Letting Peter Thiel take a stake in YY.com is obviously Gu Cheng's decision after careful consideration, rather than simply dragging Zuckerberg back - to be honest, Zuckerberg, who is just starting out, only has a bunch of creativity and execution, and is not worthy of this qualification. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

"As of this year, the number of netizens in China is about 150 million, but there are more than 200 million in the United States, which is about 50% higher than the absolute number of Chinese netizens.

After 20 months of brutal development, YY has 30 million users in Mi, accounting for one-seventh of the total population of Mi netizens, and has also been on par with other largest blog products such as MySpace, and even slightly more than each other.

Until we get to this point, the U.S. government is unlikely to over-regulate and find fault with us, but once we show that we are absolutely superior to MySpace in the SNS field, and even close to MSN in the IM chat tool in the future, all kinds of ensuing hostility will definitely become more and more obvious.

Although I have been admitted to the United States nationality last year according to your request, my identity is only a new immigrant, a graduate student from China. PLUS AFTER ALL, I AM FROM THE MAINLAND, NOT FROM WANWAN, AND THE TOLERANCE OF MI PEOPLE TOWARDS ME MAY NOT BE AS GOOD AS THAT OF CHEN SHIJUN, THE CO-FOUNDER OF YOUTUBE. In this case, adding a native, pure-blooded godfather of Silicon Valley investment would be of great benefit to the company's PR and response to federal content regulatory pressure.

In addition, YY has made a red envelope function in China, although the people of Mi do not have the habit of sending red envelopes, but since Zuckerberg is ready to engage in pornography and drug socialization, he will definitely help us cultivate the online payment habits of Mi people. At this time, in cooperation with Peter Thier, we can let YY also get an 'Alipay coin purse' product in the United States, and the green light will be given all the way from technology to photography. ”

These words were the reason why Li Ying persuaded Gu Cheng to take out a considerable part of the equity and accept Peter Tier's investment.

Many people who eat melons take it for granted that the government of the United States will definitely crack down on the online platforms with social media and media public opinion run by Chinese people.

In fact, this is just an illusion of treating others with oneself. The supervision of public opinion in the United States is relatively relaxed, and there are at most various industry associations and trade unions to supervise.

ISN'T CHEN SHIJUN, ONE OF THE FOUNDERS OF YOUTUBE, ALSO A CHINESE FROM WANWAN, WHO LATER WENT TO THE UNITED STATES TO STUDY AND WORK, AND ENTERED THE MIME NATIONALITY HALFWAY?

BEFORE 2006, YOUTUBE'S SOCIAL INFLUENCE WAS NOT MUCH WEAKER THAN FACEBOOK (VLOG PRODUCTS ALSO HAVE SOCIAL ATTRIBUTES, AND YOUTUBE IS NOT THE PLACE WHERE EVERYONE THINKS TO WATCH MOVIES LIKE YOUKU.) COPYRIGHT PROTECTION IN THE UNITED STATES IS VERY STRICT, AND IT IS DIFFICULT TO PUT PIRATED RESOURCES ON IT, SO YOUTUBE FOCUSES ON SELFIE SHORT VIDEO SHARING, WHICH IS SELF-MADE BY UP MASTERS, AND FACEBOOK'S SELFIE PHOTO SHARING IS ACTUALLY SIMILAR IN SOCIAL NATURE. ）

As an aside, Chen Shijun and the other two co-founders of YOUTUBE were employees of PayPal, founded by Peter Thiel, before starting YOUTUBE. It's just that when they worked at PayPal, the company had been sold to E-BAY by Peter Thiel, and it wasn't the time when Peter Thiel was at the helm himself.

Therefore, after YY introduces Peter Thiel as a shareholder, even if it only accounts for one or two percent of the shares, in the future, in the characterization of the United States, this is also a well-established United States social network company, and there will be no resistance to its products.

The CEO of the company is a native of the United States, a young and promising beautiful president who meets the "dream of the United States" and a master's degree graduate of MIT. The company's first outside investor is the godfather of Silicon Valley venture capital. If such a company is not a pure-blooded rice country company, then what other company is qualified?

YY.com has continued to develop from 30 million users to 50 million, 80 million, and even hundreds of millions, and all obstacles to political correctness have been cleared with this investment.

The rest is the process of bridging the differences between the two sides on valuation and capital contribution.

The users of YY are growing very fast, and the intricacies of the ecology and user stickiness are also extraordinary, so the changes in its valuation in the venture capital community are also very rapid, almost one price a day.

During the winter vacation of 04, that is, 16 months ago, YY had only more than 1 million users at that time, and the average valuation of this company in the capital market was 20 million or 30 million US dollars.

But in the summer of 04, when the number of users exceeded 5 million, the capital market valued it at least more than 100 million. Later, at the end of 04, it was further expanded to the all-education class of the United States (middle school students are allowed to join, not limited to college students' social networking, as described above), and the number of users easily exceeded 10 million, and the capital market also rose to three or four billion in valuation.

Now, with 30 million North American users and tens of millions of overseas English-speaking users, the capital market has valued the company at least $1.5 billion, and some radical institutions eager to enter the market have even opened to 2 billion.

The question is, if Gu Cheng recognizes the company's growth rate, why would he let go when it comes to $2 billion?

