How do you get the money from the gambling agreement?

Let the founder lose control of the company. Recently, the chairman of Tencent's board of directors, MA, sold 5 million shares of Tencent at the price of HK $144.25, which is 700 million Hong Kong dollars, and Tencent's latest share price is HK $187.3.　　In April this year, MA also sold 2 million shares to investment banks at a price of HK $67.8, while Tencent's shares were HK $195.2. The industry believes that Ma and investment banks signed the "bet" agreement lost, Tencent said it is Ma's personal financial arrangements. In fact, including Mengniu, Yongle, bi-garden and other well-known enterprises have signed with investment banks, more entrepreneurs have lost the entire enterprise.　　How to get the money from the investors and can better evade the risk of gambling, has become the focus of attention in the industry. Article/table reporter Sodongdong, Duan Chen Group to wager the present situation many enterprises to gamble the failure industry to think, MA has made a lot less money selling stocks, in fact, due to a financial derivative of its participation in the betting contract, that is, after a certain period of time with the investment bank to sell shares at a higher than the current price, lock the proceeds, Investment banks bear the fall in share prices and gains.　　More on the gambling is appearing among enterprises, such as Tencent used to gamble successfully acquired Shenzhen network domain. The gambling agreement refers to the contract between the financing party and the investor for the future company, such as the financial performance of the company, the time of the listing and so on.　　If the investors in the deadline to reach the agreed targets, investors may provide cash, equity and other incentives, otherwise it will be "willing to gamble defeat" compensation investors. The most common is the two sides for the next few years of revenue, net profit and other financial indicators to increase the agreement.　　2003, Mengniu Dairy and Investment bank signed the agreement is, if the 2004 to 2006 Mengniu performance of the composite growth rate of less than 50%, Mengniu management to the foreign side to compensate for 78 million Mengniu shares, or to pay the equivalent of cash costs, if achieved, the foreign will be donated to the Mengniu management team high stock rewards.　　2005, Yurun Food also and investment banks signed the profit can reach 259 million yuan on the gambling agreement.　　As the gambling agreement may cause a significant change in corporate equity and capital, may affect the interests of investors, the current gambling agreement in China is not yet recognized by the regulatory authorities, some enterprises are also first cleared the relevant gambling agreement before applying for domestic listing. The problem of the four problem of the gambling problem one: The goal is too high to achieve some of the gambling provisions of the "chip" is very large, the founder to sell all the equity.　　Qing Branch founder Gavin has said that the industry in the case of gambling, 10 of 8 have not finished the goal. In 2006, three institutions injected a total of 73 million U.S. dollars, and stipulated that in three years after the investment, if the performance of the Prince's milk group is less than 30%, founder Li Huixing will lose control over the company.　　As a result of the failure to reach the target, Li Huixing sold all of its equity holdings, enterprise bankruptcy reorganization. Question two: The knife neck forced gambling entrepreneurship project in the initial search for venture capitalOften in a weak position, under the pressure of financing, may also appear to be forced to sign the situation of the gambling agreement, or appear in order to get financing and sign the high risk of gambling conditions. Question three: Investors and entrepreneurs lose Gavin said that in many cases both sides are on the wrong side, investors and entrepreneurs lose both.　　Jingdong Mall Liu also thinks, to gamble the investor wins to show the company manages to fail, the investor is worse; the investor loses, although the company manages well but loses many shares, still suffers. Problem four: Asymmetric information domestic enterprises in the gambling is mostly still "novice", some enterprises because of unfamiliar rules and often suffer, such as ignoring the hidden provisions of the Agreement and the understanding of compensation standards.　　Investment banks have more information and research on the competition and development situation of the industry, and the information acquisition is obviously in advantage.　　Industry: Enterprises should guard against three risks Beijing An Xiang Investment Management Co., Ltd., general manager Huang yesterday, said to this newspaper, business and investment Bank of the agreement, the management should pay attention to the following aspects.　　First, investors set harsh funding conditions; second, the investor limits the investment of the enterprise; Third, the investor can veto the direction that the enterprise uses after getting the investment. The Yellow River Source reminds Enterprise Manager, when the agreement is signed, it depends on whether the investor has set an obstacle to the allocation of funds, and secondly, it is impossible for the investor to set a barrier to the future project of the enterprise, because only good projects can bring about the growth of the performance, and then achieve the performance growth target set in the gambling agreement. Share to: