In the morning, as Chen Pingjiang arrived at the company, he saw a figure pacing back and forth in his office.
While Chen Pingjiang was still wondering who was in his office, Wan Yuqian walked over and said with a smile,
"To avoid being rejected by you again, I've already arranged an assistant for you. I personally vetted him, so objections are invalid. I've brought Song Xinyue back; if she didn't return, I'd be swamped to death."
Chen Pingjiang grinned, somewhat speechless,
"Senior, you always like to do things first and report later, and you also like to tell tales."
Wan Yuqian's eyebrows shot up,
"What nonsense are you talking about? Who did I tell tales on?"
Chen Pingjiang chuckled and pursed his lips,
"Do you really think I don't know who Dean Kuang Minghong is to you?"
"?"
Wan Yuqian thought she had hidden it well.
"Did my uncle tell you?"
"No!"
"Then who told you?"
"You."
Leaving just that one word, Chen Pingjiang walked away gracefully.
Wan Yuqian, realizing she had been tricked into revealing information, gritted her teeth in frustration.
After a couple of playful jabs with Wan Yuqian, Chen Pingjiang was in a great mood.
Currently, throughout the company, only Wan Yuqian could go head-to-head with him for a couple of rounds.
It's truly lonely at the top, Chen Pingjiang thought, feigning self-importance.
As Chen Pingjiang walked into the office, he saw the new male assistant busy wiping the desk.
Hearing footsteps, he looked up, and the moment he saw Chen Pingjiang, he immediately stood straight and greeted respectfully,
"Mr. Chen, hello, I am your new assistant, Guan Yifeng."
Wan Yuqian likes to bicker, but she is very reliable when it comes to work.
The age she chose for Guan Yifeng was very clever; he wasn't in his early thirties, which could easily create a generation gap with Chen Pingjiang, nor was he a fresh graduate with no work experience straight out of school.
Guan Yifeng, with his gentle demeanor and glasses, had an ordinary appearance, giving off a somewhat honest impression.
"Hello."
Chen Pingjiang scrutinized him for a moment before asking,
"Your accent doesn't sound local to me?"
"That's right, Mr. Chen, my hometown is Haidong,"
Guan Yifeng answered honestly.
"What kind of work did you do before?"
"Government agency."
"Oh, really? Ms. Wan is quite capable then."
Chen Pingjiang was genuinely surprised,
"They say for people from Haidong, the end of the universe is an official post. You actually gave up such a good job to come to a private enterprise?"
"My girlfriend from college is from Dongjiang. We've been in a long-distance relationship for several years. Even if my original unit agreed through normal channels, there were no units in Dongjiang willing to accept me. If this continued, we would have broken up, so I had no choice but to resign and come to Dongjiang."
As he spoke, Guan Yifeng's expression was complex, showing both regret for his previous official post and the joy of pursuing love.
Chen Pingjiang, however, was dumbfounded; he was actually love-addled.
When Guan Yifeng first arrived, he felt a little apprehensive, wondering if this young, powerful big boss, whom he had never met, would be arrogant and difficult to serve.
Only after meeting him did he realize it was completely different from what he had imagined.
Unlike the stereotype of some big bosses, interacting with Chen Pingjiang was very relaxed and easygoing, putting little pressure on him.
To compete for this job, Guan Yifeng had truly put in his utmost effort.
He had initially thought that his experience working in a government agency would make it easy to find another job, but reality taught him a harsh lesson.
As a liberal arts graduate, it was difficult for him to find a job matching his major; most were sales positions.
He finally came across an internet company that was actually hiring a secretary.
He had truly overcome many obstacles to finally stand here.
After researching before coming, Guan Yifeng felt that Renrenwang should have good prospects.
Upon arrival, he discovered that the company was in a funding stage, which immediately gave him even more confidence in Renrenwang.
"What's the plan for the morning?"
Having gotten used to Song Xinyue as his assistant during this period, Chen Pingjiang realized how useful an assistant was.
"At ten in the morning, Mr. Shen Nanpeng from Sequoia Capital will be here. The meeting location is at his hotel, and we can depart in fifteen minutes."
Chen Pingjiang nodded.
The due diligence team had left the day before yesterday, and in the end, he had chosen Sequoia Capital during this period.
To put it bluntly, most institutions could afford the money for this Series A funding.
The only difference was the resources they held.
As the world's largest VC and China's top 1, it's no exaggeration to say that Sequoia Capital is a towering tree in the industry.
Later, companies like JD.com, Qihoo 360, Vipshop, BGI Genomics, Toutiao, Meituan, Didi Chuxing, DJI Innovations, ZTO Express, and Mobike all received investment from Sequoia.
After going downstairs, Guan Yifeng drove, and Chen Pingjiang arrived punctually at the VIP lounge of Shen Nanpeng's hotel.
"Ah, Mr. Chen, I apologize for not being able to come in person last time. I hope you don't mind."
"Mr. Shen, you're being too formal."
Shen Nanpeng, who came from a mathematics background, wore the iconic glasses of a science and engineering male, and exuded a refined demeanor.
