In fact, the core of this problem is not the time from discovery to decision-making, but the valuation of the well-off is very high, and making M&A decisions must not be made easily.

Although it is said that even in terms of the valuation after Xiaokang's acquisition of fresh e-commerce, it is only 34 billion, which is on par with the transaction price of Baren Games, and the transaction of Baren Games was made quickly, and Ali reacted quickly. But it should be noted that it is very simple to make a valuation of Baren Games, because the product turnover and profits are there, and the copyright value is there, whether Ali merges or not, it will not increase or decrease.

And Xiaokang, assuming a valuation of 34 billion, Ali must calculate, is it really worth 34 billion now, or after the merger and acquisition, it can only be worth 34 billion through Ali's empowerment?

Therefore, there is nothing wrong with the merger and acquisition of Baren Games, no matter how fast it is, and there will be no dark pits. When doing mergers and acquisitions, it is very important that the subject matter has the temperament of a cheating father.

In comparison, the valuation of the well-off basically relies on Chu Yuanxi to shout upwards, and the pit father is full of atmosphere, and Ali makes decisions so quickly, the difference here is too big, so there is this question.

At this time, Uncle Sheng had already hurriedly ended the telephone meeting with the brother company, and then ran over, he was also quite familiar with Lao Fan, but he didn't expect that people would talk about Xiaokang instead of Ba people.

When he entered the door, he happened to see Lao Fan smile slightly and said, "We have always made decisions quickly. ”

"That's too fast, isn't it? I didn't even realize that these features were called social, and you even made decisions. Are you too socially sensitive?"

"Not sensitive, not sensitive. Chen Junsheng hurriedly shook his head, "It's not too much for us to pay too much attention to what you Mr. Chu has come up with." We're old friends, haha. ”

This laugh is very mellow, but I don't know how sincere it is, and there may be a bitter smile in it. Because to this day, people in the venture capital circle know that the reason why Chu Yuanxi is so confident and has such a hard waist is because he holds Ali's money in his hand. If the Ba Ren game had not been traded at the beginning, then "Out of the Troubled Times" would certainly be able to make hundreds of millions of dollars a month, but if you want to take out 3.55 billion milk in one go, the Ba people may have to explode.

Don't forget that there is also a Pre_B to buy a mobile payment license, and the money is also paid by the Ba people. Therefore, whether the well-off is engaged in payment or social interaction, they have to thank the two bigwigs in front of them and thank the financier Baba for their care! Lao Fan, who single-handedly led the transaction, and Chen Junsheng, who is in charge of domestic investment, also have mixed tastes out of professional ethics.

I only heard Chu Yuanxi ask calmly: "What about the price?"

Chen Junsheng and Lao Fan glanced at each other: "How about we give 40 billion? Please believe in our sincerity." ”

No matter how you look at it, this bid is very reasonable, it is not only higher than the valuation of 34 billion, but also not particularly high, and if you don't consider the slogan of 300 billion shouted by Chu Yuanxi back then, it is a quotation worth taking seriously.

However, things that are too reasonable always make people suspicious, especially Chu Yuanxi knows how many places he can move his mind and dig holes along the way.

It's not that entrepreneurs don't know how to dig pits, and digging holes for themselves is not even a new thing. And the reason why a pit is a pit is because it is difficult to perceive it before falling into it, and at least you have to enter the site to do your due diligence to feel where there may be a pit.

So Ali gave this price Chu Yuanxi felt a problem at the time, but what is the problem?

Is it a low-level procrastination problem like Li Jingfei? Delaying the next round of financing for the well-off? This is impossible, because the well-off still has a lot of money, after all, it has raised 4 billion yuan at one time, and it is still too early for the next round of financing. In other words, since this time has been chosen, it is impossible to achieve the same purpose.

This price is also relatively large, because Chu Yuanxi will definitely not allow anyone to come in in the name of mergers and acquisitions to do due diligence, and even the two rounds of financing did not open the full investigation authority to investors, only the investigation rights described in the roadshow.

