My Age of Investment

  Chapter 1035 The second growth curve

After Xia Jingxing saw through all the hole cards, Ballmer completely put away the idea of ​​taking advantage, and finally began to honestly negotiate terms.

   "Yahoo Mail cannot give you, this is Yahoo's main brand! The premise of our completion of the transaction is to ensure the integrity of the Yahoo brand, otherwise we would rather give up this transaction!"

Ballmer said in a non-negotiable tone. He glanced at Xia Jingxing, who was so gloomy that he could drip water. After thinking about it, he still couldn't force the other party too hard. If the other party was young and vigorous, it would be troublesome to lift the table and not play. Now, we need to make a good deal of it.

   Mindful of this, Ballmer calmed down a bit and continued: “As for the 26% equity of Alina, I can give it to you, but you must give a reasonable valuation.

  Aliguang went public with a B2B business, with a market value of more than 20 billion U.S. dollars, and an overall valuation of at least 80 billion U.S. dollars.

  26% equity is 20.8 billion U.S. dollars. The consideration for this part of the transaction will be borne by the three of you, and Microsoft will bear the remaining transaction consideration. "

  Xia Jingxing was secretly happy, but still pretended to be dissatisfied, and sarcastically said: "Yahoo's overall transaction consideration is only 44.6 billion U.S. dollars. Can Alina's 26% equity assets account for half?

  Also, can Ari be valued at US$80 billion?

  Mr. Ballmer, today is not April Fool's Day!

  China’s Internet market is poor. Although the number of Internet users has caught up with the United States in the past two years, the value of a single user is only one-tenth and one-twentieth of that of American users. "

   Ballmer smiled, “The Chinese market is big and has unlimited potential. In a few years, the number of Internet users will be several times that of the United States, which is enough to offset the shortcomings of insufficient value for a single user.

  I am very optimistic about the future development of China’s Internet. If Darren is not interested in Ahri, you can consider letting us. "

  Xia Jingxing shook his head, "You don’t have to worry about Ahri, we will talk to Yahoo shareholders.

  As for Yahoo Mail, we will not give up.

  Microsoft already has Hotmail, and its market share is no lower than Yahoo Mail. Acquisition of Yahoo Mail is a waste of resources. Let us! "

   Ballmer waved his hand, "No, no, this is not a waste, but a complement.

  Of course, you can talk to Yahoo’s shareholders about the transaction of Ari’s equity assets, but we also have a bottom line, at most giving Yahoo a valuation of $25 billion after the divestiture of Ari’s 26% equity. "

Xia Jingxing said coldly: "How much valuation to give Yahoo is your business. I will first buy Yahoo Mail and Ari's equity, and you will talk to Yahoo for the rest. It doesn't matter if you talk for one year or two years, talk to us. It's ok."

  "Daren, if you want to do this, then we can only give up the transaction with Yahoo, and at the same time, your transaction will also fail."

   "Please!"

  ……

  Fighting for several hours, Xia Jingxing and Ballmer finally reached an agreement.

  "Dalun, don't worry, Microsoft, Envision Capital, Facebook, and Ari have formed a joint buyer group. The acquisition must be easier than a single company.

  Microsoft took Yahoo, you three parties took away the 26% of Ari’s equity, and everyone took what they needed.

  We will definitely give Ari a fair and reasonable valuation, and no one will suffer.

  Furthermore, the four of us unite to acquire Yahoo as a whole, which can also avoid being severely slaughtered by Yahoo. "

  ……

  Ballmer and Xia Jingxing talked until the door, and then shook hands again, and left with satisfaction.

After watching Ballmer and his party leave, Xia Jingxing took out his mobile phone and dialed Yang Zhiyuan to briefly talk about his own situation.

  "Okay, I know what to do, Darren, wait for my news!"

  …………

  …………

  "Why did you want to acquire 11% of Ari's equity?"

  "It was a Chinese e-commerce platform, separated from us by the Pacific Ocean. Facebook has neither China business nor e-commerce business. I really don't see the need for strategic investment!"

On    Facebook’s board of directors, Breyer, one of Axel’s partners and shareholder representatives, looked at Xia Jingxing with a puzzled face.

  Other directors and shareholders also turned their attention to Xia Jingxing, and a small number of them did not agree with this proposal.

   "Let me explain!"

  Kristina took a look at Xia Jingxing and took the initiative to relieve him.

  Looking around at the shareholders, she slowly opened her mouth after her momentum was determined: “Facebook tried to enter the Chinese market several times, but because of the media nature of the platform, it hit a wall.

  But Hainei.com, supported by our investment, is developing very well in China!

  After nearly three years of development, this Facebook website, which invested only US$50 million, has become China’s largest SNS platform with close to 200 million users.

  In addition to the SNS business, the business tentacles of Hainei.com’s parent company, Hainei Holding Group, also extend to many areas such as online games and online payments. It is China’s largest unlisted Internet company.

  Its status in China is basically the same as that of Facebook in the United States.

