Chapter 1218 Lao Yang’s reluctance
"Hongmeng's holdings in Sina are only 12.4%, which is almost sold." Xu Liang said.
"Haha, everyone knows that Hongmeng implements an AB share system for its listed companies. Even if you sell Sina's equity by 94%, you still firmly grasp the company.
The real selling should be a complete cut like "Network Technology". ”
"Old Yang, you really know our Hongmeng."
"Although we are friends, Yahoo and Hongmeng are real opponents, so we must know you very well.
Unfortunately, Yahoo is no longer a rival in front of the huge Hongmeng. ”
While sighing, Yang Zhiyuan felt very complicated.
When Hongmeng was first established in China, although Yahoo suffered a severe blow from the Nasdaq crisis, it is still the world's number one Internet company.
Hongmeng's business revenue is not even a fraction of Yahoo's.
Now the status of both sides is completely reversed.
There are two subsidiaries under Hongmeng with a market value of over 100 billion US dollars: Bing and Hongmeng Games.
Sina and No. 1 store also have market value of more than US$30 billion.
Universal Pictures and Pangu are also valued at over 10 billion US dollars.
What made him most uncomfortable was ‘Sina’.
Against the backdrop of the decline in the market value of portal companies, Sina's market value has fallen from US$43 billion at its peak to more than US$20 billion.
But after a sharp drop, it slowly rose back.
It has remained between US$30 billion and US$34 billion throughout 2007.
It made him very envious.
It is indeed worth being recognized for years of hard work, but Xu Liang quickly calmed down.
"Old Yang, since you have understood our Hongmeng and studied Sina, you should understand Sina's income structure.
On Sina.
The proportion of advertising revenue of the portal is getting lower and lower.
The revenue of Weibo, Soufang.com, Autohome and Sina Game Hall has accounted for 60% of Sina's total revenue.
The most important thing is that Weibo, Soufang.com and Autohome are still developing rapidly. Especially in 2006 and 2007, the number of registered people in the two sub-businesses doubled and the revenue nearly tripled.
These tangible data can be seen by investment companies.
This is also the key reason why Sina's stock price stopped falling and rebounded.
In contrast, although you Yahoo has a lot of business, none of them can continue to develop, have a clear profit model, and give investors what they expect.
The proportion of Internet searches is getting lower and lower, and the revenue of portal websites is also declining.
The two main businesses cannot support Yahoo's market value. ”
Xu Liang did not mention the image sharing social networking website Flickr, which was acquired by US$1.1 billion in 2005.
Because Flickr is developing well at this stage.
Of course, he doesn't want to develop it because of his advice and become a strong opponent of Facebook.
"Old Yang, Yahoo needs to find its main business again, otherwise as the portal business continues to decline, the proportion of the Internet search market will become lower and lower, and your valuation will continue to decline."
Zhiyuan Yang pondered for a while, "Does Sina still have its main business now?"
"No."
"This seems to be inconsistent with what you said before."
"It's very simple, because Sina's strategic development direction is different from Yahoo." Xu Liang said.
"I would like to hear the details."
Xu Liang did not hide it, "If you know Sina, you should find that its description of itself is no longer a portal website, but a platform-based Internet company. This description is similar to Hongmeng.
In fact, Sina's management is a smaller version of Hongmeng.
The management is not responsible for specific business development, and they all have independent management rights such as Sina Sports, Sina News, Soufang.com, Tieba, etc.
Give them enough support and exert their subjective initiative.
At the same time, Sina will also place certain resources on businesses that cannot make profits but can bring enough traffic to the entire Sina, such as post bars, blogs, calendars and emails.
This is different from your Yahoo.
Yahoo’s strategy is that all non-profit businesses must serve profitable businesses, especially their main business.
You don’t care about the specific needs of the customer base behind those non-profit businesses, you only care about the business itself.
It seems that as long as this business is grafted into Yahoo's business group, everything will be better.
In fact, change and competition are everywhere.
Even if a company that is a leader does not have enough resources to understand user needs, keep up with market changes, and continuously enrich and innovate its own website, it will soon be surpassed by its competitors.
There are countless examples of this point, both in China and the United States.
This is also the main reason why Yahoo has acquired so many companies but has only been able to succeed in the end. ”
In fact, Yahoo is very similar to Alibaba. After acquiring so many companies, most of them failed.
Because they don’t care about the user needs behind the company they acquired, but use these businesses to provide nutrition for the development of their main business.
