My Age of Investment

  Chapter 374 Everyone is the descendant of Yan and Huang (3000 words for monthly ticket)

   "Come here first today!"

  Ma Yun's face was dark, and he issued an order to evict the guests.

  Today he was caught in the middle of both sides and suffered a lot of frustration.

  But a big man has always been able to bend and stretch. As long as it is good for the company and good for himself, he will promote it with his heart. Personal honor and disgrace are nothing.

  Xia Jingxing didn't stay long, so she patted her **** and left.

  As soon as he left, Sun Zhengyi began to talk.

   "Jack, did you see that, this man has a lot of ambitions. I hope you are not introducing a hungry wolf."

  Ma Yun naturally understood that this was Sun Zhengyi's eye drops, smiled, and said nothing.

  Sun Zhengyi said a few more words. Seeing that Ma Yun is still determined and unmoved, he also knows that the other party is determined. It is necessary to let Vision Capital to check and balance Yahoo and Softbank.

   stopped talking, got up and left.

  As soon as the old man left, Jack Ma took out his cell phone and dialed Xia Jingxing’s number: “Dalun, I want to talk to you again!”

  Xia Jingxing is in the parking lot downstairs, sitting in the car, he has not left, waiting for Ma Yun's call.

  Hang up the phone and he went upstairs again.

  Sitting in the previous office, Xia Jingxing folded her arms and asked, "Where is Joseph?"

   "He's on Jerry's side."

  Ma Yun whispered, his face was full of exhaustion. In order to balance the interests of all parties, he was exhausted physically and mentally.

  Xia Jingxing just showed Ma Yun's face. Now that he is alone, he naturally has to give him a sweet date.

   "Jack, I have no opinion on the general direction of your proposal, but there are some details that need to be adjusted."

  Ma Yun thought that the other party was dissatisfied with the division of equity, and helplessly spread his hands, "You have also seen that Sun Zhengyi's attitude is very resolute, and he can influence Yang Zhiyuan's opinion."

  Xia Jingxing shook his head lightly and compared two fingers, "I have two opinions. One is that Yahoo China’s valuation needs to be reassessed.

  The price of 700 million U.S. dollars to be loaded into Ari is very detrimental to Ari’s management and Envision Capital.

  Of course, Yahoo is a direct beneficiary, and SoftBank’s indirect shareholding in Yahoo is an indirect beneficiary. The two of them are happy to see this. "

  Ma Yun nodded, this is not bad, he is not very satisfied with the valuation.

  Yahoo China currently has an empty shelf. There are not many places that can be used by Ari, so it is better to buy.

   Xia Jingxing observed his words and thoughts, and saw Ma Yun's intention to move, he said: "Secondly, the shareholding structure needs to be adjusted. The best thing is that our three companies hold 23% each."

  This is Jack Ma’s original plan. He did not expect Xia Jingxing would agree, and smiled and said: "But you just heard that, Sun Zhengyi disagreed alive and well."

   "Then force him to agree!"

  Ma Yun wondered, "How to force it?"

  "Let’s meet Yang Zhiyuan!"

  Ma Yun was stunned for a moment, then nodded, "You can try it!"

  ……

  ……

  Ma Yun asked Yang Zhiyuan to the hotel where he was staying.

  As soon as Yang Zhiyuan entered the house, he saw a familiar figure from the back.

  Xia Jingxing turned around, greeted him with a smile, pointed to the empty chair in the room and greeted: "Jerry, find a place to sit."

  Yang Zhiyuan didn’t understand. So, I don’t know why Xia Jingxing was here. He turned to look at Ma Yun who had asked him over.

  Ma Yun smiled "Hey", "Now that the investment agreement is basically negotiated, the unpleasantness of the past, let it pass!"

  Yang Zhiyuan thought that an agreement had been reached, he felt relieved, and casually pulled a chair and sat down.

  Ma Yun sorted out the language, and slowly said: "That's it, I'm here to come over to talk about some financing details."

  Ma Yun looked at Yang Zhiyuan, and said solemnly: "Yahoo China's valuation needs to be adjusted."

  "Didn’t the talks have been completed? Seven hundred million dollars, which is not high!"

  Yang Zhiyuan's ears are soft and soft, but his own interests are involved, and his performance is still very strong, his eyes are staring directly at Ma Yun.

  Xia Jingxing interjected: "Yahoo China has not invested much money in the past few years since it was founded. The main thing is that it spent a little money on the acquisition of 3721 the year before, but not much, just 120 million US dollars.

  Leave some profit margins for Yahoo, with a valuation of 300 million US dollars. "

  Cut down more than half at once, which is also called to leave some profit margins for Yahoo.

  Yang Zhiyuan stopped doing it on the spot, stood up and said, “If you call me over today to talk about this, then I don’t think it is necessary to continue the talk.”

  He looked at Ma Yun again and said: "Jack, Mr. Sun has agreed with you that Yahoo China is valued at 700 million US dollars, which is one of the core conditions of this round of financing."

  "The conditions are to be negotiated slowly. Where can it be achieved in one step?"

  Xia Jingxing waved his hand and signaled Yang Zhiyuan to be safe, and continued: “The high valuation of Yahoo China and the goodwill formed by mergers and acquisitions must be shared by our four shareholders.

  You Yahoo and SoftBank are the sellers of the transaction and can offset the loss.

