!
So the people from Epoch Capital simply waved their sleeves and left first, and then several other foreign-funded institutions also left helplessly, leaving behind a rather threatening sentence, which meant: You won't let me get on the bus? OK, I'll throw the money at your competitor, and you'll regret it later!
The people who invested in SoftBank also left, and the remaining VC institutions in the conference room were all domestic institutions.
At this time, Liu Qizheng, the head of Zhongtai Capital, was sitting upright and looked around at several people from peer institutions. The foreign-funded institution he was thinking of was gone. Now labor and management were the best.
Liu Qizheng turned to Xu Jingren and said with a smile: "Mr. Xu, can we talk about the new round of financing for the Weibo subsidiary?"
Xu Jingren returned the smile and nodded: "It's easy to say, but before that I want to say one thing. The most important thing to thank for Quantum Beating being what it is today is the unwavering support of Qunxing Capital. To be honest, the company is not short of money. Even if it is short of money, If you have enough money, Qunxing Capital will take care of it..."
His words were communicated by Fang Hong.
Domestic institutions such as Liu Qizheng and Xiao Quan who were present understood immediately when they heard this. The reason for getting on board this time was not that Quantum Beat or the Weibo subsidiary was short of money, but to give everyone a chance to get on the bus and share it with everyone. cake.
It is really because of the lack of money that we are financing. Qunxing Capital is stronger than all of you, and it is also more prosperous than you.
The further subtext is: You have no room for bargaining. I will make a price. If you agree, just get on the bus. If you don't agree, you will be kicked off. Any form of bargaining is refused!
At the end, Xiao Quan, the head of Perennial Capital, said: "Mr. Xu, just tell me."
Xu Jingren nodded and said bluntly: "For this financing, we have given the Weibo subsidiary a valuation of 7 billion yuan, and plan to sell 15% of the equity to raise 1.05 billion yuan!"
"What?"
As soon as these words came out, the investors present looked shocked.
Liu Qizheng couldn't help but said: "Value directly at the unicorn level? The Weibo subsidiary is a bit high."
With a valuation of 7 billion, which is a little over 1 billion U.S. dollars, the startup company’s valuation has reached the 1 billion U.S. dollar level. Industry insiders call such a company a unicorn.
Other investors also echoed that it was overvalued.
The last round of valuation was only 2 billion, which was 2.5 times higher than the previous round of financing. How much room for premium can there be in the future?
What's more, for the Weibo subsidiary that was spun off, the 500 million raised in the previous round of financing and the remaining 300 million were left in the parent company. The investors present knew very well that the one that is now financing is about to be split. A Weibo subsidiary, not the parent company Quantum Beat.
Xu Jingren thought about his previous communication with Fang Hong, then looked at everyone and smiled calmly: "Everyone, I don't want to go into too much detail on the prospects of Weibo. Since you want to invest in my company, you should believe that our team can Destroy all competitors.”
Xu Jingren paused for a moment and then said: "In the Internet industry, there is only No. 1 and no No. 2. If you have the idea that you can't be No. 1 and can accept No. 2, you might as well not invest. Since you can do it, First, do you think 7 billion is an overestimation?"
Liu Qizheng and others couldn't help but be stunned, looking at each other with a little surprise in their hearts.
This young man, this momentum, this confidence, can only be said to be something.
If you think about it carefully, the Internet industry is indeed a Matthew Effect strong one. The first in the industry almost occupies more than 70% of the market share, the second only has a share of more than ten percent, and the rest is other miscellaneous things.
The most typical ones are QQ, which is owned by Penguin, or the search engine Baidu.
Quantum Beat is determined to be number one in the industry, and its current momentum is at the top. Although competitors are catching up, Quantum Beat's Weibo platform has always been in the lead. The key is that it can always introduce innovative elements, which shows that the company is in the leading position. There is great vitality under the leadership of this team.
Liu Qizheng and others quickly thought of another point. There was an expert behind the team to guide them. The previous arrangements, especially the shutdown of Fanfou, the fact that Liangdong Weibo was safe and sound, and the previous traffic attacks Coping and so on.
There is no expert guidance, which further shows that this team is not simple and has huge potential.
The investors present were making calculations in their minds and were not in a hurry to express their opinions on the spot, but they had already made their decision in their hearts.
…
