Revisiting Future Path

Fan 326

Since 2012, Wei Dongsheng has been busy with black materials and white pavilions, and he has been busy paying attention to the founding of the Union of Republics. He has no free time to lead Spring and Autumn Search to throw new concepts and new gimmicks.

The operating income of Internet companies has always been very low, and the selling point of the falsely high market value mostly comes from high profits and high growth. Take Chunqiu Search as an example. In 2011, Chunqiu Search ranked No. 141 in China's top 500 list with 27.803 billion yuan in operating income; in 2012, Chunqiu Search ranked among China's top 500 with 41.638 billion yuan in operating income. Ranked No. 123 alone; In 2013, Chunqiu Search ranked 96th in the China Top 500 list with an operating income of 55.855 billion yuan. It is with such a considerable growth rate that the stock market is crazy to pursue Spring and Autumn Search.

However, in addition to the immediate growth rate, new concepts and new gimmicks are also indispensable.

Take Chunqiu Search and Chunqiu Network as examples. In 2012, Chunqiu Search's operating income was 55.855 billion yuan, almost at the same level as Chunqiu Network, which had an operating income of 50.88 billion yuan. It can be fed back to the Nasdaq stock market. The market value of Chunqiu Network is about 49.6 billion U.S. dollars, and Chunqiu Search still has a market value of about 170 billion U.S. dollars after falling by more than 60 billion U.S. dollars in 2012.

If you analyze the current revenue and profits of Spring Search wisely, it does not deserve to have a market value of 170 billion US dollars.

But everyone cares about the future.

The reason why the capital market is so optimistic about Spring and Autumn Search is entirely because of the high-tech image that Wei Dongsheng has shaped over the years. From shorting Wall Street's big data concept to the artificial intelligence craze triggered by Lanke Go, Chunqiu Group has persevered in guiding the world to the unknown. In contrast, Chunqiu Network, no matter how much it makes money, it is only the online game industry. No matter how powerful an online game company is, it is impossible to brew a big change that will change the world. The capital market has limited expectations for Chunqiu Network, but has unlimited hope for Chunqiu Search.

This is also the advantage of time accumulation.

After ten years of rapid development, Chunqiu Search and Chunqiu.com are already trusted and established brands.

However, the more famous brands and old companies are, the more they need to take a break and continue to stimulate. If there is no action for a long time, the capital market will inevitably question whether Chunqiu Search has fallen into the quagmire of institutional rigidity and degenerated into a stable enterprise like IBM without surprise or joy. This is the deep-seated reason why the market value of Spring and Autumn Search has dropped back to US$170 billion after it exploded to US$230 billion. For the same 25.3% stake in Spring and Autumn Search, Forbes was willing to value $59.15 billion in 2012. When it was re-evaluated in 2013, it had shrunk to $43.1 billion.

In addition to the shrinking market value of Spring and Autumn Search, Wei Dongsheng's personal equity in Tencent has also been reduced by half.

Speaking of Tencent, its first two years have been very suffering.

Tencent's wealth is in instant messaging.

Wei Dongsheng started the mobile Internet revolution with his smartphone. The WeChat launched by the original Foxmail team soon monopolized the mobile instant messaging by cornering and overtaking, pushing Tencent to an end in a very short time. The higher the sales of smart phones and the higher the popularity of WeChat, the more bleak the future of Tencent. After WeChat began to exert its strength, Tencent's market value continued to decline unstoppably, and there was less and less hope at all. Public opinion has begun to discuss whether Tencent should be expelled from the CAT Big Three.

If it were ten years ago, Tencent had encountered such a crisis, and it would have made a desperate fight with the Spring and Autumn Department with red eyes. But the world of 2013 is no longer the world of 2003. The smart operating system launched by Zhiyu Group, picking Apple with guns, and sweeping Android with sticks, dominates the Chinese smartphone market with absolute advantages. Tencent's struggle with the Spring and Autumn Department is definitely a dead end, because Zhiyu Group can offset Tencent's tens of billions of yuan in promotion funds by quietly doing tricks at the level of the smart operating system.

Furthermore, after a series of complex equity swaps, Wei Dongsheng used his mind to control the Spring and Autumn Enterprises to build a hidden Kang Zeen-style super-large monopoly organization. As far as the equity institutions are concerned, even the companies such as Zhiyu Electronics, Zhiyu Telecom, and Zhixing that were spun off by Zhiyu Group have very loose legal relations. Behind the loose shareholding structure, there is a center that can operate stably without a written agreement. That is the core unit that truly controls the Spring and Autumn Enterprises.

A subsidiary of Chunqiu Group, Chunqiu Search, has been beyond the reach of Tencent.

How dare Tencent confront the entire Spring and Autumn Department!

Furthermore, Tencent does not have to be all-or-nothing.

In order to avoid the fate of complete defeat, Tencent's founder team and MIH, the second largest shareholder, actively seek reconciliation. At the same time, Wei Dongsheng was too lazy to control the two instant messaging industries, so he came forward to persuade Tencent to merge with the WeChat operation team of the Spring and Autumn Department at the price of half the share price.

After Tencent’s additional stock issuance merged with WeChat, it ignored the realised stocks of its shareholders and simplistically explained its equity changes: the proportion of shares outstanding on the exchange was reduced to 10%, the Chunqiu Department held 67.5%, MIH held 12.5%, and Tencent was founded. The human team and the old management hold 5%, and the original WeChat operation team holds 5%. In addition to the great turmoil in the shareholding structure, the power of Tencent's founder team was also greatly weakened, which caused the merged Tencent to completely become an Internet company absolutely controlled by the Spring and Autumn Department.

