326th follower

Since 2012, Wei Dongsheng has been busy with black materials and white pavilion elders, and he has been busy paying attention to the founding of the alliance of Ukrainian republics, and has no spare time to lead the Spring and Autumn Search to throw out new concepts and new gimmicks.

The operating income of Internet companies has always been very low, and the selling points of inflated market value probably come from high profits and high growth. Taking Spring and Autumn Search as an example, in 2011, Spring and Autumn Search ranked 141st in the list of China's top 500 with an operating income of 27.803 billion yuan, in 2012, Spring and Autumn Search ranked 123rd in the list of China's top 500 with an operating income of 41.638 billion yuan, and in 2013, Spring and Autumn Search ranked 96th in the list of China's top 500 with an operating income of 55.855 billion yuan. It is precisely with such a considerable growth rate that the stock market is crazy about the spring and autumn search.

However, in addition to the immediate growth rate, new concepts and new gimmicks are also indispensable.

Taking Spring and Autumn Search and Spring and Autumn Network as an example, the operating income of Spring and Autumn Search in 2012 was 55.855 billion yuan, which was almost at the same level as that of Spring and Autumn Network with operating income of 50.88 billion yuan. According to the NASDAQ stock market, the market value of Spring and Autumn Network is about 49.6 billion US dollars, and Spring and Autumn Search still has a market value of about 170 billion US dollars after falling by more than 600 billion US dollars in 2012.

If you rationally analyze the current revenue and profits of Spring and Autumn Search, it does not deserve to have a market capitalization of $170 billion at all.

However, what everyone cares about is the future.

The reason why the capital market is unusually optimistic about the Spring and Autumn Search is entirely because of the high-tech image that Wei Dongsheng has created over the years, from the concept of shorting big data on Wall Street to the artificial intelligence boom triggered by Rotten Ke Go, the Spring and Autumn Group has persistently guided the world into unknown territory. On the other hand, the Spring and Autumn Network, no matter how profitable it is, it is only the online game industry, and no matter how powerful the online game company is, it is impossible to brew a big change that changes the world. The capital market has limited expectations for the Spring and Autumn Network, and has infinite hopes for the Spring and Autumn Search.

This is also the advantage of time accumulation.

After ten years of rapid development, Spring Search and Spring Network have become trusted old and famous enterprises.

However, the more famous the old enterprises, the more they need to be stimulated. If there is no action for a long time, the capital market will inevitably question whether the Spring and Autumn Search has fallen into the quagmire of institutional rigidity and has become a stable enterprise like IBM. This is the deep-seated reason why the market value of the Spring and Autumn Search market value exploded to $230 billion and then fell back to $170 billion. In the same Spring and Autumn Search, Forbes was willing to value $59.15 billion in 2012, but when it was revalued in 2013, it had shrunk to $43.1 billion.

In addition to the shrinking market value of Spring and Autumn Search, Wei Dongsheng's stake in Tencent in his personal name has also been reduced by half.

Speaking of Tencent, its first two years have been very difficult.

Tencent's net worth is lifeblood in instant messaging.

Wei Dongsheng set off a mobile Internet revolution with smart phones, and WeChat, launched by the original Foxmail team, soon overtook the corner and monopolized the mobile terminal instant messaging, forcing Tencent to a dead end in a very short time. The higher the sales of smartphones and the higher the popularity of WeChat, the bleaker Tencent's future will be. After WeChat began to exert its strength, Tencent's market value continued to decline unstoppably, and there was less and less hope at all, and public opinion has begun to discuss whether Tencent should be expelled from the ranks of the CAT triumvirate.

If Tencent had encountered such a crisis ten years ago, it would have been red-eyed and desperate to fight to the death with the Spring and Autumn Period. But the world in 2013 is no longer the world in 2003, the smart operating system launched by Zhiyu Group, picking Apple with a gun, sweeping Android, dominating the Chinese smartphone market with an absolute advantage. Tencent's struggle with the Spring and Autumn Period is definitely a dead end, because Zhiyu Group only needs to quietly do tricks at the level of the smart operating system to offset Tencent's tens of billions of yuan in promotion funds.

Moreover, after a series of complex equity exchanges, Wei Dongsheng used his thinking to control the Spring and Autumn period to build the Spring and Autumn Enterprise into a hidden Kangcaien-style super-large monopoly organization. As far as the superficial equity institutions are concerned, even the companies such as Zhiyu Electronics, Zhiyu Telecom, and Zhixing that were spun off by the Zhiyu Group, their legal forms are very loosely connected. But behind the loose equity structure, there is a center that can operate stably without a written agreement, which is the core unit that really controls the Spring and Autumn Enterprise.

Spring and Autumn Search, a subsidiary of the Spring and Autumn Department, is already an existence that Tencent cannot match.

How dare Tencent confront the entire Spring and Autumn Period!

Moreover, Tencent does not have to take any gambles.

In order to avoid the fate of complete defeat, Tencent's founding team and MIH, the second largest shareholder, actively sought reconciliation. At the same time, Wei Dongsheng was too lazy to control the two instant messaging industries, so he came forward to persuade Tencent to merge with the WeChat operation team of the Spring and Autumn Department at the cost of half of the equity reduction.

After the merger of Tencent's additional shares and WeChat, it ignored the shareholders' realized shares and briefly explained its equity changes: the proportion of outstanding shares on the exchange was reduced to 10%, the Spring and Autumn Department held 67.5% of the shares, MIH held 12.5% of the shares, Tencent's founding team and the old management held 5% of the shares, and the original WeChat operation team held 5% of the shares. In addition to the great turmoil in the shareholding structure, the power of Tencent's founding team has also been greatly weakened, so that the merged Tencent has completely reduced to an Internet company with absolute control by the Spring and Autumn system.

