Ma Xiaoyun also came to Hong Kong City, mainly to fly to meet with Song Weiyang and visit Jin Daxia by the way.

Villa, by the pool.

Song Weiyang smiled and asked, "Why are you so anxious?" Don't wait for me to go back to the mainland. ”

Ma Xiaoyun took a cigarette in his mouth with three fingers, took a sharp puff, and said to ease his emotions: "I was forced into the palace by the shareholders, and they gave me three choices. ”

"What are the three choices?" Song Weiyang asked.

Ma Xiaoyun said: "First, let me step down and change the CEO to another person; second, sell Alibaba to eBey; third, let me find someone to take over, and shareholders such as Goldman Sachs and Fidelity will take the opportunity to cash out." ”

Song Weiyang said: "Because of what?"

Ma Xiaoyun said: "Taobao has been losing money continuously, and Alibaba's business has grown slowly. The main reason is that these shareholders have invested in Alibaba for many years, but they have not been able to see Alibaba go public and cash out. And eBey suddenly proposed to buy Alibaba, and the price was very high, which made the shareholders tempted, so they joined forces to force me to the palace. ”

Song Weiyang asked, "What is Son's attitude?"

Ma Xiaoyun said: "He was also a little tempted by the offer of eBey, but he was persuaded by me, but he still persuaded me to give up the Taobao business." ”

Song Weiyang asked, "Then are you willing to give up Taobao?"

Ma Xiaoyun shook his head and said, "It's hard to ride a tiger." Alibaba has taken out too much money and smashed it on the two projects of Taobao and Alipay, and now withdrawing is equivalent to falling short. To be honest, I am very optimistic about Taobao's prospects, but I don't know what day it will have to wait until it can achieve profitability, and I don't know if Alibaba can survive until that day. ”

"You're too honest with me, don't say anything discouraged, show your ability to fool you!" Song Weiyang said with a smile.

Ma Xiaoyun said: "We have been friends for many years, you have been continuously injecting funds, and there is no need to fool in front of you." Of course, if you also want to withdraw your investment, then I don't have any way but to say that it is good to get together and disperse. ”

"Found a pick-up?" asked Song Weiyang.

"With Son's matchmaking, I had preliminary negotiations with Yahoo," Mr. Ma said, "but Yahoo China's president Zhou was opposed to it, and only when Yahoo resolved its internal problems could we really start negotiations." ”

It's a complicated situation, and it's a mess for all parties anyway.

At this time, Alibaba did not implement a partnership system, nor did it have an AB share management model, and Ma Xiaoyun was likely to be fired by shareholders. Alibaba raised nearly $100 million last year, so it's fair to say that there is no shortage of money. But Taobao and Alipay are too much money, and they have always been free to operate to grab the market, which can be said to be only in and out, and shareholders can't see the dawn of profitability at all.

From Ma Xiaoyun's point of view, perhaps as long as he dies for a few more years, he can attract Taobao to dominate the Chinese market. However, Goldman Sachs, Fidelity and other investment institutions cannot afford to wait, they have been investing in Alibaba for many years, and they are eager to cash out Alibaba's listing as soon as possible, or want to sell Alibaba to recoup the funds.

To do Taobao and Alipay, look at it ten years later, everyone thinks it is Ma Xiaoyun's miracle. But at this moment, it is unanimously considered by the industry that the step is too big to the egg, and everyone is waiting to see Alibaba's jokes. Ma Xiaoyun is a big fool again, and he likes to give speeches and brag everywhere, causing the Internet bigwigs in Zhongguancun to treat Ma Xiaoyun more and more as a liar.

Let's talk about Yahoo China, Yahoo's cumulative investment in the Chinese market has been close to 1 billion US dollars, but it has not reaped any returns. Yahoo's executives have to fool shareholders with their achievements, and they have to fool the Wall Street institutions that invest in Yahoo, and it happens that Alibaba is very famous in the United States, so they want to buy a part of Alibaba with huge sums of money.

At this time, the president of Yahoo China, the red-clothed leader, had a very unpleasant quarrel with other executives, and at the same time regarded Ma Xiaoyun as a liar, so as to prevent Yahoo China from injecting capital into Alibaba.

Song Weiyang said: "If shareholders such as Goldman Sachs and Fidelity want to withdraw, I can take over all the equity in their hands." ”

"Really?" Ma Xiaoyun was overjoyed.

"I'm not short of money. Song Weiyang said.

