When the two companies signed the agreement, Ma Yun hoped to have a supplementary agreement. He hopes that Alibaba will have the right to continue to buy a 10% stake in Yoyo Vacation from Yoyo Network for $10 million within three years.

Hearing Ma Yun's proposal, Liu Yun was also slightly stunned. These bigwigs are really shrewd people, and the characters who were able to step into the top of the pyramid in their previous lives are really not easy people.

Lao Ma's meaning is very clear, within three years, Alibaba has the right to decide whether to buy 10% of the shares in the hands of Yoyo Holiday for 10 million US dollars. What this means Liu Yun understands very well.

Alibaba doesn't do loss-making business, and if they see the success of Yoyo Vacation in the travel market after three years, and the potential is limitless, they only need to exchange $10 million for 10% of the stock price, and then 10% of the shares may be worth $20 million, 30 million, or even $50 million, and if they lose money, the loss will be only $9 million at most.

Liu Yun frowned slightly, and suddenly found that Ma Yun was actually observing him with a smile. It suddenly dawned in his heart that the other party was testing his reaction, and if he agreed to this request immediately, he might feel that he was open-minded, and even did not have enough confidence in the potential of the leisurely vacation.

But he did frown, looking reluctant. Ma Yun understands that this young man is very optimistic about the market prospects of this travel website, and believes that its market value will exceed 100 million US dollars in five years.

Ma Yun said in a half-joking tone: "Mr. Liu, since cooperation must be sincere, we Ali will also make every effort to promote Yoyo Holiday." Doesn't 20% of the equity feel a little less than what we have paid?"

Liu Yun wanted to disagree with this request, but he also understood that it was difficult to say it on this occasion. He clearly remembered that in the past ten years, Lao Ma would have acquired a large number of high-quality Internet companies. At that time, Ali will build a huge Ali system that covers all walks of life, a formidable and powerful empire.

Talking about cooperation with Ali is like seeking skin with a tiger, this is a double-edged sword, maybe Ali's funds will become a sharp blade in your hands, allowing you to kill the enemy on the battlefield, and it is possible that one day, this sharp blade will be eaten against you. In the game of capital, there are many examples of entrepreneurs being kicked out of the team.

Liu Yun understands a truth, striking iron still needs its own hardness. His eyes moved slightly, and he said in a very confident tone: "For Mr. Ma, this is a supplementary agreement that has no cost and no benefits. ”

Ma Yun spread her hands and replied: "30% of the shares, I won't ask for more." I hope Mr. Liu can understand that if Yoyo Holiday fails in the market, our Ali will lose 9 million US dollars in real money. We need a complementary agreement that is beneficial to the company. Of course, I believe in Mr. Liu's operational ability, and there will not be such a day. ”

Liu Yun sighed and said, "Mr. Ma hopes that I will show sincerity, so be it." The 10% stake was sold at a 20% discount to the market valuation at that time. For example, if the valuation of Yoyo Vacation is $500 million in five years, and the 10% equity is $50 million, I can sell it to your company for $40 million. ”

Ma Yun thinks this is an exaggerated statement by Liu Yun, and with his experience, it is already a very optimistic estimate that the market value of Yoyo Vacation can reach 150 million US dollars within three years.

Then 10% of the equity is $15 million, and he needs to spend $12 million to buy. So with his most optimistic estimate, he has also changed from earning $5 million in 5 years to only earning $3 million, which is not much for such a big guy.

Liu Yun could see Ma Yun's thoughts, he must have felt that his sincerity was not enough, and said with a smile: "Mr. Ma, how about we sign a gambling agreement." ”

Ma Yun was stunned for a moment, revealing a hint of curiosity: "Gambling agreement?" ”

Liu Yun showed a meaningful smile and said, "Mr. Ma can give a long vacation a valuation after three years. ”

Ma Yun thought for a while and said, "150 million US dollars." ”

Liu Yun smiled slightly and said: "150 million US dollars, which means that 10% of the shares are worth 15 million US dollars, and the price at 20% off is 12 million US dollars." Compared with Mr. Ma's first suggestion, the price is less than $2 million. Then I'll make up the $2 million out of my own pocket, how about it?"

Ma Yun was stunned for a moment, she didn't expect Liu Yun's proposal to pay out of her own pocket?

He asked: "The VAM agreement should be for the two companies, and the proposal you just made is for your own company, so what about Alibaba?"

Liu Yun replied: "Quite simply, if the valuation exceeds $200 million, if your company wants to buy 10% of the equity, it will still be 80% of the appraised value. And my requirement is that in the future, Yoyo Network will be the top diamond-level merchant of Alipay, and all handling fees will be waived. ”

Ma Yun was a little puzzled and said: "We don't have any diamond-level merchants in Alipay, and Alipay doesn't charge fees at present." ”

Liu Yun smiled brightly and said: "The meaning is almost the same, that is, our company will always be the most senior VIP user of Alipay, and it is the kind that is free of handling fees, if you want to charge handling fees in the future." One more thing, whether it's 1688 or Taobao, or Ali's newly established shopping website in the future, if our company has products for sale, we must be in the best recommended position and exempt from advertising fees. ”

He has quietly set his eyes on the future Tmall Mall in his heart. In 2008, Taobao Mall was officially launched, and in 2012, it was officially renamed Tmall Mall. Today's Ma Yun didn't expect to go so far. Nowadays, those merchants on Taobao and 1688 are almost not paying advertising fees.

Ma Yun thought about it for a while and agreed to the VAM agreement. With a valuation of less than $200 million, he made $5 million, and his valuation exceeded $200 million, he can earn more, and he can accept the conditions he paid.

As soon as the two companies reached an agreement, they signed the contract and agreed to make an announcement together in a few days.

Liu Yun's hand and Ma Yun shook together again, and said with a smile: "The market in Hangzhou has been handed over to Mr. Ma, and Alibaba must work hard to win all the hotels above three stars here." ”

Ma Yun was also full of smiles, and said energetically: "It must be, Mr. Liu, please rest assured." Hangtown is my home turf. By the way, what should we do if a one-star, two-star hotel or a hotel that has not yet been rated comes to us? ”

Liu Yun showed a meaningful smile and said: "Don't worry about them for the time being, after the hotels above the three-star level are won, these remaining small hotels, small hotels may take the initiative to come to the door after seeing the economic benefits." At that time, the rules of the game can be set by us, such as commission ratio, settlement cycle, etc. ”

Ma Yun also smiled and said, "I understand, I understand." ”