Global Monopoly of Technology

It has been 40 to 50 minutes since the meeting and negotiation continued. In fact, investors have already made up their minds.

Meng Qiu, who was present at the meeting, said with a smile: "Mr. Luo, I, Goldman Sachs Group and Softbank Investment, jointly led the investment in this C round of financing."

It turned out that during the audit stage, SoftBank and Goldman Sachs both wanted to lead the investment independently, and the two sides even argued about it.

In the end, there was no way, so I chose to make a step forward and made such a joint lead investment.

A total of 15 independent investment institutions participated in the C round of financing.

After Mengqiu's statement, other investors also expressed their willingness to participate in Bluestar's C round of financing, including investors from Google and Gates.

Willing to give money to the prodigal Luo Sheng.

Luo Sheng told a wonderful story for investors + the current development of Bluestar Technology = high-quality potential stocks.

"Brother Luo, how much and how many shares are you going to sell this time?" Li Yan, the head of SoftBank Capital in China, laughed loudly.

"Selling 8.5% of Bluestar Technology and raising $1.275 billion." Luo Sheng is not polite at all, asking investors for money, he has always been righteous, even if he is not right.

"what?"

Meng Qiu, the head of Goldman Sachs Capital, was stunned when he heard the number, and other investors in the meeting were also stunned.

After regaining his senses, Mengqiu said quickly, "Brother Luo, I admit that Bluestar Technology's current development momentum is good, and the future potential is also good, but the valuation after the C round of financing is 15 billion US dollars... high, ridiculously high, You can’t be so ruthless because this is the last round of financing, right? Our internal audited comprehensive valuation is around $12 billion after financing, and you overestimated a full $3 billion.”

As soon as these words came out, more than half of the investors who were present immediately agreed, and they were speechless for a while. Luo Sheng was not young, but his appetite was not small. It was really a lion.

Google's IPO some time ago raised only $1.666 billion.

The development momentum of Bluestar Technology is indeed irrefutable. Both the Silicon Valley technology circle and the Wall Street investment circle are very optimistic.

But the valuation is so high, and the profit is not yet profitable, and the risk realization has increased. This risk leverage is doubled and doubled, can it be true?

Bluestar Technology's current data is indeed very divisive, but this is not a financial report. If these picturesque data are profit, it will be completely different.

It can be said that the development momentum of Bluestar Technology is fierce, and the industry is also optimistic, but Luo Sheng has been reluctant to let the company realize it. This is an unknown after all, and indirectly increases too many investment risks.

The current stage of financing is not a small amount of millions or tens of millions of dollars, but a huge financing of hundreds of millions or billions of dollars.

If the investment really fails and loses money, even a capital tycoon like Goldman Sachs will be very painful.

Luo Sheng really wanted to be thick-skinned with the last private financing, and he was also gambling to see who could stand it first.

At this moment, he has reorganized the language in his mind. Just when he was about to speak, Fang Li Yan, a representative of SoftBank Capital, suddenly preempted: "After C financing, the valuation is 15 billion, and SoftBank Investment accepts and approves this valuation."

Luo Sheng looked at Li Yan: "???"

Venture Capital: "Am I right?"

Morgan: "What?"

Sequoia: "Are you kidding??"

There was an uproar in the audience, Luo Sheng was stunned for a while, and the words that had just reached his throat were forcefully swallowed again.

At this moment, the conference room suddenly fell into a situation of babble, one by one glaring at Li Yan.

"What do you mean?" Meng Qiu said stunned, thinking about it, he became angry, and he showed anger and dissatisfaction on the spot.

He said furiously, "Sun Zhengyi is a bastard. It's already been discussed. What does it mean to suddenly give me a slap in the ass?"

Li Yan asked with a stunned expression: "What do you say? It's after discussion, let's lead the investment together!"

Mengqiu glared at him, and became angry for a while: "You..."

Luo Sheng is now on the sidelines. Although the situation is not clear, it seems that SoftBank has put Goldman Sachs together. I don't know, VCs are fighting each other.

This has to say about SoftBank’s investment. Sun Zhengyi’s generous investment is also well-known in the investment world. Other VCs are desperately trying to bargain with startups.

