Chapter 890 Burn it for me then
Zhang Chaoyang appeared on the cover of Time Asia magazine in July, after which he became famous and quickly became one of the most well-known Internet entrepreneurs in China.
With the booming development of Sohu and the fame of its helmsman Zhang Chaoyang, it was natural for the company to launch its third round of financing. The company had almost spent the 375,000 US dollars it raised from Guowenshe in the second round of financing last year.
During this trip to the United States, Zhang Chaoyang successfully contacted several large American companies, among which Goldman Sachs was the most sincere.
As wealthy as Goldman Sachs is, it gave a company valuation of 10 million US dollars at the first meeting. This figure is more than six times higher than the 1.5 million US dollars valuation during Sohu's second round of financing.
Before the launch of this product of Sohu in February this year, Sohu's predecessor, iTrust, was not very outstanding in China's Internet field. The development of each of the websites of AsiaInfo, Yinghaiwei and China.com seemed to be better than that of iTrust.
The 1.5 million dollars at that time was worthy of Atsun's development at that time, and the 10 million dollars now is worthy of Sohu's current development.
The reason why the Internet bubble appeared in the United States before the millennium was because of this terrifying speed of wealth creation.
In just over half a year, a company originally valued at one million could expand to tens of millions.
Where can I seek justice?
"You didn't promise them?"
After hearing the valuation given by Goldman Sachs, Lin Weimin asked Zhang Chaoyang.
"No. I have to discuss this with you shareholders first, and Goldman Sachs needs to conduct due diligence on us, so the investment won't be finalized so quickly."
Lin Weimin nodded. "That's good. After the company's two rounds of financing, the equity is relatively dispersed. In the third round of financing, I suggest you not to release too many shares and don't be confused by the current valuation. In addition, I think we can bargain with Goldman Sachs for the valuation they gave us. Michael Ferguson is rich and has always been willing to invest in emerging markets that he is optimistic about."
Listening to Lin Weimin's advice, Zhang Chaoyang felt that he was trusted by his own people.
“After this round of financing, my stake in the company will fall below 50%, so I should be more cautious.
Mr. Lin, do you think Goldman Sachs can increase its investment further?" Zhang Chaoyang asked.
"Why not? You have to understand that Goldman Sachs is different from Intel. They are financial giants. As long as they see considerable expected returns, they don't mind making large investments.
China's Internet industry has been booming in the past two years, with the number of users reaching new highs every year. Sohu is now almost the only one in the domestic market. As long as they can talk to you, they will never easily choose someone else."
Lin Weimin spoke with certainty on the phone, and Zhang Chaoyang nodded frequently as he listened.
"You make sense. I have to study the negotiations with Goldman Sachs carefully."
At this time, Lin Weimin said, "But I want to remind you that Goldman Sachs Investment is not like Guowenshe. Their due diligence is very strict. Although I don't usually participate in the management of Sohu, I know a little bit about it. There is still some confusion inside. You are the leader. For the better development of the company, you have to take responsibility."
The due diligence of an investment company is to investigate many aspects of the target company, including assets, liabilities, operations, finance, legal relations and daily management. If Sohu's internal management issues are not handled properly, it is likely to affect subsequent financing matters.
Lin Weimin's criticism immediately made Zhang Chaoyang feel a sense of pressure, but he was very puzzled. Guowenshe did not have any staff in Sohu, so how could it know what was going on inside Sohu?
Zhang Chaoyang was suspicious. Guowen Press was the second largest shareholder of Sohu and occupied one of the five board seats. He could not rule out the possibility that someone was trying to gain credit for himself.
"Don't worry, I will definitely solve the internal problems and complete this financing perfectly."
After putting pressure on him, Lin Weimin calmed down and continued, "Don't be too stressed. We are always on the same side. I heard that those shareholders always want to interfere in the company's affairs?"
Zhang Chaoyang laughed at himself, it seems that he really has no management talent, this company is as leaky as a sieve.
"yes."
Zhang Chaoyang's first round of financing was very small, but the shareholders were very diverse. Negroponte, Edward Roberts, and Brent Bender each invested only tens of thousands of dollars in Sohu.
Originally, they didn't pay much attention to Sohu, but since Sohu started to develop rapidly this year, several people have seen the company's potential and have used their status as board members to create problems for Zhang Chaoyang from time to time.
Their original intention is of course to strengthen their influence and voice in Sohu.
"Don't be influenced by them. You founded the company, and no one knows how it should develop better than you. They may understand finance, management, and the Internet better than you, but no one understands Sohu better than you. This is your advantage.
