My 1999

“Secondly, if we acquire eBay, our operational burden will be heavier, and our operating capital of US$4 million will definitely not be able to sustain it.

Finally, the cultures of the two companies are definitely very different. After the acquisition, we will also face the integration problem of the two companies, which is complicated and complicated. During the low ebb of the Nasdaq crisis, such a large-scale merger and acquisition was not wise.

Moreover, taking out 30% of the shares at once is too much. Such financing will harm Alibaba’s governance structure. "

"No, no, Lao Guan, you think too much."

Ma Yun said before everyone else, "First of all, since Ali has stabilized, it means that we have completely passed the dangerous period, and now is the time to work hard to develop.

Acquiring eBay is a huge opportunity for us, an opportunity to span B2B and C2C and grow into an e-commerce overlord.

We shouldn't miss it.

Secondly, regarding the issue of increased burden. Haha, eBay itself is also profitable. It integrates and merges the finances, channels, and management systems of both parties.

It can achieve good results of cost reduction and efficiency improvement.

Moreover, larger companies with higher revenue can also obtain more capital support. Whether it is bank loans or financing, they can obtain more favorable interest rates and amounts.

Finally, corporate culture has never been a problem. Alibaba’s culture is the best corporate culture. If the people at eBay don't agree with this culture, just eliminate them.

As for the issue of equity. Haha, didn’t Brother Xu say that? All the voting rights of his 20% shares were exercised by me. I think this should not have a big impact on Alibaba’s management rights.

After all, Alibaba’s management rights are still firmly in our own hands. "

Ma Yun looked confident.

He cares more about the growth of Alibaba than the reduction of his own equity.

If Alibaba really becomes an international e-commerce giant, 1% of its shares will be more valuable than 100% now.

The key is to ensure his absolute leadership over Ali.

That's the most important thing.

"I agree with Mr. Ma's decision. The acquisition of eBay is the only way for us to integrate the domestic B2B and C2C fields, completely distance ourselves from other e-commerce websites, and dominate the domestic market.

Compared with this opportunity, whether it is financial difficulties or corporate culture are actually minor problems. "Sun Tongyu said.

"I also agree with Mr. Ma's decision." Xie Shihuang said.

The eighteen Arhats here all spoke in agreement.

For them, Ma Yun's decision is their decision. From the beginning of Lakeside Garden to the present, everyone has been a unit, and now is no exception.

Moreover, eBay is indeed an excellent acquisition target for Alibaba.

Guan Mingsheng frowned when he heard this, and subconsciously wanted to speak and continue to persuade.

But when the words came to his lips, he took them back.

Having been with Alibaba for almost a year, he already has a deep understanding of the company.

Here, even if Ma Yun's decision is wrong, few people will question it.

But the point is, this alien-looking guy made most of the decisions he made.

Therefore, with absolute prestige, it was impossible for him to stop Ma Yun.

In this case, I am too lazy to waste my breath.

"The number of eBay registrations this year exceeded 3 million, accounting for 65% of the domestic C2C market. It is estimated that it will be difficult to acquire for US$90 million." Cai Chongxin said.

After seeing Ma Yun's interest in eBay, he had no intention of persuading her.

He knew much more about Jack Ma than Guan Mingsheng, who joined halfway, so he had no intention of wasting his words.

"Didn't Xu Liang say that additional investment can be made?" Sun Tongyu said.

"Even if it can be increased, or even the stock voting rights can be given to Mr. Ma, it is dangerous for a company to hold too many shares. Moreover, in terms of acquisitions, cash does not have to be used entirely.

The same goes for using Alibaba's equity in exchange for insufficient funds. This can also enrich our equity structure and avoid accidents," