Rebirth of the Wild Age

Ma Xiaoyun has also come to Hong Kong City, mainly to fly to meet Song Weiyang, and stop by Jin Daxia.

Villa, next to the swimming pool.

Song Weiyang smiled and asked, "What is so anxious about? Don't wait for me to return to the mainland to talk about it."

Ma Xiaoyun dangled a cigarette with three fingers, took a sharp sip, relieved his emotions and said: "I was forced by the shareholders. They gave me three choices."

"Which three options?" Song Weiyang asked.

Ma Xiaoyun said: "First, let me step down, and the CEO will be replaced by someone else; second, sell Alibaba to eBey; third, let me find someone to take over, and shareholders such as Goldman Sachs and Fidelity will take the opportunity to cash out."

Song Weiyang said, "Because of what?"

Ma Xiaoyun said: “Taobao has been losing money continuously, and Alibaba’s business has been growing slowly. The main reason is that these shareholders have invested in Alibaba for many years, but they have not been able to see Alibaba going public. And eBey suddenly proposed to acquire Alibaba, and the price is very high. Gao, the shareholders were tempted, so they joined forces to force the palace on me."

Song Weiyang asked: "What is Sun Zhengyi's attitude?"

Ma Xiaoyun said: "He was also a little tempted by the price of eBey, but I was convinced, but he still persuaded me to give up Taobao business."

Song Weiyang asked: "Then are you willing to give up Taobao?"

Ma Xiaoyun shook his head and said: "It's hard to ride a tiger. Alibaba has spent too much money on the two projects of Taobao and Alipay. Withdrawal is now a failure. To be honest, I am very optimistic about Taobao's prospects, but whether it can achieve profitability. , I don’t know which day we have to wait, and I don’t know whether Alibaba can survive that day."

"You are too sincere with me, don't say anything discouraged, and show your ability to fool!" Song Weiyang laughed.

Ma Xiaoyun said: "We have been friends for many years. You have been injecting capital continuously, and there is no need to fudge in front of you. Of course, if you also want to withdraw from capital, then I have nothing to do. I can only say that it's good to get together and stay away."

"Have you found the picker?" Song Weiyang asked.

"Under the bridge of Sun Zhengyi, I had preliminary negotiations with Yahoo," Ma Xiaoyun said. "The attitude at Yahoo headquarters is relatively positive, but President Zhou of Yahoo China opposes it. Only when Yahoo resolves internal issues can we really start negotiations. ."

The situation here is more complicated, and all parties are in a mess anyway.

At this time, Alibaba did not implement a partnership system or an AB share management model. It is possible that Ma Xiaoyun will be fired by shareholders. Alibaba received nearly 100 million US dollars in financing last year, and it stands to reason that there is no shortage of money. However, Taobao and Alipay are really burning money. They have always been operating free of charge to grab the market. It can be said that they can only get in and out, and shareholders can't see the dawn of profit at all.

From Ma Xiaoyun's point of view, perhaps only a few years later, Taobao will be able to dominate the Chinese market. But investment institutions such as Goldman Sachs and Fidelity can't wait. They have invested in Alibaba for many years, and they are eager to get Alibaba to go public for cash, or they want to sell Alibaba to return funds.

Doing Taobao and Alipay and looking at them after ten years, everyone thinks it is Ma Xiaoyun's god. But at this moment, the industry is unanimously considered to be too struggling, and everyone is waiting to see Alibaba's jokes. Ma Xiaoyun is a big fool again, and he likes to talk about bragging and bragging, which has caused the Internet giants in Zhongguancun to increasingly regard Ma Xiaoyun as a liar.

Let’s talk about Yahoo China. Yahoo’s cumulative investment in the Chinese market has been close to US$1 billion, but it has not reaped any return. Yahoo’s executives must use their achievements to fool their shareholders, and even more to fool the Wall Street institutions that invested in Yahoo. Alibaba is also well-known in the United States, so they want to spend a huge amount of money to acquire a part of Alibaba’s equity.

The Red Guru, the president of Yahoo China at this time, had trouble with other executives, and at the same time treated Ma Xiaoyun as a liar to prevent Yahoo China from injecting capital into Alibaba.

Song Weiyang said: "If shareholders such as Goldman Sachs and Fidelity want to withdraw, I can take over all of their equity."

"Really?" Ma Xiaoyun was delighted.

"I'm not short of money." Song Weiyang said.

Ma Xiaoyun said sternly: "If you are willing to take over the equity, of course I welcome with your hands, but I hope to sign an agreement."