After the third round of financing, although your shareholding will be less than 50%, you still have our Guowen Society, and we will stand firmly with you. If they are really noisy, then we can replace the board of directors. We have fewer people on the board, but we still have the majority of shares. "
Historically, Zhang Chaoyang used Mi's money for two consecutive rounds of financing. Except for him, all the five members of the board of directors are foreigners. These people provided certain help in the development of Sohu, but at the same time they also brought huge internal friction to Sohu.
Sohu's second round of financing now comes from Guowen Publishing House, and its shareholding ratio has not decreased too much. As long as he has the support of Guowen Publishing House, Zhang Chaoyang's position in Sohu can be said to be as stable as a rock.
Listening to Lin Weimin's words, Zhang Chaoyang's dissatisfaction just now disappeared, and was replaced by a feeling of being touched by others' unreserved trust.
"Thank you, Teacher Lin."
"Don't say these words. Running the company well is the greatest reward for Guowenshe and me."
"Yes, I will definitely live up to your and the Guowen Society's expectations of me."
After the conversation, Zhang Chaoyang trusted Lin Weimin even more than before. After hanging up the phone, he confidently devoted himself to the process of reorganizing the company and continuing financing.
During the National Day holiday, all major tourist attractions were crowded. Lin Weimin took his family out for a day and gave up the idea of going out again.
On the Mid-Autumn Festival, Lin Weimin and his family came to Yanjing Hospital. Mr. Wan had been feeling unwell recently and was recuperating in the hospital. He was nearly 90 years old and his health was getting increasingly fragile.
Xiao Doubao is six years old this year and started first grade in September. Mr. Wan can no longer hold her, but he still likes to play with her. The atmosphere is always very happy when the two of them get together.
"Look, can you recite this poem?"
"The grass on the plain withers and grows green every year..."
Mr. Wan wrote the titles of poems on a piece of paper, and Xiao Doubao recited them to him. He recited nearly ten poems in one breath, and Mr. Wan was so happy that he hugged Xiao Doubao.
"My dear grandson is really smart. His elementary school education was not in vain. He learns really fast!"
Lin Weimin was speechless. These poems were all memorized before entering elementary school. The two of them, one dared to recite them and the other dared to praise them, and they cooperated very well.
"You have to at least be more demanding of her," he said.
Mr. Wan said: "It's amazing that you can recite so many poems at such a young age. When you were this age, you were still eating snot!"
"I……"
Little Doubao laughed at his father while continuing to try his best to please Grandpa Wan.
At home, she was under the control of Lin Weimin and his wife. Now that she was with Mr. Wan, she was like a wild horse that had broken free from its reins, and would never miss such an opportunity.
"Grandpa, Grandpa, look at the gift I made for you."
Xiao Doubao took out a handicraft she made from her schoolbag. It was a piece of jade that looked like a pebble. She asked proudly, "Grandpa, what does this look like?"
"Oh, this thing is so beautiful, as beautiful as a glass ball!"
Mr. Wan's praise touched Xiao Doubao's heart. She smiled and said, "Grandpa, you really have a good eye. I spent half a month polishing this."
"Really? That's really good craftsmanship."
When you get older, you can lie without blinking an eye.
The jade was obviously roughly polished and had marks of wear and tear all over it, but Mr. Wan praised it to the utmost.
Lin Weimin's heart bleeds as he looked at the jade ball.
This was originally a jade ruler with dragon pattern on his desk. Some time ago, when he was taking a nap at home, this little girl sneaked into his study and accidentally knocked the ruler to the ground, breaking it into two pieces.
Although Lin Weimin felt distressed, he thought his daughter did not do it on purpose, so he did not punish her.
As a result, the little girl actually asked him for the ruler that was broken into two pieces. Anyway, there was not much use for it, so Lin Weimin gave it to her. Then that night he saw the girl grinding the broken jade on the threshold of her house. Lin Weimin seriously suspected that the girl had broken the ruler on purpose.
"It's for you!"
Xiao Doubao generously placed the jade ball in Mr. Wan's hand, making the old man smile.
"My dear grandson is so sensible!" Mr. Wan hugged the little bean bun and asked, "You gave grandpa such a good gift, what should grandpa give you?"
Xiao Doubao shook his head, "Doubao doesn't want anything."
"Nothing?"
"Yeah." Xiao Doubao nodded firmly.
"That won't work. If we give such a good thing to grandpa, there will be no more bean buns left."
