My Age of Investment

  Chapter 366 Hidden Worries (seeking monthly ticket)

   "No such thing!"

  Ma Yun waved his hand, “It’s all rumors. Yahoo’s investment was brought together by Mr. Sun Zhengyi. He is very confident in us.”

   "Jack, I am not blind or deaf. Envision Capital's information collection channels are still very rich."

  Xia Jingxing thinks it’s time to take a tough stance.

  Improper weakness will only make Ma and Cai feel profitable and wait for the price.

  Jack Ma’s face is very ugly, I don’t know if it’s because of Xia Jingxing's words, or was stabbed in sadness.

  Cai Congxin also feels a headache. These are some relatively secret things. Could it be that SoftBank also contacted Envision Capital?

  Xia Jingxing observed her words and thoughts and knew the main points of the stamp, and continued: "Softbank has not made a profit for Taobao for a long time, and has fallen into a tug-of-war with eaby. He is very dissatisfied and is very anxious to withdraw.

  In addition to SoftBank, Ari’s first three rounds of investors, Fidelity Asia, GGV, InvestorAB, etc. should all be looking for opportunities to exit, right?

  In other words, this so-called "$1.7 billion financing" includes the transfer of certain old stocks! "

  Xia Jingxing glanced at the two of them, "I should be right?"

   "Yes, Softbank pulled Yahoo into the market because it wanted the latter to take over their Taobao equity."

  Cai Congxin knew that he couldn't keep concealing it, and there was no need to conceal it. On the contrary, it would affect Xia Jingxing’s investment intentions.

  He introduced: “When Taobao was founded, there was a shortage of funds. We accepted a round of capital injection from SoftBank.

  In other words, Taobao is not currently a wholly-owned subsidiary of Ari.

In addition to the equity of the parent company Ari Group, SoftBank also holds equity in Taobao.

  Our previous idea was to let Yahoo buy Taobao’s equity from SoftBank and inject it into Ahri as an asset.

  In this way, Yahoo can obtain a part of Ari’s additional equity, and SoftBank can also take this opportunity to cash out part of it.

  At the same time, Ari can also clarify the equity, and several of its platforms have all become wholly-owned subsidiaries of Ari. "

  Xia Jingxing asked: "What about the other shareholders in the first three rounds? They should also take this opportunity to withdraw?"

   "Yes, our idea is to let SoftBank and Yahoo buy all their shares, so as not to make noise!"

  Jack Ma’s tone is very bad, Xia Jingxing is keenly aware that the other party seems to be a little dissatisfied with these early investment shareholders?

  Ari was established in 1999. It was led by Goldman Sachs in the year of its establishment. Fidelity Investments, Singapore Government Technology Development Fund, Singapore Huiya Capital, InvestorAB and four institutions participated in the investment, a total of 5 million US dollars in Series A financing.

  In this financing, Ari sold 40% of the equity.

  And Goldman Sachs, when Ari's C round of financing last year, he couldn't wait to sell the equity to GGV and withdrew.

  It has been almost five years since receiving the first round of financing.

  Some investors see that Ahri has been unable to make a profit and has not been listed, and they are anxious to withdraw. This also makes sense.

  Currently, Ari’s shareholding structure is that the management holds 47%, SoftBank holds 20%, Fidelity Investments holds 18%, and other investors together hold 15%.

  Xia Jingxing estimated it in his mind, it shows that the majority of this round of financing should be the transfer of old stocks.

  Domestic startup companies falsely reported the amount of financing, it should be almost the beginning!

   Externally promoted "getting one billion US dollars". In fact, only two or three billion dollars was injected into the company. The rest were all transfers of old stocks. All the money went into the pockets of old shareholders, not injected into the company at all.

  If you advertise according to this standard, Facebook’s B round of financing can claim 1.5 billion US dollars.

  To dispel the thoughts in his mind, Xia Jingxing said: "Jack, Joseph, we have talked so much today, so please stop temptation and just talk about your truest thoughts."

  Ma Yun said lightly: “Because SoftBank is also a shareholder of Yahoo, Sun Zhengyi and Yang Zhiyuan have a very good personal relationship.

