Zhuo Ziyuan can actually understand the psychology of Robin Li these people, indeed, one of the advantages of replacing with equity is the expectation of the future, this part can indeed be used as an advantage in negotiation, in the case of the same value or even slightly lower, the future development prospects are indeed more attractive, but the problem is that this future cannot be guaranteed, that is, there is a risk, it depends on how the other party sees your company, if the other party does not care about this equity at all, it is equivalent to useless, Zhuo Ziyuan of course can not be optimistic about the future development of Baidu, he cares about getting more equity。

Since Liu Jiping agreed not to talk about the future, Zhuo Ziyuan waited for him to continue.

Seeing that Zhuo Ziyuan no longer showed any angry and dissatisfied expressions, Liu Jiping continued, "Our company's current valuation is 200 million US dollars, and 2% of the equity is equivalent to 4 million US dollars, that is, 32 million, plus cash, we bid a total of 57 million, Mr. Zhuo, even with the current market, we also think that we are very sincere." ”

"But as far as I know, this is not the case? In the middle of 03, your valuation was 100 million, according to the normal situation, the current valuation is 200 million, which is not high, but the problem is that in the second half of last year, Yahu made a force, searched and intercepted the flow, and Baidu's market share fell very much, in this case, your board of directors can still value your company at 200 million, I appreciate this kind of self-confidence. Zhuo Ziyuan smiled.

Liu Jiping's head is about to sweat, this is too difficult, everything is investigated clearly, he feels that he has said so much before, just like a clown, people have seen you clearly, you are still there smug performance, isn't it just a clown, Zhuo Ziyuan's last sentence "This kind of confidence" directly made Liu Jiping feel embarrassed.

"Haha, I really didn't expect Mr. Zhuo to know our Baidu so thoroughly. Liu Jiping really couldn't fool around, "Then I don't know what Mr. Zhuo means?"

"In this way, 123.com I made a price of 20 million US dollars, and the current situation of Baidu is not as good as the first half of last year, but I do not lower the price, or make a price of 100 million US dollars. Of course, Zhuo Ziyuan did not express his yearning for Baidu's stocks, otherwise what if he was pinched by the other party, as for Baidu's ability to come up with so much cash, hehe, Zhuo Ziyuan really didn't believe it.

Liu Jiping was a little dumbfounded, Baidu's valuation was 100 million, with the current situation, he pinched his nose and recognized it, but 123.com was priced at 20 million, this TM is funny, you have a web page with no technical content at all, you want to take away 20% of Baidu's equity, this is not too much deception, really take us as the wrongdoer, "Mr. Zhuo, your offer is really... , I don't know how to say it, I can only return the words, Mr. Zhuo is too confident, too confident in your 123 network. ”

To paraphrase Mr. Liu's sentence, negotiation, the important thing is to talk about it. Zhuo Ziyuan drank coffee patiently.

"But your offer is really unacceptable to us, the gap is too big. Liu Jiping said helplessly that this was the most troublesome negotiation he had encountered.

"It seems that Liu always can't make the decision, I'm not in a hurry, Liu can always go back and report to the company, you can tell the board of directors exactly what I said, see what they think, in addition, I heard that Google is now planning to go public, I don't know if after the listing, will it be free to sort out the Chinese search market, if they can raise hundreds of millions, I don't know if they are willing to spend 20 million to acquire 123." ”

Hearing Zhuo Ziyuan's last sentence, Liu Jiping's face was a little ugly, now the only thing they are glad about is that Google did not join the Chinese search market this big chaos, if you see the opportunity because of the 123 navigation network, so as to join this big chaos, then you don't know who the deer died, although Yahu is a giant, but in the foreign search business, Yahu can only be second now, Google is the latecomer, so Yahu has to join the fight of Chinese search, after all, the Chinese demographic dividend is too attractive, if it occupies a large share of the Chinese market, then in the world, there is still a lot of hope for this first。

People live a face, trees live a skin, although Yahu's current life is not bad, but he has not put in the eyes of Google overtaken, it is really a big slap in the face, you know, once upon a time, Google in the can't hold on, found Yahu, hope that Yang Sect Leader can buy Google at a price of 1 million US dollars, the two founders can also use this to enter Google, but at that time Yahu can really say that everything is empty, as the largest Internet listed company at the time, they can see 1 million such a small project, Google's two founders were rejected by Yang Sect Leader without face, until 02 years, Yahu proposed to buy Google for 3 billion US dollars, which was rejected by Google in turn, that is, in 02 years, Google surpassed Yahu in the search market and became the world's first.

The first negotiation obviously collapsed, and the gap between the two sides was too large, so Liu Jiping naturally had to report to Robin Li, and further communicated with the entire board of directors to negotiate the most reasonable equity replacement ratio.

