"We want 40% of the equity and veto power for US$70 million, and follow-up financing. As long as you lack money, we will support your development."

When he heard Cao Yi ask for a veto, Zhang Yiming finally calmed down. Toutiao also adopted a system of different shares of the same shares, which are all trends led by Blue Star Technology Group.

Almost all Internet startups today play like this.

Because of the equity structure of different shares, Zhang Yiming doesn't care about Cao Yi's claim to take 40% of the shares. Moreover, Toutiao's current scale plus the investment amount of US$70 million, Toutiao takes advantage.

But the veto is a very sensitive issue, which involves the control of the company.

The negotiations between the two sides are no longer as smooth as before. Zhang Yiming is reluctant to use this veto to share with VC. As Luo Sheng said in the opening speech of the IT forum summit the day before yesterday, capital is short-sighted, and Zhang Yiming deeply agrees with this.

No matter how well the investor performs, capital is capital after all.

Cao Yi said bluntly: "To be honest, Mr. Zhang, I invested in headlines, but you. You rejected the recruitment of giants like Blue Star Technology and Alibaba, and almost rejected all the vcs. Except for me, maybe I will be rejected by you. There should be few people who think you can laugh to the end."

"Objectively speaking, this is an extremely risky investment for Anaheim Asia Technology Venture Capital. Bluestar Technology's AI technology and Luo Sheng's layout in this field can easily develop an intelligent push algorithm that is more excellent than Toutiao's current current to provide users with content of interest."

Zhang Yiming had no way to refute this. Wang Qiong had already scandalized his face and had more than 20 friends in the investment industry, but he was unable to reach the end.

Every investor finally asked the same question: Toutiao rejected Blue Star Technology. How can Toutiao, which is still in the incubation stage, break through the siege of Blue Star Technology?

Zhang Yiming cannot give an answer to this question, or the answer is impossible.

Those vcs did not even fight for the veto power like Cao Yi. After asking this question, they passed it directly. Vcs were really unconfident.

In fact, VC is not wrong. Once Blue Star Technology makes its efforts, the headlines that have not yet become popular will definitely die.

Fight money with Bluestar Technology?

Giants like Alibaba and Microsoft are all in trouble. What is Toutiao using to compete with such opponents for money-burning ability?

Only rely on VC to replenish blood.

Obviously, such investment risk indexes are overwhelming, and any sensible investment institution will say no.

Wang Qiong, who was sitting next to him, sighed in his heart. Zhang Yiming was making the road narrower and narrower, and the headlines of Blue Star Technology are just around the corner.

But then again, if Zhang Yiming did this, Wang Qiong would not have appreciated and supported him as strongly as he is now.

In the end, Zhang Yiming compromised and made a step back.

Toutiao does not have much negotiation capital, so it agreed to share a veto with Anaheim Technology Venture Capital Fund, but at the same time it also won 10% of the equity less, and only 30% of the equity was sold for US$70 million, and this veto would take a five-year closed period.

That is to say, after this additional clause is written into the shareholders' agreement, it means that this veto will not be exercised until 2018.

Zhang Yiming's reason for putting forward this additional clause is that the company needs absolute control during the entrepreneurial stage to ensure that the company can develop according to the blueprint he planned.

This is the final concession, otherwise it would rather not be the investment.

In response to this, Cao Yi pretended to fight for it and chose to make a final concession and agreed to Zhang Yiming's additional request, but he knew very well that the task given by the headquarters was minor, and the veto was the core of this task.

Zhang Yiming is not too stubborn. Although this veto power is precious, only by living today can one have a tomorrow.

But this is also the only one vote veto. Zhang Yiming will never share the financing with the second VC in the future. Anyway, Anaheim Asia will continue to lead the investment, and this will be written into the contract.

Share too many veto powers, and the hidden dangers are too great. Once you encounter disagreement with VC, you will be vetoed, and if you are satisfied and you will be dissatisfied, you will be vetoed.

The company cannot develop normally.

Haina Asia also continued to follow up on US$5 million, so Toutiao's B round financing is only two VCs, namely Anaheim Asia Technology Venture Capital Fund and Haina Asia Venture Capital. A total of US$75 million in financing gave Toutiao a current valuation of US$230 million.

"The matter has been agreed upon, so I should say goodbye. I will send a lawyer team to sign the contract tomorrow. After the contract is signed, the US$75 million will be transferred to the account designated by your company on time."

After saying that, Cao Yi got up from his seat, and after the task was completed, he said goodbye and left.

...

A week later, the Science and Technology Complex.

"Cao Yi completed Toutiao's B round financing and successfully obtained a veto, but there was a five-year closure period." Qin Weimu came to Luo Sheng's office to report on his recent work.

"It doesn't matter if the 5-year closure period is the only way to have this veto power. The biggest role of veto is to use it without using it." Luo Sheng was quite happy to learn that Toutiao and Zhang Yiming had been dealt with.

The greatest significance of this veto power is that if there are conflicts and differences with Zhang Yiming in the future, you can use a veto power to negotiate terms with the other party and force the other party to agree. Otherwise, I will veto whatever you want. I cannot promote a proposal, but I can veto it with a veto oppose the passage of any proposal, and you will inevitably compromise.

"If Zhang Yiming knew that this veto was in your hands in the future, he would probably be surprised... and he might be so angry that he scolded him." Qin Weimu couldn't help but tease with a smile. The reason why he refused to recruit the giant was to get rid of the giant, but he didn't expect that he would eventually jump into the trap.

"Haha, this is the mall. He doesn't want to be my employee. In the end, he still has to be my employee and work for me." Luo Sheng said happily. With this veto in hand, you can feel at ease to expand Toutiao in the future development, and even monetize it to support it through Blue Star Technology. Anyway, he is already a little brother who is firmly in control under his command.

"By the way, how are you preparing for this year's Shengfeng Capital Global Technology Venture Capital Summit?" Luo Sheng skipped Zhang Yiming's question. Toutiao had already been put into his pocket and put it in his pocket. He didn't need to worry too much.

Shengfeng Capital Global Technology Venture Capital Summit, this is the annual technology investment event. The conference held by Shengfeng Capital itself will be held as scheduled on March 22 every year.

This year is already the fourth session.

"Everything is going well, and I'm about to tell you this." Qin Weimu said in an orderly manner: "Shengfeng Capital invested in a total of 278 startup technology companies worldwide in the past 2012, with an annual investment of US$18.9 billion. According to your requirements, 12 startups have been selected as the key exposure targets of this investment summit in popular fields such as artificial intelligence, cloud services, and Internet of Things chips."

If Blue Star Technology and the Coast of the Blue Sky are the core of the DNA double helix structure that supports Luo Sheng's technology empire, then the significance of Shengfeng Capital's existence is that he is the pioneer of his vow to build a solid technological moat for his technology empire.

Shengfeng Capital only invests in companies related to the technology field. The startups it invests in are fundamentally to serve Blue Star Technology and the Coast of Blue, and the purpose is to create a future owned supply chain system for these two major technology giants.

2013 is a very critical year for the global technology circle. The beginning of the year is the battle between the two major domestic giants in technology and the Internet, and it is also destined to be a hot year. At the same time, the Costa del Blue will also release the fourth generation of smartphone products this year, and each company is working hard to sing a good show.

...

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Chapter completed!