Rebirth of the internet boss

Chapter 253 Crazy Buying Buying Buying

Li Feng's "big acquisition plan" is still going on!
On November 11th, Li Feng once again invested $5 million in Dianping, still accounting for 100% of the shares. He was also an angel investor of Dianping, still at a valuation of $20 million.
Dianping was established in 2003. It can be said that it is the originator of all O2O, and it can even be said in the world. It was not until 2004 that Yelp, dubbed the "Dianping Network" of the United States, was founded in San Francisco.
Zhang Tao, the founder of Dianping, is also a talent. He grew up under the influence of Shanghai’s commercial culture. He graduated from the Wharton School of Business in the United States. Before returning to China, he worked in the ERP department of an American IT consulting company for 10 years.
Zhang Tao founded Dianping.com, which actually originated from his initial interest in looking for delicious food. Zhang Tao is a person who pays attention to life taste and sentiment.

After returning to China, I found that even in Shanghai, there are always a few restaurants. I think of the index guide about restaurants that I saw in the United States.
Therefore, Zhang Tao began to try to transfer restaurant information to the Internet through user reviews, and then Dianping.com was born.
In 2003, when the Internet was far from popular, using the Internet to make merchant reviews was still a matter of feeling the stones.

At first, it was just an experiment, because the Chinese people were restrained in character and the structure of netizens at that time was relatively young. Even Zhang Tao himself was not sure whether this model would work.

The results of the verification found that although Chinese people are reserved, they are still willing to express themselves on the Internet; fortunately, Modu has a relatively developed business environment, and Zhang Tao finally found a way out.
What is even more powerful about Zhang Tao is that at the beginning of his business, he did website, design, and marketing by himself. In the end, it took him half a year to bring down the Modu market. Thanks to the fact that there were no competitors at that time,
It's a pity that Zhang Tao, who has never experienced fierce competition, "woke up early and caught up with the evening episode". When the mobile era came and group buying websites rose, Dianping fell behind.
In particular, Zhang Tao was defeated by Wang Xingshi, who is still known as the "King of Entrepreneurship". Finally, under the power of capital, he forcibly merged into Meituan and established a new company, Meituan Dianping.

For Li Feng, Zhang Tao is not important, and Dianping is not important, but Wang Xing is his partner. Although Wang Xing has left Fengrui now, Li Feng will not forget Wang Xing's rise in Fengrui contributions made on

Li Feng is a very grateful person. You can tell just by seeing how kind he is to Wang Xiao. Apart from the fact that they are best friends, the more important thing is that Wang Xiao has helped Li Feng more than once or twice.

Although Fengrui is now a shareholder of Dianping, if one day, Wang Xing plans to found Meituan again, and when he enters O2O, donate Dianping to him, so why not!

Then on the third day, Fengrui invested in 100.com again with US$58 million, still accounting for 20% of the shares, and was still an angel investor, with a valuation of US$500 million;
Another $100 million investment!Another 20%!Another valuation of $500 million!Why does Li Feng play this game every time?

Whether it is Autohome, Douban, or Dianping, they have just started their businesses, let alone making a profit, and have not even found the basic direction yet. However, Li Feng gave a valuation of 500 million US dollars. It is no problem to turn 500 million U.S. dollars into 500 million RMB.

But the reason why Li Feng still does this is to gain the goodwill of his investment partners, and second, to "cut through the mess quickly" and quickly take up the "pit". 100 million; the key point is that Fengrui doesn't care about this small amount of money, as long as these companies succeed, these investments will eventually return thousands of times and tens of thousands of times!

The basic logic of Li Feng's investment is that, except for communication, social networking and content, everything else is handed over to partners, and he will not pursue controlling shares, or even require major shareholders, but invest through a small proportion of shares.

There are also people who vividly call Fengrui’s new investment model the “three tricks”. The first trick is that Fengrui should not hold a controlling stake, but it should hold at least 20% of the shares; the second trick is to package relevant resources to the Strategic collaborators; the third trick is to give a generous dowry, that is, traffic;

In short, giving money, resources and flow, only seeking symbiosis, not possession, all this is to prepare for the subsequent "development", or from the perspective of empowerment, what Fengrui really achieves is openness .

However, on the second day after taking a stake in 58.com, Fengrui also took a stake in its direct competitor, Ganji.com.

In this regard, Liu Zhiping also specifically addressed this issue, and asked Li Feng in the president's meeting room, "Boss, why do you want to invest in two Internet companies that have direct competition at the same time?"

Li Feng first jokingly said: "It's fun! Don't you think this is fun? There is another choice, just like raising a cup. Although there is only one winner in the end, this 'Gu' must be ours!"

