My 1999

Alibaba’s third round of financing was in 2004, and it had already turned a profit by that time.

Faced with the obvious prospects, Son is certainly willing to continue to increase his holdings.

But things are different now. Alibaba is facing a global defeat, and Jackma has been unable to come up with a way to deal with it.

Except for the sentence in the company meeting that "the next six months will be a very serious six months, be prepared to work overtime at any time," there are no commendable rescue measures.

He once proposed to Jackma that he should close overseas departments, shrink institutions, and reduce expenses, but he was also politely rejected.

This disappointed him.

Seeing Sun Zhengyi's hesitation, Xu Liang was happy.

This means there is a door.

After thinking for a long time, Son Zhengyi said.

"10% stake in Alibaba in exchange for Excite portal."

Although Alibaba is in trouble now, it is indeed the largest B2B e-commerce website in China, and Son does not intend to sell all of it.

"Mr. Sun, the revenue of the Excite portal in the past 10 months was US$1.14 million, and it can reach US$1.3 million for the whole year. And the revenue has been growing. Even according to the prevailing price-earnings ratio of 20 times, its value should be 26 million. Dollar.

In comparison, Alibaba's 20% equity was only valued at US$20 million even at its peak. What's more, their international business has been losing money, and their valuation has long been discounted.

10% stake in Alibaba in exchange for Excite portal? "

Xu Liang shook his head and continued: "No one with normal IQ will agree to Mr. Sun's conditions."

Excite Japan's portal and search revenue have always been good, but its Southeast Asian business has been particularly successful.

The latter has been losing money.

This is also the reason why Hongmeng was able to successfully acquire the other party’s Asian business for US$23 million.

Sun Zhengyi was not angry either. Negotiations, lowering prices with each other is normal.

He smiled and said, "Mr. Xu, why don't you tell me your conditions?"

"Sell all 20% of Alibaba's shares to me, and then you will provide us with US$16 million." Xu Liang said directly.

In other words, his 20% stake in Alibaba is only worth US$10 million.

"Mr. Xu, Alibaba's equity is worth US$20 million."

"That was before the Nasdaq crisis, and Alibaba's equity is not worth $20 million now."

The depreciation of Alibaba’s equity is irrefutable. However, he does not want to completely give up his shares in Alibaba, but just wants to reduce his risk exposure.

Son shook his head and said: "I can sell at most 10% of Alibaba's equity, and it cannot be less than 9 million US dollars."

Although I was a little disappointed, I still paid 10%.

Xu Liang said: "Impossible. At most 5 million."

The two parties bargained and finally settled on $7 million.

Xu Liang thought for a moment and said, "Then give us another $24 million."

"No way, the Excite portal is not worth the money."

Including the value of Alibaba's 10% stake, the Excite portal is worth US$31 million, which is a bit too high.

Moreover, Yahoo and SoftBank will need a lot of funds to enter the broadband access business next, and it is impossible to spend so much money to purchase the Excite portal.

Both sides bargained.

The price of the Excite portal was set at $25 million.

After deducting 10% of the equity value of Alibaba, Hongmeng will have to pay US$18 million.

"SoftBank holds the equity of many Chinese Internet startups, such as 8848 and HC.com. I can transfer this equity to Mr. Xu."

Xu Liang simply shook his head.

If he could gain control of the company, he would still be somewhat interested.

But it was just financial investment. He had no interest in these companies that were destined to be swept into the dustbin of history.

"I heard that Mr. Sun holds 10% of the shares of Ctrip. As long as he transfers this part of the shares to me, I am willing to exchange."

"no."

Son Zhengyi shook his head without hesitation.

He's not a fool.

The reason for selling Alibaba's shares is that Jack Ma's successful operation failed and his future is bleak.

But Ctrip is different. A stable and efficient entrepreneurial team, a booming development trend, and a clear profit model are destined to be a company with a bright future.

How could he sell it?

Xu Liang was a little disappointed, but it was expected.

No one wants to part with truly good things.

"Then Mr. Sun will provide me with the Sina equity held by SoftBank, plus US$15 million in cash."

SoftBank did invest in Sina, but it did not hold much equity. After dilution on the listing, only 8.7% remained.

I planned to make a fortune, but before the lifting period ended, the Nasdaq crisis broke out.

SoftBank was directly trapped.

Now Sina's share price has fallen to US$1.51 per share, and the average cost of holding shares for shareholders is US$4.

The Nasdaq crisis is still getting worse, and there will be no improvement in a year or two.

Although Sina's revenue is growing, its operating costs are also growing, and there is no hope of unwinding in the short term.

However, Sun Zhengyi believes that according to the development speed of China's economy, Sina, as the first Chinese portal, will definitely develop and its stock value will increase.

The key is, how long will this take?

He predicts that there will be no hope for three to four years.