  We and Ari’s management were unable to offset the loss and had to bear it abruptly. "

  "Daren, you can’t say that. You feel at a loss, but Jack doesn’t think so."

  Yang Zhiyuan glanced at Ma Yun, then smiled and asked, "Right?"

  Ma Yun turned against the “good old man” and shook his head, “We also feel at a loss!

  Of course, the biggest loser is Vision Capital, which is paid for by real money. "

  Xia Jingxing sang and said, "Isn't it, you are being taken advantage of."

   "Jack, you mean we don’t need us and SoftBank anymore?"

  Yang Zhiyuan didn’t understand why Jack Ma straightened his waist at once, not afraid of the threats from him and Softbank. Could it be that Envision Capital promised something?

   With full of doubts, Yang Zhiyuan insisted: "If we can't trade at the valuation of 700 million U.S. dollars, then we will cancel this transaction."

   Ma Yun, who was instructed by Xia Jingxing, immediately gave up, and continued to let go: "If SoftBank clears the shares of Ari and Taobao, Envision Capital will take over all of it, and other shareholders’ shares will be sold, and Envision Capital will also take over half of it.

  The other half, we pledged Ari’s management equity for a syndicated loan. "

   "Then Envision Capital has become the largest shareholder of Ari!"

  Yang Zhiyuan didn’t believe in Ma Yun’s words and thought he was putting pressure on himself. He knew very well that Ma Yun’s greatest fear was that shareholders threatened the management’s corporate control.

  "We give up half of the voting rights of the shares we hold!"

  Xia Jingxing said lightly that he actually mentioned this plan to Ma Yun. They acquired more than half of Ari’s equity while giving up part of the voting rights, indicating that they did not threaten the management’s right to speak.

  But Jack Ma, who was too suspicious, was not at ease, and he also wanted Ari’s shareholders to be more diversified and win over more capital circles, so he rejected Xia Jingxing’s proposal.

  At the moment, the two of them acted together in a double reed. The real purpose is to force Yang Zhiyuan to make concessions.

  Yang Zhiyuan looked at the two men’s solemn expressions, half-believe that this plan is highly feasible and not difficult to implement, but Jack Ma’s team needs to bet on all of their net worth.

  He didn't know if the two really reached a consensus or threatened him. For a while, he was a little bit undecided.

   "SoftBank holds 30% of Ari, but Yahoo only holds 19% or 19.5%. Are you really willing to do this?"

  Xia Jingxing did not mention Yahoo China, and jumped the topic to the ownership structure.

  "Dalun, what do you mean? Provoking our relationship?"

  Yang Zhiyuan shook his head and laughed, "We and Mr. Sun Zhengyi have had a cooperative friendship for nearly ten years. SoftBank is not only a shareholder of Yahoo, but we and SoftBank also jointly hold Yahoo Dongying!"

  Xia Jingxing understands what Yang Zhiyuan said.

  Yahoo was established in March 1995, and within one month of its establishment, it received a US$2 million Series A investment from Sequoia Capital.

  In the fall of that year, the financing funds were all spent, so Moritz introduced Sun Zhengyi to take over.

  In November 1995, Sun Zhengyi first invested US$2 million in Yahoo, which had only a few employees at the time.

  In March of the following year, an additional investment of 100 million U.S. dollars was made to acquire 35% of Yahoo's shares in one fell swoop.

   Then another month later, Yahoo successfully listed on the Nasdaq, with a market value of nearly $1 billion and only 49 employees.

  It only took 13 months from establishment to listing!

  In April 1996, Sun Zhengyi’s SoftBank invested US$72 million to establish Dongying Yahoo together with Yahoo Global, which was only two years old, with SoftBank holding 51% and Yahoo Global holding 35%.

  In 2004, the market value of Dongying Yahoo reached an unprecedented $50 billion, while the global market value of Yahoo during the same period was only $33 billion.

   Therefore, the relationship between Yahoo and SoftBank cannot be understood in simple terms of shareholder relationships. They are the closest partners and communities of interest.

  Xia Jingxing wants to dismantle this pair of good friends, it is not easy to come up with enough attractive bait.

  "SoftBank is a shareholder of Yahoo, and Yahoo is not a shareholder of SoftBank. You have to figure this out!

  Softbank is profitable, but the benefits will not be shared by Yahoo. "

  Xia Jingxing reminded loudly, and then calmed down a bit: "My idea is that Yahoo holds 26%, Envision Capital holds 23%, and SoftBank holds 20%.

  If you agree, we will make certain concessions on Yahoo China’s valuation.

  Yahoo, is the biggest beneficiary of this transaction! "

  Ma Yun also came out and added: "Everyone is the descendant of Yan and Huang, if we have to choose the largest institutional shareholder between Sun Zhengyi and you, we hope it will be you, not Sun Zhengyi."

  Xia Jingxing held a smile in her heart, what is the reason for this Nima!

   However, Yang Zhiyuan has always attached importance to feelings, and he prefers this one.

  Of course, the interests are also bright. Increase the shareholding ratio and raise the valuation of Yahoo China.

  Yang Zhiyuan fell silent for a moment.

  Ma Yun secretly gave Xia Jingxing a wink, there is a door!

  Compared to the old and cunning Sun Zhengyi, Yang Zhiyuan is undoubtedly much easier to deal with.

   So the two put their breakthrough on the founder of Yahoo.

  For this, the two conspired a lot.

  (End of this chapter)