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This attitude is obviously not welcomed by the capital market! Fortunately, the model of the Chenxing Group is still incomprehensible, although the huge ecosystem built by relying on the Internet has loomed, but before the group is profitable, they will not turn against a dazzling and powerful genius like Song Chen, nor will they blindly sell the shares of the Chen Galaxy Company, especially when Song Chen himself has increased his shareholding openly and secretly.

Song Chen's desire to be strong, their confidence will be stronger, on the contrary, Song Chen will not have the slightest attachment if he sells the shares of 8848, Ctrip, and Chenxing Network. If it weren't for Song Chen's worry that the appearance would be too ugly, he would have sold the shares of the three major companies and repurchased the shares by secretly absorbing them, because there are too many smart people in this world, and it is easy for him to anger American investors by doing so, after all, this is not allowed by law!

Once Song Chen does this, he will be greeted not by a huge profit, but by a court summons from a class action lawsuit!

In this context, the boss still has to make the decision of capital merger and acquisition, in addition to burning more money, the purpose behind it is obviously thought-provoking. Even, global investors can basically determine that the successive listing of the three major companies at the end of 99 and the huge financing from Chinese commercial banks is a far-sighted calculation.

Shen Peng gasped and asked: "The company's cash flow is quite abundant, but once it sets foot in the international market by means of international mergers and acquisitions, especially for large enterprises like Trave1city, the sudden increase in salary costs is not to mention, but the impact on the company's finances is certain!" ”

Last year, the group's capital mergers and acquisitions concentration was not large. The scale of funds is also very small, mostly in the name of Chenxing Network. The maximum amount of acquisition is only 10 million, and most of the assets are portals. But like Trave1City's leading companies, even with the help of the general trend of the collapse of technology stocks, it is impossible to get it without hundreds of millions of dollars, and it is a question of whether the other shareholder is willing or not!

There is also the company Prinette, which was founded in 1998 and went public in 1999 with a total share capital of 40 million or 50 million. At its peak, the stock price reached nearly $8oo, which is higher than Apple and Google in its heyday...... Although the Nasdaq stock crash has plummeted like an avalanche and has only a dozen dollars so far, it still has $730 million in total assets at market prices......

Facing Shen Peng's almost gaffe question, Zhai Yue smiled. He smiled meaningfully: "What do you think will be the reaction of the U.S. capital market if we acquire Trave1Nete from Ctrip?"

Shen Peng took a deep breath, and while thinking about the possibility of Zhai Yue's words, he said in a deep voice: "If Ctrip acquires Prinette, our stock will inevitably fall sharply in the short term!" And. provided that we have sufficient capital ......"

Speaking of this, Shen Peng's eyes lit up, and he blurted out: "Do you want to increase your shares at this moment?" ”

Zhai Yue smiled and sighed, "It's not impossible. It's just that the chairman of the board of directors is currently concerned about another more important thing, so Ctrip can't make such a big move in a short period of time! ”

"What do you mean?" Shen Peng was stunned.

"The business environment in our country is very different from that of the United States. Therefore, Ponete's user pricing technology can be used for reference, not copied! However, it is inevitable to develop Ctrip's own vertical search technology, which Baidu can't take care of for the time being, and we can cooperate with Baidu! Considering that you are also a technical talent from Baidu, it must not be difficult at all! ”

Shen Peng nodded vigorously, understanding Zhai Yue's concerns.

What is user pricing [nameyouronprice]? When the customer chooses a travel destination, when booking a hotel, he can select the star rating, city area, check-in time on the website, and provide a valid credit card account number when registering, and then bid on the website transaction page according to his budget, but the customer does not know the name and address of the specific hotel before the transaction.

For example, a customer only bids $2O for a standard room in a four-star hotel, and the average quarterly price of a four-star hotel in the area is around $5O on the channel of an online travel agency, and the server rejects this price.

As a result, the customer can raise the bid and play with the service provider [prinete], but any bid cannot be withdrawn until it is rejected by the server system, and the customer's credit card account will be paid immediately if it is filled. After the payment is successful, the transaction is completed, at this time, the customer will receive a text message or email with the hotel's address, name, phone number and other information, and cannot be refunded.

