Reinventing the Millennium

June 17, Beijing, evening.

Hou Jun, chairman of Gaode, is sitting in his office. When he raises his head, he can see the flaming clouds in the sky.

He has been in a good mood recently. In January this year, AutoNavi signed a contract with the World Expo to become the exclusive navigation map sponsor next year. In April, he began preparations for listing in the United States. And this month... there is even more optimism from the richest man in the mainland.

Although he declined the investment from the richest man in the mainland, doesn't the fact that he is willing to invest in AutoNavi prove that the company is on the right path?

Hou Jun is from Peking University and has tried in tourism, high-tech, property investment, finance and other fields. AutoNavi was founded in 2002 with old friends. It has been 7 years now and the most critical year of listing is finally about to begin. .

Listed companies, these four words seem to be rimmed with gold, and many entrepreneurs are tossing and turning for them.

Although Hou Jun declined Yike's investment based on multiple factors, he felt a little unspeakable sense of accomplishment because he rejected the rich man. However, he still believed in the rich man's vision. After all, he had also worked in an investment company. Long hours of work.

Buzz buzz, buzz buzz.

The phone vibrated on the table.

Hou Jun took it over and saw that it was Chen Liwu, the head of Walden International and an investor in Amap.

He pondered for about ten seconds before answering the call: "Hello, Mr. Chen, good afternoon. I pressed the phone several times before I opened it."

"Mr. Hou, good afternoon, what phone are you using?" Chen Liwu said with a hearty smile.

"Nokia." Hou Jun replied.

"If you use Nokia, it must be very sensitive. Now we all use Yike mobile phones, which are very easy to use and, to use its advertising slogan, are very smooth." Chen Liwu said.

Hou Jun laughed twice and suddenly made a vague guess about the situation. Mr. Chen, who usually didn't keep in touch much, mentioned Yike's mobile phone...

He said: "Then I will try the Yike mobile phone in two days, mainly to get used to it."

"Yike is now a big brand, with reliable quality and reliable use. It is also very popular in China. In my opinion, Yike and this Android system will have great development in China." Chen Liwu laughed.

Hou Jun directly picked a level: "Mr. Chen, are you here to talk to me about Yike?"

Upon hearing this, Chen Liwu also showed the purpose of the call: "Mr. Hou, I heard that Yike wants to invest in our AutoNavi? Are you talking about it or rejecting it?"

Hou Jun was silent for two seconds and replied: "This is true, but as you know, Mr. Chen, the company is already preparing to go public in the United States, and there is no strong demand for funds for the time being. Just IPO directly. Therefore, after discussion with the management We decided to continue listing the company.”

"Oh, what a pity, what a pity." Chen Liwu said regretfully, "I thought you were just talking. Yike is a domestic giant, and Mr. Fang is a business leader. I have some friendship with him. In China I have also dealt with Xin, and I thought that if AutoNavi raises this financing, I will also participate and listen to see if I can help get better prices and cooperation resources, but it is a pity, it is a pity."

Hou Jun thought for a while and said cautiously: "The management actually also talked with Yike. Their Android system will not reject Amap's software."

"If you refuse, you will definitely not refuse." Chen Liwu still regretted, "Yike itself is a shareholder of Android and promotes their own ecology in the country. If they want to invest in AutoNavi this time, they must imitate Google and load the map business. If Gaode If De Neng strengthens cooperation, the transformation will be much easier. I am worried now, will Yike, who is eager to do ecology, turn around and look for NavInfo?"

Hou Jun was silent.

NavInfo is now the industry leader and is indeed superior in terms of strength. I heard that it is also preparing to go public. It is a direct competitor with AutoNavi.

After a while, Hou Jun still replied: "Mr. Chen, let's talk about it. I believe that cooperation will benefit both sides. NavInfo may not want to switch to the personal client. As long as we do a good job in the map business, we can still work with Yi after going public. We have good cooperation with this type of mobile phone hardware manufacturers."

Chen Liwu did not refute, but replaced his silent attitude with a few seconds of silence.

"Mr. Hou, I believe you can lead the company to a better place. I also believe that AutoNavi can do a better job. Going public is also a new journey."

