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class=\"has-medium-font-size\">\u4ece\u53f8\u6cd5\u5224\u4f8b\u6765\u770b\uff0c\u5982\u679c\u5bf9\u8d4c\u534f\u8bae\u8981\u6c42\u7684\u662f\u7531\u88ab\u6295\u4f01\u4e1a\u7684\u5927\u80a1\u4e1c\u6765\u652f\u4ed8\u7ecf\u6d4e\u8865\u507f\uff0c\u4e00\u822c\u7ea6\u5b9a\u662f\u6709\u6548\u7684\uff1b\u5982\u679c\u5bf9\u8d4c\u534f\u8bae\u8981\u6c42\u7684\u662f\u7531\u88ab\u6295\u4f01\u4e1a\u6765\u652f\u4ed8\u7ecf\u6d4e\u8865\u507f\uff0c\u53ef\u80fd\u53f8\u6cd5\u4e0d\u4e00\u5b9a\u652f\u6301\uff0c\u539f\u56e0\u662f\u80a1\u6743\u4ea4\u6613\u662f\u80a1\u4e1c\u4e4b\u95f4\u7684\u4ea4\u6613\uff0c\u800c\u4e0d\u662f\u4f01\u4e1a\u5c42\u9762\u7684\u4ea4\u6613\uff0c\u56e0\u6b64\u4e0d\u80fd\u5f15\u5165\u7b2c\u4e09\u8005\u6765\u627f\u62c5\u8d54\u507f\u8d23\u4efb\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4\u3001\u5f31\u5316\u5b9e\u63a7\u6743<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">\u5982\u679c\u88ab\u6295\u4f01\u4e1a\u672a\u80fd\u5982\u7ea6\u5b8c\u6210\u5bf9\u8d4c\u6761\u4ef6\uff0c\u6295\u8d44\u4eba\u53ef\u80fd\u4f1a\u901a\u8fc7\u589e\u52a0\u8463\u4e8b\u4f1a\u5e2d\u4f4d\u3001\u66f4\u6362\u9996\u5e2d\u6267\u884c\u5b98\u7b49\u624b\u6bb5\uff0c\u6765\u5f31\u5316\u521b\u59cb\u4eba\u7684\u5b9e\u63a7\u6743\uff0c\u751a\u81f3\u521b\u59cb\u4eba\u53ef\u80fd\u4f1a\u56e0\u6b64\u800c\u88ab\u8feb\u51fa\u5c40\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/CXOUNION\u65b0\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Financial general Manager published an article in the public number &#8220;Equity negotiations!! An article on the negotiation focus of equity cooperation&#8221;, which was warmly welcomed by many small wealth fans.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Many small wealth fans can speak more thoroughly about the gambling mechanism mentioned in it, so as to prevent some pitfalls from being stepped on when the company signs an equity financing agreement.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Financial general in accordance with the types of gambling and gambling costs of two plates to elaborate. The type of bet is to make it clear what forms of bet are included. The cost of gambling is to make clear what default costs the company will bear if it loses the bet.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">First, the type of gambling<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">There are generally three types of betting: financial performance, non-financial performance and listing time requirements.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Financial performance<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Financial performance betting means that the investee company wants to make a high equity valuation, but such a high valuation cannot be evaluated from the existing financial performance. If the investor wants to invest in accordance with the high valuation, the investor will require the investee company to achieve the promised financial performance within the agreed period and take high performance as the guarantee of high valuation.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Financial performance bet, more used indicators include operating income, operating income growth rate, net profit, net profit growth rate. Among them, the most used is to &#8220;net profit&#8221; as a bet.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">For example:<\/p>\n\n\n\n<p class=\"has-medium-font-size\">According to the equity financing agreement, the investee company shall achieve a net profit of not less than 20 million yuan, 30 million yuan and 40 million yuan respectively within three financial years from the year of investment.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Non-financial performance<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Compared with financial performance, the bet can also be non-financial performance, including KPI, number of daily active users, GMV, technology research and development, etc., such bet performance indicators are particularly common in Internet companies.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The main difference between non-financial performance and financial performance is that financial performance directly assesses operating results and is a results-like indicator, while non-financial performance focuses on evaluating operating processes and is a process-like indicator.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">There is a sense of inevitability about non-financial performance, that if the investee can achieve these non-financial results as agreed, it will naturally achieve financial results as well.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Time to market<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Equity investment is not like debt investment, debt investment has a clear debt maturity date, before the maturity must be paid off according to the agreement to realize the withdrawal of debt investment.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">There is no clear exit time for equity investment, because equity investment is a long-term investment behavior, there is no date.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Since the timing of the exit cannot be agreed upon, the investor may agree on some conditions regarding the exit method.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The exit mechanism of equity investment mainly includes the exit after listing, the exit after the valuation rises, the original shareholder repurchase exit, and the gradual exit by dividend. At present, the most popular way on the market is to IPO the invested enterprise, so as to achieve a smooth exit in the secondary market, which is usually the highest return multiple of an exit way.