Ma Xiaoyun said: "If you are willing to take over the equity, then of course I welcome it with both hands, but I hope to sign an agreement." ”

"You speak. Song Weiyang said.

Ma Xiaoyun said: "First, the stock rights and voting rights are separated, you can only have a maximum of 35% of the voting rights, and the excess part belongs to the management team. Second, the board of directors is skewed, and the management team must have more than half of the seats. Third, I hope that Sogou will invest in Alibaba and provide Alibaba with high-end talents in search engines and other areas. ”

"Yes. Song Weiyang smiled.

Ma Xiaoyun is estimated to be scared by the shareholders and worried that he will lose control of Ali in the future.

In another time and space, Yahoo is trading $1 billion in cash, all of Yahoo's China business, and access to the Yahoo brand and technology in China for a 40 percent stake in Alibaba, with only 35 percent voting rights and only one seat on the board.

These are all restrictive terms made by Ma Xiaoyun in order to control the company, but Yahoo only promised to set the term of the terms at five years (abolished in 2010). After this deadline has passed, with the shares held by Yahoo and SoftBank, Ma Xiaoyun can be fired in minutes, so there is Alibaba's spin-off business and share repurchase.

After receiving Song Weiyang's promise to take over, Ma Xiaoyun immediately returned to Linzhou and sent Cai Chongxin to contact the shareholders.

Goldman Sachs, Fidelity and other shareholders heard that Song Weiyang was willing to take over, and they were all extremely positive. Another shareholder, Masayoshi Son (SoftBank), was not happy because he was so optimistic about Alibaba that he intended to let Yahoo take over, and Masayoshi Son, who is also a shareholder of Yahoo, took over.

Seeing that Song Weiyang and Son Zhengyi were actually rushing to be the receivers, the other shareholders suddenly quieted down. They were less enthusiastic in the negotiations, and they all opened their mouths and invited the Wall Street team to do the evaluation, apparently trying to give Alibaba a valuation to the sky.

While procrastinating for time in the negotiations, Son Masayoshi contacted Yahoo's headquarters to fire the red-clothed leader of Yahoo China, the president of Yahoo China, who was in the way. Looking back, Son Zhengyi also secretly contacted Song Weiyang, and the two pick-up heroes worked together to act and play to reduce prices.

Of course, Song Weiyang didn't want to be ripped off, and was very cooperative with Son's proposal. At the same time, both sides showed a lukewarm attitude towards continuing negotiations, claiming that the current price was unacceptable and that they had little interest in the docking.

What is even more depressing is that with Alibaba's current cash-burning situation, it is impossible to go public anywhere, unless there is major good news -- if it were not for Yahoo's injection of $1 billion, Alibaba would never have been able to go public in Hong Kong City, because there are no investment institutions willing to underwrite the shares.

The negotiations dragged on and forth for half a year, and shareholders such as Goldman Sachs and Fidelity finally compromised and lowered the price to an acceptable level.

And Song Weiyang and Son Masayoshi have already made an agreement privately, almost sharing the shares of other shareholders equally. At the same time, Song Weiyang personally, Sogou Search, Yahoo China, and Japanese benzene Softbank respectively invested money, so they diluted some shares of Ma Xiaoyun's team.

At that time, Alibaba's equity composition will become: Song Weiyang (33%), Sogou Search (2%), Japanese benzene Softbank (12%), Yahoo China (27%), and Ma Xiaoyun's team (26%).

Alibaba's board of directors has eight seats, with Ma Xiaoyun's team holding four seats and other shareholders holding one seat each.

Stock rights and voting rights are also completely separated, and the parties agree that within five years, one vote of shares held by Ma Xiaoyun's team is equivalent to two votes of other major shareholders, so as to achieve corporate control of the management team. This is not an AB share model, but an agreement between major shareholders. Because Yahoo made a request when it injected capital, Alibaba must go public in Hong Kong City as soon as possible before Yahoo can account for its investors. If you want to be listed in Hong Kong City, the AB share model is not allowed, and you can only sign a private agreement to solve it.

At the same time, Alibaba not only received a huge amount of capital injection, but also reached strategic cooperation with Sogou Search and Yahoo China, establishing its dominant position in the B2B and C2C markets in one fell swoop, and crushing competitors from capital to channels.

Of course, that's all for later, and the deal won't take place until the fall.

At this moment, Song Weiyang is slowly returning to the mainland, and he has been invited to participate in the centennial celebration of Fudan University.