Ignorance and weakness are not the point that hinders human existence, arrogance is.

The reason why Liu Qiangdong came to see Zhao Fusheng was very simple, he had some doubts and needed Zhao Fusheng to answer for him, even if he knew that he was far from the status of the owner of the future group, but he really wanted to know why Aipu Investment would withdraw from this investment, and the future investment would be willing to throw such a large amount of money in.

That's a full 50 million yuan, which is a figure that Liu Qiangdong never thought of before, even if because of this financing, nearly 60% of the shares of Jingdong Mall in his hands are worth more than 100 million at once, but he is still a little confused, he doesn't understand, what is the truth of this matter.

If there is a so-called truth, it must be an expression that is easily distorted and deformed under the cover of layers of truth. It is easy for people to cover themselves and accept the safest answers, but the truth is always hidden in the corner where you are caught off guard, so that if you slack off, you will be doused by the truth.

Liu Qiangdong was very scared, afraid that one day, he would become a spectator, even if the company was founded by himself.

The control of an enterprise is a matter of life and death for an enterprise.

I can't help but be careless.

"Hehe, he's still a very interesting person. Zhao Fusheng smiled and said to Dong Chenxi: "Since this is the case, please invite him over." ”

Although this Dongge tried his best to make himself like a public knowledge in the era when Weibo was prevalent, giving people a gesture of giving back to society at every turn, in Zhao Fusheng's view, he is actually no different from other capitalists. The bad habits of the rich, this one is not left behind, but he accidentally capsized in Minnesota.

Soon, a figure that Zhao Fusheng could only see on the Internet and even TV media in his previous life appeared opposite him. Of course, at this time, Brother Qiang Dong looked like he was in the prime of life, his eyes looked very bright, and although the expression on his face was a little uneasy, it could be seen that he was a confident person.

"Mr. Liu, hello. Zhao Fusheng chuckled and said to Liu Qiangdong.

"Hello Chairman Zhao. Although Liu Qiangdong is not the first time to see Zhao Fusheng, he still feels that although this young man is younger than himself, the momentum of others is not bad at all, and even makes him think that such a businessman is the posture that a real big boss should have.

"I don't know if Mr. Liu, you came here today, what's the matter?" Zhao Fusheng said to Liu Qiangdong with a smile: "Is it about cooperation? Don't worry, although I don't directly lead the Future Investment Fund, Miss Dong has followed me for many years, and you don't have to worry about the professionalism of the Future Investment Fund. ”

With Zhao Fusheng's age and experience, he can completely guess Liu Qiangdong's purpose, so he simply put the other party's worries on the table, although this may be a bit direct, but Zhao Fusheng really doesn't have the mood and time to go around in circles with Liu Qiangdong.

Sure enough, hearing Zhao Fusheng's words, Liu Qiangdong was stunned at first, and then looked puzzled, he really didn't understand, is the other party really so optimistic about the future of Jingdong Mall?

"What, don't believe me?" Zhao Fusheng saw that Liu Qiangdong was silent, smiled, and asked Liu Qiangdong.

I don't know why, Liu Qiangdong always felt that at that moment, the momentum on Zhao Fusheng's body was a little amazing.

"It's not that I don't believe it. ”

Taking a deep breath, worthy of being a bigwig who can rise in later generations, Liu Qiangdong quickly calmed down, looked at Zhao Fusheng, and said seriously: " Chairman Zhao, I know that compared with the Future Group, Jingdong Mall is just a company that has just started, but I really want to know, how do you ensure that my control over the company will not be damaged by the emergence of a major shareholder like you, after all, this is only the first round of financing, I believe that if nothing else, the development of Jingdong will get better and better, and when the time comes, a large number of investments will pour in, I ......"

His words did not continue, but Zhao Fusheng already understood what he meant, in the final analysis, what Liu Qiangdong valued was his control over Jingdong.

"What do you think is the significance of yourself to Jingdong Mall?" Zhao Fusheng looked at Liu Qiangdong with interest and said in response to the question.

Or to be more precise, he didn't answer Liu Qiangdong's question, but asked him a question instead.

Liu Qiangdong was silent for about half a minute, and finally said in a muffled voice: "I think that no one can lead Jingdong to success except me." ”

Zhao Fusheng laughed, I have to say that in the end, in the end, he is a man who has fulfilled the dreams of many netizens, and this confidence alone is enough to make people admire.

"In that case, it's better to use the AB share system. Zhao Fusheng said lightly: "The shareholding structure of Jingdong Mall adopts the AB share system, if you lose control of Jingdong, then you will take the money and leave." ”

The so-called AB shares are actually a game of thrones, and the core of AB shares is the different rights of the same shares. To put it simply, it is to separate voting rights from dividend rights.