Gu Cheng is not very short of cash flow now, and his company has snowballed into a period of rapid growth. Follow-up promotion doesn't burn much money. In this case, pinch it in your hands for another year, wait for the company to rise to maybe 5 billion, and then ask if anyone wants to enter the market, isn't it?

HISTORICALLY, THE WAVE OF VENTURE CAPITAL FIRMS THAT FOLLOWED PETER THIEL AND WANTED TO TAKE A STAKE IN FACEBOOK MADE THIS MISTAKE.

IN ANOTHER TIME AND PLACE, EVERY TIME ZUCKERBERG TALKED TO THEM, HE OFFERED AT LEAST TWO OR THREE TIMES THE VALUATION OF FACEBOOK BY THE CURRENT VENTURE CAPITALISTS. THEN THE VENTURE CAPITALISTS FELT THAT IT WAS NOT A GOOD DEAL EVERY TIME, BUT BECAUSE OF THE LENGTHY AND PROTRACTED NEGOTIATIONS, AFTER ONLY HALF A YEAR OR EVEN NINE MONTHS, THEY FOUND THAT FACEBOOK'S MARKET VALUE HAD REALLY RISEN TO THE PRICE THAT ZUCKERBERG HAD OPENED.

Then Zuckerberg went up again. Venture capitalists who feel humiliated continue to not want to invest, and end up missing out in vain.

Peter Thiel, as the future godfather of Silicon Valley investment, is naturally well aware of this truth. His vision is at least more vicious than that of 99% of Silicon Valley venture capital managers.

Therefore, he needs to come up with a price much higher than the capital market estimates, a price that "predicts the height that YY can reach in a year or even two years", and spreads this part of the premium on the table in advance and stuffs it to Gu Cheng.

After several rounds of negotiations between Li Ying and the other party, Peter Thiel was finally willing to admit that YY was worth at least $4.5 billion in valuation. It is equivalent to three times the valuation of other reliable institutions in the capital market! Even compared with the second most aggressive venture capital behind Peter Thiel in Silicon Valley, Peter Thiel is equivalent to about 1.3 times the other party's offer.

When the results were finally announced, they shocked all of their peers in Silicon Valley.

The specific equity investment transaction model of the two parties is the Founders-Fund investment fund controlled by Peter Thiel, which injects US$500 million into YY.com, accounting for 10% of the equity of the new company. The Founders-Fund then invested another $500 million to buy 10% of the company's shares.

In other words, after the completion of the investment, Peter Thiel's Founders-Fund fund has spent a total of $1 billion, accounting for 20% of the shares in YY.com. The other founding team and management of YY.com, the original shares that have been subscribed plus the future performance option stocks, are about 20% (the upper limit set by Gu Cheng was originally no more than 30%, but that was set before Zuckerberg left, in order to bind Zuckerberg, now Zuckerberg is flashing, and only a few people such as Li Ying are eligible to take performance options, so this part of the proportion is reduced to 20%), and the remaining 60% is still controlled by Gu Cheng himself and his white glove holding company.

The new valuation of YY will also increase from $4.5 billion to $5 billion, of which $500 million is injected into Peter Thiel's fund, which can only be used for the company's subsequent operations, is the company's assets, and cannot be misappropriated.

The other 500 million US dollars, because it is an "acquisition" rather than a "capital increase/issuance of new shares", was paid by the fund to the major shareholder Gu Cheng personally, and after Gu Cheng took the money, he could do whatever he wanted, and it had nothing to do with the company.

This condition was that after Li Ying heard that Gu Cheng was talking about cooperation with Huang Yi's Ding Sanshi in China and talking about the model of "Gu Cheng as a platform and Huang Yi as an original in the future content industry", she lacked cash to help Huang Yi delist and privatize, so she helped Gu Cheng win it.

Although Huang Yi Company is still a NASDAQ listed company, because of a large number of low-cost repurchase of shares in the early years of the Internet winter (especially Gu Cheng absorbed 12% of the outstanding shares at that time, and later exchanged Huang Yi mailbox and other businesses with Ding Sanshi, as mentioned above), in fact, the amount of outstanding shares of Huang Yi Company in the hands of retail investors is not very high.

After Gu Cheng has this $500 million, he can find some other places to help Ding Sanshi complete the privatization and delisting, and then YY Network Technology and Huang Yi Company can further integrate deeply.

Li Ying's transaction helped Gu Cheng solve two major problems at once. The business here in the United States is fully handed over to Li Ying to take care of, and Gu Cheng is becoming more and more relieved.

In addition, the benefits of Peter Thiel joining YY are far more than just fame and money. As the godfather of the electronic payment field in the United States, Peter Thiel also promised in the investment agreement to immediately help YY International to establish an affiliated company in the United States, and to get an "Alipay" wallet plug-in product with an online payment license in North America for the affiliated company.

The reason why we need to get a separate affiliated company is because YY, a chat software, does not belong to the company "YY.com" -- YY.com is just a brother company of "YY Network Technology", and it has Gu Cheng's Eslite Holdings as a major shareholder, so the company where YY chat tool is located is still a Huaxia company and will not be invested by Peter Thiel.

What Peter Tiel is involved in is only Gu Cheng's business in North America and even in Europe and Australia in the future, and Asia is still unbeatable.

After the appearance of this wallet product, the scene where Gu Cheng used YY to beat QQ in China can more or less be repeated on the side of the United States, and a wave of violent erosion of MSN will be carried out.

Gu Cheng's social network layout in the United States can be regarded as completely completed so far.