At the end of 09, Gu Mojie invested 200 million US dollars, accounting for 30% of the shares, in Snapchat, which had just been launched for less than half a year and when Spiegel asked his father to invest in angel rounds and A rounds, and later in the process of Snapchat's expansion, he followed up with 200 million yuan. With the expansion of the other party www.biquge.info Gu Mojie's shareholding gradually diluted to 25%.

Now, nearly two years later, Snapchat, a thorn in the side that has developed by relying on the intergenerational rebellion of American netizens and opposition to oversharing, is valued at a valuation of giants like NHN, about $10 billion.

Because it hasn't been listed yet, it's a unicorn.

With Snapchat's equity and a part of the cash to make up the difference (about a billion US dollars), Gu Mojie easily won the share of US shareholders within NHN.

Looking back, NHN's internal NAVER system has been unable to prevent this privatization.

As a public company, whether NHN will allow delisting and privatization is a separate issue. After privatization, whether foreign investors will be allowed to hold large shares to dominate the operation of the company is another issue.

The policy suppression of those business regulators in South Korea can only involve the second issue, but cannot deal with the first.

Both Gu Mojie and Han-Game wanted to be privatized, so NHN was delisted.

This process is still relatively cumbersome, and it took more than a month to clarify the exit of various outstanding shares, as well as the reconfirmation and offset of shares and various debts, the details of which are not listed for the time being, and it was not completed until the beginning of the summer vacation.

Don't be afraid of a long time, when Li Shufu got Volvo, the equity transaction alone took nine months.

After the successful delisting, Gu Mojie wanted to make further difficulties, but there were still people who were more anxious than him.

The team of the Han-Game department asked to split the branch first: they wanted to spin off the company's netizen division to form NHN-Entertainment, and then replace their holdings of the group with the remaining shareholders who remained within NHN.

Gu Mojie and the Han-Game faction are both in favor of splitting up, and then co-opting a few non-Naver factions, who were originally not in favor of each other, already have 70% of the voting rights. It is impossible for the naver system to resist even if they want to.

NHN was busy with this throughout the summer, and in the end, Han-Game managed to get out and take away the game division equivalent to 40% of the group's market value.

In this process, Gu Mojie also had to promise a PY deal very secretly: if he controls the remaining NHN in the future, he promises not to operate online games in South Korea and Japan. And the online game channel advertisements on its social software and naver search engine continue to be given free of charge.

The world of the Internet is developing so fast that in 10 years the earth will not know what will be like, and this promise is enough to show goodwill.

As for Gu Mojie, he doesn't care about the profits in the Japanese and Korean online game markets, and for him, what is more important is to win the entire social circle in East Asia and Southeast Asia without hindrance. In this process, if we can make fewer enemies, we will make fewer enemies, and if we can unite, we must unite.

……

In the chirping of cicadas during the summer vacation, the world is much quieter.

After the split, the NHN Group is valued at a total valuation of about $17 billion, based on the premium scale when Gu Mojie initiated the privatization.

Gu Mojie and his Hatsune Network Technology together already hold more than 45% of the shares, which is also more than the founding team Naver.

As of mid-August, NHN's shareholding structure for the remainder of NHN was as follows: Hatsune, 9% for SK Consortium, 5% for Samsung Consortium, 2% for LG Consortium, and 4% for all remaining minority shareholders and concentrated shareholders at the time of delisting.

The three major consortia and the minority shareholders do not have a clear bias and are considered neutrals, accounting for 20% of the total.

Gu Mojie also did not seek to wipe out the founding team of the Naver department. People have been able to make South Korea's Baidu, Japan and South Korea Tengxun for the first year, and it is also indispensable. As long as these people do not obstruct Gu Mojie's East Asia strategy in the future, he does not intend to bother with the specific operation.

After getting a 47% stake, he talked openly and honestly with the people in the Naver department.

Gu Mojie has three bottom lines:

First of all, all the login account data must be ported and backed up for the first login "Hatsumi", as well as the rest of the Hatsune products.

Second, there is currently no electronic payment function, and in the future, this function must be bound to the Hatsune wallet for these accounts to pay for consumption in Chinese mainland.

Gu Mojie actually wants to provide electronic payment services in the Korean and Japanese markets, but this business is difficult to do in Japan and South Korea, where the financial situation is more developed, because the credit cards in these places are very developed, and there are many licenses and third-party licenses for payment. Hatsune Group, an outsider, can't even get a license in a year or two, and forced push will only be arrested for illegal business, so he can only give up temporarily.

Finally, the ability to "allow cross-software friending between user accounts and first-time users" must be implemented. That is, the underlying data is connected from the server side.

If Naver has doubts about this kind of "loss of power and humiliation of the country" account exchange, and is afraid that Kakao-talk's market share will gradually be eroded after a long time, then Gu Mojie also opened the door to equity replacement for them:

With immediate effect, NHN shareholders are allowed to exchange a certain percentage of the shares of Hatsune Network Technology. The market capitalization of Hatsune Network Technology can be calculated at $90 billion. However, the replacement quota of Korean shareholders shall not be higher than 50%, which means that half of the shares must be sold in cash during the exchange process.

……

Nam-joo Park was a member of the board of directors of NHN Group, the company's CFO, and one of the backbone of the Naver system at that time.

The "barbarians" from China have already organized two negotiations, and one after another, some small shareholders could not support it, and exchanged their shares for shares of Hatsune Network Technology in the form of half cashing out and half replacement.

