Google's IPO auction is still going on with a lot of fun, and almost no one is interested, so much so that it can't be listed for a long time.

Generally speaking, venture capital institutions do not contribute all their own money for angel investment in small companies, but raise a part of it through various means. These raised funds are subject to interest, so venture capital institutions always try their best to let their invested companies go public as soon as possible, and sell their equities after the six-month lock-up period, so as to recoup funds and ensure profits.

Sequoia Capital wanted to push Google to go public as early as 2000, but was rejected by Larry and Sergey. Later, it encountered the cold winter of the Internet, and now it is even an auction listing, which makes Sequoia Capital completely speechless, and there is a kind of "what do you love" mentality.

The main subscribers of IPO listings in the United States are those investment institutions. Now that Wall Street is collectively singing about Google, naturally no investment institutions are willing to buy, and those small institutions that can maximize profits are also hesitant.

Google's road to listing has gone through twists and turns, but Tencent took the lead in listing on the main board of the Hong Kong Stock Exchange, and its underwriters are Taurus Capital and Goldman Sachs Bank!

"Old Song, Tencent is broken!"

This is a call from Brother Xiao Ma on the afternoon of Tencent's listing.

Tencent's shares were issued at HK$3.7 and opened at HK$4.37, rising throughout the morning, climbing to HK$4.625 at one point. However, in the afternoon, it suddenly plummeted, falling all the way below the issue price, and the turnover rate was as high as 104%, that is, the vast majority of shareholders who bought Tencent chose to sell on the opening day.

Two days before the IPO, the Ministry of Information Industry suddenly issued a notice on mobile SMS services, and the government began to rectify the chaotic SMS service market. The Ministry of Information Industry ordered the enterprise to self-examine and self-correct, and after the enterprise self-inspection, if it was still found to be problematic, then the service provider was immediately revoked from its business qualifications.

In the first two quarters of this year, 60% of Tencent's revenue came from mobile SMS services, which is tantamount to hitting Tencent's core business, how can investors not be affected?

Facts have proved that this is indeed the case, in another time and space, Tencent will be canceled next year to move 161 SMS shares, and its revenue in this area has plummeted by 130 million yuan. Fortunately, other revenues are growing rapidly, otherwise Tencent's life would be very difficult, and this is the government forcing Tencent to transform.

Song Weiyang comforted: "It's okay, what's the big deal about breaking on the first day? ”

"I'm worried about the VAM agreement in half a year, and there has been too much unfavorable news related to Tencent this year. Brother Ma said.

If the stock price cannot reach the set target, the company must make up the difference to the underwriter, or the company will directly pay to buy back the shares. And Tencent's value is grossly underestimated, as there are no similar success stories in the United States.

The underwriters of Tencent's listing are Golden Bull Capital and Goldman Sachs Bank, and it goes without saying that Golden Bull Capital is a major shareholder and has great confidence in Tencent, and has not signed any VAM agreement. However, Goldman Sachs expressed great concern, and even suggested that Tencent reduce the financing amount by four-fifths during negotiations. Brother Xiao Ma strongly insisted on the established financing amount, and Goldman Sachs asked Tencent to sign a VAM agreement in order to avoid losses.

Song Weiyang smiled: "Which of China's Internet companies makes more money than Tencent?"

"That's right. Little Pony smiled too.

NetEase, which is now the most famous, was also beaten by Tencent in terms of business income alone. Tencent is no short of money now, and it is open for users to register, and no matter how much server fees it can afford!

Brother Ma said again: "I just feel a little sorry, I'm afraid that you will be unhappy." ”

"Haha, next time I come to Shenghai, I'll invite you to dinner. Song Weiyang said with a smile.

The "sorry" that Xiao Ma Ge said in his mouth is that before Tencent went public, he recovered some of the shares in Song Weiyang's hands at the median of the offer price (3 Hong Kong dollars). Historically, Tencent's major shareholder was MIH, but before going public, it also promised Xiaoma to redeem part of its equity to ensure that Tencent's management team would control it.

A South African company does things so authentically, Song Weiyang can't rely on it, right?

During the Internet winter, Tencent's funds bottomed out several times, and Song Weiyang continued to make additional investments, and his personal shareholding had already exceeded 50%. In order to let the Xiaoma team hold more than 50% of the shares after the listing, he reduced his holdings to 37% in one go, and more than 700 million of the 1.4 billion funds raised by Tencent in this listing were used to redeem the shares in Song Weiyang's hands.

That is to say, Song Weiyang's original investment of tens of millions has now earned back more than 700 million Hong Kong dollars, and there is still 37% of Tencent's shares left.

After the listing, the Xiaoma team held 38% of the shares, Song Weiyang held 37% of the shares, and the shares circulating in the market were 25%. In addition, Xiao Ma Ge personally holds 14.43% of the shares, with a book wealth of nearly 900 million Hong Kong dollars.

This shareholding structure is actually very dangerous, after all, Tencent is different from Google in that it does not implement the AB share system. One day, if Song Weiyang has bad intentions and directly acquires in the stock market, he will become the controller of Tencent in an instant.

Even on Google's side, Song Weiyang and Larry have reached an agreement: as long as Google's stock price exceeds $200 after the six-month lock-up period, then Song Weiyang must let Google redeem more than 3%. When Google's stock price exceeds $300, Song Weiyang must transfer another 3%, and Google will help find a receiver. All this is for the healthy development of the company, because Song Weiyang's original investment far exceeded the red line of shareholding - historically, Son was forced to sell Alibaba's shares, and one of the important reasons is also this.

Now Song Weiyang is very distressed, he suddenly has an extra 700 million cash in his hand, what should he do?

