Lian Tianhai, sitting opposite Guan Sha, had white hair, long to his neck, and was wearing a high-quality black Zhongshan gown. "Miss Guan Sha." He smiled politely at Guan Sha, with a few golden front teeth particularly conspicuous.

Guan Sha heard Xiao Jie say that everyone in the industry called Lian Tianhai "Mr. Lian".

Lian Tianhai is the founding partner and managing director of private equity investment management company CITIC Investment. Before he worked as a venture capital firm, he started his own business. Later, he went to the United States to study and became a well-known Chinese investor on Wall Street.

CITIC Capital has a wide range of investment fields, including automobiles, finance, media, video websites, water services, restaurant chains and tea factories.

Of course, it is well known in the industry that CITIC has favored long-term rental apartments. In the past few years, it has successively acquired apartment brands such as Ai Shang, Le Zu, Kaixin and Youxuan, and in 2015 it also invested in Aixin Rental.com.

All the resources in Lian Tianhai's hands were needed by Guan Sha, but Guan Sha refused to agree to the conditions for controlling rights, not to mention that what Lian Tianhai wants is absolute controlling rights.

Currently, no shareholder of Yanzigu Apartment has absolute controlling stake. The largest shareholder Guan Sha holds 43.89%, the second largest shareholder Jinquan Investment Group holds 32.59%, the third largest shareholder Ye Taodu holds 18.52%, and finally Cto Yingtianran holds 5%.

This type of equity structure shows that every major decision of the company, all shareholders can sit together and discuss with each other, and the minority obeys the majority. Guan Sha has the most shares and naturally has the greatest voice. The company has no disagreement with shareholders yet, and basically follows the strategy formulated by Guan Sha and is moving forward steadily.

But if Lian Tianhai wants absolute control, his shareholding ratio must be more than 50%. In this way, the real owner of Yanzigu Apartment will become CITIC Capital. Whatever Guan Sha wants to do in the future? As long as CITIC Capital invests a veto vote, Guan Sha will not be able to do it. It is a bit like the veto power in the board seat, that is, you can do everything I agree with, and you will never think about doing something I disagree with.

"Everything else can be discussed, but if he wants more than 50% of the shares, it is impossible." Guan Sha said to Xiao Jie firmly.

Xiao Jie did not immediately refute Guan Sha and calmly said, "We can talk again." Xiao Jie said, "It is not the first time the conditions offered by the other party are the final plan. The business is negotiated slowly and timely."

Guan Sha thinks what Xiao Jie said is not without reason. She blamed herself for being too impulsive before. If CITIC Hui doesn't capture such a good resource, then the Phoenix reborn in the ruins of the long-term rental apartment in the future may not be Yanzigu Apartment.

So Guan Sha agreed to ask Lian Tianhai to come out and talk. The headquarters of CITIC Investment is in Qingyang. Lian Tianhai promised that if there was time this Friday, the meeting place between the two parties was on the upper floor of the Junshang Palace, which Ren Tianxing and Guan Zhenzhen had just visited not long ago. It was a buffet restaurant that was more advanced than Junshang Palace. Diners can watch the entire night view of Qingyang through the restaurant's 360-degree panoramic floor-to-ceiling window.

Guan Sha and Xiao Jie attended the banquet together. As soon as Guan Sha came up, she complimented Lian Tianhai, "I see that you have been on the list in the past three years, many of them, the most influential 30 investors, the top 50 of the top 50 of the top venture capitalists in China..."

"Haha, it's all false reputations." Lian Tianhai said as he opened a bottle of wine.

When Xiao Jie saw the wine, he hurriedly said, "Mr. Lian, today..."

"Don't worry today, if you don't drink, you drive, I will drink two glasses of wine with Mr. Guan today." Lian Tianhai said while pouring wine for Guan Sha, "Just two glasses, I mean, no problem, Mr. Guan?"

"No, I can't drink." Guan Sha immediately refused. She knew that she would go crazy after drinking, without any restraint. There was still such an important business to negotiate in the future, and there would definitely be no accident.

"Just two cups!" Lian Tianhai repeated.

"She really can't drink it." Xiao Jie moved the wine glass in front of Guan Sha to himself, "I'll do it for her."

Xiao Jie's eyes were very serious. Even Tianhai was in the martial arts world for so many years. He could tell at a glance that Xiao Jie and Guan Sha had a different relationship, so he laughed, "Forget it, I'll use tea instead of wine tonight. Mr. Xiao, you drive here, don't drink it."

"Mr. Lian, what was your college major before?" Guan Sha asked casually in order to avoid the awkward atmosphere.

"Communication Engineering." Lian Tianhai gave an unexpected answer, "So I got up early and was interested in startups in the fields of Internet, unlimited and enterprise information applications. Later, I found that the investment world was too big and the market was big, so I couldn't finish it..."

Guan Sha nodded and then asked: "Now venture capital investments are all artificial intelligence, big data, digital healthcare, or VR/AR and new media industries. Why is Mr. Lian interested in long-term rental apartments?"

