Like the original Ba Ren game, the operation of "Out of the Mountains" to do moderate krypton gold, although it did not saturate the running water, but it is no problem to use the flowing water as a stock index. However, the Mediterranean and Gobi networks each have a fairly high number of users, but do not make revenue, so the turnover does not match the DAU at all.

And one is going to gnaw VR, there is no real money-making explosion in this field so far, the market is on the eve of ignorance, and there is great uncertainty while lacking the benchmark. Although the concept of UGC is currently very hot, how big is the real money scene of UGC games?

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

If it weren't for the fact that the Ba people had not yet been listed, and there was no need to adjust the demand for profits, and there was no need to make false valuations, there would definitely be something wrong here according to the traditional point of view! Therefore, there are still people in the Ba Ren Group who joke that after we go public, maybe we will be compared with the scallop games.

However, even if the Ba people are so demonic, they can still be valued, because such a company has the ability to make income at any time, which is simply called a thick foundation, but it requires a professional team to make complex and meticulous calculations.

In addition, there are some rumors in the rivers and lakes, similar to unwarranted, which can also provide evidence for the valuation of these companies. You must know that for my big A-shares, "news" has always been something that market participants have to pay attention to, and even the shareholder group can be clearly divided into "technical faction", "news faction", "policy faction" and "pseudo-news faction". It is not uncommon for some funds to release a fake news and then directly hit a price limit, and there are many leeks for stock speculation according to the news.

For example, it is rumored that Zhang Ming relied on TikTok to go overseas, and while going to Silicon Valley to build a global team with the ancestral Luoyang shovel at major high-tech companies, he still did not forget to scan the country with the eyes of acquisitions.

To put it mildly, tiktok has been riding the dust overseas, not only has the new kinetic energy been overwhelming Facebook and Twitter for a long time, opening up a situation that Penguin and Ali have not opened, but also Facebook, which is not good at copycats, has no choice but to start a copycat action, and then make a copycat short video application Lasso, with the result that the monthly downloads are less than one percent of tiktok.

However, Zhang Ming still did not forget to take "investment and mergers and acquisitions" as the second starting point on such a cusp, and formed an old fist of "promoting new products". Among the targets of mergers and acquisitions is rumored to include the Mediterranean game incubated by the Baren Group.

It is rumored that Zhang Ming asked for a failed merger and acquisition and sought war investment, but he was still rejected by the Baren Group, and he was not annoyed and angry, but he contacted Chu Yuanxi, CEO of the Baren Group, every day, and asked him to mention any conditions. And said that the last time in the transaction process of the Ba Ren game, you should resolutely take the small game part, but because of the price did not get your wish, this time it is absolutely not allowed to miss again, it is best to package the Gobi network to invest in Yunyun.

Many unprofessional investors are confused when they hear this rumor, because hasn't Zhang Ming already stepped down as chairman and CEO of Toutiao's Greater China region? It is said that he wants to focus on the development of overseas business, so why are he still staring at domestic mergers and acquisitions and investment?

But people who know Zhang Ming immediately thought of the scene of the acquisition of Y back then, in fact, it was the first short-handed encounter between the headlines department and Kuaishou, because Kuaishou also wanted to buy Y and collect it from the old man of Cheetah. As a result, Zhang Ming had no shovel in his hand, he had a shovel in his heart, chatted with the old man about life every day, and finally agreed to harsh conditions, including a price of 1 billion $, and the terms of bundling investment in levelme.

And Kuaishou angrily reprimanded the old man: Your condition is robbery! As a result, he missed out on the most successful short video app overseas, and was perfectly integrated into TiltOK by Douyin.

Anyone who knows this story knows how purposeful Zhang Ming is in doing things, and as a result, he dug deep according to this point, and immediately got the open secret within the Ba people: the goal of "Enemy of Rome" is overseas, and the goal of "The Faint King of No Way" is also overseas, and the overseas strategy is also the grand strategic composition of the Ba people's group.

To this end, Chu Yuanxi even did not hesitate to develop his own headset devices, learn from domestic Android manufacturers to be solution integrators, and develop app stores, cultivate overseas self-media accounts, and carry out high-heat and low-return operations for a long time.

At this time, some people finally felt that they seemed to understand why the two incubation companies of the Ba people had not made profits......

At this time, if you go back to the timeline, you will find some more unusual agreements when Ali acquired Baren Games, which was sold to Ali after first divesting the mini game assets and related projects of "Enemies of Rome".

In fact, to this day, the single case of Ali's acquisition of Baren Games is still considered to be a big profit, because the core of the acquisition is the copyright and game products of "Out of the Troubled Times". However, the case cannot be looked at alone, and those who understand the Pakistani people only need to think about the banknotes waved in the hands of the Pakistani people for more than a year, as well as the Mediterranean and Gobi networks that have been hatched from the relics of the Ba people's game, and can come to a win-win conclusion.

