My 1999

"If Tencent has no value, why did Mr. Xu acquire the equity of IDG and Yingke? And why did he fly all the way from Beijing to Pengcheng to discuss financing with us?"

"I didn't say that I wasn't optimistic about Tencent. Your huge users will have a certain temptation for any investment institution. The reason why I invested is that I hope not to miss the opportunity.

And if I don’t offer a high price, I’m worried about whether you can find your own profit model?

If you can find it in a short time, my investment will be worth it.

If you still can't find it, then my investment will be a loss.

The risk involved is why I am unwilling to pay a high price. If you can convince me with your profit model, I will accept even 20 million US dollars, not to mention 17 million US dollars. "

There was a hint of bitterness on Zeng Liqing's face.

If they could come up with a profit model, Tencent would have already made a profit, and there would be no need to look to Hanhua for financing.

During this period, they have looked for all Internet companies that might invest in Tencent, including China.com, NetEase, and Sina, but they have all rejected them.

Hanhua was the only institution that was willing to come and talk to them after hearing their valuation conditions.

"$8 million is too low."

Toni Ma couldn't help but speak.

He spoke for the first time, but he also represented Tencent’s attitude.

Xu Liang smiled lightly, "If you are willing to accept this price, I can promise on behalf of Hanhua that our voting rights will always be maintained at 49%, and the excess voting rights will be exercised by the entrepreneurial team."

One sentence instantly caused Tony Ma and others to change their expressions.

The leadership of the founding team is what they value most, which is why they were initially reluctant to seek financing from Hanhua.

But now that the other party has given up this part of the power, Tony Ma's people are moved.

Zeng Liqing saw this and instantly understood the thoughts of several friends.

"I'm sorry, Mr. Xu. We would like to temporarily adjourn the meeting for discussion."

"no problem."

After leaving the most beautiful female employee in the company to serve tea and water, Tony Ma, Zeng Liqing, Xu Chenye, Zhang Zhidong, and Chen Yidan gathered in Tony Ma's office.

"Tony, what do you think?" Zhang Zhidong asked directly.

"Tencent's control comes first, but the valuation of US$8 million is a little less after all." Toni Ma said.

"It's a little less, but it can also be seen that the other party is indeed a financial investment and does not want to control the company." Chen Yidan said.

"It's not that simple. Hanhua doesn't plan to control the company now, but we will always go public in the future.

Once listed, part of the equity will be released. Hanhua already holds nearly half of the shares. By acquiring some on the stock market, it will be easy to obtain controlling rights and directly control Tencent's life and death. " Zeng Li Qing said.

Everyone nodded in agreement.

Xu Chenye said: "We can add one more thing. No matter how many shares Hanhua holds in the future, half of the voting rights of the shares in their hands must belong to the founding team."

"This is good, but they may not agree." Zeng Liqing said.

Tony Ma pondered for a while, "We can use the valuation of 8 million US dollars as a test condition in exchange. If they agree, then sign the contract. If they don't agree..."

Everyone's expressions changed.

Failure to agree means that the other party has ideas about Tencent.

As a result, we can only find other financing channels, or sell Tencent directly!

But who can replace Hanhua?

With heavy hearts, the five people returned to the conference room again.

"What do you think?"

"Mr. Xu, we agree with your conditions in principle, but some details still need to be discussed." Zeng Liqing said.

Xu Liang made a gesture of all ears.

"The valuation of US$800 is acceptable, but 49% of the effective voting rights is too much. We hope that you can hand over half of the voting rights of the stocks to the founding team."

Xu Liang nodded after thinking for a moment.

"I can agree to this condition, but I also hope that you will agree to three conditions."

Hearing this, Tony Ma, Zeng Liqing and others instantly became excited.

I didn't expect the other party to agree so easily.

After taking a few deep breaths to calm down, Zeng Liqing said in a deep voice.

"Speaking."

"First, I do not interfere in Tencent's management, but I have the right to make suggestions. Of course, you are the specific managers. It is up to you whether I listen or not."

"No problem, we can agree to this." Tonyma said directly.

"Second, Tencent's financing will be handed over to Hanhua in the future. Without Hanhua's consent, Tencent is not allowed to raise funds externally."

Xu Liang will never allow management to dilute his equity until Tencent's market value reaches conditions he is satisfied with.

Tonima frowned.

"Mr. Xu, the financing issue is our internal management issue..."

Xu Liang interrupted him.

"Mr. Ma, I have made the biggest concession to you and will never back down. The financing issue is my bottom line and is non-negotiable. If you don't agree, all the previous conditions will be invalid."

The decisive tone made Tony Ma change his expression, and he weighed it for a moment.

"I can promise you, but funding cannot be a problem that restricts Tencent's development."

"certainly."

"Third, if under your leadership, Tencent's revenue and net profit decline by more than 20% for two consecutive quarters, I have the right to intervene in any affairs of Tencent."

"Mr. Xu, we are not profitable yet." Tony said.

"I know. But I'm talking about making profits in the future."

"Mr. Xu, 20% is too little. I think it should be 30%." Zeng Liqing said.

