Becoming a Movie Star, System Only Finished Loading After Ten Years

For Xiaomi's valuation, Lei Jun's psychological expectation is $200 million, and of course, the final result is the higher, the better.

He had fantasized about $300 million, $500 million, but that is not very realistic.

It would also be inconvenient for the subsequent rounds of valuation.

He just didn't expect that the new proposal from Donghao Venture Capital not only didn't suppress the price but instead offered a valuation of $250 million.

Of course, there is no free lunch in the world.

Donghao Venture Capital also came with conditions.

They demanded exclusive rights to the Series A financing, with an investment of $80 million for a 30% stake.

This condition was something Lei Jun found hard to accept.

Firstly, he didn't want to raise that much money; business financing is for burning, and it's enough to burn as much as needed, not the more, the better.

If you give away 30% in the first round, how much will you give away in the second round?

With a few more rounds, company control would be handed over.

Even if you set up dual-class shares, with class A voting rights ten times those of class B, once the founder's shareholding becomes too low, even if the company grows, the gains would have little to do with him.

Class A just has greater voting power than class B, but the benefits are the same.

Lei Jun's original plan was to keep the funding under $50 million, with a financing proportion of around 15% to 20%.

Secondly, Lei Jun hoped to introduce several strong venture capital funds.

For example, BlackRock, Vanguard, and the like.

Clearly, for the same financing, where you get the money also matters a lot.

Lei Jun primarily considered future funding rounds.

Now the valuation is $250 million, and Donghao Venture Capital didn't even blink at investing $80 million, so what about when valuations are higher and more funds are needed?

For example, at valuations over $10 billion, that's not something an ordinary fund can bear.

Donghao Venture Capital doesn't even have fundraising channels.

At that time, they would have to seek help from large funds.

There's a saying in the investment world—Why bother with someone else's child?

Many large funds only participate in the early rounds of financing, where the risk is high but so are the rewards, and as for pre-IPO companies that have already occupied a lot of positions, they avoid investing.

Lastly, Lei Jun was wary of Donghao Venture Capital.

The business philosophy demonstrated by Donghao Venture Capital washed over his knowledge and exposed him to their ambition.

Donghao Venture Capital was contacted by him.

But the company's choice of the mobile phone industry was well-planned long ago.

The initial preparations Lei Jun made were even more thoroughly prepared by them.

So, he feared one day that Donghao Venture Capital might seize the nest built by someone else.

But cooperation was still necessary, as Lei Jun couldn't imagine a company acting like Xiaomi's twin brother.

At that time, there would be two identical mobile phone brands in the industry, and they would definitely have to fight to the death.

Donghao Venture Capital didn't care; mobile phones could be just one of their many investment projects. If it succeeds, it succeeds; if it fails, it fails.

But Lei Jun couldn't accept this.

He was going all in with this one move.

A lifetime's accumulation, whether it succeeds or not, would depend on this one deal.

The two sides engaged in a fierce verbal battle.

In the end, Donghao Venture Capital invested $30 million, acquiring 12% of Xiaomi's shares.

Two other venture capital firms jointly acquired 8%.

For this, Qi Hao was satisfied.

Although there will be more rounds of financing dilution later, having 12% now is not bad.

They can't give too much.

Starting with 30% was just a negotiation strategy.

If Lei Jun were short-sighted, or a newly graduated entrepreneur, seeing Donghao Venture Capital offering an additional $5 million, he might waver.

However, Lei Jun was an old hand and not short of money himself.

In no way could he give away as much as 30%.

Under the general framework, both sides also agreed on many details.

For example, Donghao Venture Capital could send people to join the board of directors to participate in company decisions, and both parties would also engage in other investment fields of cooperation.

Lei Jun couldn't have Donghao Venture Capital sign a guarantee not to meddle in the mobile phone business in the future.

In fact, Xiaomi was not even the first salvo.

Donghao Venture Capital had long invested in Apple years ago and purchased many stocks.

So combining mutual interests is the best way to dispel the idea of starting afresh.

Lei Jun most hated having outsiders command insiders.

However, Donghao Venture Capital's performance was not at all like outsiders, even more professional than many experts in the mobile phone industry.

Besides Xiaomi, Qi Hao also got information about DJI.

It's just... very outrageous.

If Xiaomi was expectedly favored by the capital market due to Lei Jun, this Internet legend, when it was founded, then DJI completely belongs to the exemplary case of being initially ignored.

