Rebirth of the Wild Age

Google's IPO auction is still in progress, and almost no one cares about it, so that it has been unable to list for a long time.

Generally speaking, the angel investment of small companies by venture capital institutions will not all contribute their own money, but will raise part of it through various methods. These raised funds are subject to interest. Therefore, venture capital institutions always try their best to get the companies they invest in to go public as soon as possible, and sell their equity after the six-month lock-up period, so as to withdraw funds to ensure profitability.

Sequoia Capital wanted to promote Google to go public as early as 2000, but was rejected by Larry and Sergey. Then I encountered the Internet winter, and now there is an entire auction listing, which makes Sequoia Capital completely speechless, quite a "you love what you love" mentality.

The main subscription targets for IPOs in the United States are those investment institutions. Now that Wall Street is singing bad news about Google, naturally no investment institution is willing to buy it, and those small institutions that can maximize profits are also hesitant.

Google’s listing has gone through twists and turns, but Tencent has taken the lead in listing on the main board of the Hong Kong Stock Exchange. Its underwriters are Jinniu Capital and Goldman Sachs Bank!

"Old Song, Tencent broke!"

This is a call from Xiao Ma on the afternoon of the day Tencent went public.

Tencent's stock issue price was 3.7 Hong Kong dollars, and the opening price was 4.37 Hong Kong dollars. It rose throughout the morning and once climbed to 4.625 Hong Kong dollars. However, in the afternoon, it plunged suddenly, falling below the issue price all the way, and the turnover rate was as high as 104%. That is to say, the vast majority of investors who bought Tencent chose to sell on the opening day.

This situation is entirely unlucky for Tencent. Two days before the upcoming listing, the Ministry of Information Industry suddenly issued a notice on mobile short message service, and the government began to rectify the chaotic short message service market. The Ministry of Information Industry ordered enterprises to conduct self-examination and self-correction. After the self-examination, if there are still problems found, the service provider will be immediately revoked.

In the first two quarters of this year, 60% of Tencent’s revenue came from mobile SMS services. This notification is tantamount to hitting Tencent’s core business. How could investors not be affected?

Facts have proved that this is true. In another time and space, Tencent will be cancelled next year's mobile 161 SMS sharing, and its revenue in this area has plummeted by 130 million yuan. Fortunately, other incomes are growing rapidly, otherwise Tencent's life will be sad. This is because the government is forcing Tencent to transform.

Song Weiyang comforted: "It's okay, what's the big deal about breaking the hair on the first day? Just do the company well with peace of mind."

"I'm worried about the gambling agreement in half a year. There are too many unfavorable news related to Tencent this year." Xiao Ma said.

Many companies have to sign a gambling agreement when they go public. If the stock price cannot reach the set target, the company must provide the underwriter for the difference, or the company can directly pay for the stock repurchase. The value of Tencent is seriously underestimated because there is no similar success story in the United States.

The underwriters of Tencent’s listing are Taurus Capital and Goldman Sachs. Needless to say, Taurus Capital. Song Weiyang is a major shareholder and has great confidence in Tencent, and has not signed any gambling agreement. However, Goldman Sachs expressed great concern and even suggested that Tencent should reduce its financing by four-fifths during negotiations. Xiao Ma strongly insisted on the established financing limit. In order to avoid losses, Goldman Sachs asked Tencent to sign a gambling agreement.

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

"That's right." Xiao Ma also smiled.

Nowadays, NetEase, which is the most famous, has been slammed by Tencent in terms of business income alone. Tencent is no longer short of money. It is open for users to register, and no amount of server fees can be afforded!

Xiao Ma said again: "I just feel a little sorry, I'm afraid you are upset."

"Haha, next time you come to Shenghai, I invite you to dinner." Song Weiyang smiled.

The "sorry" that Xiao Ma said was that before Tencent went public, it recovered part of Song Weiyang's stock with the median offer price (HK$3). Historically, Tencent’s major shareholder was MIH, but before going public, it also agreed to redeem part of the equity of Xiao Ma to ensure that Tencent’s management team has control.

A South African company does everything so authentic, Song Weiyang can't rely on it, right?

During the 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 allow the Xiao Ma Ge team to hold more than 50% of the shares after the listing, he reduced his holdings to 37% in one breath. Of the 1.4 billion funds raised by Tencent this time, more than 700 million were used to redeem the shares in Song Weiyang's hands.

In other words, Song Weiyang's initial investment of tens of millions has now earned more than 700 million Hong Kong dollars, and there are still 37% of Tencent shares left.

After the listing, the Xiao Ma Ge team held 38% of the shares, Song Weiyang held 37%, and the market shares were 25%. In addition, Xiao Ma Ge personally holds 14.43% of the shares and has a book wealth of nearly 900 million Hong Kong dollars.

This equity structure is actually very dangerous. After all, Tencent, unlike Google, does not implement the AB share system. One day if Song Weiyang becomes ill-intentioned and makes a wave of acquisitions directly in the stock market, he will instantly become the master of Tencent.