This also makes investors check the financial reports of traditional commercial retail entertainment such as well-off stores, logistics, supply chain and cash flow, which is an area prone to financial fraud, and the investigation related to mobile Internet is mainly limited to places such as DAU and customer unit price.

M&A pre-tone, obviously to investigate a thorough, cautious person like Chu Yuanxi, the answer must be not to talk, others don't know, can you still know if you have bought Ba Ren games?

Therefore, it is likely to invoke the process and terms of the merger and acquisition of Baren Games, after signing the contract, the first money will be paid first, and then the delivery, and the second money will be made after the delivery, and the due diligence will be done after the money is completed. After the due diligence, as long as the well-off itself is honest and the data reported is true, then the acquirer withdraws the merger and acquisition, and the first two sums of money will not be refunded.

It costs more than 20 billion to spy on the reality of the well-off in this way, Ali is definitely not crazy, Chu Yuanxi is crazy, Ali will not be crazy, and it is impossible for the SAN value to go crazy. You must know that Ali's foreign investment this year can be described as extremely cautious, in the first 4 months of today, in the domestic penguin investment more than 30 times, Ali only shot 3 times, the two have their own way of playing.

Ali has a lot of money now, but he is not in a hurry to bet, he is very stable, and it is absolutely impossible to go crazy. In fact, the more powerful the enterprises now, the more attention is paid to one thing, that is, to grab people, and many companies that are still alive are rummaging on the battlefield to find real talents. Even geniuses may not be able to turn the tide under the big waves, and they will be in a state of usability with the collapse of the company or strategic layoffs.

The same is true for Xiaokang, and even Liu Lu is more excited than usual, because the chances of the Internet to talent are greater. Thirty percent of the people she interviewed recently had worked as executives of well-known start-up companies, and the quality of the interviews was so high that it set a new record. This is another version of "others are afraid of me and I am greedy".

In short, Ali is not crazy, how can he eliminate the pit of the well-off? By believing in Chu Yuanxi's character? Chu Yuanxi himself does not believe it! Before the little blue cup exploded, it was called "the light of the nation," and was it not much more reputable than that of the well-off?

There is also a way called relying on the inner ghost, but the business of Xiaokang is too complicated, no one on this planet plays like this, unless Yuan Yu is the inner ghost, it is impossible for other internal ghosts to help people eliminate the possibility of cheating. Like Hao Yi, he doesn't even have the qualifications to be a ghost.

As for why one COO can make three-quarters of the finances fake? I'm sorry, but Xiaokang doesn't have a COO.

Quickly eliminate all impossible options, and the only possibility left is that even if it seems unreasonable, there is only one answer! Thinking of this, Chu Yuanxi blurted out: "I believe in your sincerity, but you must have already started to be well-off in the cottage internally, and now the cottage can't go down, right? So I plan to rely on money to solve the problem." Hah!"

It is more difficult to say that the cottage is more ugly, but everyone is copycat themselves, why should they avoid it? The higher the level, the less hypocrisy is needed, because hypocrisy is meaningless. As soon as these words came out, he immediately began to meet each other, and sure enough, there was a trace of imperceptible embarrassment on Lao Fan's face, but Chen Junsheng managed his expression very well, and he was worthy of being responsible for investment.

So Chu Yuanxi turned his firepower to Chen Junsheng: "With my experience of following Jack's pace and starting a business for many years, this matter must be strange! Let me guess, well, the cottage can't go down because of data, right?"

Chen Junsheng was finally moved.

Chu Yuanxi chased after him, first like a sand sculpture hahahaha, and then said: "We are all old friends, not outsiders, so I asked directly, when did you start doing it?

Lao Fan was quite single, and he didn't defend himself when he was caught on the spot, saying: "It's probably after the city treasure is launched, and before the AI head is online." Before you sent the business to the magic capital to find Lao Hou, I heard Lao Hou say that they received your cooperation email, and when they saw the function description, they were tempted, and then they went directly to start research and development. ”

Uncle Sheng squatted in the corner of the wall and silently added in his heart: "It's to get on the horse and start making a cottage." ”

Although he doesn't know much about the things on Xiaokang's side, Xue Ming's incubation and entrepreneurship is a big deal for the Ba people, and it is impossible for him, the senior vice president, not to ask, and he has also talked to Xue Ming, so he knows that Xue Ming is worried about Chu Yuanxi's well-off may have been copied by giants. I never expected to see Chu Yuanxi grab a copycat today......

