The so-called troubles of happiness is that when Chu Yuanxi founded Baren last year, he originally thought that Baren could reach the level of 10 billion, and almost enough to be able to have a good fortune. As a result, it was 30 to 40 billion yuan, with a annual milk production of 7 billion yuan. Now, if you have the opportunity to work harder and achieve a scale of 60 billion yuan, this is something I never thought about at the beginning. The reason is that short videos are too powerful, and the dividends are too great than the most ideal expectations at the beginning, so the water rises and the fire is getting stronger and stronger.

After Chu Yuanxi explained the entangled issues clearly and the prospects of UGC games, Yuan Jing almost became confused and thought to himself that you have not been beaten by the capital market! How did you know that you will succeed when you build UGC games? It is very likely that you can get in for hundreds of millions and end up dying. This is a high probability event.

This is not that Yuan Jing looked down on Chu Yuanxi's ability, but the market rules. There are more people who want to build various platforms, and they all have their own advantages and various advantages when starting work, and then they are repeatedly educated by the market. Everyone knows the benefits of building a platform, which is very attractive, but how many are successful? Even if you take the right path, how much does it cost to fill in to make a fortune?

He even felt that some dangerous signals were appearing for Chu Yuanxi. It was not that there was something wrong with the business operation, but that the entrepreneurial process was too smooth, which made Chu Yuanxi a little forgetful. So, all target expectations were set at 120%, and then they had to move upward. Can this work?

However, due to professional ethics, he cannot say that "business is just right and stops when it is good." Every entrepreneur has a different style. Some people just need to stop when it is good, and some people don't use their abilities to the limit, which will cause unforced losses. Therefore, there are investors like Sun Dasheng who will double the motivation to improve their ambitions. The so-called only upper limit for a company is that this is how the founder's ambition comes from.

So Yuan Jing adopted a tactful statement: "If you are so entangled, you might as well stop selling. I think you have a good understanding of the capital market, so just formulate a forward listing plan for Baren Group. Two points, first, leave enough time to support a well-off society, and second, clean up the traces of related transactions, keep the business status and financial reports healthy, and don't let the CSRC pick out the faults when reviewing qualifications. Simple, right?"

Chu Yuanxi said it was not simple at all. Now it is not as good as the past. I am particularly confident that I can take back ten years, and it is not impossible to take back the backdoor. The mental outlook of the regulators is very different from the past. Just like this trace of interest transfer in Baren, you want to go public without being peeled off? It is absolutely impossible for the Issuance and Audit Committee to finish work without asking about five spines and six beasts. The Baren is likely to be taken away by a combo of the Issuance and Audit Committee, and they will lose time and expenses in vain.

And if you don’t sell Baren games, I’m afraid that you won’t be able to afford a good fortune. So Chu Yuanxi’s strategy from the beginning was to go public for a well-off operation but Baren would not go public.

And today, he clearly felt that Yuan Jing was not optimistic about him, especially in the field of games!

You should know the convenience store, but Chu Yuanxi hasn't made it yet, but the game has already come up with a company that can sell for 30 billion yuan!

A very simple truth. If Yuan Jing is optimistic, he must add a third item to the listing plan. Wait until the game ugc platform is successful before it is launched. The so-called success requires tens of millions of users and mau? At that time, the value of listing was not the maximum, it would definitely be a peak.

"I can't be underestimated by Yuan Jing!"

However, he couldn't refuse Yuan Jing openly, and there were actually some trivial matters to bother Yuan Jing today.

Not to mention how to deal with friendship and work relationships, he didn't open up to others when he started to raise funds - we won't go public.

Although Yuan Jing should have already understood everything, the article on the surface cannot be said, but it is not said that it is done by friends. To a certain extent, the goal of "listing" is the default for all entrepreneurs, because this is the most important exit channel for investors. The four major links of fundraising, investment, management, and withdrawal. Exit is the last technology of a closed-loop. Investors usually do not require dividends, but they must require exit.

