Chapter 1494

Mark Zuckerberg immediately made his own decision after thinking about Li Mu's experience. After chatting with Larry Page, he privately said to Li Mu, "Mr. Li, I've carefully considered and decided to accept Mr. Page's proposal to suspend school from Harvard, and then move the company to Silicon Valley. What do you think?"

Li Mu smiled and said: "I support the suspension of school, because the next few years will be the golden age of the rapid development of the Internet. If you are half in school, this high-speed train will tear you up when it starts, but it is not a good time for you to move the company to Silicon Valley."

Mark Zuckerberg asked, "why? Silicon Valley is the industry center. If you are in Silicon Valley, you can access more core resources in the industry. "

"Your current business line is aimed at college students. Silicon Valley is the gathering place of Internet elites, but not the gathering place of college students. So what you have to do now is to get out of school temporarily, and then dive into the huge ivory tower of university campuses and college students in the United States."

Li Mu asked Mark Zuckerberg, "did you find that those people, including Larry Page, didn't pay much attention to the core of the Facebook project?"

Mark Zuckerberg nodded and said, "it's exactly what you said."

"Do you know why?" said Li Mu

Mark Zuckerberg shook his head.

Li Mu said with a smile: "because they don't think you are a real Internet entrepreneur in their heart, they think you are just a college student who plays a little bit in the college group, and your project is just a college student project who plays a little bit, which proves that they don't pay so much attention to the college group, just like the NBA Lakers treat a big school The mentality of the basketball team is the same. They think you are not professional players at all, and your level and prospects are not worth mentioning at all. "

Mark Zuckerberg agreed: "it's true..."

Li Mu pointed out loudly and said with a smile: "this is the best situation. When others start, their development depends on their carelessness. If they make a little bold, they will quickly wipe them out. But now, you are in a field that these so-called big guys don't pay attention to or care about. However, this group has tens of millions of potential users and nearly 100 million potential users around the world, Once you have grown up in this field to a sufficient level, you will be one of the big guys in Silicon Valley when you enter Silicon Valley from the university campus. "

Speaking of this, Li Mu said: "there is a great man in China who once created the great strategy of encircling the city from the countryside. Now this strategy is suitable for you to learn from. For the elites of Silicon Valley, only Silicon Valley, New York, Los Angeles and Wall Street are the" Cities "of the Internet industry, and it is suitable for them to use the strategy of encircling the city from the countryside, so they can't handle it And. "

Mark Zuckerberg said excitedly, "then I'll take a break from school after I go back, and then I'll make Facebook bigger and stronger in college students quickly!"

Li Mu nodded: "I'll arrange to call you for the additional investment soon. Larry Page will guide you all Google's search traffic about universities. You don't have to worry about anything next. Try your best to expand rapidly within the college students."

……

After chatting with guests from afar at the reception, Li Mu met with Steve Johnson, the head of Sequoia Capital in private.

Steve Johnson is now most concerned about the follow-up capital operation of Muye technology and other enterprises of Li Mu. Sequoia has enjoyed great benefits in Muye technology and can't wait to find another breakthrough. However, Li Mu's attitude towards capital is extraordinarily cautious. Due to the upward trend of global capital market, Li Mu hardly gives any capital responsibility now The opportunity of how to infiltrate, which makes Steve Johnson scratch his heart and liver.

Every time the capital market goes down, enterprises are in a rush to raise funds. Because they are worried about the capital winter that may come at any time, they will sacrifice some shares in advance and reserve cash for the winter. But every time the capital market goes up, the enterprises start to bite their teeth and insist on selling shares after the price continues to rise.

Now the global capital market is booming, so Li Mu naturally does not worry about financing, but expects to achieve a large-scale fundraising through listing.

After Li Mu and Steve Johnson sat down, the latter handed Li Mu a cigar and said with a smile, "Mr. Li, have a taste of the world's top Cuban cigar."

Li Mu shook his head and said with a smile, "thank you, but I can't get used to it."

With that, Li Mu took out a pack of domestic cigarettes from his pocket and asked him, "do you want to try this?"

Steve Johnson hesitated for a moment, then smiled happily and said, "OK, try it."

Li Mu took out two panda cigarettes, handed him one, and lit one himself. Then he asked with a smile, "Steve, do you have any good care to offer me a meeting in such a hurry?"Steve Johnson lit a cigarette, took a sip, tasted it a little, then spit out a white cigarette, smiled and said: "to be honest, Sequoia has been holding a lot of cash just waiting for you to say hello, but you don't want to do another round of financing, I can't help it..."

