My Age of Investment

Xia Jingxing asked Tong Shijie to contact Zhou Zhaolong some time ago, but Tong Shijie told him that Zhou Zhaolong's attitude was lukewarm, and he didn't seem to want to raise money very much.

Tong Shijie didn't find out the specific reason. Xia Jingxing guessed that it might have something to do with resources and brands.

Axel is well-known abroad, but he has just entered China, and he is still unknown in China. Compared with the top funds, Axel's fund plate of 100 million US dollars is a bit shabby.

As for post-investment services, Axel, who has not yet invested in a few projects, has no way to talk about it.

Tong Shijie himself is not a well-known investor.

Xia Jingxing originally considered that Xunlei would launch Xunlei in the future. Vision Capital has already invested heavily in Tudou.

But Tong Shijie's contact with Zhou Zhaolong was not smooth, so he had to fight in person.

Anyway, Xunlei’s current business is mainly downloading. First, invest in the matter, and then resolve the conflict of interest in the future. If it cannot be resolved, the shares will be transferred to Axel. Xia Jingxing thought so.

Zhou Zhaolong wears a pair of gold-rimmed glasses. He is only in his early thirties, and his figure is already slightly fat.

He had studied in the United States for many years, and he admired Xia Jingxing who founded Facebook. At this time, the rumors had been dispelled, and his impression of Xia Jingxing had changed again.

He smiled and introduced: "I am actually the same as you, Mr. Xia. I went to study in the United States as an undergraduate. I studied economics at the University of Wisconsin-Madison at first. Later, I found that I liked computers more, so I changed my major."

Xia Jingxing said with a smile: "Really, this university is very good, a public Ivy League, ranked top 50 in the world."

He remembered that a young man who had lunch with Buffett also graduated from this university. He also studied computers and had a considerable career.

"Later, I went to Duke University to study for a master's degree in computer science, and then became a software engineer. I had already planned to buy a house with a mortgage and become an office worker in a down-to-earth manner.

But in the summer of 1999, I took a trip to Silicon Valley that completely changed my mind..."

After Xia Jingxing finished listening, he was speechless.

This big brother was hired by Google and a company next to Google at the same time.

Then he gave up joining Google and chose another company.

The reason is that Google is still working in the garage, while another company is larger and has a small two-story building.

Xia Jingxing helped with the calculations and made up the money: "Marisa Mayer received an offer at about the same time as you. After Google went public, she was worth more than 100 million U.S. dollars."

The corner of Zhou Zhaolong's mouth twitched, piercing his heart.

Zhou Hongyi shook her head, "That's a beautiful woman. I heard that Larry Page had a date with her. She is also a vice president. You are Chinese. Even if you join early, you will be at the middle level at most, and the option shares may be less. , but the worth of 20 to 30 million US dollars cannot escape.

Oh, no, Google's stock price has more than tripled now, and it's probably worth almost $100 million if I hold it until now. "

Zhou Zhaolong knew that the two were joking and teased him about his bad luck, but he was not angry and continued to tell his sad or unlucky stories.

"When I was in Silicon Valley, I also founded two or three small companies. Once, because of buying and selling second-hand cars, I made friends with Xu Yong, the co-founder of Baidu. He even invited me to return to China to start a business together...

When Robin Lee and his wife were in Silicon Valley, our relationship was also very good. We often had dinner together, and the couple also invited me to return to China to start a business together...

Another friend of mine, Yang Ning, first founded Chinaren with Chen Yizhou, and later the Kongkong website was also listed...

I also joined the Huayuan Science and Technology Association, I am also very familiar with Brother Chen Hong, and his company has also gone public..."

Xia Jingxing smiled, anyway, the companies of acquaintances and friends around him were all listed, and he was the only one still hanging around, which was really unlucky.

Zhou Hongyi grinned and comforted, "Come on, you can do it too."

For people with high spirits, it is indeed a big blow to have so many friends around you going public and ringing the bell, but it is also very stimulating.

Zhou Zhaolong was very optimistic. He shrugged and laughed at himself: "I can't help it. I just returned to China in early 2003. I and my partner Cheng Hao each paid 50,000 yuan to start Xunlei together."

Xia Jingxing smiled, he really didn't do well, for a person who has studied in America and worked for ten years, he only spent 50,000 yuan to start a company.