Xu Liang didn't want to argue about this. The reason why he left this condition was more to put a halter on Tony Ma and the others, so that they would not have any pressure at all and harm their own rights and interests.

"Then let's each take a step back, 25%."

Tonima nodded.

After the two parties reached an agreement, they hired a lawyer to draw up a contract and sign it.

Tencent's pre-investment valuation was US$8 million, and Xu Liang invested US$2 million with Xiangjiang Hongyan Fund, accounting for 25% of the total equity.

Hanhua Capital, which originally held 40% of the shares, did not choose to participate in the investment, so its equity was reduced to 32%.

The founding team’s equity was reduced to 43%.

An agreement was reached, and the tense atmosphere between the two parties was relieved by much of it.

"Tony, I noticed that you haven't changed the name of the website yet?" Xu Liang said.

In October 1999, America Online sued Tencent for infringing on their domain name.

Later, on March 21, 2000, the US National Arbitration Forum ruled that Tencent should return OICQ.com and OICQ.net to AOL.

Now five months have passed and Tencent has still not made any move.

"We are developing a new version of the program. When the new program is launched, the client will be renamed QQ." Tonima said.

Xu Liang nodded.

"I also noticed that Tencent has been using Disney cartoon characters such as Donald Duck, Popeye, and Mickey Mouse. Although it has not been sued by Disney yet, if the company continues to grow, it will definitely be sued.

Tencent must eliminate this hidden danger. "

Tony Ma and others nodded. They also knew that this was not good, but they did not have the money to find a design company to design a special icon for a while.

Xu Liang reached out and took the briefcase from Lu Hui, opened it, took out two pieces of paper and handed it over.

"This is the icon I designed for Tencent. Do you think it suits me?"

Tony Ma and others took it and took a look.

There are two fat penguins on A4 paper.

One wears an eye-catching red scarf, and the other wears a pink bow. They are so naive that people can't help but feel close to them at first glance.

"Tony, this is good."

Zhang Zhidong was a technical person, so he didn't have to worry about anything, so he just spoke directly.

Tony Ma also liked it.

Looked at Xu Liangdao.

"Mr. Xu, thank you very much for the icon you designed for Tencent. It is very consistent with our company's image."

Looking at Tony Ma with a smile on his face, he was polite and polite, and Xu Liang cursed secretly.

If you like it, you should give me money.

"I can license these two icons to Tencent for free, but the ownership of the icons belongs to me, and you cannot develop peripheral products around the icons."

Tony Ma wants to hack the fruits of his labor as an old capitalist, but there is no way.

Tonyma thought for a moment and nodded.

As long as you can get it for free, as for the peripherals, they are not selling toys.

After signing a supplementary document, another legal loophole of Tencent was finally resolved.

Next, Xu Liang went to visit the QQ2000 version that Tencent is developing and will become a classic in the future.

With more than ten years of experience in the future, QQ's client is too crude in his eyes, and he can make a lot of suggestions for modifications at will. However, he didn’t say much, leaving it up to Tencent to do its own thing.

As for the reason, it's not that he doesn't want to say it. But the current network speed does not allow the QQ client to carry too many applications, otherwise the opening speed will be too slow, affecting the user experience.

Only when the network environment improves in the future can we talk about revision.

After finalizing the contract with Tencent, Xu Liang didn't stay any longer.

——

Pengcheng Cultural and Creative Park.

Through the window, I looked at the students inside who were painting seriously.

After a moment, Xu Liang turned his head.

"Old Teng, Pengcheng is now the branch with the most students outside of Beijing, and you are indispensable."

Teng Huaming smiled and said: "It's not just me alone, but the teachers and colleagues who came here with me to work hard are the biggest contributors."

Xu Liang smiled and said: "I don't deny their contribution, but I also know that if you hadn't led them, Pengcheng's students would not have nearly 500 students now, let alone create a performance of 2.3 million in the first quarter. "

Teng Huaming smiled and said nothing.

All that needs to be said has been said, and being too modest would be hypocrisy.

"Are you planning to go back to headquarters?"

Teng Huaming came to New Dream with a bachelor's degree in education from Zhejiang University, a master's degree in psychology from Columbia University, a doctorate in education, a former lecturer at Columbia University's School of Education, and the vice president of Pearson Education Group's Greater China region.

But he did not choose to stay at the headquarters as the chief operating officer. Instead, he came to Pengcheng and established Pengcheng New Dream Art Training Center from scratch.

After more than three months, great results have been achieved.

Xu Liang transferred him back to the headquarters and he was able to convince the public.

Teng Huaming thought for a while and shook his head.

"The time is too short. I want to lay a stronger foundation in Pengcheng and summarize some theoretical things. When I return to the headquarters in the future, I can also promote the development of other branches."

Xu Liang did not force it.

"Okay, you can follow your own plan and call me when you want to come back. I will keep the position of New Dream CEO for you."

The road to the new dream has been paved, and the next step is to develop step by step.

He doesn't need to be there all the time.

Just make sure the general direction is not messy.

In contrast, Hongmeng, which is still struggling in the Internet winter, will soon compete with Baidu, Google, and other Internet search engines in the market.

His main focus should be on it.