The difference between Alibaba and Yahoo is that the e-commerce supported by Alibaba is a business with great development potential.
Yahoo's portal is completely out of date.
Why is Penguin different from the two? The companies they invest in are basically successful?
Because the core of social interaction is users, Bonima understands the value of users better than Bai Du Li Yanhong and Ali Jackma.
In order to convert user needs into income, Penguin formulated a ‘horse racing’ strategy.
The essence is the same as the platform strategies of Hongmeng and Sina, giving enough trust to the founders of all sub-businesses within the group.
As long as you can bring enough users, or the company has good development, the group will continue to provide you with resources and not interfere with your management of the company.
This strategy has allowed Penguin's successful businesses to emerge continuously and support the rapid development of the entire group.
Xu Liang's words made Yang Zhiyuan fall into deep thought.
After a long time.
"So, your opinion is that Yahoo should change its development strategy and follow Hongmeng or Sina?"
"Not bad. But it's too late for Yahoo."
Jerry Yang understood what he meant.
Yahoo's control is not in his hands, but in the hands of investment institutions on Wall Street.
They will never allow themselves to invest a steady stream of funds into unprofitable businesses.
And he didn't have enough money to buy Yahoo back.
"I really don't want to sell Yahoo. This company has brought me wealth, fame, glory... so many things."
"Understand, now someone wants to buy Hongmeng, I won't sell it at a glance.
But Yahoo has to sell it.
Unless you are willing to wait for the future that its business will get worse and worse, and the market value will get lower and lower, and when it is sold by investors, you will be given the title of "loser".
With my understanding of those people on Wall Street, they will definitely push all their mistakes to you.
For sale now, you can still maintain your reputation and share enough wealth.
If you are forced to sell in the future, not only will your wealth shrink, but your reputation you have worked hard for in the past twenty years will also fail.
People need shame and bark. If you don’t even care about reputation, just think that I was farting before. ”
As soon as he finished speaking, Xu Liang could clearly feel the sudden breathing sound of Yang Zhiyuan through the receiver.
After a long time.
"Xu Liang, if I sell Yahoo to you, will you dare to take over?
There is no need to bid $44.6 billion, just exchange shares with Facebook one-to-one. ”
Xu Liang was stunned for a moment, feeling a little surprised.
Taking a deep breath, calmed down, thinking quickly in my heart.
Facebook's current market valuation is between US$30 billion and US$40 billion, and the other party's offer can be said to be very sincere.
However, considering the growth of the business, this is obviously a loss-making deal.
After Facebook took over Yahoo, even if he concentrated the resources of the two major companies, he was not sure that he could kill Google in the search field, and he could not even compete.
Yes, Bing is dominating the international market.
But Google is the boss in the English market.
Over the years, a huge database and user habits have been cultivated.
Many people think that the reason why Google dominates the world is because of its excellent search technology.
In fact, technology is not the main reason.
Data is.
It is precisely because of the huge index database that accurate and more answers can be retrieved using Google search.
In the era of mobile Internet, why can’t Internet search work?
Because the high walls of major APPs block the index crawlers of Internet searches.
If you can't find the information you want, the search is naturally not so useful.
If Google hadn't bet on the right treasure and won Android.
Its fate will not be much better than the hundred poisons.
Back to the topic, since Yahoo is not that valuable, there is no need to buy it.
The kingly way is to attract Microsoft to hate and firepower.
Yahoo has increased exponentially in Microsoft's hands. By then, Bing will step up its offensive and completely kick Google out of the mainstream search market in Europe.
All thoughts were only in that moment, and Xu Liang quickly replied:
"Facebook has no business foundation in search and portals, and we can't afford to take over this deal. Even if I take over, I don't have the confidence to overwhelm Google and Microsoft in the English search market.
Even if I want to take risks, shareholders will not allow it. You know, Facebook is not the only one who has the final say. ”
Yang Zhiyuan fell into silence. Although his words were more of a test, they were not without the intention of matching the deal.
Microsoft's offer to them is to have half the cash plus half of Microsoft's stock, and Yahoo shareholders have the freedom to choose to obtain cash, or a fixed amount of Microsoft common stock.
The 3.9% Yahoo equity he held was replaced by Facebook equity with high growth, which was obviously more valuable than the old Microsoft equity.
In addition, since it is a one-to-one merger, there is no problem of who acquires whom. This will not only not deteriorate to his reputation as the number one person in the Internet in the century, but after the news spreads in the Chinese world, it will also be regarded as the joint force of the two strongest Chinese Internet entrepreneurs in the world, and may even become a good story.