Xiao Doubao smiled slyly when he heard that, and rummaged in his bag again, "Grandpa, look, I still have some!"
She spread out her palms, revealing two jade balls on them, with a very proud expression on her face.
Lin Weimin, who was standing by, felt his heart bleed. His town was only half a foot long, and only such a small thing happened?
This prodigal child!
"Okay, okay, my dear grandson is really clever and skillful!"
She is clever and deft because she has a good father!
Mr. Wan played with the little bean bun for a long time before he found time to chat with Lin Weimin for a while.
"I think your reform has been successful."
"It's too early to say that we have changed. The higher-ups are using us as a pilot. We have to change our system to become an enterprise first, and then we have to develop some results. Otherwise, we won't be able to explain to the higher-ups, and how can we say that the change has been successful?"
Mr. Wan nodded slightly, "You are now under the spotlight, so it is right to be cautious."
He then asked, "Since the system has been restructured, there will be no more work for you in the publishing group, right?"
As early as a few years ago, there was a rumor that the country was going to integrate many large state-owned publishing houses into a national publishing group.
This matter has been discussed for several years, and finally there is news this year.
According to the latest news, publishing units such as The Commercial Press, Zhonghua Book Company, Sanlian Bookstore, People's Fine Arts Publishing House, People's Music Publishing House, Encyclopedia of China Publishing House, and China National Publications Import & Export (Group) Co., Ltd. will be integrated into China Publishing Group, becoming a group company.
At the same time, the chain bookstores and various industries under each publishing house naturally became industries of the publishing group.
A giant in China's publishing industry is about to take shape.
"It has nothing to do with us."
"With such a big guy, your Chinese Literature Society will probably face a lot of competitive pressure in the future, right?" Mr. Wan asked with a smile.
Lin Weimin looked relaxed. "It's okay. We all take different paths. After the establishment of the publishing group, we still focus on the publishing field. After the restructuring of our Guowen Press, we focus on the cultural and media industries."
"Oh, from the sound of your voice, you don't take such a big group seriously."
"Look at what you said. They will be a vice-ministerial enterprise in the future. There is a difference in level. How dare I look down on them? The main reason is that there is less competition and conflict between us."
Mr. Wan knew Lin Weimin and could tell from his expression whether what he said was true or false, but he did not expose him.
He changed the subject and asked, "I heard that you contributed half of the 30 million yuan to the Guowen Society?"
"Not that much, about 14 million."
"Isn't that the same thing?" Mr. Wan said with a worried look on his face. "There's also the CCTV gala. It's fine for you to donate things, but a manuscript is worth 10 million. It would be dangerous if it was targeted by a desperate criminal."
He warned: "Don't show off your wealth. You always flaunt your wealth and spend money so ostentatiously. You should be more careful in your daily life."
"Yes, yes, I know."
"You're just paying lip service to my words. I see that you're taking my words less and less seriously now."
When Lin Weimin saw that the old man was angry, his attitude immediately became obedient, "How can that be possible? I will make it happen later. Next time I come to see you, I will be accompanied by four burly men."
Mr. Wan glared at him and said, "Are you afraid that people won't target you? You are an adult, but you don't know how to make others worry less."
"Okay, I'll find two that don't look impressive."
"You have to take care of the family, especially Doubao..." Mr. Wan looked at the little girl who was playing with Li Yuru, "Nowadays, people are crazy about making money. They can do anything for money. Don't take it lightly. If something happens, you will cry."
Lin Weimin said seriously: "Okay, I will definitely take it to heart."
Lin Weimin knew that Mr. Wan cared about him, and that what Mr. Wan was thinking about this matter was right.
Over the years, he has been going back and forth between two places most of the time and has never been to any messy places, but it is always better to be safe than sorry.
The teacher and student chatted for a long time, talking about work and life. Mr. Wan asked the ultimate question every time they met.
"It's been almost two years since you last wrote, right?"
Lin Weimin suddenly felt the pressure coming towards him.
"It's been so many years, can you please stop bringing this up every time?"
"If you work harder, can I get the promotion? Don't always think about being an official. A creator's golden age is so short. If you miss it, the things you write in the future will be unsightly."
Mr. Wan's eyes were filled with a hint of disappointment. Under his gaze, Lin Weimin said with difficulty: "Write it when I get back!"
"Then you have to hurry up and don't wait until the time comes to burn it for me."
The old man puts pressure on everyone.
Lin Weimin looked unhappy, "Bah, bah, bah, stop talking nonsense!"
The second update will be later.
(End of this chapter)
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