5.2 · Indicative Framework5.2 · 示意性框架 Structure, not numbers只讲结构,不列数字

The Shape of the Deal, Before the Numbers

先谈交易结构,再谈数字

Nothing on this page is a binding offer, and no valuation figure is published here. What follows is the structure we would bring to a term sheet — so that the first conversation can be about the technology and the governance, not about reconstructing a price.

本页不构成任何有约束力的要约,也不公开任何估值数字。以下是我们在正式条款清单中会提出的结构——这样第一次对话可以谈技术与治理,而不必用来回推价格。

5.2

Indicative Transaction Framework示意性交易框架

Round Character轮次性质
Seed种子轮
Priced round with a staged release tied to the milestone ladder on the Traction pages.定价轮,资金按「幼苗期进展」各页所列的里程碑阶梯分批释放。
Ticket Structure出资结构
Lead + syndicate领投 + 跟投
Sized so that a single lead can carry the round, with room for a smaller co-investor. Amount and equity share are discussed bilaterally.规模设定为单一领投方可独立承担,同时保留一个小额跟投位。金额与股权比例双边商谈。
Valuation估值
By negotiation协商确定
Deliberately not published. It is a function of the diligence outcome and of where the patent prosecution stands at signing.刻意不公开。它取决于尽调结果,以及签约时专利审查所处的阶段。
Instrument投资形式
Capital increase增资扩股
Preferred-equity-style rights negotiable with the lead可协商赋予类优先股权利
Liquidation清算优先权
1× non-participating非参与型
Plus pro-rata and super pro-rata rights in the next round并附按比例与超比例跟投权(下一轮)
Anti-dilution反稀释
Weighted average加权平均
Broad-based, founder-friendly宽基口径,对创始人友好
Governance治理
1 board observer1 名董事观察员
Quarterly operating brief + annual audited accounts季度经营简报 + 年度审计报告
Tranche Release资金释放
25 / 20 / 25 / 20 / 10
On certification of each milestone over 18 months按里程碑逐笔确认,18 个月内完成

These terms are our opening proposal and are explicitly open to negotiation, including round size, valuation and milestone structure. They are not a binding offer and create no obligation on either side.以上为我方初步提案,融资额、估值与里程碑结构均可协商。不构成有约束力的要约,亦不对任何一方产生义务。

Term Sheet条款清单Technology & Trial Field技术与试验田Use of Funds资金用途Return Scenarios回报情景Risk & Governance风险与治理Next Steps & Contact下一步与联系
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