"5-10 billion?" Fang zhe leaned back slightly on the sofa after hearing the valuation range.


    Well, there''s no need to talk about it. It seems that people in the investment circle don''t know enough about Huizhong''s current strength. However, it''s also our philosophy. Wechat, the core weapon of aircraft carrier class, is still a secret. The outside world doesn''t know that Huizhong has a mobile chat software that is quietly taking root all over the world. Therefore, it''s not surprising to regard Huizhong as a game company.


    In the capital market, there are several important points to judge a company''s valuation. One is the company''s profit and the other is the nature of the company''s core business. The former determines the basic price of valuation, and the latter determines the P / E ratio of valuation, that is, imagination space.


    Nowadays, according to the general standards in the industry, the P / E ratios of pure Internet companies such as bat range from 20 to 50, hardware companies such as apple range from 10 to 20, while the P / E ratios of game companies such as Netease perfect range from 5 to 15. Among them, the p / E ratio of game companies is the worst, which is also closely related to the unstable income of game companies and the lack of guaranteed income in drought and flood.


    Now, according to the valuation given by Liang Botao, it is obvious to calculate Huizhong as a game company. Otherwise, the valuation of Huizhong should start with us $10 billion instead of US $10 billion.


    "Mr. Liang, when I come to Hong Kong this time, I want to talk to you about the transfer of Jingdong shares, and the other is to get to know and meet with friends in the investment circle in Hong Kong. These two days, please contact Mr. Liang and make an arrangement!"


    Fang zhe changed the subject and stopped talking about Huizhong''s valuation. Liang Botao and Li Zhonghua looked at each other and knew that the other party was dissatisfied with the valuation they offered, so they stopped worrying about it. When Liang Botao promised to help, Fang zhe had already got up and said goodbye to him:


    "It''s late today. I''ve just come to Hong Kong. I''ll go back to the hotel to exchange Feng Shui first. You two also rest early. When you''re free, I''ll bother Mr. Liang again!"


    Liang Botao saw Fang Zhe and his party off and returned to the living room. Liang Botao asked, "Jacky, what do you think?"


    "I guess he still thinks the valuation is low, but the price we give is very kind. Now the P / E ratio of game companies in the market is generally not high, and the P / E ratio of mainland Netease is only 12 times.


    For companies that rely solely on games like Netdragon, their stocks have fallen from $17 last year to more than $2 now, and the P / E ratio is less than 5. We can give Huizhong a P / E ratio of 15 times, which is very optimistic about the prospects of their company! "Jacky is the English name of Li Zhonghua. After Fang zhe left, they resumed the habit of calling their English names in the past.


    Liang Botao nodded and said: "indeed, it is common in the market now. Huizhong, the young CEO, is either too smooth and arrogant, or he has any secret cards that we don''t know. Otherwise, it''s difficult for him to catch up with bat, these Internet companies that have been established for a long time?"


    Fang zhe couldn''t hear what Liang Botao and Li Zhonghua said. At this time, Fang Zhe, who was sitting in the car returning to the hotel, was also thinking with his eyes closed.


    According to the valuation given by Liang Botao, Huizhong is regarded as a game company dominated by game business and supplemented by Internet business, which is a bit similar to Netease and Tencent.


    However, it is obvious that Huizhong currently does not have a nuclear weapon grade product with great potential like Tencent QQ, nor is it positioned as an Internet company like Tencent, but not a game company. Although many non game businesses under Huizhong are excellent, it is still difficult for the investment circle to give a P / E ratio of more than 30 times as much as Tencent.


    However, this situation will not last long. With the entry of iPhone into China, Huizhong has fully entered China, not only Huizhong''s game business, but also wechat, a killer product that has accumulated more than 500000 users overseas.


    After more than five months of polishing, wechat has completely saved many loyal fans all over the world. Its largest overseas competitor WhatsApp and the person in charge of Zhongying overseas capital have also been contacted. It only spent less than 500000 US dollars. Colm, the founder of WhatsApp, sold this software.


    Even Fang zhe didn''t expect that the products with more than 1 billion users were so fragile in the early stage of its development. Fang zhe couldn''t help thinking of what would happen to China''s Internet industry if Tencent''s President Ma won the bid and sold QQ at the price of 800000!


    Although WhatsApp was bought, Fang zhe didn''t intend to throw this product into the garbage. Just like when he bought my world before, Fang zhe was just the overseas head of Zhongying capital. He registered a company in Silicon Valley and left Kom as the CEO with a small amount of shares and options. The routine was the same, and Kom who should have been recruited was the same Like the founder of my world, I got caught!


    Fang zhe retained the independent operation right of WhatsApp for two reasons: one is horse racing, which reserves a competitor for wechat to make it grow faster; the other is to cope with the pressure of antitrust and conservative forces in various countries in the future. When necessary, WhatsApp will be sacrificed as a chess piece and cake.


    However, in order to realize Fang Zhe''s dream of eating the earth with wechat, WhatsApp and wechat have taken a very different path in product thinking. WhatsApp, like previous generations, is minimalist and does not engage in any platform and ecology, while wechat, like Tencent''s wechat in previous generations, is slowly evolving from tool products to platforms and then to ecology.


    In contrast, the latter will face hundreds of times more resistance and difficulties than the former, but how do you know if you can succeed without trying? Anyway, I''m so rich. It''s no big deal to fail!


    Fang zhe has made up his mind that after returning to the mainland this time, he will make every effort to prepare for the entry of all Huizhong''s businesses into China, especially wechat. Compared with WhatsApp, which Mao doesn''t have, Tencent, a domestic social giant, is the existence he is most afraid of. Fortunately, Fang zhe has had many layouts before, and some of his future layout plans involve Tencent''s energy and mislead Tencent''s judgment, There should still be considerable certainty.


    In the next few days, Fang Zhe and several directors of Huizhong investment department who accompanied him met with friends in investment circles such as many well-known investment institutions and private equity funds in Hong Kong.


    At the same time, Huizhong investment department also settled the transfer of Jingdong shares with Liang Botao. In view of the fact that Liang Botao did not reach an agreement on their desire to take a stake in Huizhong, Huizhong still got 9% of Jingdong shares from Liang Botao at the price of US $20 million.