"You speak." Song Weiyang said.

Ma Xiaoyun said: "First, stock rights and voting rights are separated. You can only have up to 35% of the voting rights, and the excess part belongs to the management team. Second, the board of directors is tilted, and the management team must have more than half of the seats. Third. , I hope Sogou can invest in Alibaba and provide Alibaba with high-end talents in search engines and other aspects."

"Yes." Song Weiyang smiled.

Ma Xiaoyun estimated that he was frightened by shareholders, worried that he would lose control of Ali in the future.

In another time and space, Yahoo used 1 billion U.S. dollars in cash, all of Yahoo China’s business, Yahoo’s brand and technology in China, in exchange for 40% of Alibaba’s shares, and only 35% of the voting rights, and the board of directors There is only one seat.

These are all restrictive clauses specially made by Ma Xiaoyun in order to control the company, but Yahoo only promised to limit the term to five years (abolished in 2010). After the expiration of this period, with the stocks held by Yahoo and Softbank, Ma Xiaoyun can be fired in minutes, so Alibaba will spin off its business and buy back shares.

After receiving Song Weiyang's promise to take over, Ma Xiaoyun immediately returned to Linzhou and sent Cai Chongxin to contact the shareholders.

Goldman Sachs, Fidelity and other shareholders heard that Song Weiyang was willing to take over, and they were all very positive. Another shareholder, Sun Zhengyi (SoftBank), is not happy because he is very optimistic about Alibaba. His original intention is to let Yahoo take over the deal-Sun Zhengyi is also a Yahoo shareholder.

Seeing Song Weiyang and Sun Zhengyi rushing to be the receivers, the other shareholders immediately calmed down. They were less enthusiastic in the negotiation. They all opened their mouths and invited the Wall Street team to make an evaluation. It seemed that they wanted to raise Alibaba's valuation to the sky.

While dragging time in the negotiation, Sun Zhengyi contacted the Yahoo headquarters to fire the cardinal, the president of Yahoo China, who got in the way. Looking back, Sun Zhengyi also secretly contacted Song Weiyang, and the two receivers worked together to act and lower prices.

Song Weiyang certainly didn't want to be ripped off by others, and he was very cooperative with Sun Zhengyi's proposal. The two parties also showed a cold attitude towards continuing negotiations, claiming that the current price is unacceptable and that they have no interest in taking orders.

At this time, shareholders such as Goldman Sachs and Fidelity became anxious. They always wanted to cash out. How can they play if no one takes the offer? What’s even more depressing is that with Alibaba’s current money-burning situation, it is impossible to list anywhere ~www.readwn.com~ unless there is significant good news-if it weren't for Yahoo's injection of $1 billion, Alibaba would never It is impossible to list in Hong Kong City, because no investment institution is willing to underwrite the stock.

This negotiation has been repeated for half a year, and shareholders such as Goldman Sachs and Fidelity finally compromised and lowered the price to an acceptable level.

Song Weiyang and Sun Zhengyi had reached an agreement in private long ago, almost evenly sharing the shares of other shareholders. At the same time, Song Weiyang, Sogou Search, Yahoo China, and Japan SoftBank invested separately, thus diluting some of the shares of Ma Xiaoyun's team.

At that time, Alibaba’s shareholding structure has become: Song Weiyang (33%), Sogou Search (2%), Nippon Softbank (12%), Yahoo China (27%), Ma Xiaoyun team (26%) .

Alibaba's board of directors has eight seats, Ma Xiaoyun's team alone has 4 seats, and the other shareholders each have 1 seat.

Stock rights and voting rights are also completely separated. The parties have agreed that within five years, one vote of the Ma Xiaoyun team’s shares is equivalent to two votes of other major shareholders, thus realizing the management team’s corporate control. This is not an AB share model, but an agreement between major shareholders. Because Yahoo made a request when it injected capital, Alibaba must be listed in Hong Kong City as soon as possible, so that Yahoo can explain to its investors. But if you want to be listed in Hong Kong City, the AB share model is not allowed and can only be resolved by signing a private agreement.

At the same time, Alibaba has not only received huge capital injections, but also reached strategic cooperation with Sogou Search and Yahoo China, establishing its dominance in the B2B and C2C markets in one fell swoop, and realizing the suppression of competitors from capital to channels.

Of course, these are things to do, and the transaction will not proceed until autumn.

At this moment, Song Weiyang is slowly returning to the mainland. He has been invited to participate in the centennial anniversary of Fudan University.