"..."

"..."

Fang Nian first looked at the time and then looked at the number on the screen.

Finally, he chose to answer the call and said with a smile: "Good evening, Mr. Liu."

"Hello, Mr. Fang." Liu Qin greeted with a smile.

Then he said directly: "Mr. Fang, how is Dangkang's development now? Is there any financial pressure?"

Fang Nian laughed: "How can there be no pressure? Although TGP is only a small part of Goose Factory, it is still a behemoth that is difficult to compete with for Dangkang."

"Haha." Liu Qin laughed, "Mr. Fang is so humble."

"Based on my general understanding of the other party, you should have already thought that Goose Factory would launch similar products."

After a pause, Liu Qin added: "The facts also prove this. Dangkang's response efficiency is shocking. We were still discussing this afternoon. With Mr. Fang, Dangkang will become a great company without any obstacles."

"Mr. Liu, my tail is really going to grow!" Fang Nian said happily with an interesting look on his face.

"..."

While chatting with Liu Qin, Fang Nian felt emotional in his heart.

The sense of smell of investors like Liu Qin is much more sensitive than imagined.

The discussion between Guan Qiuhe and Fang Nian in the teahouse was limited to the two of them, and there was no way for the outside world to know about it.

Liu Qin made the call so quickly, obviously judging that under the current situation, the best way for Dangkang is to embrace capital more openly.

The confidence that the capital market can give is something that not everyone can ignore.

Even if the goose factory is so huge, it still needs capital to support it.

It is difficult to say that any large company that has grown up does not have capital support behind it.

After talking to each other for a long time, both parties were in a good mood. Liu Qin officially got to the point: "Mr. Fang, let me tell you directly whether Dangkang will launch Series B financing in the near future."

Fang Nian pretended to be in deep thought, and after a moment he answered: "Yes."

"Although Dangkang's revenue last month was very impressive, it has gradually become normal this month. The emergence of TGP will originally affect Dangkang, and they also focus on free of charge. Dangkang needs more and more abundant funds.

Deal with competition."

Hearing this, Liu Qin thought for a moment: "I wonder what Mr. Fang thinks Dangkang's valuation is?"

"Why don't you tell me, Mr. Liu, what is Morningside Capital's latest assessment of Dangkang?" Fang Nian asked with a smile.

Liu Qin didn't mean to hide it, and said directly: "We know more about Dangkang, and after internal analysis, we have adjusted our latest internal valuation of Dangkang..."

After a pause, Liu Qin said calmly: "It's 8.5 billion yuan."

Then he added: "However, I guess this valuation is not within Mr. Fang's expectation. If financing is based on Internet companies, Dangkang's valuation should be tens of billions of yuan."

Fang Nian pondered and said: "To be honest with Mr. Liu, the valuation of 8.5 billion is indeed lower than what I expected. Although last month's revenue was brought by 'Minecraft' and it dropped significantly this month, regardless of platform payment

The rate and payment scale are both very high.

Do not raise funds according to Internet company standards, but raise funds according to ordinary technology companies, and follow the internationally commonly used price-to-sales ratio (P/S) valuation method;

Dangkang's revenue in fiscal year 2010 should be the same as that of Goose Factory last year, which is a bit lower, 4 billion yuan, and Dangkang's current valuation should also be more than 40 billion yuan."

Liu Qin smiled and said: "Calculating the valuation based on the price-to-sales ratio and a multiple of 10 is a bit bullying of investment institutions;

Moreover, currently only high value-added technology companies in the world can achieve a scale of 10 times, and it is difficult for ordinary technology companies to exceed 5 times..."

After a brief pause, Liu Qin changed the topic: "I know that Mr. Fang's valuation is not so high, so please speak frankly."

"Haha~" Fang Nian laughed twice and took the initiative to tell the truth, "I still can't hide it from Mr. Liu. At present, Dangkang's R&D investment does not account for a high proportion, and the output is very low..."

"Coupled with the fact that there are strong competitors in the market, I thought over and over again and finally lowered the valuation to the maximum extent, rounding up to 10 billion."

Liu Qin pondered for a moment, and finally expressed her basic agreement: "Mr. Fang is right, and I basically agree."