"Haha, then why does Mr. Guan do this job? Especially in the current environment."

Guan Sha smiled when she heard this, and only heard Lian Tianhai continue, "Investment is to invest in what people want, especially young people like you who have the ability to consume and are willing to consume. I will invest in whatever you want the most. Moreover, good investment depends on reverse thinking. Only when others are optimistic about things, will there be excess returns."

Gu Cai

"If everyone else is optimistic..."

"If everyone is optimistic about it, it means you can get rid of it, unless the company has real cash flow later." Lian Tianhaidao.

It was strange that the two sides were having a meal and chatting tonight. According to Guan Sha’s previous personality, she would go straight to the point, but today she didn’t. She was very curious about investors like Lian Tianhai, curious about what is different from Xiao Jie, curious about his personality and investment concept, and whether he is suitable to be a shareholder of Yanzigu Apartment.

Lian Tianhai said, "Others like to cast the fastest one on the track. I'm different. The fastest one is too expensive. I like to cast the second, third or even fourth or fifth ones, and then combine them and surpass the first one."

"What if I can't surpass it?" Guan Sha asked.

"At present, there is nothing that cannot be surpassed in my hands." Lian Tianhai took a sip of tea. "People say that if I don't buy the first place, it's a bet. They say that as long as they have a first-mover advantage of three to six months, it's hard to chase. They also say that I'm very gambled. Actually, it's not. I've calculated that things should not only be good, but also cheap enough. It's just good but not cheap, and it's not a good investment. Now, as soon as something sticks to the Internet, it's multiplied by 20 and multiplied by 30. That's not OK. At least you have to know how to give this valuation."

Guan Sha was worried when she heard this, thinking that even Tianhai dialect had a feeling of cutting prices. If she mentioned the digital transformation of Yanzigu Apartment and the Internet empowerment at this time, wouldn’t she just cut prices?

Thinking of this, Guan Sha changed the topic, "Mr. Lian, how many projects do you have to look at in a year?"

"Hundreds, look at the year. I saw thousands of them in 2017." Lian Tianhai said and glanced at Xiao Jie, "Of course, our CDH is not as good as Jin Quan, and Mr. Xiao must have seen more than me."

"No, it's almost the same." Xiao Jie said.

"Mr. Lian, you started your own business before. What do you think is the difference between entrepreneurship and investment?" Guan Sha asked.

"Entrepreneurship requires new investment, more focused, very focused, and one stubborn to the end, investment will be different..." Lian Tianhai paused at this point, "What? Mr. Guan also wants to be an investor in the future?"

Guan Sha looked at Xiao Jie in a blink of an eye and said with a smile, "Is this possible? You are all very outstanding people in your industry. If you want to study more, of course, the premise is that Yanzigu Apartment must be bigger and stronger first, and I can transfer it myself if I don't need it."

"There will be that day." Lian Tianhai said, "In fact, in my opinion, you female entrepreneurs pay more attention to details and pursue perfection. Of course, they are more emotional, and the pressure on the friends around you must be quite high."

"Super pressure is a good thing!"

Guan Sha did not refute Lian Tianhai. She believes that it is not a bad thing to show an entrepreneur's high-pressure tendency and nitpicking character in front of investors.

Previously, Guan Sha heard from her graduate student at Apple that when Jobs was alive, his subordinates took a newly prepared Apple phone for him to inspect. He threw the phone into the fish tank in the office without looking at it, and then pointed to the fish tank and said to the person in charge, "Look, there are bubbles, which means that the space inside the phone is not fully utilized, take it back and remade it."

"At present, we have come up with a solution. Without relying on the Internet to empower, we can save 3% from the cost of decoration, furniture, appliances and cleaning. The industry average is 15%, and we can do 12%. This is all the details that our team points out at a time. We can show you the specific implementation plan in the future."

After hearing what Guan Sha said, Lian Tianhai smiled, "That's not easy, it means that you are an excellent corporate manager." As he said that, he held up a teacup and clinked with Guan Sha.

Guan Sha was secretly happy and secretly looked at Xiao Jie. Xiao Jie was also looking at her and didn't say much. Guan Sha believed that highlighting the business management of her company that exceeded the same industry will definitely be conducive to subsequent negotiations.

"Well, Mr. Lian, how big a company do you usually invest in?" Guan Sha began to indirectly attack Lian Tianhai's investment ceiling. She wanted to know what price company is expensive in Lian Tianhai's perception.

Lian Tianhai naturally knew what Guan Sha meant, and he didn't hide it. He gave the answer directly, "Generally, the company's valuation is less than US$400 million, and we will consider following it. If we go up, we won't participate."

Guan Sha quickly calculated that the 400 million US dollars was about 2.6 billion yuan. This kind of valuation company is already a huge player for Guan Sha at present.

The last time Yanzigu Apartment was valued at only 1,350 yuan. Of course, that was the valuation when there was no big data analysis system and refined operation system. At present, Yanzigu Apartment has nearly 800 units, which is three times more than the last 250 units. So this time, in addition to the equity ratio, the valuation must be discussed in a big way.
Chapter completed!