♂，

There are also favors in business, especially when there is no conflict of interest.

Li Jiaming left his personal lawyer Wharton in New York to go through the procedures for the major shareholders of listed companies to reduce their shareholdings, and returned to Silicon Valley by himself, in addition to wanting to sell his extra 10 percent of his shares to Yahoo at the same price, he also wanted to persuade Zhang Zhaoyang again. The era of portals has passed, and OH may be worth $4.1 billion, or there may be room for appreciation, but what everyone lacks is cash.

Taking a step back, if Lao Zhang is still stumped by OH, it will be difficult for OGO to become famous, and it is not in everyone's interests.

didn't think that Zhang Zhaoyang, who didn't let go a few days ago, agreed.

If the stock price stabilizes, it proves that there is no longer a bubble in OH's stock price, and his stock is worth $500 million. Since Li Jiaming transferred 10% to another investment institution, he can control oh through voting rights, and only make Yahoo the largest shareholder, so why does he have to hold so many shares?

Everyone has money in their hands, which is better than letting Li Jiaming raise money again and again in the future.

Li Jiaming, who was cutting the steak, was stunned, the day before yesterday he tried his best to spit on Xingzi and didn't make sense, and today the fox figured it out by himself?

"I can't figure it out? You bastard, why do I want so much? Well, a few of us have to hold 45% of the voting rights. ”

"You think people are stupid?"

Li Jiaming is smart, Zhang Zhaoyang is not stupid, he has been in the United States for so many days, and he has not repurchased shares, and the control is not something that anyone can take if he wants to, as long as he and Li Jiaming join forces, Yahoo can't take the control at all.

"Not necessarily, Yahoo is less like a technology company now, but more like an investment company!"

This is also the case, Yahoo (Huaguo) has opened up the situation in China, not only dominating the search field, but also slowly catching up in terms of portals, and I don't see that they intend to extend to other fields. A stock market crash has made Yahoo lose its aggressiveness, in fact, this is not necessarily a bad thing, as long as they stabilize for a few years, waiting for the marriage between AOL and Times Group to fail, they are the hegemon in the field of American portals. The portal will decline, but this market will exist for a long time, monopolize this market, and they will have a place in the future of the Internet.

"Lao Zhang, a spit and a nail?"

"Lao Tzu has figured it out, you don't take oh seriously, why does Lao Tzu treat it as his own son alone?"

Oh, passionate decision-making, what the/decision-making, Li Jiaming immediately took out his mobile phone and called Yang Zhiyuan. Zhang Fox is cunning and cunning, but he still counts and has to be face-saving. is not like the one surnamed Ye who gave himself the nickname, his performance is so bad that he is embarrassed to not go.

Yang Zhiyuan, who was also eating lunch, was ecstatic after receiving the call.

As a Chinese, and a Chinese-American, he is extremely concerned about the development of both sides of the Taiwan Strait. Even the top management of Yahoo is extremely concerned, what does it mean to be in a country full of scaffolding? What does it mean for a country with a population of 1.3 billion people and a rapid economic development?

By taking the shares in Li Jiaming's hands with full voting rights, Yahoo can forcibly merge oh with Yahoo (Huaguo) and establish its hegemony in the Internet in China in one fell swoop. The view that the Internet economy must rely on the real economy is completely correct, but the rapid development of the real economy is enough to push the Internet economy, which is still very weak, to one peak after another.

When Yang Zhiyuan and EO Tim arrived at the restaurant where Li Jiaming was dining, they didn't expect a bigger pie to fall from the sky.

Several of OH's main founders are willing to sell more shares, keeping only three directorships: Zhang Zhaoyang, Li Jiaming, Gu Zhenyun, and even the current vice chairman, Deng Hao, has stepped out of the board.

Today is a good day, although there is no progress in Qualcomm's affairs, but if you can cash out hundreds of millions of stocks, it will be a good day! Li Jiaming, who was in an extremely comfortable mood, looked at Yang Zhiyuan, who was a little out of shape, and jokingly said: "Jerry, learn more from Tim and see how people have this bearing." ”

"So let him do EO!"

The speaker is unintentional, the listener is intentional, and Tim is overjoyed to be excited. Jerry has no intention of competing for power, which means that his position is secure.

"No, no, Jerry is our chief, our god, and we all carry out his decisions. ”

This sycophant is a good shot, and Yang Zhiyuan's whole body is comfortable, he is not a fool, he does not have enough management experience, and he can't play with the scale of the enterprise at all. Instead of managing the company in a hurry, it is better to have a detached emperor.

"Hey, listen to me, the shares can be transferred to you, but the voting rights will not be all given to you. ”

The restaurant is not a place to talk about things, and Yang Zhiyuan and the others are not used to talking in public, so they hurriedly said: "Eat first, eat first." ”

After Li Jiaming and the others finished eating, and the four of them got into the car driven by Tim, Yang Zhiyuan said impatiently: "Harles, Ming, we can reach an agreement and start negotiations immediately, OK?"

