"Over there in Shenzhen, after May Day, Brother Xiao Ma has further increased his efforts and added QQ whirlwind download tools and QQ mailboxes. QQ Pinyin input method,Finally has begun to do,It can definitely be launched during the summer vacation——Obviously,These are because we have expanded the business of Hatsune Security Browser、Hatsune Security Email,Touching the interests of peers,The backlash caused。

In Beijing, Baidu also began to do Baidu Pinyin input method, Baidu browser. It is foreseeable that 2006 is the first year when the major giants began to make efforts to cross the circle and build a full-platform industrial chain. The future of Internet competition, and 05 years ago, will be two completely different forms. Perhaps in the history books of the future, today will be recorded in the annals of history, and today will be considered the first year of the new competitive normal.

I hope that everyone in the Hatsune Group will be mentally prepared for this kind of mentality - once the wheel of history begins to accelerate, there will never be any possibility of turning back and stopping, we can only run faster. The days of going your own way are over. ”

After the May Day holiday, Gu Mojie used such an opening statement to usher in a new job for the senior management of Hatsune Group. Ye Weilun's foresight has been fully proven, but Gu Mojie has nothing to regret, he must always come, and he will face it head-on.

In the face of business decisions, Ye Weilun took the lead in expressing his concerns:

"Mr. Gu, according to our original development plan, the capital chain can still be self-consistent, but once the competition escalates, there will be a big gap in our financing channels. This gap is not only in terms of promotion, user possession, and software development, but also due to the expansion of data centers.

The charter cost of data center operation, storage, and bandwidth spent by Chuyin Video last year was one or two hundred million, and that was only half a year, and it is absolutely possible to use up our 500 million this year according to the current trend of further development. And if our network storage download business such as large storage space email and Hatsune download that supports BT resources will all grow and develop. None of these will cost less than an online video service for a data center. Combined with online games and browser searches, the total cost of building a data center within a year may swell to 2 billion yuan - this is not something that the current capital chain can afford.

I think that it is necessary to formally consider large-scale financing at the right time, and to release the equity at the group level for large-scale financing, which was taken to the capital market at the end of last year according to the operating conditions and user share of the Hatsune Group. At least it can be valued at more than 10 billion.

After the steady development in the first third of this year, as well as the intervention in the smart hardware and animation original industry, as long as you give a word, I am confident that the company's market value will be estimated to be 20 billion yuan, and at this valuation to accept external investment - for example, we can ask Sequoia Capital to give 5 billion cash and sell 20% of the group's equity. If you think this is too high and the funding gap is not so large, we can make it smaller. For example, only 2.3 billion will be raised. Give up 10% ......"

After Ye Weilun finished saying this calculation, all the high-level officials looked at Gu Mojie.

Gu Mojie categorically vetoed: "No, just 20 billion, do you want me 10% of the total equity of the group?" I haven't sold it to this point yet. What's more, with a small financing of one or two hundred million yuan, I relied on Hatsune Intelligence to divest out a part of the concept project of smart hardware, and let Lao Meng operate it for me, and I could also deceive it back. In the end, the actual income exceeded 100 million.

Therefore, if you want to sell the equity of the group, you will have to sell the equity of the group. Don't think about it. If it is a large financing of more than two billion, the proportion of sales is too high. I think we'd better wait and think of other ways to solve the problem of expansion speed without moving global equity. ”

Ye Weilun was a little anxious, and hurriedly added: "I have tested the people of Sequoia Capital, and they are very optimistic about us. As long as we relent, they are willing to sign a bet that allows us to redeem half of the equity at a two-year premium of 50% if the valuation and main business flow more than double within a year. And there are no other conditions attached to this article. Other details can be discussed in the future. ”

this condition. To translate it in layman's terms, if Hatsune Group doubles its main business flow indicators or comprehensive coverage data by May 2008, then Sequoia Capital is willing to let Hatsune Group take out 1.5 billion yuan to redeem 5% of the group's equity. This is equivalent to taking this 5% as a consideration for "if you are too successful, indicating that we underestimate you, and allow you to redeem with 1.5 times the original funding price".

This is equivalent to getting a loan of 1 billion yuan with an annual interest rate of 23% (compound interest of 50% for two years) - if it is done well, it is a loan, and if it is not done well, it will become equity, just like high-risk COCO bonds in the financial market.

Generally speaking, investment institutions are only willing to give such sincere temptation conditions when facing companies with very strong market performance.

Hatsune Group is clearly such a high-performing stock.

Ye Weilun took the initiative to try to contact Sequoia Capital, which made Gu Mojie a little unhappy, but reason told him that it was his own behavior that was a little deviant, which made the "normal people" in the circle a little frightened. Ye Weilun is just prepared, not malicious to talk about. There is no need for him to flip the table and investigate it, which will make everyone unhappy.