Zhou Zhaolong was not shy at all, and continued to surprise Xia Jingxing, "At that time, in order to make up this "huge sum", I was shy and borrowed US$1,000 and US$2,000 from my classmates one by one.

Fortunately, not long after the company was founded, Lao Zhou invested 700,000 yuan in us, and introduced IDG to invest 1 million US dollars in the A round.

We are currently planning to raise the B round, and the estimated financing scale is 10 million US dollars. "

Xia Jingxing nodded, "Okay, I understand, let's talk about Xunlei's current situation."

"...Last year we caught up with and overtook our competitor Internet Express. Now Xunlei has become the number one download service. This year we successfully released Xunlei 5 and Mini Xunlei..."

When Xia Jingxing heard the name of Internet Express, he was a little moved. This is a software developed by Canadian Chinese Hou Yantang in 1999. It is the first Chinese software in China that provides services for users in 219 countries around the world.

Originally leading the way, this buddy became obsessed with Warcraft last year, played games every day, and didn't update the software for a year, which gave Xunlei an opportunity.

This is what Xia Jingxing has heard, because of the biggest loss case due to "Internet addiction", a listed company was lost alive.

Both Xunlei and Internet Express use P2P peer-to-peer technology to increase the download speed very quickly. In the current era of limited bandwidth, such tools are very useful, and they are needed for downloading games and movies.

In the era of popularization of WiFi and mobile Internet, it will naturally decline, and Xunlei has also devoted itself to the blockchain.

However, in the first ten years of its establishment, Xunlei was still full of glory.

It can be seen from here that the domestic Internet is basically synchronized with foreign countries. The music download software Napster developed by Sean Parker and the file sharing software Kazaa developed by Nicholas are almost at the same time as Souzao.com and International Express. Release of.

However, Sean Parker and Nicholas were entangled in lawsuits, and were sued by the Recording Industry Association and the film company to close the company. However, the country is still relatively loose, and everyone is still alive and kicking, and they can still get financing.

Just broadcast bad luck!

Zhou Zhaolong gave Xia Jingxing a comprehensive introduction of the company's current situation, and then took the initiative to talk about the profit model.

"When the market position is more stable, we plan to launch services such as pop-up advertisements and paid accelerated membership."

In fact, Xunlei is also very rogue, which is the same as 3721 and Qihoo. It is estimated that the angel investor Zhou Hongyi has a lot of preaching and resolving doubts.

In fact, the truth is the same, capital will only become more and more greedy, especially after occupying a near-monopoly position.

"Okay, I have almost figured it out, what valuation do you want to use for the B round of financing?"

Seeing that Xia Jingxing took the initiative to ask about the valuation, Zhou Zhaolong glanced at Zhou Hongyi.

Cannon in red understood, and said calmly: "During the angel round of financing, I signed an anti-dilution clause with IDG, and I'm still working at IDG, so I can't save face.

The financing can be led by Vision Capital, but the financing share needs to be divided into IDG, not too much, 25% is enough. "

Upon hearing this, Xia Jingxing knew that he could no longer eat alone, so he nodded and said, "Yes."

Zhou Zhaolong said: "In terms of valuation, we want to do it according to the post-investment valuation of 40 million US dollars. After all, we are now the number one in the market, and this valuation is not high."

Xia Jingxing thought for a while, then nodded again, "No problem, call the people from IDG, let's have a talk together, and then we'll finalize the matter."

Zhou Hongyi and Zhou Zhaolong looked at each other and nodded.

At this time, there was a "bang bang bang" knock on the door.

After getting permission, Fu Jixun walked in with Xie Zhenyu, who was also smiling brightly.

Fu Jixun did not shy away from other people, and directly reported to Xia Jingxinghui: "The pre-investment valuation is 150 million yuan, and Vision Capital invested 50 million yuan, accounting for 25% of the shares."

Xia Jingxing didn't say anything, but nodded. He set a valuation ceiling for Fu Jixun, and the price was still far from that line.

Kugou has tens of millions of users, and the pre-money valuation is less than 20 million US dollars, which is not expensive and completely acceptable.

Xunlei and Kugou have similar user numbers and business models, but Xunlei's valuation is much higher because of its dominant market share in its industry.

Zhou Hongyi was also generally satisfied with this valuation, glanced at Xie Zhenyu, and nodded slightly to each other.

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