"So Mr. Xiao means... I hope Guan Sha can cooperate with Lian Tianhai's Dinghui Investment, so that the houses of several long-term rental apartment brands under CITIC Hui can be integrated into our Yanzi Valley?" Guan Zhenzhen asked Ren Tianxing.

"Well, there are also data from their Aixin Rental Network, but I think it's just like Guan Sha's father said, Mr. Xiao himself is not willing to do this." Ren Tianxing said while eating the delicious meals made by Guan Zhenzhen, "Lian Tianhai, I have had dinner with him, and it's not a fuel-efficient lamp. In addition to the brand of Yanzigu Apartment, he also likes your big data analysis system and refined management app. Lian Tianhai's plate looks quite large, but it's actually a stagnant pool of water and the occupancy rate is very poor. I went to the Science and Technology Park two days ago to see it. There were not many rooms on the lights at night."

"Where is Sanyun City? Isn't that Aishang Apartment also his?"

"Our colleagues also went to inspect there, which was Zhang Yuchen. He said that there were countless houses released, all of which were empty, so I could choose whatever I wanted."

"Then did you tell Sister Guan Sha about these?" Guan Zhenzhen picked up a large piece of ribs for Ren Tianxing.

Ren Tianxing stuffed the ribs into his mouth without hesitation and said vaguely, "Of course, she knew it. She also told me that she had sent a few people to investigate and found that Lian Tianhai's apartment was too vacant, which had a lot to do with the break of the capital chain of the apartment and offending the landlord and the tenant. She thought that even if she did not cooperate with Lian Tianhai, Lian Tianhai would not have the strength to bite her to death."

"Haha, Sister Guan Sha is still very smart." Guan Zhenzhen said as she scooped up another bowl of loofah soup for Ren Tianxing.

"The old fox Lian Tianhai must have wanted to borrow two systems from Yanzigu to slowly revitalize his chess, and of course there is also an apartment brand with such good reputation as yours." Ren Tianxingdao, "But with his broken conditions and wanting to take control, I think it's too much."

"What if he gives a very high price?" Guan Zhenzhen asked, and at this time there was an extra piece of ribs that Ren Tianxing had picked for her in her bowl.

"If you want to control the equity, the price must be high." Ren Tianxing said, "Think about it, you have to control the equity. This means that in addition to investment returns, even Tianhai has also obtained major business decision-making power for the company. This decision-making power must be at a premium. So if you really want to sell it, Mr. Xiao will not let him get a little more blood. He is a thousand-year-old fox, and no one can scare anyone who plays in Speak of a Chinese Studio."

"Then will you sell it?" Guan Zhenzhen suddenly asked.

"ah?"

"I'll ask if you'll sell it?"

"I... I'm just a small one. It's useless if I don't sell it. The company's fund needs to be repaid..." Ren Tianxing quickly stuffed his mouth with rice.

"What if you were Mr. Xiao? Would you sell it?"

Seeing Guan Zhenzhen's reluctant eyes, Ren Tianxing chewed the rice without saying anything. After he swallowed it, he said, "When I sit in his position, I will talk."

Guan Zhenzhen stopped eating after hearing this, "So you actually want to sell it!"

"Where is it?!" Ren Tianxing looked innocent.

Guan Zhenzhen insisted, "You are!"

"I'm not!" Ren Tianxing defended, "I will think of other ways, but I really can't think of it before talking about it."

"Then hasn't Mr. Xiao thought of another way?" Guan Zhenzhen asked.

"Of course I thought about it!"

It’s a coincidence that Ren Tianxing’s joining time was about the same as Xiao Jie transferred from Jinquan’s headquarters to the branch as president. Ren Tianxing knew that as soon as Xiao Jie took office, he was dealing with the big trouble of Hongfeng Invesco No. 1 Fund.

For venture capital companies, investment projects are generally divided into four categories: abcd.

Class A projects are the absolute leader in the industry. For example, Yetaodu has an annual growth rate of 20% to 50%, and even more than 50% in the early years. With excellent teams, such projects should be mainly ipo exits.

Although B-type projects are not necessarily the industry leader, their profit growth rate can reach 20% to 50%, usually around 30%. The founder is excellent and the prospects are broad. For example, if you go abroad, you can withdraw from the Bobcat Cafe. Such projects can be withdrawn by ipo or you can consider withdrawing through mergers and acquisitions.

C-type projects are that both the industry and the team are relatively average, and there is no established way to exit.

Class D is a very bad project. If you can't help it, you will not only fail to make you profit, but you can't defeat the market. It is a real money-lossing item.