Rather than gambling on the future with this part of the stock, it is better to unwind as soon as possible.

After thinking for a long time, Son nodded.

Xu Liang was very happy.

Although Sina's equity is not large and its potential is not as good as Alibaba's, it was still China's number one portal in the PC era, and it also has Weibo after entering the mobile era.

The most important thing is that, as the first of the four major portals in the PC era, Sina can influence public opinion.

Together with Bing Information and Penguin, Xu Liang can get half of the voice on the Internet.

This cannot be measured in terms of money.

"Besides Sina, which company is Mr. Xu optimistic about?"

"No more, Mr. Sun can just give me another 15 million US dollars."

Masayoshi Son shook his head, "The focus of Yahoo's next business development is broadband access, which requires a lot of funds. Therefore, we do not have excess cash to hand over to you. If Mr. Xu is willing, we will exchange Yahoo! Japan's equity." "

Xu Liang thought for a while.

He didn't know much about Yahoo! Japan, but he also knew that this company was still the number one Internet company in Japan before he traveled through time.

The future is bright.

"Can."

Now Yahoo! Japan only has a portal website, and it is not like it later took care of broadband access, C2C, social networking, finance and other businesses.

The market value of the GEM in Osaka, Japan is only 21.6 billion yen.

Equivalent to US$135 million.

If the Excite portal is acquired with equity, the new Yahoo Japan company will pay 10% of the equity.

The two parties reached an agreement, and Hongmeng Japan also became the major shareholder of Yahoo Japan.

After finalizing the transaction details.

"I remember that Mr. Xu once promised me to allow SoftBank to invest in Hongmeng Japan. I wonder if this promise still counts now?" Son Zhengyi said.

"Of course, but isn't Mr. Sun not interested in Hongmeng Japan?"

"Before today, I really didn't have much interest, but after having been in contact with Mr. Xu for a long time, I am more and more sure that Mr. Xu's Hongmeng company will be successful in the future. Therefore, when Hongmeng China does not accept financing, investing in Hongmeng Japan seems to be a good idea."

Xu Liang nodded.

"Mr. Sun, my valuation of Hongmeng Japan is not low."

Son Zhengyi made a gesture of invitation.

"One hundred million dollars."

Son Zhengyi frowned, "Is this Mr. Xu's sincerity?"

"Mr. Sun, do you think my price is too high?"

"To borrow an old saying from your country, the lion opens its mouth wide."

Xu Liang smiled and said: "In fact, the valuation of 100 million US dollars is still based on Mr. Sun's face. If it were someone else, I would offer a higher price. There are two reasons."

"I would like to hear the details." Sun Zhengyi said calmly.

Xu Liang smiled and said: "First, Hongmeng is a company mainly focused on games and search.

At present, we have a total of seven games under development and operation, and these seven games will be operated in the Japanese market.

Even if only one or two products become popular, we can still earn tens of millions of dollars, or even hundreds of millions of dollars in revenue. "

"Second, the search business. Bing Search has inherited the Excite search business and occupies 27% of Japan's search share. When we become a Yahoo search service provider, our market share will definitely continue to rise.

It is also foreseeable that in the future, with the help of Yahoo! Japan, it will become the dominant search engine in Japan... "

"Sorry, I have to interrupt. Your company's search engine implements a free strategy, so even if Bing Search becomes the largest search service provider in Japan, it will only lose money, and you are losing money now."

"Mr. Sun is wrong. We only provide free search services for portal websites, and we still charge fees for other companies. Therefore, we will continue to expand our share in the enterprise market."

Xu Liang does not engage in the domestic enterprise market because Bing's share of the domestic search engine enterprise market is zero. Instead of spending a lot of time on this, it is better to concentrate all efforts on independent search engines.

But Japan is different. Excite itself occupies a large share of the enterprise market, so there is no need to cut off one's arm.

“As for the losses in our search engine business, I don’t see anything wrong with that.

Our losses are not because what we did was not good enough, but because we were too good.

Our search business serves a growing number of people and businesses, and all profits are invested in hardware, which is the main reason for losses.

If we gave up investing in hardware, the company would surely turn a profit quickly.

Therefore, there is no problem with our profit model, we just invest the current profits into the future. "

"Mr. Xu reminds me of a person."

"who?"

"Mr. Jackma of your country, you all have strong confidence in your career."

"Because we all believe that our career will be successful." Xu Liang said with a smile.

Masayoshi Son nodded, "But it's still hard for me to accept your company's valuation of US$100 million."

"What valuation does Mr. Sun think is appropriate?"

"$20 million."

Xu Liang shook his head, "It seems that it will be difficult for us to reach an agreement today."

"Mr. Xu, aren't you going to give in?"

"I can make concessions, but the gap between me and Mr. Sun is too big."