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">The bet on the listing time of equity investment is generally to agree whether the invested company can be listed within the agreed time.<\/h5>\n\n\n\n<p class=\"has-medium-font-size\">The reasons behind the delisting of Wanda Commercial, its predecessor, from the Hong Kong stock exchange five years ago are complex.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Wang Jianlin, chairman of Wanda Group, said earlier that because the valuation of the Hong Kong stock market was too low, he could not afford to be ashamed of investors and shareholders, so he resolutely chose to delist and privatize.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">After delisting, Wanda Commercial Management carried out asset-light operations and prepared for a secondary listing. The second move to the Hong Kong stock exchange follows a Pre-IPO round that raised about $6 billion from institutions including Country Garden, Tencent, Ant Financial and PAG Pacific Investment Group.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">It is reported that the financing agreed on the latest listing time of Wanda commercial management, that is, set up a betting agreement for the listing time, if it can not be listed as scheduled, it may cause great economic losses to the major shareholder Wang Jianlin.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Second, the price of gambling<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">There are two kinds of gambling results: winning and losing. If the bet wins, everyone is happy. If the bet loses, what price will the invested company pay?<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Share compensation<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">If the invested enterprise fails to fulfill the betting conditions as agreed, the investor may ask the major shareholder of the invested enterprise to sell part or all of the equity at a discount.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">That is, the bet on the share compensation, which may put the founder out of business, which is the biggest punishment, equivalent to giving away his own son.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Share buybacks<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">If the invested enterprise fails to fulfill the betting conditions as promised, the investor may ask the major shareholder of the invested enterprise to buy back the shares held by the investor at a high price, so that the investor can still achieve a safe exit.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In 2000, Wang Xiaofei&#8217;s mother, Zhang LAN, opened the first South Beauty restaurant and made profits for eight consecutive years.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In 2008, in order to rapidly expand her stores, Ms. Zhang and CDH Investment signed a bet investment agreement, in which CDH exchanged 200 million yuan for a 10 percent stake in South Beauty, on the condition that if South Beauty could not be listed by 2012, Ms. Zhang would pay a high price to buy back the shares from CDH.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Four years later, due to special reasons, South Beauty did not go public as promised, and Zhang LAN himself did not have the money to pay the high buyback payment, thus triggering the sale rights clause, CDH sold its own and Zhang LAN&#8217;s equity ratio to a European private equity fund CVC, which directly led to Zhang LAN&#8217;s equity ratio being sold to only 13%. And finally the major shareholder also cited optimization as the reason. Kick Zhang LAN out of management.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Financial compensation<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">If the invested enterprise fails to fulfill the betting conditions as agreed. The investor may require the major shareholder of the invested enterprise or the invested enterprise to pay huge economic compensation.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Judging from judicial cases, if the gambling agreement requires that the major shareholder of the invested enterprise pay economic compensation, the general agreement is effective; If the gambling agreement requires that the invested enterprise pay economic compensation, the judicial support may not be possible, because the equity transaction is a transaction between shareholders, rather than a transaction at the enterprise level. So a third party cannot be introduced to bear the liability for compensation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Weakening real control<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">If the invested company fails to fulfill the betting conditions as promised, investors may weaken the real control of the founder by increasing the number of board seats, replacing the chief executive officer and other means, and even the founder may be forced out.<\/p>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u672c\u6587\u7531<a href=\"http:\/\/cxounion.cn\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/a>\u8f6c\u8f7d\u800c\u6210\uff0c\u6765\u6e90\u4e8eCFO\u517b\u6210\u7b14\u8bb0\uff1b\u7f16\u8f91\/\u7ffb\u8bd1\uff1aCXO UNIONCXO\u8054\u76df\u5c0fO\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\">\u5982\u9700\u52a0\u5165<a href=\"http:\/\/weixin.qq.com\/r\/fxJxaVHE1AyrrRUK90dt\">CXO UNION\uff08CXO\u8054\u76df\uff09<\/a>\u9ad8\u7ba1\u793e\u7fa4\uff0c\u8bf7\u8054\u7cfb\u793e\u7fa4\u5c0f\u4f19\u4f34\u54e6~<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/CXOUNION\u65b0\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u514d\u8d23\u58f0\u660e: \u672c\u7f51\u7ad9(<a href=\"http:\/\/www.cxounion.cn\/\" target=\"_blank\" rel=\"noreferrer 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