When booking a ticket, you can only choose two cities, dates, and you don't know the exact departure time, airline, whether you need to transfer and other more information before the transaction. It can be seen that in such a customer-led network economy model [c2B], customers obtain the core purchase value of the product at a real low price, and also obtain the pleasure of price game with prinete.

Prinette is not just a price matchmaker in this process, when a hotel or airline offers a low price based on the principle of revenue management, Prinette will add a few dollars as the auction reserve price to play with the customer's bid, and this more or less difference is Prinette's profit.

For hotels and airlines, because they are running "limited-time sales" in completely opaque channels, there is no negative impact on the price structure of public channels, product value, brand image, and the marginal revenue is greatly improved, and they will be happy to quietly sell their products through the guòprinete platform during the off-season or during the "lastminute" of product sales.

Therefore, it is not surprising that a perfect model of "customer-oTa-business" tripartite value realization was born, and a wealth myth was created. One year later, on April 15, 2o11, Ctrip, China's largest online travel leader, had a market capitalization of $6.6 billion, while Ponete, the global leader in the industry, had a market capitalization of more than $2.5 billion.

This model is very similar to Qunar in later generations, but it lacks the user pricing link, which is more like a price catalog, listing the name of the hotel or class, price, time, etc...... The missing link is essentially the universal value respected by Europe and the United States - the spirit of contract.

This is the reason why even China, which is dominated by imitation in later generations, still did not give birth to such a model as Ponete.

The credit economy and the spirit of contract are the moral binding force and driving force of the Western free economic exhibition, and should be the cornerstone of the network economy, including online tourism, to create customer value, while the standardized rating of domestic tourism products lags far behind consumer demand, the integrity supervision system of buyers and sellers is not perfect, and the trading habits and rules of opaque price channels are not yet subject to industry constraints.

In such an environment, it is difficult for consumers to easily give out credit card account numbers, and it is even more difficult for merchants to plan dynamic bidding for opaque channels with peace of mind.

Secondly, for a long time, there has been a strict imbalance in transaction costs, transaction information, profitability and channel control between merchants and oTa, and the relationship between merchants and oTa is delicate, with cooperation and mutual benefit, as well as mutual erosion and black-box games. In the history without Song Chen's troubles, the vertical search technology of online travel caused a commotion in the industry when it landed in China, with the rise of hotel group buying, and the story of tension between merchants and traditional oTa bookers......

All kinds of phenomena reflect the lack of rules behind customer competition and channel competition, and when it is not clear who moved whose cheese, "nameyouronprice", the most outstanding cheese of customer value, is impossible to talk about.

Finally, from the perspective of technology and operation alone, factors such as merchants' understanding of the essence of revenue management and the management level of opaque channels will restrict the promotion of this model. Due to the time limit of product sales, it must rely on the real-time digital docking between thousands of merchants and the oTa business platform, which is difficult to promote even Chenxing Group, which has such technical reserves.

Song Chen took this into account and also referred to the model of Qunar.com, which he commonly used in his previous life, to determine the next route that Ctrip Travel Network would take, that is, "Ctrip + Qunar.com", as for Ponete, he could only wait for him to complete another important large-scale merger and acquisition, and then find a way.

"I know what to do!"

At this moment, Shen Peng was full of confidence and fighting spirit, because he knew what to do next, to build a vertical search engine for online travel, isn't this the technical field he is most familiar with?

It's simple to chat with smart people, Zhai Yue said: "I will talk about this matter to Mr. Cheng [Cheng Yang], the chief operating officer, and I will also highlight it in the meeting!" After I step down, Mr. Cheng will take over my position, and at the same time, your technical and operational departments will be directly responsible for Mr. Cheng and Mr. Huang [Huang Yaoxuan], the financial officer, to avoid too many constraints from other departments! ”

Looking directly at Shen Peng, Zhai Yue said with deep meaning: "This is also what the chairman meant, after all, we are a technology company relying on the network!" ”

Shen Peng's small eyes flashed with a gleam, and his face showed excitement and excitement, because he heard some possibility from Zhai Yue's hints, and also saw which stage he might appear on in the future.

"I won't let you and the chairman down!"