Top of the Great Era

Chapter 2343

After talking about Yahoo, Jin Beomuxian then talked about the key point, which is what he is most concerned about, "KakaoTalk has more than 4500 million users in South Korea, and almost 95% of Koreans have used this product. "

"Congratulations."

Zhou Buqi smiled.

There is no doubt that whether it is domestic WeChat, Helo or the Japanese version of Helo, the coverage is not as good as that of South Korea's KakaoTalk, which has already demonstrated its dominant strength.

This is related to South Korea's advanced network infrastructure.

Jin Bunxiu went on to brag and said with a smile: "The amount of messages sent by KakaoTalk every day is three times the total number of short messages sent by the three major telecom operators in South Korea. Relying on such traffic advantages, it also benefits Kakao's other businesses. Opportunity for rapid growth."

"Yeah." Zhou Buqi nodded, "This is a very gratifying result."

Jin Fanxiu said: "However, there are many competitors in the mobile Internet industry in South Korea, and they are developing rapidly in various tracks. Kakao wants to compete with them, and KakaoTalk's traffic advantage is not enough, and more needs to be done. funds."

"funds?"

Zhou Buqi glanced at him and heard something about it.

Kakao is short of money?
It's not easy, get financing!
The major shareholder of Kakao Group is Ziweixing International, holding more than 58% of the shares.Even if there is a shortage of money on the books recently, it doesn’t take much to develop the Korean market, and further financing can be carried out from Kakao.

If it doesn’t work, just introduce new and more shareholders.

Judging from what Jin Fanxiu meant, it was obviously not the intention.

Jin Fanxiu hesitated for a moment, and said cautiously: "I think we can find an opportunity to properly split the company..."

"Split?" Zhou Buqi narrowed his eyes slightly, "The holding model?"

Jin Fanxiu said: "Yes."

Zhou Buqi was silent and did not respond to him.

There are two main modes for splitting up a company.

One is to dismantle it completely.

For example, Company A has three shareholders, A, B and C, who hold 60%, 20% and 20% of the shares respectively.If you want to spin off its business to form Company B, then Company B has nothing to do with Company A. The three shareholders of Company B should hold 60%, 20% and 20% of the shares. If new shareholders are attracted , the shares are diluted proportionally.

If it is a holding split, it will affect the interests of minority shareholders.

A spins off company B. If company A holds 51%, 60% or 90% of the shares of company B, then company B has the right to speak.

In company A, the major shareholder A who holds 60% of the shares has the final say.

It also means that A has become the real speaker of company B, and company B has no power relationship with the two small shareholders of company A and the newly introduced small shareholders of company B.

A can control B by controlling A. If company B has a business split in the future, it can control C through B, and control D through C...

It is not only the deprivation of the company's power to the minority shareholders, but also the damage to the interests.

This kind of shareholding split method often releases the value of the subsidiary, while the value of the parent company is underestimated, which leads to the release of the value of the subsidiary has nothing to do with the minority shareholders of the parent company.

Therefore, in European and American countries, in order to protect the interests of small shareholders, even if a large company is split, it is often a full split, rather than this split method of holding shares.

After a while, Zhou Buqi will go to the United States to find Carl Icahn and talk to him about the plan to promote PayPal's split from eBay. PayPal is not a wholly-owned subsidiary of eBay, but is controlled by eBay and has absolute right to speak.This hurts both eBay's minority shareholders and PayPal's minority shareholders.

In fact, this is also the case.

Ebay's minority shareholders don't own any PayPal stock.If it is fully dismantled, about 60% of PayPal's shares held by eBay will be fully shared with all eBay shareholders, and only small shareholders can directly benefit and obtain eBay's shares.

Pulling small shareholders to do big things is the main driving force behind PayPal's spin-off from eBay.

When Ziweixing spun off Ziweixing International, it didn't dare to play this kind of holding model, and basically dismantled it completely.Ziweixing currently only holds about 27% of the shares of Ziweixing International, and the remaining shares are distributed to all shareholders of Ziweixing in proportion.

All in all, the full demolition model can protect interests; the holding model can protect power.

However, South Korea is special.

It has only been 30 years since the end of warlord rule in this country, and there are many problems left over from history that cannot be resolved... The most difficult thing is the split model.

South Korea's spin-off is a holding model.

As long as one person or a family controls a holding company A, and then controls B through A, controls C through B, and controls D through C... all the way down, you can control hundreds of companies and millions of companies. jobs.

Also formed the plutocrats.

