The next day was the last Sunday in March 2014, and Liu Minghao started working.

Han Lie asked Zhang Yiming to climb the Badaling Great Wall.

To be honest, hanging out with Lao Zhang is not fun at all.

This guy's head couldn't be idle at all. He was either thinking about technical issues or chasing Han Lie to ask about the international situation and financial environment.

Zhang Yiming doesn't understand a lot of things now, but he is very willing to learn.

Although some things he learned were useless, his eagerness for knowledge was different from Han Lie's.

Gou Lie makes money for the enjoyment of power and status, and will never interfere with his entertainment by studying work.

Zhang Yiming's career ambitions are much more pure.

However, this is probably the secret to his success.

Among the Internet tycoons, those who are addicted to enjoyment and eager to show off basically stop at a certain height. On the contrary, those who have no interest in money are getting bigger and bigger.

Don't laugh, normally, enjoyment is contradictory to pursuit.

Except for Han Lie, who is such a loser, how can anyone be able to play like crazy and succeed easily at the same time?

They all have to devote extreme concentration and are as busy as a dog.

Therefore, even though Han Lie chatted a lot with Zhang Yiming, in fact, his mind was not here at all.

Different ways don't work together, once it's clear, you are no longer useful, bye!

After the separation, Gou Lie boarded the return plane without any hesitation, leaving Liu Minghao alone in the imperial capital.

Then, Zhang Yiming, who returned to the company, was completely confused after seeing the details of Liu Minghao.

"What?! Are these really all the terms they gave?!"

Zhang Lidong took the pieces of paper and nodded excitedly: "Yes! It's basically confirmed, and the letter of intent can be signed at any time!"

There is a reason to be happy.

The conditions Liu Minghao gave were not harsh at all, on the contrary, he was as considerate as his own father.

In a normal PE investment contract, in addition to the general clauses, the most important contents are the investor rights clauses and the binding clauses of the invested enterprise.

The major category of investor rights includes all rights that Tianxing can legally obtain.

for example:

Capital increase rights, dividend distribution rights, liquidation rights, redemption rights, anti-dilution rights, preemptive subscription rights for new shares, most preferential rights, first refusal rights, joint sale rights, equity lock-in clauses, transfer rights, information rights, board seats, priority

Purchase rights, priority transfer rights, follow-up rights, priority liquidation rights, compulsory liquidation rights, repurchase agreements, etc.

There are more than ten major items and hundreds of minor items. It is so complex that a normal person would have his brain buzzing after reading it in its entirety.

Investors want all the power to ensure the safety of their investments and maximize their profits.

The invested companies hope to give as little power as possible to avoid constraints and save themselves from having to work for investors in vain.

This is a fundamental contradiction, so detailed negotiations often take a long time, and every small clause must be slowly polished until both parties can accept it.

Therefore, every time a company raises funds, the negotiation team and legal affairs will shed a layer of skin.

But what did Liu Minghao do?

In addition to the basic normal rights and interests, he only made demands on the anti-dilution regulations, and everything else was arbitrary!

There are no betting terms or performance commitments.

No buyback terms.

There is no claim for preferential liquidation rights or compulsory liquidation rights!

So it was all done in one day on Sunday, creating the fastest speed in history.

Zhang Yiming was as confused as a husky: "So... Han Lie really doesn't want to withdraw from the insurance? How confident is he in us..."

Zhang Lidong sighed: "I have never seen such a generous investor in my life... Except for the most basic protection of interests, he has given almost all power to our team. Are you not afraid that we will cheat him?"

Zhang Yiming rubbed his forehead: "No, there are basic terms. The only way we can cheat him is to collapse Byte and start a new business... I'll go! If Byte really collapses, will Han Lie lose a penny?

Can’t you take it back?”

"Um."

Zhang Lidong nodded and sighed: "This kind of trust... makes me have the urge to die for my confidant!"

"Very good. I have no objection. Just sign the letter of intent."

