After buying a wealth management mines, Mihawkou did LP himself LP

Author:Investment community Time:2022.07.19

A dramatic scene appeared: After buying a trust wealth management product thunderstorm, Mihawou started LP himself.

On July 18, Goer issued an announcement that Goer shares signed a partnership agreement with Mihayou and Sanqi Mutual Entertainment, and proposed to subscribe to a total of RMB 556 million to conduct entrepreneurial investment activities. Among them, Mihayou contributed 100 million yuan to subscribe to 17.99%of the partnership.

Not long ago, Mihayou had just made a sensation because of buying a trust product thunderstorm. At that time, VC investors lamented, "Companies with such a strong cash flow look are really envious. Instead of putting money in the basket of wealth management products, it is better to find a reliable GP to take care of it."

Established in 2011, Mihayou was founded by 3 alumni of Shanghai Jiaotong University -Cai Haoyu, Liu Wei, and Luo Yuhao, who are also enthusiasts of ACG culture. The three of them established Mihayou Technology in a small dormitory. , Specializing in two -dimensional games, the game "Original God", which is popular in the future. From the initial funds of only 100,000 yuan, to now, Mihayou's latest valuation rumors have reached 200 billion yuan.

Earlier this year, a number of IR friends had inquired about how to contact Mihayou. "I heard that there is a game company in Shanghai that a game company can't spend 5 billion cash." Now, Mihayou has invested the money earned by the game to advanced manufacturing and other hard technology competitions such as advanced manufacturing. road.

100 million contributed, Mihayou started LP again

Just by the trust, the chives were cut

Mihayou appeared again as LP, which surprised the VC circle.

This time, Goer's shares invested 400 million yuan to subscribe to 71.99%of the partnership; Mihayou contributed 100 million yuan to subscribe to 17.99%of the partnership. Qingdao Tongge Entrepreneurship Investment Management Co., Ltd. is an ordinary partner of the fund.

It is reported that Qingdao Tongge Venture Investment Fund Partnership (Limited Partnership) was jointly established by Goor and Holding subsidiaries Tong Ge Venture Capital for 99 million yuan and 1 million yuan.

Interestingly, the partnership will conduct equity or quasi -equity investment in advanced manufacturing, intelligent connected cars, augmented reality/virtual reality, and semiconductor fields. The tentacles extend to hard technology.

The last time Mihayou entered the public vision, it was still because of the mine of 2.3 billion wealth management products. Not long ago, Tianyancha showed that Mihayou Technology (Shanghai) Co., Ltd. added a new public announcement. The "business trust dispute" case.

In other words, due to business trust disputes, Mihayou will sue the Minmetals International Trust Co., Ltd. to the Ministry of Five Mine Group to the court. This also made the "Mihayou being cut by a wealth management product" with sufficient cash flow, and quickly boarded the hot search.

According to the data, the ministerial trust subsidiaries of the Ministry of Listed Companies of the Minmetals Trust are owned by the Ministry of Enterprise Minmetals Group. Mihayou, who had a litigation dispute with the Ministry of Field Trust, was considered by the industry to be a product that has not been paid overdue.

The Dingxing Series Collection Fund Trust Program issued by Minmetals Trust in 2021 has at least 14 products overdue, with a total amount of more than 2.3 billion yuan.

Earlier, Mihayou had a small fire in the VC circle. "Have you heard of it? A game company in Shanghai holds 5 billion cash and find financial management in the world. Games such as" Yuanshen ", just like the glory of the king and peace elite, will continue to snowball." At the beginning of this year Friends who were responsible for fundraising at the VC Fund lamented. However, it was later reported that it was not Mihayou who won 5 billion cash to find someone to take care of.

After 85, Shanghai Jiaotong University made a game money printing machine

VC collectively missed

The rise of Mihayou is still talked about.

