The flashback scene ended. Although there was a lot of content on each other, it only reflected in my mind for a moment. Now, should I tell Hu Shiheng about this concern? Chu Yuanxi chose to be timid, at least let Hu Shiheng take the first amount of money first, and after the filming, it doesn't matter even if he really scolds Shique.

After all, this is a heartfelt word. If you want to say it, you should first say it to Yuan Jing, then Yuan Mu and Xu Xin, and then others. In fact, Chu Yuanxi is no longer afraid of telling people these words today. He was considered stupid when he said it a year and a half ago, but now he has confirmed his initial hidden worries one by one, and the situation is still deteriorating.

But it is one thing to happen, and it is another thing to say it.

Therefore, it is better to use the drag-on technique. When the form becomes clearer, it is not necessary for him to say that those capitals that invest with ￥ will realize that the Nasdaq is not a good place, and then...

Moreover, it is hard to say that the world is peaceful four years later. Chu Yuanxi, who had traveled through time, was extremely pessimistic when he was in peace. So when the situation was already serious, why can't he become a little optimistic? In the final analysis, all problems are globalization, whether they are globalized free trade or global populism. This is the most complex and changeable problem in history. It is hard to say when it will start to develop in a better direction. Maybe three years, maybe thirty years, but definitely not before 2020.

Therefore, he clenched his fists and supported his cheeks, lowered his head cautiously, and said, "What you said is very inspiring. Actually, I am not that absolute. I don't think so. We are all open-minded. Anyway, it will be four years before the preparation for listing. The US president has only been in office for 4 years. Vie's offshore structure will not be demolished at first. This matter depends on the situation and how to choose the most suitable company. What do you think?"

In fact, Xiaokang has to set up a vie structure because it needs to introduce a large amount of investment. Ironically, the vie structure is of no use for absorbing investment before listing. Vie is needed only if you need to go overseas. Therefore, putting forward a vie pattern is just to confuse many future investors and make them think that Xiaokang has plans to go to Nasdaq or Xiangjiang, but in fact it does not. It is really an incomparable performance art.

Baren Entertainment has not set up a vie until now, because in Chu Yuanxi's mind, Baren did not intend to raise funds many times, or even went public.

Hu Shiheng nodded a little unwillingly. He originally wanted to persuade Chu Yuanxi completely, but found that he could not. The worldview of adults is stubborn, and it is much more difficult to convince others than to send them to heaven. It is already good to express his opinion like Chu Yuanxi. I don’t know if he really accepted it or just talk.

I heard Chu Yuanxi ask: "Why did you suddenly want to give me some advice on this aspect? Shouldn't you care about corporate development plans or something? There are many changes in listing."

Hu Shiheng smiled bitterly, "Because, private equity is not easy now. Do you know how much pressure is lp put on us?"

lp is a limited partner, limited partner, and is the fundraising target of private equity institutions. Strictly speaking, Hu Shiheng is the head of fund managers, and Yuan Jing is also. They are in charge of institutions and operating funds, but the money of institutions comes from the investor circle. If you make a profit or lose, you have to pass on the profit or loss to the investor according to the share.

"I think the statements of Orchid Capital are pretty good. Last year, this year, this market was considered high in the fund's yield ranking."

"You don't understand." Hu Shiheng continued to smile bitterly, "You are watching the irr ranking. The irr story has been told for many years, but it is a paper wealth and cannot be fulfilled. Now the lps no longer listen to the irr story."

Chu Yuanxi frowned, thinking that if Zheng De had similar problems, then? Irr is the indicator that funds like to talk to investors the most in the past years, called the internal rate of return, which is actually a cash flow discount rate. Since it is the concept of cash flow, turnover time must be considered. That is to say, this indicator includes both profit efficiency and time efficiency. It also invests 100 million yuan, earning 10 million yuan a year and earning 27 million yuan a year. Of course, the latter is more attractive.

I only heard Hu Shiheng say: "Now investors have become conservative. I don't listen to your Irr, I only look at DPI. Do you think we are under great pressure?"

The so-called dpi is the investment return rate of capital, regardless of the time dimension, but only consider the success rate. How much investment is made in a project and how much it is divided, making a profit is one. It would rather be idle at other times, so those who earn 10 million a year are more popular than two seven million.