He ended the call with a blessing.

Hou Jun put down his Nokia and thought about Chen Liwu's contact for a while.

Walden International entered the country very early. It was invited by the higher authorities to introduce the concept of venture capital in the 1990s. Investors are more or less inspired by Walden International, IDG and other institutions.

Chen Liwu has invested in many companies in the semiconductor industry. Perhaps this is because he got excited after hearing the news about Yike.

Hou Jun thought about the content on the phone. AutoNavi really wanted to be a personal customer. This was considered when mobile phones such as iPhone and Mars gradually had built-in GPS modules. The mobile Internet will inevitably usher in great development.

At the same time, the competitive disadvantage between AutoNavi and NavInfo is also a factor in the transformation.

But he still insists on the view that the listing of AutoNavi will not delay the transformation. On the contrary, the successful listing of AutoNavi will have a greater say in the future.

Hou Jun thought quietly for a while, and his Nokia phone suddenly vibrated again.

He was slightly startled. On the screen was Zhou Wei, the managing partner of another institutional shareholder of the company.

Two calls in a row, two shareholders in a row.

Even before Hou Jun got through, he couldn't help but put the key on Yike.

Did you also hear the news about Yike Investment? Did this news spread on a large scale today?

or……

Hou Jun pressed the phone.

Compared with the veteran Chen Liwu, Zhou Wei is just...that's it.

After a few brief greetings, Hou Jun heard the other party's intention as expected.

"Mr. Hou, I heard that Yike wants to invest in our Gaode?"

Hou Jun is very sure that this sentence is familiar. Mr. Chen should have said the same thing just now. It is indeed "we" Gaode, but today you don't seem to be standing in the position of "we".

He couldn't help but laugh and said: "Mr. Zhou, there is such a thing. The company has rejected it because it is preparing to go public in the United States."

Zhou Wei said "Ah" before saying: "Mr. Hou, are you refusing so quickly? I just heard the news, should we consider it again? This is Yike."

"It's like this..." Hou Jun patiently recounted what he had just talked with Mr. Chen in detail.

Zhou Wei also listened patiently to Chairman Gaode's reasons.

He agreed: "Well, it makes sense. Investment is something you and I are willing to do. It would be good for the company to go public. However, if it goes public next year, it will actually take a long time. If we can develop more markets on smartphones this year, The market value of our stock price next year should be better, right?"

Hou Jun took a sip of tea with no expression and replied: "Our market development this year is already underway. I believe there will be good results and that the secondary market will see future prospects. The management and I both agree on this." Have confidence."

He continued to say calmly: "Of course, the main thing is the confidence of the management. As you know, Mr. Zhou, the specific business decisions are made by Mr. Cheng based on the facts. They are all very familiar with the current situation." confidence."

Hou Jun is the chairman of AutoNavi, but now the main affairs of AutoNavi are in charge of CEO Cheng Congwu.

Zhou Wei heard some emotions. He had not communicated much with Gaode in the past. After all, he couldn't force him. He could only talk about the future after the listing for a few words and ended the call.

Hou Jun frowned a little when he put down his phone this time.

Did these two people hear the news or were they ordered by Yi Ke?

He has experience in the investment field and naturally has many friends in the industry. He knows that Mr. Fang has deep connections in this industry.

Before Hou Jun could figure out what the smell was, the third call came in.

Surprisingly, it is Wan Debo, the president of MSD, the company's largest institutional shareholder.

MSD currently holds 12% of AutoNavi's shares, which is already a significant proportion.

Hou Jun calmed down, then answered the phone and asked with a smile: "Mr. Wan, hey, Mr. Wan, couldn't it be Yike's wind that brought you here?"

"Oh? Did other shareholders also receive the news today? Mr. Hou, it is indeed rumored in the industry that Yike Investment was rejected by Amap and is seeking cooperation with NavInfo." Wan Debo complained in a loud voice, " Mr. Hou, although our MSD is a financial investment, why don’t you say hello to such a big matter?”

The founders and management of AutoNavi hold 64.1% of the shares and are extremely united internally. This kind of matter has always been decided with one word.