Under the two-tier shareholding structure of AB shares, the company can issue ordinary shares with different voting rights, generally known as Class A and Class B, that is, AB shares. Typically, 1 Class A share has 1 vote and Class B 1 share has N votes. Among them, A's ordinary shares are usually held by investors and public shareholders, and B's ordinary shares are often held by entrepreneurial teams.

The history of the AB-share system can be traced back to the 20s of the 20th century, but there has always been opposition to the listing of AB-share companies. It is felt that while this would prevent hostile takeovers, the separation of voting rights and dividend rights would be too unfair to investors. It wasn't until the 80s that hostile takeovers through leveraged financing emerged, and more and more companies adopted the WVR system. In the late eighties, the United States allowed WVR trading to go public.

After the turn of the millennium, a new wave of high-tech companies went public, which once again promoted the popularity of AB shares. For example, Google, Facebook, LinkedIn, GroupOn, Zynga, etc. are all two-tier/multi-tier shareholding structures.

Nowadays, more and more technology-based companies are adopting the AB-share system. Because, in the process of becoming bigger, the company needs the support of capital, and the continuous dilution of equity in this process often leads to the founding team losing control of the enterprise.

One of the most famous examples is Steve Jobs. Before Apple's IPO, Mr. Jobs held only 15 percent of the shares. Although at the beginning, due to Jobs' outstanding talent and strong desire to control, he has always maintained control of Apple. But then, due to the company's poor performance, in 1985, Jobs was voted by the board of directors to remove him from his position as general manager, which was almost equivalent to being expelled from Apple.

The reason for this twist and turn is that Jobs does not have enough voting power within Apple. If Jobs had adopted the AB-share system, perhaps the outcome would have been different. Of course, Jobs' return to Apple is another story.

Later, Steve Jobs reflected: "I've seen too many bad things happen to a lot of businesses that are otherwise doing well. These businesses are like cards in the hands of gamblers, constantly being resold, sometimes because of the decisions of venture capitalists, sometimes by other people. I just want to make sure I have enough money and equity to make sure that I can weather these two companies when they are going through the storm. "Therefore, it is very important to do a good job in the design of the control system.

Of course, Liu Qiangdong understands what the AB share system is, but he doesn't understand why Zhao Fusheng did it.

"It's very simple, I invested in Jingdong because of you and your team, and I believe you can make a difference. Zhao Fusheng glanced at Liu Qiangdong lightly and said slowly.

This is true, after all, as an investor, the biggest reason why real money is invested in the company, but he is willing to take the risk and only take a small number of voting rights and do not interfere in the company's operation, is because he sees the company's future potential and the possibility of this team realizing its potential.

Whether it is a business or an investment enterprise, the focus is on the business results of the enterprise, and they all hope to make the cake bigger.

In the era of mobile Internet, many enterprises are driven by human capital, and the company's value creation relies more on talents than resources or currency.

In a human-driven enterprise, the start-up capital is not large, which means that the company's stock value is not large. The creation of company value relies more on manpower to create incremental value.

One of Zhao Fusheng's most important cognitions of investment is that the purpose of investment is to make the cake bigger together, so that he can get more cakes, and the team is the basic factor in making the cake bigger.

What's more, the AB-share system is more conducive to doing big things. In fact, the core behind the AB-share system is to target entrepreneurs and protect the entrepreneurial spirit.

Entrepreneurship is the greatest human capital, and ensuring the identity of the actual controller of entrepreneurs is crucial to making the cake bigger.

Economist Zhang Weiying once said that the most entrepreneurial people must be in control of the company. "When we invest, we don't know whether there will be any future returns, there is no information, there is no way to make decisions according to computer programs, we can only rely on our own judgment and imagination. And people are not the same, some people are more imaginative and judgmental than others. Whether the market is effective depends on the most intelligent, judgmental and imaginative people in the market, depending on how they make decisions, such people are entrepreneurs. ”

The nature of capital is to chase profits. The so-called venture capital is how to judge and select entrepreneurs. Investing is risky. If the wrong person is chosen and the capital is handed over to someone who has no entrepreneurial spirit, the enterprise is screwed up, and the capitalist loses. Conversely, it is precisely because capitalists have to take risks that they are motivated to choose people with an entrepreneurial spirit to run their businesses.

The design of B shares, which is a weighted voting right of the same shares, ensures the founder's control over the enterprise.

Zhao Fusheng feels that the AB share system is undoubtedly the most suitable for investors like himself, because he only likes to see the money he invests continue to double, but he doesn't bother to pay attention to the company's operation.

PS: The explanation of AB shares in this chapter is actually very important, after all, the protagonist wants to use the advantages of foresight to invest, and must face the problem of equity and voting rights, in fact, there are very few AB shares in China, because investors always like to point fingers, and it is the uncle who spends money, but the problem is that sometimes, since you want to make money, you really have to learn to be silent.