Global monopoly of technology

In this C round of financing, the 15 VC investors that participated in the investment all led or followed up the investment. Gates Personal Investment Fund and Google also participated in this financing.

After Bluestar Technology completed this round of financing, the major investors contributed a total of $1.275 billion in proportion to the total equity held by the major shareholders.

After completing the C round of financing, the equity structure of Bluestar Technology is as follows:

Option pool reservation: 7.11%

Luo Sheng: 41.72%

Goldman Sachs: 9.66%

Teng Xun: 9.46%

Softbank: 8.8%

Venture Capital: 5.8%

IDG: 5.47%

Morgan: 3.3%

Huajin Securities: 3.22%

Xu Yong: 3%

Sequoia: 1.15%

Gates: 0.5%

Google: 0.5%

Other: 0.31%

After the completion of the C round of financing, it is no surprise that there will be no more private equity financing in the future.

And Luo Sheng also allocated 3% of shares to co-founder Xu Yong as agreed, and formally separated from the option pool, which also means that starting from the C round of financing, once there is a new equity change, Xu Yong’s equity will be more Or less dilution changes.

After the C round of financing, several early domestic investors chose to cash out and leave the market, adding up to a total of 0.25% of the equity.

But it is this small 0.25%, which is currently worth as much as 310 million. The private investment fund of Google and Gates participated in the C round of financing this time, and the two parties together received a total of 1% of the equity. For this reason A huge sum of RMB 1.241 billion was invested.

In accordance with the special agreement in the shareholder agreement, the shareholders of Bluestar Technology transfer the equity they hold, and the company has the priority to repurchase under the same price.

There are small shareholders who can't help but want to cash out in advance in the form of transfer. As long as someone is willing to accept it, they can also cash out. According to the valuation after the C round of financing, these investors want to leave the market to invest in Bluestar Technology in the early stage. Wan, now it has brought an excess return rate of more than 50 times, and a few million will change into several hundred million. Even if it is cashed out now, it is still full of profits.

Of course, Luo Sheng chose to repurchase, and repurchased according to the company's valuation after the C round of financing.

After the C round of financing, the company’s book funds immediately increased by 10.55 billion, only waiting for the VC to make the payment, and using 310 million to buy back 0.25% of the equity is definitely a profit. Luo Sheng knows better than anyone else. The future value of Star Technology will soar further.

Moreover, he intends to repurchase the equity, not to share it among the shareholders of major companies in equal proportions, but to transfer it to the company's option pool to reserve, the reason is for the company's long-term development and the introduction of talents.

This is tantamount to the company’s major shareholders surrendering part of their interests to satisfy the company’s development. They must be very reluctant. This is also a few hundred million, which is now worth tens of millions of dollars, and may appreciate in the future by more than 100 million.

But still reluctantly agreed.

But just after Luo Sheng had negotiated with a few small shareholders who had left the market, SoftBank jumped out to intercept Hu, and Li Yan offered RMB 500 million to buy the 0.25% stake on the spot.

This caught Luo Sheng off guard, and other investors were speechless. They were indeed the "kaizi" of the investment industry. No, it was the rhythm of "kaiye".

The few small shareholders who were going to cash out and leave the market were happy. Of course, they did not hesitate and sold them to SoftBank decisively, and they were still expecting Luo Sheng to also drive up the price. It would be better to double the price.

In less than a year, the return on investment is more than 80 times. Is there anything better than this?

But Luo Sheng gave up decisively. In any case, Li Yan just raised his hand to repay his personal affection. Sometimes every inch of profit is competitive, but sometimes he has to learn to give up appropriately.

Li Yan helped Softbank Capital absorb Bluestar Technology's shares so diligently because he was also good, because Sun Zhengyi gave him a promise that the more Bluestar Technology he wins for Softbank's equity, the more extra rewards he will give.

When it comes to his own personal interests, Li Yan will certainly do it.

After completing the C round of financing, Luo Sheng and his entrepreneurial team jointly held approximately 51.8% of the equity, and external investment shareholders approximately 48.2% of the equity. So far, the equity structure of Bluestar Technology has become Luo Sheng’s entrepreneurial team and external Venture capital institutions each account for about half of the company's remaining value.

However, even if Bluestar's equity is further diluted, the company's absolute control is firmly in the hands of the entrepreneurial team, and within the entrepreneurial team, Luo Sheng has absolute control of the company.

This round of financing is very fast. Negotiations are made on the same day, and the contract is signed on the same day.