After hearing this, Hou Jun pondered for a moment before expressing his apology: "Mr. Wan, I didn't expect everyone to react so strongly. The contact between us and Yike is not very deep. They asked and we chatted. The management doesn’t think this is a good time for cooperation and wants to wait until after the listing to discuss it. Yes, Mr. Wan, we haven’t thought about it yet and we still want to talk to you.”

There was no risk from an equity perspective, and due to market and business considerations, the polite rejection of Yike's investment was limited to the management, but now it has obviously spread throughout the company.

Wan Debo did not dwell on this and asked: "Mr. Hou, don't delay, don't delay. I think the people from NavInfo are already talking to Yike. The business overlap between the two companies is so high. Isn't this a mistake?" Have the resources been pushed to the other side?”

"Are they already talking? I haven't received any news." Hou Jun said suspiciously.

"It's not about getting the news now, it's about us reacting. I think it's better to bring Yi Ke back for a chat now." Seeing that there was no sound from the other side, Wan Debo softened his tone, "It's hard to make things happen, but it's hard to do bad things. It's easy, once Yi Ke has an agreement with NavInfo, they will start to cause trouble... It's not like you haven't heard of Mr. Fang's name."

Hou Jun concentrated his attention. Mr. Fang did have a lot of good and bad things, and there were a lot of things circulating in the world.

but……

The main business of AutoNavi and NavInfo is still in car navigation, which accounts for 60-70% of the revenue of the two companies. It involves many car manufacturers, and the relationship is relatively stable.

Hou Jun didn't panic because of a few words. This was indeed a new angle, but there were only a few picture dealers in the country, and business couldn't be done casually.

He asked simply: "Is this Mr. Fang's intention or..."

"Ouch, Mr. Hou, Brother Hou, who do you think I am?" Wan Debo said dissatisfied, "Aren't we talking in private? I am also a shareholder of Gaode. If Gaode is good, I will be fine." , isn’t this also thinking about the company’s future development?”

Hou Jun felt his temples twitching faintly. There seemed to be two more secretly like Wan Laoge.

The communication with Wan Debo, the largest shareholder of the institution, has only been superficial, and things have become a bit bizarre.

Hou Jun put down his phone this time and stared at Nokia for a long time. He was relieved when no new calls came in.

He lit a cigarette, looked at the darkening sky outside the window, and thought carefully about the sudden situation.

Has Yike or Fang Zhuo not given up on Gaode?

The cooperation between the two parties does not need to be tied up in the form of equity. The market for individual users also needs to be verified. Why is Yike so anxious?

Or is it true that the person with the surname Fang really has the legendary character of vengeance?

Just after finishing a cigarette, Nokia's fourth call appeared.

When Hou Jun saw the number, it was no surprise that it was an investor, Sequoia Shen Nanpeng, who was also an important investor and served as a director in the company.

He sneered unconsciously, then answered the phone and said kindly: "What the hell is going on today? Even Mr. Shen called me. Isn't it also about Yike's investment?"

"It seems that everyone knows, Mr. Hou, what do you think?" Shen Nanpeng asked calmly.

Hou Jun was startled: "What do I think?"

"Don't you know?" Shen Nanpeng was surprised, "Mr. Fang said that the C-side map navigation business will explode. This direction will be a significant change brought about by the development of the mobile Internet."

He asked strangely: "Then why do people call you? As for what was circulated in the afternoon, Mr. Xiong from IDG and Mr. Wang from Shenxin Science and Technology had a quarrel on Zhihu. Mr. Wang thought that the graphics business would usher in a crisis. In this round of upgrades, Mr. Xiong believes that the outbreak of business does not mean the explosion of profits, so we still have to be cautious."

Hou Jun turned on the computer silently and quickly found Zhihu. He really saw the quarrel between the well-known investors Xiong Xiaoge and Wang Fengyi. In addition to their different views, there was also a dispute about each other's investment levels.

Hou Jun glanced at it a few times and gave Xiong Xiaoge a like. Let’s not talk about the content. Can Wang Fengyi’s investment be comparable to Mr. Xiong? Wang Fenggu is nothing more.

