"The capital increased by 12%, and the IPO underwriting amount reached 20.1 billion US dollars!"

"The first IPO of more than $20 billion in the history of NASDAQ was born!

"Within a week, two medium-sized listed companies that crashed during the listing period fell below the issue price because they followed the listing deadline of Ahri Baba. Analysts say the hot money cash flow in the Nasdaq market is disappearing sharply. Entrepreneurs are requested to carefully consider postponing the listing in anticipation of a new round of QE ...... by the Federal Reserve"

IT IS REPORTED THAT FACEBOOK'S CHAIRMAN AND CEO, NIUK MONZAK, WHO WAS ORIGINALLY SCHEDULED TO GO PUBLIC IN 40 DAYS, MADE A DECISIVE DECISION TO ABANDON THE PLAN TO GO PUBLIC WITHIN THE YEAR. In order to wait for the cash flow recovery in the capital market, the listing plan has been postponed for at least 6 months, please wait for the latest news......"

(PS: Ahem, someone actually questioned me in a book review why I took the name "Monzak" so casually in "Prosperity and Apocalypse Battle Royale", and said that "Meng" sounded very similar to the surname of the Han people, which was too hasty and dramatic.)

Please, I want to say that he certainly doesn't know "Mountbatten" (the man who split India and Pakistan back then). Anyone who has read a history class in junior high school knows that Mountbatten's grandfather was called "Prince Battenberg". In his father's generation, in order to show his determination to abandon Germany and join the British, he gave up the title of prince of the Duchy of Hesse and changed his surname to "Mountbatten".

Because the prefix of the word "mount-" in English is equivalent to the suffix "-Burg" in German, both of which mean "mountain", for example, the word "mountain" in English is mountain. The German names of Hamburg, Nuremberg, Wolfsburg/Wolfsburg, translated according to their meanings, are actually equivalent to "Hanshan, Nurenberg, Wolfshan".

Therefore, the change of "Zuckerberg" to "Monzak" is just a change of a Jewish surname with a German etymology to an English expression, and it is not at all a "rigid copy of a Chinese surname" as some people say. Since Monzak there is going to be a big boss at the level of the Demon Destroyer, of course, it is better to avoid real people a little. ）

Seeing that his IPO was full of money, and that followers were rushing into the streets and forcing opponents to retreat, Jack Horse's high-spirited spirit can be described as a spring breeze and a horse's hooves, and he saw all the flowers in New York in one day.

For more than ten days, the newspapers in New York were full of news about him, making him an inspirational role model.

Even when taxi drivers see Asian faces when they pick up passengers, they probably can't help but ask, "Hey, you're here for Ahriba? Do you know Jack Ma or Gang Feng?"

All of a sudden, Jackma had the illusion that he could do anything, and when he negotiated with all his partners, he became more and more assertive.

Feng Jianxiong and Yu Meiqin have been serving for more than a week before and after the saddle, accompanying them to attend all the occasions that should be accompanied, and also helping Jack Ma gain face. After everything stopped, I took the time to talk about the "four-party talks" of N station financing.

On this day, Jack Ma chartered a banquet hall on more than 60 floors in the Donald Building in Manhattan, and invited a bunch of NASDAQ celebrities to hold a cocktail party.

Between the cocktail party, he led Feng Jianxiong and Zhou Tianyin to the VIP reception room and began to talk about business.

Yu Meiqin is not from Station N, she is just listening as a listed lawyer of the Ahri department and Feng Jianxiong's wife.

On Ahri's side, Jackma didn't call many people, but just asked CFO Cai Chongxin to help him talk.

There was no tea on the table, and everyone was talking about things with a refreshing absinthe, which was very characteristic of a cocktail party negotiation.

"This is our final TS and I expect to get a fair pre-investment valuation. After internal discussions, we believe that $6 billion is more appropriate. If you are willing to inject $1.5 billion, you can get 20% of the equity after the financing of Station N. ”

After the polite words were finished, Zhou Tianyin took the lead in taking out the financing TS with his own hands, in duplicate, and handed them to Jackma and Cai Chongxin respectively. There is also a summary at the front, so that the big guy who doesn't have enough time can read it briefly.

As for the specific details inside, they are all for the managers of Ahri's investment department.

As soon as he heard the price, Jack Ma's eyebrows furrowed fiercely, but he didn't speak.

