Known as the "CCTV of the Internet", Sina.com, despite its huge influence, has not found a suitable way to make a profit for the company.

Advertising, games and mobile phone SMS SP are the main sources of income for the current portal, and they all say that the Internet has a bright future, but everyone just can't take out real money from consumers to charge, so Sina's stock price has been in a state of decline.

Since 2001, when the founder of Sina was expelled from the company by capital due to different business philosophy, Sina has become an Internet company controlled by capital.

Now China's most influential portal website has suddenly encountered two barbarians knocking on the door and asking to join it, and a good show of capital fighting is about to take the stage.

"This is a hostile takeover, Sina is on a good track right now, and we are not considering accepting new board members for the time being. In order to be accountable to the company's shareholders, we will enable the stock 'poison pill' plan to protect the rights and interests of shareholders!"

Unlike the domestic acquisition of 5% of the shares, which must be publicly raised, the regulation in the United States is not so strict, and reaching 20% of the shares is the watershed, so Shanda and Zhonghua Group's equity acquisitions have not been noticed.

As a party to the case, Sina's management cannot remain indifferent and let the two barbarians manipulate, they must raise their voices to resist, or rather, to gain more bargaining chips for themselves. On the night after learning that they were being targeted by the two giants, Sina's management started the poison pill program.

As the name suggests, the poison pill plan is a poisonous pill, and once a malicious acquirer swallows it, it will outweigh the losses and even damage its own interests. The main types are employee pills, customer pills, and the most commonly used stock pills.

The employee poison pill is that the acquirer wants to provide long-term salary compensation and benefits to the employees of the acquired company, and even the management can threaten to resign en masse. For example, Sina has 1,000 employees, and if the employee poison pill is implemented, the acquirer can be required to pay 24 months or more of salary compensation to each person. Based on the annual salary of 80,000 yuan per person, this amount is not a small number.

Once the management resigns en masse, there is no doubt that Sina will be paralyzed, the former boss of the portal may collapse, and the acquisition will lose its original meaning.

The customer poison pill is that the acquirer wants to compensate the customers of the acquiree. For example, Sina's existing advertisers can ask the acquirer to guarantee the future website traffic and advertising quality, and can claim compensation if they do not meet the requirements. According to Sina's annual revenue of nearly 500 million yuan, once the advertiser asks for compensation, this is also a large amount.

The stock poison pill is the most common countermeasure against a hostile takeover, also known as a shareholder share option plan. When the company's shares are acquired by more than 10% to 20%, in order to protect the company's controlling interest, a large number of new shares can be issued at a low price for existing shareholders to subscribe, so as to achieve the purpose of diluting the share capital and reducing the equity ratio of the acquirer, so as to maintain the company's controlling position.

According to Shanda's 12.2% and Han Hao's 8.5% stake in Sina, once the poison pill plan is officially launched and new shares continue to be issued, the existing equity of both parties is likely to be diluted by less than 0.5% under extreme conditions.

Moreover, the stock poison pill plan thrown by Sina's management gives existing shareholders the right to subscribe for new shares at half price, which means that the equity acquired by Han Hao for more than $150 million will instantly evaporate 50% of its value.

Once implemented, the poison pill program will deter acquirers and will repel many companies interested in hostile takeovers.

"According to statistics, companies that implement poison pill programs often receive more than 60% premium acquisitions, which is a big boon for existing shareholders.

Although Sina's management threw out the poison pill plan, we estimate that it will be difficult for them to refuse one of the two barbarians to take over.

According to the analysis of Sina's shareholders who have been selling the company's shares in recent years, they are likely to take advantage of the donkey to cash out.

In the future, Sina's surname is Chen, or his surname is Han, it depends on which of the two richest people has better skills!"

A mainstream media made the above analysis of the Internet merger and acquisition case in the headlines of the day, believing that Sina's sale would be inevitable.

For this supposedly purely commercial acquisition, the three Chinese companies used the acquisition rules of the United States on the other side of the ocean to confront it, and many financial media used headlines to pay attention to it in real time.

Despite the emergency launch of the poison pill plan, Sina's management and even the existing board of directors prepared for the worst, and they were privately discussing which barbarian should be welcomed as the new leader if the door was really kicked out.

"Shanda Group has had a strong momentum of mergers and acquisitions in the past year, and the only good thing is that it belongs to the same Internet gene as us. In the future, if we work together, it will be easier for each other to communicate with each other.

However, judging from the integration encountered by its acquired companies, once Shanda comes in, Sina is likely to lose its current independence and become a vassal of Shanda's entertainment empire. ”

As Sina's current CEO, Cao Guofan voiced his concerns at the board meeting.

