Rebirth of the Wild Age

Google's ipo auction is still going on with difficulty, and almost no one cares about it, so that it has been delayed for a long time.

Generally speaking, venture capital institutions will not pay all their own money for angel investment in small companies, but raise part of it through various means. The funds raised are for interest, so venture capital institutions always try their best to get the companies they invest in listed as soon as possible, and sell the shares after the half-year lock-up period, so as to withdraw funds to ensure profits.

Sequoia Capital wanted to push Google to go public as early as 2000, but was rejected by Larry and Sergey. Then came the cold winter of the Internet, and now there is an auction listing, which makes Sequoia Capital completely speechless, with a mentality of whatever you like.

In the US IPO listing, the main subscribers are those investment institutions. Now that Wall Street is collectively bad-mouthing Google, naturally no investment institution is willing to buy it, and those small institutions that can maximize profits are also hesitant.

Google's road to listing has gone through twists and turns, but Tencent took the lead in listing on the main board of the Hong Kong Stock Exchange. The underwriting agencies are Taurus Capital and Goldman Sachs Bank!

Old Song, Tencent broke!

This is the phone call from brother Ma on the afternoon of Tencent's listing.

The issue price of Tencent shares was 3.7 Hong Kong dollars, and the opening price was 4.37 Hong Kong dollars. It has been rising throughout the morning, and once climbed to 4.625 Hong Kong dollars. But in the afternoon, it suddenly plummeted, falling below the issue price all the way, and the turnover rate was as high as 104%, that is, the vast majority of shareholders who bought Tencent chose to sell on the opening day.

This situation is purely unlucky for Tencent. Two days before the upcoming listing, the Ministry of Information Industry suddenly issued a notice on mobile SMS services, and the government began to rectify the chaotic SMS service market. The Ministry of Information Industry ordered the enterprises to perform self-inspection and self-correction. After the self-inspection, if another problem is found, the service provider will be revoked immediately.

In the first two quarters of this year, 60% of Tencent’s revenue came from mobile SMS services. This notice directly hits Tencent’s core business. How could investors not be affected?

Facts have proved that this is indeed the case. In another time and space, Tencent will be canceled the mobile 161 SMS share next year, and its revenue in this area has plummeted by 130 million yuan. Fortunately, other incomes are growing rapidly, otherwise Tencent will have a very difficult life. This is because the government is forcing Tencent to transform.

Song Weiyang comforted: It's okay, what's the big deal about breaking the bank on the first day? You can just make the company a success with peace of mind.

I'm worried about the VAM agreement in half a year. There's too much bad news related to Tencent this year, Ma said.

Many companies have to sign a VAM agreement when going public. If the stock price fails to reach the set target, the company must make up the difference to the underwriter, or the company directly pays for the repurchase of the stock. The value of Tencent is seriously underestimated, because there is no similar success story in the United States.

The insurers for Tencent's listing are Golden Bull Capital and Goldman Sachs Bank. Needless to say, Golden Bull Capital, Song Weiyang is the major shareholder and has great confidence in Tencent, so he has not signed any VAM agreement. But Goldman Sachs was very worried, and even suggested that Tencent reduce the amount of financing by four-fifths during the negotiation. Brother Xiao Ma strongly insisted on the established financing amount. In order to avoid losses, Goldman Sachs asked Tencent to sign a VAM agreement.

Song Weiyang smiled and said, Which Internet company in China makes more money than Tencent?

That's right. Little Ma also smiled.

Netease, which is now the most famous, is also beaten by Tencent in terms of business income. Tencent is not short of money now, and it is open to allow users to register, no matter how much server fees are, they can afford it!

Brother Xiaoma said again: I just feel a little sorry, and I'm afraid you won't be happy.

Haha, next time you come to Shenghai, I'll treat you to dinner. Song Weiyang laughed.

The sorry that Brother Xiao Ma said was that before Tencent's listing, it took back part of the shares in Song Weiyang's hands at the median of the IPO price (3 Hong Kong dollars). Historically, Tencent's major shareholder was mih, but before listing, it also promised Xiao Ma to redeem part of the equity to ensure that Tencent's management team controlled it.

A South African company does things so authentically, Song Weiyang can't just refuse to pay, can he?

During the cold winter of the Internet, Tencent's funds bottomed out several times, and Song Weiyang continued to invest more, and his personal shareholding had already exceeded 50%. In order to let the Pony team hold more than 50% of the shares after the listing, he reduced its holdings to 37% in one go. More than 700 million of the 1.4 billion raised by Tencent in this listing was used to redeem the shares in Song Weiyang's hands.

That is to say, Song Weiyang has earned back more than 700 million Hong Kong dollars from the tens of millions invested at the beginning, and still has 37% of Tencent shares left.

After the listing, the Pony team holds 38% of the shares, Song Weiyang holds 37% of the shares, and the market's circulating shares are 25%. In addition, Xiao Ma personally holds 14.43% of the shares, and his book wealth is nearly 900 million Hong Kong dollars.

This shareholding composition is actually very dangerous. After all, Tencent is not the same as Google, and does not implement the ab share system. One day, if Song Weiyang had bad intentions and directly made a wave of acquisitions in the stock market, he would become the controller of Tencent in an instant.

Even on Google's side, Song Weiyang and Larry have reached an agreement: as long as the half-year lock-up period passes and Google's stock price exceeds $200, then Song Weiyang must let Google redeem more than 3%. When Google's stock price exceeds US$300, Song Weiyang must transfer another 3%, and Google will help find a taker. All of this is for the healthy development of the company, because Song Weiyang's original investment far exceeded the red line of holding shares. In history, Sun Zhengyi was forced to sell Ali's shares, and this was one of the important reasons.

