Although Zhou You alone occupies 40% of the shares in Tencent, Xiao Ma has always believed that it was Tencent's greatest luck to pull Zhou You as an investor. Pen & Fun & Pavilion www.biquge.info

This is not only because Zhouyou has never interfered in enterprise management, nor is it just that Zhouyou has sufficient funds, but because Zhouyou has always been able to point out the direction of development for the development of Tengxun in the development process of the enterprise.

From a software that can't be sold for a million and a company on the verge of bankruptcy, Tengxun has now developed into the largest Internet company in China.

First of all, Tencent's first transformation, from a simple instant messaging service company to a cross-border agency of the game, which greatly changed Tencent's living environment. The windfall profits of online games have given Tencent sufficient capital flow, so that Tencent has the ability to vigorously lay its own servers across the country, so that enterprises have a virtuous circle.

Use QQ to attract new users, use the game platform to make a big profit, use the financial advantage to enhance service performance, and use service performance to bond new users.

Tencent's one step ahead, step by step, even if the company that followed up later, it is impossible to become the real opponent of Tencent's in the game link.

At the beginning of the year, the number of registered users reached 100 million, and last week, the number of registered users exceeded 200 million, and the number of online users also exceeded 8 million.

This advantage is not comparable to any one company, or even not comparable at all.

However, Tengxun did not rest on its laurels, and enriched the content of QQ according to some ideas of Zhou You. From the launch of enterprise-level Tencent Pass, to the launch of personal network hard drives, the addition of QQ secretaries, to provide remote assistance. And there are also some basic services such as adding QQ space, adding QQ music, and contacts. In terms of long-term development goals, Zhou You also put forward QQ group ideas, big data ideas, network videos, and even network TV, and business service ideas in the email, which have established clear goals for Tencent's future development.

In the development of an enterprise, having a clear goal and not having a clear goal are completely different concepts. With these goals, Tencent can achieve clear goals and targeted, which has indescribable benefits for the development of enterprises.

The ship is like a captain, and they only need to do their job step by step, and they are not afraid of storms or whirlpools and reefs ahead.

On the first day of the meeting, all the senior management of the company worked together to determine the timetable for the next year's development plan and long-term development plan, solve technical problems, coordinate the development environment and other detailed work arrangements.

At this point, Zhou You doesn't have much say in it, because he knows very well that he is just a little more forward-looking than them, and in terms of technology, he is just a scum in his two lives combined.

The meeting lasted for two days, set up as many as a dozen technical research groups, and set a number of goals that were far or near.

Although Zhou You does not understand technology, he knows that those applications will have a good impact in the future and will be useful for the development of enterprises. So his participation is also essential, at least, almost everyone believes in his "vision" and "judgment".

On the third day, the conference turned into a small meeting, which was attended only by the company's senior management. In order to discuss how to face Tencent's current external predicament, discuss which new shareholders should be accepted, and actively help Tencent in terms of technology, management, including the development environment.

First of all, the first point is to value Tencent.

In the past three years, although the investment in fixed assets of Tencent is rapid, it has not exceeded two billion, not because there is no money, but because it is enough to cope now, and more money has to be invested in the blade.

Tencent's biggest asset is not this, but the agreements signed by Tencent's hands with dozens of online game production companies, which can bring billions of yuan in revenue to Tencent's annual revenue and profits of more than 40%.

In 2002, Tencent's total revenue reached nearly 10 billion, and game revenue accounted for more than 90%. The remaining 10 percent is the mobile telecommunications value-added service fee and the network value-added service fee, which add up to less than 800 million.

And the annual online advertising fee is still very low, only about 20 million, and it is not worth mentioning at all. However, what Zhou You values most is not these, he is different from others, because only he knows best that the most valuable thing in Tengxun's hands is this platform, because everything in Tengxun is built on the QQ platform. Just like that Taobao, the most valuable asset is their trading platform, which is a truth.

It's just that now everyone hasn't realized this, and the valuation of this piece is very low. Zhou You explained to them in detail the importance of the platform, although QQ's profit prospects are not large, but the importance of this platform is incomparable.

At present, in the world, there is no enterprise platform that has QQ's user bonding ability in terms of entertainment. Just like Microsoft, although they are more indispensable than QQ, they are competing through technology monopoly and market monopoly, rather than complete entertainment.