Chu Yuan Xixin said that he started the cottage with the hippopotamus before Cynthia went, and then talked and laughed with Aunt Cynthia, no wonder it made her feel incredible. Sure enough, it's an old Jianghu!

"Well, I don't think it's time to talk about this today. Shall we have a meal together?"

"No, no, no......" Chen Junsheng hurriedly waved his hand, and his heart was like an arrow. Why is it not appropriate to continue the discussion? Because the price code is definitely not suitable. At this price, both parties know in their hearts that it is not based on the valuation of the well-off. Even if there is a merger or acquisition or privatization and delisting in the open market, a premium will still be given, and now the two sides are completely unequal.

However, Uncle Sheng didn't understand, how did he feel that Chu Yuanxi's posture didn't seem to refuse to talk about being well-off?

Chu Yuanxi perfectly guessed the other party's little trick, at this time to avoid getting a little carried away, first come to a string of hehehe, and then take advantage of the victory to pursue: "You have to hurry, I estimate that Huang Tuan is also coming soon." ”

Lao Fan suddenly became angry: "What do you think Huangtuan is for? Do people act faster than us? Why do you think we should attach so much importance to you?"

"What?" Chu Yuanxi really wanted to laugh.

The premise of Ali's desire to do this is that he wants to do it quickly, without giving time to others, who include both well-off and other giants. If you don't pursue time, Ali can do it slowly, and it's almost half a year, and the rest is promotion and operation, and it will take a year in a row, which is the strategic window period calculated by Chu Yuanxi.

This is the essential difference from the original world. The original world is well-off and does not pay, but goes straight to socializing, pushing out social networking in a raid way, and putting a series of big moves.

This also means that the danger is high, the success rate is low, and walking the tightrope does not mean that you will be able to walk through. Therefore, this time Chu Yuanxi did not choose to raid, but developed step by step, as long as he made good use of the one-year strategic window, it was not easy for the giants to react.

As for Huang Tuan, Chu Yuanxi felt very sorry, Huang Tuan would never be able to do it, and whether there was enough time was not the decisive factor, unless the existing business model was changed. Huang Tuan wants to do local life and socialize, and the only opportunity is to buy Xiaokang.

The problem is that Huangtuan is very busy now, and it is a landing power bank, and it is a layout of fresh e-commerce, and it has also engaged in user trust points, which is intended to upgrade the products that lend to users, but the mentality seems to be very anxious.

Of course, there's nothing wrong with being anxious, especially when it's time for MT. Penguin Ali two big bosses, the MT in front of the penguin is 5G message, there are more MT in front of Ali, almost can form a tank group, Pinduoduo, Huang Tuan, and Big Dog East are lined up.

But Ali's strength lies in his ability to attack in many ways, punch and fight a lot, step on the big dog, and have the spare time to send a brigade of partial divisions back to the rear of the Yellow Regiment to harass him, that is, Hello, start eating, drinking, and having fun, as well as borrowing money to save money.

The last four words were taken out by Hello with Ali as the background, how could Huang Meituan not be anxious? It was simply Hu Chuankui who met a Japanese invader on the shore of Yangcheng Lake, and he had to shoot if he didn't want to.

After sending Lao Fan and Chen Junsheng away, Chu Yuanxi had no choice but to eat with Uncle Sheng, and listen to him report on the progress of the crew while eating. Soon Uncle Sheng finished his report and immediately asked, "Do you really want to continue to talk to Lao Fan about mergers and acquisitions?"

"It's just a delaying tactic. Chu Yuan Xixin said that if the giants' reaction is really so fast, the strategic window period of the well-off cannot be counted from the launch of the AI group master, at least a month forward, starting from the city treasure. For Xiaokang, time is life, and this month may become the key, so it can be delayed for one more day, and if it can't be delayed, it will be good to involve Ali's energy.