Whether to go public or when to go public may not be so direct. However, investors do not clearly mark the price and use "listing within a certain period of time" as a bet condition. In fact, they are showing their kindness and are polite to entrepreneurs. If entrepreneurs do not intend to go public, according to the most basic morality and responsibility, they should communicate in advance when raising funds. Entrepreneurs must not consider listing because of the reason "investors do not require it."

However, it is very knowledgeable to bear the responsibility of entrepreneurs to the extent that they have to take. Some entrepreneurs were ambitious at the beginning and signed a listing bet, and then the market situation suddenly changed. The management directly stopped iPo and backdoor acquisition, blocking all direct financing channels. So entrepreneurs suddenly failed the bet and had to bear unlimited joint and several liability, and even their widows were debted hundreds of millions of yuan. What seemed like such a fantasy happened.

Moreover, this startup that once called for the wind and rain was also in the cultural and creative industry. Chu Yuanxi's original description of Baren Entertainment was "We are the cultural and creative industry", which was very unlucky to Yuan Jing's ears!

In addition to the flexibility of exit, the biggest impact of listing is market value. The "valuation" before the public listing and the "market value" after entering the secondary market have completely different processes.

Before listing, various models were used to calculate the market value. The secondary market used cash to trade. Before listing, Chu Yuanxi could use valuation rationally. After listing, the secondary market was so excited that it would not turn three or four times. When the bear market came, the stock price began to fall, it would be cut in half and then halved. This is how the leeks were usually played.

Moreover, the management must deliberately avoid human intervention. Other methods other than increasing or reducing holdings are very inappropriate. If Chu Yuanxi really wants to post on Weibo, he has to consider it in advance, otherwise the professional secretary of the board of directors of listed companies will have to come to work.

Fortunately, Baren Games has been promoted to a gold-sucking monster, which is equal to those veterans who have maintained a strong brand for ten years, so Yuan Jing should be a little confident.

Therefore, Chu Yuanxi's speech was relatively relaxed, "If you are struggling with the flexibility of exit, it is actually very simple. Now you are the only investor in Baren. As long as we negotiate, you can privatize it anytime and anywhere. Or I will give you the right to sell freely. You can sell it to whoever you want, and just give up the voting right. But you'd better wait until this dividend before considering it."

In fact, this voting right was only a few percent, because Baren's equity was concentrated, so the significance was very small. Chu Yuanxi made this request because no matter who holds this voting right, he can disgust him, such as asking for a board of directors, it is okay for others to make a request? It's like a toad lying on his feet, not biting people but scaring people. Yuan Jing won't disgust him, what about the new entry? So it's over to cut off the root of the disaster early.

Yuan Jing didn't say anything for a long time, and silence was better than voice. In fact, Chu Yuanxi calculated the account. Based on the overall valuation of 60 billion in Baren Group, Zheng De's investment was calculated without considering dividend income. After completing the bet, the equity value exceeded 1.3 billion, invested 150 million, and made a net profit of 1.2 billion. Moreover, Yuan Jing may have sold higher, only two years, so it is impossible to say that he made profits. In this economic winter, the middle-level private equity competitors can envy him to death.

However, this result probably does not meet Yuan Jing's original idea? Typical investment is to follow up multiple rounds, and to keep betting on optimistic companies, and to eat a fat man when they exit. However, Baren is not a typical startup. After a round of tours, there are no investors doing anything else. They even waving money to clear people. If they are on the clearing market, they will be a typical scumbag.

However, although investors and entrepreneurs are not necessarily going to withdraw immediately after the talk, it is the same as the couple talking about divorce. It does not mean that their relationship has broken down, but it cannot be "chat casually", which is always a bit embarrassing.

