Reinventing the Millennium.

Chapter 247 Qin lost its deer, and the world pursued it (two in one)

In the middle and late January of 2002, a private equity fund from the United States continued to buy Chinese concept stocks.

This behavior started when Netease resumed trading. Due to the regulations of Nasdaq, it will send a letter to the listed company every time it buys 5% after reaching the 1% mark line.

In this way, every few days, Netease can receive a letter from the MIGA Fund, and the time is extremely regular.

If it wasn’t for Netease’s chairman, Ding Lei, to firmly control the company’s equity and personally hold more than 50% of the shares, it would almost make people suspect that this private equity firm is planning to initiate a hostile takeover of Netease.

After the MIGA Fund issued a letter announcing that it held 8.05% of NetEase’s shares, the original notification pattern that NetEase employees were used to was suddenly broken, and no letter was sent again for several days.

Ding Lei has speculated and inquired about the situation of private equity funds every day since January 1 when stock trading resumed, but he felt uncomfortable when there was no movement suddenly.

However, it was only after a phone call from a colleague that he understood the situation, and the MIGA Fund turned around and bought Sohu!
The feeling in Ding Lei's heart was quite subtle.

Afterwards, he contacted Sina, which is also listed on NASDAQ, and learned that the latter did not send a letter from the MIGA fund, and there was no major trading activity in the secondary market, and his mood calmed down inexplicably.

Among the three major portal websites in China that went public in 2000, MIGA first bought NetEase, then bought Sohu, and finally did not know whether to touch Sina, but if you look at the order, you will know who this strange private equity fund is most optimistic about!
Although the market value of NetEase is the lowest at this time, only a little over 2000 million US dollars, its peers are not much better. Sohu's market value is 3000 million US dollars, and Sina's market value is 4000 million US dollars... Moreover, Ding Lei has strong confidence in his own company.

NetEase's stock price before the suspension of Nasdaq was US$0.68, but the company's cash flow was US$6000 million.

In other words, even if you buy NetEase completely with 2000 million US dollars and then immediately liquidate and go bankrupt, you can make a lot of money.

How could NetEase's share price be so low?

Ding Lei is very confident in his heart, the most, at least it will cost 6.8 US dollars.

Soon, because of the same ignorance of the MIGA fund, Sohu communicated with Ding Lei after receiving the first 5% shareholding placard.

Sohu's Zhang Chaoyang controls his company as firmly as Ding Lei. He is not afraid of transactions in the secondary trading market. He is just very puzzled and curious. What is the purpose of this sudden fund?

Sending a letter is just a notification. I only got a perfunctory answer when I contacted the past, and there was no mention of adding directors to the board of directors...

To say that people are optimistic about the development of their own company, they didn't contact and inquire before buying stocks.

All in all, it's just weird and weird.

For this MIGA fund, Zhang Chaoyang invited Ding Lei to have a meal.

When the two had dinner, they didn't completely talk about private equity, but also exchanged information about the current industry situation.

However, when the meal was drawing to a close, Ding Lei received a call from Sina.

"What? Your trading volume has increased significantly today? Is someone buying?"

Ding Lei was stunned. He almost knew without thinking that this was the MIGA private equity fund.

The timeline is very clear. I started buying NetEase on January 1. When I bought nearly 2% of the shares, I turned around and bought Sohu. Sohu bought 9%, and finally made a belated move on Sina.

"It's so funny." Zhang Chaoyang had the same judgment as Ding Lei, but he suddenly found it funny.

Ding Lei sighed: "It's too mysterious."

Yes, a U.S. fund that has been buying and almost lost contact is really too mysterious.

"Maybe, it doesn't just buy our stocks? Maybe it buys in multiple lines, but we don't know other markets." Zhang Chaoyang put forward a new guess.

"It's also possible." Ding Lei agreed.

He wiped his hands and joked: "Look at MIGA's buying options. They are most optimistic about our NetEase. I can't live up to this trust."

Zhang Chaoyang laughed out loud, it's okay that his family is not at the bottom.

……

New York, Hilton Hotel.

Fang Zhuo listened to Kong Yu's stage summary.

"As of now, we hold 10.2% of NetEase's shares, and the purchase cost is 348 million US dollars."

"The cost of holding 6.7% of Sohu is US$305 million."

"Sina bought a 300% stake for US$5.4 million because the stock price was slightly higher. We just passed the sign line. We sent a letter to Sina yesterday."

Kong Yu said: "These three stocks cost a total of 953 million US dollars, and we have 47 US dollars left on the books."

He looked at the wandering boss at the conference table, and couldn't help but said, "Mr. Fang, it seems that there is no way to do anything with the $47. The combination of subprime mortgage CDO and CDS that I talked about with the Li family earlier..."

