Investment Life

Strictly speaking, Yahoo's early listing also depends on the instigation of its own butterfly wings.In the original history, Yahoo received venture capital funding in 1995, and after a year of development and growth, it officially entered the Nasdaq stage.However, under the intervention of the Golden Stone, this schedule was pushed forward by half a year. Yahoo started the company in 94 and went through three rounds of financing in 95. It has already begun to take shape, and there is really no reason to go public on the original date.

However, this change in details brought Chen Yuanming some big and small problems.It is still the end of 1995, and the cloud of the Taiwan Strait crisis is still hanging over the coastal areas of Fujian and Zhejiang.According to the original history, if Yahoo had been listed in April 1996, the situation in the Taiwan Strait would have been turned to safety at that time, and there would not be too many grievances.But now, two months have passed since the test launch of the Dongfeng missile, and the third military exercise in six months has just kicked off on Dongshan Island. It is obviously too early to talk about peace at this time.

With such a political background, there will naturally be a certain linkage effect in the economy.The four parties currently holding the most shares in Yahoo are from Taiwan, the United States, Japan, and China. Even if the two founders are not politically sensitive enough, the pressure from Softbank alone is a headache.

Just like the listing preparations this time, Golden Stone holds no less than 15% of Yahoo shares, and its shareholding rank has also climbed from fourth to third, which is higher than David, one of the founders.This kind of shareholding quota, but it can't get in the way of listing issues. The strength of Softbank and the rejection of other shareholders have already been seen.

But as long as he doesn't withdraw, it will be quite difficult for these people to take away his shares. After all, he was the earliest to participate in financing, and all he holds are preferred shares that are extremely difficult to dilute, and the conversion ratio is also very impressive. An existence that can be easily thrown away.However, such reliance is just more bargaining chips in the negotiation. If it is forced to fight with Softbank, it will not be worth the loss for Touchstone.

Therefore, when he went to the United States this time, the choice of Yahoo became Chen Yuanming's top priority.It's just that Chen Yuanming's concerns about this problem that many people find a headache are actually not as great as others imagined.

After getting off the plane and driving towards Silicon Valley, the first person Chen Yuanming saw was Jonathan, who is still at the Golden Stone headquarters in Silicon Valley.

"Chen! You're finally back!" Seeing Chen Yuanming, Jonathan's expression was full of surprise, "I thought you'd be late for Yahoo's IPO!"

"The Golden Stone was a great success for the first time, of course I have to be there in person." Chen Yuanming smiled and shook hands with his CEO.

This sentence is really true.We must know that the companies that Golden Stone invested in in the early stage were often acquired by other large companies, and none of them really developed and could be listed for arbitrage.And Yahoo is the biggest deal of Golden Stone at present, and it is also the first harvest of their long-term pioneering in the fertile soil of the Internet.

After two years of continuous development, Golden Stone has taken root on the Internet and has long since broken away from the word-of-mouth model. Now this company is the most well-known angel investor in the Internet world. Countless people love the Internet. Young people with respect and enthusiasm for emerging things can learn about the existence of this angelic care for them from different channels.

Under such a general trend, Golden Stone has become the company with the most and widest investment in Internet companies today. However, angel investment can at most enable these companies to start, but it cannot make them grow. There is only one successful example, and Only the pursuit of the entire Wall Street can make these Internet concept stocks really take off.And it's not hard for any discerning investor to see Wall Street's favor for Yahoo today.

If Yahoo's non-profit portal website can win, then other Internet companies will also have the possibility of development, which is naturally very important for the touchstone that started with the Internet.You should know that even if it is an angel investment with a small amount of investment, even if there have been successful mergers and acquisitions that have brought profits, the overall income and expenditure of the Golden Stone are not optimistic, and it is also basically a sole proprietorship company. If it is the same as other venture capital companies Adopting a limited partnership system, I am afraid that people have already left the tea.

"It is predicted that Yahoo's opening price will reach 10 yuan." Jonathan seemed enthusiastic, "Although it is not as high as Netscape, it is still very good. It is estimated that the opening price will rise a lot. With our 16.8% stake, This time the profit is at least 2000%!"

In one year, 30 times the huge profit, is an extremely cost-effective deal for any investment, but Chen Yuanming knows that Yahoo's potential is far from that.At the opening of the day, it was pressed at a high of 20 US dollars. You must know that Cisco and Microsoft are only a few dollars per share today. A mere Yahoo has achieved an astonishing feat.Although Yahoo's listing is too close to Netscape this time, I don't know which price it will eventually fall to, but as long as Yahoo can climb to $5000, Golden Stone can get an astonishing profit of up to 400%, and in the next few years, Yahoo's stock price will continue to climb, reaching a high of nearly $[-]... But anyone who has studied elementary school mathematics should know what a successful investment this is.

