There is a fable in the Bible "New Testament, Matthew":

Once upon a time, a king was going to go out for a long journey. Before leaving, he handed over a ingot of silver to each of his three servants and ordered: "You go to do business and come to see me again when I come back."

When the king came back, the first servant said, "Master, I have earned 10 yuan for one silver you have given me."

So the king rewarded him with 10 cities.

The second servant reported: "Master, I have earned 5 yuan for one silver you gave me."

So the king rewarded him with five cities. The third servant reported: "Master, I have always wrapped the ingot of silver you gave me in a handkerchief, for fear of losing it, so I have never taken it out."

So the king ordered the reward of the third servant to the first servant, saying, "Everything that is small, even all of him shall be taken over. All that is too much shall be given to him, so that he may be more good."

This is the origin of the very famous Matthew effect.

The Matthew effect, also known as winner-takes-all, is particularly evident in the economic field.

Since the outbreak of Bomi Games, Bomi has now become a hot spot for capitalists. Many people may not be able to attract venture capital investors, and they are rushing to call Bomi every day.

Some venture capital salesmen even come to visit the door and stay at the elevator entrance. Whether or not they can negotiate business is secondary. Some people just want to establish a good relationship with Caoyang first.

From October to November, Cao Yang was in an overloaded operation mode. He had to receive many investors every day, and at the same time he had to carefully screen investors and deal with some bad friends.

Anyway, at night, when Cao Yang comes home, he just wants to sleep.

Sometimes Cao Yang feels that capitalists are not really the ones that humans are. If you are a successful boss, if you do not have a strong body and energy that is different from ordinary people, you will easily be squeezed out and lead to aging before you grow old.

Cao Yang has a similar feeling now. It turns out that he enjoyed spending time with Pei Siqing at night, and now he has to hide from her as much as possible.

It's not for anything else, I just don't want her to see her haggard appearance. (I believe you, a ghost.)

Sometimes when Pei Siqing calls, his tone is a little aggrieved, worried that Cao Yang has other women outside, so why did he suddenly neglect himself?

There is no way, Cao Yang can only work hard and work hard.

Pei Siqing felt very distressed when she saw Cao Yang's exhaustion.

...

IDG restarted its valuation after 7 days, October 22.

At the shareholders' meeting, Cao Yang and Xiong Xiaoge sat in the conference room together and listened to Brother Xiao Ma explaining the financial report over the past six months.

In the Xiangjiang side, Li Zekai didn’t want to waste his time at all, so he entrusted a supervisor from the investment department to come over.

In fact, Penguin’s accounts are clear at a glance:

It has been a loss since April.

Among them, only some of the projects given by Bomi are investing in their lives.

However, the company's valuation is actually an estimate of how much the company is worth now and in the future. A company that does not make money but loses money can be calculated by using its toes, which is roughly worth.

If you lose like this, it is probably worth the decline even more.

The current valuation is obvious at a glance when looking at the financial report. Xiong Xiaoge had just turned a few pages and couldn't bear to read it.

Everyone is a shareholder, and he knows Penguin's operating status well, and no one can fool anyone.

So what we are competing here today is mainly about the company's future valuation, that is, potential valuation.

After Brother Xiao Ma finished speaking, he looked at several investors with some guilt.

Xiong Xiaoge looked worried. In the prerequisite for Cao Yang to repurchase IDG's equity in Penguin, he hopes that the valuation can be higher, so that he can charge more investment costs and not waste it.

Cao Yang seemed leisurely and at ease. His position was just the opposite. The lower the valuation of Penguin, the more conducive it was to repurchase the equity in IDG at a low price.

The focus of the debate between the two sides is actually on judging the future potential of Penguin.

"So, what is the core value of penguins now?" Although Xiong Xiaoge didn't want to discuss things that everyone knew, he also had to ask, because he could earn a little bit.

To put it bluntly, the potential of a company depends on the confidence of the investors in it. This thing needs data support, but it also has a certain degree of subjectivity.

Now Bomi and IDG are competing for subjectivity.

"We have a huge number of users, and now the number of users has exceeded 60 million. This number will be more in the future." Brother Ma still brought out this set of rhetoric.

The large number of users is an advantage and a disadvantage, which means you need to invest more operation and maintenance costs.

Especially the recent account theft incident has really made the Penguin very worried.

Penguin stores many user chat records, which is not only a huge overhead, but also means that once user data is leaked, Penguin will face a very dangerous situation.

One day in the future, Yahoo withdraws from China because of a user data breach.

Therefore, Cao Yang attaches great importance to this area and has invested a lot of manpower to improve data security protection.

This way, the losses will be even more serious.

It is a miracle that penguins can survive to this day.

"However, without seeing the profit model, the increase in the number of users can only mean more consumption and losses." Cao Yang took over the words of Brother Ma.

"Forehead……"

As the founder of the company, this has always been a pain in Brother Ma's heart, but he is indeed unable to refute it.

Mr. Xiong frowned fiercely.

"How will Penguin make a profit in the future?"

Brother Ma was stunned on the spot.

Don’t you know how Penguin can make a profit?

Mr. Xiong has been trading here many times, but he still has not been able to get out of the predicament. Do you still have the face to ask?

However, although Brother Ma is in his heart and has to be able to live up to his face, Brother Ma is very clear that he is just an intermediary today because the big guys who are competing are Cao Yang and IDG.

He could only explain with a gritty guts, "Having users means having a market. We have thought about many effective ways of monetization, but it takes time to improve..."

So he continued to repeat the past theories and future concepts according to his script.

After a four-hour interrogation in the morning, Cao Yang and Mr. Xiong fell into silence.

But this is the norm. On the contrary, as Cao Yang had a conversation with Xiao Ma before, it was rare to settle the transfer of equity through one or two meetings.

It all depends on the timing.

"Let's go, go for dinner. I'll treat you." Cao Yang stood up and invited several investors and several supervisors of the Penguin to go downstairs to have a meal.

After dinner, everyone continued to tray.

Cao Yang is actually not so anxious now, and his mentality is completely different from when he took over Xiao Ma Ge's team back then. At that time, he was eager to participate. Now that he has the initiative, people are more relaxed.

What is slightly beneficial to Cao Yang is that this war is-

The longer it drags on, the more losses it will be as the number of Penguin users continues to increase, and in fact, it will be more unfavorable to IDG.

Because the valuation becomes lower the later.

This will be the case in the next week. There have been more than a dozen meetings over and over again, all of which have tug-of-war in terms of valuation.

It was not until the end that the bear could not bear it anymore that everyone reached a unified state.

The final valuation of Penguin was 20 million, which was reduced by more than 70% compared to IDG's acquisition of Penguin's equity.

Cao Yang only needs to pay IDG 4 million to successfully repurchase the Penguin equity they have.

To be honest, Xiong Xiaoge felt distressed.

But it's better than completely waived.

After signing the agreement, Cao Yang and Mr. Xiong both breathed a sigh of relief.

Looking at the clear sky outside, Xiong Xiaoge showed a rare smile in a few days.

"Mr. Cao, I still say the same thing. I am very optimistic about you. One day in the future, Bomi wants to raise funds. Please inform me as soon as possible. The price offered by IDG will definitely satisfy you."

"It must be." Cao Yang and he hugged each other.

...

After Caoyang acquired IDG's equity in Penguin, Li Zekai soon received news.

4 million is a drop in the bucket for Li Zekai, but he admires Cao Yang and IDG very much.

"Damn it, IDG runs quite fast."

...

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