The equity of this part of the "renegade" could only account for 10% in NHN, and only a pitiful 2% of Hatsune Network Technology, which was swallowed up to 5 times the market value.

However, this part of the renegades has already made Gu Mojie more than half.

The die-hard among the Koreans had to go the last way.

Park Nam-joo took advantage of her connections in South Korean politics over the years to meet with a friend at the Ministry of Commerce, and was told that the entry of Hatsune Network Technology's funds was completely legal and there were no flaws in the investment field.

Park Nam-joo had no choice but to take another step back and go to the Ministry of Culture and Sports, hoping that the Ministry of Culture would review the business actions of NHN, which will be controlled by Gu Mojie in the future, and ban those behaviors that allow Chujian and O-Talk accounts to communicate and eat away at users.

Minister Liu Zhenlong, who was born in the Department of Tourism, was quite polite, as a hawk, although he did not meet Park Nam-joo in person for the first time, he also sent his direct henchmen to help supervise this matter.

After Minister Liu's cronies cleared up the relationship, they gave Park Nam-joo two replies:

First of all, don't think about LINE anymore, it's a "Korean-funded Japanese company", registered and operated in Japan. As long as the Japanese government does not obstruct the sharing of LINE and Hatsumi's address book, the South Korean Ministry of Culture will not be able to fight at all.

Therefore, the Naver system has completely lost control of Line's business orientation.

Second, the Ministry of Culture and Sports can manage the operation of Chinese-funded and Chinese-funded companies' online products in South Korea beyond the restrictions and directly infiltrate the content operation in South Korea, and if the intensity is large enough, it can be roughly equivalent to China's control of Facebook.

The premise is that Hatsune Network Technology really has the handle to be caught and violates the censorship of Korean law in terms of content.

When Park Nam-joo heard this opinion, her heart immediately cooled.

Zuckerberg's team, in order to flaunt their freedom, will certainly refuse to allow Facebook user content censorship.

But where did Hatsune network technology come from? They were originally companies that rushed out from behind the Iron Curtain.

If the Korean Ministry of Culture and Sports wants to make it difficult for the other party to harmonize some discordant content, Gu Mojie will definitely agree obediently.

In this case, how can the sin that you want to add to it?

There is no eyebrow for things, but the red envelope cannot be left ungiven. Park Nam-joo jumped up and down, talking dryly, as if the nation would perish if he didn't help him, and finally promised to see Minister Liu himself.

I don't know what was plotted.

When the cronie saw Park Nam-joo leave, he gave an extra piece of advice: "South Korea is a democracy, and it is difficult to take out an Internet company by relying on content censorship." But why don't you consider starting at the other end? The sharing of the address book with Hatsumi will not only allow the discordant content to spread from China to South Korea, but also the more discordant content from the outside to China. Contact the Hatsune enemies inside the Iron Curtain to make it easier to block this communication. ”

……

Since the end of June, Twist Vine has been very unhappy.

Gu Mojie's first sight comprehensively surpassed QQ/WeChat, not to mention, he actually played cross-border acquisitions, trying to build a "Greater East Asia Co-prosperity Circle".

When NHN's tradable shares were frantically absorbed, the twist vine's sense of smell was still very sensitive, and he immediately asked Luo Shuohan to raise funds and prepare to enter the market at the first time, adding to Gu Mojie's blockage.

However, Luo Shuohan, who has been raising money very well for several years, did not raise enough money this time.

It is said that at the beginning of the year, the echo of the first shot of mobile payment with WeChat red envelopes should not have completely dispersed.

The crazy growth of WeChat wallet users should have a lot of stories to tell in the capital market.

Why is it that the financing is suddenly not smooth? Several times I was ready to rush the stock price and then issue additional convertible bonds, but I was inexplicably shocked back.

A week or two after this kind of thing happened, Luo Shuohan figured out the doorway, and then went back to ****** Fuji to report.

ICBC International and MIH: This is the rhythm of running away!

Most of the outstanding shares they hold have been sold out in this period of financing shocks. Other non-tradable shares can only be traded preferentially within the existing shareholders, so they have not yet been launched, but ICBC is also giving priority to making small moves, trying to give priority to the shares held by ICBC and MIH as collateral for convertible bonds when Tengxun issues convertible bonds in the next step!

In other words, if the market value of Tengxun falls in the future, the cash flow is broken, and the convertible bonds are not issued, then the shares held by ICBC will be sold to the buyer by the preferential debt-to-equity swap.

The big financiers in the financial circle behind them are about to run away.

These days, Twist Vine simply feels bitter in his mouth every day. On the one hand, it is necessary to deploy and promote the copycat plan of "WeChat wallet deposit to interest" on the front line, and it will be stabbed in the back by roadrunners.

The point is that these people cannot be sinned to death.

This kind of inhuman life has been carried for a month or two, but the interest function of WeChat wallet has been launched, but the competitive environment of WeChat is even more precarious.

At this time, an ally from South Korea finally came to the door.

"What? Gu Mojie plans to play Account Hutong? Ridiculous! Isn't this the crazy words of foreigners going down in the mud and sand and being heard by the people? Foreigners share things in the circle of friends, and they are also seen by Chinese? ”

For example, what is on ins, can Chinese see it casually? What a system is this!

The twist vine, which was already so decadent, suddenly came to the momentum, and Guangwei was shining brightly.

No, you must report Gu Mojie's illegal operation. (To be continued.) )