Zhang Yiming happily handed over the draft of the contract and warned: "Please change the contract and give them all the rights that should be given to them. Take the initiative. Look at this. Teacher Han is really sincerely colluding with us."

As a purely financial investor in development, don’t let people underestimate our structure.”

"I know."

Zhang Lidong nodded: "But this contract may not be useful. Teacher Han is a person who is easy to discuss things. If there are any differences in the future, they can be resolved through internal communication without the need for a contract."

The founding team's favorability towards Han Lie was immediately maxed out.

Where can you find another good person like him who takes the initiative to give more money, has a strategic vision, and doesn't give random orders?!

From now on, we will be loving relatives and friends, brothers and sisters, for sure!

Zhang Yiming and Zhang Lidong became happier and happier as they thought about it, and happily went to sign the contract of intent.

Then……

Shen Nanpeng was stunned.

Negotiations for Series B financing have already begun. Many investment institutions are aware of each other and are currently in the contract grinding stage.

The general process of talking about financing is - each of them first talks to Byte to make a preliminary intention, and then Byte determines the shortlist. After that, Byte puts out the best conditions to see if the shortlisted candidates will follow.

If they all can keep up, then it will be up to Byte to choose and see whose investment it ultimately accepts.

If you can't keep up, let's discuss it later.

If the difference is close, we can continue to negotiate, because each investor's endowment is different, and the conditions they can provide are definitely different, and the invested company must consider it comprehensively.

Therefore, normally, it is rare for two institutions to produce exactly the same things.

Then Pan Zi held him down while he was being fed...

In the end, I risked my life to find out the news: "My son-in-law is in charge of the big things in the company, and I am in charge of the small things. I am in charge of entertaining partners to drink wine... By the way, what do you want to ask?"

Good guy, the next day, the letter of intent for cooperation between Tianxing and Byte was signed, and Brother Peng received the answer.

Well, it's still a useless answer...

Brother Peng didn't understand what Tianxing wanted to do. He only knew that Liu Minghao was in the Imperial Capital and was responsible for detailed negotiations. Han Lie and Pan Shengwu had already returned to the Imperial Capital.

Yes, go check it out!

After finally making an appointment with Liu Minghao and sitting down to chat, Shen Nanpeng's heart skipped a beat.

Damn it!

This guy knows all about the hidden rules in the venture capital circle!

So... on purpose?!

Even now, Liu Minghao is still showing weakness to his enemies.

"Mr. Shen, you don't know the hardships of a small business! This is our first investment, and the boss caught the headlines and insisted on entering the market at any cost. As a result, the competitors are all large institutions. What can I do?

?

If I fail to complete the task, I will be slapped on the head.

It's done, don't worry about the price or not. The boss can just say a few words. If it were you, how would you choose?

I'm sorry, I'm sorry, but next time, I will definitely consider being a friend!"

Liu Minghao had a grimace on his face, full of grievances like "I am also desperate."

Brother Peng still tried to reason with Liu Minghao.

"Liu Lu, you still have to fight for the power you should fight for. If you let Byte go without giving them any restraints now, and you won't be able to get back a penny if your investment fails, won't you have to hit yourself on the head?"

Liu Minghao shook his head meaningfully: "How can I control so far now? In three to five years, it is not certain whether I will still be in Tianxing or not, but in the past two years, I am counting on our Mr. Han to make a fortune..."

Brother Peng was choked to death.

Is there anything wrong with what Liu Minghao said?

No!

He knows everything, but his greatest interests are not at all, so what's the use of talking to him about it?

Brother Peng returned disappointed and held a small meeting after returning to the company. Then, when he heard Tianxing's conditions, the partners all exploded.

"How can this follow?"

“I don’t care about the safety of my funds, it’s nonsense!”

"Venture capital is not crazy investment. The most important thing is always risk management. It is impossible for Sequoia to set such an outrageous precedent!"
To be continued...