Negotiations were made in the morning, and the signing ceremony was completed at about 17:00 in the afternoon, and then a temporary media conference was held at the Hilton Hotel by the way to disclose some relevant information about the financing. When the media conference was over, it was just close to the meal. The point of time, of course, is also the way to host a dinner at the Hilton Hotel to celebrate the successful completion of this round of financing.

It can be said that the time arrangement is the dead end of the card, and no one minute is wasted.

The C round of financing will complete the audit, and follow-up negotiations will go through the entire process in one day.

This is the efficiency and perfection that Luo Sheng pursues.

For him, the time is in a hurry, and the cost of time is the most expensive here in Luo Sheng, and any cost is incomparable.

The Azure Coast Company’s [Azure] project plan has too many R&D projects, among which the "Blue Core" project is still led by him, and the entire [Azure] plan has to be coordinated by him.

He didn't want to waste even one day before the [Azure] plan succeeded.

During the banquet, all parties enjoyed themselves. Meng Qiu and the others were staring at Li Yan's beard before, but now they are happy again.

Talking about business in business, but it does not hinder the private relationship. They are all insiders.

At a main table of the dinner, Luo Sheng and a group of major investors were sitting together, and Xu Chenghua next to him said with a smile: "Brother Luo, I still want to break the casserole and ask what is Bluestar’s online video business? How can it be realized?"

Others were also quite curious. Xu Chenghua obviously hadn't finished speaking, so he went on to say:

"In the meeting room during the day, you and the investors present'dissected' Wikipedia. It is indeed a very novel interpretation. But the problem is that Wikipedia can continue to this day not by its own commercialization, but by feelings and feelings. Crowdfunding is living. It is true that it is a non-profit charity, but even if it is commercialized, it will not create much profit, and it has a fatal weakness."

After a pause, Xu Chenghua took a sip of wine, then looked around at the crowd and said, "Once Wikipedia chooses commercialization, it will be its end. Why? My reason is simple. After commercialization, the content will no longer be objective, or Even more prejudiced, because to satisfy advertisers, you must sacrifice the quality of the content. Obviously it is drinking poison to quench your thirst, and users will abandon it sooner or later, so Wikipedia can only become a non-profit charity and survive again. It depends on the feelings and wishes of users, plus crowdfunding. Donate to maintain operations."

Xu Chenghua saw other people nodding silently in agreement with this statement, and then turned to look at Luo Sheng, and smiled: "So I came to a loose conclusion, will BluestarVideo... also face the same as Wikipedia? An awkward situation? The product that ended up being a failure was killed by you? If not, how can we achieve a perfect balance between users, content and monetization?"

Luo Sheng saw Xu Chenghua and the other people on the table listening intently, waiting for his posture below.

In the end, Luo Sheng calmly said with a smiling face: "In this business, traffic is the root of everything. Without traffic, everything is meaningless. Wikipedia doesn't make money, so why should I insist on being Yungepedia? This is not to ask for how much profit the product can directly bring, but to enrich Yunge Search. It cannot make money but it must have it."

"The question is to increase the user experience, and ultimately improve the vitality and long-term vitality of the cloud song search. As the head of the company, if the company is going to calculate the detailed accounts, the company will be dead. I never calculate the company's detailed accounts. That is what middle and senior management should do. I only count the company’s general ledger. When you check it up, you will find that Google has been donating money to Wikipedia and there is no need to buy it. Google is already the dominant search engine, but it still keeps donating money to Wikipedia. Wiki, isn’t it worth thinking about?"

"It's over in one sentence. As long as you have traffic, you can't find the opportunity to cash out now and one day you will find it." At this point, Luo Sheng looked at Xu Chenghua and added with a smile: "Teng Xun has been sitting on 2 at the end of last year. More than 100 million users were struggling to find cash before the second half of 2003. After various attempts, a QQ show turned your finances upside down. Without a strong user base and traffic base, any show would be useless. Right?"

Xu Chenghua couldn't find any reason to refute this for a while, so he could only praise it, and immediately laughed: "It's worthy of being called the "Son of the Internet" by "Silicon Valley". Listening to your words is better than reading for ten years. , Haha."

Speaking of which, there are still many netizens who eat melons are entangled in why "Silicon Valley" magazine hailed Luo Sheng as "the son of the Internet" instead of the domineering names such as "the godfather of the Internet" and "the Internet emperor".

Actually, what's so tangled about this?

Luo Sheng is so young now that giving a title of "Godfather of the Internet" is a violation. People who don't know think he no longer has an old fox in his 60s or 70s.

The title of "Son of the Internet" gives people the first impression that this person is very good in the Internet world and very young.

Domineering names are not necessarily appropriate, but appropriate is perfect.

For the next dinner, there were not too many accidents, and the business talk was over.

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