Behind this game company is the three alumni from Shanghai Jiaotong University -Cai Haoyu, Liu Wei, Luo Yuhao. In 1988, Cai Haoyu was born in Jinan, Shandong. Parents are teachers who have taught computer -related subjects. This has enabled Cai Haoyu to play simple computer games from a young age. Parents are also familiar with the importance of computers in the future, so they have never banned more. They found that Cai Haoyu did have talent in computer operations and had won many awards as a child.

The picture shows Cai Haoyu, from the screenshot of the video

In 2005, Cai Haoyu was admitted to Shanghai Jiaotong University as expected as a computer. During college, he came into contact with ACG culture (referring to the second dimension, animation, comics, games), and set up a "technical house" with peace of mind. In the days of Shanghai Jiaotong University, Cai Haoyu met with a passionate entrepreneurial partner, Liu Weihe and Luo Yuhao.

At the beginning of 2011, the three officially established Mihayou Studio in the D32 dormitory of the Minhang Campus of Shanghai Jiaotong University. Their startup funds were 100,000 yuan from the Shanghai Science and Technology Innovation Center. A slogan is released: the technical house changes the world.

In September of the same year, Mihayou's first independent Mengmei girl mini game "Fly ME 2 the Moon" was launched. The download of this game in one month has reached 3,000 times.

However, the start -up funds of 100,000 yuan were used up quickly, and Cai Haoyu and others began to seek financing. In the barbaric age of that game, plagiarism seemed to be a mainstream. The original two -dimensional game seemed to have no future. Some investors had let go. Qian's Three Kingdoms and martial arts games, I immediately played money. "But Cai Haoyu refused. Finally, after many twists and turns, Mihayou received 1 million yuan in angel round investment in 2012. Song Tao from CEO from Sikai Network, this 1 million, allowed Song Tao to get 15%of the equity -this is also Miha Tour the only financing to the present.

After getting the money, Mihayou launched "Collapse Academy" in 2013, but the response of this stand -alone game was not enthusiastic. The three of them were confused, holding a monthly salary of 4,000 yuan, and felt that they could not retreat. The financing is still no one, but I still have to grit my teeth.

They began to contact players at close range, understand the needs, and continuously improved, the data of "Collapse Academy" began to warm up. In 2014, Mihayou launched "Collapse Academy 2" while it was hot. After one month of launch, the flowing water exceeded 10 million, and the revenue of 95 million yuan in that year was 95 million yuan.

The turning point is that from 2015, domestic animation has ushered in an outbreak. Mihayou introduced the B station agent "Broken Academy 2". It can be said that it is the success of "Breaking Academy 2" that the domestic VCs began to realize the strong gold absorption of the two -dimensional game. Since then, the collapse 3 has successfully broken the circle and began to go to sea. The public beta was 9 months, and the cumulative flow of water exceeded 1.1 billion yuan.

Later, the birth of "The original God" made Mihayou make a lot of money. This is a project that takes 3 years from the project to the online, and the manpower is full and the manpower is full. Mihayou has high hopes for this. One month after the official launch in 2020, "The original God" set a single month 16 a single month 16. The income of 100 million is the first in mobile game income.

"Original God" began to explode inside and outside the game circle, and even some people even commented, "The original two -dimensional game market is a five -dollar plate. Mihayou has made it bigger to ten dollars. ","

Because of the "Original God", Mihayou's ranking among domestic mobile game manufacturers has soared significantly. At the same time, Mihayou began to start in the world's fame. Except for the Chinese market, "The original God" has revenue in the United States and Japan -in March 2021, "The original God" has become the most profitable game overseas with a monthly income of $ 100 million. Mihayou has also become the highest -income game company in the world (except for the Chinese market), and Tencent and NetEase are thrown behind.

It is reported that a single "Original God" contributed more than 15 billion flow to Mihayou in 2021. Not only did the VC circle collectively missed this super unicorn, Tencent, bytes and other companies tried to invest in shares.