For negotiations, Zhang Zhaoyang trusts Li Jiaming very much, and last time he extorted $50 million from Yahoo, and did not give the voting rights to match the shares. is that kind of black and ruthless, he is ashamed of himself. And in order to maintain control of OH in the future, you must also speak with one voice, which also requires Li Jiaming's generosity.

"Ok, we all know that China's economic development is rapid, but the P machine is far from popular. Jerry estimates that when the P machine enters thousands of households, the number of Internet users will be at least 300 million, but this estimate is wrong!

Rapid industrialization will bring about rapid urbanization, and a large number of young and strong labor force will flow into the city, which will inevitably quickly accept the urban lifestyle, bringing about a sharp expansion in the number of Internet users. That's why the dot-com bubble burst, and OH's profits don't fall but grow, if it weren't for the profits that continue to grow, our stock price can stabilize quickly?

……

Therefore, we judge that the number of Internet users in China will eventually reach more than 6 to 700 million!

I discussed with Lao Zhang just now, and I, Lao Zhang, Lao Gu, and Sun Tzu transferred 20% of the shares and 10% of the voting rights, with a premium of 130%. Agree, everyone sit down and talk, disagree, we didn't talk about it. ”

It is not easy to find out the future development trend from the complicated phenomena, and it is not difficult to find arguments from the current data with the future reality and the current data, which is not difficult for Li Jiaming, who has studied economic theory for four years. Just as two months ago, he bluntly concluded that there was a serious bubble in the Internet economy, and his judgment on the future development of his motherland is still very convincing.

His remarks were put on the board of Yahoo by Yang Zhiyuan and Tim for discussion, and were selectively accepted by the directors.

Then the problem arises, the sale plan proposed by Li Jiaming ruins the possibility of a merger between Yahoo (Huaguo) and oh, only allows oh to exist as an investment object of Yahoo headquarters, and requires the internal power structure of oh to be kept stable. In other words, just to turn Yahoo's acquisition into an investment, oh and Yahoo (Huaguo) will continue to compete in the field of portals.

"Tim, is it possible for the other party to give up his independence?"

Tim, who was eager to promote the rebound in the stock price of this actual investment acquisition, honestly said out of the ethics of a professional manager: "No way, although we Yahoo have invested in oh.com, OGO, of which Harles is the chairman, is competing with our branch, and oh holds 21.9% of the shares of OGO, so it is impossible for them to give up their independence."

I would like to remind you that if we acquire OH, there is a high probability that the funds they cashed out will be invested in OGO. ”

The dilemma of getting a gold mine, but it is possible to create a formidable opponent. Although Yahoo has the upper hand in the search field, who knows what the future holds?

The directors habitually looked at Yang Zhiyuan again, before God made a mistake, he was a god recognized by everyone. If God makes a mistake, everyone has a reasonable explanation for their own investment bank or fund.

In such an investment case with both advantages and disadvantages, Yang Zhiyuan will not easily express his position, but just reminded: "Gentlemen, China has a complete industrial system, and it is like a big construction site, full of scaffolding. Their global GDP ranking, 13th in '80, is not even as good as India, 11th in '90, 8th in '94, and probably sixth this year.

I am of Chinese descent and often go to mainland China, and their industrialization is far from complete, and they are in the stage of rapid industrialization and urbanization. Therefore, I think Ming's judgment may be radical, but it may not be very different from what will happen in the future. In this regard, a similar conclusion can be drawn from the growth rate of computer sales and the number of Internet connections in China."

The words are very skillful, but the meaning is obvious: with the rapid development of China's economy, oh is very likely to become the second AOL. It is true that the total economic output of the United States is 10 times that of China, but the population of China is still six times that of the United States, and the growth rate of the United States in recent years has only been about 4.3 percent, and it may only be 2-3 percent this year, while the population has been maintaining a growth rate of more than 8 percent.

At this rate of development, in four or five years, the number of Internet users may not be six or seven billion, but four or five billion will be inevitable. The profit of the portal does not depend on charging netizens, but on the click-through rate to attract advertising, as long as the number of netizens and click-through rate rises, advertising fees can increase.

Seeing that the directors echoed one after another, Tim was also afraid that Zhang Zhaoyang, who might have made a passionate decision, repented, and hurriedly said: "Let's vote, we vetoed the investment proposal to invest in HH Company, and we have left a bad impression on several distinguished Chinese friends." ”

The directors raised their hands and smiled kindly at Yang Zhiyuan, and the dignified Yahoo god was forced to become the chairman of Google, and was resigned half an hour later. I have to say, that Ming is very difficult to mess with.

"Ok, the other party also has a preferential condition, which promotes the cooperation between HH and Qualcomm. Gentlemen, just as you did when you facilitated the cooperation between HH and the major record companies, Ming promised that if the cooperation is successful, you will still have the right of first refusal to invest in HH.

Of course, only in the last round of funding before going public. ”

It's very difficult, Qualcomm's stock is still falling, but the DMA standard it has may represent the future communication standard, and as an investor with a long-term vision, it will not give up easily.