For Toutiao, the inclusion of "Enemies of Rome" in the global map is obviously a very useful addition, and the globalization strategy can focus on short videos and news, but not only short videos and news. However, Toutiao's overseas operations have been encircled, and the hand stretched out to other fields is always jerked, such as India's top content social app ShareChat, Toutiao's investment was fiercely sniped by penguins, and it had to launch its own social network called Helo to compete with it.

Therefore, in addition to short videos and news, Toutiao is currently only promoted by casual game publishing and enterprise remote office suites, which urgently need to be replenished with fresh blood. For many Internet companies, VR is still in a vacuum, not a market vacuum, but a self-vacuum, with neither development plans nor technology accumulation, and the market cannot keep up once it explodes.

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

In fact, let Chu Yuanxi say it himself, in terms of speciality, the Mediterranean and Gobi networks are not as special as Zhenniu Technology. For Zhenniu Technology, outsiders can't see what value it has from the disclosed information, but in the end, it may be able to directly reflect the strategic value, and whether it is the Mediterranean or the Gobi network, it only reflects the tactical value, and the big strategy is formed by each tactic.

The second is traditional entrepreneurship and investment, such as Banu hot pot, willing to buy groceries and so on. There are certain rules for this kind of investment, and compared with others, it is basically a set of processes. Willing to buy groceries itself is incubation, but it quickly turns into a normal venture capital with incubation attributes, so it is also classified in this category, which means that the Pakistani people have come into contact with certain key agreements, and they cannot forcefully distort the will of the entrepreneurs, but can only exert influence.

Therefore, their valuations are also relatively easy to measure, and there are many benchmarks in the market, and multiplying the share of the Ba people is the value.

The third is mergers and acquisitions and internal business. In fact, there are some mergers and acquisitions of the Ba people that are worth criticizing, because sometimes there will be a well-off who needs to buy something but it is not like paying money, so the Ba people pay for it, and then the well-off will use it first.

For example, the acquisition of 2D Fire, as well as a very important investment from the first half of 2020, led two consecutive rounds of AB investment in Yilian Technology.

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

However, after entering the cloud era, the change and interaction of information has become more complex and extensive, and the traditional ERP must be left behind under the impact of massive information flow, but it does not mean that the value of information has declined, but it should be increased.

One chain technology starts from the cloud, anyway, it looks more charming, the key is that it is still in the early stage, Liang Kenian immediately entered the stage of grabbing shares after reporting to Chu Yuanxi, and finally completed two rounds of leading the investment. This investment is typical of the Pakistani people and is of no use for a dime, but the business cooperation with the well-off can be done more deeply.

However, as the largest external shareholder of Xiaokang, Ba Ren used business to support its invested companies, in fact, in the past, as long as these acquired assets can maintain and increase their value. Therefore, Chu Yuanxi is not afraid to answer this kind of question, although the Ba people have made money, but Xiaokang is equivalent to an amplifier, magnifying the value of this part of the asset.

There are also some mergers and acquisitions that are sincerely carried out by the Ba people, most of which are mergers and acquisitions presided over by Liang Kenian in the past year, such as two virtual idol development teams, an overseas light application that focuses on video socialization, which are directly split and loaded into the Ba Ren information after the merger and acquisition, so as to realize the merger and acquisition of the core team of the other party.

In short, it gives people the appearance of both current ability and future vision.

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

For example, there are actually many business lines within the Baren Group that can be separated for valuation, and what we are talking about here is not a unit like Baren Information and Baren Media, but a business such as Baren's AI customer service, which has a very clear work, but can be directly incubated as a subsidiary.

AI customer service can become the core business of startups, for example, the main business of Leyu Technology, a star startup of the national dynasty, is AI customer service, which is known as "empowering vertical industry customers with AI", which is actually a conversational voice AI that can be trained. Looking at the investment list, there are a number of star investment institutions in it, and even when financing, you have to find an exclusive financial advisor, which is very stylish.

Pakistan's AI customer service is relatively pragmatic, but it also seems to be very unusual. Speaking pragmatic, it is because the customer service of the Ba people is a hybrid of man and machine, a small number of real people and a large number of AI models, of which the AI part is completely independently developed. This composition is to serve players, not to be separated, packaged, incubated or even listed.

The reason for saying alternative is that if it is not for independent incubation, why not purchase third-party services? The cost of purchasing third-party services is obviously less than investing resources in research and development. It should be noted that R&D cannot be a one-time thing, there is still a lot of maintenance and update work behind, AI is a never-ending pit, and there may be a new evolutionary direction every moment, and purchasing third-party services is equivalent to making an appointment for long-term update services.

However, outsiders didn't know that Xue Ming had ancestral code at that time, and developing a customer service AI was still a relatively simple job, and it only needed perfect training to be used directly.