Back to 2017, Mihayou submitted an IPO application for the first time, trying to go public in A shares, but there was no message for 3 years. Until later, Mihayou, who had sufficient cash flow, no longer took the listing and took the initiative to withdraw the IPO application. Of course, the more important reason is that they have the original god of "money printing machine" that is popular at home and abroad, making money to numbness, and numbness. Essence

According to rumors, Mihayou, who was only pursuing a valuation of only 3.6 billion when it was listed for the first time, has now skyrocketed to 200 billion yuan. However, Mihayou denied this valuation number to the investment community not long ago.

LP practice of a game company

Put the money into hard technology

In the past two years, the VC circle has often discussed Mihayou privately because the company began to start VC.

On May 20 this year, a private rocket technology company, Oriental Space (Shandong) Technology Co., Ltd. completed a round A financing of 400 million yuan, and the investor list appeared in Miha. Not only that, Mihayou also led the energy of energy with Weilai Capital in February this year -a company dedicated to exploring commercial fusion energy technology.

Two strange shots are not in the old line of the game of Mihayou. However, these two invested companies have similarities: the founder of the Eastern Space is a Tsinghua Student Yao Song born in 1992. The energy is strange. The founder and CEO of the Peking University in 2009, Yang Zhao, who graduated from the Department of Physics of Peking University in 2009. The two young school fighters are the founders of cutting -edge technology companies. In terms of VC circle, such young people can play with Cai Haoyu.

To sort out the recent investment of Mihayou, you can see the investment map of a technical house: aerospace rocket, brain interface, and artificial sun. Putting the money made by the game into the hard technology related to the National Games, such a huge contrast, is also reflected in the LP territory of Mihayou.

In fact, the cooperation with Goer's shares is not the first time Mihayou has invested in a private equity fund. At the end of 2021, Nanjing Wuyuefeng Huixin Entrepreneurship Investment Partnership (Limited Partnership) was established. Mihayou was one of the shareholders. Big shareholders.

Earlier, Mihayou also invested in the first phase of all things (Xiamen) Entrepreneurship Investment Partnership (Limited Partnership) and Boyu Anhua (Xiamen) Equity Investment Partnership (Limited Partnership).

As we all know, Wu Yuefeng Capital has focused on investment in high -tech emerging industries since its establishment, and has covered semiconductors, energy conservation and environmental protection technology, clean energy, etc. Mihayou invested the money made by the game into a VC institution that is well known for semiconductors, which is unimaginable. Another example is the old godmother of traditional enterprises. Since the beginning of this year, the family office/ultra -high net worth individuals have become the target of RMB fundraising. The home office of the old godmother has become the object of the IR circle to chase -mysterious, low -key, but sufficient funds. According to the person in charge of IR, the Tao Huabi family of the old godmother also quietly deployed the VC/PE institution to aim at the field of hard technology.

A universal consensus is that technology and manufacturing upgrade will be the key to determining China's development in the next three decades. Whether we can make great progress and enter the first -class power of science and technology, the decisive factor is whether hard technology can rise. This is an investment without cost, and it is also an unprecedented feast.

For the old godmother, no matter from the scope of business, the founder and the team background, it cannot be associated with hard technology. In this case, Tao Huabi, who holds sufficient cash, is better to do LP with peace of mind. , GP investors who understand technology, "professionals do professional things."

Companies like Mihayou and Laogan Mom have a constant cash flow, but they have begun to appear on the hard technology battlefield, and they chose the same way in the same way -do LP. Just as the VC circle is unattended and does not invest in technology, tens of thousands of entrepreneurs also participate in the wave of science and technology in different ways.

However, for Mihayou, who has just wealth management, it is more important to find GP with real gold content. As a LP lamented, "Finding a good GP this year is more difficult than investing a good project. He ambitions are their own, and we are out of funds. Don't force LP to GP. "GP also has to make every effort to avoid these entrepreneur LP eventually reduced to VC's" atmosphere group ".

It is still difficult to raise funds, but there are always people who hold funds to find the future opportunities. They bring living water and bring new faces.

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