The 127th is a powerful pill, which is also a poison

Tencent's stock price has been hovering at 4 Hong Kong dollars for a long time after the bad news.

At 4 Hong Kong dollars, Tencent's market value is 6.72 billion Hong Kong dollars; at 10 Hong Kong dollars, Tencent's market value is 16.8 billion Hong Kong dollars.

In other words, Ma Huateng's persistence has evaporated 10 billion Hong Kong dollars.

This is 10 billion Hong Kong dollars!

Tencent's major shareholder MIH, no matter how rich and powerful, cannot ignore the evaporation of tens of billions of Hong Kong dollars. Recalling the continuously high stock price of breaking six and seven, eight and nine, and compared to the bleak present, MIH shareholders couldn't help but want to beat Ma Huateng.

In the operation of a company, unless it is an absolute holding in the true sense, the so-called voting rights and controlling rights are nothing more than fictitious names. The same emperor, the founding father Zhu Yuanzhang and the subjugated Chongzhen Zhu Youjian, are absolutely different concepts. If the prospects are bright, shareholders are happy to share the dividends and rarely interfere with the company's strategic direction; and if the prospects are gloomy, not only will the shareholders be dissatisfied, the management will also lose confidence in their loyalty. No matter how high your voting rights and shareholding ratio are, the shareholders and the management team will reach an agreement, and you will be emptied in an instant; even if you absolutely control the family business or individual enterprise, the management can vote to leave with their feet.

Controlling rights are just a bunch of numbers.

It is very useful and useful in many cases, but it is not a panacea after all.

No one will work for you selflessly because of your high equity ratio.

If Ma Huateng wants to persuade shareholders to support him, if he wants to convince Tencent's management to follow the path he ruled, he must prove his ability to stakeholders. Otherwise, today’s Zeng Liqing will be tomorrow’s Ma Huateng, who will be expelled from Tencent jointly by management and shareholders. In fact, the Tencent founder team has now begun to question Ma Huateng's ability and feel that he lacks down-to-earth spirit.

If "QQ Hall" has a good operating performance, there is no need to demand its fire. If the sales revenue can have one-half or one-third of the Chunteng game dividend, Ma Huateng can declare victory and prove to shareholders and management that Tencent can operate alone Online games. However, "QQ Tang" was broken, and the maximum number of simultaneous online users hovered below 10,000 for a long time.

Chunteng Games operated "Dancing Forest Mengzhu", with monthly sales of 51.64 million yuan in January 2005, with the highest number of simultaneous online users as high as 970,000. In just six months of fermentation, "Dancing Cute Lord" took advantage of QQ traffic to realize the highest number of simultaneous online users to 970,000, which is very likely to become the first work in China to exceed one million simultaneous online. Due to the characteristics of casual music and dance games, the players of "Dance Mengzhu" are far less gold than those of "Ten Kingdoms Spring and Autumn". In terms of the size and quality of the player group, "Dance Mengzhu" has surpassed "Ten Kingdoms Spring and Autumn". Zhiyu Technology's survey shows that at least 150,000 sets of MP3 players have been promoted in the cooperative promotion activities with "Dancing Cute Lord".

If there is no "Dancing Cute Lord", the "QQ Hall" project will fail if it fails.

Even if there is no good news for Chunteng Games, Tencent can slowly move forward with its annual revenue of 1.14 billion yuan in 2004 and a profit of 446 million yuan. "QQ Hall" failed and "QQ Fantasy Country" failed. "QQ Fantasy Country" failed to continue to try agency operations. Tencent can always grow up from failure after failure.

It is a pity that Tencent already has Chunteng games, and already has "Dancing Cute Lord".

Chunteng Games and "Dance Mengzhu" are powerful pills. The exaggerated number of simultaneous online users and constantly refreshing monthly sales have driven the rapid growth of Tencent's stock price; Chunteng Games and "Dance Mengzhu" are poisons. It used too high expectations to deprive Tencent of the power to slowly develop online games. Everyone knows that independent operation is the best strategy, but now that Chunteng Games has helped them, who would be willing to wait for Ma Huateng to slowly develop Tencent's online games step by step?

The market economy does not worship self-reliance.

All these, after the failure of "QQ Hall", Ma Huateng faced unprecedented pressure.

In order to relieve the pressure, Ma Huateng forced the R&D team to speed up the progress desperately, starting the internal beta of "QQ Fantasy Country" at the end of January 2005. Perhaps all the hardships will come. The internal test response of "QQ Fantasy Country" is quite good. Look at this trend, even if it does not reach the height of "Ten Kingdoms", it can become a qualified work that Ma Huateng can prove to shareholders and management.

During the period when Ma Huateng poured his gambling capital into "QQ Fantasy Country", the third game "World of Warcraft" on the Spring and Autumn Network began public beta operation. On February 28, 2005, Chunqiu Network launched the limited public beta of "World of Warcraft", and after solving some bugs, it officially launched the public beta on March 21.

"World of Warcraft" is the work of Blizzard, and the Spring and Autumn Network cannot carry out functional innovation or technological transformation. What Spring and Autumn Network can do is to protect the basic operating environment such as servers, and do everything it can to eliminate the trouble of plug-in and private server. However, this is enough. From March 21st to March 27th, "World of Warcraft" quickly refreshed to 700,000 online at the same time, creating a record that neither "Ten Kingdoms" nor "Left to Survive" could achieve.

Looking back on Chunqiu Network's first quarter 2005 performance, "Ten Kingdoms Spring and Autumn Period" had a revenue of 632.82 million yuan; "Leave to Survive" had a revenue of 145.82 million yuan. The card price of "World of Warcraft" is 0.5 yuan per hour, and 700,000 are online at the same time. If it can be converted to 200,000 average online, the monthly sales can reach 72 million yuan. This means that Chunqiu Network has more than 100 million U.S. dollars in revenue every quarter, and both "Left to Survive" and "World of Warcraft" are new growth points with great potential.