He just gave Cai Chongxin a look.

Cai Chongxin also laughed lightly, tapped on the documents on the desktop and said, "Xiao Feng, we Ming people don't talk in secret, professional people should have a professional attitude." You and Xiaoyu have indeed done a lot of work to help us increase the underwriting price and ensure the scale of the IPO.

As for the results, Jack and I are also looking at it. In good conscience, even if we insist on inviting Liu Gang to act as an agent, we can't do better than you this time, maybe the price is not so favorable.

However, you helped us raise more money, and you asked us what we should be worth when we invested, which is completely different. I don't want you to offer ...... with a muddy attitude."

He didn't say that Feng Jianxiong's offer was too high, only that Feng Jianxiong's attitude was unprofessional, and then pushed back the obligation to explain.

After Cai Chongxin finished speaking, Jack Ma concisely summarized the beating: "Xiao Feng, we are also old friends, and we can't do such a thing as sitting on the ground and raising prices." Half a year ago, when you helped me split Alipay, you took the case of the split of Station N to persuade Sun Dong.

I was also present at the time, and you analyzed it from beginning to end, proving that the split N station is still worth 4 billion US dollars, and the 'get' only accounts for about one-fifth of the N station. Don't tell me, those words were just for Sun Dong alone, and don't tell me that after you have been operating so plainly for half a year, the valuation of Station N has increased by one-third. I don't see that much improvement in the numbers. ”

The Sun Dong mentioned in Jack Ma's mouth is, of course, Sun Zhengyi, the major shareholder of the Ahri system and SoftBank.

Feng Jianxiong and Yu Meiqin, as the main promoters and lobbyists of Alipay before the listing of the Ahri system, the biggest difficulty they solved at that time was to persuade Sun Zhengyi to accept the equity replacement ratio at the time of the split.

Because once Ahri Baba is dismantled, Sun Zhengyi's SoftBank can only control the demolished Ahri Baba body.

As for Alipay, it will become a unicorn with "Jackma's personal shareholding of more than 50%", and the relationship with Japanese capital will be dissolved.

Therefore, from Sun Zhengyi's standpoint, he will never allow the situation of "underestimating the value of Alipay and overestimating the remaining part of Ahri Baba" during the split. He must be hoping to "let Jack Ma take out more shares of Ahri's founder team in exchange for Alipay's independence".

Feng Jianxiong, on the other hand, wants to take out his best skills as a god, put the facts to reason, introduce horizontal and vertical benchmarking enterprises, and use history and peer practices to persuade Sun Zhengyi to accept.

At that time, Feng Jianxiong miraculously did it, and did it better than the historical lawyer Liu

(Of course, there are other financial negotiators who also have the credit for valuations, after all, valuations are not negotiated by legal counsel.) In the Ahri split-off case, in terms of protecting the equity ratio of the founder's team, the biggest credit must be Cai Chongxin, there is no doubt that he, as the CFO, went to mediate and bargain with SoftBank. What Feng Jianxiong can do is only better than the benchmark lawyer who sits in this position in history, which is enough)

At that time, Jackma and Cai Chongxin were both comrades-in-arms in the same trench as him, so they knew Feng Jianxiong's words very well.

Now after half a year, they will take Feng Jianxiong's words that persuaded Sun Zhengyi half a year ago, and in turn to lower the price for Feng Jianxiong.

"It's like going back to 7 years ago, when I first entered college, and I was with a new senior in the School of Communication, 'I exchanged positions twice in a row, but I still had to win each other'. It's really exciting, as a squirting god, if you can't do 'after Lao Tzu squirts and wins you, exchange a position, and squirt to win you again', then it's still a fart squirting god!"

Feng Jianxiong chatted and chatted, and felt that the nerves all over his body were excited, just like when Deng Yaping played table tennis or Lang Ping deducted volleyball, the muscles of his whole body automatically trembled.

Every time you get into this state, the World Championship is just around the corner.

……

"Old horse, I'm really sorry, I did find a new cross-lap track in the past six months, so I think the latest valuation of Station N is $6 billion. Feng Jianxiong suppressed his desire to pretend to be forced and gradually advanced the topic.