"Oh, there's no rush for that." Fang Zhuo came back to his senses, only one feeling in his heart, it was too cheap.

As far as this month's operation is concerned, MIGA Fund is already one of the top ten shareholders of the three major domestic portals. It is really too easy to be eligible to request additional director seats on their board of directors.

Kong Yu nodded and hesitated for a while, thinking that he had quietly bought the stock and asked, "Mr. Fang, these three companies have contacted MIGA. Do we have any reply?"

"Just say that we are very optimistic about Huaxia's development and their future market value growth." Fang Zhuo replied.

Kong Yu asked again: "Mr. Fang, are you so optimistic about their stock price?"

Fang Zhuo nodded and said, "Yes."

"Then what if their stock price hasn't risen?" Kong Yu asked anxiously, his expression unchanged.

Fang Zhuo said calmly, "That means I was wrong."

Kong Yu: "..."

He suppressed the great astonishment in his heart, and asked calmly as much as possible: "Then what about the Li family?"

"These three companies will not be delisted, so where can they go if they fall?" Fang Zhuo spread his hands, "Nasdaq delisted for a long time under 1 dollar, and our average purchase cost is just over 1 dollar. what?"

Kong Yu: "..."

What the boss said is very reasonable, but... the boss's small loss falls on the individual, and a big mountain collapses. This is going to jump off the building!
Kong Yu's complexion finally couldn't help but changed. When he first bought NetEase, he bought some. Later, when he saw the boss's firm order to buy more, he ruthlessly invested more.

"Mr. Kong, what's the matter? You don't look good? Don't worry, it won't hurt me if the Li family loses a little money." Fang Zhuo said cheerfully.

Kong Yu reluctantly responded, saying that the matter of buying stocks in private cannot be put on the table.

"Speaking of which, I didn't want to buy Sina. Their management is too turbulent." Fang Zhuo didn't know the little Jiujiu of the general in front of him, and said with a smile, "I can't stand it, they are too cheap, eh, I can't resist the temptation .”

Kong Yu nodded in agreement, considering whether to sell the stocks he bought.

"I don't know whether the Sina shares in Wang Zhidong's hands have been sold or not. In terms of prospects, Sina should not be able to compare with the other two in the short to medium term. Its shareholding is too scattered and its factions are chaotic." Fang Zhuo took the MIGA Fund's recent operation form, Casually commented, "If NetEase is owned by Ding Lei and Sohu is owned by Zhang Chaoyang, then Sina is nothing..."

Kong Yu was distracted and didn't pay attention to what the boss said.

Fang Zhuo put down the documents in his hand, and softly finished the second half of his comment: "Then Sina is No Man's Land."

He was taken aback by his own evaluation, hey, Borderlands?Borderlands!
Wang Zhidong, the founder of Sina, was expelled, its own equity was dispersed, and its management was shaken.

Fang Zhuo muttered to himself: "Qin lost its deer, and the whole world chased it."

If you can grasp the influential brand of Sina, then the entry point in the era of online social networking will be a matter of course, and the follow-up, whether it is mobile Internet or multi-dimensional alliances, will be very easy.

The problem is that I don't have funds in my hands now, even if I do have funds to make acquisitions in the secondary trading market, I will face counterattacks from Sina's management and shareholders.

Once a year, Chen Tianqiao of Shanda wanted to hostilely take over Sina. At that time, Sina's management launched the "poison pill plan" to make Chen Tianqiao return without success, and the latter had to sell his shares again.

This "poison pill plan" for countering hostile takeovers is still quite unsolvable.

"Mr. Kong, send a letter to Sina tomorrow, asking for an additional board seat for us at the next shareholders' meeting." Fang Zhuo didn't clear his mind for a while, but he knew what the key to controlling a company was.

"Ah?" Kong Yu had been worrying about his money just now, but suddenly realized that the boss had changed his mind.

Fang Zhuo repeated the order.

"Why?" Kong Yu asked, "What about the other two? Should Netease and Sohu make this request?"

Fang Zhuo shook his head. The equity ecology of those two companies is completely different from that of Sina.

He considered for a moment and said, "I thought of a story about a snake swallowing an elephant. I think we can try it."

Kong Yu was surprised, he felt that he understood Mr. Fang's meaning, but he also felt that it was whimsical.

Snake Tunxiang, the front of Snake Tunxiang is "insufficient greed".

Greed is not enough to swallow elephants, Mr. Fang, your name is greed!
"Okay, I will send a letter to Sina tomorrow, telling them that the board of directors will add more director seats, saying that our fund intends to hold it for a long time, and then all foreigners will show up in the past. Sina's board of directors is facing an American fund. Pass the vote." Kong Yu had a plan in an instant.