However, the expected crazy value-added in the future did not move Chen Yuanming's heart.A company's stock price can rise indefinitely under the hype of market makers, but its actual value is indeed a roughly constant figure. As long as those big guys on Wall Street feel that they have sucked enough blood, the company's stock price will immediately fall.Just like the large high-tech companies that also experienced the Internet bubble, Microsoft, Cisco, Oracle and even Amazon survived without exception, and their stock prices rose again.But Yahoo has never recovered from it, and has never been able to exceed its opening price.

Yahoo's technical content is too low. Neither the website model nor the company's business operations are worth paying attention to. Instead of holding it for a long time, it is better to wait until the peak and then do short-term. Why bother with it.It can be said that from the very beginning, Yahoo was not Chen Yuanming's long-term target.

But now, in the face of the complicated political environment and Softbank's aggressive posture, this potential stock is even more like a chicken rib, and all it needs to do is squeeze more residual value from it.

"It's quite good as a profit point." Chen Yuanming smiled a little on his lips, "But it's also time to cash out some gold and stones. Has Softbank contacted us recently?"

Jonathan looked at his young boss in surprise, "Do you want to sell Yahoo's stock? In fact, it might be a good investment direction to exchange some common stock..."

"It's not worth it." Chen Yuanming shook his head, "Our job is angel investment, not investment funds. For them, stocks that can be held for a long time are too small for us. If Yahoo can be listed successfully, The next few years will be a high investment point for Internet companies, and I don’t want Golden Stone to face the dilemma of lack of funds at this time.”

Hearing these words, Jonathan couldn't help but calm down.Now he is well aware of the excellent talent of the young man in front of him in business. The company he was not optimistic about two years ago has now become a hot upstart, and in terms of return on investment, what can surpass Angel? What about the return on investment?I'm afraid drug trafficking can't make more money than this.

After sorting out his thoughts and reconfirming the main purpose of the company, Jonathan nodded bluntly, "Softbank has the intention of doing business with us. If you need it, I will get in touch with them as soon as possible."

Chen Yuanming nodded slightly, "Very well, let's ask them to come out and have a talk."

Compared with the calmness of Qijinshi, Softbank is much more urgent to Yahoo.After participating in the second round of investment, Softbank found that Yahoo was likely to become a new growth point, an existence that triggered the Internet revolution.Due to its great interest in the computer industry, Softbank quickly gained an advantage in Yahoo's investment, and now it has become the number one major shareholder, but the amount of shares he owns still does not have an absolute advantage, which prevents him from Be the man behind the scenes that really controls Yahoo.

And it was an angel investment company named Golden Stone that blocked his expected goal.

As a potential enemy, Softbank naturally spent a lot of energy researching this opponent, but the results he got surprised him.In terms of investment focus, Golden Stone's choice of direction is astonishingly advanced, and now it has become the original investor of many Internet companies. It is not difficult to see this company's preference for Internet business.But this kind of preference is an obstacle for him. Since he spends so much energy in running this business, he will not let go of the fat in his mouth easily. It is not easy to take Yahoo's shares from him. things.

Therefore, Softbank directly took advantage of the current international situation, and established a cooperation alliance with the two founders of Yahoo, half of lure and half of coercion.No one can ignore the tension between the mainland regime and Taiwan today, so Yahoo has no intention of entering China first from the very beginning.Since Japan and Taiwan are the main direction of attack, the Chinese investor from the mainland is naturally isolated by them outside the wall.

Can't occupy the advantage of the board of directors, and can't let the website enter his own country to create secondary value. The existence of Yahoo will inevitably cause a headache for Dianjinshi. embrace.

And this will be realized soon.The Philosopher finally played the banner of surrender and handed out an olive branch.Filled with the joy of victory, Softbank entered the negotiating field with an incomparable reserve and started the negotiation.

No one knows the details of the negotiations, but the results are clear.In the end, the two reached an agreement. Softbank took out its Netscape shares and exchanged them with Diamond Stone's Yahoo shares for an equivalent value, and repurchased the rest at 80% of the closing price on the day of listing.Due to the bad timing of Softbank's involvement in Netscape, it only got 5% of the shares, but now Netscape's shares have grown considerably, which can roughly offset 7% of Yahoo's shares. That's less than 10% of the shares.No matter how you calculate it, it is a big deal.

Two days after the deal was struck, Yahoo officially went public.

Perhaps because it was too close to Netscape, Yahoo’s opening price was only 22 dollars, but with the participation of various forces, the price rose rapidly, breaking through 40 dollars at one point, closing slightly down, and finally fixed at $28.

Without giving Golden Stone a chance to repent, SoftBank immediately honored the contract and took over all the shares of Yahoo at a price of US$7000 million, becoming an absolute dominant shareholder.On the other hand, Golden Stone achieved a profit of up to 250% with a venture capital capital of 2800 million US dollars.

At this point, the Internet boom officially kicked off.