When the promotion of daily necessities was advancing rapidly, Senior Brother Liu left Yanjing and began to prepare and build a logistics base for Taobao Logistics.
Leader Lei, who has participated in a Taobao meeting, is now looking forward to joining the Taobao team as soon as possible, so he is busy actively promoting Taobao's acquisition of Joyo.com.
What is gratifying is that both Kingsoft and Lenovo have reached a consensus and are willing to take action according to Li Mu's quotation. The next thing to do is to audit the assets before the acquisition and transition the team. So Leader Lei is waiting for the audit to be completed as soon as possible while giving My old team is reassured that even if the company is sold to Taobao, everyone can continue to work in their own positions, and Taobao has promised to give Joyo.com employees a 20% salary increase. This is not Because Taobao values this team very much, but Taobao's employee benefits are already much higher than Joyo. Even the 20% increase is not enough to close the gap in basic salary.
A few days later, Makino Technology, which had announced that it wanted to raise Series C, began to receive investment letters of intent from major venture capital institutions. Ding Zhenglin, who was hired by Li Mu from Sequoia, resolutely implemented Li Mu's request and gave all estimates to Makino Technology. Venture capital institutions with a value of less than 10 billion were immediately rejected by Ding Zhenglin.
What is instant rejection? When Ding Zhenglin saw that in the investment term sheet handed over by the other party, the intended valuation was less than 10 billion, he would not hesitate to close the investment term sheet, hand it back to the other party, and say expressionlessly: "Sorry, Makino Technology is not considering accepting financing from your company.”
The other party was confused by Ding Zhenglin, and Ding Zhenglin immediately informed the other party of the reason: "I'm sorry, our boss said that any institution that offers less than 10 billion will be rejected."
When the other party heard this, he hurriedly said: "Then let's go back and have another meeting to discuss and make another letter of intent."
"No need." Ding Zhenglin reiterated with a firm expression: "What our boss means is that if the quotation is less than 10 billion, there is no need to negotiate again."
The other party looked confused, and it took him a while to realize that his conservative offer had completely eliminated him from Makino Technology’s Series C financing. In fact, they also had Plan-B, Plan-C, and several other alternatives. The planned quotation is constantly increasing, but just because I am lucky, I want to get a lower quotation first. If the other party refuses, I will get a second alternative plan, and then increase it little by little, and shake it off little by little.
But they never expected that Makino Technology would be so awesome that once the quotation was too low, they would be eliminated directly without giving themselves a chance to make amends.
As many companies with quotations of less than 10 billion were rejected, Makino Technology's high profile also caused a huge shock in the Internet industry. In terms of the current development of China's Internet industry, except for Makino, who can be so strong in the face of capital There is no one left in technology.
No, if Taobao also announces the launch of financing, its attitude should be similar to that of Makino Technology. After all, they are both Li Mu's companies.
As a result, everyone reached a consensus: In the Chinese Internet industry, there is no other person except Li Mu who can treat capital as his grandson.
While Li Mu was being discussed a lot in the industry, people at Sequoia were rejoicing that they had given Makino Technology a quote of 13 billion.
The reason why Sequoia gave the quotation with a valuation of 13 billion was that it carefully analyzed the current influence of Makino Technology. The part with the highest valuation is naturally YY, which is a god-level product that dominates the entire Chinese Internet. , at present, almost every computer connected to the Internet in China has the YY client installed, and the coverage rate is so high that no other computer in China can be found.
In addition to YY, Makino Technology’s second largest products are Tieba and YY Portal. These two are web products, that is, page products. They do not have clients, but their traffic is very large. Needless to say, Tieba has become a popular choice after this year. With the operation of Tieba, Tieba has become the largest Chinese community in the world. It not only brings together a large number of Chinese users, but most importantly, it also brings together a large number of Chinese celebrities. Especially the celebrity Tieba, which can gather celebrity resources to such an extent, in today's world It's really amazing. It feels like it is much more influential than the Sina blogs of later generations, and is second only to Sina Weibo.
The YY portal started late, but with the huge traffic source of YY, its traffic has been growing rapidly since the first day it was launched.
After Li Mu took over Hao123 and fully integrated it into YY123, he almost intercepted the traffic of the entire navigation website. All the news modules on the navigation website were links to the YY network. A considerable chunk of the traffic of other websites was cut off and all was subsidized to YY. The Internet has arrived, so the traffic of YY.com ranks first among Chinese websites, surpassing the traffic of the three old portals, sina, 163 and sohu. As for Baidu, it has not yet entered the TOP5 of Chinese websites.
Taken together, in the eyes of Sequoia, these three sections are the most valuable of Makino Technology. As for YY Game Hall and Happy Farm, in their view, although they are also very good products, they do not have strong development potential. Space, although the recharge turnover of YY Games and Happy Farm is not low, Sequoia believes that they are two games that make quick money, so when calculating the valuation, their standard is ten times the estimated revenue, at 13 billion The proportion of the valuation is very low.
