My Age of Investment

   Chapter 1192

   Ma Yun was in a trance, sitting on the reception chair like a defeated rooster.

  He mechanically raised his arm and took a few sips of coffee.

The bitter taste of    lingered in his heart, and the recent series of blows made Ma Yun feel more and more bitter, so he endured it so that the tears did not fall.

   If it wasn't for the fact that he was forced to do nothing this time, he actually didn't want to ask Xia Jingxing for help.

   After all, he is Jack Ma, who believes that he is not weaker than others in his life.

   In the end, he repeatedly asked Xia Jingxing for help, and he almost became a younger brother for one day and a younger brother for life.

  After drinking the coffee, Ma Yun seemed to have made a difficult decision, put down the cup in his hand, and looked up at Xia Jingxing, who was sitting opposite him, with a death-like look in his eyes.

   "Daren, the reason why I have the cheek to go to Beijing to ask you for help this time is that I can't think of anything else.

   I know that the request is a bit excessive and a bit abrupt, but please forgive me. "

  Xia Jingxing smiled and waved his hand, "Don't worry, I'll give you a stroke first."

   "More than half a year ago, your management teamed up with Vision Capital to pledge Ahri's equity and loaned $1.25 billion to acquire 5% of Ahri's equity held by Yahoo, right?"

   Ma Yun nodded hastily, "Yes, the root of the matter lies in this loan!

   Now Ahri's share price in Hong Kong stocks has fallen to HK$4.75, down nearly two-thirds from the issue price of HK$13.5, and nearly 90% from the peak stock price of HK$41.8.

  Now various investment banks are downgrading our stock ratings, Goldman Sachs and Morgan Stanley are also following behind, and they keep asking us to add more collateral.

   Originally, our equity pledge rate was only 50%, but now it is approaching the limit of 100%. . "

   Speaking of this, Ma Yun spread his hands and said helplessly: "Of course, I didn't mean to blame you for saying this.

   In the final analysis, we are too greedy, eating too much at once, and bloating our stomachs. "

  Xia Jingxing was quite amused. When we bought Yahoo together, why didn't I see you so calm.

   Seeing the opportunity to increase his shareholding in Ahri, I can't wait to **** all my underwear and get a little more equity in my hands.

   Affected by the financial crisis, slowdown in performance growth and multiple unfavorable factors such as B2B blood transfusion Taobao and Alipay, Ali's Hong Kong B2B listed company has long ceased to be glorious.

   From last year's peak market value of more than 200 billion Hong Kong dollars, Asia's largest Internet company, it has become an ordinary company with a market value of more than 20 billion Hong Kong dollars. In terms of market value, it is even lower than the penguin, which is also falling.

   Including unlisted businesses, when Ahri joined Microsoft, Envision Capital, and Facebook to acquire Yahoo, the overall valuation was as high as $25 billion.

   Now that valuation has been cut in half, leaving only about $13 billion.

   Jack Ma and the founding team jointly hold 36% of Ari’s equity. Calculated based on 40% of the pledge, it can also assess the value of 1.872 billion US dollars, which is enough to cover the entire loan exposure of 1.25 billion US dollars.

   But Jack Ma is indeed as greedy as he himself admitted!

   He ate half of the 5% stake in Ali acquired from Yahoo.

   If he had chosen to give profits to the team at that time, Jack Ma would not have ended up where he is today.

Today, Jack Ma personally holds about 10% of the shares of Ali, and the valuation of $13 billion is multiplied by 40% of the pledge, and then multiplied by the 10% shareholding ratio, which is equal to $520 million. This is the equity held by Jack Ma in the investment bank. The appraised value there.

   And the investment bank’s loan to Jack Ma is half of the $1.25 billion, or $625 million.

   There is a difference of more than 100 million US dollars in the middle!

   In other words, under normal circumstances, Jack Ma has already been liquidated.

  Why didn't it explode?

Speaking of this matter, Jack Ma was a little awkward and explained embarrassedly: "Goldman Sachs and Morgan Stanley have urged several times, but in desperation, I had to convince the other seventeen partners to let them use their own The equity in Ah Li is guaranteed for me, so I can barely cope with the past replenishment."

  Xia Jingxing's mouth twitched slightly, Ma Yun really has a bit of personality charm!

  Besides himself, the other seventeen of the Eighteen Arhats were willing to vouch for him with their shares in Ahri.

   It sounds easy, but in real life, many relatives are reluctant to sign a guarantee agreement.

  This thing is not a joke. If the lender runs away, the guarantor will have to take it, and if he fails to do so, he will be listed on the list of dishonest people.

   When Jack Ma was eating meat, these people just took a sip of soup.

   Now that the old horse is in trouble, the seventeen Arhats are helping each other.

  The cohesiveness of this team is indeed leveraged.

   But then again, these people may not be able to succeed without Jack Ma.

  The Arhats have been with Jack Ma for ten years, and everyone is still willing to believe in the big brother Arhat.

   "Subduing the Dragon... Oh, old horse, how do you want me to help you now?"

   Hearing this, Ma Yun knew that things were basically done.

   immediately smiled and said: "I am worried that the financial turmoil will continue to spread, the stock prices of listed companies will fall further, and unlisted assets will also be dragged down, and then the investment bank will lower the overall valuation of Ali Group.

