Buying Huang Yi's fist product, Huang Yi mailbox, complements YY's own social products, and can be regarded as a core link in the layout of Gu Cheng Media. Pen % fun % Pavilion www.biquge.info

Unknowingly, after he came back from the United States, he had been working overtime for nearly a month.

After counting the days, there is still a window period of nearly half a month for the use of YY mailbox and the launch of Renren, so Gu Cheng can take a few days to observe what has happened in the circle and his peers recently.

In Silicon Valley, Liu Qian, who presided over the acquisition and restructuring of AGEIA, finally finished all the formalities and flew back to Qiantang from San Francisco on July 15.

After Gu Cheng came down, he immediately met with Liu Qian, asked about the situation, and then said that he officially hired Liu Qian as the deputy financial director of Eslite Holdings, let her spend half a year working with Gu Cheng's aunt Gu Wen, and wait for Legendary Entertainment to succeed in the NASDAQ IPO next year, and promote her to CFO - before that, Liu Qian has not ended her employment relationship with Goldman Sachs Asia, or she wants to leave not so quickly.

By helping Gu Cheng plan for listing, equity restructuring and acquisition of Miguo high-tech company, Liu Qiancai finally succeeded in gaining Gu Cheng's trust.

In addition to reporting work, Liu Qian also brought a message to Gu Cheng: "Goldman Sachs has also received an equity transfer offer from Tengyun Company, and the news that 'Ma Teng entrusted Luo Shuohan to find a part of Tengyun's equity buyer' that began a few months ago is now completely clear." ”

"How did Ma Teng find Goldman Sachs? What is he going to sell his shares for? How many shares are he going to sell?" When Gu Cheng heard the news, his first reaction was puzzled, because Goldman Sachs' investment bank's investment intentions rarely involve companies with Internet social products.

Liu Qian was very tired all the way, and tried her best to answer Gu Cheng's question concisely:

"I don't know the share, I should just find Goldman Sachs to raise the price, or I hope that after Goldman Sachs enters the market, I want to take advantage of Goldman Sachs and Legendary Entertainment to settle and carve up the market with you. I can't guess the motive at the moment.

As for the purpose of fundraising, if you think about it with your knees, you know that after Ma Teng decided to accelerate the industrial layout, the capital chain that was originally scheduled to last until the Hong Kong stock market listing in March next year was not enough to spend, and if he did not raise funds, he would definitely break down, so he could not bear to throw away some original shares more than half a year before the listing - according to the Hong Kong stock IPO rules, enterprises that have entered the listing queue publicity period cannot find private equity funds to issue new shares, so Ma Teng is now short of money and can only sell the original shares. ”

Gu Cheng didn't know much about finance in his previous life, but he has been a boss for a few years in this life, and he can understand a lot of basic principles.

Liu Qian mentioned "I hope that Goldman Sachs will retain the possibility of mediating and seeking peace with YY and carving up the market after its intervention", translated in human terms, that is, Ma Teng hopes that the legendary entertainment department and the Tengyun department will have Goldman Sachs shareholders behind them in the future, so that shareholders can persuade the operators of both sides to reach a tacit understanding to carve up the market based on their own interests.

Just like another time and space, behind Didi Taxi and Kuaidi Taxi, there are a lot of money-burning financing, among which Tiger Fund is the majority shareholder of both parties. In this way, if either party completely falls and the majority shareholder will have a lot of money wasted, these shareholders will often persuade the two sides to shake hands and make peace, thus promoting the merger of Didi and Kuaidi.

Later, when Didi further merged with Uber Huaxia, it was also promoted by Baidu Capital, which is also a major shareholder of both parties.

From Luo Shuohan's hesitation to help Ma Teng pull Goldman Sachs into the market, it can be seen that Tengyun's senior management is still relatively jealous of Gu Cheng now, hoping that Gu Cheng and them will form a market share of the spoils, and stop robbing them to the death.

What's more, Gu Cheng himself has always been one of the major shareholders of Tengyun Company, and after many rounds of dilution, he still holds 19% of Tengyun's equity.

And the officials may also think it is strange: when Ma Teng and Luo Shuohan discussed the matter of "selling the original shares for financing if the capital chain is tight", it was only April. Now that it's more than half of July, and more than three months have passed, why is Ma Teng only selling stocks to raise money now?

To understand this problem, it is actually very simple: according to the original layout of Ma Teng, Zhang Zhidong and Luo Shuohan, Tengyun Company's current funds are a radish and a pit, which will be spent from April 03 to the IPO in March 04, which will take a whole year.

Because of Gu Cheng's variable, Tengyun must expand its competition with YY network technology in many fields such as QQ space and QQ file transfer (this function does not require much software research and development costs, but it requires the purchase of many additional servers and packages with more bandwidth, and the hardware cost is very high).

After these new fronts were opened, Tengyun Company did not have enough money to spend, and it could not be listed, and it was restricted by the private placement law of the queuing period of Hong Kong stocks, so it had to sell its original shares for financing.

