To value Fengxing, it is first necessary to clarify the business structure of Fengxing.

It is necessary to determine which businesses should be put in the fashion and which should be separated independently. After all, it involves the company's overall strategic layout in the future.

Lin Feng went to New York, and after discussing with Wang Hao and Li Dong for a long time, he decided to temporarily separate the two businesses of "Alipay" and "smart phone".

In order to ensure that it can not be restricted by the central bank on foreign investment in the field of financial payment, it is currently a private wholly-owned company controlled by Lin Feng, Wang Hao and Li Dong, and on the surface, there is no direct relationship with Fengxing in terms of equity.

Of course, the actual degree of business cross-linking is very high.

As for the smartphone business, although Lin Feng knows that in the next ten years, it will be the most valuable asset of Fengxing, but it is still in the research and development and embryonic stage at this stage, and it is risky to be exposed to the public eye as a listed company's business at this time.

At the same time, as a brand new business, none of the three of them have experience in this area, so Lin Feng must set aside more equity to bring in more professional partners, from hardware to software. For example, Andy, who developed Andriod, if he is not given enough equity incentives in this regard, it is difficult to guarantee that one day he will be poached by Google......

In the previous life, the reason why Xiaomi succeeded in making mobile phones was that Lei Jun invited a group of very good professional partners at the beginning of the business, which was the foundation.

Moreover, considering that the financial crisis will soon be encountered after listing, it is also a strong hole card to put the smartphone business in the listed company at an appropriate time in the future.

In this case, the business that Fengxing still retains is a relatively pure Internet business: the interactive entertainment content part of instant messaging "FF" and online games. Of course, these businesses are still the core business and performance support of the current popularity.

It is mainly Beijing Fengxing Online Network Co., Ltd., as well as Shanghai Fengxing Technology Co., Ltd., Haofang Online, Qiqi Chinese and other subsidiaries.

If we simply use the price-earnings ratio to valuation, referring to the first quarter of 2006, Fengxing's revenue was 940 million (US$120 million) and its profit was 680 million (US$87.18 million), and Fengxing's annual revenue should be around 4 billion yuan (US$513 million) and its profit was 3 billion yuan (US$385 million).

Based on the average price-to-earnings ratio of 15-20 on the New York Stock Exchange, the overall valuation of Fengxing is between $5.775 billion and $7.7 billion.

Of course, this is an estimated listing valuation.

After all, Fengxing has not yet been listed, and in order to ensure the earnings of the privatization consortium, the valuation of Fengxing is calculated according to the lowest value. $5.8 billion.

While the privatization is still underway, Mr. Lin will begin to have Mr. Li and Ms. Li work with a team of financial advisors and investment banks to explore a merger.

Menglong's privatization plan is different from the merger plan between Funshion Group and Fengxing Online after privatization.

The merger scenario will be more complex.

To put it simply, it is to use the method of issuing additional shares by Fengxing Online, and use cash + new shares to exchange shares with Funshion Group.

However, Lin Feng considered that in order to maintain the controlling stake of the team after the listing, he also hoped to issue a new part of the shares for him, Wang Hao and others to increase their shareholdings.

This requires full communication, including the shares of Fengxing Online, which also need to be reorganized.

Before Menglong was listed, Fengxing had made an equity incentive plan, with a total share capital of 300 million shares at that time, but if it is now necessary to carry out equity replacement with Funshion, it is necessary to increase the total share capital, so that in order to avoid dilution of equity after the replacement, Lin Feng and other original shareholders can also increase their share ratio by increasing capital again.

After the merger, the new company will officially change its name to Funshion Group.

………………

After the big plan is finalized, Li Dong and Li Mengyuan are fully responsible for the details.

The whole process of privatization will take at least three months, which is enough time for Li Dong and his family to be busy.

Lin Fengze, Ye Weiyu, as well as Wang Hao and others, flew to Silicon Valley.

He wanted to see how the smartphone project was going.

Since he has thrown out the concept of mobile Internet in his speech, he can't lag behind.

Today's Silicon Valley Research Institute is no longer what it used to be.

As the dean of the research institute, Wang Hao has been soaking in Silicon Valley recently, and has benefited a lot from the communication with the technology experts here.

He is a technical person himself, so naturally he has a common language with those engineers and programmers. In just one year, the hardware department, the human-machine interface department, and the Andriod operating system have made great progress.

Andy, in particular, was researching robotics projects when he was at Apple and Microsoft, and has his own unique insights into smart hardware, especially when he invented smartphones like Sidekick on his own, which he played a big role in. The father of Driod lives up to his name.

Of course, Lin Feng no longer hid his secrets at this time, he told some of the classic designs and patents of the iPhone in his previous life, and asked Wang Hao and Andy to lead the engineers to carry out research and development.

FOR EXAMPLE, THE CLASSIC "SWIPE TO UNLOCK" DESIGN (UNFORTUNATELY APPLE'S IOS10 VERSION CANCELS SWIPE UNLOCKING).

It is said that one of Apple's designers found inspiration when the toilet on an airplane opened the door......

Another example is the classic rectangular design with rounded corners, the design of the HOME button, and the interface design.

"scroll back" design when browsing the web, and more.

Regardless of thirty-seven twenty-one, first apply for a patent for these designs.

In this way, even if Apple starts a patent war at that time, it can protect the interests of Fengxing from the time of applying for a patent.

The ideas he put forward surprised the engineers at the institute.

Originally, everyone thought that this big Chinese boss was so young, maybe he had a unique business talent, but he should not have much insight in technology and electronic product design.

Unexpectedly, although Lin Feng doesn't understand technology, he knows how to use it and what is the mainstream design and trend in the future.

That's amazing!

As Lin Feng described the "real" smartphone in his mind to them little by little, many designers and programmers were taken aback, and there was a kind of awakening in the direction of their research......

In the end, even Andy sighed and laughed: "Boss, you should always come and tell everyone, although you don't know much about technology, you have a surprising imagination, I like the phone you described, those features just sound cool!

Lin Feng smiled: "Maybe they've always been in my mind, Andy, I hope you can turn them into reality!"

"Boss, that's exactly what we're doing now!"