Zhou Hongyi’s three advice to entrepreneurs financing is more important than price!250 million cash

— Speech at the dark horse race in Nanjing in July 6, 2013

on November 21, 2016 evening, Chinese online announcement announced that the listed company to 250 million stake in Guangzhou barrage Network Technology Co., Ltd. Acfun, accounting for 13.51% of shares. Upon completion of the capital increase, the Chinese online will have the right to nominate 2 of the 7 seats on the A board.

in the semi annual report this year, Huace also disclosed a sum of 50 million yuan of investment in A station, but not to the A station of the valuation, and financial data have detailed disclosure. It is worth noting that, in the A station shareholders list does not appear Huace figure.


I tell you a personal example, my first company when there is no point of financing experience, then VC just for the returnees, later I finally saw a IDG, there are a lot of rumors, IDG asked me how much money do you want, they expect me to be the 200 Wan Meijin. But I fear in mind, said enough 2 million. They asked me, "2 million dollars?" I said "RMB". He was oppressed heart joy that investment 2 million, to 25% of the shares, this condition? Certainly not good, but I have never regretted it, even I never complained of his IDG, from my company earn more than 100 times the return I still feel very happy, because why? I do not think that the money I would not have access to the Internet, there is no later attempt.

A station revenue list as the financing exposure

real financing success, will pay the price for the high price of financing, such as the high valuation, investors do not feel safe, it must do with him on gambling, which often leads to a lose lose situation. For a fledgling entrepreneurs, I think the most important thing is to make money fast, fast work, the product to do it fast, bring the product to go fast, finally prove your value is not your financing price, the value of time but what you do after the success of mergers and acquisitions of listed or you. High financing prices do not represent real success. Financing is only a means. The most important thing is to do a good job in your products and markets.

investors like me very much because they all make a lot of money from me, but I also feel a lot of help from them. I remember Liu Shaoji said a word, "throw a sprat to catch a whale, some people are Zhanxiaopianyi suffer." So, I think the early entrepreneurs do not understand the financing does not matter, slow down does not matter, be wiped out of oil


according to the Chinese online investment notice content, A stood in the current round of valuation after the investment reached 1 billion 850 million, this figure exceeds the old friend B stood in November 2015 when the round of financing. According to the information disclosed by the media, led by the Tencent, Chinese culture, H, Capital and investment in the D round of financing, B station after the valuation of 1 billion 700 million yuan.

what qualities should an entrepreneur have? In fact, a lot. But I want to say two things: mind and pattern. I’ve been talking about one of the most common mistakes entrepreneurs make – the lack of an open mind and a cooperative, shared mindset.

through the Chinese online investment, the outside world to see the current A station "burn money" speed. According to the announcement, the A station in 2015 net loss of 113 million yuan; the first 9 months of this year net loss of 146 million yuan, calculated according to this ratio, the loss in 2016 may reach 200 million yuan, an increase of almost 2015 loss times.

thanks to the Chinese online 300364.SZ investment, for the listed company’s investment letter Phi regulations, so that the outside world to A station’s financial situation has a clear understanding.

‘s three advice to entrepreneurs: financing is more important than price,

A station is a former executive in the evaluation from the financing of listed companies, for this stage of the A station, is the largest in the meaning of the financing, frequent "turmoil", also can get not a small sum of money to finance a good valuation. Now the internal "turmoil" has subsided, so that the industry can stand A second place.

, however, since then, news has leaked that B’s latest valuation in 2016 has reached around $1 billion, but this view has not been proven.

I have seen some entrepreneurs have good ideas, just like holding a gold doll, I think the whole world has only one person, I can think of myself, this idea into the money will certainly be successful. So many entrepreneurs in the early days, with many investors on the care of the go, if you can not raise the company’s financing price a little higher, I feel I do not have the face. I’ve always argued that entrepreneurs at the angel and A rounds are the ones who want to get money quickly, and maybe you won’t be able to get the money for the first time because you don’t have any experience.

according to such burn speed, Chinese online sent 250 million cash is almost enough to maintain the A station a year of operation, and whether the business collaboration between the two as usual is still a huge question mark.

Although the

A said in an interview with several entertainment DreamWorks public ID:D-entertainment that the A platform and the online Chinese language platform are hardly

recommendation 1: financing is more important than price,

A former executive at


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