Wednesday, August 9th, at 20:05 pm Beijing time.

Yang Fan was wearing a white long-sleeved shirt and stood in the waiting hall of Pujiang waiting station, frowned, and raised his hand to look at the watch every one or two minutes, using the dual-time zone timing function above to view the Eastern Time, looking very anxious.

Liu Yunlai, who came with him, was very relaxed, leaning against a pillar, chewing gum, and asked, "Yang Fan, are you wearing a Rolex Greenwich watch? It's pretty, how much does it cost?"

"The second-hand goods I bought at the auction house when I was working in 1990 are not worth much." Yang Fan raised his hand and looked at the time, saying, "The Nasdaq will open in 48 minutes."

"Mr. Du and his team have a train at 8:25, and it's up to 20 minutes from here to the hotel, which is too late."

Yang Fan paced back and forth in the narrow area around him and asked, "Brother Liu, do you think Netscape will fall below the issue price?"

"I don't know about this, but they dare to raise the issue price one day before IPO, and they should be very popular in the capital market."

"It has only been 18 months since Netscape was established, and I haven't made a profit of one dollar." Yang Fan wiped his cheeks with both hands, as if he was hypnotizing himself, and said in a low tone: "The Internet concept is very hot now, but the issue price of $22 is too risky. The US financial market is very mature, and investors are not as easy to cheat as in China."

Liu Yunlai didn't say anything, looked up at Yang Fan, who looked a little haggard, and felt a little more profitable and Xiao He sighed.

Two days ago, because of Du Qiu's attention, this guy joined Snapdragon with the highest salary in China. He was full of energy and had a bright future...

Two days later, this guy was so embarrassed that he was so embarrassed that he was so worried about Du Qiu...

Yesterday morning, Du Qiu sent Liu Yunlai and Han Ying to Pujiang with an authorization agreement and handed over the investment negotiations to Yang Fan for full responsibility. He was missing and did not give any instructions. Yang Fan had to go barefoot and negotiated with Yang Zhengxiong to reach a preliminary investment intention and prepare to transfer 10% of Snapdragon's shares for RMB 25 million.

According to the current latest exchange rate, RMB 25 million is approximately US$3 million, which means that Yang Fan sets the valuation of Snapdragon at US$30 million. The reason why he set this price is considered from two aspects.

On the one hand, Microsoft intends to acquire Snapdragon for US$20 million in May. Now, after more than two months of development, the brand awareness and market share of ivie browser have increased a lot, so financing must not be lower than this valuation, otherwise there will be suspicion of selling Snapdragon's interests.

On the other hand, the venture capital industry in Silicon Valley has always linked Snapdragon and Netscape, believing that the market value of the two is ten times different. At that time, Netscape IPO's issue price was only US$14 and its valuation was US$420 million. It can be concluded that Snapdragon's valuation is around US$42 million. However, the national conditions of China and the United States are different. Considering the background and influence of Lianhe Investment Company, it is better to lower the valuation and sell it better. After arriving at this towering tree, you can gain a lot of invisible benefits from other places and not suffer any losses.

In the form at that time, Yang Fan handled it very reasonably. Both sides took their own needs and achieved something, which was a win-win situation. Even Liu Yunlai, who came to Pujiang as a supervisor, could not find any faults. Instead, he admired his methods and eloquence.

Unfortunately, people's calculations are not as good as God's calculations. Here we just reached our valuation intention, and Netscape changed the issue price from US$14 to US$22, and the valuation suddenly jumped from US$420 million to more than US$650 million, leaving Yang Fan in a passive position.

Snapdragon has not been listed yet, and the valuation depends entirely on both parties' predictions and confidence in the company's development. There are many factors that cannot be measured. It is not a big problem if the difference is millions of dollars, but it is a big problem if the difference is tens of millions of dollars. Are you not capable or do you have to be out of the way?

Although Yang Fan and Yang Zhengxiong were only talking about investment intentions and had not officially reached an agreement, the valuation deviation was so large that it would not only make shareholders lose trust in it, but also lose prestige in the hearts of employees. It would be difficult for him to gain a foothold in Snapdragon in the future, so he could only pray that Netscape would fall below the issue price after its listing, thereby saving the failure and avoiding becoming a laughing stock.

"Brother Liu, do you have any cigarettes?"