   By then, there will definitely be a new round of replenishment.

   I don’t want other partners to sign the guarantee agreement for me all the time, that will definitely destroy the internal cohesion and make everyone have bad ideas.

   So, I want to borrow money from you! "

After   , Ma Yun rubbed his hands embarrassedly, but looked at Xia Jingxing with anticipation in his eyes.

  I have been an old brother for so many years, and the friendship is here, so I should help with this little task.

   And once he liquidates his position, it is bound to cause huge turmoil within Ahri, which will also affect the interests of Vision Capital and Facebook.

  Xia Jingxing nodded slightly and asked, "How much do you want to borrow?"

   "Borrow 200 million ... 100 million dollars first!"

   Looking at Ma Yun, who is now bowing down for one or two hundred million dollars, Xia Jingxing is also very sad.

   Those who are not interested in money have to practice a little more. The current strength is obviously not allowed... to say such big words.

  Xia Jingxing rubbed his temples, but just now he actually had a thought in his heart.

   Why don't you join Goldman Sachs and Dalmore to lift the ladder, take Ma Yun down, and take over Ahri.

   After thinking about it, he still gave up the idea.

   First of all, at most, Jack Ma's personal liquidation is not a collective liquidation of the management. Moreover, it is necessary to talk about some basic business rules when picking up the ladder, not just a random grab.

  Secondly, Masayoshi Son is also an uncontrollable factor. If SoftBank jumps out and **** Ma Yun, the latter can also survive this storm.

   In the end, he made a simple assessment of the risks and benefits of the entire operation and found that it was not cost-effective.

  Envision Capital and Facebook now hold a total of 44% of Ah Li’s shares. From a purely financial return perspective, they have pinned Ah Li, the golden chicken that lays eggs, just waiting to pick up eggs from the chicken coop.

   In this case, it would be a bit too greedy to engage in Jack Ma.

   At the same time, Jack Ma is not a vegetarian. Ahri has countless old subordinates who have followed him for ten years. His personal prestige within the company is even more flourishing.

   If he messes up, it will cause Ma Yun and his team to counterattack, and Ahri may be completely destroyed, and the loss will outweigh the gain in the end.

  If he gets control of Ahri very smoothly, it is not without its drawbacks.

  Social networking, e-commerce, and the combination of two horses and luck will really monopolize China's Internet. It will definitely become the target of public criticism in the future, and it may also destroy the entrepreneurial ecology of China's Internet.

   There is Jack Ma who is standing in front of the company and working for the major shareholder, so why bother to crave that little name and equity gains.

   Now with the growth of his wealth and vision, Xia Jingxing is also learning to restrain his desires.

   After many people become the richest man, they completely lose themselves in their desires, which leads to disaster.

   He didn't want to repeat the mistakes of those people.

   "No problem, within three days, $200 million will be credited to your designated bank account."

   Seeing that Xia Jingxing was so happy, he agreed to help. Ma Yun glanced at Xia Jingxing gratefully, and at the same time felt that he really did not make the wrong choice.

  If Xia Jingxing didn't help, then he had to go to Tokyo to find Sun Zhengyi to help him.

   "Daren, don't be in such a hurry. It's hard to say whether the loan you gave will be used. It depends on the follow-up situation."

   Ma Yun said with a very excited expression: "Anyway, thank you so much this time! Darren, I will never forget your help today!"

  Xia Jingxing gave a tanned smile, "Old Ma, if you say this, you'll be out of the loop. I'm still waiting for you to make money for me. Anyone can do anything, but you can't do anything."

   Hearing this, Ma Yun immediately smiled brightly, "Daren, don't worry, Ali will give you a satisfactory answer sooner or later."

   "Well, I'm waiting for that day!"

  Xia Jingxing knew that Ma Yun was talking about the overall listing of Ali, so he did not seem too anxious about it, because he knew that it was not something that could be completed in the past one or two years, so just wait patiently.

   "By the way, old horse, half a year ago, Ali stock lifted 160 million shares, and China Investment took almost 100 million shares at an average price of 15 Hong Kong dollars.

   This investment made CIC Float lose more than HK$1 billion!

  You still have to be "a cow" next, otherwise some things will be difficult to explain. "

   Ma Yun suddenly froze in his heart. He asked Xia Jingxing for help before the ban on these stocks was lifted, but the other party introduced China Investment Group.

   He was quite happy at the time, after all, Ahri also hugged the national team's thigh.

   Now it's a bit embarrassing to make people become a pick-up man, and it hurts feelings.

   Ma Yun felt ruthless in his heart, and quickly replied: "I will work hard, and I will definitely fight a turnaround next year!"

   "That would be the best!"

  Xia Jingxing asked again with a smile, "Is there going to be a listing anniversary this year? If you want to do it, send an invitation earlier so that I can arrange the time."

   Ma Yun hurriedly shook his head, "Don't do it, it's boring! Now the financial crisis has caused such a big impact and impact on all walks of life, let's be pragmatic!"

  Xia Jingxing chuckled. Last year, when Ahri put out the Full Moon Wine on the market for a month, you didn't say that.

   Actually, even a celebrity in the business world has many shortcomings. Xia Jingxing found that one of Ma Yun's major shortcomings is that he is pushy and is very happy.

   (end of this chapter)