In the domestic network media stock circle, roughly around 08~09, the investment styles of the bigwigs are very different. Pen, fun, pavilion www. biquge。 info

Before that, maybe it was the bad beginning of the Tengyun system, and everyone was more savage.

Pay attention to "361 and Xunlei, a garbage brand is worthless, invest a little and do nothing, directly engage in QQ doctor QQ whirlwind to crush those ** raised." Why did you make an input method, and you want to be sticky?"

Later, the pattern of the giants BAT was formed, and the large companies themselves became more and more sick, and it was difficult to return, and they began to understand that "Youku's brand itself is very valuable, and there is no need to abolish the original brand and change its name to Ahri Video after buying it." Jingdong's brand is also a little recognized, there is no need to abolish Jingdong and change it to QQ pat, it can't show muscles, it will only make consumers disgusted".

So much so that Tiger Fund invested in Jingdong first, and only 15% of the shares were $1.2 billion. Ma Teng stuffed Liu Qiangdong with money, but only gave 300 million US dollars and took 30%. From that moment on, Jingdong was actually Tengyun's horse.

Of course, people who understand things in the outside world know that Liu Qiangdong had to hug Ma Teng's thigh later, not because of the few yuan that Ma Teng gave directly, but because of the payment traffic entrance and payment guarantee brought by WeChat wallet.

However, the capital community needs a fig leaf, and it needs to give an explanation to the investors who entered the Tiger Fund first, so Liu Qiangdong adopted the road of "folding the QQ patting business of Tengyun at a high price, and then scrapping it when he got it", which made the early investors half confused and half convinced.

Translate it in human language, it is roughly like this: Brother Tiger, the younger brother knows that you came early, and you give a lot of money, and 1.2 billion only accounts for 15% of the shares, and I feel wronged. In fact, the younger brother didn't really let Ma Teng take 30 million US dollars to share 30% of the company's equity after the capital increase, in fact, he Ma Teng gave the younger brother 3 billion US dollars! It's just that the 3 billion is 300 million US dollars in cash, plus QQ Pai with a price of 2.7 billion US dollars.

It's just that Liu Qiangdong doesn't plan to operate after winning it, which is equivalent to taking $2.7 billion to buy a cultural relic and smashing it himself.

In this transaction, Tengyun packaged the zombie business that he had already failed for $2.7 billion, and the fake hand Liu Qiangdong turned out.

If you don't agree to carry this black pot, you won't be given a WeChat wallet traffic entrance.

Liu Qiangdong carried it, so that Jingdong did not dare to publish the financial report according to GAAP accounting rules for the next two or three years.

Every year, when the financial report is released, a non-GAAP loss amortization note must be added: Don't look at my brother's loss of $2.7 billion in vain, investors, don't look down on my brother because of his big losses. This money is not lost by my brother himself, it is lost by helping Ma Teng carry the black pot, which is not the norm. (Of course, later this also became a habitual offender of Liu Qiangdong's tricks, once the huge loss could not be explained, he put on a posture of "Actually, you laymen don't understand, brother secretly helped Brother Ma to carry the black pot again, and the money lost in the subsidy was all smashed for Brother Ma's grand strategic layout.") ）

Gossip and talk about the present.

Gu Cheng mentioned the word "cooperation" to Ding Sanshi, and the reason why Ding Sanshi was so resistant,

It is because it is clear that Gu Cheng is talking about the second kind of cooperation, "the cooperation model of Tengyun in history and Jingdong";

Dante Sanshi thought that Gu Cheng was talking about the first mode of cooperation, "the model used by Tengyun in history to deal with small fish and shrimp such as Xunlei".

If it is annexed, Ding Sanshi will naturally resist.

Of course, this is also strange for Tengyun to stink the reputation of social giants, so that everyone thinks that YY and QQ are the same thing.

