When they deposited $2 million into Louise's designated account, Louise simply said "Yes!" and explained the board meeting in three minutes, and Mark was able to convince the board members that they were authorized to swap them.

Although it was only three minutes, Yang Zhiyuan and the others felt that it was worth the money, and with this result, they could trade with Mark with confidence, and there would not be so many gains and losses.

They are looking forward to this deal, and their opponents Bloomberg or Bettamance are top big companies or publishing groups, with deep pockets and strong strength, if they fight head-to-head, they are not opponents, but now Mark seems to be a little confused, and actually agreed to such a condition.

No matter how you look at it now, it is the Times Publishing Group and its assets that are more valuable and stable, and of course it cannot be said that Yali's equity is useless, and it has risen rapidly! In 2005, it invested 1 billion yuan, and now it seems to be worth 3 billion yuan on the books, and it has tripled on the surface! But when they see how powerful Ma Yun is, they will know that this is not actually a piece of fat, and they cannot provide any feedback for it at present.

Therefore, it is a good choice to start with a more stable Times Publishing Group, with conservative estimates, there will be 3% to 4% of the annual profit, if it can be published simultaneously with their online content, the profit will be higher, and they have "Fortune", "Life", "Sports Illustrated" and other influential magazines, the top five best-selling magazines in the whole country, they account for three, even Bloomberg is envious!

So Ferro immediately called Mark: "You can swap it." He also expressed his hope that he could sign a contract as soon as possible.

For the other party's request, Mark agreed, quietly go to the village, don't shoot, as long as the equity is in hand, with Time Warner's extremely strong management ability and global propaganda ability, this is an aggressive huge predator, not like Yahoo, a big and harmless tiger shark, Ma Yun wants to clean up the Time Warner interest group headed by Mark, which is not easy.

Ma Yun is a powerful character, he used the transfer of Alipay and the delisting of the Hong Kong Stock Exchange two critical blows, forcing Yahoo and SoftBank to lose and retreat, this is not counting, after the Alipay ownership turmoil and the delisting of the Hong Kong Stock Exchange, Ma Yun and Aya Baba management began to think about how to obtain huge returns while listing without losing control of the company, and finally emerged an innovative partnership system.

The implementation of the partnership system began in 2009, when the 18 founders of the group resigned as "founders" and were hired back into the company from scratch.

Ally proposed that it hopes to achieve corporate governance with an innovative governance structure - the "partnership system", that is, the core managers of the company's business have greater strategic decision-making power.

This scheme is considered a "dual-class share system", in which minority shareholders control the company through voting rights, but in practice, the partnership system goes a step further than the dual-class share system, which at least theoretically has the potential for activist investors to exploit the loophole, and the former solves the problem of dilution of the founders' shares once and for all.

According to the understanding agreement reached between Yahoo and Yaribaba, Ali can acquire 10% of Yahoo's shares in Yahoo after the listing, so that the combined voting rights of Yahoo and SoftBank will be less than 50%, and the sum of the shares will also be reduced to 49.3%, and after six years, Yaribaba's management has regained absolute power in the group.

Alibaba Group currently has four directors, including Ma Yun, Tsai Chongxun, SoftBank's Masayoshi Son, and Yahoo's Buzz, and after the listing, Yahoo's board seats will be abolished, and the board of directors of Alibaba Group will increase to nine, with five seats in Alibaba's management, one seat at SoftBank, and another three seats nominated by the board's nomination committee. The nominated directors require a majority of the voting rights at the general meeting of shareholders to take effect, which means that the Yali side does not agree, and the majority shareholders have no choice.

After regaining absolute power, Yali faced the two major shareholders of Yahoo and SoftBank, plus the private equity funds used by Jack Ma to buy back Yahoo before, the group's overall listing became an imperative step, and this step was a winning move for both Yali's development and the resolution of the previous complex equity dispute. Since it is a winning move, it must be a winning move.

So first of all, in 2012, Alibaba B2B was delisted in Hong Kong at the issue price, and began to plan for a package listing.

Under the Yahoo Yaribaba agreement, the IPO must raise at least US$3 billion in cash (before deducting various expenses); second, Alibaba should be listed on the Hong Kong Stock Exchange or the American Stock Exchange or, in certain cases, in Chinese mainland; third, the IPO issue price must be 110% premium to the price per share at which Yahoo repurchased Yahoo's shares; and fourth, one of the global IPO underwriters will be selected by Yahoo.

Since Ali buys back the equity held by Yahoo, the price per share is not less than 13.50 US dollars, so according to the third point above, Ali's valuation needs to reach 73.5 billion US dollars in the future IPO, and the issue price will exceed 28.35 US dollars, which is actually a win-win situation.