Chu Yuanxixin said that this way, wouldn’t the fund’s cash flow be greatly diluted? When the investment enthusiasm is high, many funds can use IRR to prove their excellence, that is, after raising one period of funds, they will start raising the next period before DPI appears.

For example, a five-year fund was invested in the first year. At this time, the IRR on the books looked good, and the lps were very happy, so pay for it!

It can be imagined that when these beautiful Irres are exhausted from liquidity, they will become naked and swim, and they have successfully squeezed into the single-plank bridge of the IRP, but the beach is covered with corpses. In jargon, "more kills more" are everywhere.

So when I looked back, dpi was in the dim lights.

In this way, how much money Zheng De can spend in the investment in Xiaokang will become a problem? Chu Yuanxi has to fall into deep thought.

In his plan, Zheng De had to bear at least a share of 7 billion. Baren can't invest all the money to Xiaokang. If you invest in Xiaokang, it is estimated that the Magic City Silver Group will sue. In this way, with 10 billion yuan of funds as the foundation, there should be no big problem in the overall fundraising between 30 billion and 40 billion yuan. According to the leverage ratio, it will only have more than three times the leverage, and there is no great pressure.

As for Xu Xin and Hu Shiheng, the institutions they represent are richer, much larger than Zheng De, but Zheng De is a hardcore in terms of relationships, and they are strategic investors. The expectations are different and the degree of reliance is also different. Their willingness to stand on a well-off platform is a good resource in itself.

But if the form becomes like this, then Zheng De might have to sell the money to make up, such as selling it for money before, and selling it for money. This financing method is really painful!

His eyes had to be focused on Baren. Baren is a cash cow. If the cash cow is killed, it can instantly turn into a large piece of cash. And it is not necessarily all killed? Only a part of it is killed? For example, killing Baren Games?

This is not bad. For many people in the capital market, Baren Games is definitely an investment target at the SS level, and there are two favorites for them.

The first type of person needs to buy profits. If you buy Baren Games, you pay a lot of cash, but the financial report is immediately extremely bright, because the cash reaction is an asset rather than a profit in the financial report, and the cash cow contributes the "current profit" for many years in the future.

The second type of person is Alibaba. If there is a game company with a perfect organizational structure and endless endogenous nature, Alibaba's game empire will take shape instantly, which is equivalent to a penguin's rib bone. Although the types are not the same, the effect is the same as NetEase after the emergence of "Onmyoji", which feels like a third of the game industry map that dominated the world.

But this is not the current state of Baren Games. Although Alibaba will definitely have the intention to acquire it now, its willingness will definitely not be that strong, because Baren has no second one yet. The second series of games is used to prove its methodology. Judging from the organizational structure of Baren Games, it is not the structure that a large company should have. It is more like a small team expanding after success, and the core is still a team.

Such wholly-owned subsidiaries cannot sell well, but actually affects the valuation of Baren Group. This is why Chu Yuanxi himself only estimated Baren Group 30 billion.

If the framework of Baren Games can be reorganized according to the scale of Perfect World or Youzu Network, and then add a new and successful product line as soon as possible, it will be completely different.

Some small companies succeed in a product and then fail all the way. No matter how much money the first product earns, the valuation model cannot follow the normal model in the capital market, let alone perform PE calculations.

The reason why large companies can become large companies is because they have built a rich product line, many successful products, complete supporting structure, and endogenous ability can support several fronts to start wars at the same time. There are markets and business teams that are knowledgeable about negotiations with channels, how to buy volume, and even have their own traffic pool and can continue to expand.

The key is to integrate these units and combine each team into a combat-ready cluster, rather than belonging to the same company but fighting each other. This requires very meticulous work.

The reason why Chu Yuanxi did not reorganize the Big Sword and Axe is because the valuation of Baren is meaningless for the time being, and he does not intend to raise another round of financing, nor does he intend to go public. What is the use of the book value? If it is high, it will increase the desire to sell the Magic City Silver Group.