  Although we cannot enter the Chinese market, we have also enjoyed the dividends of the rapid development of the Chinese Internet market through investment and cooperation.

  Let’s talk about the rate of return on investment. We currently hold 15.73% of the equity in the domestic holding group. According to the latest market quoted valuation of 3 billion US dollars, this equity asset is worth nearly 500 million US dollars, and the return rate is as high as 10 times.

  In terms of cooperation, the overseas versions of "Happy Farm" and "Happy Ranch" launched by domestic games have registered hundreds of millions of users on Facebook's open platform, which has greatly increased Facebook's user activity.

  At the same time, as a game publisher, Facebook also received tens of millions of dollars in revenue sharing during the most popular months of the game.

  The domestic open platform was launched in China one step ahead of us, and we have established extensive cooperation with Facebook in terms of technology development, developer promotion, and commercial realization.

  Relying on these cooperation gains, Facebook also quickly launched its own open platform, and at the same time, it has avoided a lot of detours that have been taken by the domestic network.

  In the future, the domestic holding group intends to establish a broader cooperation with Facebook, so that both parties can benefit more from the cooperation. "

  Kristina glanced at everyone, "Do you still need me to explain?"

  Little Dog, Andrew, and Principal John nodded. Even without Christina’s detailed explanation, they were firmly on Xia Jingxing’s side.

Little Dog and Andrew have been good friends for many years. Not to mention, President John, as an angel investor, also made a lot of money on Facebook. The Stanford University Endowment Fund invested in several funds of Envision Capital, which is even more profitable. An astronomical figure is enough to push the prestige of Principal John to another level.

  In public and private, Principal John needs to maintain the friendship with Xia Jingxing.

  Neither Goldman Sachs nor Morgan Stanley's shareholder representatives said anything, because the CEOs of the two investment banks had told them beforehand that the transaction was released.

  This time, Goldman Sachs and Morgan Stanley will also participate in the acquisition of Yahoo. Investment consulting fees and equity pledge interest can all make a lot of money.

  As long as there is money to make, everything is not a problem.

  The shareholder representatives sent by Microsoft also received instructions and remained silent throughout the process.

  "Dalun, I don’t understand why I should invest in Ari."

   is speaking with a bald head, Yuri Milner, the founder of DST.

  He spread his hands, and said in a very gentle tone: “At present, Facebook has just made a profit, and there is not enough funds on hand to complete the acquisition. He can only complete the transaction by issuing new shares.

  This will dilute the equity of our existing shareholders!

  We invested in the prospect of Facebook, the world’s largest social platform, rather than indirectly holding a Chinese e-commerce platform.

  If you are very optimistic about Ari, DST can cooperate with Envision Capital in private, but Facebook investment is not necessary, right? "

  Xia Jingxing looked at Milner with a smile, and the latter had an open face, as if he had no interest in Ahri.

  Xia Jingxing didn’t bother to pierce it, and smiled and said: “Facebook can cooperate with Hainei Holdings, why can’t it cooperate with Ari?

  Old shareholders should all remember that Facebook was the first to sell T-shirts on the platform. "

  Principal Andrew and Principal John nodded, and they can testify that this is true.

  Xia Jingxing continued: “Although Facebook is now blindfolded in the social and online advertising markets, future revenue growth has encountered a bottleneck and growth is weak. Do we have to look for a second growth curve?

  Some shareholders may wait until Facebook is listed and will sell their shares, but what about other long-term investors?

  Investors who are firmly optimistic about the development of Facebook in the long-term should get more returns. "

  Xia Jingxing has said this, Milner is completely silent, is it possible to say that he intends to run after the company goes public? Although he did have such an idea, there was no need to say it.

  However, he is really interested in Ari.

  Brayer, like Milner, is an institutional investor, and pays particular attention to equity dilution and rate of return.

But he didn't want to turn his face with Xia Jingxing because of this incident. He thought about it and said, "Then try to keep Ari's valuation down a little bit! And Facebook's valuation, at least 40 billion U.S. dollars, less than a penny won't work. "

  Xia Jingxing looked at Breyer, smiled and said, "I have the same thoughts as you."

  Under the circumstance that most shareholders do not object or remain neutral, Breyer and Milner’s unsteady voices of opposition cannot shake the final resolution.

  Therefore, the board of directors' resolution to acquire the shares of Ari was passed smoothly.

  At the end of the meeting, many shareholders got up and left. Only Xia Jingxing and Christina were left in the room.

  Kristina gave him a thumbs up, "Great! Looks like I'm going to lose this bet."

  Xia Jing walked over and held her soft waist, put her legs on the table, "Don't you ask me why I want to buy the equity of Ari?"

  Kristina pondered for a moment, “As far as I know you, it’s definitely not an e-commerce business! At least it’s not that simple!”

   Then she leaned to Xia Jingxing’s ears and exhaled: “Increase the proportion of Facebook’s assets in China, right? This is also the second growth curve!”

  Xia Jingxing smiled, did not answer, everything was silent.

  (End of this chapter)