Strictly speaking, Yahoo's early listing also depends on the fanning of its butterfly wings. In the original history, Yahoo received venture capital funding in 1995. After a year of development and growth, Yahoo officially entered the stage of Nasdaq. However, with the intervention of the Golden Stone, this schedule was moved forward by half a year. Yahoo started a company in 1994 and experienced three rounds of financing in 1995. 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 has brought Chen Yuanming a little problem. Today is the end of 1995, and the dark clouds of the Taiwan Strait crisis are still looming over the coast of Fujian and Zhejiang. According to the original process, if Yahoo went public in April 1996, the situation in the Taiwan Strait would have turned a corner, and there would not be too much grievances. But now, two months have passed since the Dongfeng missile test launch, and the third military exercise in six months has just kicked off on Dongshan Island. At this time, it is obviously too early to talk about peace.
With such a political background, there will naturally be a certain linkage effect in the economy. The four parties with the most shares in Yahoo currently come from Taiwan, the United States, Japan and China. Even if the two founders are not politically sensitive enough, the pressure exerted by SoftBank alone is a headache.
Just like the preparations for this listing, Dianjinshi held no less than 15% of Yahoo's shares, and its share ranking climbed from fourth to third, higher than David, one of the founders. Such a shareholding quota has nothing to do with the listing issue. SoftBank's strength and the exclusion of other shareholders have been evident.
But as long as he doesn't retire, it will be very difficult for these people to take away his shares. After all, he participated in financing at the earliest time, 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. But such reliance is only more bargaining chips. If you fight with SoftBank, it will not be worth the loss for the touchstone.
Therefore, in this trip to the United States, the choice of Yahoo has become the top priority of Chen Yuanming. It's just that Chen Yuanming's concerns are not as big as others think about this problem that many people find a headache.
After getting off the plane and driving to Silicon Valley, the first person Chen Yuanming saw was Jonathan, who is still sitting at the Silicon Valley Touchstone headquarters.
"Chen! You're finally back!" Seeing Chen Yuanming, Jonathan's expression was full of surprise, "I thought you were going to miss Yahoo's listing!"
"Dianjinshi's first great success, of course I have to be there in person." Chen Yuanming smiled and shook hands with his CEO.
This sentence is really true. It should be known that the companies that Dianjinshi invests in in the early stage are often acquired by other large companies, and there is no one that can really grow and can be listed for arbitrage. And Yahoo is Touchstone's biggest business at the moment, and it's also their first harvest in the fertile soil of the Internet for a long time.
After two years of continuous development, Dianjinshi 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 online world. Countless people love the Internet. Young people who are respectful and enthusiastic about new things can learn about the existence of this angel who cares for them from different channels.
Under such a general trend, Touchstone has become the one with the largest and most extensive investment in Internet companies today. However, angel investment can at most enable these companies to start, but cannot make them grow and develop. 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 any discerning investor, it is not difficult to see that Wall Street is now in favor of Yahoo.
If Yahoo's non-profit model portals can win, then other Internet companies will also have the possibility to develop, which is naturally crucial for the touchstone that started with the Internet. You must know that even if it is an angel investment with a small amount of investment, even if there have been successful mergers and acquisitions companies that have brought profits, the overall revenue and expenditure of the Touchstone is not optimistic, and it is basically a sole proprietorship. Adopt a limited partnership, I am afraid that people have long gone.
"It is predicted that Yahoo's opening price will reach 10 yuan." Jonathan seemed enthusiastic, "Although it is not as high as Netscape's, it is also very good. It is estimated that the opening price will rise a lot. As for the 16.8% of the shares we hold, This time the profit is at least 2000%!"
In one year, twenty times the huge profit is an extremely cost-effective deal for any investment, but Chen Yuanming knows that Yahoo's potential is far from this. At the opening of the day, it hit a high of 30 US dollars. You must know that Cisco and Microsoft are only a few dollars per share today, and a Yahoo! is absolutely stunning. Although the listing of Yahoo is too close to Netscape this time, I don’t know which price it will end up at, but as long as Yahoo can climb to $20, the Touchstone can get astonishing returns of up to 5,000%, and in the following years, Yahoo's stock price will continue to climb, reaching a high of nearly $400... Anyone who has studied elementary school mathematics should know what a successful investment this is.
However, this predictable crazy value-added in the future did not make Chen Yuanming's heart move. The stock price of a company can rise infinitely under the hype of the bookmakers, but its actual value is indeed a roughly constant number. As long as those Wall Street tycoons feel that they have sucked enough blood, the company's stock price will fall immediately. Just like the large high-tech companies that have also experienced the Internet bubble, Microsoft, Cisco, Oracle and even Amazon have all survived without exception, and their stock prices have risen again. Yahoo, on the other hand, has since slumped and has never been able to exceed its opening price.
