Reborn in 08, Public Enemy of Competitors

Over two days, Shen Mo met with seven or eight institutions, including IDG and Sequoia Capital, through Xu Xin's introduction.

Capital always has the keenest sense of smell, but it is also often the most greedy.

Some venture capitalists are asking for exorbitant amounts, even trying to bypass YiTao GO and invest directly in Lingyun Technology. That's just wishful thinking!

The number of users of "Everyday Ranch" has now exceeded 50 million. Just through revenue sharing, it can provide Lingyun with more than 20 million yuan in cash flow every month.

The entire Lingyun Technology's valuation far exceeds 2 million US dollars!

Of course, there were also very sincere institutions that offered valuations and conditions that basically met Shen Mo's expectations.

In the office, Shen Mo was reviewing the list of investment institutions compiled by Zhong Xue, marking those he was not satisfied with with an "X".

"Boss, there are 3 more we haven't seen."

Which three?

Shen Mo didn't even look up.

"Shunwei Capital, SoftBank China, and Tencent's investment and M&A department."

Chung Hsueh-hui reported: "Tencent hopes to continue investing to maintain its position as the largest shareholder."

"Then let's meet them all."

No sooner had Shen Mo finished speaking than Zhong Xue began arranging the itinerary.

That afternoon, the group appeared at the office building where Vancl was located.

As the host, Chen Nian personally greeted them at the door, smiling even more warmly than when they last met.

"Mr. Shen, it's been a long time! Come, let me introduce you to my good friend."

"Lei Jun of Shunwei Capital, also known as Mr. Lei, is the former CEO of Kingsoft. You've probably heard of him."

"Of course, it's a well-known name. Mr. Lei is a veteran in the internet industry."

Shen Mo looked Jun'er up and down. He didn't know if Jun'er was old or not, but she was very talkative and thin.

"I dare not accept the title of 'senior'."

"The Yangtze River's back waves push the front waves forward, and I, the front wave, am about to be washed away on the beach by you back waves."

Lei Jun's smile carried a hint of self-deprecation.

Aside from financial freedom, my once-proud youth was, in a sense, quite a failure.

He didn't become a tech hero like Steve Jobs, whom he admired; he was just an outdated entrepreneur left behind by the times.

After exchanging pleasantries for a while, Chen Nian got straight to the point: "The reason I invited President Shen here is twofold: firstly, to discuss cooperation for the December event, and secondly, to help President Lei make connections, as he is very optimistic about YiTao GO?"

Shen Mo asked knowingly, "Mr. Lei, are you also optimistic about the sales guide industry?"

"A good project can always be explained in one sentence, while a bad company can make all sorts of fancy claims without you knowing what it's talking about."

Lei Jun sat down. "YiTao GO is obviously a good project. I believe no one can resist investing in it."

"How much does Mr. Lei plan to invest?"

Shen Mo said in a joking tone, "The valuations of Sequoia Capital and CDH Investments are no less than $2 million."

Lei Jun said, "With Shunwei Capital's current strength, we can't lead the investment, but we can certainly participate with 1% to 2%."

"Besides money, what else can Mr. Lei offer for YiTao GO?"

Shen Mo stroked his chin and asked a more crucial question.

Angel rounds invest money, but Series A and later rounds offer more than just money; they also provide connections and resources.

Just like Jingdong, when Liu Qiangdong was desperately investing in logistics and Jingdong was on the verge of running out of funds, it was Xu Xin's Today Capital that found him a bridge loan. It was also she who provided Jingdong with new funds during the subprime mortgage crisis.

The Lei Jun of today is not the "Jun'er" of later generations who had a large fan base and supply chain resources.

"Mr. Shen's question has stumped me."

Lei Jun was silent for a few seconds, then gave a wry smile.

"If that's the case, I'm sorry, Mr. Lei."

Shen Mo said, "For Series A funding, we prefer institutions that can provide substantial assistance to YiTaoGO in areas such as talent development and industry connections."

Lei Jun sighed: "I understand. To be honest, I expected this outcome."

"Although I'd love to make friends, business is business, and I have to ensure that YiTaoGO's profits are maximized."

Shen Mo said politely.

"If I were you, I would have done the same."

Lei Jun then changed the subject, "Actually, the reason I invited President Shen here today, besides investment, is more out of personal motives."

"Please feel free to speak."

"I want to talk to Mr. Shen about the current state of the internet."

"I am more optimistic about mobile internet than PC internet."

Shen Mo narrowed his eyes.

"Does Mr. Shen also believe that mobile internet will eventually replace PCs and the internet?"