The meeting was inconclusive, and Gu Mojie did not prevent Ye Weilun from continuing to contact overseas investment institutions. Later, Sequoia Capital and another institution also continued to report TS, increasing the proportion of "conditional repurchase allowed" to ensure that if the operation exceeds the standard, the repurchase conditions are met, and the funds are sufficient at that time. Two years later, then, the investment firm's stake in the Hatsune Group could eventually drop to 4% – a figure that was 1% lower than the original 5%.

Gu Mojie is still looking for other channels, and he recognized that Gu Mojie is facing multiple giant competition from venture capital, and he obviously can't stand it. These venture capitalists are all multinational giants, even if they can't make much of a storm at home, they are doing things at will outside.

As mid-May drew to a close, a new piece of news came that was not good for the Hatsune Group. And the source is from across the ocean.

"In light of the independent new applications of Hatsune Group's products in the field of Internet security, it is clear that Hatsune Group's business in the United States has been elevated from Google's status as an upstream supply chain affiliate to the status of an independent cybersecurity service provider.

There is ample evidence that Hatsune Group has used its U.S. business to collect considerable records of U.S. citizens' online behavior and security data, but at the same time refuses to be supervised by the federal government without discrimination, and refuses to facilitate, cooperate and assist the federal government in its legitimate investigations. The federal authorities will investigate and check the details of the legalization of their operations. In the context of the unclear international anti-terrorism situation, the relevant federal departments hope that the Hatsune Group will fully cooperate in this regard. ”

No one can understand the official language, and if you translate it, someone is looking for an excuse to do something about the Hatsune Group's overseas business. As for whether this trick was directly carried out by the U.S. government or promoted by Silicon Valley investment institutions, it is unknown. Anyway, no agency has been held accountable for this claim so far.

The superficial meaning of the official language has never been important, and the scope of the official language after it has been put into practice has never been limited to the points mentioned in the discourse.

Hatsune Group's overseas business is actually not huge, and Gu Mojie has invested no more than 100 million US dollars from beginning to end, of which tens of millions are directly from the cooperation business with Google. However, just because you have invested a lot does not mean that the business there is still not worth much.

ACCORDING TO GU MOJIE'S STRENGTH, AS LONG AS IT IS AN INVESTMENT HE HANDLES, EVEN IF IT IS ONLY WORTH 10 MILLION TWO YEARS AGO, IT IS NORMAL TO INCREASE IT MORE THAN TEN TIMES IN TWO YEARS, NOT TO MENTION THAT IT ALSO INCLUDES THE OVERSEAS VERSION OF THE VIDEO WEBSITE LEFT BEHIND AFTER YOUTUBE WAS ACQUIRED.

GU MOJIE DOESN'T KNOW HISTORY, SO HE DOESN'T KNOW HOW POWERFUL YOUTUBE WILL BE. TRUTH BE TOLD, AFTER CHEN SHIJUN AND HURLEY'S YOUTUBE WAS WHOLLY ACQUIRED BY HATSUNE IN THE BUD, THE SUBSEQUENT CONSTRUCTION WAS NOT AS STRONG AS THE SAME PERIOD IN HISTORY. Gu Mojie's follow-up financial support for overseas business is not as much as that given by Sequoia Capital in the same period in history.

However, Rao is like this, after all, when Gu Mojie first made videos, the technical aspects of decoding and buffering were really advantageous. The combination of this advantageous technology and Chen Shijun's core idea of "processing everything that can be processed on the server side is processed inside the server first" has led to the entire 05 and 06 years, and the overseas business of Chuyin Video is still the most fluent user experience in the United States and even the world.

ALTHOUGH IT IS NOT AS STRONG AS YOUTUBE IN THE SAME PERIOD IN HISTORY, THE OVERSEAS VERSION OF CHUYIN VIDEO IS STILL THE LARGEST VIDEO MARKET SHARE IN THE UNITED STATES.

In the previous period, sometimes Gu Mojie was also reflecting: Why does the video business produce this phenomenon of flowers blooming inside the wall and fragrance outside the wall? After thinking about it, the final conclusion is: in China in 06, the network infrastructure construction is too poor! The broadband bandwidth used by netizens is generally too slow! Not enough to support more than 80% of netizens to watch videos happily!

The people of the United States imperialism, who have been plagued by capitalism on the other side of the ocean, have obviously been poisoned by broadband and even optical fiber with a bandwidth of more than 6~8M, and they are addicted to watching movies every day and cannot extricate themselves.

Therefore, just a little bit of things are sprinkled out, and they blossom and bear fruit on the other side of the ocean, which is really laughable.

The federal investigation team entered the Hatsune Group's U.S. branch, much to Hatsune's staff. Hatsune has filed some complaints in the United States through judicial channels, but so far there has been no constructive progress.

A few days later, a piece of news reached Gu Mojie through the grapevine: either accept capital injections from investment institutions, or sell the majority stake in Hatsune Group's major independent businesses such as video in the United States to an American company, and then there is a possibility of mediation.

"I still think the United States is a country governed by the rule of law, hehe." Gu Mojie looked at the conditions, his face was cold, and he spit out a mouthful of thick phlegm into the ashtray rarely. (To be continued.) )