Even on Google's side, Song Weiyang and Larry have reached an agreement: As long as the stock price of Google exceeds $200 after the six-month lock-up period, Song Weiyang must let Google redeem more than 3%. When Google's share price exceeds $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 initial investment far exceeded the holding red line-historically, Sun Zhengyi was forced to sell Ali shares, and one of the important reasons was this.

Now Song Weiyang is very distressed, and there is an extra 700 million cash in his hand. What should he do?

I really don’t know how to spend it, so I can only throw it to Taurus Capital in custody. Anyway, Taurus Capital also needs to raise funds to make investments.

Song Weiyang turned on the computer to log in to Sogou, and searched for the listing of "Tencent". It turned out that the screen was full of bad news. 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 has implemented too much rectification, it is directed at Tencent's core business. This makes people think of this year's "brake", which killed countless companies, and Tencent may be the next one.

But it won’t work if you don’t rectify it. This thing is going to the 315 party this year.

NetEase has also been battered, because 40% of NetEase's revenue comes from mobile messaging services.

A rectification notice issued by the Ministry of Information Industry has caused the 12 Chinese technology stocks in Nasdaq to dive collectively, and Song Weiyang’s assets have shrunk by US$200 million-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... Idiot, you, this made him fly back to the city!"

Doudou's yelling came from next door, and even the high-quality decoration materials could not stop her, showing how excited Doudou Girl was.

This unlucky child has finished the college entrance examination and will be able to see his results in a week. These days, he has been playing at home openly. Of course, she will also spend half of her time learning programming, even writing a plug-in program to harm "A3".

Song Weiyang has a rare code word for Xianxin. He dug a hole in the past, and he had to fill it in with tears. The ghost knew when he could finish the third part of "Three Body".

Suddenly the phone call came from Ding Ming: "Boss, the agency of "World of Warcraft" has fallen apart."

"How could it collapse?" Song Weiyang was more curious.

Ding Ming said: "Our bid is already very high, with US$3 million in licensing fees, US$5 million in development sponsorship fees, US$3 million in special event fees, 25% of the point card sales share, and an annual royalties of US$10 million. .Vivendi was very satisfied with the price. We were about to sign the contract and suddenly turned back. Zhang Chaoyang and I thought that Vivendi still wanted to raise the price, so we left the other side for more than half a month, but we suddenly received a notice just now that Vivendi has signed with Ninetowns. A letter of intent."

"How high is Jiucheng's bid?" Song Weiyang said.

"I don't know, but it must be ridiculously high. I estimate that the points card will be divided into at least 25% or more. Otherwise, the Vivendi signing will not be so neat," Ding Ming said with emotion. He is equivalent to spending all the money to represent "World of Warcraft". Once the game fails to meet expectations, Ninetowns will 100% declare bankruptcy."

"Since I didn't grab it, let's forget it." Song Weiyang was still very satisfied. He threw in a shit-chucking stick, which dragged the Chinese agency contract of "World of Warcraft" for half a year.

Ninetowns has only obtained the agency right now, and follow-up actions must be delayed. The day when "World of Warcraft" is launched in China is at least four or five months later than in history.

Ding Ming also said: "Last time we talked, you said that casual games are very interesting, and I have been making character-colored casual games. I really found several games developed by Korean companies. There is one called "Street Basketball" that is particularly interesting. It is the charging method that makes people uncertain. This kind of casual game seems to be difficult to sell point cards. You can only charge through the sale of props. Do you think free games that sell props can be popular?"

"What do you think?" Song Weiyang asked.

"It's a bit hanged," Ding Ming said. "Take online music as an example. Even in the United States, when it first came out, it always listened to piracy. Will you charge money? Unless you can buy powerful items. But if the items are powerful in the past, it will affect the balance of the game and cause a large number of ordinary players to lose. It’s boring. Sooner or later, I’m going to kill the game."

Song Weiyang smiled and said, "What's the difference between a LV bag of tens of thousands of dollars and an ordinary bag of 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 allow ordinary players to enjoy it, but also allows paying players to enjoy a sense of superiority. Take this kind of basketball game as an example. , The newcomer is just a pant, don’t even wear clothes and shoes for them. If you want to wear them, you can buy them yourself. The more expensive clothes and shoes will become more popular, and even special effects will be given to them when you score a goal. You can also sell room backgrounds and special avatars. Border. The rooms built by VIP members have more luxurious playing courts and different basketball patterns."

"It is to induce vanity." Ding Ming said.

Song Weiyang warned: "The main thing is to sell the appearance of the props, and the properties of the props are best not to be too scary."

"I understand, then I will let people talk about agency rights." Ding Ming said.

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

"Boss, let me tell you the first time the "Shan Hai Jing" is closed and tested," Zhu William smiled, "Well, it's going to be closed and tested. The closed beta will start on July 1st, and tomorrow. Start recruiting beta players."

Song Weiyang said: "Give me some invitation codes for the packaging and testing."

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

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