My Age of Investment

How smart Jack Ma is, he immediately understood the hidden meaning in Xia Jing's jargon.

When the water is full, it will overflow, and when the wine is full, it will overflow. It is often used to describe that when things develop to the extreme, they will change in the opposite direction.

Does this mean that Yahoo has acquired too much equity in Ahri, and will it focus on customers?

Cai Congxin smiled and said, "Dai Lun, do you know what Yahoo's stake in Ahri means?"

Before Xia Jingxing could answer, Cai Congxin asked himself and answered, "It means 1 billion US dollars in cash, plus a Yahoo China.

Ahri's B2B business has developed for several years and has matured and is fully profitable.

But Taobao is almost ready!

Our current market share in C2C has surpassed eBay and Excellence in an all-round way.

But these competitors have not really given up. Once they come to their senses, it is not impossible to fill in the moat built for free.

This is also the motivation for our Series D financing!

Ari needs money, a large amount of money, so that Ari can maintain sufficient cash flow and not be afraid of price wars from competitors;

It is also necessary to use such a large-scale financing to deter competitors who are coveting e-commerce and want to enter or have already entered.

We also want Taobao to make a profit as soon as possible, but it is not enough right now, and this tough battle has to be fought.

In war, if you kill one thousand enemies, you will lose eight hundred.

It is the best policy to subjugate the enemy without fighting!

As the top technology giant in Silicon Valley, Yahoo’s shareholding brings us not only the role of money, but also brand endorsement and strong deterrence, helping Ahri to establish its industry status.

In addition, Yahoo China also has a mature advertising and search technology team.

Their merger into Ali will bring us many benefits, such as building Taobao product search, exploring the profit model of e-commerce advertising, optimizing user shopping experience, and restricting fraudulent order swiping and so on. "

Cai Congxin smiled, "As for what you said, "When the wine is full, it overflows", in fact, there is no need to worry too much, Yahoo has made concessions on voting rights.

They took 40% of the shares and became the largest shareholder of Ahri, but agreed to entrust the voting rights corresponding to part of the shares to the management team to exercise them on their behalf.

In addition, they also agreed to sign a guarantee agreement. "

Cai Congxin pointed to Jack Ma and continued: "The agreement guarantees that Jack Ma, CEO of Ali Baba Group, will not be fired.

At the same time, concessions were also made on the board of directors, one for Softbank, one for Yahoo, and two for our management team. "

Cai Congxin spread his hands, "So, the extreme situation you mentioned, Darren, is unlikely to happen."

Jack Ma sipped the red wine aside, very satisfied with Cai Congxin's answer.

Just now when Xia Jingxing poured red wine, they were at a loss, and their momentum was completely suppressed.

Especially myself, my performance was even worse, and I ran to find a tissue in a panic.

He felt that the kid in front of him was too bad, he was obviously very young, but he was old-fashioned, and he just played meditation when he came up.

Xia Jingxing didn't speak all the time, just listened to Cai Congxin.

While listening, he was still thinking silently in his heart.

After the other party finished speaking, he slowly answered: "There is a deadline for entrusting voting rights, board seats, not dismissing the CEO, etc.?"

Xia Jingxing looked at Cai Congxin with his head tilted, and asked calmly, "Three years or five years?"

Cai Congxin didn't know why the other party was so familiar with the rules of capital operation, wasn't he only 21 years old? Didn't finish college.

I really don't want to be fooled!

Although he was bitter in his heart, Cai Congxin still pretended to be very calm, "There is a time limit, and I will not hide this from you, but I believe that Ahri should have been listed by then, completely consolidating China's leading e-commerce position.

In the face of huge interests, Yahoo can't afford to fight with us, making money is the most important thing. "

Xia Jingxing shook his head lightly, "You are all hypothesizing, but what I see is that Ahri's control is not stable.

Once the situation changes, the ruthlessness of capital will be reflected. "

Not to be outdone, Cai Congxin said, "Isn't Vision Capital capital?"

Xia Jingxing shook his head again, "Vision Capital does not do actual Internet business, as I said earlier, we and Yahoo have two different operating models.

Yahoo has technology, operations, and Internet companies, and they all have them. After taking over Ahri, they can play well.

We can't, we don't have that condition, and we don't want to ruin our reputation. "

Cai Congxin knew that the other party was telling the truth. Compared with Yahoo, Envision Capital must appear more harmless to humans and animals.

But he will not let go so easily, he must strive for the maximum benefit and the best conditions.

"What about Yahoo China? It's impossible for Vision Capital to create a search company for us out of thin air, right?" Cai Congxin continued to ask.

Xia Jingxing waved his hand, "Don't mention Yahoo China, it's not worth 700 million US dollars at all.

Yahoo is not good at being a search engine, but it is a good player at bundling sales! "

Cai Congxin didn't blush, but said without heartbeat: "Dai Lun, what you said is quite biased."

Xia Jingxing felt that Cai Congxin's psychological quality was really good, he had already made it clear in his words, and he was still holding on to it.

"Yahoo China was established in 1999, but its development has been tepid.

Although it is a company founded by Chinese, just like sea turtles, it has to be bred in freshwater to adapt to the local environment.

This kind of acclimatization can be seen from their acquisition of 3721 the year before last.

How much did the 3721 bought for US$120 million help them?

They retained Zhou Hongyi, but did not give him real power.

Zhou Hongyi felt that the original Yahoo team was overpaid and lazy, but the Yahoo team felt bullied and believed that Zhou Hongyi's energy was not focused on Yahoo's business...

The reason behind this is that the localization management of multinational companies is difficult, the culture does not adapt, and they do not respect local talents. "

Having said all this, Xia Jingxing didn't show any sympathy at all, and continued to complain:

"If you look closely, Yahoo is actually on the decline. It can't beat Google in search, it can't beat Facebook in social, and it is still being bullied by Baidu in China.

Soon Google will also enter China!

700 million dollars to buy such a company, everyone has a steelyard in their hearts and will make their own evaluations. "

Xia Jingxing glanced at Jack Ma, who had been silent all this time, and asked, "Jack, do you think it's worth it?"

Ma Yun smiled, "I think it's worth it. With Yahoo, Ali can directly extend its business tentacles to more places, avoiding us starting from scratch, and saving a lot of time."

Cai Congxin also chimed in: "Yes, a skinny camel is bigger than a horse. Although Yahoo is in decline, it is far from being as dire as Darren you said."

Xia Jingxing smiled, he believed that the two of them still agreed with his point of view in their hearts, they just wanted to use Yahoo as a bargaining chip to get better terms from him.

If they all admit that Yahoo is no good and Yahoo's conditions are not good enough, then what's the point.

Of course, there is no need for their verbal approval. If these words are heard in their hearts, the goal will be achieved.

"Yahoo thought they were the only ones in the world who could get a billion dollars, so they forced Ari to buy Yahoo China for 700 million dollars.

In this way, Yahoo not only got rid of a mess that was about to collapse, but also recovered $700 million from its financial report.

The stock price, which has been declining recently due to the continuous loss of advertising market share, has been stable for another half a year. "

Xia Jingxing carefully picked up the full bottle of red wine.

The eyes of both of them turned to the glass of wine, wondering what kind of tricks this one was going to play.

Xia Jingxing couldn't get past this glass of red wine tonight, and said with a smile, "I'm really afraid that it will ooze out, it's too full!

Alas, I almost forgot about Softbank, what's their opinion?

I heard that they are contacting eaby, planning to sell the equity of Taobao? "