Chapter 236 Financing
To do technology, analyze the market, and study the funds.
In mid-April, Yu Xing, who had been preparing closely for almost two months, suddenly felt his shoulders lighter, and then suddenly realized that it was late spring, and the weather was enough to wear a long sleeve.
Then he fell ill.
There was a temperature difference between morning and evening, and after a long time running, I was intrigued to run, and I had a fever that day.
Yu Xing did not work hard and finalized a closed-loop delivery mechanism with the doctor. Through the end-to-end injection path, he ensured the efficient reach of the drug in the body, seamlessly connected it to the blood circulation system, achieving a rapid therapeutic effect of full-link coverage.
After all, I was young and I recovered a lot after I hung up after a day.
I still had a break the next day and just browsed some recent news.
Yu Xing has been paying attention to the competitive situation between Penguin and 360 recently, but there are no new trends in this regard. I am afraid that both sides are brewing or guarding against it. There is no movement in "Computer World" that interviewed himself before. I don''t know when that famous report will be released.
What else...
Yu Xing saw the car circle updates at the end of last month. Geely signed the final equity acquisition agreement for the acquisition of Volvo in Sweden, which will inevitably become the most important news in the entire domestic automobile industry this year.
And, it is rumored that the first batch of pilot cities for privately purchased new energy vehicles will be issued in the future. This has emerged after last year''s "Automotive Industry Adjustment and Revitalization Plan".
There is no doubt that Huaxia, which became the world''s largest automobile market last year, will accelerate the construction of this industry, and it will be inevitable that there will be a situation where mud and sand will fall.
Yu Xing vaguely remembers that there were many news about subsidy fraud during this stage.
On April 18, Yu Xing, who had not yet recovered completely, suddenly received a notice from the Shencheng Youth Entrepreneurs Association and was told that he had selected the "Top Ten Young Economic Figures of Shanghai in 2009" to be selected for the Rural Commercial Cup, and then he would attend the commendation meeting a week later, and there was an award presentation from the city leaders at that time.
"Ah? Thank you, thank you, I''m so honored. It was on the 25th, okay." Yu Xing was quite surprised by this notice and asked carefully about the situation, "Then do I want to write a speech on the award?"
The staff who notified the results on the other end of the phone were silent for a few seconds and gave the answer: "Mr. Yu, let''s do this. There will be several media reports on our commendation at that time. We will write your award speech, so we don''t need to perform on the spot."
He seemed to confirm nervously, "Is it okay?"
Yu Xing agreed readily: "No problem, no problem."
It seems that although it was a confusing award, the organizer still has a certain sense of responsibility.
Yu Xing told Xiaoying about this matter, and he couldn''t help but praise the resources of today''s capital in some aspects. This kind of activity was recommended there, but he didn''t expect that he would actually win a small honor in the end.
"It''s pretty good, Yu, young economic figure, Xing, I hope your communication with them will go smoothly tomorrow." Liu Wanying gave her blessings.
According to the agreement, Bai Xiaosheng will negotiate the company''s Series C financing in the middle of the year, and this time was quickly set aside a few days ago.
Whether Liu Wanying or Yu Xing, we all hope that WeChat will take this opportunity to let the three major institutions know more about it to pave the next path to fund demand.
However, at 10 o''clock on the morning of the 19th, Yu Xing just met the three shareholders of IDG, Today Capital and Qiming Venture Capital, and the opening remarks on the other side directly ruined such additional ideas.
"Mr. Yu, we will only talk about Bai Xiaosheng today, so we won''t talk about your new project." Xu Xin said happily while sitting down.
Yu Xing looked at the three shareholders opposite and felt that they might have communicated in advance, so he could only sigh: "Sister Xin, you don''t even want to mention its name."
"I sincerely wish you good things." Xu Xin smiled, "Isn''t this okay?"
Yu Xing nodded, not obsessed with this, but just signaled Lu Haiying to introduce Bai Xiaosheng’s development since the beginning of 2010 to shareholders.
Bai Xiaosheng''s recruitment business focuses on small profits and fast sales in the sinking market. It has started to make investments in August last year, with a total revenue of 8.115 million in the five months from August to December 2009, with a good overall development momentum.
Starting this year, due to the impact of the traditional Spring Festival holiday, the growth rate before the holiday slowed down, and it suddenly rose after the holiday, reflected in the monthly revenue performance, which was 2.2 million in February, even lower than 2.43 million in January. By March, this number quickly rebounded to 2.96 million.
Most of April has passed. As of the meeting, Bai Xiaosheng''s recruitment revenue was 2.368 million. There is almost no doubt that this month''s revenue will inevitably exceed 3 million.
The start of 910,000 in August 2009, and it is expected to reach about 3.4 million in April 2010.
