After the Smartisan mobile phone ended, Luo Yonghao did not give up his ambition to make products. Not long ago, Luo Yonghao’s AR start-up company Thin Red Line Technology announced that it had completed an angel round of financing of approximately US$50 million (approximately RMB 342 million). However, in the early hours of this morning, Zheng Gang, the former Smartisan mobile phone investor and founding partner of Zihui Venture Capital, posted a long post in Moments accusing Luo Yonghao of being “unreal” and exchanging a fraction of a percent of the equity of the new start-up company Thin Red Line Technology for Renminbi investors give up the right to repurchase, so they plan to “join dozens of investors to initiate repurchase”.
At noon, Luo Yonghao made a public response to this matter, saying that with the consent of investors and partners, the old shareholders who had invested in Smartisan Technology were provided with 5% of the shares of the new company Thin Red Line Technology before the investment and 3.72% after the investment. The relevant conditions And the agreement, “all the old shareholders voluntarily choose to sign or not to sign”.
Luo Yonghao founded Smartisan Technology in 2012, and Smartisan mobile phone was once out of the circle. During this period, Lao Luo, Fang Zhouzi, and Wang Ziru all had “tongue wars”, which aroused attention on the Internet. In 2018, Hammer Technology broke out in a financial crisis. Lao Luo owed a debt of up to 600 million yuan. After that, he also started a business continuously. From Chat Bao, Ono Electronic Cigarettes, to “Sharkskin”, they failed to help him out of the predicament . Until 2020, Luo Yonghao smelled the opportunity of live broadcast, so he relied on live broadcast to bring goods to solve the debt problem.
And Zheng Gang was an early investor when Luo Yonghao founded Hammer Technology, and he once supported Luo Yonghao and Hammer. Zheng Gang and Zihui Venture Capital have helped him more than once when he was struggling to start a business. In 2016, Hammer Technology encountered financial difficulties because Ali did not carry out investment delivery on schedule. According to Zheng Gang later said in an interview with the media, he and many Hammer investors such as Tang Yan and Wu Yongming, as well as Luo Yonghao himself, borrowed money everywhere to save them. In order to borrow money for Hammer, Zheng Gang even mortgaged his own real estate.
It is said that Zheng Gang’s fund has invested more than 200 million yuan in Smartisan Technology. Therefore, Luo Yonghao also said in his response at noon today, “I am really very sorry for what happened today.”
In the post in the circle of friends, Zheng Gang mainly accused Luo Yonghao of not holding the shareholders meeting and the board of directors for three years. No meetings, no communication, no information symmetry, directly throwing an agreement, trying to offset the 1.5 billion investment with 3.5% of AR company’s shares, and Luo’s repurchase obligation was stipulated in the terms of the previous investment contract.
In response, Luo Yonghao issued a response saying that Hammer Technology held a shareholder meeting every year. The shareholder meetings for the last three years were held on December 23, 2019, August 1, 2020, and April 25, 2021, respectively, and said, “In fact, he made a mistake. According to the company law and Hammer Technology’s According to the company’s articles of association, Hammer Technology holds a shareholder meeting every year,” “(Zheng Gang) made some malicious speculations and comments that are completely subjective to me and have no factual basis. I will not reply one by one.”
In addition, Chen Xuetao, the founding partner of Linxi Venture Capital, also supported Zheng Gang in the circle of friends today: “Zheng Gang is my good friend, and we have invested in six projects together. Hammer and our two companies have invested a total of 260 million, together with loans. Liren There is a cost to setting up, and I support Uncle Gang.”
The following is the full text of Zheng Gang’s denunciation of Luo Yonghao on his personal social platform:
I have invested in more than 100 mobile Internet projects, and 80% of them failed. So far, none of them have initiated a repurchase request. Of course the pressure is on me. But at present, there is a big entrepreneur who you are familiar with, and I am determined, absolutely, and definitely will launch a repurchase: Luo Yonghao! This person: The character design is done, but the inside is the same and the outside is the same. Yes, investment is risky, and you are responsible for your own profits and losses. However, I have always believed that a big man must have a big responsibility! You failed, so many investors let you go, you can say that Zhen Huan passed on, and it was true. But it’s not just that you don’t bankrupt the company, you want face, you want to make a comeback, it’s fine if everyone cooperates with you in acting. However, you are not authentic in three aspects, let me talk about it:
1. There has been no shareholders meeting or board of directors meeting for three years. According to the company law, you must inform everyone of the situation. you have not. I said privately, Lao Luo, you need to be decent on the outside, and many of your internal investors are professional managers. If they want to work and have a job, you have to give information decently;
2. I found that you are very snobbish: When you made Hammer mobile phone, I told you, Li Feng and Zhang Ying, people won’t vote for you, so don’t kneel and lick the dollar fund. Our stupid RMB fund is helping you, and those people don’t see the rabbits and don’t spread the eagles;
3. You started a VR company this time and raised 50 million US dollars. It was a good thing and should be applauded, but your unreal nature has grown. You don’t have meetings, no communication, no information symmetry, and you just throw an agreement: say, this time I’m valued at 190 million dollars, and I’ll take 3.5% to compensate your investors who invested 1.5 billion yuan before. It was originally a good thing, but your agreement is not authentic: Let us say that if you accept 0.0% of your equity, you will give up the billions of repurchases? You are dishonest, unseemly, and immoral. Since we voted for you, we are optimistic about you, and you are capable, why do you want to hurt the hearts of so many investors?
4. Brother Wang Xing, the last time you met me, you said what Lao Luo was doing. You didn’t do your due diligence. Lao Luo is not the kind of person you think. What he did to so many of our investors, he will definitely do to you. Man of few words;
5. Lao Luo, you lied to so many of our investors and said: Most of them have signed, but you have not signed. I asked? Who signed it? Old Joe couldn’t answer. This morning I met with Li Yong from Yuantiku, and Li Yong signed it. But he didn’t receive any information either. People also think that although he signed it, you are doing something wrong. I teamed up with dozens of investors to initiate a buyback. You wait, Luo Yonghao!
In essence, this person just doesn’t know how to be grateful: I remember the story he told himself in New Oriental. In order to enter New Oriental, he wrote a self-recommendation with 10,000 characters. How sincere and sincere. In the end, when he left New Oriental, he even laughed at his benefactor, Mr. Yu Minhong Afterwards, I made Smartisan mobile phone, which had a good positioning and differentiation, and could make some profit. Suddenly one day I saw Xiaomi making a thousand yuan mobile phone, and said that he would also do it. The purpose was to make more people familiar with his Smartisan O/ S. I just said how can you make a thousand yuan machine? Are you capable of financing? you have a lot of money You hurt the user who bought your 3,000 yuan phone, and then followed the strategy, and was dragged to death. There are two types of strategies: one is Low Cost Strategy, and the other is Differentiation. Differentiation is used to compete with brands and styles. You are neither. Then blame the environment for not being on his side, I said you did it yourself; also, after Dongfang Guangyi government funds came in, he suddenly did the so-called TNT desktop computing for no reason, was inexplicably excited, and traveled around Microsoft CEO for half a year , Zuckerberg, I hope that people will have a discerning eye, but it is actually a joke. In the meeting of the dingy Bird’s Nest, 2/3 of them talked about TNT, and almost didn’t mention the mobile phone. It is you who killed Smartisan Technology, not that current events are not waiting.
Those who invested in his capital, in essence, Luo Yonghao looked down on you. Yes, that’s it. That kind of inexplicable, never understanding how wealth and success come from, always has the mentality of a person who is noble but needs money.
The following is the full text of Luo Yonghao’s response on his personal social platform:
