Zhao Zejun's words made Ma Yun fall into a short silence. Pen Fun Pavilion wWw. ｂiquge。 ｉｎfo

There are many reasons for silence.

First of all, Ma Yun has no preparation for what Zhao Zejun mentioned!

Before, whether it was Zelianke's arguments or the rumors released by Baidu and Tencent, they always revolved around 'Zhao Zejun used the data center in exchange for Alibaba's shares'.

Therefore, all of Ma Yun's preparations revolve around this, about the value of the data center.

But at this time, Zhao Zejun didn't talk about the data center at all, let alone directly bargain for shares, but moved out of the relationship between Alibaba and Yahoo, using this as an entry point.

Rao is Ma Yun has enough wit and negotiation experience, but without any preparation, he doesn't know how to deal with it for a while;

More importantly, Ma Yun admitted that Zhao Zejun had a point.

Makes sense.

Alibaba's several rounds of financing have brought amazing development to Alibaba, but also accompanied by severe pain.

The two financings led by SoftBank allowed the nascent Alibaba to survive the cold winter of the Internet, and took advantage of the opportunity of most Internet companies to survive the difficult life of most Internet companies to grow rapidly and make great strides towards B2B e-commerce.

In an effort to beat its biggest rival, eBay, Alibaba has raised its fourth round of funding.

Using Yahoo's international influence, billions of dollars, and Yahoo China's talent and technology, it finally defeated eBay, occupied nearly 80% of the domestic B2B market, and completed the industry layout.

These four rounds of financing have made Alibaba the most dazzling Internet star in China, and its valuation has surpassed that of many listed companies before it is listed, and it has grown like a snowball every year, and finally stands in the hegemony of e-commerce in the mainland.

Just as Ze read in the web novel, the blog China in the blog, in the web 2.0.

But the price to pay is equally dearly.

The rapid loss of equity and the precarious control of the company even made a multinational Internet company, Yahoo, the largest shareholder of Alibaba.

At this moment, Zhao Zejun spoke again.

"Mr. Ma, although our company is registered in the Cayman Islands, in the final analysis, you and I are all Chinese, Alibaba, Baidu, Zelianke, are all in the mainland, mainly targeting the mainland market. In the end, whether it is controlled by a foreign company or an American company, whether it is economically or politically, there are great hidden dangers. ”

The lethality of the last sentence is greater than all the previous words combined!

Economically, politically, there are great hidden dangers!

Whether it is China or the United States, in any major country in the world, economics and politics are inseparable.

When an enterprise achieves a certain scale, it needs to consider not only the economic account, but also the political account.

The political account can even play the role of a veto.

How can an enterprise like Alibaba, which owns almost all the personal information, bank card information, consumption habits, and so on, of all netizens, and whose business in the future even expand to the entire financial field, be actually controlled by foreign companies, especially the world's largest competitor?

This has already partly involved the national information security dimension.

Before this conversation, Zhao Zejun had carefully analyzed it.

The reason why Alibaba spent a lot of money to buy back Alibaba's shares from Yahoo a few years before going public should not be purely economic.

Tens of billions of dollars, even for Alibaba in 2011, is an extremely heavy burden.

He can remember some details, after Alibaba and Yahoo cooperated, there were always contradictions, and when buying back Yahoo's shares, a new shareholder with a national prefix was introduced......

It may be true that Alibaba is a foreign company, but in fact, it is still the Alibaba management team, not foreigners, who really control Alibaba.

Yes, Alibaba is listed in the United States, but if it comes to national security, don't talk about the United States, he can't go to the moon to be listed.

Not only Alibaba, but also domestic Internet giants have been proven by history, and it is impossible for them to be controlled by foreign companies and individuals.

There can be shares, even major shareholders, but the decision-making power must be firmly in the hands of the Chinese.

As for Alibaba's other major shareholder, SoftBank's Masayoshi Son, the situation is not exactly the same as Yahoo's.

SoftBank is a venture capital and has little demand for decision-making power, and Son himself has always had a good relationship with Alibaba, and has never had any objection to Ma Yun's decision.

Moreover, Japan, in the final analysis, is an errand boy, with the continuous deepening of the mainland's reform and opening up and economic development, the so-called second largest economy has gradually lost the ability to compete with the mainland in an all-round way.

Ma Yun was silent for half a minute this time, and in this kind of conversation between two people, half a minute of silence seemed very long.

"Mr. Zhao, you surprised me. In China, I have never seen a young person like you. Regardless of today's outcome, I'd love to make friends with you personally. Ma Yun finally spoke.

Zhao Zejun smiled: "Since you picked me up on the dragon boat on the West Lake that day, we have been friends." Since you're a friend, if you have a 'but', you might as well say it straight. ”

Ma Yun also smiled: "Yes, I'm going to say but." However, equity may not be equated with decision-making power and control. Even if I only own 10/10 of the shares, I can still have 100% decision-making power. ”

Zhao Zejun was silent for a moment, and rolled his eyelids: "AB shares?"

Ma Yun spread her hands and signaled that this was exactly the case.

AB shares are a binary shareholding structure, that is, the company's founders and executives hold Class B shares, and investors hold Class A shares, and each share of Class B shares is equal to the voting rights of 10 Class A shares.

In other words, as long as Ma Yun owns more than 5% of the equity, she has more than 50% of the decision-making power.

Even though Yahoo and SoftBank have more than 70% of the shares, Alibaba's management also has control.

The AB share structure can completely bypass the question raised by Zhao Zejun.

"The adoption of AB shares must be voted on by the board of directors, will Yahoo agree to it?" asked Zhao Zejun.

"Of course not. Ma Yun shrugged: "But Yahoo currently only has 40% decision-making power." Mr. Son's investment in Alibaba is entirely economic, and I can convince Mr. Son to agree, so that Alibaba's management and SoftBank's equity can fully ensure that the board of directors approves the AB shares. ”

Zhao Zejun pondered for a moment, shook his head, and said affirmatively: "No." ”

"What's wrong?" Ma Yun asked with a smile.

Zhao Zejun said unhurriedly: "Mr. Ma, you are really bullying me and I don't understand the stock market." It is true that AB shares can avoid the loss of power, but neither the mainland nor the Hong Kong stock market recognizes the shareholding structure of AB shares. ”

"The New York Stock Exchange and the NASDAQ are recognized, and I can list in the United States," Ma said. ”

"So back in the circle, with Yahoo's influence in the United States, if it is unwilling to help, or even obstruct, will Alibaba be able to successfully go public in the United States?"

After a pause, "Of course, the capitalist market has its regulations, and maybe Yahoo doesn't have that much capacity." But in any case, Yahoo does own nearly 40% of Alibaba's shares, and once it proposes AB shares, it is tantamount to immediately turning against Yahoo. Mr. Ma, is it what you want to usher in Alibaba's biggest infighting now?"

Ma Yun was silent again.

"Even if everything goes in the best direction, decision-making power does not mean property rights. Even if the AB shares are approved, even if Yahoo remains silent, and even if it goes public in the end, can you really rest assured that 40% of the company's 'property' is in the hands of another overseas Internet company? Especially when the value of the cooperation between Alibaba and Yahoo is getting smaller and smaller. ”

After speaking, Zhao Zejun gently tapped the table with his fingers, and seemed to add inadvertently: "If this is the case, then why are you in a hurry to deploy and forcibly separate Alipay from Alibaba when the major shareholders are resolutely opposed? This is a very discredited practice, and it is even suspected of violating the law? Why would you rather bear the infamy and do this?"

"How do you know?" Ma Yun's eyes tightened suddenly.

"I also do online payment myself, and Zelianke's business uses Zepay to pay, so of course I pay more attention to Alipay's information. Zhao Zejun said.

"Zepay......" Ma Yun seemed to realize something, and asked uncertainly: "Mr. Zhao, do you hope that Zepay can cooperate with Alibaba?"

Zhao Zejun laughed: "Mr. Ma, Alipay is your ban, you would rather sacrifice your business reputation than separate it, even if I make this kind of request, are you willing to agree?"

Ma Yun also smiled, of course it can't be.

Zhao Zejun slowed down his speech and said in the most peaceful tone: "Mr. Ma, let's put it this way, once Alibaba joins the data center, in the future, Baidu Zelianke, Tencent Ali four, plus the three major portals, we are a cooperative relationship, and what can bring to each other is far more than a Yahoo that cannot stand in the mainland." I don't think we should be hostile, and even if I want a stake in Alibaba, it will both of us who will benefit in the end. Why can't we join forces and push Yahoo out of the game? I think the three major portals would be happy to see that. ”

The scene was slightly cold, Ma Yun was thinking about Zhao Zejun's words, and couldn't make a decision for the time being.

Just like the previous financing, Alibaba's shares are not necessarily impossible to take out.

The key is to see what can be exchanged for shares.

Nowadays, it is not enough to just have a membership in the so-called data center, or even a three-alliance with BZT.

However, after having a conversation with Zhao Zejun, especially after mentioning the gradual expulsion of Yahoo, Ma Yun was moved.