In the end, the self-valuation of Tencent reached 7 billion yuan, which is already higher than the market value of Tencent during its listing in Hong Kong in his previous life. The main reason for this is the big killer of the game platform.

It is valued at 7 billion, but this cannot be the price for other shareholders, because it involves equity appreciation. Now in the face of investors, it is impossible for Tencent to set a price-earnings ratio of dozens of times like listing, but in the eyes of everyone, the price-earnings ratio cannot be less than five times.

That is to say, although the actual value of Tencent is only 7 billion, but because we can make 2 billion profits every year, so if you want to buy our shares, of course, we can't sell them according to 7 billion, but according to 35 billion. I'm not afraid that you won't buy this, and I don't want to sell it anyway, if you like to buy it, you don't want to buy it. And, even if we sell, we can't sell it all to you. This time, Zhou You and the management decided to take up to 15 percent of the share transfer, of which the management will take out 10 percent, while Zhou You will only take 5 percent.

This is because the management lacks a lot of money in their hands and wants to live the life of a rich man, but Zhou You is not a bad money owner.

The 20 percent stake is expected to attract five new shareholders, one is Temasek, which has been eyeing Temasek for a long time, and two are technology companies in Silicon Valley, and the shares will be transferred to them relatively small, mainly to use the shares to buy the technology in each other's hands. The other two are investment banks in the United States.

In the previous life, although Tengxun became the tenth largest company in the world, it actually suffered a lot of losses because of its listing in Hong Kong. Because the listing in Hong Kong makes foreign capital worried, it has a negative impact on driving the stock price.

For example, Facebook, which only appeared in 2004, was several years later than Tencent, but after listing, its market value directly surpassed Tencent, and Alibaba, whose IPO in the United States was the largest IPO of Internet companies, and its market value directly surpassed Tencent's at the beginning.

So, since listing in Hong Kong is not as good as listing in the United States, why is it listed in Hong Kong? This has to mention Tencent's largest shareholder at the time, South Africa's Millard Holdings.

This little-known small company has become one of the most successful equity investment companies because of the fast train of Tencent. Their attention to Tengxun shares has led to their cherishing of the shares in their hands and their resolute refusal to sell.

Their family accounted for 34 percent of Tencent's shares, and they still refused to sell, which led to the fact that Tencent's management simply did not have enough shares in their hands to satisfy the needs of investment banks and brokerages in the United States.

Yankee is not Lei Feng, since you don't have shares for me, I can't make money from you, why should I help you go public in the United States!

Therefore, this led to the fact that Tencent could only be listed in Hong Kong in the end, and at the beginning, Tencent's market value was only billions of Hong Kong dollars, which is a big joke to say. Because ten years later, Tencent's market value has exceeded two trillion Hong Kong dollars!

In this one, there is no real winner, but it is the founders' team that suffers the most.

If Millard were willing to give away about 10 percent of the shares, the remaining 24 percent would probably be worth more than 34 percent today.

And this company came in at a time when Tencent was most short of money, in fact, apart from capital, they have no other role in Tencent's development. Therefore, in this life, Zhou You did not think about this company at all, even if there is a background of state-owned assets behind this company.

With Tencent's current development trend, there are two more years to prepare, and it is safe to say that Tencent's market value when it goes public is definitely higher than Google's, because Tencent's hands now have the game in his hands, and Google's current profitability cannot be compared with Tencent.

Since the target of financing has been decided, the follow-up affairs will not interfere, and the management will be left to negotiate with the other party. With Tencent's current profitability and value-added ability, including development prospects, although the price-earnings ratio of five times is not low, it is definitely a low price, and Zhou You believes that these companies will not easily give up this big fat.

After dealing with Tengxun's affairs, Yan Fangqing had already returned from the United States, but Zhou You did not go back to his hometown directly, but drove the new Mercedes-Benz S320 he bought for Ma Hongxia and drove to Mingzhu City by himself.

In the parking lot of the Macau port, a Rolls-Royce with a black card from Hong Kong and Macau has been parked there, which is a new car specially prepared by the casino to receive big gamblers from the mainland.

Zhou You parked the car in a vacant space and locked it, and before he walked to the front of the car, he saw the car door open, and the young and pretty Le Yao jumped down from it like a happy deer, ran over quickly, and jumped on Zhou You's body. "Brother, I miss you." (To be continued.) )