Chapter 320 The Heart-beating Jack Horse
“Secondly, if we acquire eBay, it means that our operational burden will be heavier, and our operating capital of 4 million US dollars will definitely not be able to sustain it.
Finally , the cultures of the two companies are definitely very different. After the acquisition, we will also face the integration problem of the two companies, which is complicated and complicated. In the low ebb of the Nasdaq crisis, such a large-scale merger is not wise. < br>
And taking out 30% of the shares at once is too much. Such financing will damage Alibaba’s governance structure.”
“No, no, Lao Guan, you are thinking too much. .”
Ma Yun said before everyone else, "First of all, since Alibaba has stabilized, it means that we have completely passed the dangerous period, and now is the time to work hard to develop.
The acquisition of eBay is a great opportunity for us A huge opportunity, an opportunity to grow into an e-commerce overlord across B2B and C2C.
Secondly, eBay itself has the problem of increased burdens. Profitability, integration, and merger of both parties' finances, channels, and management systems can achieve good results of cost reduction and efficiency improvement.
Moreover, larger companies with higher revenue can also obtain more capital support. Whether it is bank loans or financing, they can obtain more favorable interest rates and amounts.
Finally, corporate culture has never been a problem. Alibaba’s culture is the best corporate culture. If the people at eBay don't agree with this culture, just eliminate them.
As for the issue of equity. Haha, didn’t Brother Xu say that? All the voting rights of his 20% shares were exercised by me. I think this should not have a big impact on Alibaba’s management rights.
After all, Alibaba’s management rights are still firmly in our own hands. ”
Ma Yun looked confident.
He cares more about the growth of Alibaba than the reduction of his own equity.
If Alibaba really becomes an international e-commerce giant, 1% of its shares will be more valuable than 100% now.
The key is to ensure his absolute leadership over Ali.
This is the most important thing.
“I agree with Mr. Ma’s decision. The acquisition of eBay is the only way for us to integrate the domestic B2B and C2C fields, completely distance ourselves from other e-commerce websites, and dominate the domestic market.
Compared with this opportunity, whether it is financial difficulties or corporate culture are actually minor problems. "Sun Tongyu said.
"I also agree with Mr. Ma's decision. " Overall, now is no exception.
And eBay is indeed an excellent acquisition target for Alibaba.
Guan Mingsheng frowned when he heard this, and subconsciously wanted to speak and continue to persuade.
But when the words came to his lips, he took them back.
Having been with Alibaba for almost a year, he already has a deep understanding of the company.
Here, even if Ma Yun's decision is wrong, few people question it.
But the key is that most of the decisions made by this guy who looks like an alien are right.
Therefore, with absolute prestige, it was impossible for him to stop Ma Yun.
In this case, I am too lazy to waste my words.
“The number of eBay registrations this year exceeded 3 million, accounting for 65% of the domestic C2C market. It is estimated that it will be difficult to acquire for US$90 million.” Cai Chongxin said.
After seeing Ma Yun's interest in eBay, he had no intention of persuading her.
He knows much more about Jack Ma than Guan Mingsheng, who joined halfway, so he has no intention of wasting his words.
"Didn't Xu Liang say that additional investment can be made?" Sun Tongyu said.
“Even if additional shares can be added, or even stock voting rights can be given to Mr. Ma, it is dangerous for a company to hold too many shares. And in terms of acquisitions, cash does not have to be used entirely.
Not enough The same goes for local governments exchanging Alibaba's equity. This can also enrich our equity structure and avoid accidents," Cai Chongxin said.
Everyone focused their attention on Ma Yun, obviously waiting for him to make a decision.
“What Lao Cai said is good, the cash + equity acquisition method is very good.”
If given the choice, he would not want one company to hold too much equity in Alibaba.
After all, the most unpredictable thing in this world is the human heart.
——
On the way back to the hotel.
"Mr. Xu, do you think Ali can agree to our conditions?" Lu Hui asked.
"If it is Tsai Chongxin who is in charge of Ali, I will definitely not be sure. But if it is Lao Ma, I am 90% sure that they will agree." Xu Liang said confidently.
“Why?”
Lu Hui asked curiously.
"Lao Ma is too eager to succeed." Xu Liang said slowly.
Without his interference, in order to obtain search access and capital, Jackma would not hesitate to give up 40% of Alibaba shares in exchange for a US$1 billion investment from Yahoo.
Of course, this US$1 billion contains a lot of private goods.
Only US$250 million was in cash, and the remaining US$750 million was used to settle accounts in Yahoo China.
Now eBay is much more attractive than Yahoo China.
If you can swallow it, you can quickly become the overlord in the two fields of B2B and C2C. It’s surprising that Jack Ma can hold back.
Back at the hotel, Xu Liang took out his cell phone and called Lu Jue.
The call was answered quickly.
"Mr. Xu, are you looking for me?"