Hostile investment can be demanded for exclusivity, and then talk for half a year and say that Lao Tzu will not invest, why can't it be delayed when it is merged? We are very sincere, but we are just not satisfied with the price. The problem is that as long as the well-off develops according to the plan, the asking price will be higher and higher, and there is no need to find excuses.

"Oh. Uncle Sheng continued to eat with his head bored, and asked again after a while: "What happened just now? Why did you hit their vital point with one shot? I mean, how do you know that they have already started copycats, and the cottages can't go down because of the data? What happened to their data?" Although he did not directly invest in Xiaokang, but the Ba people invested heavily, so as a major shareholder of more than 5% of the Ba people's shares, of course he is also qualified to have reason to care about Xiaokang's every move.

I saw that Chu Yuanxi was very calm, and said while gobbling it up: "Not much, it's just that there is no data, so there is no way to copy." ”

"Then I don't understand, they don't even have data, why did they start the copycat in the first place?"

"Because, I'm talking about cycling data, and they thought they had cycling data at first. Chu Yuanxi couldn't help but take a few bites of food when he said that he was proud, and the work meal that was usually not delicious became delicious.

So Uncle Sheng was completely at a loss: "Ali has bicycles and stores, do you say that their data is not good?"

"It's a great blessing that I was right to bet on their data. Chu Yuanxi felt that his waist was no longer sore, and his kidneys were no longer painful, as if he was five years younger.

"There are more people who want to reproduce the well-off, and if the door openers open a small store instead of a big store, they will ensure that they will be carved according to the small recovery. But it's useless.,The key cycling data they won't save until the new feature is launched.,Note,I'm talking about cycling track data.,The focus is on saving the trajectory rather than the start and end positions.。 Hippo and Huang Tuan want to reproduce, okay, it's actually very easy to set up a project, who wouldn't know how to copy homework? But I copied and found that I didn't bring a calculator, so I had to calculate a little bit, you understand?"

This is no secret now, because the competitors undoubtedly know that they don't have this key data in their hands, and they have to collect and preserve it from scratch.

Is this work difficult? It is not difficult to say that it is not difficult, but it takes time, and how to use this data, how to mine it, how to cooperate with the store, for the inexperienced, there are still many pitfalls to step on.

"Damn, cycling trajectory data...... So important?"

"Of course, it's like they're going to save the trajectory data. Do you think that Harrow, Huang Tuan, and Xiaoju are so idle that they will save the data they don't need? What do they save for? Do you know how to use it? Just like you don't need to practice dragon slaying swordsmanship, there are no dragons in the world. But Xiaokang now announces that the dragon is coming, and the dragon slaying sword technique can only be practiced from scratch. ”

Chu Yuanxi originally said that he had already opened Weibo and was about to post one, but after thinking about it, it was not too kind, and it was too arrogant, which was not conducive to continuing to develop in a low-key manner, so he put away his mobile phone again. After all, hiding behind the MT is crazy about the king.

In fact, the opener is a typical example, because after a period of operation, their efforts to put bicycles have obviously declined, and the operation is extremely sparse, basically using bicycles as advertising tools. Luo Rong, who was in charge of operations at the annual meeting, was almost promoted to vice president, but he missed the pole position because he was weak and did not recommend himself.

Therefore, the opener is a typical copying homework, copying only the visible parts. Presumably, there should be some forces on the side of the opener to visit during this time, right? Chu Yuanxi now wants to ask Li Jingfei, do you know why you want to invest in bicycles? If you don't know, will you save your cycling track?

The yellow group is even more difficult to tidy than the door opener. It is advantageous for Ali to establish this set of data, not only Hippo large, medium and small stores, Hello Bicycle, but also AutoNavi Map. Although there are many merchants on the platform, they do not own stores, and the map is not developed for similar purposes, which is not only incomparable with AutoNavi, but also not as good as the R&D expenditure of the well-off map.

This shows why Xiaokang wants to invest hundreds of millions of dollars in map research and development, not so insufficient, and the effort is just offstage.