In fact, the Magic City Syndicate is a syndicate that understands game companies. It has long discovered this problem and has made corresponding suggestions. It is eager to see that the moat of Baren can be deeper, the profitability can be thicker, and the valuation can be higher. Of course, this is a very good suggestion. Chu Yuanxi promised to implement it if he had time in the future.

But in this form, Chu Yuanxi had to start to use his brain. First of all, if it is acquired by Alibaba only Baren Games instead of Baren Group, this is a good thing, because Chu Yuanxi can tolerate the stripping of Baren Games and the supporting IP and traffic pools, as long as the price is attractive enough.

Then after Baren Games is stripped, it can build a new game department. It is impossible for Baren Group to sell its game subsidiaries and continue to make games. It has been done with all the IP and traffic pools. It is not an affiliated company, so there is no problem of emptying the target for sale.

As for the traffic pool, this is very mysterious, because the corresponding traffic pool of Baren Games is the WeChat public account of comics and some headline matrix accounts, plus a Weibo comic account, where WeChat is the main force. What happens if it is handed over to Alibaba?

These accounts and fans were all scattered by Chu Yuanxi, so the tone was quite clear. The question is whether Ali dares to ask for it? Compared with Ali, Penguin is a third party. The account in Baren may not have any ideas about Long Daddy, then, emmm...

Thinking of this, it becomes an urgent task to make up for the structure of Baren game.

In fact, Chu Yuanxi himself had this idea, for no other reason, mainly because during the group reform, whether to put all the supporting resources related to the game into the game company or to stay in Baren Information and copyright companies. In the end, because Zhao Jie did not know how to operate and maintain copyright and traffic pools, he could not inject it into the past. Otherwise, the game company would also have to configure talents who understand copyright and traffic pools, and the meaning of grouping would be lost.

In the long run, improving the structure of Baren Games is definitely beneficial to the entire Baren Group and also to a well-off society, because the release of Baren's profits has mainly relied on games in the past three years. It is a good thing to make Baren Games use the group's resources as much as possible to produce more, and it can even lead to some other changes in reverse.

But in the short term, there is no rush. For the time being, the profit of Baren Games will not change significantly due to this reorganization, because in the final analysis, it is necessary to increase profits to launch a new product line, which cannot be arranged by the reorganization structure.

In the short term, what affects Baren's valuation and actual profit is the impact of copycat products. How far can the mobile game "Come Out of the Troubled Times" be reached? This conclusion cannot be reached now and will take two weeks to watch.

But now, the situation has become different. You may have to be inverted in the long term and short term, and some things need to go from series to parallel.

Of course, it is not that these resources have been refuted to complete the architecture of Baren Games. The key is the endogenousness and development attributes of the game company. Therefore, it is said that meticulous work must be carried out.

Thinking of this, Chu Yuanxi even wanted to find Zhao Jie immediately. If Hu Shiheng was not still there, Hu Shiheng woke up the dreamer with just one word, it was really too critical.

emmmmm... In the blink of an eye, Chu Yuanxi even thought about the announcement of selling Zhao Jie, saying that Baren Group has always been developing business with an open mind and looking for strategic strategic partners. Baren Games' transactions can bring more vitality and development to Baren Group's entertainment, copyright, e-commerce and other business units, and promote the group to focus on its main business.

Usually, a decent seller will issue a similar statement.

He looked at Hu Shiheng. Although Mr. Hu smiled bitterly, he was actually very talkative. Since that's the case, I'll find Zhao Jie later. Anyway, it will take several months to adjust the Baren Games, and even if it's time to sell, it will have to be sold in a few months.

Of course, one of the most important adjustments must be made in advance, which is the issue of the ownership of "Enemy of Rome". "Enemy of Rome" originally made for making money is not surprising to put in the Baren game, but since it is a seller, what is worth studying in this family.

———————

A reader asked me about the update yesterday, but it was not interrupted, and it was 404 after 3 hours of posting. Maybe it was because the passage criticized the CSRC might cause disaster to the starting point, and I also understand it. However, Chapter 814 is still relatively important, explaining why Chu Yuanxi insisted on domestic iPos and not Nasdaq at the beginning of this book. The author still remembers that when he was posting the book, he was ridiculed a lot of ridicules because of the protagonist's insistence. Now he can be returned in full, but he is 404.
Chapter completed!