700,000 players of "World of Warcraft" were online at the same time, clearing the final obstacle for the Spring and Autumn Network to go public in the United States.

In order to cope with the NASDAQ listing, Spring and Autumn Network re-adjusted its equity distribution long ago.

Wei Dongsheng first issued additional diluted shares and split his 62.7% of the shares to Dongsheng Holdings Chunqiu Group, Chunqiu Search, Zhiyu Group, Zhiyu Technology, Zhuwei Technology and other companies for cross-holding. In this way, Chunqiu Network Technology Co., Ltd. has a total of 526,315,780 shares, with Wei Dongsheng accounting for 6.27% and Huo Yongshan accounting for 1.33%. Jing Minqiang originally had 10 million shares, which should have been diluted to 1.9% after the issuance. However, Jing Minqiang played a major role in Chunqiu Network, and Wei Dongsheng transferred part of the equity to him in the form of compensation.

After the additional issuance and dilution, Huo Yongshan's shareholding ratio was reduced from 13.3% to 1.33%, becoming a minority shareholder with minimal influence.

Chunqiu Network goes public in the US, and its equity will be further diluted. According to a rough estimate, Chunqiu Network will issue 10% more equity, considering that employee options need to be maintained at 5%, and the total issuance of financing is approximately 61919503 shares. In this way, Wei Dongsheng's equity was further diluted to 5.61%, and Huo Yongshan's equity was also reduced to 1.19%.

Huo Yongshan's equity and voting rights were reduced together, while Wei Dongsheng's substantial reduction was only the superficial equity.

After the listing of Spring and Autumn Network, it will adopt the AB share model commonly used by technology companies, that is, the stocks will be divided into two series, A and B. Series A ordinary shares have 1 vote, and Series B ordinary shares have N voting rights. Based on the two factors of his own interests and preventing Jing Minqiang from leaving alone, Wei Dongsheng set N as 10, that is, one share of B-series common stock has 10 voting rights.

Huo Yongshan's 1.19% equity belongs to A shares, while Wei Dongsheng's 6.27% equity belongs to B shares.

Considering the need to take advantage of Jing Minqiang and the Gong family behind him, Wei Dongsheng increased Jing Minqiang’s equity to 6% in the form of transfer, and transferred the 0.6% equity of Jing Minqiang’s wife, Gong Qiuqiu, so that his husband and wife jointly owned it. 6.6% equity. At the same time, Wei Dongsheng transferred 1% of each of Wei's father and Wei mother. The total equity of Wei Dongsheng's family is 8.27%, which is higher than the 6.6% equity of Jing Minqiang and his wife. The equity of Wei Dad, Wei Ma, Jing Minqiang, and Gong Qiuqiu are also B shares.

If listed as planned, Chunqiu Network’s Class B shares will total 14.87%.

Wei Dongsheng has 8.27% of Wei Dad and Wei Ma’s equity, with only 35% voting rights; Jing Minqiang and Gong Qiuqiu’s 6.6% equity, with approximately 28% voting rights. On the surface, neither Wei Dongsheng nor Jing Minqiang has absolute controlling rights. Only when they reach an agreement can they control the voice of Chunqiu.com.

This pattern is exactly what Wei Dongsheng wants to disclose to the outside world.

As mentioned earlier, in China under the national capitalist system, the China Rich List is often not an honor but a reminder. Wei Dongsheng reduced Mingmian’s controlling stake and turned to indirect remote control of Chunqiu Network through companies such as Chunqiu Group, Chunqiu Search, Zhiyu Technology, and Zhuwei Technology. On the one hand, Jing Minqiang and Gong Qiuqiu and his wife acted as a buffer against the Chinese Rich List. As a reminder, on the one hand, the interest groups that took advantage of Chunqiu Search, Zhiyu Technology, and Zhuwei Technology to gradually unite to curb the greed of the Gong family.

In April, Chunqiu Group was busy going to the US for listing on Chunqiu Network.

Wei Dongsheng no longer wanted to waste time on socializing, he had to sit down and discuss details with the underwriter Goldman Sachs with Gong Qiuqiu, prepare for global roadshows, and participate in investor meetings. He was too busy to care about other things. Considering the financing income after the successful listing, Wei Dongsheng can only hold back his depressed mood and struggle with the executives of Chunqiu Internet.

During Wei Dongsheng's busy schedule, Tencent got deeper and deeper in the mire.

Tencent’s first quarter 2005 performance came out, mobile and telecommunications value-added services revenue fell to 134.3 million, down 20.4% from the fourth quarter of 2004. Excluding Chunteng game dividend income, Tencent’s total quarterly revenue was 280 million yuan, compared with 2004 It fell 10.8% in the fourth quarter. Other Internet companies are stronger in the first quarter than in the first quarter, but when they come to Tencent, they won every year.

When such results are announced, Tencent's stock price must be bearish by more investors.

The fierce cooking oil of Chunteng Games is in stark contrast with Tencent's miserable misery. "Dancing Forest Mengzhu" broke the one million simultaneous online record in March 2005 as scheduled, and its total revenue in the first quarter reached 161.26 million yuan. The revenue of the first quarter of "Dancing Cute" surpassed the revenue of the whole year of 2004, and this growth rate made everyone sigh. Even the QQ game lobby once abandoned by Tencent was achieved by Chunteng Games with a quarterly revenue of 20 million yuan.

The envy of Tencent's founder team, shareholders, and management are red.

This emotion in turn forced Ma Huateng to give up persistence.

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