Valley Comfort

Generally speaking, venture capital institutions will do their best to ensure the healthy development of Class A and B projects, help C projects to quickly improve, and at the same time deal with Class D projects as soon as possible.

When Xiao Jie took office, Hongfeng Fund lost about 2.4 billion yuan, and he optimized his fund holdings in this direction.

"The loss of 2.4 billion yuan has been reduced to 25 million yuan, which is already very impressive!" Guan Zhenzhen said, "Then what kind of thing we are like in Yanzi Valley? It's not like a Class D, right?"

"It turned out that it was almost D-type, and it had to burn money. Now even if you don't give it money, you can grow. Moreover, the advantage of relying on digital transformation in management is obvious, but it grows slowly and the profit is not high enough, less than 10%, and it can be considered C-type at most." Ren Tianxing said, "The main reason is that Jinquan's funds rarely suffer losses before, and have not experienced it in ten years. Extraordinary times have to be used. Currently, Mr. Xiao of Class D has been dealt with, so I guess the above is pressing him to withdraw from C-type projects and make a return as soon as possible."

"How long is left now?" Guan Zhenzhen asked.

Ren Tianxing's mouth twitched and said, "Three months..."

Guan Zhenzhen took a breath when she heard this.

Ren Tianxing was also helpless, "The main reason is that the economy was overheated before, which made our primary market valuation seriously too high and it was bubbled. The team did not do it well before, so I knew that I didn't know how much money I had to grab the track. In short, Mr. Xiao actually didn't make much money when he sold it."

"Then how much can we sell if we want to sell Yanzi Valley?"

Guan Zhenzhen's question reminded Ren Tianxing of the "Value Multiple Analysis and Forecast of 2021 Angel Round to Round A Financing" he saw in Ma Yu's office.

Ren Tianxing didn't have the chance to read the original file, but he could do this kind of analysis report himself.

Ren Tianxing roughly counted some public financing case data. Most angel investors have a return multiple of between 20 and 50 times, while the return multiple of a round investors is much lower. There are less than 8 companies with more than 10 times, and most of them are between 3 and 8 times.

"That's not high." Guan Zhenzhen sighed as soon as she heard it, "What I heard before seems like you can make a lot of money, and you can earn hundreds of times if you invest one."

"You have read too much news, and the data in many news is untenable. Our industry is not as profitable as you think." Ren Tianxing said, "In fact, Jinquan invested in Yanzigu, which is similar to the angel round. After all, when Mr. Xiao invested, Guan Sha had less than ten houses in his hand, so if you resell, Lian Tianhai will be counted as a round this time."

"Wait, didn't you Jin Quan still have Ye Tao Du before?" Guan Zhenzhen reminded.

"Oh, hehe... the valuation is too low, it's just a little bit higher than our Jin Quanguo. In addition, the amount is not large, so it's not considered a round, it's what I told you about pre-a."

"Oh haha!" Guan Zhenzhen immediately recalled, "The price after Angel was too low and the scale was too small. The founder was embarrassed to say it was a round, right?"

Ren Tianxing nodded, "The son is teachable, but this is not the point. The point is to sell it to Lian Tianhai. If he insists on controlling the shares, he must follow the normal angel's turn to the A round, which is 20 to 50 times. Yanzigu's current valuation is 13.5 million, 20 times, 270 million, and 50 times, 675 million."

Guan Zhenzhen covered her mouth after hearing this, "It's so valuable! Then Sister Guan Sha is worth over 100 million?"

"The company is worth over 100 million yuan. It would be fine if it could sell so many, but I think the thousand-year-old fox is not that easy to speak. If he doesn't admit that we were considered an angel this time when Jin Quan entered, and gave us the valuation from round A, it would be only about ten times, and maybe even five or six times, and..."

"And what..." Guan Zhenzhen was curious.

Ren Tianxing can't say anything, and since he witnessed Lian Tianhai making things difficult for Xiao Jie on the dinner table last time, he thought that this thousand-year-old fox was not that simple. He didn't seem to like Xiao Jie very much. This time the cooperation was exported, it would be a controlling stake. It would be fine to force Ye Taodu to withdraw, but it was obviously illogical to kick out the rich investor Jin Quan. In Ren Tianxing's opinion, don't these investors like to join together to keep warm?

Just as Xiao Jie said before, the more people tied up on the boat, the safer it means. Doesn’t Lian Tianhai want Yanzigu Apartment to continue to get help from the Jinquan value     mining team?

Or is it that he has any other abacus in his mind?

"I understand!" Ren Tianxing suddenly thought of something, "This possibility is not ruled out! I have to tell Mr. Xiao quickly!"

"What's the possibility?" Guan Zhenzhen was stunned.
Chapter completed!