No. 091 This is an honor that belongs to a past life

Fast forward to March 2004, when Tencent gave up its listing on the NASDAQ in the United States and listed on the Hong Kong Stock Exchange instead. One of the reasons why Tencent chose to list in Hong Kong cannot be ignored is that Tencent's founding team wants to buy the options promised to core employees before the listing at a lower price, which is not recognized by the US capital market.

In the final analysis, it is still interests, and Tencent's founding team and core employees hope to realize their equity at a high price. If Wei Dongsheng really values Tencent at 10 billion yuan, Tencent's founding team will definitely be willing to transfer this part of the equity to Wei Dongsheng. However, Wei Dongsheng's willingness to acquire Tencent was not strong, and he was only willing to value Tencent at 5 billion yuan under the pretext that he could not obtain a controlling stake.

5 billion yuan, it is unattractive.

Tencent's founding team values itself at 8 billion to 10 billion yuan, and its securities contractor, Goldman Sachs Asia, does not agree, but also values Tencent at HK$4.6 billion to HK$6.2 billion. As long as it can be successfully listed, Tencent has the opportunity to exceed 5 billion yuan.

The topic of equity transfer is deadlocked here.

Wei Dongsheng was unwilling to get into too much trouble with Tencent's founder team, and proposed to Tencent that if Tencent was willing to redeem 7.2% of the equity at a premium of 10 billion, Wei Dongsheng agreed to let go in principle.

The premium doubled, that is, 1.44 billion yuan.

Wei Dongsheng bought a 7.2% stake for US$6 million, which is equivalent to about 49.66 million yuan at the current price of 8.2771. If Tencent is really willing to redeem at a high price, although it is very regrettable that it cannot reach a cooperation with Tencent, it is also a perfect investment that has increased by 29 times in three months. After getting a net income of 1.4 billion yuan, Wei Dongsheng invested in other companies, and the expected income is not necessarily worse than Tencent.

However, Tencent's founding team refused.

Because they are not optimistic that Tencent will be able to grow to a market value of 20 billion yuan in a short period of time; Because they have no money, they can't take out 1.44 billion yuan, even if they are very optimistic about Tencent's MIH, they are unwilling to spend 1.44 billion yuan to buy back 7.2% of the shares in Wei Dongsheng's hands.

In the business field, shouting high prices for no reason is actually a very bad behavior.

If Wei Dongsheng had not been backed by the Spring and Autumn series of companies, Tencent's founding team and MIH would have ignored Wei Dongsheng's opinion and diluted the 7.2% stake to an inconsequential 0.72% through some digital games. It's a pity that Wei Dongsheng is not a newcomer who can be kneaded by others, nor is he an outsider investor who can be simply deceived. Wei Dongsheng has the most profitable "Spring and Autumn of the Ten Kingdoms" in Huaguo, and there is also the Spring and Autumn Security Steward, which is known for its detection and killing of rogue software. If Wei Dongsheng is annoyed, Wei Dongsheng will turn around and cooperate with NetEase Bubble, the second largest instant messaging tool in China, and then use some indistinguishable reasons to block QQ, which is definitely a disaster that Tencent's founder team does not want to see.

The Spring and Autumn series of companies is the confidence for Wei Dongsheng to negotiate interests with Tencent.

For Tencent, the threat of the Spring and Autumn series is greater than that of IDG.

At the same time, Wei Dongsheng also made a condition to acquire the equity of Tencent's founder team or MIH at a valuation of 5 billion, proving his sincerity. Wei Dongsheng used practical actions and banknotes to show Tencent's founder team that the sale at a double premium is by no means a malicious shareholding, but is based on a favorable financial investment in Tencent.

On the other hand, Tencent also needs the cooperation of Spring and Autumn series companies, especially the Spring and Autumn Network, which has risen rapidly with "Spring and Autumn of the Ten Kingdoms". Tencent's current profit model is overly reliant on the "Monternet" business, like Lin Daiyu under the fence, and the reason why Tencent has taken the risk of testing the waters of online games is also out of concern about this hidden danger.

As of 2004, in addition to exogenous income such as advertising, the only high-profit business endogenous to the Internet was the online game industry. All the better Internet companies now have game departments, such as NetEase, because half of its Thai revenue comes from online games, and it is even jokingly called that it is not a portal but a game operator.

Tencent's current crisis is the lack of online game business.

If you want to get out of the crisis, you must fight a new way in the field of online games.

After the failure of "Triumph", Tencent no longer dares to treat online games as a field that can be set foot in casually. On the other hand, the Spring and Autumn Network, the technical background during the operation of "Spring and Autumn of the Ten Kingdoms" has convinced many manufacturers, the server is the most stable, the drop rate is the lowest, the anti-plug-in is the most efficient, and bugs only exist in legends. If Tencent can learn from the operation experience of Spring and Autumn Network, Tencent will be able to see the light of day in the field of online games and thrive in the Internet jungle.

Tencent invited Wei Dongsheng to Shenpeng to negotiate equity matters, and also wanted to take this opportunity to implement online game cooperation.

Wei Dongsheng, Lei Jiafei, Ye Youhang and other employees converged, and led a team to negotiate Tencent's listing plan with Tencent's founder team and Goldman Sachs Asia. The meeting was a non-nutritious courtesy, and Wei Dongsheng was unanimously welcomed by everyone at least on the surface. Martin Lau of Goldman Sachs Asia also courted Wei Dongsheng, praising him: "Mr. Wei is really a hero, I heard that Time magazine listed you as one of the 100 most influential people in the world in 2004." ”

Everyone present was surprised: What is going on?

