Chapter 282 Anti-Investment List

The red sun jumped out of the city sky, and Xie Jingxing came to the headquarters office of Pony.com under the morning glow.

Young Master Wang didn't let him wait too long. He made an appointment at night and went to seek revenge. Last night, he threw his face on the ground in front of a hundred beautiful girls. Neither his uncle nor his aunt could tolerate this!
I've found out who that guy surnamed Yan is from. He's just a local resident of Guangdong and Guangxi. You surnamed Xie want to take sides, right? Then let's settle the accounts.

"The market situation has been very tense recently, with competitors emerging in an endless stream and venture capital becoming more and more active. I heard that some institutions have invested in the upstream anchor guild." The first thing Prince Wang said when they met was to make his attitude clear.

Xie Jingxing went back to the hotel last night and drank with Yan Wenhua until the early morning. He looked a little sleepy and yawned slightly: "As expected, Panda has already planned to support the anchor guild."

"The competition is more intense than expected. I heard that IDG is going to invest in YY Live's largest guild, Yujia. Their revenue from the platform's annual competition alone this year is over 10 million. The financing scale must be at least tens of millions, right?"

Prince Wang paused for a moment and continued to emphasize: "At this level, the investment in the entire upstream and downstream of the industry has begun to increase, and everyone is under great pressure. Huya Live lost 4 million in the second half of this year, and they are preparing to disband the business team for reorganization."

"so?"

Prince Wang leaned back and supported the armrests of the sofa with his hands open: "So we must have a unified belief internally. From the anchors jumping ship to the investors' stance, we cannot accept wavering and sitting on the fence."

"That makes sense. Huhu 360 has just launched a mobile live streaming business. You should talk to them."

Xie Jingxing nodded thoughtfully: "The product name seems to be 'Hua Jiao'. The progress is quite fast. It should be launched in the first half of next year."

"..."

Prince Wang was stunned. He never expected that not only the project would be established internally, but even the product name would be determined.

In other words, it is very likely that as early as last month, when Panda and 360 were discussing investment cooperation, Zhou Hongyi, the old bastard, was already studying the internal incubation of live broadcast projects.

He tried to keep his face straight: "I know this news. In addition, you have resigned as co-founder, and Douyu is seeking a new round of financing. As the old saying goes, you must first stabilize the country before fighting against foreign enemies. What you two investors did is really hurt our morale and our internal morale is unstable."

"What do you think?" Xie Jingxing did not comment.

"We will sign a regular competitive clause, and you can choose between the two. Taihe's previous investment in Douyu does not count. In the future, if you continue to invest in other competing products with punitive withdrawal agreements, Panda TV has the right to conduct regular reverse due diligence to review the performance of the obligations of your investment institutions."

Prince Wang threw out the draft he had been thinking about for half the night, thought about it and added, "Of course, Qihoo 360 also has measures regarding the job-hopping of its anchors, and they treat everyone equally."

"This kind of competitive clause is unusual and is generally a privilege for top projects. The specific details still need to be negotiated. Doing this will make it very difficult for Panda TV to raise funds in the future... How is the million-question event going? The overall loss this year will not be less than Huya's, right?" Xie Jingxing reminded seriously.

Prince Wang frowned unconsciously and sat up straight. "The official financial statements are still being compiled, and the loss is roughly around 5 million. Your prediction is right. There are already startups in the market that specialize in answering millions of questions and promoting business models to third-party companies. They spend more money than us. It feels like we are almost at the point you mentioned. The relevant departments may have to directly issue industry regulations for control."

"And we spent a lot of money this year to recruit anchors. Similar competing platforms have been launched one after another. They don't have much money, but they can't afford it. They recruit big anchors from one platform and another. There are also mobile live broadcast platforms, which are basically based on entertainment show business. The mobile terminal has a low threshold and high traffic. Relatively speaking, our platform's live broadcast show business is not very competitive, and its hematopoietic ability is very problematic. Hey, you said 360 is doing mobile live broadcasting, are they going to do entertainment show business?"

"...Don't you know that?" Xie Jingxing was puzzled.

Prince Wang was stunned for a moment, and he forced a smile with his stiff face: "Yes, I know. I've been busy with the variety show project "Produce Camp 101" recently, and I haven't found time to talk to Zhou Hongyi in person."

"Before you came this morning, I talked to Mr. Zhong from Pony.com. The Chuang Zao Ying project is ultimately just an attempt at PUGC's professional content business. You have to be aware of the strategic priorities. Right now, the most important thing for Panda TV is to 'strengthen the country through education.' This area means the attention of capital."

Those who are well-known in the market are not fools, and there is no shortage of players with super high execution capabilities.

Before Xie Jingxing had dug the hole of "online live education" into reality, YY Live had already launched its independent education brand "100 Education" live broadcast platform and spent a lot of money to acquire various K12 education teams. Recently, it has the momentum to subvert New Oriental Education.

Tiange Interactive, which went public in the middle of the year, is even more powerful, with live broadcast rooms for online medical and health consultations, stock trading technology teaching, etc. emerging one after another.

Online education, online medical care, and Internet finance are all hot concepts that have been verified by the market and are highly sought after by capital.

If Panda TV wants to impose competitive financing terms on investors, "Education Power" is the only bargaining chip it has that it can bring to the negotiation table and it can only say a few words.

"We have almost finished the discussion. We and Kuaishou will provide R&D technology and platform operation and maintenance, and Jiaotong University's school-run investment group will be responsible for business management. This project is relatively large and involves enterprise management system technology. For example, the Affiliated High School of East China Normal University, which has joined the school alliance, wants to notify students' parents of their grades online; and Jiaotong University wants students to check in online to complete extracurricular running and environmental protection social tasks."