  Taobao’s equity, Sun Zhengyi hopes to sell it to Yahoo.

  I talked to Sun Zhengyi before and he said that if Yahoo agrees to invest in Ari.

  After SoftBank recovers all the investment costs, the remaining money is not taken away, and it is used to increase its stake in Ari. "

  Xia Jingxing nodded, and she understood the benefits transfer inside.

  Before Yahoo decided to invest, Sun Zhengyi was not very optimistic about Ahri's development, and he was anxious to withdraw.

  If Yahoo buys a stake in Ari, then Ari's odds of winning will increase again.

  SoftBank can recover the capital and put the remaining chips on the table to continue playing.

  For Yahoo, it not only sold Yahoo China at a high price, but also replaced Ahri’s high-quality assets.

  Of course, this quality depends on the judgment of various investment institutions.

  This is an idea with multiple birds with one stone.

  Xia Jingxing guessed that this is definitely from Sun Zhengyi's handwriting, because he is a common shareholder of Ari and Yahoo.

   "Sun Zhengyi and Yahoo are so close, aren't you afraid?"

  Xia Jingxing began to provoke, “If we proceed according to this plan, I estimate that the management can hold 30% of the equity at most, and the remaining 70% of the equity will fall into the hands of Yahoo and SoftBank.

  And the relationship between their two companies is so close! "

  President Xia Jing sighed, “Oh, I believe Jack, you must recognize this, otherwise you won’t call me for a drink so late.”

  Ma Yun smiled bitterly, and looked at each other with Cai Congxin, and both saw the sadness in each other's eyes.

  The two were worried about losing control of the company, so they invited Xia Jingxing over to chat.

  Before they did not explain clearly, they were also worried that after Xia Jingxing analyzed the real situation, they did not want to be their weight against Yahoo.

   "Two, rest assured, I can guarantee that I am not interested in Ari's control."

  Xia Jingxing has almost figured out the current situation of Ari and the content of the negotiations with Yahoo and Softbank.

  After thinking about it, his biggest advantage is that he has no connection with SoftBank, and even has a grudge with Yahoo or Yang Zhiyuan.

  If Envision Capital becomes a shareholder of Ari, it can not only diversify its equity, but also reduce the threat to Ari’s management caused by the alliance between SoftBank and Yahoo.

  "How do you guarantee?" Cai Congxin asked.

  Xia Jingxing reacted quickly and blurted out: "I will buy those old stocks."

  Ma Yun shook his head, "Providing exit channels for old shareholders is only one of the purposes of financing.

  The most important purpose is to raise a sum of money, not too much, two or three billion dollars is enough. "

   "For this money, Envision Capital can also pay out, and we will not force a Yahoo China to come in."

  Xia Jingxing smiled and said: "Yahoo China is valued at 700 million U.S. dollars. How much is Ari's valuation? Before the financing, it was less than 3 billion U.S. dollars, right?

  Think about it, if you let Yahoo come in, how much equity will be diluted by the management.

  Furthermore, it is easy for Yahoo and Softbank to form an alliance to deal with you together. "

  Jack Ma frowned, “Taobao still has a part of the equity in Softbank. We reject Yahoo and let Vision Capital buy it. Sun Zhengyi may not agree.”

  Cai Congxin also frowned, he was evaluating the gains and losses.

  "How can I know if I don’t talk about it?"

  Speaking very hard, but Xia Jingxing actually has no bottom in his heart.

Whether    can be achieved, in the final analysis, it depends on what Sun Zhengyi thinks.

   "Well, let me contact Sun Zhengyi tonight to check his tone."

   Jack Ma said again: "However, Darren, you must show some sincerity on the valuation quotation."

  Xia Jingxing smiled, “You will explore first before talking about it. It’s meaningless to talk about valuation now.”

  Ma Yun nodded, lost in thought.

   Cai Congxin said: "Then I will talk to Fidelity Investment and some of them."

   "Okay, it's not too early, I will leave first, waiting for the good news!"

   After finishing speaking, Xia Jingxing got up and left without a trace.

  (End of this chapter)