However, Xu Liang politely expressed his rejection, and he would not stick to him.
As the first person in the Internet entrepreneurship industry and a world-renowned entrepreneurial elite, he also has his own pride.
"Old Yang, my opinion is just my opinion. You should follow your inner thoughts.
Whether you decide to sell Yahoo or continue to hold it, I respect and support your decision. ”
"I understand, no matter what the final result is.
Xu Liang, thank you. ”
"Haha, we are friends, saying that these are too weird."
After making an appointment to meet another day, Xu Liang hung up the phone.
He picked up the tea cup and took a sip, and sighed a long sigh.
Regardless of whether he is from a friend's perspective or from a business perspective, he is happy to see Microsoft's acquisition of Yahoo to delay Google's development.
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As for whether Microsoft and Yahoo will kill Google and become the double overlord of software and Internet, he is not worried.
Microsoft failed to acquire Yahoo in his previous life, and instead signed a ten-year agreement with Yahoo. Microsoft will take over Yahoo's search work, and Yahoo will be responsible for advertising sales on Microsoft's website.
As a result, Bing Search has never done Google, and its market share is still shrinking.
Google is powerful in technology and has a first-mover advantage.
The mobile Internet era is just weakening, and only when AI is truly mature can it be completely replaced.
Dingling...
The cell phone on the desk rang again.
He picked it up and looked.
A big face that resembles an alien on the large screen of Kunlun K1 phone is flashing.
After a smile in my heart, press the answer button.
"Old Ma, do you have any happy events to share with me when you don't sleep at night?"
Ma Yun received an urgent call from Cai Chongxin late at night. She was riding into the company in a car and took the time to dial Xu Liang a call, and there was no mood to joke with him.
"Brother Xu, have you received the news? Microsoft is going to acquire Yahoo!"
Hearing his tone heavy, Xu Liang smiled and said, "I understand. Yang Zhiyuan just called me and asked me if I wanted to get out together."
Let's have a chance to play!
Ma Yun’s brain is running quickly. What does this mean?
Does Hanhua or Facebook want to acquire Yahoo?
Can acquisition start?
That's $44.6 billion!
Restraining the surprise and suspicion in his heart, Ma Yun asked calmly, "Do you want to acquire Yahoo too?"
"Old Yang wants Yahoo and Facebook to merge, but I refuse."
Ma Yun felt relieved.
Finally, Xu Liang reduced his holdings in Alibaba and if he was allowed to acquire Yahoo again.
He will become the major shareholder who holds nearly half of the shares again.
I have to breathe again.
Jackma was anxious when he thought of the sign "Millennium Second" on his head.
"Brother Xu, we must stop Microsoft from acquiring Yahoo!"
Xu Liang smiled and said, "Microsoft is much stronger than Yahoo. With it as a shareholder of Alibaba, the company's overseas development will be much smoother in the future."
"No, you were wrong.
It is precisely because of Microsoft's strong power that we have to stop this deal.
And I heard that Microsoft's corporate culture is very strong, and the newly appointed Ceo Ballmer is even more difficult to get along with. I don't want the company's board of directors to become a battlefield! ”
Ma Yun said quickly.
"If Microsoft puts pressure on Alibaba or question some of our development strategies, it may have disastrous consequences for Alibaba.
Moreover, Microsoft is not Yahoo, and entered the Chinese market very early, and Gates is the richest man in the world and has a great influence all over the world.
We have a good relationship with the domestic upper class. If he falls in love with Alibaba and wants to acquire it, we will be in big trouble.
Brother Xu, you know me.
The person with the surname Ma is not the kind of person who compromises.
If it really happens, the losses will be the interests of all shareholders. ”
Xu Liang smiled, "Old Ma, don't be anxious first. You haven't even said one of the eight characters yet, don't be too nervous."
"How can I not be nervous? Brother Xu, don't be too optimistic. This matter has a great impact on Alibaba. We must be cautious."
Xu Liang could somewhat understand Ma Yun’s thoughts.
He just wants to be the boss in Alibaba.
He finally sent him away and he never wanted to welcome the big boss of Old Gates in.
Most importantly, Ali does not have a dual-layer equity design structure for Ali shares, and the partnership system will not be launched until next year. This is the weakest moment for Ali's management.
"What do you want to do?"
"Of course, it is the best to maintain the status quo. There are no uncertain factors. Alibaba's development is better than it one day, creating the greatest return for shareholders."