Prince Wang was not interested in the idea of ​​"building a strong nation through education" at first, but now that he sees his competitors entering the market and reaping the benefits, his attitude is gradually changing.

He imagined, "All of their product requirements can be met through the modular functional components of the enterprise management system... Well, I heard from the technical department that Alibaba seems to have a project team called DingTalk working on this kind of product. But they provide social enterprise management services, so I wonder if we can target school customers in the education field."

"This way, our business model is more complete. On the one hand, it is the live education business, and on the other hand, it is school management services." The more he talked, the more he felt that there was a lot of money to be made: "There are nearly 500,000 schools in our country, and millions of private independent education and training institutions. This is a market worth hundreds of billions of yuan."

"How many alliance units have been negotiated so far?" Xie Jingxing asked calmly.

Prince Wang is optimistic and enjoys his talk: "We are negotiating with more than ten universities, mainly Jiaotong University, more middle schools, and many poor schools are willing to give it a try. There are fewer enterprises and institutions, but their intention is relatively low and they have no motivation to change the traditional propaganda methods. I didn't ask about the specific situation. I will wait until the Lunar New Year to sign a formal investment cooperation agreement with Jiaotong University."

“The progress is good, but we should not deviate from the core positioning of the product, which is a B2B live education platform + a publicity platform for corporate users. School management is too complicated and cannot be done without administrative leadership.”

Xie Jing Xing's words were gentle and admonishing, but they also contained positive encouragement and affirmation. "Anything else?"

"That's it for now. If everything goes well, Education Power Nation will be online in March next year, and Produce Camp 101 will be online during the summer vacation next year. If we do a good job on these two projects, Panda TV will have a solid foundation. We will be able to occupy a place in the market no matter what. You go ahead and do your work. I'm leaving... leaving..."

Prince Wang suddenly came to his senses and said, "Damn it, you really thought I came here early today to make up for not reporting to you in public last night, huh?!"
"No, Panda TV's current operating status and development prospects are all good. As an investor, you cannot hold us back!" He raised his voice and spoke sternly.

"Oh."

"Oh what? I'm telling you, I'm not here with a personal emotion because of what happened last night, and you shouldn't have such a negative attitude. Choose one between the two and give me a straight answer."

Prince Wang sneered with disdain: "If you feel that you can't accept it, let's part ways amicably. I will personally pay for you to sell your shares according to the latest valuation of Panda TV. I will definitely not let you suffer any loss."

After all, "Lost in Thailand", which was co-invested with Pei Fei Ku Ji Ji Studio, has earned two or three hundred million yuan, but the payment has not yet been settled. "Creation Camp 101", which was co-invested with Xiao Ma Pentium, is about to start its filming plan, and the product of "Education Power" with unlimited prospects is about to get on track.

The current valuation of Panda TV is at most 10 billion, and Xiyou holds a 17% stake, so this deal is a great bargain.

Prince Wang felt more and more that he was not acting out of personal emotion, but was extremely rational. Even if it hadn't happened last night, you have disgusted me more than once or twice. You like to show off to me without giving me face, right? Well, I will make you earn billions less in the future.

Only children would engage in meaningless quarrels. He is already a grown-up boy and will only make the most correct judgment based on interests.

"What I mean is that I am only responsible for the overall strategic direction of the invested projects. You have to find the specific post-investment management matters... He Chuan, who is the person in charge of the post-investment management of the Panda TV project now?"

Xie Jingxing picked up the phone while talking, "Zhou Wei? Ok, you have to go and negotiate with this investment specialist."

GP-Par-MD-VP-AS, AS, Associate, Investment Specialist.

Prince Wang was stunned for a full ten seconds, and after sorting out the job rankings in his mind, he immediately flew into a rage: "Xie Jingxing, don't try this on me, I've given you enough face!"

"Before your startup project is really snapped up by investors, don't threaten venture capital institutions to choose between the two. Don't even mention reverse due diligence and punitive clauses. Remember this."

Xie Jingxing patiently gave his final warning: "If you can clear out Xiyou with this, I will put you and Panda TV on Xiyou Capital's anti-investment list (anti-portfolio). Do you know what this thing is? If you don't know, go back and ask Jin Xiu. The security guard is outside the door."

The anti-investment list is usually used by top venture capital firms to summarize their investment status to LPs, including which projects they did not invest in and why.
Only those great projects that were missed and those with notable features are included in the list.

Liquidating investors' shares on the grounds of choosing one of two options is so unique that it is rare to see such an example in the global venture capital circle in the past ten years.

If Xiyou were to be cleared out, it would be a shame for the world. Panda TV is the unparalleled nemesis of venture capital, and all investors would tremble in fear in front of it.

Young Master Wang was escorted away by the security guards. Xie Jingxing shook his head and laughed. If this kid came to quarrel simply because of what happened last night, it would be understandable. But he actually wanted to use this as an excuse to kick him in the head and leave. What's wrong with his brain? He is really a rare creature.

However, it is inevitable to reach this situation. Xiao Wang has ideas about business, but unfortunately he is trapped in his identity as a rich second-generation and cannot extricate himself - he only has the execution ability for things that interest him.

If you think games are fun, you can form a game club; if you think general entertainment is good, you can set up a live TV station; it would also be nice to laugh and joke with a hundred pretty girls, so you can leave the games and general entertainment to your subordinates and keep yourself busy with those girls.

Fortunately, we have foreseen the logic of his behavior. Next year, "Education Power" will be launched, and we will try to fulfill his freedom as soon as possible so that he can do whatever he wants and no longer have to work in the company for a long time.

Xie Jingxing sighed with emotion. Venture capital is an industry that helps others, no matter what.

He still has a lot to improve and needs to work harder.

(End of this chapter)