On the other hand, the richest man Han Hao must have been thunderous for a long time, he started from the traditional manufacturing industry and relied on cars to be the richest man in Chinese mainland for many years.

Although his main business is traditional automobile manufacturing, Han Hao has also set foot in many new fields of the Internet in the past two years, and he has personally invested in Alibaba, iFLYTEK, AutoNavi Map and other enterprises.

Judging from the operation of these enterprises, they have generally maintained a relatively independent operation, and Han Hao is more in charge of the background as a strategic investment shareholder.

Although I personally don't know why he is interested in Sina, from a rational point of view, whether it is capital or social influence, Han Hao is more suitable than Chen Qiao to become Sina's new major shareholder. ”

After comparing Cao Guofan's heart, he was more inclined to the side of Han Hao, the richest man.

His opinion was accepted by the majority of the board members, and if Sina really wanted to sell, in addition to maintaining relative independence, it would have to sell for a good price.

The key to getting the support of the management and convincing more existing shareholders to stand behind them is to get the support of the management and persuade more existing shareholders to stand behind them!

Therefore, when the plan to acquire Sina became clear, both Han Hao and Chen Qiao started non-stop public relations activities to try to expand their camp.

As the predecessor and major shareholder of Sina, Sitong's statement of holding equity can be said to be one of the keys to the success of the acquisition of Sina.

Before Chen Qiao started the Sina acquisition plan, he had communicated with Duan Yongji, the boss of Sitong Company, and the other party had tacitly sold his shares to Shanda at the right price. Otherwise, Chen Qiao would not have been bound to raid and acquire Sina, and he had long been confident in his secret layout to force Sina's management to sign the alliance under the city.

But this time, he recently went to Beijing to visit Sitong, hoping to implement the previous covenant cooperation, but he was dealt with by Duan Yongji's Tai Chi hand.

"Brother Chen, let's be honest, now that Sitong's internal opposition to the sale of Sina's shares has prevailed, shareholders feel that now is not the right time to make a move.

You and Han Hao are both successful rising stars in the domestic business community, and if Sina is handed over to any of you, I personally think it will be a good destination.

Before you arrived, Sina's CEO, Cao Guofan, had just called me and asked me to align myself with their management.

Everyone is talking about business, and we plan to wait and see how it changes before making a choice. If you really want to get rid of the stocks, it may be the ultimate principle that the one with the highest price will be the one, so that no one will be offended. ”

When the two are in contention, the third party can maximize the benefits.

In recent years, Sitong Company has not developed smoothly in the information industry, and it is even more necessary to sell Sina shares at a high premium to regain blood.

The funds that Chen Qiao can use in his hands are no more than 500 million US dollars, and if he really wants to compete with Han Hao's financial resources, he will definitely be at a disadvantage.

"Mr. Duan, the combination of Shanda and Sina is a model of the powerful alliance of the Internet, once the cooperation will produce the effect of 1+1 greater than 2. For the sake of Sina's future, I suggest that Sitong think carefully about who is the most suitable candidate. ”

The dissent of potential allies made Chen Qiao anxious, and he hoped to convince the other party with his future ambitions.

The result was obvious, he failed to convince Sitong, because Duan Yongji was still waiting for a meeting with Han Hao.

Compared with Chen Qiao, Han Hao seems to be very relaxed, he took the grand factor into account when simulating the merger and acquisition plan before, and finally came to the conclusion that whoever has more funds is likely to have the last laugh.

Whether it is capital or connections, the energy involved in Han Hao is not comparable to Chen Qiao. In addition, there is another layer of relationship that many people overlook, and that is the government relationship.

As the country's largest news portal and mouthpiece of public opinion, the government wants to keep it in the hands of people it can trust, and Han Hao is clearly one of them.

"I personally do not interfere with Sina's independent operations, and the existing management is known to me as elite figures in various industries, and I believe that they can lead Sina on a new journey.

I personally do not agree with the 'barbarian' claim made by the outside media. Compared with Shanda Group, we are more like a 'white knight' to save Sina from a hostile takeover.

Sina is a very good Internet company, it is still in the growth stage, the acquisition of Sina is a strategic investment, and I have the confidence and patience to wait for the day when it will grow into a climbing tree.

Shareholders who are willing to wait with me for Sina's growth, I welcome them with both hands. If you have other development plans, and if you want to leave, I will give them a satisfactory return to send them away. ”

With Duan Yongji's words, Han Hao's purpose was to convey his true intentions to Sina's management and other wavering shareholders through him.

