When Li Mu suddenly said such a sentence, not only Jimmy was stunned, but everyone present was stunned.
Jimmy didn't know where he offended Li Mu. This guy spoke so rudely to him when he first came up. But he really couldn't afford to offend Li Mu, a great person. Nowadays, VCs like Defengjie can be regarded as awesome in front of entrepreneurs. , but in front of a great god like Li Mu, he is nothing.
The total size of the funds managed by DFJ is only one billion U.S. dollars, and this money is not all their own. Let alone the Asia president of DFJ, even if the president of DFJ comes and Li Mu criticizes him, he will still do it. Dare not say anything.
Robin was surprised by Li Mu's attitude towards Jimmy, but he was happy in his heart. Li Mu at least helped him out.
Jimmy was very forceful in front of him, and even repeatedly criticized Baidu's business development. This made Robin himself feel very unhappy, but he had no choice. He had to give others face after taking DFJ's money.
Moreover, Baidu has not yet found a suitable profit model, and its entire development path is still burning money. Whether it is to acquire Yiting Technology, conduct a second round of financing, or increase capital, he will have to turn to Defengjie.
In fact, Li Mu's thinking is very simple. When he talks about mergers and acquisitions with Baidu, this should be a business-level operation. In the first place, an existence like DFJ should not have appeared in today's negotiation meeting. He doesn't care about DFJ's occupancy in Baidu. It doesn’t matter how many shares you acquire, and how much you hold is your own business. It doesn’t matter if you communicate with Baidu in private, or even scold Robin in private. You can’t control it, but you have to negotiate between two business teams. Ying jumps in, this is kind of fucking disgusting.
To Li Mu, Jimmy was just an uninvited guest, so why bother to save face for such a person? He had already given him face before driving him out.
Moreover, Li Mu expected Jimmy to come here because he wanted to intervene in today's negotiations, so in order to prevent him from pushing too hard, he first gave him a warning.
Afterwards, both parties to the negotiation took their seats. Li Mu glanced at Robin and said, "Robin, you start first."
Robin nodded and said: "Mr. Li, we have communicated with your company's team for several rounds before, and the intentions of both parties are actually highly unified. Baidu hopes to acquire Yiting Technology, and you also hope that Yiting Technology will be acquired." M&A, it’s just that we haven’t reached a consensus on valuation.”
Li Mu said: "Robin, what is Baidu's current valuation?"
Robin said: "Our last round of financing was based on US$65 million. After this period of development, we are confident that Baidu's valuation can currently reach US$120 million."
Li Mu asked him: "OK, you said it was worth 120 million US dollars. How did you come up with this number?"
Robin explained: "This valuation is quite reasonable. Our recent traffic growth trend on Baidu is relatively good, and..."
Li Mu interrupted him with a smile and said: "Robin, although I don't want to interrupt you, some of your answers are wrong. My question is, how did the valuation of 120 million US dollars come from? It is an authoritative first Did the tripartite agencies give it to you, or did you just make up your own mind?"
Robin said awkwardly: "Mr. Li, we are very confident about this amount..."
Li Mu waved his hand: "Robin, the data you talk about is meaningless. If you say Baidu is worth 120 million U.S. dollars, then OK, I said Yiting Technology is worth 30 million U.S. dollars. After you acquire Yiting Technology, The total market value is US$150 million, and my 30 million should account for 20% of the shares. Then we happily decided that Baidu will acquire 100% of the shares of Yiting Technology, and all shareholders of Yiting Technology will acquire Baidu. Do you agree to the last 20% of the shares?”
Robin said hurriedly: "Mr. Li, this is so unreasonable..."
Li Mu asked him, "What's unreasonable? A father-in-law is right, and a mother-in-law is right. You say you're worth 120 million U.S. dollars, and I say I'm worth 30 million U.S. dollars. Why do you think you're right, and I'm not?" Reasonable?"
Robin was a little overwhelmed by Li Mu's strength and explained: "Mr. Li, Yiting Technology's current UV and PV are more than an order of magnitude worse than Baidu's, and Yiting Technology currently does not have a mature business model, search engine The development potential is much greater than the potential in vertical fields... "
Li Mu smiled and said: "Robin, the development potential of search engines is great, but don't forget that there is Google behind you. I have reason to worry that in the future, Google will make efforts in the Chinese market and continue to eat away at Baidu's market share. However, looking at the entire market, there is no competitor that can compete with Yiting.com in the field of online music and music downloads. By that time, it is likely that users will all use Google search engines, but still use Yiting.com to listen to songs. Then Tell me, who has greater development potential?"
Jimmy had been listening in a low voice to the narration of the translator beside him. At this time, he couldn't hold it anymore and said in English: "Mr. Li, I think you are confusing the audience. What Robin wants to say is the development prospects of two fields. It's like a car manufacturing company, just like a match manufacturing company. No matter how much the match manufacturing company has a higher share in the industry, its development space is much worse than that of the car manufacturing company!"
