Wuliang Advertiser

Private equity can not succeed, the most important point is unable to go public.

This is a strong saying.

Things to open the battle rice stocks don't mention that a single thousand Baidu investment can explain everything.

At the beginning of the year, thousands of Baidu experienced the last round of financing before listed, and the company's valuation has changed the change of the sky.

In general.

The first two rounds of financing are dominated by venture capital. The shares of the Qian Baidu management team are still 11.55 million shares, accounting for 44.5% of total stocks.

The total number of stocks increased, and the management team decreased.

The third round of financing is the master of Wu Liang. He first acquired the advertising position of thousands of members of the eight thousand members in the name of the martyr and six zero. Shares.

As a result, thousands of equity structures also occurred.

The total share capital of 31.14 million shares, the founder team 11.55 million shares, Liang Lei fund 5.19 million shares.

In fact, the so-called third round financing is just a big play of Wu Liang and Li Yanhong's two people.

Screenplay: Wu Liang, Li Yanhong

Director: Wu Liang

Actor: Group

Audience: Non-founder investor of Lianghuo Fund, and the remaining investors including IDG.

Three years of Internet conferences on the eve of the Internet.

Wu Liangze visited Li Yanhong, and both parties reached a consensus on the cooperation of 123 websites.

Wu Liang took a 123 website to share the share, bid a price of 100 million, exchanged thousands of shares, 8% of the repurchase shares of the founder team, totaled 519 million shares.

Reason, Li Yanhong regretted.

The second financing is 10 million yuan to dilute too many shares, which is not conducive to subsequent financing.

Because of this, Li Yanhong introduced a cattle card plan, and the management is firmly caught in his hand.

And Wu Liang's arrival, not only to bring 40% of traffic for thousands of Baidu, but also brought hundreds of millions of advertising income to thousands of cards.

Among them, only a "triumph" online propaganda brought nearly 50 million profits for thousands of people.

In 2004, thousands of Baidu advertising revenue have reached nearly 500 million, half of which is from the rear of the rear advertising company.

His advertising customers have become a lot of e-commerce fields. Thousands of bidding rankings become preferred. It is true that Wu Liang has a subtle effect of the so-called half-selling nature. Let them start advertising on the Internet.

In the face of Wu Liang, it can bring a large shareholder of abundant funds for thousands of Baidi development. The two sides have a shot, and there is a riot of old fellows.

The consequence of this is:

The negative information of the Chinese, so that most people know that there is a website such a website - good things, do not go out, and the bad things have thousands of miles.

The rumor information of eight thousand members, brought to Wu Liang, he can absorb more investors - their perspective is not understandable by ordinary people.

Win-win.

Including Yan Yi Sheng, White and White, all belong to the people of eating melon, especially White, is a thousand Baidu such a Internet company hanging on the mouth, and flicking his investors investment equity.

Even in the fourth round of financing is also included in such causations.

Leading: IDG.

Of course, this is not to say that IDG does not break the so-called eight thousand members.

They decided to invest in, on the one hand, it is a profit of thousands of Baidu in the field, and on the other hand, Wu Liang's existence, belonging to the wave of drinking soup behind Wu Liang.

Evaluate thousands of foreign profits, the simplest method of calculating is of course, the so-called eight thousand members of the advertising.

The lowest advertising bits are 500 months per month, and the annual income reached 48 million.

According to the price of the advertising position published by thousands of Baidu, this is another 96 million income.

Of course, simple advertising bits are only part of all advertising revenues, and the big head of the benefits is the bidding ranking.

Overall calculation, 2004 profit of 400 million, converted into earnings per share, reaching 12.86, calculated by the Internet 20 times P / E ratio, stock price 257.2, valuation of 8 billion.

Then, the financing before listed, this part can also be calculated as a reference.

So IDG appeared.

If it is, the first two financing is for simple financing.

Then, the 3rd Wu Liang's shareholders mean a beautiful performance.

For Wu Liang, 20% of the shares can not be satisfied, he uses Liang Lei Fund to flicker investors, definitely gives them benefits, so after 123%, add 400 million investment, continue to expand Holding ratio.

Similarly, this part of the shares also have half a shares to the Manager team, half of the total of 10.38 million shares have allocated the Li Yanfa team.

For the wind vault of the second financing, they have taken 10 million meters to take away 9.6 million shares, and they have been doubled.

Total, after three rounds of financing, the total share capital is 41.52 million shares, including 11.55 million shares of the Chuangjian team for Class A, and 7266,000 shares of Class B common shares, the number of shareholders account for 45%, basically maintained change.

The shares held by Liang Lei Fund can reach 8304,000 shares, accounting for 20%.

Only foreign investment banks are really diluted.

Calculate a win-win situation.

The fourth round of financing before listed, Wu Liang did not participate too much, and he only known a result.

Follow the $ 100 million, the shares paying only 10%, 4.15 million shares, and a 24-meter yuan per share.

May the people hook.

In addition, for Li Yanhong, he does not lack the money itself, and it is only an account of his investors.

All the bending around, Wu Liang knows that Li Yanhong knows that Liu Nanfeng knows halfway, but the mouth of the finance staff is relatively strict, so that Yan Yi defeated the roots.

She saw that Wu Liang was in the Li Yan Hong office, only.

And she now throws out the privatous things, Wu Liang can't help but feel funny.

However, the reason why Yan Yi Sheng is also very powerful, "six in the secondary market, we only spend 3.55, however, however, what should be considered very clear, the most important thing is that once thousands of Baidu listed, our private placement is true Get up! It is really not a big problem. "

Wu Liang is actually the most reluctant to hear like this, but the truth is true.

Applying a city, the volume is no longer a lighter, and it is also known as the existence of a hundred million market value.

10% of the investment bank plus 4% of the employee holdings, totaled 14%, 854 million shares, and the secondary market reached a large size of 10 billion.

If there is no Yuan Zhuo Fund, he wants to take it out that the real gold is really a bit difficult.

Mainly, it's time to make it.

There are many invested, and there is no truly return, Wu Liang is even thinking, and if you don't have this, you will make a break?

He felt more than a thousand, and finally he had helplessly promised.

Wei Daxin did not feel this abnormality, and Yan Yi Sheng began to bother, "Guoxin can also be your private equity."

This is the most stable practice. There are too many supervision that the public fund funds is also limited, and the private equity is more flexible, even can be operated as a venture capital.

Risk and opportunities coexist, various portfolios, investors will have more options.