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On March 27, 8848 was launched for two weeks, and the total sales reached a gratifying more than 800,000, although this figure is inconspicuous, but it verifies what Song Chen once said to the media, China's e-commerce market is not a desert. Although the daily sales reached a surprise of about 60,000, and the number of daily visits even exceeded 150,000, the low effective purchase rate made the number of the 8848 business unit not optimistic enough to be celebrated.

But venture capitalists don't care, they just need to prove that China's Internet infrastructure, despite its poor infrastructure, does exist in the e-commerce market – and that's enough!

After Chenxing Computer System Co., Ltd. changed its name to Chenxing (China) Holdings Co., Ltd., on March 28, in the exhibition hall of Dongou Hotel, where magnesium lights flickered like day, on a long table covered with a long red cloth, Song Chen, the sole investor of Chenxing Holdings, signed an agreement with the venture capital group, and Chenxing Holdings sold 2o% of Alibaba's equity to Sequoia Capital, Kleiner Perkins Huaying, IDG and Yahoo for $70 million.

There are two agreements, and the other agreement is to entrust Huating Standard Chartered Bank to borrow US$30 million from Alibaba Group in the form of performance VAM in the name of four investment institutions, and the term will be successfully realized by performance or until 24 o'clock on December 31, 1999! (Note: Chinese banks have not yet opened, and the earliest approval of personal entrusted loans was started by China Minsheng Bank in 2oo2)

The content of the agreement includes two conditions: the first condition is that by 24 o'clock on December 31, 1998, 8848 will achieve total sales of 30 million; The second condition is that at 24 o'clock on December 31, 1999, Alibaba's free registered users reached or exceeded 3oo; and 8848 achieved a total annual sales of 100 million yuan!

If only one of the above conditions is met, Chenxing Company will repay it in the form of 30 million US dollars or equivalent shares; If the two results are not completed, Chenxing Holdings will repay the cash or equivalent shares at a premium of 2o% to the signatories of the agreement!

As soon as the VAM agreement came out, reporters were in an uproar.

It is now the end of March, to achieve the previous 30 million sales in the remaining nine months, although it is difficult, but once the books and audio publications are listed on the shelves in 8848, it is not unimaginable to achieve more than 10 times the performance, and it is difficult to triple the performance next year; Moreover, Alibaba's registered users will reach 3oo!

Alibaba was valued at $200 million before accepting Son's investment, and $250 million after investing $5oo, accounting for 2o%. In order to avoid dilution of his equity due to future financing, Son asked Song Chen to set up an option pool of up to 15% (an equity incentive plan set up to reward and retain talents), but Song Chen thought it was too high, so he pressed it to 1o%.

After the financing, Alibaba Group's total share capital is 320 million shares (Note: the US$30 million entrusted to Huating Standard Chartered Bank is counted as an interest-free loan before the completion of the VAM agreement), with a share of US$1, and the shareholding structure is 52.5% of the major shareholder Chenxing Holdings, the second largest shareholder SoftBank Company is diluted from 2o% to 15.6%, followed by Sequoia Capital and Kleiner Perkins Huaying accounting for 8% and 8% respectively, IDG owns 4%, Yahoo only 1.9%, and the option pool set up to attract talent is 1o%.

If the VAM agreement is successful, the four investment institutions will also be able to obtain about 11.25% of the shares from Chenxing Holdings. In addition, Xu Xing came forward, Sequoia (USA) Capital took a fancy to Ctrip, which is currently unpopular in Song Chen's entrainment, and invested 10 million US dollars to obtain 23% of the shares from Chenxing Holdings.

For this reason, Song Chen's worth rose sharply again, and he became the prince charming in the hearts of many young girls.

But Song Chen didn't care about these. It's like real estate in later generations, since it is a self-occupied property, no matter how much your price rises, no matter how high your value is, it won't mean anything. However, the $150 million invested by SoftBank and venture capital has made Alibaba's cash pool more abundant than ever.

Judging from the analysis of 8848's numbers, among the netizens who contributed more than 800,000 sales, Beijing took the lead and reached 35%, and the combined sales of the three municipalities directly under the central government of Huating City, Pengcheng City, and Shancheng City were less than half of Beijing's, and as the base camp of Alibaba and 8848, Jiangnan Province also had 12%, and Ou City in the Middle East accounted for more than half......