"Mr. Hou, so I'm calling to ask your opinion." Shen Nanpeng said seriously, "I think this is a very interesting debate, but you are the professional. I want to hear what professionals think."

Hou Jun's mood eased and he pondered for a moment: "What Mr. Xiong said is also a difficult problem we are thinking about. How to commercialize the development of individual users. This is a pain point that must be solved. We have also discussed it internally many times."

AutoNavi's top five customers contributed 66.9% of its annual revenue last year, and it was as high as 81.5% the year before last.

Whether and how to transform are issues that companies with such a revenue structure must carefully consider.

From the B-side of manufacturers to the C-side of individuals, rash exploration may be a new continent or an abyss.

"Interestingly, Mr. Fang's words also aroused discussions among Baidu and Penguin employees. I think Baidu is also very optimistic about this direction." Shen Nanpeng said, "Baidu is obvious. It has always been in the map business. , after all, there are Google models abroad.”

He said leisurely: "Moreover, Baidu is already a giant with a market value of more than 10 billion US dollars. If it wants to exert its strength... the competitive pressure on the C-side will be great. It cannot do it in the traditional field, and the new direction is the same starting line. "

Hou Jun held the phone in his left hand, slid the mouse with his right hand, and saw the voice certified as a Baidu employee.

He himself often reads Zhihu, but this time when he saw something related to such an industry, he felt somewhat novel and confused.

In fact, in today’s vehicle pre-installation market, AutoNavi accounts for about 48% and NavInfo about 46%. In the post-installation PND navigation map market, AutoNavi accounts for 30%, NavInfo 20% and Kailitech 20%. On the Internet In the map call volume market, Amap is close to 50% and NavInfo is 40%.

Map manufacturers need qualifications, and there are only a few players. When it comes to specific market statistics, Baidu’s is classified under “others”.

Baidu wants to make an impact? How to exert force?

Hou Jun was confused about this point.

But he also clearly knows what a market value of more than 10 billion US dollars means, not to mention that Baidu is still growing rapidly and is expected to exceed 20 billion US dollars this year.

These two perceptions of professionalism and capital are mixed together, and there is a sense of danger and vigilance when camping outdoors and hearing the rustling sounds around you late at night.

Hou Jun asked aloud: "Mr. Shen, what do you think?"

"In terms of professionalism, I am not as good as Mr. Hou, in terms of investment, I am not as good as Mr. Xiong, and in terms of vision, I am not as good as Mr. Fang. What can I say? I am very confused." Shen Nanpeng admitted his shortcomings and said, "Today I just wanted to clear up the confusion on this phone call, but just before I called you, I also called Mr. Fang and asked him what he thought about this problem."

Hou Jun waited for a few seconds and couldn't help but ask: "What did Mr. Fang say?"

"Mr. Fang is quite honest. He said he didn't think of a good way." Shen Nanpeng replied.

Hou Jun was a little disappointed. Although he was the richest man, he was indeed not an insider.

Shen Nanpeng took a sip of tea and continued: "However, he said that the potential and scale of the C-side is far greater than that of the B-side. If we increase the scale of the C-side first, the company's market value will definitely skyrocket. So we should first give the money we can earn. Make money, and then think about other things after making money.”

Hou Jun's heart skipped a beat, he was worthy of being the head of a mobile phone finance company.

The thoughts in his mind were spinning and he asked: "Mr. Shen, have you talked to Mr. Fang about Yike's investment in Amap? What he said seems to be unfavorable to Yike's investment in Amap. Is it for us to go public first?"

Shen Nanpeng said in surprise: "Isn't this a dirty thing? Mr. Fang is looking for someone to talk to NavInfo. Oh, I think it's okay not to cooperate this time, or to go public first. The important thing is For the next development, if we transform, it will still be a bit unsustainable with Amap alone.”

Hou Jun was silent.

"I think the Internet and mobile Internet, Baidu in Beijing, Alibaba in Lin'an, Penguin in Pengcheng, and Yike in Shencheng, are all difficult to compete with." Shen Nanpeng sighed, "But Baidu has a map business, and Penguin also has a map business. Yike wants to enter this field again, so it seems that Alibaba is not far away. If AutoNavi wants to do the C-side, I’m afraid it still needs a backer for cooperation.”