Now Song Weiyang is very distressed, suddenly there is 700 million cash in his hand, what should he do?

If you really don't know how to spend it, you can only throw it in the custody of Taurus Capital. Anyway, Taurus Capital also needs to raise funds for investment.

Song Weiyang turned on his computer and logged into Sogou, and searched for the listing of Tencent. It turned out that the screen was full of bad news, and many experts and netizens were discussing Tencent’s first-day break, and even predicted that Tencent might suffer a huge loss next year. Because the Ministry of Information Industry's rectification efforts are too great, directly targeting Tencent's core business. This makes people think of this year's stepping on the brakes, which has killed countless companies, and Tencent may be the next one.

But it won’t work without rectification. This thing will be on the “315 Party” this year.

NetEase is also in a bad spot, because 40% of NetEase's revenue comes from mobile text messages.

A rectification notice issued by the Ministry of Information Industry caused 12 Chinese technology stocks on Nasdaq to dive collectively, and also caused Song Weiyang’s assets to shrink by 200 million US dollars. Netease’s share price has fallen below 35 US dollars, and Sohu’s share price has fallen to 27 US dollars. .

Chop hack, hack him to death... You idiot, this made him fly back to the city!

Doudou's yelling came from next door, and even the high-quality decoration materials couldn't stop it, which shows how excited Doudou is.

This unlucky kid has already finished the college entrance examination, and he will be able to see his results in a week. He has just stayed at home and played openly for the past few days. Of course, she will also devote half of her time to learning programming, and even writing a plug-in program to harm a3.

It is rare for Song Weiyang to have the leisure to type. He dug a hole back then, and he had to fill it up with tears in his eyes. Who knows when he will be able to finish the third part of Three-Body Problem.

Suddenly a phone call came, and it was from Ding Ming: Boss, the agency negotiations for World of Warcraft have collapsed.

How did it collapse? Song Weiyang was curious.

Ding Ming said: Our bid is already very high, 3 million US dollars in licensing fees, 5 million US dollars in development sponsorship fees, 3 million US dollars in special event fees, 25% of point card sales, and 10 million US dollars in annual royalties. Vivendi was very satisfied with the price, and almost signed the contract, but then suddenly regretted it. Zhang Chaoyang and I thought that Vivendi wanted to raise the price, so we hung up on each other for more than half a month, but just now we received a notice that Vivendi had already signed with Ninetowns letter of intent.

How high is Ninetowns' bid? Song Weiyang said.

I don't know, but it must be ridiculously high. I estimate that the point card share is at least 25%, otherwise Vivendi will not be so quick to sign the contract, Ding Ming said with emotion, The Ninetowns Mr. Zhu has gone crazy and is completely desperate. He spent all his money to represent World of Warcraft, and once the game fails to meet expectations, Ninetowns will 100% declare bankruptcy.

Since we didn't get it, let's forget about it. Song Weiyang was still very satisfied. He threw in a shit-stirring stick, which dragged out the Chinese agency contract of World of Warcraft for half a year.

Ninetowns has just obtained the agency right now, and the follow-up action will definitely be delayed. The date of World of Warcraft going online in China will be at least four or five months later than in history.

Ding Ming added: During the last chat, you said that casual games are very interesting, and I have been asking people to play casual games. It really helped me find several games, all of which were developed by Korean companies. Among them One called Street Basketball is particularly interesting. The charging method makes people uncertain. It seems that this kind of casual game is not easy to sell cards, and can only be charged by selling items. Do you think free games that sell items can become popular?

What do you think? Song Weiyang asked.

It's a bit confusing, Ding Ming said. Take online music as an example. Even in the United States, when it first came out, they all listened to pirated versions. It is human nature to be greedy for cheap. If you can play without spending money, how many players will there be? Will you recharge money? Unless you can buy powerful props. But if the props are too powerful, it will affect the game balance and cause a large number of ordinary players to lose. There are not many people playing the game. The game is dead.

Song Weiyang smiled and said, What's the difference between an LV bag worth tens of thousands of dollars and an ordinary bag worth tens of dollars?

I kind of understand what you mean. Ding Ming said.

At present, there is no concept of free games in China, and it is impossible to imagine that free games are actually more expensive. Song Weiyang patiently said: You have to master the delicate balance. A free online game must be enjoyable for ordinary players, but it must also allow paying players to enjoy a sense of superiority. Take this basketball game as an example. The newcomers only need shorts, don’t even give them clothes and shoes. If you want to wear them, you can buy them yourself. The more expensive clothes and shoes are more fashionable, and even give them special effects when they score goals. You can also sell room backgrounds and special avatars Borders. The rooms built by VIP members, the playing courts are more luxurious, and the basketball patterns are different.”

It's just to induce vanity. Ding Ming said.

Song Weiyang warned: The main thing is to sell the appearance of the props. It's best not to make the attributes of the props too scary.

I understand, then I'll let someone discuss the agency. Ding Ming said.

The so-called good things come in pairs. Just as Ding Ming hung up the phone, William Zhu from Excalibur Company called again. They all have Song Weiyang's private mobile phone number.

Boss, you asked me to tell you as soon as the closed beta of Shan Hai Jing begins, Zhu William said with a smile, Well, the closed beta is about to begin. The closed beta will last for three months and officially start on July 1st. Start recruiting closed beta players.

Song Weiyang said, Give me some invitation codes for the beta test.

No problem, I'll personally send it to your mailbox. Zhu William said.

A few minutes later, Song Weiyang came to the next room: Doudou, stop playing Legend. Uncle will show you something more interesting. Call your master Shi Yuzhu and let him see what a real game is!