Yahoo's technical content is too low, whether it is a website model or a company's business operations, it is not an existence worth caring about. It can be said that from the beginning, Yahoo was not Chen Yuanming's long-term goal.
Now, in the face of the complex political environment and SoftBank's aggressive posture, this potential stock is even more useless, and all it has to do is squeeze more residual value from it.
"It's quite good as a profit point." Chen Yuanming showed a smile on his lips, "But it's time to give some gold to cash. Has SoftBank contacted us recently?"
Jonathan looked at his young boss in surprise, "Do you want to sell Yahoo's stock? In fact, changing some common stocks is not a bad investment direction..."
"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 thin for us. If Yahoo can successfully go public, The next few years will be an investment high point for Internet companies, and I don’t want Dianjinshi to face the dilemma of lack of funds at this time.”
Hearing these words, Jonathan couldn't help but calm down. Now he already knows the young man in front of him has great talent in business. The company that he was completely dissatisfied with two years ago has now become a hot upstart, and in terms of return on investment, what can be better than angels What about the return on investment? I'm afraid that drug trafficking can't make more money than this.
After clarifying his thoughts and reconfirming the company's purpose, Jonathan nodded simply, "SoftBank intends to do business with us. If you need it, I will get in touch with them as soon as possible."
Chen Yuanming nodded slightly, "Very good, ask them to come out and talk."
Compared with the calmness of the starting point, SoftBank is much more urgent to Yahoo. After participating in the second round of investment, SoftBank found that Yahoo is likely to become a new growth point, an existence that will trigger the Internet revolution. Due to its great interest in the computer industry, SoftBank quickly gained an advantage in Yahoo's investment and has now become the largest shareholder in the first place, but the amount of shares he owns is still not an absolute advantage, which makes him unable to Be the mastermind behind the real control of Yahoo.
And what blocked his expected goal was an angel investment company called Dianjinshi.
As a potential enemy, SoftBank naturally spent a lot of energy to study this opponent, but the results he got surprised him. In terms of investment focus, the choice direction of the Golden Stone is amazing. 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 a hindrance for me. Since I spend so much energy to run this business, I naturally won't let go of the fat in my mouth. It is not easy to try to win the shares of Yahoo from his mouth. thing.
Therefore, SoftBank directly took advantage of the current international situation, and established a cooperative alliance with the two founders of Yahoo. No one will ignore the tension between the mainland regime and Taiwan today, so Yahoo has no plans to enter China first. Since Japan and Taiwan are the main directions of attack, the Chinese investor from the mainland is naturally isolated by them.
If you can't take advantage of the board of directors, and you can't let the website enter your own country and create secondary value, the existence of Yahoo will inevitably give Dianjinshi a headache. The only thing you need to pay attention to now is to keep an eye on the trend of Dianjinshi, so that he will not invest in others. embrace.
And this will soon be realized. The Philosopher's Stone finally raised the banner of surrender and handed out an olive branch. Filled with the joy of victory, SoftBank entered the negotiation arena with great restraint and began negotiations.
No one knew the details of the negotiations, but the results were obvious. In the end, the two reached an agreement. SoftBank took out its Netscape shares and exchanged it with Dianjinshi's Yahoo shares for an equivalent exchange, and the remaining part was repurchased at 80% of the closing price on the day of listing. Due to the poor timing of Softbank's involvement in Netscape, it only got 5% of the shares, but now Netscape's shares have grown a lot, which can roughly offset 7% of Yahoo's shares, as long as they use cash to buy back Dianjinshi's hands That's less than 10% of the shares. Either way, it's a huge bargain.
Two days after the agreement was reached, Yahoo went public.
Probably because it was too close to Netscape, Yahoo's opening price was only $22, but with the participation of various forces, this price rose rapidly, breaking through $40 at the highest point, and the closing price fell slightly, and finally settled at $28.
Without giving the golden stone a chance to go back, SoftBank immediately honored the contract and won all the shares of Yahoo at a price of $70 million in one fell swoop, becoming an absolutely dominant shareholder. On the other hand, Touchstone made a profit of 2,800% with a venture capital of $2.5 million.
At this point, the Internet boom has officially begun.
(End of this chapter)
The author has something to say: send it first, wait until you get home and then proofread slowly =w=
It means that someone asked a question about climbing the list yesterday. In fact, it is the half-yearly list on the homepage of **doujinzhan.
I've been on it for two days before, and now I'm down again
This list is mainly calculated by points, that is, the number of updated words, article collections, author collections and positive comments.
I will work hard to update myself, and you can leave a lot of comments if it is convenient (remember to give positive points, zero points are not counted, and negative points will be deducted from QAQ), or bookmark authors and articles, so that the points will run off faster right~~
Emma, keep up the good work! Strive to climb to the home page>_