Liu Jiping went home to report, Zhuo Ziyuan was not idle, the next day he found Xu Ziqiang, negotiating this kind of thing, occasionally it is still very interesting, but really have to go back and forth how many rounds, Zhuo Ziyuan is really troublesome, he is worried that he will be impatient because of this, and relax his standards, because in the depths of his heart, as long as the stock is replaced to Baidu, it is earned, but it is just a matter of earning more and earning less, which makes him not too concerned from the bottom of his heart, and the reason why the first negotiation is so stiff is that on the one hand, Zhuo Ziyuan's freshness, on the other hand, it is really too low the price reported by Liu Jiping。

Zhuo Ziyuan said in detail the current predicament faced by Baidu, this Xu Ziqiang naturally knows that he always puts the task assigned by Zhuo Ziyuan in the first place, Zhuo Ziyuan also analyzed the influence of the 123 network, and finally explained his reserve price and expectations for the future of Baidu to Xu Ziqiang, and then threw the relevant matters to him, let him be responsible for the specific negotiations, this is his strength, every investment in Youdao is personally involved in the negotiations, Youdao is not big enough to attract enough talents to take charge of the situation。

As a result, two days later, Liu Jiping met a more difficult opponent than Zhuo Ziyuan, and the second negotiation was still not negotiated, Baidu agreed to 25 million plus 3% equity replacement, and Xu Ziqiang asked for 19 million US dollars or 19% equity replacement.

At the same time, the appearance of Youdao also made him more vigilant against Zhuo Ziyuan, Xu Ziqiang met with him, he would naturally report his home, Youdao Capital, he is very clear, the reason why it is clear is due to the discussion of an internal meeting, in the second half of last year, someone proposed financing to boost the market's confidence in Baidu, including Youdao Capital, Xu Ziqiang has actually had contact with them many times, but it is not with Liu Jiping, mentioning Youdao Capital, naturally someone wants to ask about the background, this makes him very impressed, one can be easily obtained after the listing of Yiwang Company24Of course, he was impressed, and more importantly, this Youdao Capital is also the major shareholder of the two Internet companies, Chengda and Penguin, which are currently relatively popular, and these two companies are preparing to go public.

Since it is an acquaintance, it is natural to find an acquaintance to dock, so half of Xu Ziqiang's acquaintance Zhu Bo was pulled to the front line, in fact, Zhu Bo is also very helpless, Xu Ziqiang, this guy, from his 02 years to the present, has not bothered him less, just a few years ago, Xu Ziqiang also went to Kyoto in person, and asked him to have afternoon tea, but now it is good, this role can be said to have been reversed, and now it has become Zhu Bo to find Xu Ziqiang, Zhu Bo has become the demand side, it is really impermanent.

"Lao Zhu, we are also old acquaintances, come, have a cup of tea first. Xu Ziqiang had a friendship with Zhu Botao from the beginning.

This third negotiation was carried out in Youdao's conference room, Zhuo Ziyuan still did not participate, he is now happy, just two days ago, the gold price bottomed out at the price of 363, and now it has risen back to 374, although there is still a gap with the price when buying the contract, but this trend is very gratifying, and at the same time, he does not need to transfer funds from other places, saving a lot of trouble, Sima Bowen's worries and self-blame naturally disappeared.

Looking at Xu Ziqiang's very enthusiastic look, Zhu Bo knew that this negotiation was not easy, as the so-called first give a little sweetness, then it would naturally be bitter later, "Okay, Lao Xu, let's not fix these false things, you tell me first, what is the relationship between Youdao and 123.com? What is the relationship between you and Zhuo Ziyuan?"

"Lao Zhu, look at you, when I was looking for you before, I had never seen you so straightforward, why, as soon as you arrived at my territory, you began to explore my bottom, not kind. Xu Ziqiang said with a smile, you were an uncle before, now, hehe, feng shui takes turns, he is completely convinced by Zhuo Ziyuan, he has always said that he wants to invest in three companies, but he only succeeded in contacting one, the other two, one is not in the water, the other is procrastination, do not refuse or accept, it makes him uncomfortable, what is the result, I didn't expect Zhuo Ziyuan to invest in an inconspicuous small website a long time ago, it turned out to be a bestseller, and it opened the door to Baidu at once, and also reversed the rolesBut if it weren't for Zhuo Ziyuan's layout in advance, he didn't believe it, if it wasn't for the layout, his own boss would invest in such an inconspicuous website without any technical content?

Zhu Bo looked at Xu Ziqiang, who was smiling, and he understood that this was to get back all the grievances he had suffered before, he was already mentally prepared, "Old Xu, my bones can't stand the toss, you can spare me, you just say it, what price, I see if it can be done, and when it is done, you can be angry with me as much as you want." ”

"Eh~~ Lao Zhu, what are you talking about, I have nothing to be angry with you, no, not at all, haven't we always lived in harmony, I have always regarded you as a brother. Xu Ziqiang laughed even more.

Zhu Bo has no choice, he knows that today's negotiations will definitely have no result, so he will let you toss two or three times, it should be enough.

Naturally, this negotiation was inconclusive, Baidu gave 20 million plus 4% equity, and Xu Ziqiang asked for 18 million US dollars or 18% equity.