I really don't know how to spend it, so I can only throw it to Taurus Capital for trusteeship, anyway, Taurus Capital needs to raise funds for investment.

Song Weiyang turned on the computer and logged in to Sogou, and searched for "Tencent" to be listed. As a result, it was found that the screen was full of declining news, and many experts and netizens were discussing Tencent's first-day break, and even predicted that Tencent might lose a huge amount next year. Because the rectification efforts of the Ministry of Information Industry are too great, it directly points to Tencent's core business. This reminds people of this year's "stepping on the brakes", so it has killed countless companies, and Tencent may be next.

But if you don't rectify it, it's not good, this thing is on the "315 party" this year.

NetEase is also in a mess, because 40% of NetEase's revenue comes from the mobile SMS business.

A rectification notice from the Ministry of Information Industry has caused 12 Chinese technology stocks on the Nasdaq to dive en masse, and has also shrunk Song Weiyang's assets by $200 million — NetEase's share price has fallen below $35 and Sohu's stock price has fallen to $27.

"Chop chop, chop him...... Idiot, you, this made him fly back to the city!"

Doudou shouted next door, and even the high-quality decoration materials couldn't stop it, which shows how excited Doudou Woman is.

This unlucky child has finished the college entrance examination, and he will be able to see the results in a week, and he has been playing at home in the past few days. Of course, she also spends half of her time learning programming, and even writes plug-in programs with the intention of harming A3.

Song Weiyang rarely has the leisure to code words, he dug the pit back then, and he had to fill it with tears, and the ghost knows when he will finish the third part of "The Three-Body Problem".

Suddenly, the call came, and it was Ding Ming: "Boss, the negotiation of the agency of "World of Warcraft" has collapsed. ”

"How could it collapse?" Song Weiyang was more curious.

"Our bid is already very high, $3 million in licensing fees, $5 million in development sponsorships, $3 million in special event fees, 25% of point card sales, and $10 million in annual royalties," Ding said. Wei Wangdi was very satisfied with this price, and he was about to sign a contract and suddenly regretted it. Zhang Chaoyang and I thought that Wei Wangdi still wanted to raise the price, so we left each other dry for more than half a month, but just now we suddenly received a notice that Wei Wangdi had signed a letter of intent with Jiucheng. ”

"How high is Jiucheng's bid?" Song Weiyang said.

"I don't know, but it's definitely ridiculously high, I estimate that the point card is divided into at least 25% or more, otherwise Wei Wangdi's signing will not be so neat," Ding Ming sighed, "That Mr. Zhu in Jiucheng has gone crazy and is completely desperate." He is equivalent to taking out all the money to represent "World of Warcraft", and once the game does not meet expectations, Nine Cities will 100% declare its closure. ”

"Since I didn't grab it, forget it. Song Weiyang was still very satisfied, he threw in a-stirring stick, which was enough to delay the Chinese agency contract of "World of Warcraft" for half a year.

Jiucheng has only now obtained the agency, and the follow-up actions will definitely be delayed, and the day when "World of Warcraft" was launched in China will be at least four or five months later than in history.

Ding Ming said again: "The last time we talked, you said that casual games are very interesting, and I have been making casual games with characters. I really found several models, all of which were developed by Korean companies, and one of them was called "Street Basketball" which was particularly interesting. It's just that the charging method is uncertain, and this kind of casual game doesn't seem to be good at selling point cards, so you can only charge by selling props. Do you think free games that sell items can be popular?"

"What do you think?" asked Song Weiyang.

"It's a bit hanging," Ding Ming said, "Take online music as an example, even in the United States, when it first came out, it was all pirated." It's human nature to be cheap, and if you can't play with money, how many players will recharge unless you can buy powerful items. However, if the item was strong in the past, it would affect the balance of the game and cause a large number of ordinary players to lose. There are few people playing the game, and it's not interesting to be left with only those who charge money, and sooner or later the game will be made to death. ”

Song Weiyang said with a smile: "What is the difference between an LV bag worth tens of thousands of yuan and an ordinary bag worth dozens of yuan?"

"I kind of understand what you mean. Ding Ming said.

At present, there is no concept of "free games" in China, and it is impossible to imagine that free games are actually more expensive. Song Weiyang patiently said: "You have to master the delicate balance. A free-to-play online game that has to be enjoyable for the average player, but also for the paying player to enjoy the sense of superiority. Take this kind of basketball game as an example, the newcomer just has a pants, and don't even give them clothes and shoes. If you want to wear it, you can buy it yourself, the more expensive the clothes and shoes, the more stylish, and even give them special effects when you score. It is also possible to sell room backgrounds, special avatar borders. The rooms built by VIP members are more luxurious, and the basketball patterns are different. ”

"It's to induce vanity. Ding Ming said.

Song Weiyang admonished: "The main thing is to sell the appearance of props, and it is best not to be too scary about the attributes of props." ”

"I understand, then I'll let people talk about agency. Ding Ming said.

The so-called good things come in pairs, Ding Ming just hung up the phone here, and Zhu William of Excalibur Company called again, and they all had Song Weiyang's private mobile phone number.

"Boss, you asked me to tell you as soon as the "Classic of Mountains and Seas" was closed for testing," William Zhu smiled, "Well, it's going to be closed." The closed beta will last for three months, and it will officially start on July 1st, and the recruitment of closed beta players will begin tomorrow. ”

Song Weiyang said: "Give me a few invitation codes for the closed beta. ”

"No problem, I'll send it to your email address personally. William Zhu said.

A few minutes later, Song Weiyang came to the next room: "Doudou, stop playing "Legend", uncle will take you to play a more interesting one." Call your master Shi Yuzhu as well, and let him see what a real game is!"