Saying that Yahoo is stupid, it is not necessarily, Yariba at that time has included 12 companies Alibaba B2B, Taobao, Tmall, Alipay, word-of-mouth, Alibaba Cloud, Huaxia Yahoo, Yitao.com, China Wanwang, Juhuasuan, CNZZ, etc., Goldman Sachs Bank raised the valuation of Yariba Group to 105 billion US dollars, which is not all of the territory of the Yali Empire, and then Yali also led the establishment of Cainiao Network, the acquisition of Tianhong Fund, Hang Seng Electronics, CITIC 21st Century, and Culture Huaxia. Yaribaba, whose valuation has doubled fivefold in a year, has made Yahoo and SoftBank more willing to hand over power to the Yali team, after all, with money to be earned, the previous unhappiness can be dissipated, which can be regarded as another professional management system.

No matter what kind of system it is, it is a good system if you can make money.

However, Mark did not see it that way, and by 2013, the weak economies around the world under the European debt crisis were also waiting for Yali's listing to breathe vitality into the stock market. For a time, Ali's IPO has become the target of many countries, which is different from before.

There is no doubt that such a large group can be listed no matter where it is listed, and this will be the largest IPO event in its history. In 2013, when the world economy is still recovering, the listing location of Yali has undoubtedly become the most concerned hot spot in the capital market.

In fact, there are not many options for Yaribaba, and the Hong Kong Stock Exchange, the New York Stock Exchange and the NASDAQ are the only options.

"We don't care where we go public, but we care where we go public, and we have to support this culture of openness, innovation, accountability, and long-term growth. In September 2013, the high-profile outflow of employee letters further escalated the lobbying strategy of the Yariba Group's listing.

In fact, behind this seemingly high-profile employee letter, it can be seen that the equity structure of Yali's partnership system is looking for an open and innovative market that allows Yali to grow freely.

At first, many people believed that Yali Group would be listed on the Hong Kong Stock Exchange again, and its advantages were obvious. First of all, it is easy to impact higher valuations, and there is no doubt about the value of Yariba in the Chinese circle, but in the United States, this is just a name, and many people in the United States have never heard of it, and it is difficult to attract the 10% of retail investors.

Then there is the relatively moderate regulatory policy of the Hong Kong stock market, and Yaribaba is more familiar with the policy environment here. In the United States, Yali faces more complex regulatory and valuation risks, as well as class action lawsuits that can arise from time to time due to intellectual property and equity disputes, but the disadvantage of listing on the Hong Kong Stock Exchange is that Ma Yun may lose control of the company, which he cannot accept.

In the company's current actual shareholding structure, Jack Ma and other directors hold only 10.38% of the shares, far less than SoftBank's 36.7% and Yahoo's 35%. As a result, once Alibaba chooses to list in Hong Kong, if the valuation is not up to standard and fails to buy back Yahoo's 10% stake, plus the Hong Kong Stock Exchange's regulations, Ma Yun's actual control will become 10.38%.

As a result, Alibaba submitted its own "partnership system" to the Hong Kong Stock Exchange, expecting the Hong Kong Stock Exchange to make an exception for Alibaba. After several tug-of-war negotiations, Ma Yun once personally went to Xiangjiang and the top management of the Hong Kong Stock Exchange to mediate, but in the end Li Xiaojia still refused to make an exception for Yaribaba, so they did not have many choices, and the United States was the best choice.

As the head snake in the United States, Mark has MM and Time Warner, Ma Yun not only wants to take them under the knife, but also goes public in the United States, which really treats MM and Time Warner as nothing.

How do they engage in SoftBank, that's their business, to engage in Time Warner's equity, they will face the anger of the interest group headed by Time Warner, this is not a joke, Time Warner is not Yahoo This kind of person who has no ability to fight back, they are top hunters, tiger sharks in the sea, Barry saw that Mark did not sign a contract with Yahoo, so he worked out to deal with the counterattack of the Arima system, this approach of taking one step and seeing three steps, made him amazed, Mark can dominate Beimi, it is no accident, this person is accurate, decisive, and thoughtful, is a rare talent。

Therefore, Mark Barry and Yang Zhiyuan, Fei Luo and other people with evil intentions arranged a meeting the next day, since both parties were interested, they immediately signed a letter of intent, and after signing the letter of intent, they immediately drafted the contract, and both parties brought a team of lawyers to be responsible for drafting the contract.

Keep in mind that the first domain name :.com this book. The mobile version of the mobile version of the wonderful book house is :.com