Chapter 125 Financing Results
Listing is a good thing for most companies, but there are a small number of companies that can go public but do not go public, because for them, going public is full of negative effects.
Guangjia Aerospace is this type of company.
Even if it were to go public on Nasdaq and raise the most money, Chen Yuanguang would not go there.
The first is the general environment. It is equivalent to handing over the information to others and letting them manipulate it. Nasdaq can ask Didi to hand over the data, and it may not ask for anything.
Second, the pricing of the entire subject matter before it is listed is completely decided by Chen Yuanguang. As long as investors approve it, there is no problem with the pricing. After listing, the market will set the price. When you burn all the money, you can only set the price according to the market. Go to financing.
The difficulty of convincing the entire market is different from that of convincing a few investment institutions, and investment institutions will tolerate some premiums considering their previous sunk costs.
For a company like Guangjia Aerospace, which needs to raise a lot of money and cannot see a return in the short term, going public has purely negative effects.
Therefore, Chen Yuanguang categorically rejected the request of this group of people.
Even if Goldman Sachs and Morgan said they could persuade the White House to remove Light Armor Aerospace from the list, Chen Yuanguang did not agree.
When you have high expectations for Americen Capital, they are also eyeing your company.
"How's the data?" After returning to Guangjia Aerospace's office in Shenhai, Chen Yuanguang asked after hanging his suit on the back of the chair.
Lin Jia was sitting on the sofa in Chen Yuanguang's office holding his laptop, looking at the data sent by the staff on the computer screen and said: "745 investment institutions came to the scene.
Finally, Only 13 companies have written intention amount on the paper. This round raised a total of 23.67 billion RMB, which is about 10 billion RMB short of our expected value.
It’s not much, just light armor. Aerospace is not listed and financing methods are limited
And considering the corporate nature of Guangjia Aerospace, even if we want to raise this money from the market, we will use long-term bonds as much as possible. ”
After Chen Yuanguang heard the figure of 23.67 billion yuan, he felt that this was what he expected. After all, there is indeed great uncertainty in this round of financing.
Is it possible that this figure has been released? Unexpectedly.
Before there is a breakthrough in space mining, it will only become more and more difficult for Guangjia Aerospace to raise funds.
Because everyone originally thought you were just joking. It's just a slogan. We are all foxes with thousands of years of experience. We have seen similar routines many times
Before the IPO, each of the listed companies in the Big A group said that the purpose of raising funds through listing was to enable the company to develop better. As a result, after going public, they were able to cut leeks one by one.
Cut in a different way.
What you say verbally is not important, what you do is important.
Especially for foreign investors, the place with the most investment projects in the world is Silicon Valley. Since SpaceX started the commercial aerospace era, many companies in Silicon Valley have claimed that they want to do space mining.
They say so. In fact, privately and investors will say that we are only doing preliminary preparations and preliminary research. At best, we invest in R&D personnel to accumulate data and patents, and use patent walls and sell data to make money. .
The best outcome is that if a company really plans to do space mining in the future, they will be acquired.
This is a common strategy used by companies in Silicon Valley claiming to be engaged in space mining. Therefore, before Amerikan Investment came to participate, they thought that Chen Yuanguang was similar. It was just that the technology of light armor aerospace was better and it did produce results. .
They believe that this round of financing will mainly be used for the optimization of recyclable rockets. This is a good subject. With the benchmark company SpaceX in front, your valuation is easy to estimate.
And they also found experts in the aerospace field to estimate that compared with SpaceX’s technology in recyclable rockets, the gap between Guangjia Aerospace and SpaceX is only three years at most. This is already the largest gap in major countries around the world. Within the team, the progress is the fastest.
It’s not too much to enjoy one-tenth of SpaceX’s valuation. Wall Street values SpaceX at US$180 billion, and Guangjia Aerospace can still enjoy a valuation of US$18 billion.
Unexpectedly, Chen Yuanguang was serious and planned to engage in space mining, and all the funds raised would be invested in a bottomless pit like the space station.
The annual operating cost of the International Space Station is US$3 billion. Compared with the revenue and operating costs, it is very small and can be ignored.
From the beginning of building the space station to the subsequent annual operating costs, this is a big pitfall.
Unless Chen Yuanguang can really do space mining, he must be able to mine precious metals.