Although Li Feng said it as a joke, everyone felt that what Li Feng said was reasonable, so they were even more curious about Li Feng's official answer.

At this time, Li Feng also formally explained: "On the one hand, it is to pursue the success rate of investment, just like venture capital. Don't put all eggs in one basket.

On the other hand, it is also for our open platform plan. In fact, in the future, there will definitely be a lot of such opposing shares, because we Fengrui will break away from all attributes, there is no right or wrong, no opposition, and we will remain neutral. As a platform, eventually forming an ecology,
If we want to become a real platform, we are doomed to have no other attributes, and the rest is left to the enterprises to compete. If we do not participate, it is a nature, which also pays attention to the law of the jungle and survival of the fittest! "

After Li Feng finished speaking, all executives fell into thinking. Although everyone knew Li Feng's strategic layout, they still couldn't understand the form of an open ecological enterprise.
Because no Internet company in the world has ever "opened up" to the outside world. This is like national borders. The development of people requires certification, the opening to other countries requires reciprocity, and the development of trade requires regulations.

And Li Feng explained again: "Openness and sharing are not a slogan, nor a simple concept, they are really open and can empower other Internet companies.

Openness is often regarded as a gesture, but I understand that it is an ability, not all Internet companies have the ability to be open.

Sharing is not a vision, but more about how we build a platform and a system to realize our sharing and sharing. "

Finally, Li Feng left a question for Fengrui's executives, "Then what do you think is Fengrui's core capability, or what is the core competitiveness?"

So, Li Feng asked Fengrui's 11 executives, including the newly joined Ren Yu, to write down what he thought was "Fengrui's current core competitiveness" on a piece of paper. The newly joined secretary, Song Jia, wrote on the whiteboard in front of her one by one,

And this is the first time that Song Jia has participated in such an important meeting. Although Song Jia has come to Fengrui for several days, she has basically never had contact with Li Feng. Apart from making a pot of tea for Li Feng, there is really nothing to do, the key is Li Feng is fine!
And this is Song Jia's first time seeing Li Feng at work. He can't use the word "handsome" at all. The high-level Cheng Lan who usually has the most contact with him, and the very powerful Liu Zhiping, and now everyone in Li Feng In front of the front, he behaved like a primary school student.

Although Song Jia lost the courage to confess, she was still very excited to see such an excellent performance of her sweetheart. At least she proved that she was right, and "As long as I can see you, I am happy".

When Song Jia wrote the collected answers on the whiteboard one by one, 11 executives gave 16 answers, some wrote "users", some wrote "cash", and "culture", "fast"" Management", "Team", "Product"...

Of course, the most is "layout", not flattering Li Feng, we have been partners for many years, and the most important thing about Fengrui's success is because of Li Feng, precisely because of Li Feng's advanced strategy The layout is the reason why Fengrui defeated each opponent and climbed to the top of the Internet's "Iron Throne (the throne of kings in "A Song of Ice and Fire")".

Regarding this, Li Feng also said lightly: "Actually, you have given too much credit to me. The strategic layout itself is what I should do, and if the strategy needs to be realized, it needs to be implemented. In fact, many times, I formulate The strategic goal is not so high, but you all accomplished it very well, Fengrui's success is actually ours..."

"However, when it comes to the question I just mentioned, I think everyone's writing is very reasonable. If I had to choose two, I think these two are the real core competitiveness of our Fengrui."

Li Feng made a big triangle on "flow" and "capital" while talking.

"The first capability is traffic. It can also be said to be users. We have more than 1 million monthly active users, and they are the most sticky and valuable. This is the reason why we dare to develop externally. Not only can others not take away our users , and we can also obtain their user data. In this era where traffic is king, this is also our core competitiveness!

The second capability is capital.This is what Liu Zhiping wrote. We, Fengrui, now have a hematopoietic capability unmatched by all other Internet companies, not only games, advertisements, but also unique value-added services. In this era where capital is king, this is also our core competitiveness! "

In the previous life, Tengxun has never raised funds since 2004. Except for IPO financing, it is because Tengxun has a revenue channel that other Internet companies envy: value-added services!
Who would have thought that someone would spend 5 yuan a month for those insignificant clothes and hats!As long as you are human, you like to pretend!And Fengrui is precisely to give users this kind of pretentious pleasure!
"Capital" was proposed by Liu Zhiping. In Liu Zhiping's former Goldman Sachs people's view, it is impossible for Fengrui to get involved in all Internet products, especially the content field. Only through capital participation is the only feasible path.Forming an alliance relationship through capital can not only achieve the purpose of development, but also allow Fengrui's huge traffic resources to be released in a capital sense.

