Andy actually understands Jack Ma's use of a three-step strategy to pit Yahoo Yang Zhiyuan and Softbank Sun Zhengyi's approach, separating third-party payments, making it solo, and completing the transfer of foreign ownership to domestic capital, which is also Jack Ma's helplessness.

The security of payment data is not something that any country will easily give up. It is a security issue, not an ethnic issue.

All big companies hope to face the world with openness, but the future era is the competition of data. And Jack Ma's Ali has national economic data. This is undoubtedly impossible for any country to accept being controlled by foreign capital. In the United States, the same problem is still encountered, or even more troublesome.

Understanding is understanding, but Jack Ma has always been a well-respected entrepreneur in the rabbit country, and Ali is also one of the largest Internet companies in the rabbit country. The cost of this mistake is not only the accumulated international reputation of the individual for many years, but also Ali's potential long-term development opportunities.

At the same time, the event of solo (separating from the two major shareholders of Yahoo Softbank) has triggered discussions about the entrepreneurial contract spirit and integrity.

However, what Andy did not expect is that the most important question for Li Xiaoying's video connection is that Jack Ma raised the issue of the payment of licenses on the board of directors shortly. According to the information returned from various parties, foreign investment may eventually Unable to get the license in the first batch, so proposed the first step strategy that hides the purpose of separation for third-party payments.

70% of the shares paid by a third party were transferred to a domestic company under Jackma's name at a low price. One of the most confusing and deceptive conditions for SoftBank and Yahoo to keep up is what Jackma calls so-called agreement control.

The so-called agreement control model originates from the creation of the old wave network Nasdaq 12 years ago, and has been widely used in the overseas red-chip listing of companies in the “foreign investment ban” industries such as the Internet and publishing.

It is to set up a wholly foreign-owned enterprise in the name of an overseas company under its control and return to the main income and profit of the domestic enterprise through exclusive management consulting or technical service agreement and other contracts.

Through the above series of arrangements, although on the surface, the domestic enterprise is still an independent domestic-funded enterprise, in fact, all operations of the enterprise and its corresponding assets, income and profits belong to the overseas company and are actually controlled by the overseas company.

At this time, the statements of both parties shall be consolidated. Consolidated statements are the accounting prerequisites for realizing overseas listing of domestic equity.

Yahoo and SoftBank also implemented the same financial report at the beginning of the agreement. However, Jack Ma continued to transfer the remaining 30% equity in August 2010. The third step was the termination of the agreement control with Ali Group in the first quarter of 2011. Jack Ma Without the approval of the board of directors, the agreement control was terminated and the personal holding of the third party payment was completed.

Then, after passing the investigation of the central bank, after obtaining the license, he turned around and proposed to negotiate the compensation agreement between Yahoo and Softbank. However, Sun Zhengyi of Softbank directly refused, and the compensation negotiations between Jack Ma and Yahoo fell into a quagmire.

No matter what the reason, how powerful the background is, it cannot escape the issue of interests and the integrity of the contract spirit.

Enterprises must be strong, bigger, and go global, and they must be honest. Since all companies in the world do business under the framework of a contractual spirit, then everyone must abide by and maintain this framework. This is both a responsibility and a self-interest. protection.

However, the more complicated background is Jack Ma's belief in Ali's absolute control and the efforts made in the past two years to repurchase controlling shares. In groups where individual shares are less than 10%, Jack Marco has maintained a strong management position with a weak board.

When an evil result has been planted, 10,000 good reasons cannot be whitewashed, and if it is so, it is hypocrisy.

Of course, at the same time, it must be acknowledged that modern payment is a new financial shuffle that spans bank and credit card payments. At this point, the rabbit country has done much more advanced than the European and American countries. There is no way to learn from this. This is the leader of the rabbit country. The world must go through as a trailblazer.

Andy couldn't determine whether Jack Ma was forced or thoughtful before finally deciding to do it. It was nothing to hang up, but now it fell on himself, then things became less beautiful.

In fact, this simple dispute over interests is still easy to resolve. The compensation agreement should be very generous. Yahoo that does not come later will not agree to the negotiations. The reason why Softbank's Sun Zhengyi refused, perhaps was that there was an idea with Jack Ma. Disagreement, maybe this Korean footbathman has some more obscure thoughts inside.

Andy knows that if Ali Group can really bring him huge benefits, then the problem of third-party payments cannot jam Jack Ma's neck. This is something that these foreign investors cannot decide, and no country will. Allowing such instruments involving national financial security to be controlled by foreign capital.

Long eyebrows and contemplation caused the entire room to fall into a weird silence, whether it was Li Xiaoying at the other end of the video and Ivana who had dropped her work and looked at him curiously.