While Gu Cheng was roasting meat, he explained and analyzed Ding Sanshi in detail, and let the other party know, "Even if you agree, our relationship in the future will be the same as Ma Teng and Liu Qiangdong, or like Taobao and Tmall, there is no one who annexes whom."

Of course, the two specific names of Tmall and Liu Qiangdong must not be said, because those things have not happened yet, but the truth is that set of truths.

"We're just exchanging shares. In the future, the name of the developer of these games will still be Huang Yi, and all the signboards of Huang Yi will be retained externally, the chairman is you, the CEO is you, and I just take your shares and cooperate with you strategically. ”

Gu Cheng threw out the general policy.

Hearing Gu Cheng talk about this, Ding Sanshi's resistance was calmed down.

"Well, I didn't expect that. Five years ago, you still had to stuff red envelopes with my PR manager to be qualified to meet me and beg me to do traffic business. For five years, you'll be qualified to ask me about holding large shares. Ding Sanshi took a big bite of roast pork, collagen splashed, and his tone was full of self-deprecation and ridicule, "I'm really unwilling." ”

He knows best how Gu Cheng's first pot of gold made his fortune. Five years ago, Gu Cheng took a mere 100 million Yi coins, equivalent to 600,000 yuan, and collected daily active IP for Huang Yi in Dongyi, and drank the saliva of swiping zombie traffic, and only then expanded the capital by seven or eight times in half a year.

The past is vivid, five years have passed, and the handsome young man who came to the door to beg his grandfather to tell his grandmother has now turned over to him! This kind of legend, if it is not the protagonist's halo cover, who would dare to believe it!

"Okay, then you think slowly, I haven't opened the specific conditions yet, so let's digest my words slowly. Let's eat meat. Gu Cheng didn't press the other party in a hurry, eating barbecue was not an occasion to talk about business, he could only set an intention.

Ding Sanshi seems to be very depressed today, and he doesn't care about his heart and body fat to control his cholesterol, and he skewers of barbecue meat one after another, not like a big boss at all, and it seems that he has to be open to do something that he can't usually do in order to be happy.

"Let's talk about it, what is left for my Huang Yi to do. ”

Gu Chengxin said that there is a door, as long as he is willing to discuss the details, this matter will be reliable.

He hurriedly emphasized: "First of all, Brother Lei, you also know, my YY network technology has never been a news portal, and the official website is also broken." So as long as you cooperate with me, the news portal will still belong to you.

My YY will give you a traffic entrance, just like clicking on the 'news' icon on Ma Teng's QQ interface leads to Tengyun.com. I'll lead to Huang Yi's homepage. If it's big enough news, I can even give you a pop-up. ”

Ding Sanshi's eyes immediately lit up slightly.

The exposure rate of news pop-ups is not much higher than that of the news portals lying in favorites. In the past few years of parallel time and space, how Tengyun News has been done, everyone knows it, isn't it just a QQ pop-up window. As for Tengyun's content itself, it is actually not very good.

Gu Chengming said that he didn't do news all his life, and this business was given to Ding Sanshi. As long as he cooperates, it will not be too easy to make the Huangyi news portal three or five times bigger.

Among the three major portals in the early days, Huang Yi had already suppressed Sina and Sohu. With Gu Cheng's help, it is not impossible to spend two years to have 200 million people watch Huangyi news.

It is not a dream that the advertising revenue of the portal will increase fivefold when the time comes.

Ding Sanshi felt that this promise was still a bit mysterious, and couldn't help but test Gu Cheng: "Are you sure that you can guarantee that YY and Alipay will never set foot in the field of news portals? In the future, you will not incubate other similar products to compete with me internally? Then you are not afraid that I will lie there counting advertising expenses, and the worse I will become, and I will not seek progress?"

Gu Cheng smiled: "What do you think? Why am I only so generous in the news? Because news is the most objective of all online content media, no matter whose news it is, it is almost the same when it is written." As long as fake news is not caught and An'an does things separately, the quality risk is the lowest among all content products. So, I can guarantee that the portal will never get involved in it and will never cultivate internal competition. ”

Ding Sanshi is right when he thinks about it, Huang Yi's news is actually the best. "Attitude" than others, to say that it makes some people unhappy, it is nothing more than that M will be uncomfortable after reading the comments behind, and most of the others are fine.