When Li Feng pointed out the idea of ​​"capital + flow", all the top executives in Fengrui felt suddenly enlightened, and Song Jia, who didn't understand anything now, also felt that she understood a lot, just like herself. Suddenly awakened by the Zen master.

Therefore, Fengrui's large-scale acquisition plan is also in accordance with Li Feng's request. Direct capital injection, plus traffic support, and only 20% of the shares in the end, because Li Feng has been practicing the "two-eight law".

However, there are exceptions. For example, when investing in Ganji.com, there was a slight change. In the end, Fengrui invested in Ganji.com for 50 US dollars, accounting for 10% of the shares, and the valuation was still 500 million US dollars.
This made Yang Haoyong, the founder of Ganji.com, feel that he has made a profit. He and 58.com both have a valuation of 500 million US dollars, but he only paid 10% of the shares in advance. Although he only raised 50 US dollars,
But when I spend these 50 US dollars, the valuation of Ganji.com will not double. By then, I will be able to raise 10 million US dollars if I raise 100%, which is equivalent to my own 150 million, and I will raise 20%. , No matter what, it is a profit!
However, there must be gains for what you give up, and it also proves that because of this change, Fengrui is more willing to support the development of 58.com. After all, does Fengrui have a lot of shares in 58.com, so the final result is that 58.com is supported by Fengrui. Merged and acquired Ganji.com.

Li Feng himself could not specify whether the spokesperson for the merged image of 58 and Ganji.com would be Yang Mi, the spokesperson for 58, or Fan Bingbing, the spokesperson for Ganji.com, to endorse the merged 58 Ganji.
However, Li Feng can decide that Yao Jinbo from 58 will be the CEO of the new company 58 Ganji. As for the new spokesperson of 58 Ganji, out of expectations, 58 Ganji does not choose any of them, and the CEO Yao Jinbo will be the spokesperson.

In Internet companies, the CEO himself is the best spokesperson, not to mention the Internet celebrity Aunt Dong as a demonstration.

After Fengrui completed the shareholding of 58.com and Ganji.com, it then acquired a 1% stake in Ctrip at a trial price of US$20 million.
However, it was directly rejected by Ctrip. Ctrip itself is already a listed company, and its market value is almost 5 million U.S. dollars. It is not short of money, and it has just raised nearly 5000 million U.S. dollars. Top-of-the-line construction of a modern online travel technology service center.

However, this is not difficult for Li Feng. Li Feng directly asked Liu Zhiping to buy 500% of the shares of Tongcheng Travel and 20% of the shares of eLong for 20 million US dollars each. Feng also plans to continue to invest in "Qunar".

As for who the final winner among them is, Li Feng is not interested, as long as their surname is "Feng".

In fact, compared to Ctrip, Li Feng is more interested in the "Ctrip Four Gentlemen". Liang Jianzhang, Ji Qi, Shen Nanpeng, and Fan Min jointly founded Ctrip.com.

Fan Min is the person in charge of a state-owned travel agency, and is the guarantee of Ctrip's initial success;

Liang Jianzhang is not only the founder of Ctrip, a famous entrepreneur, but also a professor of sociology and anthropology at BJ University. He was the first expert and professor to call for "releasing the birth policy" (this is not a derogatory term);

Ji Qi is very powerful, leading Ctrip, Home Inns, and Hanting (Huazhu) to go public in one go;
Shen Nanpeng is even more powerful. After taking Ctrip to the market, he co-founded Sequoia Capital China Fund with Sequoia Capital. When mobile came, Shen Nanpeng drew a picture of the mobile Internet track, and then followed the picture to make mobile I voted all over the track on the Internet,
It is the "China VC No.1" after Xiong Xiaoge, and also ranked No.1 in the world's venture capital. It has invested in Alibaba, Jumei, Vipshop, Dianping, Meituan, AutoNavi, Da Xinjiang Innovation...

Li Feng really wanted to chat with Shen Nanpeng about Feng Rui Neng's participation in Sequoia Capital China Fund in the future, but after being rejected by Ctrip, and because of other important acquisition projects, Li Feng let it go.

In fact, the above, whether it is an acquisition or a shareholding, is not important to Li Feng. It is just to improve Fengrui's industrial layout, expand Fengrui's influence, and pursue capital returns. At the time, Li Feng didn't even show up, and asked Liu Zhiping to talk directly, and he just signed it in the end.

For this big acquisition plan, Li Feng specially made a list of several must-acquisitions. This is the real focus, but he did not expect that Fengrui's first acquisition would be in trouble!
(End of this chapter)