The company was founded in 2006 by Wang Tao.

This guy dropped out of East China Normal University in 2003, and entered Xiangjiang Science and Technology University's Department of Electronic and Computer Engineering.

Dropped out?

This clue seems right, many talented individuals have had experiences like quitting school or delaying graduation.

Wang Tao mainly researched flight control systems for remote-controlled helicopters at school.

In 2006, he founded the company.

Initially, their office was in a residential house in Shenzhen Lianhua Village, with only four team members, of whom only Wang Tao had a background in drone technology.

In 2008, they launched the first automated electric unmanned helicopter EH-1 and completed flight tests in high-altitude cold regions like Mount Everest.

In 2009, they released the third-generation flight control system XP3.1, which solved helicopter suspension technology challenges.

This year they launched the first consumer-grade product Ace One, officially entering the consumer market.

This is a very niche track.

The drone market is out of reach for ordinary consumers, with the high prices and complex operations deterring most people.

DJI is also in a stage of technological accumulation, with not much venture capital interest.

Wang Tao is easier to negotiate with than Lei Jun.

He urgently needs funds to research and promote consumer-grade products, to monetize the technology accumulated over the years.

If he doesn't monetize, there won't be money for subsequent research and development investment.

And without continued investment in research, it won't be possible to grow stronger and bigger.

Donghao Venture Capital is small but has a sterling reputation.

Especially in terms of reputation, they've never made any mistakes, and no one has heard of them tricking anyone.

Sect Leader Qi Hao is known as "Little Buffett" in the investment world.

The assets he has set his sights on are all very high quality.

If someone like Lei Jun, a slick veteran, can see their value, not to mention an academic entrepreneur like Wang Tao.

Having encountered such a great financial backer, he directly hugged and wouldn't let go.

The collaboration with Xiaomi began a few months ago.

It was with Tongzi's help, Qi Hao threw out a trump card, and only then did Lei Jun compromise.

And for Wang Tao, it all took less than a week to negotiate.

Donghao Venture Capital invested $5 million, accounting for 20%, with a post-investment valuation of $25 million.

In addition, the preferential rights for future subscriptions by Donghao Venture Capital were stipulated.

As for the task that was not yet completed, he still didn't know DJI's specific business information—as Tongzi's master, Qi Hao trusted Tongzi to the point of being blind.

As long as it was a project given by Tongzi, if Qi Hao hesitated even for a second, it would be disrespectful to Tongzi.

On October 31, at the 23rd Tokyo International Film Festival, Wang Qianyuan won the Best Actor Award for "Steel Piano."

This time Qi Hao didn't go, and he didn't receive any nominations either.

When Wang Qianyuan gave his acceptance speech, he gratefully thanked Qi Hao profusely.

If in the past he still thanked Zhang Meng, now Wang Qianyuan is wholeheartedly grateful to Qi Hao.

This year Mrs. Hua released a "Tangshan Earthquake," and a "Heaven-Reaching Empire," breaking her annual box office record.

Plus, the IPO last year, it was an overwhelmingly successful year.

However...

Qi Hao produced multiple films that grossed over $200 million, and Zhonghao Entertainment leapt to become industry leader.

Everyone in the entertainment circle racks their brains trying to get closer to Qi Hao.

Wang Qianyuan doesn't need to.

He can proudly say that he was brought out by Qi Hao.

Qi Hao is his talent scout.

When he was the most lost and helpless, and filled with frustration with his entire life, Qi Hao found him to star in "Steel Piano," and that led to who he is today.

Actually, he was recommended by Zhang Meng.

But this in no way affected him choking up with emotion as he expressed his gratitude to Qi Hao during his acceptance speech.

One doesn't need to say he's insincere; this is just reality.

Even having reached Qi Hao's level of fame today, he wouldn't dare say he could live freely without considering anyone's opinion.

At this Tokyo International Film Festival, besides Wang Qianyuan winning Best Actor, "Guanyin Mountain" also won the Best Artistic Contribution Award, and starring actress Fan Xuexue won the Best Actress Award.

If in the past the so-called "Double Snowflakes" were just riding on the flow of big stars, now after two years of development, Fan Xuexue can finally be considered to have an aura of a big star.

Qi Hao didn't expect to encounter Fan Xuexue this soon.

Because of the weather and venue reasons, "Dragon Gate Armor" switched to indoor scene shooting.

It was only close to shooting that Qi Hao knew Fan Xuexue came for a cameo as Consort Wan.