My Age of Investment

"Come here first today!"

With a dark face, Ma Yun issued an order to evict the guest.

Today, he was caught in the middle by both sides, and suffered a lot of uselessness.

But a real man has always been able to bend and stretch. As long as it is beneficial to the company and himself, he will push forward with his heart. Personal honor and disgrace are nothing.

Xia Jingxing didn't stay long, he patted his ass and left.

As soon as he was gone, Masayoshi Son began to speak.

"Jack, have you seen that this guy's ambition is not small, I hope you didn't introduce a hungry wolf."

Ma Yun naturally understood that Sun Zhengyi was applying eye drops, so he smiled and did not answer.

Sun Zhengyi said a few more words. Seeing that Ma Yun was still determined and unmoved, he also knew that the other party was determined, and he must let Envision Capital check and balance Yahoo and their Softbank.

No more words, got up to say goodbye and left.

As soon as the old man left, Ma Yun took out his mobile phone and called Xia Jingxing: "Dai Lun, I want to talk to you again!"

Xia Jingxing was in the parking lot downstairs. He sat in the car and never left, waiting for Ma Yun's call.

Hanging up the phone, he went upstairs again.

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

"He's over there with Jerry."

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 gave Ma Yun a look just now, now that he is alone, he naturally had to give him a sweet date.

"Jack, I have no objection to the general direction of your plan, but some details need to be adjusted."

Ma Yun thought that the other party was dissatisfied with the shareholding division, so he spread his hands helplessly, "As you can see, Sun Zhengyi's attitude is very firm, and he can influence Yang Zhiyuan's opinion."

Xia Jingxing shook his head lightly, and pointed out two fingers, "I have two comments, first, the valuation of Yahoo China needs to be re-evaluated.

Putting it into Ahri at a price of 700 million U.S. dollars is not good for the management of Ahri and Envision Capital.

Of course, Yahoo is the direct beneficiary, and Softbank is the indirect beneficiary because it indirectly holds shares in Yahoo. The two of them are happy to see this. "

Ma Yun nodded, this is a good statement, and he is not very satisfied with the valuation.

Yahoo China currently has only an empty shelf, and there are not many places that can be used by Ahri. It is better to buy than to build.

Xia Jingxing observed Ma Yun's intentions and said, "Secondly, the shareholding structure needs to be readjusted. The best thing is that the three of us each hold 23%."

This was the plan that Jack Ma first proposed. He didn't expect Xia Jingxing to agree, and said with a smile: "But you just heard that Sun Zhengyi disagreed desperately."

"Then force him to agree!"

Ma Yun was puzzled, "How to force?"

"Ask Yang Zhiyuan to meet me!"

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

…………

…………

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

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

Xia Jingxing turned around, walked forward with a smile, pointed to the empty chair in the room and said, "Jerry, find a place to sit."

Yang Zhiyuan didn't know why, he didn't know why Xia Jingxing was here, so he turned his head to look at Ma Yun who had invited him over.

Ma Yun smiled "hehe", "Now that the investment agreement has basically been negotiated, the past unpleasantness, let it go!"

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

Ma Yun sorted out his language, and said slowly: "That's right, I'm looking for you to come over, mainly to talk about some financing details."

Looking at Jerry Yang, Jack Ma said in a deep voice, "Yahoo China's valuation needs to be adjusted."

"Isn't it a deal? 700 million US dollars, this is not high!"

Yang Zhiyuan's ears are soft, but when it comes to his own interests, he is still very strong, and his eyes are fixed on Ma Yun.

Xia Jingxing interjected: "Yahoo China has not invested any funds in the past few years since its establishment, mainly spent some money on the acquisition of 3721 the year before last, which was not much, only 120 million US dollars.

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

Cutting down more than half at once is also called leaving some profit margins for Yahoo.

Yang Zhiyuan quit on the spot, stood up and said: "If you call me here today to talk about this, then I don't think there is any need to talk about it."

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

"The conditions are negotiated slowly, how can it be done in one step?"

Xia Jingxing waved his hand, signaling Yang Zhiyuan to be calm, and continued: "Yahoo China's valuation is so high, and the goodwill of the merger and acquisition has to be shared by our four shareholders.

You Yahoo and SoftBank are the sellers of the deal and can write off losses.

