I was reborn and stayed in school to lie down. I really don’t want to roll anymore!

Jiang Hao took two sips of water and tried his best to calm his inner excitement.

He finally responded in the calmest tone he could muster.

"Manager Gao, thank you Hillhouse Capital for your recognition of our Totoro Live."

“But I think the 100 million valuation is a bit low. Our monthly active users are over 600,000, and the number of people online at the same time is over 100,000.”

"If the price is only 100 million, I can't accept it."

Hearing Jiang Hao's refusal, Lu Weiming continued to drink water.

At this moment, the look in his eyes when he looked at Jiang Hao was full of admiration.

What Jiang Hao didn't know was that at this moment, his image in Lu Weiming's mind had risen to another level.

He is now mainly concerned about the reactions of Manager Gao and Professor Zheng.

His eyes were looking straight at Manager Gao, waiting for her opinion.

"Mr. Jiang, what do you think is an appropriate valuation? We can discuss this matter. We must be satisfied before we can continue the discussion."

Manager Gao responded quickly and gave him the right to make the offer again.

Now that I know that the other party offered 100 million, it means that the current value of my company is much higher than I estimated.

"I think 200 million is about right!"

Jiang Hao made up his mind and doubled the valuation proposed by the other party.

After saying this, he carefully observed the expressions of Manager Gao and Professor Zheng beside him, fearing that he would talk too much and vent their anger.

But experienced investors are different.

There was no trace of emotion on their faces when they heard his offer of 200 million yuan.

"can."

The calm tone came again, which made Jiang Hao a little dumbfounded.

Did he suffer the same loss twice? Why didn't everyone play by the rules?

At the same time, he couldn't help but doubt again about his Totoro Live. Could the A round valuation of his current company really be 200 million?

To be honest, even if the number of people online at the same time could reach 200,000, double that.

He didn't think it could be valued at 200 million, let alone now.

"Two hundred million is fine, but we want 50% of the equity of Totoro Live."

Before Jiang Hao finished brainstorming, Manager Gao had already put forward some conditions.

After hearing this, Jiang Hao finally realized that this is how love works.

If he wants a higher valuation, the other party will have to lock in more of his equity in advance.

Once the other party gets the 50% stake, Hillhouse Capital will have the final say in the company. If the company is sold one day, Jiang Hao will have nothing to say.

"Boss Jiang, to be honest, our group's highest valuation of your Totoro Live is 100 million US dollars."

“So within this valuation, you can name a number, but the corresponding financing equity share must be ours.”

Gao Yan continued to add to him, and Professor Zheng on the other side started drinking tea and looked over at him.

"What if I ask for a valuation of 100 million US dollars?"

"Then we will ask for a 70% stake. As long as you are willing to accept that, we can accept that as well."

“Cough~ cough~!”

Lu Weiming, who was standing by, started coughing as if he had choked on the water.

When Jiang Hao turned his head, he could still see some tea that had just spilled from the cup on Lu Weiming's shaking legs. It was obvious that he was excited.

What does 6.3 million US dollars mean? Based on the current exchange rate of 200, their original company valuation of 300 million has increased by nearly times.

Lu Weiming's 15% equity is directly worth tens of millions of RMB. How can he not be excited?

Compared with Lu Weiming's excitement, Jiang Hao fell into deep thought.

To be honest, he had no objection to selling 70% of the equity for US$ million.

In this way, he could get 100 million yuan by selling his diluted shares, but he could easily get tens of millions if he found someone to take over.

This number has already made him quite excited.

It’s only been half a year since Totoro Live was established, so I can’t really say that I have any feelings for it.

It was originally created to sell for money, or in other words, it was created for the purpose of making a fortune.

To be honest, selling it in this situation really made him face a difficult decision.

Gao Yan's expression was no longer as calm as before, but instead she was smiling.

"Boss Jiang, I have something to remind you."

"If we raise funds at a valuation of $100 million, our company will require that your shares cannot be transferred privately unless the company goes public in the future or our group agrees."

As soon as these words were spoken, Jiang Hao's fiery heart was immediately chilled.

If his equity can only be cashed out after the company goes public, then there is no point in asking for a valuation of 100 million US dollars now.

If the company fails to go public, is half-dead or goes bankrupt, he will not make a penny, and he may even have to keep relying on Totoro Live.

His expression looked a little ugly for a moment, which was immediately noticed by Manager Gao on the opposite side.

"Mr. Jiang, it looks like you've really considered selling it, haha! You're much more free and easy than other entrepreneurs I've met."

"Other investors are afraid that we will buy more shares, but you don't care about our shareholding at all!"

"In that case, there are some things I need to explain to you more clearly."

At this moment, even Lu Weiming, who had been excited just now, calmed down. After all, they now knew that it would be difficult to get the money.

“No matter how much we invest in the company this time, before the B round of financing is completed, you are not allowed to transfer or cash out your shares without our consent.”

"This is actually the same for most companies. After all, we are an investment group, not a company that we buy and run ourselves."

"We hope to provide funds to help entrepreneurs unite their teams to create better projects and realize their dreams."

"And our investment group just makes some money in the process."

As expected, a capital company is a capital company and is not afraid of your big appetite, especially when it comes to money.

If you dare to ask, the other party will dare to give, but the more you take, the more corresponding conditions and the more you have to pay.

Jiang Hao is no longer thinking about cashing out, but he still needs to have the corresponding transfer rights after the B round.

As an entrepreneur, he actually knows best the future direction and development of the company.

If development really runs into difficulties, or competition becomes fierce and he can't make it, he will definitely run away first.

Moreover, companies that make it to the B round will certainly not have difficulty finding buyers and will continue trying to raise funds and spend money to expand their business.

The resources and funds that you cannot afford to burn may be available to others, who may be able to push the company to go public.

This is also the reason why most capital companies begin to allow you to cash out after most startups have developed to the B round.

"Manager Gao, what if I'm only willing to sell 20% of my shares? Can I still maintain a valuation of million?"

Since the current path to cashing out is actually blocked, let’s return to our original intention.

From the perspective of the company's normal development, it is more appropriate to sell 20% of the shares in the A round itself, and it is generally not recommended to sell up to 33% at most.

After all, after losing 2/3 of the absolute value of your equity, your control over the company will decrease, which is equivalent to the first red line.

Shareholders who own more than 2/3 of the shares can vote on all matters of the company, including major matters, at the shareholders' meeting to fully control the company's affairs, big and small.

The 35% equity that Manager Gao proposed at the beginning was probably intended to break this red line.

Jiang Hao and Lu Weiming lost their power to completely control the company.

Even though Hillhouse Capital is unlikely to interfere in the company's business affairs, it will certainly not give up the power to interfere when necessary.

"Then our highest valuation of Totoro Live is only 6000 million yuan. If it is less than 20%, we will not be willing to invest in Totoro Live."

After listening to Manager Gao's answer, Jiang Hao finally understood everything.

It seems that the actual valuation of Totoro Live is 60 million, which is in line with his expectations.

His initial conservative estimate was 30 million, and his highest estimate was that it would double to 60 million, which was the real market price.