The 100 most influential people in the world sound awesome. Everyone knows that Wei Dongsheng is amazing, and he made a good work like "Spring and Autumn of the Ten Kingdoms" at a young age, which can be said to be one of the 100 most influential people in the world, which is too exaggerated, right?

Wei Dongsheng is so virtuous that he dares to be among the top 100 in the world.

Wei Dongsheng did not show off, nor did he deny it, but simply stated the facts: "Time magazine contacted me to list me in the category of 'Builders &Titans' and asked me to write reviews for some people. However, this is just an alternative, and it doesn't necessarily make me one of the 100 most influential people in the world. ”

Hearing Wei Dongsheng's admission, everyone felt even more incredible.

Even, some people didn't control their mouths well, and couldn't help but ask: "Is it really Time Magazine?" ”

The implication is that the so-called 100 most influential people in the world should not be a deception of Pheasant Magazine.

Time Magazine is famous, and if it really lists Wei Dongsheng as one of the 100 most influential people in the world, Wei Dongsheng should have the top 100 influence in China even if he is not worthy of his name. However, if you start with the torrent download artifact, Wei Dongsheng has only been in the Internet industry for more than ten months, why does he have such a strong influence.

Martin Lau knew some background and testified for Wei Dongsheng: "It's really Time Magazine. When Time magazine prepared the list of the '100 most influential people in the world', there was a fierce internal dispute over whether to choose Mr. Wei or Bram_Cohen, so I knew in advance that Time magazine might list Mr. Wei as one of the 100 most influential people in the world. ”

Wei Dongsheng also explained: "The reason why Time magazine deliberately selected me as one of the 100 most influential people in the world is because of the contribution of torrent download artifacts. ”

Time magazine is interested in the extension technology represented by the BitTorrent protocol.

The status of the BitTorrent series of technologies is actually far more important than everyone thinks.

It's so basic, it's so common, that people downplay its importance. However, the more basic and common the technology, the less important it is to ignore its impact.

Torrent download artifact is a download tool, but the extension technology represented by the BitTorrent protocol will not be limited to the download field. In fact. It has spread rapidly to other areas, such as the addition of peer-to-peer network research, such as the need for higher requirements for basic telecommunication services.

Bram_Cohen is an American, Time Magazine wanted to promote Bram_Cohen as the father of BitTorrent and monopolize the derivative influence of the torrent download artifact.

Bram_Cohen was originally the true father of BitTorrent, but due to Wei Dongsheng's truncation, a more mature torrent download artifact was born, taking away all his aura. The gap between BitTorrent and torrenting is so obvious, and the BitTorrent protocol is only one of the core technologies of torrenting, that the reputation of the father of BitTorrent in today's Bram_Cohen is simply not convincing. It doesn't take Wei Dongsheng to speak, and some tech-savvy fans accuse SeedDon of being a shameful narrow-minded person to attribute SeedDon to Bram_Cohen. In order to salvage its reputation, Time Magazine urgently contacted Bram_Cohen and Wei Dongsheng, and after negotiation, transferred the BitTorrent derivative influence to Wei Dongsheng, and promoted Wei Dongsheng as the father of Seed (the father of seeds).

Wei Dongsheng calmly accepted the honor of the father of Seed.

Bram_Cohen is certainly the pioneer of the BitTorrent protocol, but the torrenting artifact is also applied to many more efficient technologies that will complement it in the future. These technologies, which come from countless unknown technicians in previous lives, should not be possessed by Bram_Cohen for free.

Wei Dongsheng took away the honor that belonged to them for the technicians in his previous life.

I returned with thirty years of memories, and I am qualified to represent the achievements of my previous life, and Wei Dongsheng thinks so and does so.

Wei Dongsheng calmly faced Bram_Cohen, and calmly faced the honor of the father of seeds and the glory of the Seed protocol and Seed technology named after him, because the core technology of the torrent download artifact did not come entirely from Bram_Cohen. Of course, Wei Dongsheng will not be arrogant, he will only receive the honor that belongs to them Bram_Cohen on behalf of the technicians in his previous life, and will not give him the honor of future technology for free because he is the founder of BitTorrent, let alone feel that the father of seeds is his personal honor and the result of his efforts.

Whoever it should be, it is.

Therefore, Wei Dongsheng calmly accepted the honors of Time Magazine's 100 most influential people in the world, but he would not breed arrogance because of it, let alone shamelessly promote his power.

Tencent's founding team couldn't make a clear valuation of the torrent download artifact before, and regarded the torrent download artifact as a relatively easy download tool; Now it is also impossible to make a clear valuation for the torrent download artifact, and Wei Dongsheng is highly regarded because of Time Magazine's list of the world's 100 most influential people.

Suddenly, Wei Dongsheng's image in the hearts of everyone became tall.

Wei Dongsheng didn't want to show off his achievements in his previous life as his own achievements, and brought the topic back to equity matters: "Tencent's listing plan is to issue new shares equivalent to 25% of the equity, raising 1.2 billion to 1.8 billion Hong Kong dollars. In this case, my 7.2% stake will be diluted to 5.4%, and the market value will be about HK$260 million to HK$390 million after successful listing. Such an equity dilution, please forgive me cannot agree with it. ”