Normal mining cannot make back the money.
First of all, asteroids are divided into earthy asteroids and metallic asteroids. You have to find metallic asteroids.
Secondly, not all metallic asteroids contain precious metals. In the asteroid belt surrounding the Earth, the majority of metallic asteroids are made of iron. We can go to space to mine iron ore and transport it to Dubai. There is no difference when the oil is used again.
There are many difficulties, and it obviously does not look like a project that can pay back the money.
Lin Jia looked at the data and said in surprise: "Among the investment targets in this round, except for Shenhai Urban Investment, Shenzhen Venture Capital and Hefei New Industry Guidance Fund, which raised the most funds for us in the previous round, The two companies are MiHoYo and Goose Factory, which gave us 2 billion.”
Goose Factory is easy to understand. Since replacing Jenny, Lin Jia and Goose Factory executives have established a certain relationship. With the rapid development of Guangjia enterprises in China, the level of the senior executives of Goose Factory who are connected with Lin Jia is also gradually rising.
Although it is a lot for Goose Factory to invest 2 billion, it is not surprising. Goose Factory is not short of money. 2 billion is just a small amount of money for them. They only need to write a sentence on the financial report to enrich the investment territory.
But MiHoYo is different. They have nothing to do with MiHoYo. Lin Jia has heard that MiHoYo invests in companies engaged in controlled nuclear fusion, but he did not expect that they are also interested in commercial aerospace.
Lin Jia complained in his heart, the money from 2D is so profitable, and MiHoYo doesn’t feel sad at all for investing in such a project with no hope of repayment.
Chen Yuanguang was still thinking about where to fill the remaining gap of more than 10 billion, and then casually said: "This is a good thing, it shows that our project is still attractive."
Lin Jia rolled his eyes at him, "If you said that the fund-raising was for the research of recyclable rockets and the subsequent large-scale production of recyclable rockets, the 35 billion RMB would have been raised long ago."
Chen Yuanguang was unwilling to do this: "Isn't this deceiving people?
When the time comes when we use the money to build a space station, how will we answer the audit? In order to solve the current problem, we will ignore the subsequent problems."
Lin Jia said helplessly: "This is called tactical. To be honest, our main purpose is to recover the rocket, and the secondary purpose is the space station. After the main purpose is met, there is nothing wrong with using the extra money on the secondary purpose, right?"< br>
Lin Jia and Chen Yuanguang have very different styles of doing things. Lin Jia will try every means to achieve his goals and has a flexible bottom line, while Chen Yuanguang's bottom line is much higher.
This has nothing to do with golden fingers. In college, Chen Yuanguang had such a style of doing things. All the final papers for public elective courses were solved by translating them from English to Chinese. Chen Yuanguang would write them by himself. Writing by himself would result in a poor final score. It would be better to translate it from English to Chinese, so he would continue to write it himself next time.
Lin Jia always felt that Chen Yuanguang was terrifyingly rigid in this regard.
Later, after Chen Yuanguang made great achievements in scientific research, Lin Jia brainwashed himself again. Could it be that it was because of his strict persistence that he had developed unparalleled scientific research intuition?
Lin Jia talked with some professors when he was taking classes at Jiaotong University. Their evaluation of Chen Yuanguang was that Chen Yuanguang has an innate talent for scientific research and can grasp key problems and provide solutions. What is needed is not IQ, but intuition.
Chen Yuanguang shook his head: "No, we don't need to do this. If we only need to raise this one round of capital, then this method is no problem in terms of feasibility. We will have two larger rounds of financing in the future. The way you proposed it only concerns the present and not the future."
Lin Jia felt that Chen Yuanguang's ideas were still stuck in the Middle Ages: "Now is an era that values results.
If the results after the second phase of financing can give investors hope, then people will naturally follow in the third and fourth phases of investment. If there is no hope, it will not help no matter how clearly you explain the risks before investing, and there will still be no one to follow up. will invest in this project.
This is not the Middle Ages. No one cares about the moral level of entrepreneurs. Everyone only cares about whether entrepreneurs can bring benefits to others.