Li Mu smiled quietly and said, "Apple has already bought it. At this time, financing is no longer attractive to me."

Steve Johnson said, "so I'm not going to talk about financing this time. I want to talk about the IPO of Muye technology in the future with President Li."

Li Mu raised his eyebrows and asked him, "what do you want to talk to me about the IPO?"

Steve Johnson said with a smile, "I mainly want to know the approximate time plan for the IPO of Muye technology."

"After Google and Baidu IPO, Muye technology will launch its IPO plan," said Li

Steve Johnson nodded and said with a smile, "Li is really sophisticated. After the IPO of both companies, the valuation of Muye technology will further soar, which is indeed the best time."

After flattering, Steve Johnson asked Li Mu with serious expression: "Mr. Li, the internal of Muye technology should have started to prepare for IPO, right? Is it convenient to disclose the current progress? "

Li Mu smiled and said: "Steve, if you have any idea, you can say it directly. We are partners in how to say it. There is no need to go around."

Steve Johnson hesitated for a moment and said: "Mr. Li, actually for Sequoia and myself, would like to cooperate with you in depth on the IPO of Muye technology. We have estimated the future valuation of Muye technology. When Muye technology keeps the current growth rate unchanged, plus taking an additional 30% of Google's shares, Muye technology's IPO will raise funds It is likely to break through $20 billion and create the largest IPO in Nasdaq history, but all of this should be based on a mature, reliable and strong team of underwriters. "

Li Mu nodded and understood Steve Johnson's motivation. What he wanted was the qualification of underwriter in the future IPO of Muye technology.

In the NASDAQ IPO, the first step is to submit for review. The second step is to find a suitable underwriter team, and then determine the valuation, number of shares to be issued and the price with the other party, and then the other party will sell the IPO shares to their major customers. Generally speaking, the shares issued by the US IPO will not be for retail investors, but the asset amount is more than US $1 million At the level of big customers, the stocks that can fall into the hands of retail investors in the IPO stage are generally junk stocks.

Sometimes, the failure of listing in the United States is not that the company does not meet the requirements of NASDAQ listing, but that the company is not satisfied with the price given by the underwriters. The former literary giant Shanda literature has launched the listing plan in the United States for many times, but repeatedly started and stranded, and finally gave up the overall sale of listing. The most important reason for the listing stranded is that it is related to underwriting There are differences in valuation.

Before an enterprise goes public, it will have two valuations: one is the valuation of the enterprise itself, and the other is the valuation of the capital market itself. This is no different from looking for a job and communicating with the employer about salary. If the enterprise's salary is lower than expected, most job seekers will refuse. If the job seeker's salary is higher than expected, most enterprises will refuse They will all refuse.

If an enterprise is going to be listed on Nasdaq, its own target valuation is US $1 billion. They hope to issue 10 million shares, US $10 per share and raise US $100 million, accounting for 10% of the total shares of the enterprise. However, the Underwriters feel that the prospect of the enterprise is not as good as they think. In the eyes of the Underwriters, the valuation of the enterprise can only be given to To $500 million, if other conditions remain unchanged, the corresponding price of $5 per share can be sold out. If the price is higher, it is difficult to sell all the IPO shares.

On this basis, if an enterprise accepts the underwriter's valuation, it can only raise 50 million US dollars with 10% of the shares, which is hard to accept. However, neither side is willing to give in on this issue, so this IPO can only be stranded due to huge differences.

Therefore, in the process of IPO, the role of the underwriter is very important. The strength of the underwriter should be sufficient, and the underwriter should recognize the value and Prospect of the customer enterprise. Although Muye technology has a high reputation in the world and the recognition degree of the capital market is also high, it needs a reliable underwriter to work together when it comes to IPO Cooperate and strive for the best interests for enterprises in the process of listing.

At any time for the seller, the best selling price is just close to the maximum accepted by the buyer, the same is true for Li Mu.

So Li Mu asked him, "do you want to be an underwriter of Muye technology?"

Steve Johnson nodded his head at the moment, and said: "Mr. Li, to be honest, with the IPO volume of Muye technology, I'm afraid any investment bank can't eat it by itself. In our estimation, at least three to six first-line investment banks are needed to form a underwriting team together. We hope that with our close cooperation with Muye technology, we can become Muye technology Technology IPO leader. "