Fang Zhuo felt that this man was a little impatient, and said with a smile: "Just exploring a possibility, although the book funds of the MIGA Fund are almost used up, but in the future, we must pay more attention to the US subprime mortgage portfolio market, prepare first, and fight later. "

Kong Yu nodded, thinking that "preparation first, then war" was not only about subprime mortgages, but also about Sina.

For a whole month, the MIGA private equity fund spent all its budget, and the next time can only be holding and lurking to see what effect this wave of investment in the three Chinese concept stocks will bring.

On February 2st, Fang Zhuo's attention completely returned to Yike P1. However, when he just checked the sales summary of the US channel on this day, Li Xinyue, who was in charge of the Li family's contact, called to ask about the fund's investment situation.

"Oh, the voting is over." Fang Zhuo gave the other party an answer.

Li Xinyue on the other end was obviously stunned, and it took a while to ask in disbelief: "What? Mr. Fang? Are you kidding me? The 1000 million US dollars has already been invested? This is 1000 million!"

"What do you think a private equity fund is like?" Fang Zhuo actually looked down on An Liangtang from the bottom of his heart, "It's only 1000 million US dollars."

Li Xinyue was so stunned that she was speechless. For some reason, ever since she met Mr. Fang, she had doubts about her life, so she didn't mention the trip to the mainland. The 1000 million dollars sounded like a thousand dollars Seems like.

"Mr. Li can wait until the due date to collect the money, and Mr. Li is also welcome to introduce friends to invest in money." Fang Zhuo said lightly and ended the call.

If it weren't for the relatively grassroots private equity team, he wouldn't cooperate with the Li family like this. However, in terms of profit distribution, the Li family is easy to be persuaded, and it can be regarded as bastard looking at Mung Bean-it's right.

At present, MIGA Fund has two clients. I and the Li family each contributed 500 million. The profit distribution is to leave 3% to the fund first, and the remaining 7% to each of the two clients. 50%, but because the Li family prefers low Risk, they exchanged 15% for a guarantee of $100 million.

也就是说，1000万美元本金亏损到700万美元就自动清仓，300万亏损各自50.00%就是一家亏150万，李家因为另设协议，他们最多亏损150-100=50万美元。

如果盈利，方卓分到30%+0.7*（0.5+0.15）=75.5%，李家分到24.5%——这24.5%的利润如果不足100万将会被补齐发放。

Both parties were actually quite satisfied, but Li Xinyue was caught off guard by the investment efficiency.

Fang Zhuo was not in the mood to appease the client's surprise. Anyway, he had already signed the contract in black and white, and there was a high probability that the other party would make money in this matter, so he would naturally be happy in the future.

"The offline sales of M1 are obviously slowing down, but Amazon has seen a slight increase. Is the enthusiasm for bundled IPOD promotion a little weak?"

"The sales that rely solely on Kroger, a large channel, are relatively stable, but correspondingly, we cannot speed up too much. Mr. Pan, we still have to find a way."

Fang Zhuo is not particularly satisfied with the sales of Yike M1 and the newly arrived P1.

Pan Ben can explain the slowdown: "Mr. Fang, because there are Christmas and New Year ahead, many consumers choose to use electronic products as gifts, so there is a significant increase in our sales."

He continued: "The pure Kroger channel, if the external situation does not change, according to everyone's estimates, it can steadily provide sales of about 4 units per month."

4 units a month, that is to say, this speed is basically able to complete the P1 target of 10 next month, which is also the official negotiation point agreed with IDG America.

Fang Zhuo tried to make appointments with two American venture capitalists in late January, but none of them showed much interest in hardware, which made him a little shaken.

The music management software iMusic based on the Windows operating system is being developed in China, and this next progress must have a certain amount of funds and channels.

Because the network sharing mp3 format music sites in the United States are gradually tightening up, this observed situation is not good news for Yike.

"We still need to increase the amount of publicity for P1. I think it's quite interesting that Ipod now has a singer limited edition."

"But it's not easy for us to learn this."

"M1 and P1 have been launched by Kroger for two months. Why is Wal-Mart not in a hurry? People have it."

Fang Zhuo never forgot about the largest supermarket channel in the United States.

"Mr. Fang, if it doesn't work, let's go with it. Mr. Xiong is also a good person. He may not consider holding shares at this time." Pan Ben is also thinking about the next development these days. will be filled.

"Wouldn't it be even scarier to change the 'time'?" Fang Zhuo complained, shaking his head, "Our team here needs to hold a plenary meeting to summarize and think about a better development direction together."

(End of this chapter)