Shenzhen City, Tengyun Company, President's Office. Pen & Fun & Pavilion www.biquge.info

CEO Ma Teng feels that he has been in a state of panic lately. Tengyun has been in business for three years, and every year he feels that his company is about to die. Since June, several venture capitalists such as major shareholders IDG, Yingke Digital, and Sequoia have lost confidence in Tengyun's "QQ that can't see the profit route at all" because of the Internet winter, and they are clamoring to withdraw, and it will take two or three months to toss.

"I was like a baby who felt like he was still in control of the world and slept peacefully when he was fully fed. But every two hours, without warning or for no apparent reason, he would wake up and start crying. ”

Ben Horowitz, the godfather of Silicon Valley investment, portrays the neuroticism of entrepreneurs, which can be properly applied to today's Ma Teng.

When the number of registered users and the number of daily active users of QQ soared sharply, they would be refreshed for a short time; and once they watched the data slow down, even if Tengyun did nothing wrong; it just happened that netizens across the country were busy and had no time to surf the Internet during the Chinese New Year, which affected the increase in data, Ma Teng and Zhang Dong would also be shocked, lest they write something in the software "causing QQ to hit the street".

The days when this kind of knife hung over the head were really not a thing. It's better to have a happy break, get out if you want to, come if you want to come.

When his mind was chaotic, the female secretary walked in and handed him two TC-OFFERs.

Today, Tengyun is still a grass platform, except for the CEO and CFO, who are strongmen, the rest of the COO and CFO are parallel goods. Therefore, Ma Teng has to personally inquire about the whole process of investment.

"IDG: Have they found their next home? MIH and Eslite Holdings are both interested in taking over...... Eslite Holdings?!"

Ma Teng stood up suddenly, looked at it carefully, and smelled a trace of danger and resistance.

MIH is not to be feared, they are only in the financial world, not the Internet community. After becoming a shareholder, it will definitely entrust the voting rights at the shareholders' meeting to the founding team and will not interfere with the operation.

But Gu Cheng is not a concept at all.

In Tengyun Company, the combined equity of the founder team such as Ma Teng and Zhang Dong is only more than 35%, and this time the shareholders of IDG and Yingke Digital want to throw out more than 40% of the share capital of the entire company. If Gu Cheng swallowed it all, Tengyun's control and rudder might change hands.

Other founders, when accepting venture capital, not only want the venture capital to have money, but also hope that the venture capital has resources. According to this logic, Gu Cheng has Alipay in hand, which is a good channel resource, and Tengyun Company should give priority to cooperating with Gu Cheng under the same price conditions.

But Ma Teng's ambition and brain circuits are different from those of normal people.

For example, a few years later, before Zhou Hongyi tore his face with Ma Teng, he persuaded him: "If you want to download a tool, you can invest in Thunderbolt." If you want to do antivirus, invest in 361. You don't have to do everything yourself, and you have to do everything yourself. ”

But Ma Teng's answer was: "No, whether it's Thunderbolt or 361, it's not worth that valuation at all." I copied a buckle whirlwind, copied a buckle housekeeper, and saved money many times. ”

These words later led to the outbreak of the "Three Buckle War".

Ma Teng is the only entrepreneur in the Chinese Internet circle who does not like "investors bring their own channel resources".

Because the investor has channel resources, it means that the investor will press his head and hug the thigh of that channel. And Ma Teng is a person who is determined to be the general channel of the Internet in China, and he does not want any channel to be swept away by him in the future because he has become his "mother-in-law".

In Ma Teng's dictionary, people and things that have lost their use value should be discarded at the first moment and ruthless. Just like Liu Bang did when Xiang Yu was about to cook his father, he shouted with a hippie smile, "Lucky to share my piece of the pie".

If you are not so cold-blooded, you can't become a peerless traitor.

"You must not let Gu Cheng, a careerist, come in comfortably. I just don't know what MIH's funds and confidence are...... No, I have to talk to the people of MIH, and I must hold them down," Ma Teng thought about it, and called the female secretary in again: "Xiaolin, you can make an appointment with Mr. Johnson from MIH." ”

"Okay. The female secretary answered and went to make arrangements.

……

Ten days later, the agreement for the withdrawal of the three old shareholders of Tengyun was finally collectively implemented. MIH and Eslite Holdings were instigated to fight for a long time, and the deal was sold at a much higher price than the reserve price.

In another time and space, Tengyun's valuation peaked on the eve of the bursting of the Internet bubble, which was about 2~300 million yuan. However, after the rupture, it fell all the way down, and in the second half of 2001, when IDG and Yingke withdrew, they were only traded at a price of more than 80 million meters (600 million yuan).

Now, because Gu Cheng and MIH are fighting, there is no way to bully the store, and the valuation will naturally rise.

I have to say that even in the cold winter, there are people with discerning eyes who know the value of Tengyun's future. MIH's president, Johnson Chris, was already quite optimistic, and Marten poured him some unknown ecstasy soup this week and promised him some benefits.

In the end, the two sides competed for many rounds, killing Tengyun's valuation almost tripled, before the transaction was successfully completed.

Eslite Holdings invested more than 400 million yuan to acquire a 24% stake in Tengyun, mainly from IDG, Sequoia and some Tengyun exited the founders. MIH invested 300 million yuan and acquired a 17% stake.

After the transaction, the founder team led by Ma Teng and Zhang Dong ranked first with 38% of the shares, and still controlled the company's decision-making power. Gu Cheng is the second largest shareholder with 24% of the shares, and MIH ranks third with 17%. All the rest of the scattered trash fish add up to 21%.

When MIH entered, Ma Teng didn't ask him for any additional conditions.

When Gu Cheng entered the market, Ma Teng made it clear that Eslite Holdings should connect QQ's business of selling paid members into Alipay's sales scope in the future.