Xu Liang's mouth raised slightly, and the fox's tail finally revealed.
"Lao Ma, this may be a bit difficult. We are not shareholders of Yahoo and cannot stop their decision."
"I know, but we can persuade Zhiyuan Yang to achieve his goal by exerting influence on him."
Xu Liang smiled, "I understand, then I will try my best to persuade him, but Lao Yang is a kind of person who is soft on the outside and strong on the inside. The relationship between us has not reached the point of talking about everything. I can't guarantee whether it will be successful in the end."
"I'm very grateful if you can call. By the way, I'm going to go to the United States in a few days. Then we'll be together?"
Xu Liang thought about it and agreed.
After hanging up the phone, Xu Liang subconsciously touched the jaw that had grown stubble.
Ma Yun's resistance to Alibaba's equity changes was somewhat beyond his expectations.
The key is that his advice is completely opposite to his plan.
How to balance the middle also tests his wisdom and wrist.
As Hongyan’s most important investment target, Alibaba is obviously more important than Yahoo.
So, he didn't want to break up with Jack Ma.
——
In the evening, Helen also came back from get off work.
The family sat at the dining table, Helen was sitting on her left hand, and the Ryan sisters with big belly were sitting on her right hand according to their size.
The children were taken care of by their respective nannies for dinner.
Although it is noisy, it also makes this growing family more warm.
After dinner and playing with the children for a while, Xu Liang found the Ryan sisters.
Since 2005, the two sisters have been following him for three years.
From the ignorant age of eighteen to the current twenty-one, people have become much more mature.
Especially after pregnancy, the girl's tenderness completely dissipated.
The man's deep eyes also made the two sisters feel nervous.
To them, the man in front of them is the sky.
They had thought of getting rid of it, but they eventually fell into a world of luxury.
As for love, haha, those bodyguards who follow them in an instant, always alert eyes, let alone feelings, even if they say a few more words to other men, will be warned.
I was uncomfortable at first, but now I am getting used to it.
"Erika, how is your beauty website developing?"
When talking about his career, Erica Ryan's pretty face became more excited.
"We have 6 million registered users at present and have just signed a cooperation agreement with Barbie Poland. They will drive a specialty store on our website."
Xu Liang has also heard of the name "Barbie Poland". The company was founded in 1991 in New York, USA by makeup artist "Barbie Poland".
BobbiBrown is famous for her clean, fresh and fashionable concept. The revolutionary concept of natural makeup has made her famous in the fashion industry and even in all fashion shows.
As of now, it has become the most mainstream cosmetics company in the United States.
Being able to win it shows that after three years of development, Erica's career has already gained a certain industry influence.
However, the reason why Erica was able to cooperate with "Barbie Poland" was more due to Helen.
The former is a member of the "Sisters of Gun Flowers".
Of course, I am not stingy with helping a little bit, which is beneficial to the development of "Barbie Poland".
"The development of Erica's website has reached a certain scale, but it will also face more intense competition, especially the earlier established and more influential 'Skinstore', and the official website of Estee Lauder.
Faced with these vertical giants in the beauty field, have you ever considered how to defeat them? ”
Facing the inquiry, Erica's expression subconsciously became solemn.
"I have considered it. I have also discussed it with Sister Helen. Our idea is to open a special area of 'community sharing' to provide customers with a platform for communication and improve website viscosity."
"Is there any?"
"Strive to cooperate with more beauty companies, especially overseas beauty companies, to provide more abundant products."
"Is there any?"
Erica shook her head slowly.
All she could think of was this.
"I have a better plan here."
Erica's eyes lit up a little instantly. In addition to her strong body, the man around her was also unparalleled in business ability.
"It's very simple. Women are the creatures that like to compare the most. If you buy good cosmetics, the thing you want to do most is not to paint it on your face, but to share it with the people around you to show off.
We should fully respect their ideas and give them a platform to meet their needs.
So, your ‘community sharing’ program can go a step further, allowing users to upload photos and accept comments and likes from everyone.
For pictures with a relatively high number of likes and comments, you can recommend them to the 'Erika Community Homepage' for more people to see.
Even further, cultivate these popular people to become beauty bloggers, make them our free sales consultants, while further increasing user stickiness. ”
In fact, what Xu Liang is talking about is Xiaohongshu's development path. If you do it well in the future, you can completely separate this "community" and become a professional photo sharing social networking website "Instagram".
(This chapter ends)