You are just tactically hiding part of the truth. In today's era, this can be regarded as a moral flaw at best. Alima separated Alipay from Alipay and became Ant Financial alone. Baidu Li let him go on the eve of the listing The founders who started the business together resigned, and they didn’t even have the opportunity to go to Nasdaq to ring the bell. Goose Factory copied other people’s games at the pixel level. The big guys use endless means to achieve their goals. Will anyone refuse to cooperate with them because of this? ”
Perhaps because he was born in a businessman family, Lin Jia is used to similar intrigues and has become desensitized, while Chen Yuanguang’s father is completely relieved after gaining huge wealth through demolition. , making Chen Yuanguang much less receptive to similar things
Chen Yuanguang didn't want to argue on this anymore: "Well, maybe you are right, but I still don't want to do it."
Lin Jia added: "Yuanguang, I'm not saying that your idea is wrong. Yes, I just think we can be more flexible in dealing with the problem.
The reason why I pointed it out after the fact is because I think your approach has little impact. There is only a gap of 10 billion, and there are many ways to solve it. To supplement this, long-term bonds, find banks to use perovskite technology as collateral, etc.
And there are more than 20 billion, which will not affect the preliminary work. If there are outstanding results in the early stage, they will be released. , this time is regarded as the 2.0 round of financing, and the next 2.1, 2.2, and 2.3 rounds will be fine. I have raised 10 times, and it is also regarded as the second round of financing.
It’s just a different name. The last few rounds. The companies of 2018 are more powerful than the others. They can give you a pre-A between the A round and the angel round. If they can create a term, why can’t we?”
Lin Jia's demeanor and sitting posture showed that she was very relaxed. The 20 billion raised in this round was beyond her expectation. She thought that this round was only Shenzhen Venture Capital and Shenhai City Investment, which were deeply tied to their interests. State-owned assets will invest.
If she were the investment manager, she would not dare to invest in the Light Armor Aerospace project. The uncontrollable risks are too great.
She stretched, stood up, ran to Chen Yuanguang and put her hands around him: "Small problem, China has money now and can't spend it.
Global inflation, China is deflation, In such a rare situation, it is impossible for good projects on the market to be short of money.
Although there are only 13 institutions that have written down the investment amount in this round, they can only provide specific investment after sending emails to express their hope for in-depth negotiations. There are many institutions with huge amounts.
There are more than 50 institutions such as Sinopec Capital, National Manufacturing Upgrading and Transformation Fund, Legend Capital, Imperial Capital, Bank of China Investment, Sequoia China, Hillhouse, etc. who want to have the next round of communication with us.
With so many organizations, I am still confident that I can donate 10 billion yuan.
In addition, Duan Zhizhong came to see me before leaving. "
After Chen Yuanguang stood up and hugged Lin Jia, he let go and asked, "Who is he?" "
Lin Jia said: "The investment manager of Hefei Emerging Industry Development Fund, he means that if this round of fundraising is not enough, as long as Guangjia Aerospace puts its headquarters in Hefei.
Hefei will take over the remaining financing amount of this round, as well as the unfinished funds in each subsequent round. ”
Hefei has always wanted to introduce light-armor aerospace, and Chen Yuanguang was not surprised by this. He also talked about this issue with Hui Province when he went to Yanjing for a meeting. They were very active in introducing light-armor aerospace.< br>
Chen Yuanguang has also heard about the courage of many Hefei parties in investment. In 2007, he invested one-third of the annual fiscal revenue in BOE. This legendary story left a deep impression on Chen Yuanguang.
This investment brings BOE’s cumulative investment in Hefei to more than 160 billion yuan since 2008, which is considered a two-way move.
“What do you think? "Chen Yuanguang asked, he wanted to hear Lin Jia's opinion.
Chen Yuanguang advocated putting the Light Armor Aerospace in Pengcheng. The main reason was that Pengcheng was close to the border. It was very convenient to go from Pengcheng to Xiangjiang and then use Xiangjiang as a springboard to go out and do trouble.
In China, your upper limit is locked, Chen Yuanguang feels this more and more, but when you go out, you have a much higher degree of freedom.
It’s just that he doesn’t have enough technology in biology right now, so he has been staying in China to develop.
If it weren’t for this reason, it might not be a bad idea to move Guangjia Aerospace to Hefei.
“I think there is no difference. There is essentially no difference between Pengcheng and Hefei. The best headquarters for China’s Light Armor Aerospace should be Yanjing.
