Completed Salted Fish's Self-help Strategy

Like the original Ba people's game, running "out of the mountains in troubled times" to make moderate krypton gold, although it didn't saturate the running water, it's no problem to use the running water to make the stock index. However, the Mediterranean and Gobi networks each have a fairly high number of users, but they do not make any income, which makes the flow volume completely unmatched with the dau.

Moreover, if one wants to nibble at VR, there is no real money explosion in this field so far. The market is on the eve of obscurity, and there is great uncertainty while lacking benchmarking. On the other hand, we don't do it with big IP and easy income, and go to platform development. Although the concept of UGC is very popular at present, how big is the real Qian Jing of UGC games? It's also an unknown, with very low certainty.

The essential difference between this group of investors and entrepreneurs is that entrepreneurs like to embrace the sea of stars. The more boundless things are, the more they like to sail in the wind and waves, while investors hate uncertainty.

If it wasn't for the fact that Ba people haven't been listed yet, didn't adjust the demand for profits, and didn't have the necessity to fake and undervalue, there would be something fishy here according to the traditional view! Therefore, some people in the Ba people's group joked that after we go public, we might be compared with the scallop games.

However, even if Ba people do this, they can still carry out valuation, because such an enterprise has the ability to make income at any time, which is simply called having a solid foundation. It just needs a professional team to carry out complex and detailed calculation.

In addition, the fact that some companies are circulating in the world, similar to moxuyou, can also provide evidence for the valuation of these companies. We should know that for our big a shares, "news" has always been what market people have to pay attention to, and even the group of shareholders can be clearly divided into "technical group", "news group", "policy group" and "false news group". Some funds to release a false message and then directly play a trading board everywhere, according to the news of stocks in leeks.

For example, it's rumored in the world that Zhang Ming made a big splash overseas by tiktok. When he went to Silicon Valley to set up a global team with Luoyang shovels, which were handed down from his ancestors, he still kept his eyes on the country with the acquisition.

To be sure, tiktok is the best one in the world. Not only has the new momentum pushed hard on Facebook and twitter for a long time, opening up a situation that neither Penguin nor Ali has ever opened, but also Facebook, which is not good at copycat, is forced to launch the copycat operation, and then make a copycat short video application lasso. As a result, the monthly download volume is less than 1% of tiktok's.

However, Zhang Ming still takes "investment and M & a" as his second hand, and "promoting new products" as his old fist. The target of the merger and acquisition is said to include the Mediterranean Games hatched by the Ba group.

It is rumored that Zhang Ming's request for M & a failed and turned to war investment. He was still rejected by Ba people's group, and he didn't get angry. He just contacted Chu Yuanxi, CEO of Ba people's group, every day to let him have any conditions. He also said that he should firmly win the small game part in the trading process of Ba Ren game last time. As a result, he failed because of the price. This time, he is absolutely not allowed to miss it again. It's better to package Gobi network and invest together.

Many unprofessional investors are confused when they hear this rumor, because Zhang Ming is not the chairman and CEO of Toutiao Greater China? It is said that we need to focus on the development of overseas business. Why do we still focus on domestic M & A and investment?

But people who know Zhang Ming immediately think of that year's acquisition musical.ly The Kwai Kwai fight hand to hand with the fast hand, because the fast hand also wants to buy. musical.ly From cheetah's master. As a result, Zhang Ming had no shovel in his hand but a shovel in his heart. He chatted with Lao Fu about his life every day, and finally agreed to harsh conditions, including a $1 billion price and the terms of bundling investment in levelme.

and Kwai Fu swore at Lao Fu: you are robbery! As a result, the most successful short video application abroad was completely integrated by tiltok tiktok.

Anyone who knows this story knows how purposeful Zhang Ming is in his work. As a result, he digs deeply according to this point and immediately gets the secret of the Ba people's internal disclosure: the target of the enemy of Rome is overseas, and the target of no way to fool the king is also overseas. The overseas strategy is also a major strategic component of the Ba people's group.

For this reason, Chu Yuanxi even spared no effort to develop his own head display equipment, learning from domestic android manufacturers to be a solution integrator, developing app stores, cultivating overseas we media accounts, and operating with high popularity and low return for a long time.

At this time, someone finally feels that they seem to understand why Ba Ren, the two incubation companies, have never made profits

At this time, if you go back to the time line, you will find some abnormal agreements when Ali bought barman game. Barman game was sold to Ali after it stripped off its small game assets and related projects of "enemy of Rome".

In fact, up to now, Ali's acquisition of Ba Ren game is still regarded as a big profit, because the core of the acquisition is the copyright and game products of gone with the wind. But the case can not be seen alone. To understand the investment wisdom of Ba people, just think about the banknotes that Ba people have been waving in their hands for more than a year, and the Mediterranean and Gobi networks hatched from Ba people's game, we can draw a win-win conclusion.For headlines, the inclusion of the enemy of Rome in the global map is obviously a very useful supplement. Globalization strategy can focus on short videos and news, but not just short videos and news. However, Toutiao's overseas operations have been besieged, and its hand in other fields has always been fiercely drawn. For example, sharechat, India's head content social application, has been fiercely attacked by penguins for its investment, so it has to launch its own social networking app named hello to compete with it.

