My 1999

"The valuation is US$300 million and the financing is US$30 million." Cai Chongxin said calmly.

Xu Liang listened and smiled faintly.

"Everyone, I admit that Alibaba has initially made a profit, and I also heard Mr. Ma Yun said that Alibaba's mission in 2002 is to make a profit of one yuan for the whole year."

Ma Yun curled her lips and said that he would make a profit of one yuan for the whole year. He publicly mentioned it at Ali's 2001 annual meeting in order to relieve pressure and boost morale. Unexpectedly, he ended up shooting himself in the foot.

“I believe you all know how well a company that calls out this goal operates.

$300 million? ! "

Xu Liang smiled and shook his head.

"Don't you think it's too greedy?"

"Mr. Xu, although Alibaba is encountering some difficulties now, we are the only B2B e-commerce company in China that is currently developing well and has a clear profit model.

As a top investor and operator in the Internet field, you should be able to see the value of Alibaba better than ordinary investors. " Cai Chongxin said after praising him.

Xu Liang smiled and said: "I recognize the value of Alibaba, but now it cannot reach the height of US$300 million as you said."

"How much does Mr. Xu think Alibaba is valued?" Cai Chongxin asked.

"Before the Nasdaq crisis, Alibaba was valued at US$100 million. After Nasdaq, your business not only did not develop, but also retreated significantly.

Up to now, it is just barely surviving and has not shown strong development.

Even considering your potential in the B2B field, Alibaba's valuation should be around US$120 million. Of course, I personally admire Mr. Ma Yun very much.

Being able to persistently develop the Internet market during the chaotic period of China's Internet requires tremendous courage and perseverance.

A successful company must have a charismatic and perseverant leader.

For Mr. Ma's sake, I can give Alibaba an extra $30 million.

$150 million.

For shares, I want 15%.

Of course, if you are willing to take out more, I can also eat it. "Xu Liang said with a smile.

Ma Yun was smiling all over her face at the moment, with a bit of pride in her eyes and brows.

Given Xu Liang's status, it is indeed a proud thing to praise and affirm his contributions and abilities in public.

He was happy, he hadn't lost his mind yet.

He didn't make any promises, and he didn't interfere with Tsai Chongxin's negotiations.

Tsai Chongxin smiled slightly and said, "Mr. Xu, thank you very much for your recognition of Alibaba. But I must make it clear that Alibaba's value is not only represented by revenue.

What makes us truly irreplaceable is the one million customers who trust us and the growing domestic and overseas markets.

In addition, I need to emphasize that although Mr. Ma Yun said at the annual meeting that we would make a profit of one yuan in 2002, in fact, our development is far better than expected.

As of April, we have created a profit of 230,000 Huaxia coins, and the annual profit is expected to exceed 1.5 million Huaxia coins. And as the three-year free period promised to customers when Ali started its business is about to end, our income will be even higher.

So, $300 million is a very reasonable valuation. "

Xu Liang's eyes flashed.

In fact, Tsai Chongxin is right to say this.

Alibaba's operating model is that the annual service fee for ordinary members is 40,000 yuan.

After paying the money, customers can publish product information and 10 product pictures on Alibaba's website. At the same time, Alibaba will include these product information and pictures on different CDs, and then regularly participate in some foreign exhibitions.

Provide sample display, industry brochure promotion, supplier CD and buyer matching services.

The annual service fee for senior members is 60,000 yuan.

Thanks to the increasingly significant effect of Bing's search bidding ranking, Alibaba has also launched a new service - internal information ranking.

Members who apply for this service can set 8 keywords for the company and 3 keywords for each product.

When buyers search for keywords, they can see product information first.

Finally, there are display ads.

The most conspicuous position on Alibaba's page requires money. Whoever pays more will be seen first by customers.

Combining these three aspects, Alibaba's income is actually not low, but its operating expenses are also considerable.

In addition to personnel salaries and benefits, the largest expenditure is the cost of servers.

But as Tsai Chongxin said, the biggest reason why Alibaba is difficult to make a profit is the three-year free period promised at the beginning.

When Ali's overseas expansion could no longer be sustained, someone suggested giving up the free period and starting charging, but Ma Yun rejected it.

Although Jackma doesn't understand technology, he understands management and understands people's hearts.

Once it breaks its promise, customers’ trust in Alibaba is also over.

The harm caused is far more important than the hundreds or tens of millions of dollars.

This also laid the foundation for Ali's subsequent rapid development.

Unfortunately, when Alibaba developed, Jackma also forgot his original intention and changed from an entrepreneur to a capitalist.

Let’s get back to the point.

From the establishment of Alibaba in 1999 to now, the three-year free period is indeed coming to an end.

It can be expected that Alibaba's net profit will increase significantly.