In addition to Sequoia, several venture capital institutions have also given valuations of more than 10 billion yuan. What surprised Li Mu most was that Japan's SoftBank also gave their offer, which was as high as 15 billion yuan.
Sun Zhengyi actually wanted to invest in Muye Technology, which surprised Li Mu. However, if he thought about it carefully, he was considered one of the most powerful investors in the Internet industry. He invested in Boss Ma, and he also invested in many other Huaxia companies. Internet companies, in the words of CCTV, can be regarded as "old friends" of the Chinese people.
After getting the quotes from almost all current venture capital institutions, Li Mu held an internal meeting at Makino Technology. Currently, there are five companies that have quoted Makino Technology more than 10 billion yuan. Among them, the highest offer is SoftBank's 15 billion yuan. , the second-placed quote was Sequoia Capital’s quote of 13 billion. Of the remaining three companies, two quoted 12 billion, and one quoted 10 billion.
For Li Mu and other employees of Makino Technology, everyone can basically reach a consensus in a very short period of time: this time the financing must be between SoftBank and Sequoia.
Not only because the quotations of these two companies are high, but also because these two companies are top venture capital institutions. They are extraordinary in terms of capital strength, capabilities and background in the capital market.
Needless to say, Sequoia is one of the world's largest venture capital institutions. It has invested in a large number of companies, large and small, including many super giants. It is also an old American venture capital firm with a deep foundation in the U.S. capital market. In comparison, In addition to its quotation being a little lower than SoftBank, it is a bit better than SoftBank in other aspects.
Regarding SoftBank, if you put aside his national background, this is indeed a very powerful company. SoftBank has invested in a large number of Internet and electronic hardware companies, many of which have been successfully listed in the United States and are also very strong in the U.S. capital market. However, Li Mu is somewhat resentful of Sun Zhengyi's nationality, but his reason also tells him that there is no need to be an angry young man in the capital market. There is a lot of hot money in the United States and Japan wandering in the international capital field, and he wants to completely avoid Japanese capital in the international capital market. , is basically impossible, and SoftBank’s quotation is a full two billion, which is absolute confidence and affirmation of Makino Technology’s future.
Just when everyone was expressing their opinions and expressing their opinions between Sequoia and SoftBank, Li Mu set the tone: "First of all, you don't have to think about whether to choose Sequoia or SoftBank now, because it is still the stage of their quotation. , we have not started negotiations with them, and there is no principle that we can get as much as they say, we actually want more."
When everyone nodded, Li Mu continued: "Secondly, we must first find out how much Makino Technology's current business in these sections is worth in the eyes of capital. Because of the three products of YY, YY Network, and YY Game Hall, There is a direct affiliation relationship, so it cannot be separated, but apart from it, other products can be separated, such as Tieba, such as YY Game Division, so when we really sit down to talk with the capital, we must all Let’s talk about it.”
Lin Qingya asked Li Mu: "Mr. Li, what do you mean, we want to split up and then refinance?"
Li Mu said: "Whether to split or not depends on how much valuation they give."
After a pause, Li Mu made an analogy and said: "Take Sequoia as an example. They gave a valuation of 13 billion. This is their overall package valuation for the entire Makino Technology. But if they feel that Tieba is not valuable, this With a valuation of more than 10 billion, they think Tieba is only worth one billion. We think Tieba is worth more than one billion, so we will split Tieba. We don’t want this billion valuation. I will take out Tieba and do it alone. Your remaining valuation of 12 billion will be given to Makino Technology minus the portion of Tieba."
Lin Qingya nodded slightly and said, "I think a large part of the valuation given by capital was given to YY."
Ding Zhenglin also said: "Mr. Lin is right. According to the analysis of venture capital's routines, what they value most is YY's direct ecology, not Tieba and Happy Farm. After all, YY's imagination space is huge. With YY's current market share As well as the development trend, venture capital investors must have great confidence in the development in the next five years or even longer, and YY must account for the vast majority of the valuations given.”
Li Mu nodded and said: "If this is the case, in our next negotiations, we will have to use multiple methods to talk to them about the overall valuation, how much valuation they will give each after the split, and if they give most of the valuation to If you give it to YY, then we will separate Tieba and Happy Farm. Tieba will be integrated with the blog we are developing to establish a new company; Happy Farm will be spun off and established as a company. After it is turned into a mobile game, it will be our first game. client games, and didn’t we just recruit a group of game talents? They can then directly develop new client games for us. In the future, all our client games will be produced in the shell of the game company. "
Thanks to [Doomsday S Judgment], [Book Friends 177*****76], [Lan Shiyu], and [Book Friends 210****39] for their generous tips. Thank you to all friends who gave tips. Three updates today. , this is the first update! There are only three days left in this month. Everyone else on the monthly ticket list is working hard. I hope we can also work hard and not be captured at the last moment! Please vote more monthly! grateful!
(End of chapter)