The increase in the recruitment business is quite outstanding. Regarding the achievement of the revenue in April that is about to exceed the 3 million threshold, another important significance is that Bai Xiaosheng''s investment in the recruitment business is currently around 3.2 million yuan, so that the change in losses can be achieved.
"In addition to the company''s strategy of misaligned competition, the recovery of the domestic economic situation is also a very important reason. We are optimistic about the subsequent overall economic rebound. If the company maintains stable growth this year, the company is expected to achieve overall profit throughout the year." Lu Haiying gave a conclusion that can make people smile.
Established in October 2008, and launched recruitment business in August 2009. In 2010, it has the hope of using recruitment + advertising business to achieve overall profitability, which can be said to be a step by step.
IDG''s Zhang Suyang nodded with satisfaction, but emphasized with a smile: "I think the company will not rush to make money in the future. It should still invest most of its funds in market competition and further expand its share."
Yu Xing agreed with this: "Yes, this is our established strategy. We don''t need to make money at this stage, we need market share."
You can make money, but it is not necessary.
Not only that, we also need to further obtain money from institutions to support larger-scale business development.
Of course, Bai Xiaosheng''s performance in making profits is undoubtedly reassuring.
Xu Xin of Capital Today put down the materials and couldn''t help but say: "Mr. Yu, Bai Xiaosheng will be there for more than a year after the C round. If this kind of development performance can be maintained, there is hope for listing. It is worth your wholehearted investment."
Yu Xing replied concisely: "Sister Xin, I won''t mention it, don''t mention it."
Xu Xin said angrily: "I am kind."
Yu Xing simply stopped looking at her and looked at Zhang Suyang: "Mr. Zhang, we hope that this round of funds can be more abundant. Last year, we talked about financing and development, and Bai Xiaosheng basically fulfilled all of them. I think it can be considered over-completed. Part of our C round of money will be used for recruitment business. On the other hand, we must continue to expand Bai Xiaosheng''s user scale, and there is still a big gap."
Baixiaosheng''s number of users reaches 2.82 million, which will basically exceed 3 million in June, and the daily active users will rise above 600,000. The activity is quite good, and will surely maintain the status of the first workplace platform in China in the future.
Zhang Suyang nodded slightly, looking at the financing intention in Bai Xiaosheng''s report, releasing 20% ??of his equity by US$35 million, with a valuation of US$175 million.
In the past nearly a year, Bai Xiaosheng has almost reached full marks. His revenue is growing, profitability is improving, his market share is increasing, and his user growth and activity remain steadily...
It can be said that all indicators are very suitable for your appetite.
What needs to be considered is that Bai Xiaosheng''s recruitment business still has the risk of three major established companies intensifying competition, but this has been taken into consideration before.
According to Bai Xiaosheng''s verification of the business model, it has increased from US$50 million in the B round to US$175 million, which is not unacceptable.
Zhang Suyang listened to the discussion between Capital and Qiming Venture Capital next to him, and was thinking about Bai Xiaosheng and... probably a potential risk of it - Mr. Yu''s attention was separated by his newly incubated projects.
The financing decision did not take much time. Unlike the repeated investigations from previous contacts, everyone is already familiar with it, and it is also a period of relative trust.
In the end, there was only one small cut in the C round.
The three institutions are willing to continue to invest in Bai Xiaosheng for US$30 million to support its further development in the market.
After Zhang Suyang made his statement, he said the words before: "Mr. Yu, Bai Xiaosheng''s performance is already very good. Logically, I don''t need to say anything more, but I may have to emphasize that the money raised is used for the development of Bai Xiaosheng''s company and is limited to it."
Yu Xing sighed: "How afraid are you of me to appropriate me?"
Xu Xin reminded: "Mr. Yu, these must be written into the terms of the contract. Our process is very formal and is also to ensure the realization of everyone''s common goals."
Yu Xing looked at the three shareholders and said sincerely: "Believe me, I have never made such an idea."
Xu Xin smiled slightly: "Mr. Yu, I trust you very much, but we don''t need to test human nature."
Yu Xing, who may not be able to stand the test, stood up and stretched out his right hand: "Okay, Mr. Xu, you can write in black and white, you will definitely develop faster. This is mine and everyone''s common goal."
Xu Xin heard Yu Xing call back "Mr. Xu" again, and knew that he was a little unhappy, but he didn''t plan to try to ease his emotions. This kind of thing is to do business.
Yu Xing shook hands with the shareholders one by one, and his thoughts were also rolling in an instant. The old people were so wary and were extremely unfaithful to WeChat. They might have to relax their eyes and make more preparations to see if there are any other companies to help carry the sedan chair.
(This chapter ends)