Chu Yuanxi first broke the embarrassment: "Don't worry about listing and withdrawing, I'm going to be right now. The main thing that I'm worried about is not whether Alibaba admits the 40 billion quotation, but I hope to keep "The Unfaithful Lord" in Baren."

"Then your negotiation task is too difficult!" Yuan Jing couldn't help but feel ashamed. You have taken advantage of all this! Do you think Ali is a little white rabbit?

I heard Chu Yuanxi say: "I can lower the price, and I can lower the price to 35 billion, I will suffer a little."

Yuan Jingxin said, "You are going to your uncle!" "You are called a price cut? Are you going to raise prices?"

"No, Alibaba has accepted a naked "Come in Troubled Times" project team and all related IP+ self-media resources packaged 30 billion. You don't know this yet, right?"

"Ah? So that's it?" Yuan Jing was obviously stunned. "If this condition was replaced by the president of Baren Group, I would have accepted it at that time."

"If I were the president of Zhengde Fund, I would also accept this condition."

"Hahahaha--" Perhaps feeling Chu Yuanxi's contempt, Yuan Jing burst into laughter very rarely.

Chu Yuanxi was also a little embarrassed, "I think I'm just selling it like this. What's the disadvantage? It's almost the same."

Yuan Jing was almost laughing and crying, "You told me these things. If I was right, it was to let me find a relationship and have fun with Alibaba, right? I don't understand what you are dealing with? Can't you communicate directly with Alibaba?"

Chu Yuanxi expressed his little thoughts: "Brother, it's really not possible! You don't know that I have an information advantage now, and you don't know how popular "The Unfaithful Lord" is."

"Aren't you online yet?"

"Yes, but we have opened an informal test, and the art resources are not fully equipped, and the reputation has exploded. If this test server is now online, it will cost at least 10 million dau, which is not an exaggeration at all."

"It's really that awesome?"

"As long as the server does not lose its chains, it is guaranteed to be better than this." Chu Yuanxi said, and felt that this informal test was very useful, which was equivalent to conducting a very strong stress test, and instantly increased Zhao Jie's vigilance. He was ready to face the wind, but he didn't know whether he was facing the wind or the crazy thing after the online launch.

"Hey, according to your logic, shouldn't you add more money at this time?"

After Chu Yuanxi explained, Yuan Jing had already understood his logic. Alibaba's offer is the basic value, and the mini-game IP plan is the value-added part. This plan is very meaningful whether it is to consolidate the integrity and foundation of Baren Games or to establish a higher premium upward.

Originally, Chu Yuanxi's plan was to equate the value of this part of the added value with 10 billion, at least it seemed that it could be equated, and then talk to Alibaba. Otherwise, wouldn't it be embarrassing to accept Alibaba's price? It's not easy to negotiate the detailed business conditions.

So since the current situation is showing a trend that it seems to be more than 10 billion, isn’t it over to add money? What’s the point of making things difficult?

"Oh, first of all, I can't add much money. This bid and my counter-offer are already very high. Secondly, I packaged "The Unfaithful Lord" to Alibaba, and then what? I don't have the right IP to build the ugc game platform. I definitely don't pack the idea to Alibaba and encourage them to do it? I have the right entry conditions for myself."

This reason confused Yuan Jing very much and said for granted: "No, wouldn't you just need to make another big IP?"

"Hahahaha, Yuan Jing, you think I'm too easy to do IP, what misunderstandings do?" Chu Yuanxi suddenly realized that Yuan Jing's amateur is a bit outrageous? "Not to mention whether Uncle Sheng has any more awesome ideas to make a new IP, even if there is one, it won't work, because this business model is to be sold to Alibaba. Alibaba is already quite generous to tolerate Baren continuing to play games, and that's all my request.

Alibaba will definitely not allow Baren to reincarnate and reborn products of the same type. It is inevitable that the small game IP plan will sign an exclusion agreement, and it will be rejected for at least a few years. We can only incubate by cultivating "Come to the Mountains in Troubled Times". That is too difficult. Fans are not my slaves. I will do whatever I call. All the fans of Baren use them to fill in IP? That's impossible, too primitive.