In 2011, in order to alleviate the monopoly criticism at the level of public opinion, Wei Dongsheng decisively continued to spin off the Zhiyu Group with the highest operating income: Zhiyu Electronics will be responsible for the electronics industry based on the smart phone business in the future; Zhiyu Telecom is responsible for communication equipment represented by 3G standards, 4G standards, and 5G standards; Zhiyu Group only retains the software system represented by the intelligent operating system.

The WeChat team was originally named in Zhiyu Group.

After a series of equity exchanges, Zhiyu Group received a total of 60% of Tencent's shares at a premium, making Tencent a subsidiary of Zhiyu Group. Based on certain ideas, Wei Dongsheng reduced his stake by half as the original shareholder of the old Tencent during the integration process, and continued to hold a 7.5% stake in Tencent in his personal name.

In this way, Zhiyu Group opened up territory with capital, and the dove occupied the magpie's nest to become the new owner of Tencent.

One is the timely takeover of Zhiyu Group, and the other is the merger of WeChat and Tencent to bring good news about the mobile Internet, and Tencent's stock price then rose rapidly. In March 2012, Forbes valued Tencent's 15% stake at $4.16 billion, and in March 2013, Forbes valued Tencent's 7.5% stake at $5.96 billion, vividly depicting Tencent's rebirth.

Tencent surrendered without a fight, and set off the strength of the Spring and Autumn Period with iron facts.

Specific to the emerging Internet industry, no one is willing to refuse the Spring and Autumn Department's shares. Whether it is the closed monopoly of the smart phone operating system, or Tencent's channels, the traffic of Spring and Autumn Search, or the four-dimensional space social networking site that crushes Sina Weibo, any one can substantially affect the life and death of a new enterprise, not to mention that they all belong to the same camp of the Spring and Autumn system?

In the face of Wei Dongsheng's past achievements, neither Wu Jingzhong nor Wu Jingyi had any confidence.

The confidence here refers specifically to self-denial. When their own judgment conflicted with Wei Dongsheng's, Wu Jingzhong and Wu Jingyi often subconsciously denied themselves and instead agreed with or studied Wei Dongsheng's views. When Wu Jingyi brought out Wei Dongsheng to support Panyang Normal University, Wu Jingzhong questioned Wu Jingyi's classmate Yu Yueyi, and then questioned the friend of the Spring and Autumn Search and Zhu Wei Group to eliminate his cousin Shi Mengxian, which suddenly became a joke of "I am smarter than the president of the country" and "I am wiser than Wei Dongsheng".

Wu Jingzhong does not have the self-confidence to be smarter than the president.

Wu Jingzhong also does not have the confidence to understand business operations better than Wei Dongsheng.

So, the conversation between Wu Jingzhong and Wu Jingyi ended in a hurry.

Speaking of Wei Dongsheng, Wu Jingyi suddenly asked Wu Jingzhong curiously: "Brother, have you been in Tanzania?" ”

Wu Jingzhong kindly concealed his whereabouts and deceived his family, saying: "I worked in Zimbabwe before the Narnia Civil War, and then the chaos in southern Africa became more and more chaotic, so the company transferred us to Tanzania, which is safer. ”

Wu Jingyi: "Tanzania is also very close to UU, right? ”

Wu Jingyi's real interest is obviously the alliance of Ukrainian republics.

Wu Jingzhong's heart pounded violently, shocked and suspicious: "Could it be that my sister already knows that I once fought on the front line of the Narnia Revolution?" ”

Wu Jingzhong was not afraid that Wu Jingyi would know his details.

What Wu Jingzhong is really worried about is Wu's father and Wu's mother. If Wu's father and mother knew that Wu Jingzhong had been dancing on the tip of the knife all these years, and this year he finally looked forward to the victory of the revolution, and Wu Jingzhong strangely became a deserter because he could not have both fish and bear's paws, they would definitely be shocked and angry, and then extremely stubborn to force Wu Jingzhong to compromise with their own lives.

This is the result that Wu Jingzhong does not want to see.

Wu Jingzhong would rather hide in a corner irresponsibly and die quietly than have a fierce quarrel with his parents.

Wu Jingzhong glanced at his parents and whispered to Wu Jingyi's inquiry: "The Union of Ukrainian Republics is not very close to Tanzania, but it is not far either. ”

Wu Jingyi: "Have you seen the Union Party of the United States?" ”

As a volunteer who traveled thousands of miles to Narnia, Wu Jingzhong's officers and comrades-in-arms were all members of the Union Party, and they couldn't be more familiar; As a spy from a non-professional background, Wu Jingzhong deliberately collected intelligence information from the League, and knew that the League was very good at infiltrating southern African countries, and Tanzania also had many secret strongholds of the League. If the denial is too simple at the moment, Wu's father and Wu's mother will accidentally see relevant news reports in the future, and they may suspect that Wu Jingzhong is telling lies.

Wu Jingzhong vaguely replied to Wu Jingyi's curiosity: "I know a little." ”

Wu Jingyi was unexpectedly interested: "Is the Alliance Party really a fan of our Spring and Autumn Group?" ”

Wu Jingzhong was stunned.

What do you mean?

The Alliance is a fan of the Spring and Autumn Group?

It's just a joke, when did the Union Party get involved with the Spring and Autumn Group?

As far as Wu Jingzhong knows, it is necessary to say that there is some connection between the Alliance Party and the Spring and Autumn Search, and it is only after Huaguo decided to provide military assistance to the Alliance Party, the Alliance Party sent people to Zhu Wei Group to borrow money to order a batch of mecha parts and introduce several primary processing lines. The cooperation between the Union Party and the Zhuwei Group is very limited, not to mention the Spring and Autumn Group, which cannot be beaten by eight poles?