Chapter 97

Cai Haoyu couldn't help but feel a surge of satisfaction. The boss's words were indeed different, and he immediately smiled, saying, "Thank you, President Lu, for your affirmation of the Mihayou team... In fact, whether the current direction of Mihayou is on the right path, in today's domestic game industrial environment, what kind of development model is correct? This is the core question we have been thinking about."

Lu Ming leaned back against the lazy sofa, crossed Erlang's legs, rested his chin with one hand, and said in an orderly manner, "As far as my own superficial opinion of domestic games is concerned, today's major game makers can be roughly divided into three categories."

Cai Haoyu was curious: "Which three categories?"

Lu Ming said: "The first category is the big companies that do whatever they want, the traditional big companies represented by Penguin and Wangye. They have abundant funds and are deeply involved in the game field. They have done countless evils and done some good things. They are expanding in many fields at the same time. There are many products, no matter if they are plagiarized or original, they occupy a huge market share. In short, such big manufacturers have money to do whatever they want."

"The second category is the stand-alone manufacturers occupying the high ground. Some are independent studios, and some are attached to big manufacturers."

"The third category is the studios at the bottom. Most of them have no name or name, and they don't know their predecessors or successors. They make a fortune in silence, and more of them die silently."

"These three categories basically include all manufacturers in the domestic game industry, and basically represent the current status of the domestic game industry. In my opinion, these three categories represent three attributes in China: capital, blood, and users!"

Having said that, Lu Ming took a glass of water and took a sip, and continued: "Capital is the large and small investors represented by traditional big factories; bloodline is the core player who holds the highest right of discourse and appraisal in the game industry. Users are the regular players with the largest market share, the largest potential, and the largest number of players."

"If we say that the industry's most ideal model, it should be the trinity of capital lineage users. To put it vernacularly, it is to continue to launch AAA masterpieces that are well-received. I believe this is also the ultimate goal of the vast majority of practitioners."

"But the actual situation is that the first, third, and second categories that have a driving effect are seriously separated, the third category and the second category are increasingly incompatible, and the first category is affected by the second and third categories, and Mutual restriction with the third category, such a vicious circle forms a vicious circle with domestic game characteristics."

Cai Haoyu couldn't help but flash his surprise, with a very novel understanding, and immediately asked, "In Mr. Lu's eyes, which category does Mihayou belong to?"

Lu Ming replied succinctly: "None of them?"

Cai Haoyu was surprised again.

Lu Ming said with a smile: "In the vicious circle of the current domestic game industry, I have seen a brand new fourth category from Mihayou, Mihayou technical type, it is said that the fourth category lies in Mihayou now. At the same time, it has some of the characteristics of the previous three categories: self-owned capital, which has accumulated a certain amount of capital in the past three years; self-owned blood, the collapse series is an excellent work; self-owned users, already has a stable audience."

"Mihayou has enabled itself to have the capabilities of the first type through the third type of operation model, and has pushed itself to gradually move towards the second type, forming a trinity to a certain extent. What is the right path? I think this is the right way. The key point is that the fourth category is completely dominated by itself and is not restricted by the first category of capital. This is the key to truly breaking through the vicious circle."

Hearing this, Cai Haoyu couldn't help but blinked a few times when she heard it. Sometimes she really wanted to expose the truth of the matter; it would definitely be a sensation.

Lu Ming immediately pulled the communication channel back to the topic, and said, "Whether or not Mihayou eventually introduces Tiansheng Capital, I still have to say one thing: Mihayou wants to become Mihayou rather than Tencent Mihayou or Wangye Mihayou, the only way out is to become a big company by yourself, it is not enough to ensure that you are firmly on the right path, you need to use the wings of capital to take off."

"The hidden dangers that Mihayou faces are obvious, that is, the problem of a single product and unstable revenue structure; we have to go further, and changes must be made in the future. The collapse series mobile games occupy 99.9% of Mihayou's business. So, this issue will be the biggest stumbling block for Mihayou to go public."

"Following the current thinking, it is only a matter of time before that penguin comes to the door. This is the 'boss' that Mihayou will have to face in the future. Either merge into the territory of the penguin empire, or you can only think about changes, Seeking change. Change has pains and sunk costs, which Mihayou may not be able to bear, and Tiansheng Capital can pay for Mihayou."

After some lengthy discussion, Lu Ming finally won Mihayou over. Cai Haoyu accepted and introduced Tiansheng Capital's 500 million financing, selling 25% of the shares.

Not only did it spend 500 million yuan, but also helped Mihayou improve the company's top-level design, pointed out several control loopholes in its company's articles of association, and helped the founder team firmly control the company's control.

This can be said to have greatly won the founder's trust and favorability for Tiansheng Capital. Cai Haoyu found that if the ownership structure is not improved in time, there will inevitably be huge hidden dangers in the future company.

Tiansheng Capital is the master of making big Macs like Anshi Group to the death. The advice given by this capital institution with full sincerity is naturally full of gold.

This also made Cai Haoyu deeply understand the concept of "decentralization" of Tiansheng Capital's investment that Lu Ming said. He really never thought about taking control, and then killing chickens and eggs, leaving a lot of chicken feathers and looking for the next. A vampire with a goal, but willing to help companies achieve value growth and share residual value, this is the real angel investor.

According to the investment agreement between the two parties, a weighted average anti-dilution clause has also been signed like Pinduoduo. This is to deal with multiple rounds of financing in the future. The equity invested in the early stage will not be wildly diluted. Naturally, Lu Ming will not suffer such a dull loss.

In comparison, Mihayou, as a mobile game company, is naturally unable to compare its growth scale with companies like Pinduoduo.