Baidu is located in Beijing and occupies the search entrance.

Alibaba is located in Lin'an and has no other e-commerce platform.

Penguin is located in Pengcheng, and its traffic flow has few rivals.

Yike occupied Shen City and killed all the invading enemies.

Shen Nanpeng said sincerely: "These four giants have become the climate. The power of any company to stir up the storm cannot be underestimated. What's more, they may all enter the field of image dealers. Mr. Hou, which company are you confident in? "

Hou Jun said nothing.

"If these families get into a fight, Mr. Hou, we Gaode should make plans in advance." Shen Nanpeng said this and did not go on.

Hou Jun hung up the phone this time, feeling more worried.

He took two sips of tea. Although Mr. Shen kept saying that he wanted to "answer doubts" and "find solutions", he might still have some leverage from Yike. Although he did not have the name of a lobbyist, he was actually a lobbyist.

The question is, is he right?

Hou Jun closed his eyes and thought about the future development of Gaode, and the painstaking efforts of Yike's actions.

It was dinner time, but he wasn't half hungry.

Ring ring ring.

The office phone sounded a little shrill.

Hou Jun reached out and picked up the phone: "Hello?"

"Hey, Mr. Hou, I'm Yu Minhong." Yu Minhong, the head of New Oriental, said with a smile, "Why can't I call you on your cell phone?"

Hou Jun pressed the phone twice, but the battery was out. No wonder no new calls came in. No wonder the landline rang this time.

He frowned, looked at the logo on the phone, and replied: "Nokia is out of battery and needs to be recharged."

"You are using Nokia. Try the Yike phone instead. It works very well." Yu Minhong said casually.

Hou Jun really felt a chill running down his spine this time. Even his fellow Peking University alumni surnamed Fang were mobilizing?

He said coldly: "Are you also working as a lobbyist for Yike?"

Yu Minhong felt confused: "What kind of lobbyist? No, I'm looking for you to have dinner. I have an alumni association this year. Did you forget?"

"Being a lobbyist at the dinner table again?" Hou Jun asked again.

"Where are you thinking? It's not what you think." Yu Minhong didn't know whether to laugh or cry. This was all going nowhere. He was looking for friends to have dinner and discuss the friendship between Peking University alumni.

Hou Jun vaguely felt that these words were a bit familiar, and he seemed to have heard them today.

Each and every one of them, either a shareholder or a friend, was actually ordered by Yi Ke and Fang... It was simply shocking and shocking!

"Eating, right? I'm too busy, so I won't go." Hou Jun didn't want to beat around the bush.

Yu Minhong said a few more words and hung up the phone helplessly. I'm really not a lobbyist...

Hou Jun charged up his Nokia and felt Fang's vast network of contacts, as well as Yike's determination to enter the map business.

At this time, he remembered what Shen Nanpeng said again, what's the explanation for the four giants?

And, through Shen Nanpeng's narration, the person named Fang first made the money he could.

Hou Jun was immersed in his thoughts for a while, then got up and walked to the window to watch the night in the capital.

It seemed to be a little windy at night.

Could it be that things are going to change?

Hou Jun looked into the distance, never expecting that YBAT, whom he had seen so much on the news before, would appear to be in front of the door in an instant.

Maybe, that's not the case, right? It's not as serious as these people say, right?

The thought came to his mind.

Boom, boom, boom.

There was a knock on the door of the chairman's office.

"Come in."

Hou Jun spoke up.

As soon as the visitor entered the door, he first turned on the light: "Lao Hou, why didn't you even turn on the light? I thought you had left."

"No, I'm just thinking about something." Hou Jun saw it was Gaode's CEO Cheng Congwu.

He and Cheng Congwu are old colleagues and old friends. They are the same age and are both 44 now. They worked together at Huaxia Technology International Credit Investment and later co-founded Huaxia Datong Industrial, the predecessor of AutoNavi.

From investment to entrepreneurship to now on the road to listing, I am also an old comrade.

Hou Jun holds 23.4% of the company's shares and Cheng Congwu holds 13.5%.

