Where there are people, there are rivers and lakes, and the NHN Group, which is targeted by Gu Mojie, is definitely not monolithic. Pen, fun, pavilion www. biquge。 info

NHN Group was listed on the Gosdaq stock market in 2002.

At that time, it was the time of the dot-com bubble bursting in 2000 and the cold winter had not yet receded.

If you are not familiar with that period of history, you can compare the N Internet giants in China - Sina, Sohu, and NetEase, which were all successfully listed on the NASDAQ before the bubble burst in 2000, especially NetEase caught up with June 30, 2000, which is almost the last train.

Then, the Nasdaq went into a two- or three-year depression.

When there was another wave of listings of Chinese Internet companies, it was already a matter of 04 and 05. For example, the Hong Kong stock Teng Xun in 04, the NASDAQ Baidu and Shanda in 05.

The winter of the Internet bubble was global, and NHN Group, which was in South Korea, naturally had a hard time at that time.

And for such a company to have a successful IPO in 2002, a year when there were almost no new Internet companies, it must have done its extra homework.

Looking back at the situation ten years ago, the layman can see the clues.

As early as 2000, Naver, one of the current NHN subsidiaries that started as a search engine, had already tried to go public, and the boss of Naver also saw the danger of the eve of the cold winter, and wanted to follow the example of NetEase's Boss Ding to get on the last train, but unfortunately because of the zero revenue characteristics of the search engine company in the first few years of its establishment, Naver did not catch up.

There is nothing wrong with this, in that era, search engine companies were a type of existence that was less favored by the capital market than portal companies. Because although the portal company is not profitable, it has advertising revenue and turnover. In the years before the bursting of the Internet bubble, search engine companies could not even talk about the data of turnover, and everyone could not understand where the business model of such companies came out.

Not to mention that Naver, which is located in a remote corner of South Korea, could not be listed, even Baidu and Google, which were also listed in 2005.

When winter came, Naver almost froze to death. South Korea's market is smaller than China's, and its ability to survive depression is weak, so in 2001, the boss of Naver, who was making an engine, made a decision.

Merge with an Internet company with sufficient turnover and sufficient profitability.

Then he chose Han-Game, the largest online game company in Korea at the time.

This decision is very promising. In the cold winter of the Internet, all the unprofitable network company models are being questioned and tortured, and only online game companies stand out, and are favored by countless capitals with the characteristics of actually making money.

In other words, if in 2003, Chen Tianqiaoken was at the hottest moment of "legend" and asked Baidu Boss Li to cooperate, and Boss Li might have agreed.

The following year, NHN Group was successfully listed on Gosdaq and raised enough money to survive the Internet winter and become a veteran of the Korean Internet circle.

Later, after the cold winter passed, NHN further expanded its business, in addition to search engines and browsers, NHN also set foot in the field of IM instant messaging, and finally derived these two fist products in the mobile Internet era many years later.

However, the uneven distribution of spoils between the game faction and the engine/social faction within NHN has also existed for many years.

If it weren't for the huge profits of the online game division to support the R&D and promotion of the entire group over the years, the search engine and social software division would have starved to death. So, now that the social network and the engine are bigger,

And the people in the naver department think:Those online games you make in han-game have long been old-fashioned and outdated.,Look at the "Overlord Continent" and "R2" you developed to continue to take the "evil road" in the field of large-scale terminal games! There is also the garbage "Ragnarok" that has been in operation for seven or eight years and still refuses to throw away!

Online games have long shifted to mobile games, mobile terminals, multi-terminal interoperability, and optimization of low-configuration friendliness! I also make games with the design ideas of 03~05 years! To have today's performance, it has long been maintained by the push feedback of our social software! I really thought the quality of the game itself was well done!

In the view of the Naver department, the old-school and backward online game development ideas of Han-Game are similar to those garbage games represented by the Chinese Teng Xunjia next door.

Of course, the online games represented by Fuji Xun also make money, but many insiders who make games think that it is not because the games themselves are doing well, but because the disk of Fuji Xun is too big, and you can fly to the sky with a brick and put it on the recommended position.

The tearing of engines, social schools and online game schools is getting deeper and deeper with the deepening of the mobile Internet era.

Even without the appearance of Gu Mojie, even without any butterfly effect, and allowing history to develop naturally, NHN Group finally broke up completely in 2013.

It's just that instead of using the old names of Game before the merger more than ten years ago, the Naver line retains the original name of "NHN", and Han-Game is renamed "Entertainment".

In that split, NHN's engine and social business unit split out a market value of about $13 billion, while "NHN Entertainment" was priced at $8 billion ~ $9 billion.

South Korea's largest Internet company with a total value of 22 billion yuan has been peacefully separated.

……

It's only 2011.

Supposedly, the NHN's factional drama has not yet become so intense that it is necessary to split up immediately.

But no one can deny that because of Gu Mojie in this world, the era of mobile Internet has come ahead of schedule.

Kakao-talk appeared ahead of time, and online games are slowly moving around.

However, because of the dominance of traditional large-scale client online games for many years, it is not very difficult for them to put down their bodies and inherent advantages to carry out "disruptive innovation".