We and Ahri's management cannot offset the loss, so we have to bear it abruptly. "

"Daren, you can't say that. You feel that you are at a disadvantage, but Jack doesn't think so."

Yang Zhiyuan glanced at Ma Yun and asked with a smile, "Really?"

Contrary to the usual "good old man", Ma Yun shook his head, "We also feel that we are at a disadvantage!

Of course, the most disadvantaged one is Envision Capital, which pays for real money. "

Xia Jingxing sang along, "Isn't it true that you took us for a fool."

"Jack, do you mean that we and Softbank are not needed?"

Yang Zhiyuan didn't understand why Jack Ma straightened up all of a sudden, not afraid of the threats from him and Softbank. Could it be that Vision Capital promised something?

Full of doubts, Yang Zhiyuan forced himself to say: "If we can't trade at the valuation of 700 million US dollars, then we will cancel this transaction."

Ma Yun, who was instructed by Xia Jingxing, immediately went all out, and continued to speak harshly: "If Softbank liquidates the shares of Ali and Taobao, Vision Capital will take over all of them. If other shareholders' shares are to be sold, Vision Capital will also take over half.

For the other half, we mortgage the equity of Ahri’s management for a syndicated loan. "

"Then Vision Capital has become Ahri's largest shareholder!"

Yang Zhiyuan didn't quite believe Jack Ma's words, thinking that he was putting pressure on himself. He knew very well that what Jack Ma feared most was that shareholders threatened the management's control over the company.

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

Xia Jingxing said calmly, he actually mentioned this plan to Jack Ma, they bought more than half of Ahri's shares, and gave up part of the voting rights at the same time, expressing that they would not threaten the management's right to speak.

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

The two of them are playing an oboe together at the moment, and their real purpose is to force Yang Zhiyuan to make concessions.

Looking at the dignified expressions of the two, Yang Zhiyuan was dubious. This plan is highly feasible and not difficult to implement, but Ma Yun's team needs to bet all their assets.

He didn't know if the two had really reached a consensus, or if they were threatening himself, and for a while, he couldn't make up his mind.

"Softbank holds 30% of Ali, while Yahoo only holds 19% or 19.5%. Are you really willing to do this?"

Xia Jingxing didn't mention Yahoo China's affairs, and jumped the topic to the shareholding structure again.

"Deron, what do you mean? Sow discord between us?"

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

Xia Jingxing understood what Yang Zhiyuan said.

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

In the fall of that year, the financing was exhausted, so Moritz introduced Masayoshi Son to take over the deal.

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

In March of the following year, an additional investment of 100 million US dollars was made, and a 35% stake in Yahoo was acquired in one fell swoop.

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

From establishment to listing, it only took 13 months in total!

In April 1996, Masayoshi Son's Softbank invested US$72 million to establish EGL Yahoo together with Yahoo Global, which was established only two years ago, in which Softbank holds 51% of the shares and Yahoo Global holds 35% of the shares.

In 2004, the market value of EGL Yahoo reached an unprecedented 50 billion US dollars, while the global market value of Yahoo in the same period was only 33 billion US dollars.

Therefore, the relationship between Yahoo and SoftBank cannot be understood as a simple shareholder relationship. They are the closest partners and a community of interests.

It is quite difficult for Xia Jingxing to dismantle this pair of good friends, and he must come up with enough attractive bait.

"Softbank is a shareholder of Yahoo, and Yahoo is not a shareholder of Softbank, you have to be clear about this!

Softbank benefits, and the benefits will not be shared with Yahoo. "

Xia Jingxing reminded loudly, and then softened his tone a bit: "My idea is that Yahoo holds 26%, Vision Capital holds 23%, and Softbank holds 20%.

If you agree, we will make some concessions on the valuation of Yahoo China.

Yahoo is the biggest beneficiary of this transaction! "

Ma Yun also came out and added: "Everyone is a 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 back his laughter, what kind of stupid reason is this!

However, Jerry Yang has always attached great importance to emotions, and he prefers this kind of thing.

Of course, the benefits are also obvious, increasing the shareholding ratio and raising 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 with the old and cunning Sun Zhengyi, Yang Zhiyuan is undoubtedly much easier to deal with.

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

To this end, the two conspired a lot.