The two exchanged pleasantries for a few moments before quickly moving into the negotiation phase.
"After reviewing the due diligence report, our side is very satisfied with all aspects of your company's operations. The only potential shortfall might be the management team, which might..."
Shen Nanpeng left his sentence unfinished, saving Chen Pingjiang some face.
Chen Pingjiang laughed heartily,
"Mr. Shen is right; I know my own business best. After all, I started this venture in my freshman year, and resources were relatively scarce back then. Our management team is indeed lacking in both experience and education, but I do recognize their work ability."
Shen Nanpeng also nodded,
"Of course, if they weren't capable, I believe Renrenwang wouldn't be where it is today. Our valuation for Renrenwang is 150 million US dollars, with an initial investment of 30 million US dollars for a 20% stake. We also noted that Renrenwang has already reserved a 10% option pool, which is excellent."
Chen Pingjiang frowned,
"Aren't you pressing the price too hard? I won't hide it from you, Mr. Shen, Liu Chiping from Tencent offered me 20 million US dollars, and I was only willing to give him an 8% stake."
Shen Nanpeng calmly took a sip of tea before smiling and saying,
"Isn't the price always negotiated? Mr. Chen's psychological price can also be discussed."
"With all due respect, while Renrenwang's funding appears to be Series A, we actually meet the characteristics of a Series C round. The team and product model are already operational, the product has scaled, and even the business model has been validated, considering Facebook's example.
You've seen the financial statements; just from the Qiang Chewei section, the advertising revenue we've negotiated with major car manufacturers already exceeds 30 million US dollars. Profitability is unquestionable. At worst, I'll wait a few more months; once the payment period is up, I'll get the money and then plan for development."
"But you're only willing to give 30 million US dollars now and want a 20% stake. Haha, Masayoshi Son is much more generous than you."
Shen Nanpeng nodded, acknowledging Chen Pingjiang's words,
"We are quite optimistic about Renrenwang, but you are bound to have a battle with Xiaoneiwang. My internal information from Tencent is that they have already launched a QQ version of the Qiang Chewei project.
This price is also what our team decided after comprehensive consideration and weighing the risks, because the risks are substantial. Although Facebook is a shining example, that is, after all, America.
'Oranges grown south of the Huai River are oranges, while those grown north of it are bitter trifoliate oranges.' Success in America does not mean success in China. Moreover, Facebook is a leader in America, but Renrenwang is not."
Chen Pingjiang smiled,
"How does Mr. Shen know I won't act impulsively and wait for the advertising fees to arrive?"
The two appeared cordial on the surface, but their words were filled with constant clashes.
"Mr. Chen definitely won't. First, Renrenwang also needs to prove its value to the market; if it doesn't get funding today, it will need it in the future. Only by proving its value will more people be willing to participate in this game.
Second, you can't afford to wait. As I just said, Tencent has already launched a QQ version of Qiang Chewei. If you wait a few months, Tencent will surely catch up, and by then, you won't get this valuation.
Furthermore, Xiaoneiwang won't give up; their operations are the same as Tencent's. Getting this money sooner for Renrenwang's development is always better than waiting a few months, being caught up by competitors, and having Renrenwang's advantage eroded."
Indeed, old ginger is spicier.
Shen Nanpeng saw through it clearly; he had accurately calculated that Chen Pingjiang urgently needed this money for development.
"That might disappoint Mr. Shen. You wouldn't think we'd rely on just one game until it dies, would you? Tencent and Xiaoneiwang are preparing; don't we have a next step? I guarantee you, those two will never catch up."
The confidence and sharp edge radiating from Chen Pingjiang made even the experienced Shen Nanpeng pause.
He continued,
"Everyone knows that under Web 2.0, social is a major trend. Otherwise, why did Daqi.com receive 30 million US dollars in venture capital last year? Is Renrenwang's business potential weaker than Daqi.com's? Besides, I heard that Microsoft is already in contact with Facebook, and Zuckerberg's asking price is 15 billion US dollars."
This greatly startled Shen Nanpeng.
How could Chen Pingjiang know such niche information, known only within the VC/PE circles?
The two countries were so far apart, and Chen Pingjiang was so young; he shouldn't have had access to such channels.
Of course, Chen Pingjiang knew.
Not only did he know, but he also clearly foresaw that in October of this year, Microsoft would invest 240 million US dollars in Facebook for a 1.6% stake.
Shen Nanpeng neither nodded nor shook his head, still repeating,
"Although they are the same type of website, you are, after all, in two different countries."
Chen Pingjiang shifted into a more comfortable sitting position and said with strong conviction,
"Regardless, Renrenwang was the first to launch China's, and even the world's, first social game. In a sense, Renrenwang has opened up a new era. I hope, Mr. Shen, you will affirm its value no matter what. This is my final offer. After this offer, if Mr. Shen accepts, we sign the contract; if not, I'll find someone else. You have 80 competitors behind you."
This was Chen Pingjiang's confidence; he had too many options.