Judging from these numbers, it probably had a lot to do with the network infrastructure at the time. In addition, from the perspective of TV and print advertising coverage, Beijing's acceptance of TV advertising has a greater impact, and it is more interested in online shopping; In Dongou City, because of its location in the base camp, even if you don't mention print advertising, almost most people know about Alibaba and 8848's deposit, so it is not surprising that there are such gratifying sales.

With half a month's sales figure, Executive Officer Zhai Yan knew how to adjust the strategy.

"There are two priorities for the next step of 8848, first: before April, books, audio-visual and other standard publications will be launched! Compared with the limited market size of genuine software, the sales market of books and records is more worth looking forward to! ”

In the conference room on the seventeenth floor of Xiaonan Building, Zhai Yan's earrings are simple and plain to the sky; Wearing a white shirt, a black A-line skirt, and a high upturned bun, she is mature and beautiful.

Infected with Song Chen's "stingy" style in the early days, in Alibaba, which has a lot of money, both the company's senior management and employees pay great attention to savings. Therefore, Zhai Yan still advocates a convenient and efficient style when she clearly has funds to buy office equipment such as projectors, picks up red chalk in her hand, and circles the key points on the mobile blackboard: "Second, activate the online shopping market of Huating, Pengcheng, Shancheng, Gukou and other coastal provinces including Jiangnan Province, Dongguang Province, Dongshan Province!" ”

In the conference room, Alibaba is full of talents, including international top talents and local top technicians, who sit down and think about Alibaba's next steps.

"After graduation, I worked in Zhai Kuo Electric for a few years, and I had not direct sales experience!" Zhai Yan crossed her fingers and put them in front of her abdomen, and she was not afraid to explain her experience to some seniors who were older than herself and had more work experience than herself, "Judging from my limited sales experience, I am more confident than the chairman to reach 30 million sales by the end of this year!" This confidence is built on two new products: books and audio-visuals! Especially for books, China is a country with a large population and a major consumer of books, stationery and other supplies. The Ministry of Education pursues a policy of leniency in and strict exit, even if the number of new students every year is a huge market segment! ”

"Students don't shop online!" He Yuntao shook his head.

"Their parents would!" Zhai Yan confidently replied, "Since it is to activate the market, in addition to allowing more young people to learn to shop online, we must also let those parents in their twenties and thirties realize that our 8848 books are cheaper than the offline market!" ”

Wang Juntao, the new manager of 8848, muttered: "Although the growth of 8848 is gratifying, it is not like Lianbang Software, which has occupied most of the sales of the domestic circulation software industry after several years of exhibition, so that it can negotiate with software companies and obtain preferential discount prices!" ”

As early as 97 years, Lianbang Software had an e-commerce business, but this is only an internal system of the company that relies on the network, and it is not too outrageous to describe it as inventory sharing information platform software. Alibaba itself has a certain technical reserve before the acquisition of Lianbang Software, and after the acquisition of Lianbang Software, it opened the 8848 logistics distribution system on the basis of this e-commerce system!

In addition, Tongguò holds Lianbang Software, and Alibaba indirectly owns the original talent pool of Lianbang Software! The first is full of pathos in history, the sales champion of Lianbang Jingwai store, the real founder of 8848 Wang Juntao - "Lao Rong", was rated as "one of the top ten netizens" that year, and was a person who knew the Internet very well at that time!

Since last year, Su Qiqiang, Li Ruxiong and Zhao Guoquan of China Insurance Trust have been racking their brains to try their best to increase the profit growth point of Lianbang Software, but they have been unable to understand it all day. Just as Li Ruxiong's performance made everyone know this name, Wang Juntao's performance also made Lianbang Software's senior management know his name. Later, when he was asked to attend the conference, Wang Juntao, who has always had the concept of e-commerce, kept persuading Su Qiqiang and Li Ruxiong to engage in online sales.

It can be said that it was his encouragement to the top management of Lianbang Software that would lead to the birth of 8848 later!

And Song Chen gently pushed his hand and returned the history that originally belonged to Wang Juntao to him again! Even, the starting point is much higher than the opportunities given to him by history - abundant funds, a bigger platform and stronger technical support! At the very least, Wang Juntao will not have a short-sighted director, but a Song Chen whose vision can penetrate the next fifteen years.

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