And SoftBank Capital is very qualified to play the role of "Kai Ye" in the circle. From investing in Yahoo in the early Internet era, to investing in Ali, Shanda, and now investing in Bluestar Technology, it is almost becoming a "Kai" in this aspect. SoftBank's "corporate culture".

Not only did Goldman Sachs have nothing to do with SoftBank’s “coin-spending” behavior, but also other investors.

The key is not to stop it.

very angry.

Under normal circumstances, Goldman Sachs or other investors are already shareholders of Bluestar Technology. When it is necessary to increase capital and expand shares, it must be approved by shareholders holding more than two-thirds of the company's equity before financing can be launched.

Therefore, all the shareholders of Bluestar Technology were present, and those who did not arrive also sent their clients.

In other words, as long as there are shareholders with 34% of the voting rights vetoed, then the C round of financing cannot be carried out, because the increase of capital and share expansion is a major matter of the company. It is necessary to vote to agree, and the shareholders who do not agree with the valuation of 15 billion US dollars currently have a combined stake in Bluestar Technology that has passed the 34% line.

But it can't be denied.

Because the shareholder agreement signed by Luo Sheng and the investor stipulated the AB share system, it is actually Luo Sheng's decision whether to agree or not.

To put it simply, this time the shareholders meeting was held to increase capital and shares. When everyone voted, Luo Sheng agreed. Even if they all voted against, they couldn't reject it. Instead, Luo Sheng still had the ultimate card: one vote to reject. .

Haven't used it once so far.

Obviously, if Goldman Sachs doesn't want to suffer from this boring loss, it can only follow Sun Zhengyi's generous "Kai" once.

Moreover, other VC investors also have to struggle with whether or not to follow the "Kai", but there is still a hint of consolation that there is a weighted average anti-dilution clause to ensure that the equity held by early investors is not excessive. dilution.

But now everyone is angry that SoftBank Capital's behavior of driving up the stock price is too inauthentic. Relying on its own "Kai" SoftBank Capital's intention is already a clear sign, everyone can see that they want to use this simple and rude means. More equity was acquired in the C-round financing stage.

Realization increases the investment cost of everyone, indirectly increases the leverage multiple, and further increases the risk of investment.

If you are angry with this method, you still don't have a good solution. Even if you agree in your heart, your wallet does not agree.

Well now, with the same expected investment, there is less equity, because the valuation is $3 billion higher; with the same expected equity, you have to pay more money, because the valuation is $3 billion higher.

Or give up the follow-up investment in the C round of financing.

But this is the last round. Luo Sheng, who chose to hide himself next to him, is not a fuel-efficient lamp, but a clever little ghost.

No matter which one you choose, it will be worse than expected. As for the third one, it is the worst loss for the VCs present.

It was precisely what SoftBank was happy to see that Sun Zhengyi himself did not come, but he was actually very concerned about Bluestar Technology. As long as other VCs were willing to let it go, he would really dare to let SoftBank eat it all in one go.

Li Yan's face was calm, and in the face of the dissatisfaction of other investors, he pretended not to see anything. In business and business, venture capital is based on his ability, and whoever has more money has more ability.

"Then, if you agree or disagree, you should vote at the shareholders' meeting." Li Yan said aloud, looking around the crowd.

"I also voted P. You're irritating to hear what you said." Meng Qiu said with a snort.

"Ah...Old Meng, it's okay, it's almost done, I'm just a part-time worker." Li Yanxiao came to him and muttered.

The subtext is: This is not what I mean, this is what Lao Sun means, everyone takes the salary of a foreigner, but your boss is this foreigner, and I am another foreigner. They all work for foreigners and take money. I have done my job with due diligence, and I am worthy of the salary offered by foreigners.

As a result, the keynote of the C round of financing was finalized.

The shareholders meeting of Bluestar Technology voted to go through the process. More than two-thirds of the votes agreed to this round of capital increase and share expansion to sell 8.5% of the equity and raise $1.275 billion. After the financing, Bluestar Technology’s valuation was $15 billion.

After the C round of financing, Bluestar Technology has not only become the Internet technology company with the highest valuation in China, but also the Internet company with the highest valuation in the world.

Prior to this, Google's valuation was higher, reaching 23 billion US dollars, but Google has successfully listed in August, and Bluestar Technology naturally took the first place.

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