Chapter 79 Difficult Negotiations. (Second update)
"Breaking through other technical barriers?"
After hearing Xu Yun's words, Tian Liangwei's expression did not change much, but Zheng Zu on the side was slightly startled:
Good guy.
This guy doesn't really think that technical barriers like imidacloprid are so easy to break through, does he?
To know.
Even the directors of the fund regard the company's functional positioning as nothing more than a company specializing in the production of biopesticides.
And even this so-called ‘only’ represents a vast market!
However, while he was secretly criticizing Xu Yun for overestimating his capabilities, Zheng Zu controlled the expression on his face very well and gave a very professional answer:
"This question is actually very simple. Dr. Xu, if it is a patent with you as the first inventor, then you can choose to collect an additional licensing fee after receiving the existing dividends.
For example, 3% or 5% of sales profits are collected. This is the case for many companies such as Gu Ge and Microsoft.
In addition, you can also choose one-time life buyout, authorization, etc. There are no less than seven or eight specific plans.
In short, if a new technology is born, the company - or the University of Science and Technology will definitely not let you give it for free. Everyone is talking about business. ”
Xu Yun nodded thoughtfully.
Perhaps his questions were a little too ambitious and unrealistic in Zheng Zu's opinion, and he might even be given a low impression score because of this.
But he himself knows very well that as long as there is that mysterious aura, breaking through other technical barriers is really not an illusory thing.
Therefore, if he did not get an answer to this question, he would definitely not be able to discuss follow-up matters with peace of mind.
Seeing that both parties had no objections to the technology investment plan, Zheng Zu took advantage of the situation and proposed the next step:
"In this case, let's talk about our respective shareholdings, which is also the most critical link."
As he spoke, he took out a form from his briefcase, which clearly recorded a lot of data:
"Dr. Xu, the company we set up must be of the biomedical type. Do you have any objection to this?"
Xu Yun snorted:
"No objection."
Imidacloprid is a type of biological pesticide, and the nature of the company can only be biopharmaceutical, at least so far.
Then Zheng Zu continued:
"As for holding shares
The school's opinion is that our new venture fund will lead the investment with a cash flow of 8 million and other additional items.
This includes but is not limited to the group's office location, site equipment and executive search list, accounting for 43% of the shares.
The School of Life Sciences followed the investment with a cash flow of 2 million and some additional items, accounting for 14% of the shares.
20% of the employee option pool is temporarily reserved, and Dr. Xu shares the remainder. ”
"43+14+20 is 77100-77 is 23%"
Xu Yun did a quick mental calculation, quickly shook his head and said:
"Secretary-General Zheng, this ratio is too low and I cannot accept it."
Zheng Zu was obviously ready for a protracted war, so he patiently explained:
"Dr. Xu, I'm afraid you don't know that this ratio is really not low, and is even higher than the general market.
A patent does not mean how promising it is, how many shares can be invested in it. The income of the patent owner mainly lies in the subsequent dividends.
For example, Lipitor, have you heard of this drug?
Pfizer has applied for a total of five patents for it, of which US4681893 has a single value of tens of billions of dollars, but its R&D team’s shareholding in Pfizer is less than 0.1%.
Another example is Larry Page’s PageRank patent. He is also the founder of Cuge.
The actual value of this patent is close to US$5 billion, but the entire technology only accounted for a few percent when the shares were purchased. Later, it cost 1.8 million shares of Guge shares to be fully bought out. ”
As he spoke, Zheng Zu sighed and said seriously:
"Dr. Xu, if you want to sell this technology alone, there is nothing to say.
Let alone 10 or 20 million, we can afford 40 to 50 million.
But if you want to invest in its technology, then you have to discuss it from the perspective of equity.
The same thing applies to other institutions, and the ratio may even be reduced to single digits.
This has nothing to do with price-cutting or black-heartedness, it’s just a different model. ”
Xu Yun still pursed his lips and looked serious.
What Zheng Zu said actually made sense. Xu Yun had also asked someone to understand some investment situations in the past few days.
Under normal circumstances, the proportion of technical shares is 20%-30%.
And most of them are not intellectual property rights and can easily be kicked away.
Intellectual property rights protected by law are generally lower, around 10%-15%.
Therefore, Zheng Zu was not deceiving Xu Yun when he said it was higher than the market price.
Unless you can be like Mr. Lei, who had a net worth of several billion when Dami was founded, served as the CEO of Kingsoft, and invested in Vancl and Cheetah, then you can account for 40%.
But being able to understand is one thing, whether Xu Yun can accept it is another.
At least the current figure of 23% is far lower than his bottom line.
After a while, Xu Yun raised his head and said:
"Secretary-General Zheng, the ratio I can accept is at least 40%, and a dual-class share system must be adopted.
I want to hold more than 50% of the voting rights, which means that the management rights belong to me. If I can't withdraw my consent, there is no need for us to continue talking. ”
Dual-class shares, as the saying goes, are AB shares. The core of AB shares is that the same shares have different rights.
To put it simply, it means to separate voting rights and dividend rights.
For example, 1 Class A share has 1 vote, and 1 Class B share has 10 votes.
Among them, A common shares are usually held by investors and public shareholders, and B common shares are often held by entrepreneurial teams.
In this way, even if the entrepreneurial team does not hold a high proportion of shares, it can still have the decision-making power of the company.
For example, Dongdong’s equity model is like this:
Brother Dong only holds 15.8% of the shares, but has 80% of the voting rights, thus firmly controlling Dongdong.
In addition, the same is true for B in BAT. Li’s 15.9% equity but voting rights are as high as 53.5%.
In some novels, the protagonist holds 80% or 90% of the shares when it is listed, which is simply impossible to happen in reality.
Like Zhong Suisui, the situation is already rare. His shareholding is only more than 60%. He only increased his holdings after the listing.
So Xu Yun thought very clearly:
It is obviously impossible for you to take a large share of the shares simply by relying on one technology, but you can keep control in your own hands through AB shares.
control.
This is his bottom line.
The shareholding ratio can be negotiated, and it will be fine for ten days and a half, but the model of AB shares cannot make any concessions.
The former will at most make less money. With the halo in hand, Xu Yun is not too worried about income.
But the latter is related to whether one's home may be stolen.
“Dual-class shares are no problem.”
Zheng Zu answered happily. Apparently the fund had already thought of this:
“HKUST itself will not participate in corporate decision-making. This is one of our purposes.
The school industry mainly focuses on incubation and support. After all, this is strictly a political task related to social influence and economy.
As for the shares, Dr. Xu, let me give you a figure.
28%, it really can’t be higher. Unless you can come up with a sum of cash to invest, there’s really nothing you can do. ”
The shares have increased by 5%. It is estimated that another increase of about 3% will be the bottom line of HKUST.
At this point, the upper limit of technology investment has almost been set.
But no matter what, Xu Yun still wants to fight for it:
"Secretary-General Zheng."
However, he had just finished speaking when a hearty laughter came from outside the office:
"Secretary-General Zheng, how can you and Xiao Xu discuss the equity distribution without our School of Physics?" (End of Chapter)