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Equity Financing Process Breakdown - Equity financing is a crucial method for companies to obtain external funds by offering a portion of their equity, suitable for startups, growth, or expansion phases [2] - The process consists of six stages: preparation, investor matching, due diligence, negotiation and signing, closing and fund transfer, and post-investment management [2] Key Points of Equity Financing - The preparation phase focuses on addressing the necessity of financing, conditions for financing, and strategies to attract investors [3] - Investor matching aims to identify investors who recognize the project's value and can provide complementary resources, avoiding ineffective communication [4] - Clear financing needs should be established, including the amount required, specific use of funds, and equity release ratio, balancing funding needs with founder control [5][5] - A robust business logic and core materials are essential, including financial statements, legal compliance, market data, competitive advantages, and a well-structured business plan [5][5] - Initial valuation calculations are critical, using methods like comparable company analysis, DCF models, and cost methods, with early-stage companies potentially justifying higher valuations [5][5] - The due diligence phase involves a thorough examination of the business's commercial logic, team execution capabilities, and risk management [6] - Negotiation and signing focus on balancing the company's needs with investor protections, including key terms like valuation, anti-dilution clauses, and board control [7][7] - Closing involves completing legal procedures such as business registration changes and fund transfers [9] - Post-investment management is vital for long-term collaboration, emphasizing that financing is just the beginning of a partnership [10] Core Takeaways - Equity financing is fundamentally a trade of equity for resources, requiring a balance between funding needs, equity dilution, and control [12] - Preparation is foundational, with financial and legal compliance, clear business logic, and reasonable valuation being critical for investor engagement [12] - Matching the right investors is more important than quantity, focusing on those specialized in the relevant sector [12] - Due diligence serves as a trust-building exercise, where proactive communication can prevent deal termination due to historical issues [12] - Professional negotiation of terms is essential to understand the implications of clauses like anti-dilution and performance guarantees [12] - Post-investment collaboration is key, viewing investors as partners to maximize resource value [12]

Core Viewpoint - The current venture capital primary market is in a downward cycle, presenting more challenges for both investors and companies, with increasing complexity in balancing investor and company demands [1][6]. Summary by Sections Section 1: Overview of the Financing Process - The "Enterprise Equity Financing Manual" consists of approximately 100,000 words and 232 pages, systematically explaining the main processes and practical points for non-listed companies in equity financing [4][6]. - The first part outlines ten key issues from the perspective of investors, including how to present a good company, create a business plan, conduct financing planning, company valuation, find investors, conduct effective roadshows, identify investors, respond to due diligence, key terms of investment agreements, and negotiation strategies [6][10]. - The manual uses simple metaphors, such as "a glass of beer," to explain key concepts in the investment field, emphasizing the necessity and sustainability of investments [7]. Section 2: Practical Considerations in Equity Financing - The second part delves into critical aspects of equity financing, including internal control systems, equity structure design, writing business plans, selecting investment institutions, investment agreements, negotiations, and tax risks associated with equity transfers [10]. - It highlights the importance of constructing an internal control system that aligns with the current development stage and can adapt to future changes, providing reference processes for companies [10]. - The section on equity structure design discusses common issues through case studies of failed equity structures, offering insights for companies to design their equity frameworks [11]. Section 3: Investor Relations and Negotiation Strategies - The manual addresses how companies should handle negotiations with investors, particularly regarding performance guarantees and board seats, providing strategies for maximizing company benefits [15]. - It emphasizes the importance of understanding the implications of performance guarantees and how to navigate complex investment agreements to avoid potential pitfalls [16].