Therefore, in addition to short videos and news, only leisure game distribution and enterprise telecommuting suite are promoting well, which urgently needs to be supplemented with fresh blood. For many Internet companies, VR is still a vacuum, not a market vacuum, but a self vacuum. There is neither development plan nor technology accumulation. Once the market breaks out, it can't keep up.

Therefore, it is not difficult to understand that this anecdote is getting more and more true.

In fact, Chu Yuanxi himself said that the Mediterranean and Gobi networks are not as special as zhenniu technology. For zhenniu technology, Chinese and foreign people can't see its value from the information disclosed, but in the end, it may directly reflect the strategic value, and no matter the Mediterranean or Gobi network, it only reflects the tactical value, and each tactic forms a big strategy.

The second is traditional entrepreneurship and investment, such as Banu hot pot, willing to buy vegetables and so on. This kind of investment has a set of rules. Compared with others, it is basically a set of process. Willing to buy vegetables is an incubator in itself, but it quickly turns into a normal venture capital with an incubator attribute, so it also falls into this category. The sign is that the Ba people have contacted some key agreements, and they can not rigidly distort the will of entrepreneurs, they can only exert influence.

Therefore, their valuation is relatively easy to measure. There are many benchmarking items in the market, and multiplying the share of Ba people is the value.

The third is M & a business and internal business. In fact, the merger and acquisition of Ba people deserves to be criticized, because sometimes a well-off society needs to buy something, but it's not like paying for it. So Ba people pay for it, and then a well-off society needs to use it first.

For example, the acquisition of two-dimensional fire, a very important investment from the first half of 2020, and two consecutive rounds of leading investment in one chain technology.

This is an insightful e-commerce ERP software SaaS service provider in China. The so-called ERP is the information integration and decision-making platform of entity production enterprises, including material information, logistics information, supply chain information, channel information, warehousing and so on. It is necessary for production and sales to help enterprises allocate resources reasonably. However, many enterprises are only used for order management and payment.

However, after entering the cloud era, the change and interaction of information has become more complex and extensive. Under the impact of massive information flow, the traditional ERP will definitely fall behind, but it does not mean that the value of information has declined, on the contrary, it should be improved.

A chain of technology starts from the cloud. Anyway, it looks charming. The key is that it is still in its early stage. After reporting to Chu Yuanxi, Liang Kenian immediately entered the stage of grabbing shares and finally completed two rounds of leading investment. This investment is typical for Ba people, and it is not useful for a dime, but it can be done more deeply in business cooperation with Xiaokang.

However, as the largest external shareholder of Xiaokang, Ba Ren used to support its invested enterprises with business, as long as these acquired assets can maintain and increase their value. Therefore, Chu Yuanxi was not afraid to answer this question. Although Ba people paid money, Xiaokang was equivalent to an amplifier, which magnified the value of this part of assets.

There are also some mergers and acquisitions launched by Ba people sincerely, most of which are the mergers and acquisitions hosted by Liang Kenian in the recent year, such as two virtual idol development teams and an overseas light application focusing on video social networking, which are directly split and loaded into Ba people's information after the merger, so as to realize the merger and acquisition of the other party's core team.

In a word, it gives people a look of both present ability and future vision.

There are also some investors who are more professional and do not evaluate the Ba people with traditional investment vision, because they can find the connotation and unique charm of the Ba people.

For example, there are many business lines within the Ba Ren group that can be separated for valuation. What we are talking about here is not such units as Ba Ren information and Ba Ren media, but such businesses as Ba Ren's AI customer service. The work is very clear, but it can be directly incubated as a subsidiary.

AI customer service can become the core business of start-up companies. For example, the main business of Leyu technology is AI customer service, which is known as "enabling vertical industry customers with AI". In fact, it is a trainable dialogue voice AI. Look at the investment list. There are a lot of star investment institutions in it. They even have to find an exclusive financial consultant when financing. It's very stylish.

Ba people's AI customer service is relatively pragmatic, but also very different. Pragmatic, because the Ba people's own customer service is man-machine hybrid, a small number of real people plus a large number of AI mode, in which the AI part is completely independent research and development. This kind of composition is to serve the players, not to separate, pack, incubate or even go public.

The reason why we call it alternative is that if we don't incubate it separately, why don't we purchase third-party services? The cost of purchasing third-party services is obviously less than that of R & D. It should be noted that R & D can not be one-time, and there is a lot of maintenance and updating work behind it. AI is a never-ending pit, and a new direction of evolution may appear every moment. Purchasing a third-party service is equivalent to booking a long-term update service.However, outsiders didn't know that Xue Ming had ancestral code at that time, so it was relatively simple to develop a customer service AI, which could be directly used with perfect training.