Besides, playing content is not our strength.”

"Wait, are you really humble?" Yuan Jing finally heard Chu Yuanxi say that playing content is not his strength, and he couldn't believe his ears!

"I'm comparing with the top. We can play, but we don't have any background. Do you understand the background? In fact, after the group was formed, although Baren Information has been operating, it has made very few achievements in the complete routines, which means that the robot plan is quite distinctive and is not suitable to be built as a big IP. The serious content that can enter the IP caliber has always relied on the founder team. Later, with Zhou Minxi and Maluo, I was basically exhausted by me. I am, alas!"

While speaking, Chu Yuanxi was also reflecting on why he knew the importance of content but did not expand the content team. He lived all by relying on Uncle Haosheng's hair. Now he has to lament that the content background is insufficient. This cannot be said to be a mistake, because it is useless to expand the content team. The content team can only solve the content production problem, but content production is only the basic link in the entire content operation. What determines the upper limit of the content, and the lower limit of the content is called the operation link.

In terms of operation, Baren is a big player in self-media, but it is incomparable to IP platforms. A large platform like China Literature can incubate 100 good IPs at the same time. Baren can only gather all traffic in one place and incubate one with superior forces, so that it is possible to stand on the same starting line with 100 IPs with others.

This is the lack of foundation. Baren operates at most two IPs a year, and it cannot be guaranteed to succeed.

Last year, Chu Yuanxi was very sure of doing it because last year was the year when Douyin rose. It had a lot of traffic and was easy to attract fans, but there were few strong competitors. On Douyin, there were still wild players at the ugc level, with extremely low competitive pressure, and he still had a golden finger. This year, all kinds of professional operation teams and content teams have plunged into Douyin. On the contrary, Baren Information was a bit indifferent to everyone's meaning after Chu Yuanxi let go.

This is also the true reflection of Chu Yuanxi's ability. He was not a big player in content. Relying on gold fingers to gain a wave of fans' capital, it was the only solution to immediately enter the operation field that he was good at. Otherwise, if he could do whatever he wanted, what would he do to build a small game IP plan?

It is precisely because of this sober understanding that Chu Yuanxi realized that the best time to sell Baren Games this time is before "The Unfaithful Lord" was launched.

He sighed and said in one breath: "So my information advantage can only be delayed until "The Untamed" is launched. My current plan is to leave "The Untamed" and sell the others, but after "The Untamed" was launched, I was afraid that Ali would make a request, so the name must include "The Untamed" if it is released. Then I am embarrassed. There are no other suitable substitutes in my sight now, and I don't even have any ideas. Maybe I may not have it for a year.

So I need you to help me speed up the acquisition process. It is best to set a preliminary plan in early November. If it is late, I am afraid that the version number will be dropped and I can't continue to delay it."

Yuan Jingxin said that all your embarrassment was caused by you. You didn’t make a few less awesome words at the beginning, so you would be fine. Others were hoping that the version number would come down and make money as soon as possible. You are so good, you are really a god!

In fact, this is why Chu Yuanxi used to play the small game IP plan as a gimmick and brag about Alibaba. At that time, he didn't know that Uncle Sheng had such a good product hidden in his box, nor did he expect that Zhao Jie's team chose to pay tribute to "Plague Company" so well, nor did he expect that his inspiration suddenly came to find ideas from Yang Jiangang and decided to use the RPG game ugc platform as a new breakthrough.

As a result, I became the one who was dragging me down and caught up!

"This matter..." Yuan Jing asked: "What is your bottom line?"

"The bid of 30 billion remains unchanged. I can accept the three existing mini games when packing them in. Of course, it's better to add some money, but I have to leave Zhao Jie behind. I can't wait to build this platform."
Chapter completed!