My Age of Investment

"The next best thing is to maintain the status quo, tell Ballmer one by one about Yahoo's support for Ali and the management strategies it implements, and try to win support from Microsoft to prevent Ahri from being affected by changes in major shareholders. .”

Ma Yun said with a sad face: "It's hard to convince such a strong person like Ballmer!"

"That's why it's the last resort!"

"What about Zhongce?"

Xia Jingxing said slowly: "The middle strategy is to buy back part of Ali's shares and replace the major shareholder with Envision Capital or SoftBank.

We have been cooperating for so long, and we know each other's ins and outs. If we join hands, Microsoft's remaining equity will not be able to cause any trouble. "

Ma Yun fell into deep thought. In fact, he had considered the plan proposed by Xia Jingxing.

The disadvantage is that the proportion of equity held by Vision Capital or SoftBank will increase again, thus threatening him as the founder.

Xia Jingxing remained silent and silently observed the subtle expressions on Ma Yun's face.

In order to facilitate the subsequent showdown, he now wants to test Ma Yun's bottom line bit by bit.

"This plan is okay, but the biggest question is how much money can you spend?"

Ma Yun pretended to be joking and said: "You are so poor now, how can you buy shares?

If you can't afford this large sum of money, you will have no choice but to take the job.

Whether it is for future development, or from a national, national or even personal perspective, I prefer you to become Ahri's major shareholder. "

Xia Jingxing kept a faint smile on his face, but secretly cursed the old fox in his heart. This guy was testing him in turn!

He was also asked how much money he could spend. The purpose was naturally to calculate how many shares would be increased.

"If Microsoft agrees to sell, the worst I can do is pledge the equity of Facebook, YouTube, Renaissance Industries, and Overseas Holdings. If we put it all together, it shouldn't be a big problem to take 10% of the equity."

Ma Yun silently calculated in his mind that Vision Capital held 23% of Ali's parent company's equity, plus 10%, which was still 1% short of the 34% of security control rights and veto power.

Thinking of this, Ma Yun raised his head and glanced at Xia Jingxing, who was smiling at him.

Obviously, this was the result of careful calculation by the other party, and all his little thoughts fell into the eyes of the other party.

"Darren, Yahoo owns 26% of the shares. It's not easy to convince Microsoft to sell only 10%. If you have money, you can buy it all."

Xia Jingxing waved his hand, "No, no, I'm just an investor. I just want to make money."

Ma Yun smiled, stopped testing, and asked, "What about the best solution?"

"The best solution is to repurchase the 26% equity, Envision Capital, SoftBank... plus your management!"

Ma Yun's pupils suddenly dilated, "Including our management?"

Xia Jingxing nodded, "Yes, your shareholding is too low, which is not conducive to long-term work. I believe Mr. Sun Zhengyi can also understand."

Ma Yun was really shocked by Xia Jingxing's current situation. In the past, Xia Jingxing gave him the impression of being "a whale" who would swallow everything.

For example, even though they have already invested in Ali, they still want to invest in the digital e-commerce platform Jingxi.

Although the investment was in the name of Fuxing Industrial Holding Group, it all seemed the same to Jack Ma. He just wanted to swallow up the dividends of China’s e-commerce industry, not even letting go of vertical e-commerce platforms. I heard that he had been exposed to Dangdang before...

Of course, Ma Yun was initially dissatisfied and nervous about Xia Jingxing's investment in Jingxi.

He and Cai Congxin had calculated that they were afraid that Xia Jingxing would merge it with Fuxing Mall and fully enter the e-commerce field.

However, a year has passed, and Fuxing Mall only sells mobile phones and home appliances. Although Jingxi has expanded many categories, it is still far behind Ali, and Xia Jingxing has not injected capital again. Standard VC investment Law.

This incident made him feel more at ease with Xia Jingxing, and their relationship became as good as before.

Now that Xia Jingxing wants to take him to play with him, how can he not be fond of him?

Looking at Xia Jingxing with a gentle smile, Ma Yun thought of that summer...

A sunny and handsome young man appeared at Pebble Beach Golf Course, and as soon as he opened his mouth, he wanted to participate in their "one billion dollar one-shot" investment bet...

From then on, he had a good impression of Xia Jingxing.

Facts have proved that the addition of Vision Capital has indeed given the management more favorable conditions, selling the same amount of equity, raising more funds, and lowering the transaction price of Yahoo China.

It was only later that due to various misunderstandings, such as Xia Jingxing investing in Jingxi and joining the Huashan Society, a pair of good friends gradually drifted apart...

Thinking of this, Ma Yun felt unspeakable regrets, and a thousand words were blocked in his chest.

"Dylan...I..."

Ma Yun said emotionally, "On behalf of the team, I thank you, but we have no money!"

Ma Yun smiled bitterly, "As you just said, Ali Baba's pledge rate is very low. Together with my team, we can only borrow a few billion Hong Kong dollars at most. This amount of money is not enough to acquire equity. That's the entire Ali Baba. The equity of Li Group includes Taobao, Alipay, Ali Software, Yahoo China and other businesses."

Xia Jingxing nodded, "I know this and I can help you!"