"Then I'll believe you, and then. He was not satisfied with Gu Cheng's conditions.

Gu Cheng spread out his main cards and said:

"The mailbox, I originally took it from you, but it has been changed to YY mailbox. In the future, you can continue to cooperate with enterprise-level users, but the mailbox will not be popular for a few years. Electronic instant messaging with legal evidence is becoming more and more developed, and the e-mail business will go to the peak and then decline in three to five years. I can reclassify this category under Huang Yi as a bargaining chip for equity replacement.

Finally, it's the most critical game, I can replace Zulong Studio with Huang Yi, and in the future, all self-developed online games on the YY entertainment platform will be handed over to Huang Yi for development, and Huang Yi will set up more internal competition within the project team, and don't engage in internal competition at the YY level.

The division between the operator and the R&D side can be negotiated into a fixed long-term strategic cooperation framework, and the proportion can be preliminarily finalized. At most, in the future, additional bets will be signed according to the operation volume and user conversion rate, which are details that can be discussed slowly. ”

Portals, mailboxes, online games. This is a business left for Huang Yi to focus on in the future.

But correspondingly, Huang Yi will cancel the "Yifubao" project that is still being planned and has just begun to be developed, and the future "Yixin" will not exist.

In a word, the repeated development that coincides with the functions of YY and Alipay and was originally used by Huang Yi as a barrier to resist will be eliminated and high-quality resources integrated after this cooperation.

Ding Sanshi thought for a while and threw out the last problem: "Huang Yi is still a NASDAQ listed company, and his market value is not lower than that of Legendary Entertainment after the crash." If you want to replace a listed company as a non-listed company, how to bid and give money to convince Nasdaq investors?

Even if I agreed, saying, 'I think Huang Yi is only worth 5 billion US dollars, YY Network Technology is already worth 10 billion, Alipay is also worth 5 billion, and then 1 to 3 for equity', I'm afraid that Nasdaq shareholders will not agree to this valuation. ”

What's more, Gu Cheng will definitely not agree to take out a quarter of the equity of the YY series and the Alipay system combined to replace a Huang Yi's.

Although Huang Yi is currently valued well on the NASDAQ, it is not worth it.

Even Ding Sanshi himself knew that he was not worth it.

"There is only one way to solve this problem: to privatize Huang Yi from the Nasdaq and delist it within this year. In that case, how much each two companies is worth is up to a few shareholders, and it has nothing to do with retail investors outside. ”

Ding Sanshi thought about Gu Cheng step by step, "And this will require a lot of money, at least a billion dollars in cash." ”

When he said this, Ding Sanshi's heart actually thought like this: I knew that I would continue to do Huang Yi in my life and treat it as a lifelong career, instead of cashing out after making a small bill, Gothic should have held all the cash in his hands after the IPO was raised in 00, and then slowly sucked it back when the stock price fell below $1 a share at the end of 01 and early 02. After making one or two hundred million dollars in vain, the shareholders of the country were directly delisted.

The market capitalization, only for those who are going to run away in the end, the higher the better.

But fortunately, Gu Cheng helped Ding Sanshi raise a lot of money at a low price in the early years of the Internet winter, and later exchanged the 10% of Huang Yi's shares to Ding Sanshi when he bought Huang Yi's mailbox business department.

Therefore, in recent years, the amount of shares circulating in the NASDAQ market by Huang Yi is actually much lower than that of other peers. The shares that really need to be redeemed with money hovering between 5%~10% of the total share capital.

Although the rest of the shares are nominally tradable, they are all pinched by major shareholders and have nothing to do with retail investors.

"I'll take care of the money. Gu Cheng put down the last sentence and signaled Ding Sanshi not to worry.