Then the conversation changed: "I want to go to Shanghai for a cup of tea in the near future. I wonder if Mr. Fang can accommodate me."

"Definitely." Fang Nian smiled.

"..."

Although Morningside Capital, where Liu Qin works, is the third largest shareholder of Dangkang, its shareholding ratio is not high, and the dominance lies entirely in the hands of Fang Nian and Guan Qiuhe.

On the other hand, capital is only responsible for investment and rarely intervenes in company management.

Morningside Capital is no exception.

Moreover, Liu Qin deeply believes that if Fang Nian is here, Morningside Capital will only be slapped in the face if it intervenes in the company's management.

It would be fine to occasionally send people to attend high-level meetings when you have time to read financial reports and so on.

Liu Qin had no way of knowing what Fang Nian had discussed with Guan Qiuhe.

The valuation of 10 billion is not a fixed number, and it cannot be taken seriously even if it is written down in black and white.

For such a large financing, Liu Qin also knew that Morningside Capital alone would not be the only one to participate.

He knew very well that this did not meet Fang Nian's strategic needs.

But Liu Qin was also willing to carry Fang Nian's sedan chair.

To be honest, Fang Nian has never thought of using the price-to-sales ratio to raise funds. This aspect is indeed bullying.

But you always have to have a starting point before you can start pricing.

Liu Qin's meaning is very obvious. As a game company, Dangkang has no major game R&D output except the game platform product. How can it raise funds at a high market-to-sales ratio?

It is still possible to use the price-to-earnings ratio (P/E) to calculate valuation.

Although the valuation ratio of the price-to-earnings ratio is higher, it is generally 15 to 30 times.

But the profit is not high. Calculated based on Dangkang's current month's net interest rate, even if it is 30 times, it is still difficult to exceed tens of billions.

Fang Nian would definitely not agree with such a valuation model.

In fact, the biggest contradiction here is not the appearance of financing valuation methods, but TGP.

Because investment is in the future, what is invested is future income.

After the emergence of TGP, the most real thing is how Dangkang ensures that its income does not decline and can continue to bring investors returns of tens of times.

…………

After ending the call with Liu Qin, it was already past seven in the evening.

It was past the usual time to have dinner with Ms. Lu Weiyu who was far away in Chang'an.

It was quite a pity for Fang Nian.

So much so that I didn't even finish cooking, but went downstairs to have a meal near the community.

I still can’t help but force myself into Lu Weiyu.

Fang Nian looked angrily and beeped to Lu Wei: "In the afternoon, I thought, 'I have a young girl in my family.' In the evening, I was the one to come to for all these things. Why not go to Guan Qiuhe! She is the major shareholder!"

Hearing this, Lu Weiyu said softly: "It seems that the major shareholder is Mr. Fang..."

"What's wrong with the major shareholder? The major shareholder deserves nothing to eat to deal with the investors." Fang Nian snorted and said arrogantly.

Lu Weiyu said softly: "But Mr. Fang is obviously better at this aspect of things."

Hearing this, Fang Nian suddenly said with satisfaction: "That's right, after all, I am so good."

"..."

More than a thousand kilometers away, and having to comfort Fang Nian on the phone who suddenly became childish, Lu Weiyu's heart was bubbling with beauty.

Who doesn’t want to have a clingy partner?

"..."

After chatting for a few words, Fang Nian changed the topic and said, "I have booked a flight ticket for you to come to Shanghai on the morning of June 1st in advance. How about it, are you ready?"

"Yeah." Lu Weiyu said with a smile, "I can just take the car to the airport by myself in the morning."

Fang Nian didn't hesitate: "That's okay."

He knew that Lu Weiyu would know that he would make arrangements.

"Mr. Fang, can you give me some air? Is there any conspiracy?" Lu Weiyu suddenly said with a smile.

Fang Nian said seriously: "There is no conspiracy, at most it is just speaking out from the bottom of my heart."

"Hey~ It's broad daylight~"

"Dreams are made during the day..."

…………

…………

A night of silence.

The next Monday, Fang Nian rushed to Fudan to attend classes early in the morning.
To be continued...