"No fund investing in AI chip companies will be less than 5 million yuan. It is difficult to make a profit if a fund with a loss of 5 million yuan or 300 million yuan."

Ye Fei analyzed: "The chance of exiting through listing is far greater than that of mergers and acquisitions, because the domestic merger and acquisition market is not yet mature today, and it is rare to see someone wanting to buy a company's products instead of a company's income or profit."

Chen Feng smiled. If you want to buy profits and income, why not buy companies in traditional industries?

internet?

The so-called unicorns basically have to raise a round at the end of the year or at the beginning of next year. If the valuation is not as good as the valuation last year, it will not only be quite unfavorable to the company's development, but listing reviews will be basically unlucky.

No one is stupid. He basically feels that his current market valuation has reached the high level of the company's life cycle, and he must quickly turn to the secondary market at this time.

There is no chance to raise a lot of money anymore.

If the overall valuation of the company in the secondary market declines, you can also blame the recession of the overall secondary market and the impact of some macroeconomic policies. Because after everyone goes public, your stocks are not good, I am not good, and the entire sector is not good, that is not my problem.

For most AI companies, going public also means taking off the last fig leaf!

In recent years, after all kinds of twists and turns, the valuation of the primary and secondary markets has been significantly reversed. In other words, new stocks and secondary new stocks perform far inferior to the primary market in the secondary market. Some celebrity companies that are sought after in the primary market have fallen after entering the secondary market.

To put it bluntly, emerging industries represented by the Internet economy have been continuously pushed up their valuations in the primary market, and prototypes have appeared in the secondary market, and the valuation has declined too quickly.

It fully proves that not only the people's eyes are bright, but the strict financial disclosure system in the secondary market may help squeeze out more bubbles.

"There is no way, the logic of the regulator is "You are born a bad person." For companies that apply for ipo, they have always brought tinted glasses to explore various problems in the company."

"I will keep a close eye on some common tricks taken by many innovative companies to increase their revenue. In order to increase profits, some companies will first find dealers to sell a large amount of goods and do not collect money immediately."

"That is, credit policy accounts receivable in exchange for a significant increase in revenue, which is the point that regulators focus most on."

"Ai has more tricks to play, and it claims to be a billion in revenue. In fact, it is because the statement is good. Sometimes it will conduct some related transactions and invest in some small companies to conduct related transactions with these small companies, which is a bit like the transactions between LeTV and its subsidiaries."

"I heard that a certain AI unicorn invested 80 million yuan in a small company. In exchange, the small company had to purchase from AI, but the purchase price would be very low, which is basically the most conventional cost price."

"Company a may need to purchase 300 million products, but in fact it purchases 1 billion products and only pays 300 million. The remaining money is returned to Company B at very high interest."

"Company a and Company B sign a bet agreement, and A promises to go public next year and pay the remaining money after listing."

Chen Feng shook his head, and said that the demon was one foot taller than he could have imagined, and nothing could have been done.

Betting is one of the most concerned issues for regulators now. If strategic investors have bets with listed companies, it will be troublesome if they don’t clean up in the end.

Regulators emphasize that the equity structure should be clear. If you have a bet, especially related to future performance, then it is possible that by next year and the year after, the shares will change greatly, which will cause legal problems.

If something really happened, the official will be beaten.

unicorn?

It's a legendary creature.

It is not only an investment term invented by the Silicon Valley risk industry, but also has been ridiculed as a dream company by some investors, and has even gradually been used to refer to one of the signs of the technology bubble.

It is just used by investing institutions and enterprises to show their superiority. Most of them only burn money but not make money, and they will eventually become Voldecan!

"Finding financing is never a necessary operation for real hard-core technology companies." Ye Fei said: "For example, Anji Microelectronics, one of the leading companies in the semiconductor packaging market, had a valuation of only about US$100 million before its listing."

"Especially those projects that say they are benchmarking against Nvidia, and have opened many product lines, and each development cost is basically 500 million or 600 million. Why so much?"

"Because the most suitable chip architecture they built at the beginning was mobile phones, so they sold it to Huawei. However, Huawei made it by itself after learning from it, and it was sold to other companies but couldn't sell it. Qualcomm has its own. Except for the later oppo, no mobile phone manufacturer said it wanted to make chips."

"In order to survive, we can only rely on the in-car and servers, but the architecture was originally for mobile phones, so we had to build many people to develop and iterate based on the existing architecture."

Shen Feng snorted coldly. This was not the product logic of a startup company at all, but the product style of a slightly rigid large company.

Even if I am a layman, I know that the learning cycle of AI chips and industrial products is longer, and they are calculated in "years". In other words, if a bullet is built for two years, it will be missed and if you want to counterattack, you will have to pay a huge price of time and cost.

You look at various BPs, why do they always like to say how many R&D personnel they have?

The answer is very simple, because many AI entrepreneurs come from the academic community, and their ideas are still the business system of the academic community, and they have never changed. I think my skills are great, and the companies I founded will be very good, and I have no industrial experience.

Every time I see a unicorn company, I will post a big-character poster that "first in the competition" every once in a while...

It's simply!

"On the one hand, the Sino-US trade war proves Huawei's technical capabilities, and on the other hand, it also brings the key bore-neck equipment in the semiconductor industry chain such as "lithography machines".

"Even if we already know that this equipment is as expensive as hundreds of millions of dollars, we can't make it now if we take out tens of billions of dollars!"

Ye Fei said helplessly: "The prosperity of the Internet has made everyone see only two points, one thinks and the other do it. Many people think that the only difference between them is money and people, so everyone will raise enough money, make large-scale adjustments, and finally be able to achieve it?"

"Making chips and software is the least necessary to build people. Just like building a building, one person comes to build it, and there is no obvious difference between 100 people, because the key is still to who will build the building to the 100th floor first!"

Shen Feng sighed and said in a blunt way:

Talent is priceless!
Chapter completed!