The Spring and Autumn Department was hit by Mr. Bai Ge in 2011. In order to alleviate the monopoly of public opinion, Wei Dongsheng decisively continued to spin-off the Zhiyu Group, which has the highest operating income: Zhiyu Electronics will be responsible for the electronics industry, which will focus on the smartphone business in the future; Zhiyu Telecom is responsible for Communication equipment represented by 3G standards, 4G standards, and 5G standards; Zhiyu Group only retains software systems represented by smart operating systems.

The WeChat team was originally named in Zhiyu Group.

After a series of equity swaps, Zhiyu Group received a premium of 60% of Tencent's equity, making Tencent a subsidiary under the jurisdiction of Zhiyu Group. Based on certain ideas, Wei Dongsheng reduced the shareholding by half as the original shareholder of the old Tencent during the integration process and continued to hold a 7.5% share in Tencent in his own name.

In this way, Zhiyu Group opened up territory with capital, and became the new owner of Tencent.

One is the timely takeover of the Zhiyu Group, and the other is that the merger of WeChat and Tencent has stimulated the positive news of the mobile Internet, and Tencent's stock price has subsequently risen rapidly. In March 2012, Forbes valued Tencent’s 15% stake at US$4.16 billion; by March 2013, Forbes valued Tencent’s 7.5% stake at US$5.96 billion, vividly depicting Tencent’s rebirth.

Tencent surrendered without a fight, setting off the strength of the Spring and Autumn System with iron facts.

Specific to the emerging Internet industry, no one is willing to refuse the Spring and Autumn series of shares. Regardless of the closed monopoly of smartphone operating systems, or Tencent’s channels, the traffic of Chunqiu search, and the four-dimensional social networking site that crushes Sina Weibo, any one can actually affect the life and death of a new company, not to mention that they all belong to the same Spring and Autumn system. What about the camp?

Faced with Wei Dongsheng's past achievements, neither Wu Jingzhong nor Wu Jingyi had any confidence.

The confidence here refers specifically to self-denial. When their own judgments conflict with Wei Dongsheng's judgments, Wu Jingzhong and Wu Jingyi often subconsciously deny themselves, and instead agree with or study Wei Dongsheng's views. When Wu Jingyi lifted Wei Dongsheng out to support Panyang Normal University, Wu Jingzhong questioned Wu Jingyi’s classmate Yu Yueyi, and then questioned Spring and Autumn Search and Zhu Wei’s friend who eliminated her cousin Shi Mengxian, and suddenly became "I am smarter than the president of the country" and "I am more Wei Dongsheng is more wiser" joke.

Wu Jingzhong has no wiser confidence than the president.

Wu Jingzhong does not have the confidence to understand business operations better than Wei Dongsheng.

As a result, Wu Jingzhong and Wu Jingyi's conversation came to an end.

Speaking of Wei Dongsheng, Wu Jingyi suddenly asked Wu Jingzhong curiously: "Brother, have you been in Tanzania?"

Wu Jingzhong concealed his whereabouts in good faith and deceived his family to say: "I worked in Zimbabwe before the Narnia Civil War, and then southern Africa became more and more chaotic, so the company transferred us to a safer Tanzania."

Wu Jingyi: "Tanzania is also very close to Urumqi, right?"

What Wu Jingyi is really interested in is obviously the Null League of Republics.

Wu Jingzhong's heart slammed and he was surprised and suspicious: "Does my sister already know that I once fought on the front line of the Narnia Revolution?"

Wu Jingzhong is not afraid that Wu Jingyi knows his details.

Wu Jingzhong is really worried about Wu's father and Wu's mother. If Wu's father and Wu's mother knew that Wu Jingzhong had been dancing on the tip of a knife all these years, and finally hoped for the victory of the revolution this year, Wu Jingzhong was strange because the fish and the bear's paw were entangled into deserters, they would definitely be surprised and angry, and then Extremely stubborn to force Wu Jingzhong to compromise with his own life.

This is the result Wu Jingzhong does not want to see.

Wu Jingzhong would rather hide in a corner irresponsibly and die quietly, than quarrel with his parents.

Wu Jingzhong glanced at his parents and responded to Wu Jingyi's inquiry in a low voice: "The Uyghur Republic is not very close to Tanzania, but it is not far."

Wu Jingyi: "Have you seen the Urumqi League Party?"

As a volunteer who rushed to Narnia from a long distance, all the officers and comrades around Wu Jingzhong were Union Party members, and they were too familiar with them. As a non-professional spy, Wu Jingzhong had deliberately collected information on the Union Party. , I know that the Coalition Party is very good at infiltrating southern African countries, and Tanzania also has many secret strongholds of the Coalition Party. If the denial at this moment is too straightforward, Wu's father and Wu's mother will accidentally see relevant news reports in the future, they may suspect Wu Jingzhong is telling lies.

Wu Jingzhong answered Wu Jingyi's curiosity vaguely: "Know a little bit."

Wu Jingyi showed interest unexpectedly: "Is the Alliance really a fan of our Chunqiu Group?"

Wu Jingzhong was stunned.

What do you mean?

Is the Alliance Party a fan of the Chunqiu Group?

It's a joke. When did the Alliance Party get involved with the Chunqiu Group?

As far as Wu Jingzhong knows, it must be said that there is some connection between the Alliance Party and the Spring and Autumn Search. It is only after China decided to military aid the Alliance Party. The Alliance Party sent people to Zhuwei Group to order a batch of mech parts and introduce Processing line. The cooperation between the Alliance Party and Zhuwei Group is very limited. What's more, the Chunqiu Group, which can't be beaten on a straight line?

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