Yanjing has rich educational resources, administrative resources, and a bunch of commercial aerospace companies in their early stages. We can go directly to negotiate mergers and acquisitions.
At the same time, Yanjing is very close to both Chang'an and Yantai. It can attract talents in the aerospace field of Chang'an, and it does not take two hours to fly to Yantai to launch rockets.
I have never felt that Pengcheng is a good place in the aerospace field. First, it has no history, second, there are no universities, and third, there are no industrial clusters. "Lin Jia said very straightforwardly: "If you hadn't insisted, and Shenzhen Venture Capital had indeed expressed enough sincerity, the R&D center should not have been placed in Pengcheng.
However, what is better about Pengcheng than Hefei is that Pengcheng is more accepting of talents in attracting talents, while Hefei is a little worse in this regard.
For those who can join Guangjia Aerospace with a master's degree, there is no big obstacle to settling in Pengcheng. They don't need to do any psychological construction. As long as they can afford a house, they are willing to stay. If it is Hefei If this is the case, in addition to people from this province, people from other provinces will have to go through a psychological struggle even if they can afford a house.
This is the benefit brought by the urban energy level. Hefei's urban energy level is definitely not as good as Pengcheng.
When I was a master's student at Columbia, we did a research project on why most technology companies are in California, and the number of entrepreneurial companies in California is also much higher than in other states.
Texas and California are the best comparison cases. Compared with Texas, California’s corporate tax is abnormal. Texas has no personal and corporate income tax. They only have a 1% business tax, while California’s corporate tax The tax rate is a unified tax rate of 8.84%.
At the same time, Texas also has ETT and SDI. ETT is an employment training tax with a tax rate of 0.1%. SDI is a disability insurance tax with a tax rate of 0.9%. Texas does not have this tax either.
The cost of running a business in California is much higher than that in Texas, and the same goes for personal income tax. California is much higher than Texas, so we often see in the news that companies are moving away from California.
In fact, only the marginal businesses of large companies were stripped out and moved to Texas. The core businesses are still in California, and most innovative companies are still in California.
The two reasons I summed up at the time were talent and enterprise cluster effects. California’s rich university system and large number of high-quality enterprises allowed these enterprises to choose to stay even in the face of such high corporate taxes.
For the same reason, Pengcheng's advantage is the gathering of talents. If you go to Hefei, the funding problem will be solved, but the stability of talents will decrease.
This is the only difference.
If you go to Yanjing, you won’t have these problems. Yanjing is the Jerusalem in the minds of most northerners, although I don’t like it. "Lin Jia talked eloquently.
After hearing this, Chen Yuanguang said: "Let me think about it."
Lin Jia patted him on the shoulder: "It's not necessary if you don't want to. There are so many companies waiting for us to talk one by one. Have we finished talking? We will consider Hefei's suggestions."
She thought that the reason why Chen Yuanguang was so insistent on Pengcheng was because he was born in Yangcheng and had a deeper sense of belonging to Pengcheng.
Chen Yuanguang did not explain, "Okay, there is still time."
The news of this round of financing spread quickly. In almost a week, all the investing companies knew the results and felt that This result illustrates Chen Yuanguang's strong appeal.
"In this general environment, there are still so many institutions willing to invest more than 20 billion for him. Chen Yuanguang deserves to be the Musk of China. This appeal is too strong."
Some people also think that this is For Chen Yuanguang, it was a rare Waterloo:
“The first time I saw Chen Yuanguang fail, I was still too inflated. I thought I could make everything I wanted to come true, 35 billion. To put it lightly, this is close to China’s 2022 It’s half of the annual aerospace expenditure. How can it be so easy? >
"If we extend the front line and have a clear expectation of listing, I think this project is completely investable. If Chen Yuanguang wants to go public, Guangjia Aerospace will definitely be able to go public. Not only will the village give him the green light, but investors will also recognize it.
If you want to not go public and learn from OpenAI’s model to innovate your organizational structure, you will inevitably face new problems if you want to innovate. ”
Still today.
In addition, there are some typos that everyone pointed out. I want to correct them, but it seems that the chapter is locked, because some of the sensitive content has been automatically modified by Qidian. Please forgive me.
(End of this chapter)