"We are not the largest shareholders. We don't need to rush to take a stand. After all, now is not the time to make a real decision, our interests cannot be damaged, and at the same time we must consider the reality. The issue of payment of licenses will not be a problem in any country Small problem, Ali's share of equity, it is difficult to get the trust of the country, this is the reality. "Andy finally raised his head and broke the silence.

Li Xiaoying agreed with this conclusion, and praised her young boss's understanding and rationality of the rabbit country culture.

"Maybe I need to meet Jack Ma once, but unfortunately it is not allowed now. If Jack Ma comes to the United States, I would like to meet him."

Li Xiaoying nodded and said, "I will bring him the next time I see Jack Ma. Also, boss, I have contacted Zhou Hongwei of Qihoo 361, and I will fly to the capital tomorrow, I want to think about it The week to expand will not reject our investment. "

"Very good, Emily, I'm very satisfied that you can enter the state so quickly and open up a breakthrough in the investment of the rabbit country's Internet market. The list I gave you, I hope you can achieve them one by one." Andy face Praised with a satisfied smile.

"According to our understanding, Youku is brewing a third round of financing of 25 million US dollars; Dangdang, Tudou.com, I have sent people to investigate and understand. As for the boss, the game company you paid attention to, I think the most There are only two development potentials, one is Changyou and the other is Shengda ... "

Andy patiently listened to Li Xiaoying's report, his brain was thinking quickly. Although the names and main businesses of these companies were very clear, he was only a technical house after all, and his focus was not on the company itself. More It's about their business and products.

"Youku ’s US $ 25 million in financing amount was all eaten up. Buy out its shares as much as possible, as well as Tudou.com, the country ’s netizen base is very large, and the development speed of video sites is very rapid, special Under the national conditions, they have almost decided that they will not have powerful external enemies, and they will basically be in a situation of internal fighting. As one of the world's first online video sites, Tudou and Youku are undoubtedly the best among them These two horns give them enough ammunition to destroy their opponents. When these two are left, no matter who wins or loses, I will be the beneficiary. "

"I understand the boss, but hold two company shares in the same business at the same time, boss, are you sure you want to give up the voting right on the board?" Li Xiaoying is very opposed to this, after all, the right to vote can protect the interests It is unwise to give up power easily.

"OK, but you have to indicate in the agreement that no matter which one has acquired the other party, our voting rights will be restored as soon as possible." Andy just decided not to arouse the suspicion of the investment banking of the two companies before deciding to give up voting rights. Yes, impartiality, just for profit, maybe this can also make the founder team more at ease.

"So, what about the last penguin?" Andy had a bad hunch, because when Li Xiaoying left, Ali and Penguin had specifically told him to pay attention, no matter how many shares can be bought, but from the video From beginning to now, Li Xiaoying has never mentioned penguins.

"Sorry, boss, I'm afraid to let you down. Since Penguin's listing on HK in 2004, the stock price has maintained a steady growth, and now Penguin's internal equity structure is very solid. I am afraid we cannot get shares unless we are willing to spend. Huge money ... "

Sure enough, Andy smiled bitterly and said, "Tell me about Penguin's equity structure."

"In 2002, entrepreneurs accounted for 46.3%, South African mih accounted for 46.5%, and idg accounted for 7.2%. By 2003, the founder team and mih each accounted for 50%. After the listing, 420 million public shares were issued. Increasing the share capital to dilute the proportion of original shareholders. The proportion of 12 natural persons and South African mih's penguin holdings each decreased from 50% to 37.5%. On August 31 of the same year, the Bank of South Africa announced that it held 185 million penguin shares, accounting for 10.43%. The rest are tradable shares! "

"This South African mih ..."

Li Xiaoying quickly solved the confusion for Andy, "This is a group controlled by NL South Africa Standard Bank. Its main businesses are media, TV stations, and the Internet. It has begun to lay out the Asian market very early. Listed companies have a current market value of $ 4 billion. "

Andy nodded, staring at the pretty face in the monitor and asking, "What advice do you have?"

After groaning for more than ten seconds, Li Xiaoying said, "Boss, if the US subprime crisis really sweeps the world, I think Standard Bank of South Africa will also suffer. Maybe we can use this opportunity to contact them and see Is it possible to buy some shares? If not, the global stock market will suffer a huge blow under the crisis. We can also use the low price to attract a lot of money in the market. This type of circulating stock may be more suitable for us. Nasda The shares of Mih and Penguin, both listed on K.K., and Penguin, which are listed on HK Ltd., are being raised at low prices. More than 5%, we can announce to the outside world. I think these two companies will have to attract us to the board of directors. "