But everyone knows that the more anxious you sell a stock, the more you can't sell it at a good price, so Luo Shuohan, as Tengyun's CFO, needs to spend several months to brew. On the one hand, wait for the company's valuation to rise again, and on the other hand, contact a few more potential buyers to bid up the price with each other, so that Ma Teng and Zhang Zhidong's shares can be sold more expensive.

On the other hand, the funds that were originally intended to be up to one year are now insufficient, but they can still be used for at least half a year, so before the fourth quarter, Tengyun has no risk of breaking the capital chain.

Combining these two factors, the time when Ma Teng really sold stocks to raise money was stuck in this summer vacation.

After Gu Cheng figured out the context, he tentatively confirmed to Liu Qian: "I remember that according to the company law of the mainland or Xiangjiang, Tengyun is obliged to notify all existing internal shareholders when he wants to transfer the company's equity to outsiders, right? ”

This kind of basic pediatric problem, Liu Qian naturally blurted out directly without thinking about it: "Of course, the internal shareholders of non-listed companies have the right of first refusal under the same conditions -- but don't you still want to continue to increase your holdings of Tengyun Company's shares? You are directly competing with him." ”

A hint of coldness flashed in Gu Cheng's eyes: "Of course not, I plan to take the opportunity to sell together, if Luo Shuohan finds a big enough buyer, I will cash out and make a profit." If the subscriber's capital is not large enough, my selling order will be pressed down, and Ma Teng will not be able to raise much money at all, or he can only use a huge amount of fire sale at a low price at a loss. ”

Liu Qian was speechless for a while, and after thinking for a long time, she couldn't figure out why Gu Cheng bought Tengyun's shares in the first place: "When you bought Tengyun shares in 01, you were running to pit him two years later? Not for how much money you make? I have been investing for more than three years, and the first time I heard that someone invested in order to die with the investee. Your style is simply burning money against each other with Ma Teng, how much hatred do you have?"

"There's no hatred, I didn't know if I was capable of sniping him completely, or how long it would take to snipe him. So leave a back hand, in case I fail, Tengyun will grow completely, and I still have so many shares in Tengyun. ”

Gu Cheng shrugged, lightly denied that he had a personal grudge with Ma Teng, and after thinking for a long time, he added a reason, "If you have to find a reason to snipe Tengyun, even if it is for the sake of Huaxia's innovation." If a copying dog falls, there will be tens of millions of innovators standing up, and we should spend some money to do the right thing for heaven. ”

Besides, entering the market in the summer of 01 and exiting in the summer of 03, with the growth of Tengyun Company in the past two years, the 600 million yuan injected by Gu Cheng at the beginning should have increased several times. can make 2 billion yuan in trading, no one should choose not to do it, right?

……

If Ma Teng wants to sell a part of Tengyun's shares for money, he must notify all internal major shareholders.

So when he went home that day, Gu Cheng asked his aunt Gu Wen, who is the CFO, at the dinner table if she had been notified by Tengyun recently.

Pan Jieying did not come back in time because of overtime. So dinner was eaten by Gu Cheng with his aunt and grandmother.

Gu Wen thought about it very carefully and said that she didn't receive it.

Gu Cheng told his aunt with certainty that there would definitely be news in the next few days, and let his aunt notify him as soon as he received it.

Gu Wen said that there would be no mistakes.

Gu Cheng finished eating, and was about to flash people, when Gu Wen shouted: "Chengcheng, when you went to the United States last month, you were always with Xiaoying?"

When Gu Cheng heard this question, he suddenly felt weak: "Yes, what's wrong?"

She ...... Have you known any strange friends recently?" Gu Wen didn't know how to ask, so she could only phrase it like this.

Gu Cheng lied without changing his face: "I don't know about this, I'm busy with business and entertainment in the United States." ”

Gu Wen thought about it, so she didn't gossip anymore: "In this way, her child is too strong, and she can't even control me as a mother." I've been thinking she's not quite right lately, and if you have time to care about her, maybe it's easier for you to ask. ”

"Okay. Gu Cheng breathed a sigh of relief and temporarily dealt with the crisis of broken legs.

For the next two days, Gu Cheng slept in the company overtime under the pretext of not giving his aunt a chance to talk to him. He and his cousin were away from home one night.

It wasn't until the third day that my aunt finally sent a fax to Gu Cheng: Eslite Holdings had finally received Tengyun's offer to transfer equity financing to the outside world.

Eslite Holdings was the last of all internal and external counterparts to be notified.

It seems that Ma Teng also does not want to deal with Gu Cheng very much, and has already compressed Gu Cheng's reaction time as much as possible within the scope of the law.

It's a pity that he still underestimated Gu Cheng's determination.

Gu Cheng immediately called Liu Qian and asked her to help him execute: "Send a letter to all invited private equity funds, saying that I am willing to sell a large number of shares of Tengyun Company at a price 5% lower than Ma Teng's offer." ”

Gu Cheng believes that if Ma Teng can raise enough money in a short period of time, then he will be able to return at least more than 2 billion yuan.

If he can't raise that much, it doesn't matter, because it will mean that Ma Teng's control over Tengyun will also drop very badly, and the other party will have to sell much more equity than expected.