My 1999

Meifeng Tea House is actually a private club.

Li Haizhen is a member here.

After giving his name, I quickly found the private room he had booked.

Contrary to expectations, the furnishings here are not tatami mats, but Chinese-style long tables and armchairs.

"President Li, we meet again."

Take the initiative to hold Xu Liang's right hand.

"I hope our meeting this time can bring satisfactory results to both parties." Li Haizhen said.

"certainly."

"Please take a seat."

"please."

After the two sat down, Huo Gang, Lu Renqing, Sun Mingzhen, and Li Haizhen's secretary sat on the chairs next to them.

A young woman wearing a sleeveless floral cheongsam made tea for the two of them with her exquisite tea skills and then left.

"Mr. Xu, this is our Hedong green tea produced in South Korea. Please taste it."

Xu Liang picked it up, took a sip, and then put it down.

"It has a refreshing taste and a mellow aroma. It's a good tea."

Xu Liang is never stingy in giving compliments without any expense.

A smile appeared on Li Haizhen's face, "Most of the tea in South Korea is Bocheng green tea, with large production and uniform standards. Although the taste is great, it is something ordinary people drink.

Although there are not many green teas grown in Hedong, it is easier to produce high-quality green tea, which is a drink for the best people. "

During his stay in South Korea, Xu Liang already had a certain understanding of this hierarchical society. He didn't find it strange that Li Haizhen spoke of superior people's pride, but he didn't bother to echo it.

"President Li, you've finished your tea. It's time for us to talk about Naver."

Li Haizhen nodded, "Mr. Xu said earlier that he would not interfere in Naver's management. Is that true?"

"Of course. We can guarantee that no matter how much equity we own in Naver, the shares with voting rights will always remain at 49%, and the voting rights of the remaining shares will be given to Mr. Li."

Li Haizhen looked more excited. If he could ensure his control over the company, everything else would be easy.

"However, we also have three conditions." Xu Liang said.

"Please say."

"First, Naver has become a holding subsidiary of Hongmeng Holdings South Korea. The parent company has the right to send executive directors to Naver to supervise financial and company operations."

"Second, the head office is not involved in Naver's management, but external financing must be approved by the head office."

Xu Liang cannot allow Li Haizhen to introduce external capital and dilute his equity.

“Third and last thing, if Naver suffers a major loss of more than 30%, the head office has the right to conduct a thorough investigation and deal with those who violate the company’s rules and regulations.

At the same time, it also has the right to adjust the company's business and personnel. "

After listening, Li Haizhen pondered for a moment.

“Why must we hold a controlling stake?”

"Because we also have a Hongmeng Games company in South Korea, which is profitable, only the financial statements of holding, Naver and Hongmeng Games can be consolidated."

Legend’s profits must be divided into 20% agency fees to Hongmeng South Korea Game Company, and this part of the income is subject to tax.

If the statements are consolidated, Naver's losses will be included in the head office. Then the game's profits minus Naver's losses will reduce the taxable portion by more than half.

"What games have Hongmeng Games released? Why haven't I heard of them?" Li Haizhen asked.

"Currently, a game "Legend: Overlord War" has been produced and has been sold to 19 countries. The most popular one is China. It currently has nearly three million registered users and 100,000 people online at the same time."

Xu Liang appropriately exaggerated the data.

Li Haizhen was horrified and moved.

He is no stranger to the South Korean gaming scene.

Here, a game is considered qualified if the number of people online at the same time reaches 10,000, 30,000 is considered successful, and 50,000 is considered a hit.

One hundred thousand people was beyond his imagination.

“…In addition to “Legend: Overlord War”, Hongmeng Games is also developing its sequel and the new game “Millennium”. The latter has been in public beta and will be officially operational in at most two months.

Hongmeng Games' profits can offset Naver's losses, and effectively support Naver to continue to develop more powerful search technology and occupy a broader search market. "

Hearing this, Li Haizhen was also a little moved.

The reason why he was forced to come to Xu Liang was because Naver had never been able to truly achieve profitability, and the Nasdaq crisis was getting worse, and he could not find another institution willing to invest in Naver.

Xu Liang's remaining two demands did not touch the core financial and personnel rights, and did not affect his power to manage the company, so they were acceptable.

After thinking for a long time, Li Haizhen finally nodded.

"I can agree to these conditions."

Xu Liangliang also breathed a sigh of relief.

"The next step is financing. You have two options. First, conventional financing. Second, Hongmeng will fully acquire the Naver shares held by you and Che Baogen.

You can choose an all-cash transaction, or convert it into equity shares of Hongmeng South Korea.

Of course, some cash and equity are also available. "

Li Haizhen pondered for a moment.

"How much can Naver be valued if it raises money conventionally?"

"$1.2 million."

"Too low, 1.5 million US dollars." Li Haizhen said.

"$1.5 million is impossible, it's too much. A discount price of $1.35 million."

Although Naver is the largest search engine company in South Korea, in this era, before Google developed.

The most popular business on the global Internet is portals.

Search is just an appendage of the portal.

Yahoo chose to outsource because it looked down on search. As a result, it gave Google the opportunity to grow.

Although Naver also operates a portal, its market share in South Korea is less than 10%, which is why its valuation is so low.

Li Haizhen thought about it and finally nodded.

"I chose to fold the equity into the head office."

Even if he chooses to retain Naver's equity, his equity will continue to be diluted as the head office continues to inject capital.

And if Naver cannot achieve real profits for a long time, it is possible that his equity will become single digits later.

Instead of doing this, it is better to fold into the head office as soon as possible while it is valuable.

Moreover, the parent company has a strong gaming company, which can also guarantee the value of the equity.

"Smart choice. Let's initial an agreement today, and tomorrow you will take your secretary to Yucheng Building to sign the contract."

Li Haizhen nodded.

He is a decisive person. Once he has made up his mind, he no longer hesitates and quickly signs the contract.

"By the way, I forgot to ask President Li, what is Naver's technical level now?"

"Currently, Naver has indexed nearly 200 million web pages, and more than 15 million people log in every day." Li Haizhen said proudly.

"It's truly remarkable."

Xu Liang was also a little excited.

Naver is developing so well, which means that its technology is very good, and it will be introduced into China in the future and combined with the search engines under development.

It can go one step further without saying anything, completely overpowering Baidu in China and establishing an unbreakable technological advantage.