Li Mu looked at him and gave him a friendly smile, but Jimmy didn't know why, but felt a kind of coldness from Li Mu's laughter.
Li Mu smiled, stretched out a finger, and said to Jimmy in English: "First, I told you just now, just listen and stop talking."
After saying that, he stretched out a finger: "Second, if you talk to me about capital issues, I am willing to listen to you, but if you talk to me about specific business in the Internet field, your point of view has no meaning to me. A little bit of value that can be adopted;”
Then, Li Mu stretched out another finger: "Third, the metaphor you just mentioned is obviously belittling my Yiting Technology. If Baidu is a car manufacturing company, then Yiting.com must at least be a tire manufacturing company, and , Baidu’s current position in the industry is not yet in the first line in the automotive field. Correspondingly, Baidu is at most the French Peugeot or Citroën among automobile manufacturers, while Yiting.com is the Michelin or Bridgestone in the tire field. !”
Having said this, Li Mu looked at Jimmy and said seriously: "And you, just like a bank that lent money to Citroen, even went so far as to talk nonsense about the business cooperation between Citroen and Michelin. Do you have the qualifications?"
Jimmy was insulted by Li Mu and didn't know how to refute him for a moment. Li Mu's spoken English was a mess and his speech was poor. Jimmy was no match at all.
Robin tried his best to hold back his smile. After Li Mu finished speaking and Jimmy lowered his head to show weakness, he continued: "Mr. Li, if you have any objections to the valuation, we can find a third-party audit company to audit and evaluate our company. , to see how much third-party authoritative companies recognize the valuation of our two companies."
Li Mu waved his hand: "Robin, don't go around me. What an audit company can do is audit at the net assets and accounts level. Can they clearly see the future development direction of the industry? Can they clearly see the future development potential of each company?" If you can’t tell, then why are they auditing us? We are all Internet companies, so what’s our net worth? Apart from a bunch of computers, computer rooms, and patents, what net worth does Baidu have?”
Robin has a big head, and Li Mu sometimes doesn't play according to the routine, and he is too strong, so sometimes he finds another way, but wants to get the other party involved, and let the other party regard his path as the main road.
Seeing that Robin was thinking, Li Mu stopped him from thinking deeply about the problem and said: "Robin, I insist that Yiting.com replaces 15% of Baidu's shares. It is impossible to back down on this point. And as a friend, I can tell you very frankly." You, Yiting.com is Baidu’s investment certificate. The choice given to you now is not a question of whether to acquire Yiting.com, but a question of whether you want to get on Makino Technology’s car or mine;”
"If you accept this letter of nomination, I can give you a promise that Makino Technology will not consider building a search engine in the next five years, and will direct all search engine-related resources to you;"
"If you don't accept this letter of nomination, then outside this conference room, Baidu will be the enemy of Makino Technology. I can poach your people and Google's people to build a search engine by myself, or I can go to Google to cooperate and establish a search engine together." A joint venture between Google and Makino to jointly develop the Chinese market, and I can even invest in other big names like you who are interested in building search engines!"
Robin looked at Li Mu dumbfounded, exclaimed, and asked, "Mr. Li, didn't you tell me last time that you weren't going to build a search engine?"
Li Mu nodded and said without changing his expression: "It was the last time, but now I have changed my mind."
"How could you do this..." Robin looked at Li Mu depressedly, with a look of being deceived.
Li Mu smiled and said, "Robin, do you want to say that I don't keep my word?"
Robin nodded immediately without saying anything.
Li Mu laughed twice and said happily: "Robin, don't let your subjective likes and dislikes affect your judgment. This will make you look childish and cute."
After that, Li Mu added: "Let's put it this way, if you have a dog and want to sell it, I want to buy it, and after paying the money, I say sorry that I don't want to buy it. Please return the money to me. This is indeed I didn’t keep my word.”
"But!" At this point, Li Mu paused deliberately, looked at Robin and smiled: "For example, you got a dog, and then one day you asked me if I wanted to get one too, and I said I didn't want to get one, but I passed. For a while, you saw me raising a dog, and then you came to accuse me of being dishonest. This is not a question of whether I keep my word or not, but whether you simply go too far. ! What if I just want to raise one? If I’m so damn happy, I’ll raise ten instead of one! That’s what the family has! What’s wrong?”
All the staff at Makino Technology couldn't help laughing out loud, and the employees from Baidu also couldn't help but laugh and were feeling extremely uncomfortable.
Looking back at Robin, he immediately blushed at what Li Mu said.
He also reflected in his heart that he was too naive to begin with, and still blaming Li Mu for being dishonest was indeed a bit too naive.
What is the significance of Li Mu’s verbal statement? Yesterday he could say that he didn't want to work on a search engine, and today he could slap the table and say that I fucking want to do it again. He doesn't need to be responsible to anyone at all, so who can do anything to him
(End of chapter)