Why did he acquire Sina, Han Hao is certainly not stupid enough to say his true intention of needing the media platform to speak out. In an interview with the media, he talked more about his thoughts from the perspective of the automobile industry chain.

"In the future, cars will not only be a means of transportation for people, but also a travel companion for everyone. You can connect to the internet anytime, anywhere in your car for work, communication, and play.

For example, you can log in to Sina.com through the car computer screen to browse the news, send and receive emails to communicate with friends, and even participate in multi-party online work meetings through the chat room in the car without interruption.

The strategic investment in Sina is a personal vision for my future lifestyle. ”

These words are indeed his depiction of the future of automobile life, but the more real purpose is hidden beneath the surface.

In between the acquisition of Sina, Han Hao also took time to meet with another potential media microphone project in the capital at the recommendation of Yin Qingxun.

"The portals are large and comprehensive, but they still can't cover all aspects of society, especially in the field of specialization.

As a complex and expensive civilian industrial product, especially China's automobile culture, which is still in its infancy, many people urgently need to obtain much-needed knowledge from professional websites.

Therefore, the automotive professional website will be another sounding board to invest in. ”

As a financial expert, Yin Qingxun has been in contact with domestic venture capitalists, and when he learned that there was a new team preparing to enter the field of automotive websites, he planned to consider one or two to see how it went.

There are several car websites in China, such as Pacific Auto, Yiche and Aika Auto, which are the places where many car fans often log in.

As soon as he communicated with the leader of this new team, Yoon Kyung-hoon found that the other party had a lot of ideas. As a team that is moving from IT websites to automobiles, they see an opportunity in it.

"The existing car websites are all from the perspective of manufacturers, and do not consider problems from the perspective of ordinary consumers. Therefore, there are too many articles on the website that charge money to directly copy the manufacturer's advertorials and advertisements, and there is no desire to read it.

The automotive industry is still in a seller's market, and many vehicles still need to be picked up at a markup today. However, from the perspective of the general trend, the era of entering the buyer's market and being dominated by consumers will surely come, and the existing automobile websites from the perspective of manufacturers will be ruthlessly eliminated, leaving only websites that look at the problem from the perspective of consumers. ”

The team that was going to name the new website "Autohome" seemed like a solid one, and they found a market entry point.

It is the dream of many Internet entrepreneurs to attract venture capital, use other people's money to do their own business, and go public and cash out in the future to become rich.

As the founder of the "Autohome" website, although Li Meng has already had entrepreneurial experience, he is still excited to contact his childhood idol in person.

As one of the most successful entrepreneurs who grew up after China's reform and opening up, Han Hao has inspired many ambitious young people to move forward.

Li Meng, who was born in 81, knew about Han Hao's entrepreneurial deeds when he was in high school, and listed him as his idol.

"Being in the right industry at the right time, sometimes success takes a little bit of luck in addition to hard work. ”

This sentence was said by Han Hao in a TV interview when he was young, and it was always remembered by Li Meng.

Knowing that Han Hao intended to invest in his own project, Li Meng was so excited that he didn't sleep all night.

Although Han Hao was smiling, Li Meng could still feel an invisible sense of oppression coming from the other party, and this kind of aura brought by a long-standing figure was not something he could easily resist.

usually speaks fluently, and it seems stumbling in front of idols, but Li Meng still preliminarily elaborated his plan. He has always been unwilling, but in the face of a big man like Han Hao, he still shows his immature side.

"Actually, I'm also very annoyed by the websites that take money to copy the manuscripts of the OEMs, and they don't even bother to correct the typos and publish them in full.

I agree with your assertion that Chinese cars will enter the buyer's market within three years, but this trend is already evident now.

Whether it's a Chinese car enthusiast or a future consumer, they need a website that looks at things from their point of view. Your presence is opportune and has a good chance of success.

In China, the desert of automobile culture, an oasis of automobile knowledge is urgently needed. I personally will not interfere in your operation, and I hope that you can also treat Zhonghua Group equally. ”

After listening to Li Meng's statement, Han Hao probably knew in his heart that the other party was indeed worthy of Yin Qingxun's strong recommendation.

"What do you mean...... Would you like to invest in our projects?"

Li Meng didn't expect Han Hao to move so fast, and he asked the general.

"Yes, I'm looking forward to being one of the first users of Autohome!"

Compared with the acquisition of Sina, investing in "Autohome" is just a dessert after dinner, and Han Hao made a venture capital decision without thinking.