"How is the negotiation with Mori Building Co., Ltd.?" "The contact has gone smoothly, and no specific transaction has been discussed yet. Price, but Mori Minoru hopes to meet you."
After thinking for a while, Xu Liang said, "I know, I will go to Japan in a few days. In addition, you can send a working group. Hangzhou, talk to the local government and get a better land to build Taihua City.”
The Hangcheng government was so enthusiastic, so it was hard for him to leave nothing behind.
Think about it, your own company can cooperate with you in the real estate business.
Hangcheng, as a top second-tier city, has broad future prospects.
"Okay, I understand. ...By the way, Mr. Xu, I have good news for you. The Yindu Center (Fenglan International Center) in Beijing has been negotiated."
" Really? How much?”
"The 270 million Huaxia Yuan is slightly less than we originally expected. In addition, we have negotiated a loan for the subsequent construction with the ICBC in Beijing. The interest rate is not high, 6.9%. We expect to restart construction in mid-May."
< br>Xu Liang understood that being able to get such a low interest rate must be for the sake of the Jiang family.
Otherwise, even if there is collateral, the loan interest rate is 9% which is good.
“It’s done well.”
Originally, Hongyan’s budget for the Yindu Center (Fenglan International Center) was 300 to 500 million Chinese coins.
But now it seems there are fewer than they expected.
This is not surprising. They have no experience in building unfinished buildings.
It’s not surprising that the estimate is inaccurate.
Of course, the tax and policy incentives provided by the capital city government to deal with unfinished buildings are also one of the reasons.
“What about the other projects?”
"Haitian Plaza, Gongzhufen Commercial Building, and Zhongcheng Plaza in Yangcheng are advancing very quickly with the help of the local government. They can basically be completed before June.
Huaxia No. 1 Mall is a little more troublesome."
"Trouble?"
"Yes. Mr. Xu, the mall is an investment project of Beijing City in the United States in 1994.
It covers an area of 55,000 square meters and a construction area of 540,000 square meters.
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It is divided into Building A and Building B, as well as a shopping mall on the ground floor.
In February 2000, 90% of the first building of the first phase of the First Mall was sold, and 85% of the second building was sold in August. It only took less than 10 years from the sales period to the payment period. months time.
But not long after, the developer delayed the delivery of the First Mall due to misappropriation of funds and other reasons.
In addition, the owner found that the decoration was not in line with the original promise, and there was a "bloody incident" in which the developer beat someone.
As a result, there have been various disputes between the owners and developers, and the project has also been suspended and suspended, and many owners have asked to check out.
The developer is entangled in lawsuits, with debts incurred by owners, banks, construction companies, etc. totaling 360 million yuan.
So, the troubles of No. 1 Mall are not only financial issues, but also disputes with the owners. "
"Actually, all the problems you mentioned are still money problems. "
"Hmm. "
Xu Liang continued: "Don't the owner want to check out? We spent money to buy back all the houses we sold, and we gave them back as much as they gave us when we bought them. ”
Xu Liang is still eager to buy back the whole house. The return will be higher after the real estate appreciates.
“Yes.”
“Also, in the future, whether it is the First Mall or the Silver City Center, they will all be converted into business buildings, not apartments.”
“ Understood.”
After talking about some renovation issues of unfinished building projects, Xu Liang hung up the phone.
——
Xu Liang originally thought that it would take several days of talks with Ali to give him the result.
Unexpectedly, Ma Yun called him the next day and told him that he could sign the contract.
Xu Liang called Xia Changsheng from Xiangjiang to Hangzhou, and led Hongyan's team to start due diligence.
Go through the process and if there are no problems, the contract will be officially signed.
However, this time when investing in Alibaba, Xu Liang did not use the name of Hanhua, but used Hongyan Fund as the main investor.
Obtained 30% of Alibaba’s equity for US$90 million.
After this investment, Alibaba’s equity has also changed.
Hongyan 30%, the original 10% equity held by Hanhua was diluted to 7.69%.
SoftBank has implemented anti-dilution clauses, so it still maintains 10% of its equity.
Alibaba's equity changes, representatives of other investors also arrived in Hangzhou.
Taking this opportunity, Xu Liang pushed Hongyan to invest another US$50 million to acquire Alibaba shares held by Goldman Sachs, Fidelity, Singapore Government Technology Development Fund and other institutions.
Hongyan’s Alibaba shares were increased to 42.3%, with voting rights of 22.3%.
At this point, Alibaba’s equity structure has changed to Hongyan holding 42.3%, Hanhua holding 7.69%, SoftBank holding 10%, Ma Yun and management holding 40.01%, and enjoying 60.01%. Voting rights still firmly control Alibaba’s development direction.
At this point, Xu Liang, who spent US$140 million, finally completed his layout of China Internet.
In the field of Internet investment, there is no regret.
After the contract was officially signed, Ali couldn't wait to hold a press conference. Xia Changsheng attended on behalf of the entire Hongyan Fund, and Xu Liang was already on his way to the Magic City.
(End of this chapter)