The perfect future of rebirth

Of course, this idea is the biggest secret in his heart, and Zhao Fusheng will naturally not tell anyone.

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Dong Chenxi's work efficiency is very fast. In three days, Jingdong Mall added a shareholder, the future investment fund.

Of course, despite occupying 20.00% of the shares, according to Zhao Fusheng's request, the Future Investment Fund does not participate in the company's operations, but only participates in dividends.

"He wants to see me?" Sitting in his office, Zhao Fusheng asked Dong Chenxi in surprise.

As soon as he came to work today, Dong Chenxi told Zhao Fusheng that Liu Qiangdong, the founder of Jingdong, wanted to meet him.

For this boss, Zhao Fusheng is actually not interested. Although the other party is an Internet boss, in Zhao Fusheng's eyes, compared with the two horse fathers, there is a big difference. If it is a collaborator, then Liu Qiangdong is just a senior wage earner in Zhao Fusheng's eyes.

After all, if it wasn't for Zhao Fusheng's inability to make Jingdong bigger and stronger, he wouldn't bother to pay attention to him.

There is no way, the current Liu Qiangdong's net worth is far from that of Zhao Fusheng, the two are really not at the same level.Although he was younger than Liu Qiangdong, Zhao Fusheng didn't feel that he had less experience than him.

No matter how awesome a big shot is, before he was young and made a fortune, he was just an ordinary person with a dream in his heart.

However, since Qiangdong wanted to see him, Zhao Fusheng felt that he could give him a chance.

Chapter 1222 Good Man Zhao Fusheng

Ignorance and weakness are not the point that hinders human existence, arrogance is.

The reason why Liu Qiangdong came to see Zhao Fusheng is very simple. He has some doubts and needs Zhao Fusheng to answer him. Even though he knows that he is far from the status of the master of the future group, he really wants to know why he loves General Investment will withdraw from this investment, but Future Investment is willing to spend such a large amount of money in it.

That was a full 5000 million RMB, a figure that Liu Qiangdong had never thought about before. Even though because of this financing, nearly 60.00% of Jingdong Mall shares in his hand were worth more than [-] million yuan at once, but he was still a little confused. He didn't understand what the truth of this matter was.

If there is a so-called truth, it must be covered up by layers of truth, and it is easy to express in a twisted and deformed way.People tend to hide themselves and accept the safest answer, but the truth is always hidden in a corner where you are caught off guard, and if you slack off for a while, you will be soaked by the truth.

Liu Qiangdong is very scared, afraid that one day he will become a spectator, even if this company was founded by himself.

The control of an enterprise is related to the life and death of an enterprise.

He couldn't help but be careless.

"Hehe, he is still a very interesting person." Zhao Fusheng smiled and said to Dong Chenxi: "In that case, please invite him over."

Although this brother Dong tried his best to look like a well-known public figure in the era when Weibo was popular, giving people a gesture of giving back to the society at every turn, but in Zhao Fusheng's view, he is actually no different from other capitalists.The vices of the rich, this one did not fall behind, but accidentally capsized in Minnesota.

Soon, a figure that Zhao Fusheng could only see on the Internet and even TV media in his previous life appeared in front of him.Of course, at this time, Brother Qiangdong looked in the prime of his life, his eyes looked very energetic, and although the expression on his face was a little uneasy, it could be seen that he was a confident person.

"Mr. Liu, hello." Zhao Fusheng smiled lightly and said to Liu Qiangdong.

"Hello Chairman Zhao." Although Liu Qiangdong saw Zhao Fusheng for the first time, he still felt that although this young man was younger than himself, his aura was not bad at all. , Such a businessman is the attitude that a real big boss should have.

"I don't know Mr. Liu, you came here today, what's the matter?" Zhao Fusheng smiled and said to Liu Qiangdong: "Is it about cooperation? Don't worry, although I don't directly lead the future investment fund, Miss Dong follows me For many years, you don’t have to worry about the professionalism of future investment funds, since we promise not to interfere with the normal operation of the company, we definitely won’t.”

With Zhao Fusheng's age and experience, he can fully guess Liu Qiangdong's purpose, so he simply put the other party's worries on the table. Although this may be a bit straightforward, Zhao Fusheng really doesn't have the mood and time to share with Liu Qiangdong Dong went around in circles.

Sure enough, when he heard Zhao Fusheng's words, Liu Qiangdong was stunned for a moment, and then he looked puzzled. He really didn't understand, could the other party really be so optimistic about the future of Jingdong Mall?

"Why, don't you believe me?" Seeing that Liu Qiangdong was silent, Zhao Fusheng smiled and asked Liu Qiangdong.

But for some reason, Liu Qiangdong always felt that at that moment, Zhao Fusheng's aura was a little surprising.

"It's not that I don't believe it."

Taking a deep breath, Liu Qiangdong quickly calmed down, looked at Zhao Fusheng, and said seriously: "Chairman Zhao, I know, compared with Future Group, Jingdong Mall is just a company that has just started, but I really want to know how you can ensure that my control over the company will not be damaged by the appearance of a major shareholder like you. After all, this is only the first round Financing, I believe that if there are no accidents, the development of Jingdong will get better and better in the future, when a large number of investments will pour in, I..."

He didn't continue his words, but Zhao Fusheng already understood what he meant. After all, what Liu Qiangdong valued was his control over Jingdong.

"What do you think is the significance of yourself to Jingdong Mall?" Zhao Fusheng looked at Liu Qiangdong with great interest, and answered the wrong question.

Or to be more precise, instead of answering Liu Qiangdong's question, he asked him a question instead.