Cai Chongxin confirmed for the last time: "We have fully estimated various factors such as 'user quality, user stickiness, and cross-circle development ceiling' of Station N last time, and only then did we give you a valuation of 4.5 billion - this valuation is very kind, and our evaluation of Gu Yongjiang's Youku is only worth so much."

Youku's user volume and total playback time are always far ahead of you, with 70% and 50% respectively. You're just 40% more than Youku in terms of the number of paying users, and the affiliate conversion rate is much higher than theirs. But these are not the most important figures, and it is good to give you 4.5 billion!"

Feng Jianxiong wiped out the TS file, pointed directly to the countdown points on the summary, and said pertinently: "I know that you all know that the unique secret of the station is that we have followed up on the field of 'artificial intelligence video distribution', and Youku has not set foot in this function at all." It's no longer a question of speed or slowness, but of presence.

To this end, I also found Zhang Yiming of "Today's Headlines", dug up several algorithm engineers, and got some small roles from Kuaipaw that combined push technology and video, and ran in our own artificial intelligence team. Gu Yong knows nothing about this track, which is why I said that Station N is far more valuable than Youku. ”

The selling points cited by Feng Jianxiong are indeed very valuable in terms of use value and user experience.

Because after more than two years of Internet mobility, more and more content platforms have begun to find that the screens of users' mobile phones are too small.

Compared with the PC era, the content links that can be displayed on a screen of the mobile phone are at least five times less than that in the PC era——

To take a popular example, in the days when you were looking at the Internet on a computer, a page could display more than 200 books at a certain point (including text recommendations).

However, in the era of mobile reading, the number of recommended bits has been cut by half, so the Matthew effect of head aggregation is more obvious, and long-tail content is more difficult to exist. These are all pain points.

And the video website is actually worse than the site, because you can rely on the mosquito leg to pull some traffic, and the video must be given an icon before someone clicks on it - who would watch a video that only displays the text title? How can this kind of thing arouse the user's desire to click?

In 2012, it was indeed a very awesome innovation to think of using artificial intelligence to solve the problem of "cherishing recommendation and advertising space and improving communication efficiency".

This kind of thinking, at least every valuable recommendation position, is differentiated - we no longer stipulate that a certain position on the web page will only display a certain work these days. Instead, according to the algorithm, different works are displayed on the mobile phone screen of users with different tendencies.

For a person who often watches two-dimensional, don't waste his phone screen showing romance dramas. The male frequency/female frequency should be separated for the first time, and the woman's content will never be displayed on the man's mobile phone, and the man's content will never be displayed on the woman's mobile phone, which will directly and rudely double the efficiency of the recommendation position.

At present, only in the field of news and information distribution has made technical attempts in this area. In the video website, I really didn't see anyone so far away, and no one followed up.

Feng Jianxiong can be regarded as the first.

"Hehe, it's artificial intelligence again. Xiao Feng, this is not the time to show you PPT, there are almost half dozen entrepreneurs who asked me to sell this concept this year. Jackma shook his head helplessly and mocked.

He suddenly felt that Feng Jianxiong was a little strange.

It shouldn't be.

Hasn't this kid always had something to say and didn't sell PPT concepts?

Does he think that he can get more money from an old man like him by relying on a few "artificial intelligence" selling points?

Feng Jianxiong was not angry, he obviously expected that Jack Ma would feel disdainful first.

So, he patiently explained: "I'm different from them. I have a unique advantage that no one else can imitate. ”

Very common, very colloquial explanation.

But it's not brilliant at all, and it can even be said that it's very routine.

Jack Ma has seen at least 50 PPT sellers, and said in front of him, "I'm different from other PPT sellers."

"Okay, then you should say that you are ugly - to make me believe that even if Gu Yong discovers your 'Smart Push Distribution' layout, he will not be able to spend money to copy your route.

You have to make me believe that Zhang Yiming or Su Pang can't copy it after seeing through your technical route. Otherwise, I wouldn't have paid for an idea that doesn't have barriers. ”

Everyone knows that innovation is important, but capital is so cold.

Unless an innovation can prove that it has technical barriers, or user barriers, or at least any other barriers, it can prevent peer copying.

Otherwise, capital will not pay a high price for such an innovation itself.

Capital will only give a high price for an innovation that can stabilize the ranking nouns in the peers and prevent the peers from surpassing them.

If any capital is not like this, then sorry, it will not live until 2012. Those who stayed were so ruthless.