Ma Yun suddenly became interested, "How do you say it?"

"We also pledged the equity of Ahri's unlisted business together, so that we can complete the acquisition. However, considering the pledge rate, the equity that can be acquired will not be too much, maybe three to five points!"

Three or five points also make Jack Ma very excited. Regardless of the total management shareholding of 31%, in fact, his current personal shareholding in Ali is very low, less than 8%.

If there is an opportunity to increase his holdings to more than 10%, he will not let it go no matter what.

He was very tempted by Xia Jingxing's best plan!

Although Ma Yun was trying his best to control his emotions, the flash of joy on his face still could not escape Xia Jingxing's eyes.

Xia Jingxing smiled. He was not afraid that Ma Yun would not be tempted by his plan, but that he was not interested in money.

Obviously, he is still interested in money.

Of course he wants to buy as much of Ahri's shares as possible, but this is a game involving four parties, and if he wants to break the game, he has to spread enough bait.

Many people around him, including many friends, think that he works alone and doesn't like to share, but that's just not to the point where he needs to share profits and form an alliance.

Profit is not given lightly, and when it is promised, it must achieve the desired effect, otherwise it will be a waste of money.

"How's it going, Lao Ma? Is this plan okay?"

Ma Yun smiled and said: "It's good, but I'm afraid it won't be easy to implement. I'm very confident in Ahri's future, but I'm afraid others won't recognize it.

After all, most of Ali Group's businesses are not listed on the market, so it is difficult to set prices. "

Xia Jingxing chuckled. At this point, Ma Yun was still playing tricks on him.

Okay, let me give you some reassurance: "I have been working on Wall Street for several years, and I have good relationships with many institutions. Look at Facebook, which is not listed on the market. Didn't I also pledge a large amount of money in loans?"

Ma Yun suddenly realized that he knew who Xia Jingxing was talking about.

"Okay, if things don't go well, when we negotiate with Microsoft, we will try to negotiate with the best policy."

Speaking of this, Ma Yun was a little shaken. If he and others successfully prevented Microsoft from acquiring Yahoo, would Yahoo let him repurchase the equity?

Thinking of this, Ma Yun felt that his position was beginning to become a little unsteady.

Xia Jingxing glanced at Ma Yun and felt very satisfied. This is the right way to go!

…………

…………

After arriving in Silicon Valley, we rested for one night.

Early the next morning, Xia Jingxing and Ma Yun invited Yang Zhiyuan to play golf at Pebble Beach.

The three of them were in a good mood after revisiting their old place.

More than two years ago, the three people got acquainted here, and that's how they jointly invested in Ahri.

Yang Zhiyuan swung one shot, and the white ball flew through a beautiful parabola and landed on the coast.

Jack Ma clapped beside him like a caring little brother, with sincere praise on his face: "Great shot! If you didn't start Yahoo, Jerry, you might become an excellent professional golfer!"

Xia Jingxing smiled at the side, "It's passed!" Do you regret creating Yahoo Jerry Yang?

Jerry Yang laughed loudly and pointed at Ma Yun with a smile. He knew clearly that the other person was flattering, but he just liked to listen and never tired of listening.

After several years of in-depth contact with him, Jack Ma has already figured out that bit of his character.

After playing for a while, the three of them gradually started chatting about Yahoo.

Jack Ma expressed his concern about Ali's major shareholder becoming Microsoft, and then looked at Jerry Yang with a worried look.

"Don't worry, Yahoo will not be sold. I am just complying with the wishes of the shareholders and working with Microsoft for a while! If it drags on for a while, I will offer a high price to scare Microsoft away. This will not be my responsibility. All aspects will be taken care of. The explanation has passed.”

Yang Zhiyuan leaned on the club and looked at the beautiful coastal scenery with crashing waves in the distance with a smile. He felt that his plan was so perfect that it could shut up all the annoying flies.

Xia Jingxing's expression remained unchanged, everything was as he expected.

Jack Ma couldn't help it anymore and asked: "Aren't you afraid of shareholders being held accountable later? Jerry, no one is a fool. These tricks of yours cannot be hidden from the investors on Wall Street.

If Yahoo's stock price collapses because of a breakdown in negotiations, they will just shift all the blame onto you. "

Yang Zhiyuan shrugged, looking indifferent, completely letting himself go.

"No, Jack, don't you want to see the Microsoft acquisition fail?"

Knowing that he was almost exposed, Ma Yun quickly added: "Aren't I worried about you? I don't want to see you take responsibility for this."

After saying that, Ma Yun noticed that Xia Jingxing was looking at him with a playful look on his face, and he immediately became a little panicked. Wasn't this guy seeing through it?

He vaguely felt that Xia Jingxing had also changed his stance, or that his stance had never changed!

Jerry Yang smiled and said: "The worst case scenario is to resign and not be the CEO. I don't want to be the CEO anyway. The current situation of Yahoo has completely disappointed me. I can't control it. The shareholders are short-sighted people. They can do whatever they want." Do it!”

Seeing Yang Zhiyuan's face flashing with determination, Xia Jingxing knew better.

This is a broken heart that has completely given up on itself.