"Before you make an offer, I need to remind Mr. Chen that in the history of internet enterprise financing in China, no company has received such a large amount of funding in its first round."
"Doesn't that bring us back to the point? While Renrenwang's funding appears to be Series A, we actually meet the characteristics of a Series C round. You cannot look at Renrenwang with traditional eyes."
Chen Pingjiang finished, then firmly uttered a few more words,
"One price, 250 million US dollars. If Mr. Shen agrees, we can sign a confidentiality agreement, and I will include a few plans for Renrenwang's next steps."
Shen Nanpeng was truly amazed; he had never seen such a forceful entrepreneur.
Entrepreneurs he had dealt with in the past were always amicable, even pleading, but Chen Pingjiang was different.
But he also had to admit that Chen Pingjiang had the capital to be assertive!
Currently, Renrenwang was the darling of capital, being pursued.
What surprised Shen Nanpeng even more was that the documents showed Chen Pingjiang was only in his freshman year.
How could he be such a genius, negotiating with such an organized approach, with exceptionally firm goals that couldn't be suppressed in the slightest?
Combined with him starting from scratch at such a young age to build such a large enterprise, it truly made Shen Nanpeng want to exclaim "prodigy" on the spot.
Fortunately, Sequoia Capital itself had already decided to raise its offer at the last partners' meeting.
Therefore, even if a valuation of 250 million exceeded their expectations, it wasn't unacceptable.
Shen Nanpeng was mainly curious about where Chen Pingjiang's confidence came from and was eager to know Renrenwang's subsequent plans.
Finally, under Chen Pingjiang's intense gaze, Shen Nanpeng nodded and said to his assistant,
"Print a confidentiality agreement."
Then he turned to Chen Pingjiang and said,
"As Mr. Chen said, a valuation of 250 million, Sequoia Capital will invest 50 million US dollars for a 20% stake. This is our sincerity."
It's done!
Guan Yifeng, sitting not far away, never expected to be involved in such a major project on his first day of work.
While the two big bosses were haggling earlier, his hands were sweating from nerves.
This secretly made him somewhat admire his boss, who was several years younger than him, for the composure and steadfastness he exuded.
After receiving the confidentiality agreement from Shen Nanpeng.
Chen Pingjiang then made an incredible move, tearing it up right in front of Shen Nanpeng.
"A gentleman's agreement, I trust Mr. Shen."
A vein throbbed on Shen Nanpeng's forehead; he really wanted to ask,
"Are you being reasonable?"
You were the one who made me sign the confidentiality agreement, and you're also the one who tore it up.
So you get to be both the good guy and the bad guy, and I'm just a pawn?
Chen Pingjiang then slowly began to explain.
"I have two big moves prepared for our competitors. First, our technical department is developing a new game, and I'm confident that its traffic will be five to ten times that of Qiang Chewei.
Second, we are contacting numerous celebrities, online influencers, variety shows, government agencies, and news media to join Renrenwang, and also cultivating our own online influencers in different vertical fields. The 'Gumin Zhige' that's currently popular is the best example."
Shen Nanpeng was not surprised that Chen Pingjiang was developing a new social game; it was predictable for Renrenwang, having tasted success.
However, his business intuition made him very interested in Chen Pingjiang's second point:
"I reserve judgment on whether Renrenwang's second game will achieve five to ten times the traffic of Qiang Chewei. But inviting celebrities and online influencers to Renrenwang, including fostering online influencers within the platform, is indeed a good strategy. If successful, it will give Renrenwang a first-mover advantage and an unbreakable moat."
Shen Nanpeng felt that this second point alone made Renrenwang's valuation worth 250 million US dollars.
Celebrities and influencers bring users, and high-quality online influencers within the platform will generate more exciting content, which will also feed back to the website, bringing more traffic.
Especially since Xiaoneiwang was still struggling in the university circles, its reaction was clearly lagging.
And QQ Zone currently could not even be considered a pure SNS social networking site.
While Shen Nanpeng praised Chen Pingjiang's bold move, he was also shocked by his exquisite strategic planning.
Is this difficult to think of?
Not really; at least Sina Blog had invited many online influencers and celebrities.
But the cleverness lies in Chen Pingjiang mentioning government agencies and news media.
This fundamentally changed the nature of Renrenwang.
If Renrenwang was purely a social platform before, then after these institutions join, Renrenwang will become a social + media platform.
Both parties, with the investment settled, seemed very relaxed.
After lunch, they parted ways.
As he was leaving, Shen Nanpeng mentioned,
"Mr. Chen, I'm actually very interested in your Renren Waimai. If you need funding in the future, please be sure to notify me."
The contract had been signed.
Shen Nanpeng pledged an initial fund of 20 million US dollars, with the remaining 30 million US dollars to be disbursed at a rate of 10 million per month, arriving within four months.
The moment Chen Pingjiang put down his signature also meant that, with his 70% stake in Renrenwang alone, his net worth had reached 175 million US dollars, equivalent to 1.3 billion RMB.
(End of Chapter)
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