Once this large system is formed, it will become an unshakable giant. A quarter of South Korea's GDP is contributed by the Samsung Group... No matter who takes over the Blue House, who dares to touch the Li family?If Samsung lies flat, the entire South Korean economy will collapse, and the president will have to step down.

South Korea's judicial system has many problems, and this method is a powerful means for the Lee family to protect private property and family power.

Zhou Buqi could also see that after the Kakao Group took off and its valuation reached 120 billion US dollars, Jin Fanxiu also began to seek a way out, and also wanted to develop into a chaebol.

Facing Boss Zhou, Jin Fanxiu didn't dare to hide it, and said frankly: "In Kakao now, the shareholder structure is mainly three parties. You, Hyundai and me. The Zheng family does not participate in management, and you trust me, so I can maintain control of this company and let this company develop according to my ideas."

Zhou Buqi was satisfied with his straightforwardness, "I'm not Korean, Kakao is most suitable under your control."

Jin Fanxiu said: "Kakao will attack multiple business lines at the same time and compete with those competitors in the market. This will require more funds. However, once new influential shareholders are introduced, Kakao will The power structure is more complex."

In fact, the most important point is that he does not want to further dilute his shares in Kakao Group.

For example, Kakao Group will do payment business next, which requires a lot of money. If it goes for financing, it will make Kakao Group's power structure more complicated.

Jin Bunxiu's shares will also be diluted.

The interests of all parties must be considered, which will make it more difficult for him to manage Kakao.

If it is a holding split, it will be different.

Spin off Kakao's payment business and set up a separate subsidiary, KakaoPay.Then, use the name of KakaoPay to raise funds, dilute 20% of the equity, and get the money to develop the business.And 80% of KakaoPay's shares are in the hands of the Kakao Group, and Jin Fanxiu can firmly control KakaoPay through his control of Kakao, regardless of the attitude of other small shareholders in KakaoPay.

As long as KakaoPay is listed in the future, Kakao Group can ensure that it holds more than 51% of the holdings, and KakaoPay will never run away.

Many subsidiaries are doing this, and a grid-like chaebol system controlled by equity is formed.

Once it is really formed, it is not just power.

There are huge benefits.

These benefits are deprived by shareholders who hold power from shareholders who do not hold power.

This set is also available in China.

It's just not as extreme as South Korea.

Zhou Buqi has heard too much, of course he knows what is going on here, and said calmly: "This is not in line with my business philosophy, it is a betrayal of investors. Investing is for making money, that's right. , but for a company, every investor is an angel. At the critical moment, it is the investors who help to tide over the difficulties. You also understand the history of China, which is actually the same as the history of Korea. Tibetans are all cunning rabbits who die and lackeys cook; they can only share adversity, not prosperity. I don’t want this.”

Jin Fanxiu sighed, his expression struggling.

Zhou Buqi went on to say: "When I was in Ziweixing, I told each of our partners from the first day that we must never let our investors down! This is the principle of my business."

After a pause, he continued: "You have also seen that whether it is Ziwei Star, Ziwei Star International, or Ziwei Star Global, the company puts all the business in one place. I don't play any games. Financial technology, dismantling the company so that people can't see clearly, investors don't know what you're investing in, and don't know what loopholes you have to dig it out."

In a company, the number of shares is not important, what matters is who controls the power of the company.

With power, small shareholders can also kill large shareholders.

This kind of chaebol system in South Korea is the easiest way to use this method.The shareholding structure of countless companies crosses each other and progresses layer by layer. You control me, and I control you...

People who are not in power don't understand at all.

Such a complex system, even the tax department can't understand it.

In this way, wealth can be hidden and wealth can be transferred.

The richest man in South Korea this year is Lee Kun-hee, the owner of Samsung. Forbes estimates his wealth at only US$100 billion...how could it be so little?
A big chaebol like the Samsung Group with an extremely large internal structure and an extremely complicated shareholding structure is actually like a country.On the surface, Samsung’s interests belong to all Samsung’s shareholders, and every shareholder should sing praises for it; in fact, only power has interests, and the Li family holds Samsung’s power, so they can arbitrarily deprive those years of confusion Jing good shareholders' interests.

The meaning of what Zhou Buqi said to Jin Fanxiu was very clear.

Don't take me for a fool!

I have worked hard all the way, I am not good at time!

Jin Fanxiu was a little disappointed, "This model can introduce more shareholders, recruit more employees, and build a larger..."

Zhou Buqi waved his hand and interrupted him, "However, every country has different national conditions. My principles may not be suitable for you."

(End of this chapter)