There are a lot of people in this kind of business, such as xixitube, which is actually a subsidiary model, but it is not an incubation structure.

Compared with this type of investor, more professional people evaluate the core competitiveness of the Pakistani people, that is, the ability of culture. Chu Yuanxi has long boasted that Ba Ren is a cultural and creative company, and there are many people who have heard of this tune, and 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 words "hype" and "IP" do not match. Hype, just like what the Baren Group has been doing recently, is to use the east wind of the Oscar nomination to enhance its own popularity. IP is the carrier and performance of content, and what is needed is not hype.

The core of the hype is to reach the public with hot events, so that the public can understand that there is such a thing, such a person or company, etc., and ultimately point to popularity. And IP needs not only popularity, but also content display, and fan conversion. If you have only heard of it but are not interested in the content or have not been exposed to it at all, then the actual significance to the IP is not high, and the value can only be reflected when you buy and sell.

This is also the reason why many big IPs need to be output over the years and maintained for a long time before they can grow into big IPs. It is not excluded that there are some IPs with extremely unique content, although they are not particularly long, but they have also gained IP effects, but on the whole, it still takes time to accumulate.

And the Ba people are the best at forcibly pushing an IP, which means that the content is not indispensable, but the speed of the momentum can catch up with those content that is very unique.

Whether it is the previous "Out of the Troubled Times", or the later even worse "Wudao Dusk", there is better content, but it is definitely not at the SSS level, and there is still a relatively obvious gap between "Slam Dunk" and "Rogue Kenshin", which are short but unique island IPs.

However, through the operation of the Ba Ren Group, the speed of fan gathering is visible to the naked eye. The most perverted thing is that the Ba people are not using their own methodology, and the process of pushing "The Unconscious King" is completely different from pushing "Out of the Mountain in Troubled Times", one relies on comics, and the other actually relies on games.

It's actually relatively easy to understand by relying on comics, at least for the layman, and people have tried all kinds of ways. For example, the niche independent game "Delusion Flaw" of Xiaopo Station,Establish a super talk on Weibo,When the new DLC is launched, a large number of fanfic artists' submissions are used to put pictures,The number of super talk readings instantly exceeded 30 million,Hit the user's demand for high-quality vertical painting,The effect of attracting fans is very obvious。

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

In fact, Chu Yuanxi did not keep the mini game strategy secret, he played a clear card, and the intention and specific means of behavior can all be said, otherwise it would be difficult to persuade Ali to eliminate this part in the transaction.

Why is it so easy to convince when it's clear, because it's an operating model that no one has proven. Everyone can open the brain hole, but whether it can be landed, how much it costs to land, how many deep pits there are, whether it can jump out, and the last operation is as fierce as a tiger, and when it comes to looking at the harvest, whether the ROI can be positive is still a question mark.

Therefore, in the autumn of 2019, this "mini game-IP" plan can be summarized as Chu Yuanxi using his own industry intuition and basic business knowledge as an anchor to develop a unique IP operation line, and form a traffic cycle theory. This allows the process of launching a new IP to skip the cold start step and then validate this theory in practice.

Therefore, because of the existence of a series of question marks, the positioning and expectations of the two sides on the mini game business are completely different, but the differences are quickly closer. The final result is that from the perspective of the Pakistani people, it is successful to keep it, and from the perspective of Alibaba, it is to successfully strip it, and the merger and acquisition consideration is reduced by 2 billion, and both parties believe that it is a win-win situation.

The price of 2 billion is also the reason why Zhang Ming missed the opportunity for mergers and acquisitions because of it. At the beginning, if he was really willing to make money, because three-quarters of the operations had not been implemented yet, the project stayed on the initial architecture of the demonstration, and had just built the prototype of IP content and mini games, and had not yet been tested, nor did he see surprising data. Therefore, Chu Yuanxi is really willing to sell, 2 billion is yours!

Zhang Ming is not stupid, this merger and acquisition is actually equivalent to the acquisition of IP, the entire small game business group only has the content of "Wudao Dujun" worth a little money, at that time, there was nothing else to reflect any value, the top of the sky is tens of millions, how can you accept this kind of blackmail?

However, the value of IP lies in the fact that if you don't think it's worth it today, you won't be able to catch up tomorrow. With the continuous activities of the Ba people around "Wudao Dusk", especially the Douyin activities, the DAU of the idle mobile game can always be maintained at 30 million for more than a year, which not only injects infinite vitality into the IP, but also almost crushes the domestic idle game market, and "Knife and Expedition" to start a healthy competition for idle users, and jointly cultivate the awareness of gamers to hang up.

"Knife and Expedition", that is the existence of hundreds of millions of dollars at one time for the purchase cost.

As for the subversive changes in the domestic buying market later due to the emergence of well-off life and health coins, making a large number of games unaffordable, Chu Yuanxi said that it has nothing to do with the Ba people.