Liu Qiangdong was silent for about half a minute, and finally said in a muffled voice: "I think, except me, no one can lead Jingdong to success."

Zhao Fusheng laughed. He has to say that he is a man who has fulfilled the dreams of many netizens. This self-confidence alone is enough to make people admire.

"Since this is the case, then use the AB share system." Zhao Fusheng said lightly: "The equity structure of Jingdong Mall adopts the AB share system. If you lose the control of Jingdong, then you take the money and leave people."

The so-called ab shares are actually a game of power. The core of ab shares is that the same shares have different rights.A simple understanding is to separate voting rights from dividend rights.

Under the dual-class shareholding structure of ab shares, the company can issue ordinary shares with different voting rights, which are generally called class a and class b, namely ab shares.Usually, 1 share of Class A has 1 vote, and 1 share of Class B has n votes.Among them, a common stock is usually held by investors and public shareholders, and b common stock is often held by an entrepreneurial team.

The knowledge here is very deep. You must know that the history of the ab-share system can be traced back to the 20s, but there have always been voices of opposition to the listing of ab-share companies.People feel that although this can prevent hostile takeovers, the separation of voting rights and dividend rights is too unfair for investors.Until the 20s, hostile takeovers through leveraged financing emerged, and more and more companies adopted the WVR system. At the end of the 80s, the United States allowed the trading of different voting rights to be listed.

After the millennium, a new wave of listing of high-tech companies has once again promoted the popularity of AB shares.For example, Google, Facebook, lked, groupon, zynga, etc. all have dual/multi-layer equity structures.

Nowadays, more and more technology-based companies adopt the AB stock system.Because, in the process of growing a company, it needs capital support, and the continuous dilution of equity in this process often causes the founding team to lose control of the company.

The most famous example of this is Jobs.Before Apple went public, Jobs held only 15% of the shares.Although at the beginning, due to Jobs' outstanding talent and strong desire for control, he has maintained control of Apple.But later, due to the unsatisfactory performance of the company, Jobs was voted by the board of directors in 1985 and dismissed from the post of general manager, which was almost equivalent to being expelled from Apple.

The reason for this twists and turns is that Jobs does not have enough voting rights within Apple.If Jobs had adopted the ab stock system, perhaps the result would have been different.Of course, Jobs later returned to power at Apple, which is another story.

Jobs later reflected: "I've seen too many bad things happen to many otherwise well-run businesses. These businesses are like cards in the hands of gamblers, and they are constantly resold, sometimes because of the decisions of venture capitalists. Other people’s decisions. I just want to really have enough funds and shares to ensure that these two companies can survive the difficulties when they encounter difficulties.” Therefore, it is very important to do a good job in the system design of control rights.

Of course Liu Qiangdong understood what the AB stock system was, but he didn't understand why Zhao Fusheng did this.

"It's very simple. I invested in Jingdong because of you and your team. I believe that you can achieve results." Zhao Fusheng glanced at Liu Qiangdong lightly and said slowly.

This is the truth. After all, as an investor, the biggest reason for investing real money in a company, but willingly taking risks, taking only a small amount of voting rights, and not interfering in the company's operations, is because he has seen the future of the company. Potential and the likelihood that this team will realize it.

Whether you are an enterprise or an investment enterprise, you are concerned about the operating results of the enterprise, and you all hope to make the cake bigger.

In the era of mobile Internet, many enterprises are human capital-driven enterprises, and the value creation of the company relies more on talents than resources or currency.

For human-driven enterprises, the start-up capital is not large, which means that the stock value of the company is not large.The creation of company value relies more on manpower to create incremental value.

One of Zhao Fusheng's most important cognitions about investment is that the purpose of investment is to make the cake bigger together, so that he can get more cakes, and the team is the basic factor for making the cake bigger.

What's more, the ab-share system is more conducive to doing great things.In fact, the core behind the ab stock system is to target entrepreneurs and protect entrepreneurial spirit.

Entrepreneurship is the greatest human capital, and ensuring the identity of the actual controller of the entrepreneur is crucial to making the pie bigger.

Economist Zhang Weiying once said that the most entrepreneurial people must be allowed to control the company. "When we invest, we actually don't know whether there will be any future profits. We don't have a lot of information. We can't make decisions according to computer programs. We can only rely on our own judgment and imagination. And people are different. Others are more imaginative and judgmental. Whether the market is effective depends on the most intelligent, judgmental and imaginative people in the market, depending on how they make decisions, such people are entrepreneurs.”

The nature of capital is to pursue profit.The so-called venture capital is how to judge and select entrepreneurs.Investing is risky.If the wrong people are chosen and the capital is handed over to people who are not entrepreneurial, the business is screwed up and the capitalists lose money.Conversely, precisely because capitalists have to take risks, they have an incentive to choose entrepreneurial people to run their businesses.

Corporate control is critical. The design of ab shares with different rights for the same share ensures the founder's control over the company.

Zhao Fusheng felt that the ab stock system was undoubtedly the most suitable for investors like himself, because he only liked to see his investment money doubled, but he didn't bother to care about the company's operations. , As long as they can make money, how these companies develop is a problem that founders such as Liu Qiangdong, Ma Xiaoyun, and Ma Huateng have to worry about.

ps: The explanation of ab shares in this chapter is actually very important. After all, if the protagonist wants to use the advantage of foresight to invest, he must face the issue of equity and voting rights. In fact, there are very few companies with ab shares in China, because investors always like It is the uncle who spends money, but the problem is that sometimes, since you want to make money, you really have to learn to be silent.