Chapter 81 Three Conditions
Meifeng Tea House is actually a private club.
Li Haizhen is a member here.
I reported his name and quickly found the private room he had reserved.
Unexpectedly, the furnishings here are not tatami mats, but Chinese-style long tables and armchairs.
"President Li, we meet again."
Take the initiative to hold Xu Liang's right hand.
“I hope our meeting this time can bring satisfactory results to both parties.” Li Haizhen said.
“Of course.”
“Please have a seat.”
"Please."
After the two sat down, Huo Gang, Lu Renqing, Sun Mingzhen, and Li Haizhen's secretary sat on the chairs next to them.
A young woman wearing a sleeveless floral cheongsam made tea for the two of them with her exquisite tea skills and then left.
"Mr. Xu, this is our Hedong green tea produced in South Korea. Please taste it."
Xu Liang picked it up, took a sip, and then put it down.
"The entrance is refreshing, the aroma is mellow, and it is a good tea."
Xu Liang is never stingy with compliments without any expense.
Li Haizhen showed a smile on her face, "Most of the tea in South Korea is Bocheng green tea, with large production and uniform standards. Although the taste is great, it is something ordinary people drink.
Although there are not many green teas grown in Hedong, it is easier to produce high-quality tea, which is a drink for the upper class.”
During his time in South Korea, Xu Liang has already gained a certain understanding of this hierarchical society. , Li Haizhen's words of superior self-confidence didn't feel too strange, but they were too lazy to agree.
"President Li, you've finished your tea. Let's talk about Naver."
Li Haizhen nodded, "Mr. Xu said before that he would not interfere with Naver's management. Is that true?"
"Of course. We can guarantee that no matter how much equity we own in Naver, the shares with voting rights will always remain at 49%, and the voting rights for the remaining equity will be given to Mr. Li."
Li Haizhen looked serious. It's a bit more exciting. If he can ensure his control of the company, everything else will be easy to talk about.
“However, we also have three conditions.” Xu Liang said.
"Please say."
"First, Naver has become a holding subsidiary of Hongmeng Holdings South Korea. The head office has the right to send executive directors to Naver to supervise finance and company operations."
"Second, the head office is not involved in Naver's management, but external financing must be approved by the head office."
Xu Liang cannot let Li Haizhen introduce external capital and dilute his equity.
“Third and last thing, if Naver suffers a major loss of more than 30%, the head office has the right to conduct a thorough investigation and deal with those who violate the company’s rules and regulations.
At the same time, it also has the right to adjust the company's business and personnel. "
After listening, Li Haizhen pondered for a moment.
"Why must we hold a controlling stake? "
"Because we also have a Hongmeng Games company in South Korea, which is profitable, and only the financial statements of holding, Naver and Hongmeng Games can be consolidated. ”
Legendary’s profits must be divided into 20% agency fees to Hongmeng South Korea Game Company, and this part of the income is subject to tax.
If the statements are consolidated, Naver's losses will be included in the head office. Then the game's profits minus Naver's losses will reduce the taxable portion by more than half.
“What games have Hongmeng Games released, and why haven’t I heard of them?” Li Haizhen asked.
"A game "Legend: Overlord War" has been produced and has been sold to nineteen countries. The most popular one is China. It currently has nearly three million registered people and 100,000 people are online at the same time. . ”
Xu Liang exaggerated the data appropriately.
Li Haizhen was horrified and moved.
He is no stranger to the South Korean gaming scene.
Here, a game is considered qualified if the number of people online at the same time reaches 10,000, 30,000 is considered successful, and 50,000 is considered a hit. One hundred thousand people was beyond his imagination.
“...In addition to "Legend: Overlord War", Hongmeng Games is also developing its sequel and the new game "Millennium". The latter has been in public beta and will be available in up to two months. Official operation.
Hongmeng Games’ profits can offset Naver’s losses and effectively support Naver to continue to develop more powerful search technology and occupy a broader search market.”
Hearing this, Li Haizhen was also a little moved.
The reason why he was forced to come to Xu Liang was because Naver had never been able to truly achieve profitability, and the Nasdaq crisis was getting worse, and he could not find another institution willing to invest in Naver.
Xu Liang's remaining two demands do not touch the core financial and personnel rights, and do not affect his power to manage the company, so they are acceptable.
After thinking for a long time, Li Haizhen finally nodded.
“I can agree to these conditions.”
Xu Liangliang also breathed a sigh of relief.
“The next step is financing. You have two options. First, conventional financing. Second, Hongmeng Company will fully acquire the Naver shares held by you and Che Baogen.
You can choose to trade it all in cash, or convert it into equity in Hongmeng South Korea.
Of course, part of the cash and equity are also acceptable."
Li Haizhen pondered for a moment.
"If conventional financing is used, how much can Naver be valued?"
"1.2 million US dollars."
"Too low, 1.5 million US dollars." Li Haizhen said.
“1.5 million US dollars is impossible, too much. A discounted price of 1.35 million US dollars.”
Although Naver is the largest search engine company in South Korea, in this era, there is no such thing as Google. before developed.
The most popular business on the global Internet is portals.
Search is just an appendage of the portal.
Yahoo chose to outsource because it looked down on search. As a result, it gave Google the opportunity to grow.
Although Naver is also a portal, its market share in South Korea is less than 10%, which is why its valuation is so low.
Li Haizhen thought about it and finally nodded.
"I choose to fold the equity into the parent company."
Even if he chooses to retain Naver's equity, as the parent company continues to inject capital, his equity will continue to be diluted.
And if Naver cannot achieve real profits for a long time, it is possible that his equity will become single digits later.
Instead of doing this, it is better to fold into the head office as soon as possible while it is valuable.
And the head office has a powerful game company, which can also guarantee the value of the equity.
"Smart choice. Let's initial an agreement today, and tomorrow you will take the secretary to Yucheng Building to sign the contract."
Li Haizhen nodded.
He is a decisive person. Once he has made up his mind, he no longer hesitates and quickly signs the contract.
“By the way, I forgot to ask President Li, what is the technical level of Naver now?”
“Currently, Naver has indexed nearly 200 million web pages, and more than 15 million people log in every day.” Li Haizhen said proudly.
"It's really amazing."
Xu Liang was also a little excited.
Naver is developing so well, which means that its technology is very good, and it will be introduced into China in the future and combined with the search engines under development.
We can go one step further even if we can't, completely surpassing Baidu in China and establishing an unbreakable technological advantage.
(End of this chapter)