"Yes." Liu Yunlai took out the cigarette box, handed one to Yang Fan, helped him ignite the fire, and comforted him: "Don't think too much, what I talked about yesterday was just a preliminary intention. As long as Mr. Du did not sign the contract, everything would not be done accurately."

Yang Fan took a sip of cigarettes and self-examination: "I am too eager for quick success and instant benefits. I should not give in to the company's valuation early. I should wait until Netscape will go public before making a reservation."

Liu Yunlai also lit a cigarette for himself, took a few sips and said, "Yang Fan, you are a top talent after returning from studying abroad. I am just a rough man who is busy working in China. Some things are not qualified to tell you..."

"Brother Liu must not say that." Yang Fan stopped pacing irritably, rubbed the cigarette that had only been smoked halfway on the trash can, and said, "Brother Liu said something, I'll listen carefully."

"When I was in the army, the company commander often told me that you should not be impulsive in wars, and you should be defeated before you have to be victorious." Liu Yunlai played with the sterling silver lighter given by Du Qiu and said: "Malls are like battlefields. The Internet is an industry that has only emerged in the past two years. No one knows the prospects. Crossing the river by feeling the stones is very risky. You plan ahead and find a backer for Snapdragon investment is a necessary measure to prevent risks. You did it right. Just this proves that you are an excellent corporate manager."

Yang Fan's expression relaxed a little, and he said modestly: "Brother Liu has been awarded."

"Actually, according to my opinion, your problem is not to be eager for quick success or instant benefits, but to look down on Mr. Du's ability." Liu Yunlai rubbed his forehead with his thumb and index finger, but he still couldn't think of how to describe Du Qiu, so he said concisely: "Myster Du is a computer genius, but if you only treat him as a computer genius, you're very wrong."

These words made Yang Fan feel terrified. Because he studied computer science when he was a bachelor's degree, he changed his career to study management after going abroad, so he discovered the potential and prospects of Snapdragon earlier than ordinary people. However, it also made him blinded by Du Qiu's amazing computer technology and ignored other abilities.

"Many people, including your uncle, think that Mr. Du has been wandering outside since he was a child, and has learned some computer knowledge by relying on his talent. He doesn't know anything else, so he can just take it." Liu Yunlai shook his head, rubbed the cigarette butts, threw it into the trash can, and said: "Although the domestic computer industry is not very developed, there are many people in this industry, and there are a lot of state-owned enterprises and private enterprises. Over the years, which one has achieved results? Mr. Du started from scratch and founded Snapdragon in just half a year. He made a name for himself internationally. He made more profits than many large state-owned enterprises in a year. He really thought it was just luck?"

Yang Fan was silent about it.

"When you were inspecting Snapdragon a while ago, you focused on middle and lower-level employees and ignored Mr. Du. Of course, it was not wrong to do this. After all, he is the boss and you are a subordinate, so you can't control him. However, if you communicate with Mr. Du, you will know that he has a mature plan for the company's development." Liu Yun said this and patted Yang Fan on the shoulder and said, "Mr. Du's soul. If you underestimate him, you will naturally underestimate the value of Snapdragon. You made the wrong judgment at the wrong time, so you are in a hurry to raise funds."

Yang Fan continued to remain silent, but he disagreed with Liu Yunlai's statement. The reason why he was eager to find Lianhe Investment Company as a backer was that on the one hand, he was selfish and wanted to take advantage of the opportunity to expand his power in Snapdragon; on the other hand, he did have the intention to prevent risks for Snapdragon, because if Microsoft's $4 million cooperation fee was deducted, Snapdragon's only stable source of income was the Icard homepage created by Chen Dayou, which was only more than 100,000 US dollars a month. However, Du Qiu was overly confident and ignored the reality of poor computer level in domestic projects. He invested wildly in extremely difficult projects such as operating systems and databases. The possibility of failure is very high. If he did not raise funds quickly, it is very likely to ruin the good situation in front of him.

"It's 8:23, Mr. Du and his team are about to arrive. Let's go and take a look at the exit."

At 8:25 pm on August 9, Du Qiu, Chen Zhiyang and Gu Shoubing, three Snapdragon shareholders, arrived in Pujiang together. 45 minutes later, Netscape was officially listed on the Nasdaq. When the opening price was displayed on the TV of a five-star hotel, Yang Fan was stunned and his mind was blank. As the opening price soared, it rushed from $22 to the incredible $71!

Is Wall Street crazy?! Are American stock investors crazy?!
Chapter completed!