This is also one of the trump cards that supports Tsai Chongxin’s call for a valuation of US$300 million.

However, I understand that when it comes time to bargain, Xu Liang will not be soft-hearted.

"Mr. Cai, we should understand one thing. Free and paid are two completely different concepts. When it is free, you may have 1 million or even 2 million users, but when you start charging, there may not even be many people who are willing to pay the membership fee. Not even a tenth.

No, I should say definitely not.

An optimistic estimate is that one-thirtieth or even one-fifty would be great, or even less.

In the absence of accurate data to estimate, it is difficult for me to agree with the fact that Alibaba is currently valued at US$300 million. " Xu Liang said.

Cai Chongxin and others were not surprised by Xu Liang's words.

The US$300 million price was originally a price they raised to leave room for subsequent negotiations.

Cai Chongxin was about to speak.

"However, I personally highly recognize Mr. Ma Yun's business talent. Although Alibaba is not worth US$300 million now, with Mr. Ma Yun's leadership, I believe Alibaba's future will be very bright."

Looking at Queen Jack with a smile on her face and a proud look in her eyes, Xu Liang continued: "I can accept your valuation of US$300 million, but I also have three conditions.

First, I want 30% of Alibaba’s equity.

Second, anti-dilution clauses must be included in the contract.

Third, I can give up 20% of my 30% voting rights to Mr. Ma Yun. "

For him, whether Ali is valued at US$200 million or US$300 million is not actually the most important thing.

It's not big money here.

But being able to control more equity in Alibaba and lock in more income rights in the future is the top priority.

Look at the changing expressions of everyone.

Xu Liang continued with a smile: "Everyone, in my opinion, Alibaba cannot become an e-commerce company with global influence by relying only on B2B business. If it can take into account C2C and walk on two legs, it can go further." Far.

With 30% equity and US$90 million in financing, Alibaba can use this money to acquire eBay.

The merger of the two will make Alibaba the dominant player in the domestic e-commerce field. "

As soon as these words came out, Ma Yun's eyes shone with light, and there was even more emotion on her face.

Jack Ma has always had the ambition to become a giant, otherwise he would not have been eager to expand into the international market after raising US$25 million.

Not to mention that after the Nasdaq crisis, they knew that the international market was no longer sustainable and still gritted their teeth and refused to retreat.

Now that Alibaba is about to make a profit and its financial situation is improving, he is already ready to take action.

Xu Liang was excited now, and his heart suddenly became excited.

Not just him, even Cai Chongxin, Guan Mingsheng and others are also moved.

Across B2B and C2C, Alibaba’s future will be brighter, its market value will be higher after listing, and the options in their hands will be more valuable.

Cai Chongxin took a breath and calmed down a little.

"Mr. Xu, as far as I know, Hongmeng Company's No. 1 store is also engaged in e-commerce. Why don't you merge No. 1 store with Alibaba to combine the strengths of both companies?"

“I would like to, but Yihaodian follows the Amazon model, which is a combination of online stores and offline logistics.

If the two merge, Alibaba may not be able to spend hundreds of millions or even billions of Huaxia coins for logistics now, right? "Xu Liang said with a smile.

Yihaodian is a B2C asset-heavy model, while Alibaba and eBay are both asset-light models.

This is the essential difference between the two parties.

Ma Yun and others all understood.

They really don’t have the capital to try the Amazon model.

"Brother Xu, it's getting late. I think we should stop talking here first."

Ma Yun said.

Xu Liang's conditions made him very excited, but he wanted to discuss it with Cai Chongxin and others first.

Xu Liang didn’t insist either.

Stand up.

"Then let's talk about this first. I just happened to be a little tired from flying here."

"Let's go, Brother Xu, I'll take you back." Ma Yun said.

"No, it's not a long way. You'd better stay and discuss it with Mr. Cai and the others." After taking two steps, Xu Liang suddenly stopped.

Half turn.

"By the way, if you feel that US$90 million is not enough to acquire eBay, I can also provide more. As for the voting rights of the shares obtained, Mr. Ma can exercise them.

Everyone, I have no intention of managing Alibaba, it is just a purely financial investment. "

After finishing his words, he quickly glanced at everyone, then turned around and walked outside.

Lu Hui, Huo Gang and others quickly followed.

Ma Yun personally sent her outside the building before hurried back.

Return to the conference room.

Jack sat on the main seat with great dignity.

His eyes looked over everyone with a hint of excitement.

"Everyone, what do you think of Xu Liang's proposal just now?"

After everyone looked at each other for a moment, Guan Mingsheng spoke first.

"I don't really agree with the acquisition of eBay. First of all, Ali has just stabilized after layoffs. It should focus on stable development and lay a solid foundation, and it will not be easy to start a war again."