Lei Jun immediately perked up.

"3G licenses will be issued next year. Once mobile internet speeds improve, mobile internet will sooner or later reshape the entire internet landscape."

Shen Mo smiled and said, "If we want to gain momentum, we must find the right track and the right opportunity."

Lei Jun cast an admiring glance at him. "Yes, if you stand in the right place at the right time, even a pig can fly."

"Mr. Lei is already a successful angel investor. What, are you planning to make a comeback?"

Shen Mo did not give a direct answer.

When the wind blows, even pigs can fly, but when the wind dies down, it's always the pigs that fall to their deaths.

"To be honest, Mr. Shen, my dream is to build a business that truly belongs to me, to find a super opportunity that can change the landscape of the Internet, and to establish a world-class company."

Lei Jun's eyes were burning with determination. "This will be the most important entrepreneurial venture of my life. I'm willing to stake all my achievements and reputation on it."

Shen Mo pressed further, "I wonder what field Mr. Lei plans to enter?"

"I haven't decided yet, but I'll definitely go with the flow."

Lei Jun stated frankly, "I named the company Shunwei Capital to constantly remind myself that I must find the right opportunity and act in accordance with the trend."

"Since Mr. Lei is going to follow the trend, I think there is another field besides mobile internet that is also very promising."

"I would like to hear the details."

"As early as the 90s, Qian Xuesen pointed out that automobiles, especially electric cars, were the key to China's leapfrog development."

"Building cars?!"

"Yes, I think that electric vehicles in the future may become like mobile phones, turning into a giant smart terminal."

Shen Mo revealed a playful smile.

"President Shen, please don't joke around."

Lei Jun was stunned for a moment, then burst into laughter.

Cars are a major asset!

I'd never do this kind of thing if I were to develop the internet, and I'd never build cars in my lifetime!

But then I suddenly realized that while I couldn't build a car myself, it seemed like building a mobile phone wasn't out of the question.

………………

After meeting with the organization that was interested in investing in YiTaoGO, Shen Mo took Zhong Xue and the others back to Hangzhou.

Accompanying her was Xu Xin and a seven-person inspection team from Today Capital, including industry analysts, legal counsel, finance professionals, and technical personnel.

Shen Mo spent a day with them in the startup park, introducing them to various data and information about YiTao GO.

Then came Kleiner Perkins Caufield & Byers, CDH Investments, Matrix Partners China, and more...

Ultimately, only three firms made it into the Series A funding round: Sequoia Capital, Capital Today, and Tencent.

As for who will lead the investment, who will participate in the follow-on investment, and what percentage each of the three parties will hold, these questions still need to be discussed and agreed upon by the three parties.

But one figure is clear: a valuation of $2.25 million!

The price exceeded Shen Mo's expectations by $2500 million. This premium stemmed from the full-scale explosion of the golden age of e-commerce, and also benefited from the national policy of vigorously promoting the combination of export-to-domestic sales and e-commerce.

Through a series of events such as Double Eleven, YiTaoGO has clearly and accurately caught this wave.

"How much?! Brother Mo, say it again!"

"2.25 million...2.25 million, if I had all that money, I could never spend it all in a lifetime!"

The entire office erupted in chaos, everyone gasping in shock.

"Alright, stop getting so excited. You will all have a share in this in the future."

Shen Mo smiled and said, "As I said before, once the Series A funding is completed, we will officially launch the stock option incentive program for YiTaoGO."

Everyone's breathing became rapid, and their heads buzzed.

"Lawyer Lin, explain the plan to everyone."

Shen Mo had already instructed Lin Qingyan to draft an option incentive plan based on the principle of ownership cliff.

Lin Qingyan cleared her throat, her hands trembling slightly.

「……在2008年11月1日之前签署劳动合同、满6个月并且依然在职的正式员工，可拥有第一期期权发放资格，首批期权每人发放500股，行权价格是1毛。」

"These options are vesting over four years. One-quarter of them vest after one year, and from the second year onwards, one-sixteenth vest every quarter until all options are vested... If an employee leaves during the cliff period, all unvested options will be forfeited..."

"Do you have any objections?"

He looked left and right in silence.

"No!"

They shouted in unison, their voices almost lifting the roof off.

Xu Kun was extremely excited. He had worked part-time at so many software companies, but he had never seen any company as generous as YiTaoGO!

The sheer joy of eating meat and drinking wine with the boss is exactly what that line from "Water Margin" describes.

"Two years of marriage with you haven't been as enjoyable as two nights spent with my senior brother!"