There are a lot of businesses like this, such as xixitube. In fact, it's a subsidiary model, but it's not an incubation structure.

Compared with this kind of investors, more professional people evaluate the core competitiveness of Ba people, that is, cultural ability. Chuyuanxi has long boasted that Ba people are a cultural and creative company. Many people have heard this tune. Now, its manifestation can simply focus on the ability to push IP, or to be specific, the ability to "push big IP".

Many people simply regard pushing IP as hype, but the two words "hype" and "IP" do not match. Hype is just like what Ba Ren group is doing recently. With the help of Oscar nomination, it can enhance its popularity. IP is the carrier and expression of content, and what we need is not hype.

The core of hype is to use hot events to reach the public, let the public know that there is such a thing, such a person or company, etc., and ultimately point to popularity. IP needs not only popularity, but also content display and fans transformation. If someone has just heard of it but is not interested in the content or has no contact with it at all, then the practical significance of IP is not high, and only when it is bought and sold can it show its value.

This is also the reason why many big IPS need to output content for many years and last for a long time to grow into big IPS. I can't rule out some IP with extremely unique content. Although it's not particularly long, it has also reaped the IP effect, but on the whole, it still needs time to accumulate.

The Ba people are the best at pushing an IP, that is to say, the content is not indispensable, but the speed of rise can catch up with those very unique content.

No matter the previous "out of the mountains in troubled times" or later even better "a man without a way", the content has better content, but it is certainly not SSS level, and there is still a significant gap with island IP, which is short but unique, such as "slam dunk master" and "the heart of the swordsman".

However, through the operation of Ba group, the speed of fans gathering is visible to the naked eye. The most abnormal thing is that Ba people don't use their own methodology. The process of pushing "no way, dim king" is completely different from that of pushing "out of the mountains in troubled times". One relies on comics, and the other relies on games.

In fact, it's easier to understand people who rely on comics. At least laymen think it's easier to understand, and people have tried various ways. For example, the minority of Xiaopo station independently set up Chaohua on Weibo to play the game "delusional flaw". When the new DLC went online, it concentrated on the operation of a large number of peer painters to solicit contributions for image delivery. The reading amount of Chaohua instantly exceeded 30 million, hitting the users' demands for high-quality painting, and the powder absorption effect was very obvious.

But relying on the game to reverse the operation of IP, this kind of thing was unthinkable at least a year ago, but Ba people did it.

In fact, at the beginning, Chu Yuanxi didn't keep secret about the small game strategy. He played a clear card. He could talk about his behavior intention and specific means. Otherwise, it would be difficult to persuade Ali to eliminate this part in the transaction.

Why is it easier to persuade people to understand? Because this is a business model that no one has ever verified. Everyone can open the brain hole, but whether it can land, how much it costs to land, how many deep pits there are, whether it can jump out, and how fierce it is to operate together in the end. When we watch the harvest, whether the ROI can be positive is still a question mark.

Therefore, in the autumn of 2019, this "little game IP" plan can be summarized as chuyuanxi's development of a unique IP operation line with his own industry intuition and basic business knowledge as the anchor, and the formation of a traffic circulation theory. It makes the process of launching new IP skip the step of cold start directly, and then verifies the theory in practice.

Therefore, because of the existence of a series of question marks, the positioning and expectations of the two sides for the small game business are completely different, but the differences are rapidly closing. The final result is that from the perspective of Ba people, it was successfully left behind, while from the perspective of Ali, it was successfully stripped off, and the consideration for M & A was reduced by 2 billion. Both sides believed that it was a win-win situation.

The price of 2 billion yuan is also the reason why Zhang Ming missed the opportunity of M & A at the beginning. At the beginning, if he was really willing to make money, because three-quarters of the operations had not been implemented, the project stayed on the demonstration of the initial architecture, just built the rudiment of IP content and small games, and had not been tested at all, and no surprising data was seen. So is chuyuanxi really willing to sell, 2 billion? It's yours!

Zhang Ming is not stupid either. In fact, this acquisition is equivalent to the acquisition of IP. The entire small game business group only had the content of "no way to fool the king", which was worth a little money. At that time, there was no other valuable place. The top ten million was the order of magnitude. How could it accept such blackmail?

However, the value of IP is that you don't think it's worth it today, but you can't catch up with it tomorrow. Tiktok mobile games, especially the vibrato activities, have been maintained for more than 30 million years, and not only has injected DAU with boundless vitality, but also has almost rolled up the domestic market of hang up games, and has launched a healthy competition between the users and the users, which has jointly cultivated the awareness of game player's hang up in the IP.Dao and expeditionary, which is the existence of hundreds of millions of dollars in a single purchase.

As for the later subversive changes in the domestic buying volume market due to the emergence of a well-off life and health coin, which made a large number of games unable to afford the quantity, Chu Yuanxi said that it had nothing to do with Ba people.