After Gu Cheng agreed, Ma Teng let him in.

It seems that this is destined to be a deal that is guarded against each other from the beginning.

Seeing that the other party was so unruly, Gu Cheng also set the tone in his heart: "Since you don't go to the Tao, then I will definitely not give you money later." Hold it in your hand for 3 years, and when you go to the Hong Kong stock market to lift the ban, I will throw it all away and cash out. ”

Fortunately, there was no capital increase in this equity change, because Tengyun did not issue any new shares.

Gu Cheng and MIH's money was only used to pay IDG and Yingke who exited, and not a penny went to Ma Teng.

Therefore, Gu Cheng does not need to worry about "because of his butterfly effect, which has led to the alleviation of Tengyun's liquidity shortage and the soaring development speed".

……

When investing in Tengyun, Gu Cheng personally flew to the Shenzhen market with his cousin for a week. After all this is done, I returned to Qiantang, and it was already the end of September.

The first money given by Sun Zhengyi was about 200 million yuan that had not been spent.

In the cold winter period, it is necessary to be ruthless in order to buy the bottom, and it is not a good thing to have more money in your hands for a month.

Pan Jieying didn't know Tengyun's future, so she was quite complaining about Gu Cheng spending money like this. On the plane back, I kept saying: "I spent 800 million, and the results were all invested in the business of earning traffic and users, and none of them could make real profits in the short term." Three years later, Sun Zhengyi's 4.5 billion will not be released, see what you do. ”

Gu Cheng was very calm: "Don't worry, if you really want to make a profit, you can't use so much capital as 3 billion, Sun Zhengyi originally wanted to support us, we can't be led by his nose." When the next 2 billion is in place, I will naturally arrange a short-term, fast, and profitable investment. ”

"Then do you have an idea now? Don't be careless, there must be at least 3 cash cows like 'Legend', so that we can plug Sun Zhengyi's gap." ”

"Of course I have ideas, but I can't rush them. "Gu Cheng has been thinking a lot about it for a while, and he already has a draft, but he is not mature. But now that my cousin is so noisy, I can't spoil some to give people peace of mind.

"Sun Zhengyi and Cai Chongxin's prediction of 'Legend earns 1.5 billion in 3 years' is still a bit underestimated. As long as we can grasp and change the legendary demon from three angles, we can squeeze more surplus value by burning the life of the legend.

The first is to crack down on cheats. The second is to manage the internal data security and anti-theft number, and standardize the transaction of game equipment and RMB. The last is to crack down on private servers - we fell out with WEMADE's Park Yingguan during the summer vacation, and he must be crazy about developing a copycat version now, and when the time comes, we must block this piece with a private server. If you do these three things, it's no problem to make 2 billion.

As for the remaining gross profit gap of less than 2 billion, I am ready to start by expanding the sales scale of genuine music, film and television, and literature. Invest more in popular films, television and artists, and build a broader platform that is several times the current scale. These words are not clear in one or two sentences, and I will talk to you when the time comes. ”

Gu Cheng said that it is necessary to prevent legendary account theft and standardize the transaction of game equipment, escort the payment security of Alipay, build a new online content sales platform, and gradually open Alipay's physical address bundling next year......

There is still one bottleneck in these plans, and that is the security of payments and accounts.

A few months ago, Gu Cheng asked Chen Shoufu and Wen Huiying to start this matter, and also allocated them a budget of 20 million yuan, so that they could first make a security login scanning plug-in and a Trojan horse killing tool. Chen Shoufu worked overtime to add resources, but the progress was still unsatisfactory, saying that the development would not be completed until at least the end of the year. And the overall antivirus software, if it is handed over to them to develop, it will take at least a year.

Now that Gu Cheng still has 200 million spare money left, he is thinking about buying a domestic first-line antivirus software company to come in, digest the other party's results and put them on the market for free - Gu Cheng will not directly announce "permanent free antivirus" like Zhou Hongyi's 361 antivirus in later generations.

The concept is so advanced that antivirus software companies can be said to be the only peers in the Internet winter other than online game companies that are still making profits. If Gu Cheng rushes in and directly smashes those people's jobs and destroys this market, he will undoubtedly be hated and hostile by his Internet peers across the country.

Gu Cheng's plan is to also develop a complete security guard and anti-virus software, but only free for "Alipay" registered users. You need to bundle and log in to your Alipay account before you can give you antivirus. No card tied and no send.

And the reason for this is also very high-sounding: this is for the safety of user funds to open an online account, and the anti-theft number antivirus software is not to start a war with the nation's charging anti-virus companies. This makes it much easier to mediate diplomatically.

With the remaining 200 million on hand, Gu Cheng is ready to spend it like this.

He glanced at the insiders and set his sights on Lei Jun, the CEO of Kingsoft - just over a year ago, before the dot-com bubble burst, Gu Cheng had come to Lei Jun to peddle data fraud.

As for Zhou Hongyi, although this guy made 361 in later generations, in view of his treachery when he grabbed business with Gu Cheng at the beginning, Gu Cheng did not plan to deal with him.

Moreover, after hearing that Zhou Hongyi spent a lot of money to develop gray pigeons and build a zombie network, he didn't wait for the business of brushing traffic to make a lot of money, just in time for the Internet bubble to burst, and his first customer, Zhang Long, jumped off the building and committed suicide.

As a result, Zhou Hongyi, who didn't receive the money, was also greatly damaged, and the gray pigeon network that had been done at so much cost was useless. Now 3722 Company has been forced to become the chief boss behind the scenes of the largest number thief group in China.

Gu Cheng engaged in "anti-theft anti-virus software bundled with Alipay", and the main enemy would be Zhou Hongyi, how could there be cooperation between the two of them.