In this world, there are few people who are willing to change their own lives.

Gu Mojie also doesn't need to know history, nor does he need to figure out human nature, to fully understand NHN's infighting.

Because this thing is completely a copy of the infighting between "Hatsune Entertainment" and "Hatsune Network Technology".

Think about how many years of cash flow and how many years of profits Hatsune Entertainment has contributed to the entire Hatsune Group, which makes the group's financial report look better.

From a financial point of view, Hatsune Network Technology is a pit that loses money and burns money.

However, the Hatsune Group did not face infighting that year.

Because the Hatsune Group is not a public company, it is not accountable to retail investors and minority shareholders. Because when Gu Mojie drew a lot of blood from Hatsune Entertainment to feed Hatsune Network Technology, he was the absolute majority shareholder in these two companies.

Zou Sheng, who worked hard to make the online game bigger, although he was bitter in the first year or two, was also wiped out after Gu Yong joined and reminded Gu Mojie to pay attention to the balance of interests of the faction.

This is the superiority of the system.

A listed company is equivalent to a democratic country, and there are all kinds of constraints on doing some big things.

And Gu Mojie's company was a centralized dictatorship back then.

Gu Mojie fully employed the advantage of "concentrating on doing big things" when he took the line of social attention.

(Don't go into this paragraph, it's just that when there is a holy monarch in power, the dictatorship efficiency is higher than that of the pig.) Of course, the reign of the faint monarch was reversed. ）

Today, Hatsune Entertainment's outstanding shares are 40%, and Gu Mojie can only rely on the group's secondary holding structure to direct the company's operation. In fact, his absolute shareholding percentage in Hatsune Entertainment has long fallen below half, estimated at 30%~40%.

Therefore, if Gu Mojie is allowed to play with Hatsune Entertainment's money and illegally subsidize Hatsune Network Technology, he can only shout in vain, "I can't do it."

Gossip and get back to trading.

After dividing the various factions of NHN into pieces, Gu Mojie and Fei Liluo can already assert that if the NHN group is proposed to be privatized, then the Han-Game faction will definitely not choose to sell its shares, but will choose to break away from the group and split it alone.

And under the securities laws of the South Koreans, they not only have the right to do so, but they are even more stringent in the process of splitting than if no outsiders had proposed privatization.

This principle is also very easy to understand: just like a family, it was very troublesome to divorce, and it was necessary to divide the family and divide the property and fight a lawsuit. And if the husband owes gambling debts at this time and is hit by an external creditor, it will be easier for the wife to divorce, and there is no need to mention so much evidence to prove that the relationship has indeed broken down.

In the event of a change in the majority shareholder of the company, the other part of the old shareholders has the right to withdraw on the grounds that they do not want to work with the new barbarians. This is a matter of course in Western countries.

Therefore, the money that Gu Mojie has to face is limited to the remaining 15 billion, and there is no need to be afraid of the tens of billions of funds in the han-game system to come in and disrupt the situation. Maybe the other party will also become a temporary ally in the decision to decide whether to delist.

And Gu Mojie also doesn't look down on the online game operators of the Koreans. If the other party wants to be arrogant, let them continue to be arrogant behind closed doors.

……

The meeting of the three lasted for a long time, and seeing that it was past dinner, Gu Mojie was not hypocritical, and asked the maid to set up a family banquet and talk while eating.

At the dinner table, Feliro told Gu Mojie how much money she had raised now.

"The total number of users of the Hatsune wallet has risen by tens of millions in the past few months, from 100.5 after the Chinese New Year to nearly 100.8 today. The red envelope function is a continuous increase in the number of users of the three major payment methods. ”

"What about the average deposit per household? How much can be used? ”

"Not much, the average household deposit is about 200 yuan. After all, the number of users who rush out of the red envelope is not so reliable, and there are still a small number of people who do not have a bank card, and there are hundreds or even dozens of yuan in change, and it is gone to buy two point cards or video website VIP for a few months. There are only more than 30 million large consumers who spend on Hatsune entertainment products and virtual products all year round, and there are more than 500 yuan in savings. ”

Gu Mojie thought for a while and said to himself: "That is to say, the deposits of the people of the whole country in the Hatsune wallet are only three or four billion yuan at most." It's about 5 billion US dollars, which is much less than Alipay. ”

Fei Liluo reluctantly defended: "It can't be compared like this, Alipay sells physical goods after all, and what we sell is something for spiritual enjoyment, virtual, and it is normal to be more than ten times worse than people." Hatsune Wallet has done a great job. ”

Gu Mojie knew that this was the truth, so he didn't put pressure on it.

What's more, it doesn't work even if it's pressurized.

Gu Mojie also pushed the second: "Then invest $5 billion to ......"

"Impossible! The money in Hatsune's wallet is equivalent to 'current'. People's banks have a reserve requirement ratio of more than 20% for fixed deposits. Let's pure current, the frequency probability of customer spending is much greater, Brother Yong has calculated, at least 50% of the reserves, otherwise we will be all over in case of a run. Up to more than $2 billion to enter the market. (To be continued.) )