Over the years, Hou Jun has gradually retreated behind the scenes, and Cheng Congwu is responsible for the main work of AutoNavi. Such decentralized major shareholders + trusted management have brought AutoNavi to the forefront of the industry.

Hou Jun and Cheng Congwu had nothing bad to say. They had rejected Yike's investment before after everyone discussed it.

He recounted everything that had happened from the evening to the present, and he was filled with indignation, and looked a little ugly when he saw the other person.

Hou Jun became more and more frightened and angry as he spoke, and finally scolded: "If Gao De refuses, he will refuse. This guy named Fang has come to find so many people, does he still want to rob him? He thinks this is Sina!"

The Sina incident will last forever.

Especially in Beijing.

The bigger the wealth and fame of the richest man in the Mainland, the more his past events are talked about. Some are legends and some are personal experiences. It is even more difficult to hide it when it is broadcast live by various media like Sina.

Hou Jun was shocked and angry, his mouth was dry and his tongue was dry.

He picked up the tea cup and suddenly realized that he had been talking, and the old comrade had made no move or expressed his position.

Hou Jun's heart moved and he looked at Cheng Congwu.

The two have known each other for twenty years, and the look in their eyes is worth a thousand words.

Hou Jun stood up straight away, pointed at President Gaode in disbelief, and said in surprise: "Lao Cheng, you..."

"Ahem." Cheng Congwu waved his hand, "Lao Hou, where are you thinking? It's not what you think. Just sit down."

Hou Jun no longer knew what he was thinking, why did everyone else know what he was thinking.

"This matter, I thought about it, and to be honest, Mr. Fang's investment is not without benefits." Cheng Congwu did not beat around the bush, "I just asked someone to verify NavInfo, and Yike did have contact with it. , tell me, what’s going on?”

Hou Jun sat down again and looked at his old comrade silently, why did you go to verify the four-dimensional map at this time? Whose call did you answer?

"Let's be honest, Gao De is a small family, but the Yi Ke family has a great cause. Doesn't what Shen Nanpeng said make sense?" Cheng Congwu frowned and said, "We can't go up to it. Things are in front of us and there have been changes. We Let’s see what’s most beneficial.”

Hou Jun gritted his teeth and asked: "Lao Cheng, let me ask you, have you voted for Yike?"

"How is that possible!" Cheng Congwu categorically denied, "I have been the president, and until now, have I paid too little? Now I am afraid of changes in the industry, and I am afraid that I will make the wrong step and my hard work will be in vain! I refused last time, Are you determined? Investment is a matter of mutual agreement. If we don't want to, Fang Zhuo will never succeed!"

Hou Jun looked at the determined Cheng Congwu, which shareholder had used the words "you and me"?

Cheng Congwu looked at Hou Jun firmly, "If we don't want to, he will never succeed!"

After a long while, Hou Jun said: "You mean, let's discuss it again?"

Cheng Congwu nodded slowly: "It's worth discussing."

Hou Jun stared at his old comrade: "What if I still don't agree with Yike's investment?"

Cheng Congwu immediately said: "Then let's go public!"

He took a breath and added: "But we must also be careful of Yike's mischief in the secondary market. It's not like we haven't watched the news in the past two months."

Hou Jun swallowed, Fang thief is powerful, Fang thief is powerful.

He said slowly: "It's okay to talk. It's about cooperation, not dependence. It's about independent development, not becoming a puppet."

"That's for sure." Cheng Congwu nodded, "This matter is a matter of mutual consent. No one can force us."

Hou Jun stood up: "Let's go, let's eat first."

Cheng Congwu also stood up: "Would you like to start talking to Yike after dinner?"

Hou Jun looked back at the company president.

Cheng Congwu said: "I mean, say hello first, lest SiDuxin really agrees to the speed of light."

Hou Jun picked up the charging Nokia and took a few steps: "Okay."

Cheng Congwu walked beside him happily and heard Shen Nanpeng say that Mr. Fang was willing to visit the capital in person. In this case, AutoNavi can be listed or we can continue to negotiate. No matter what, the company can have a choice. This is between you and me. Wish it, never force it.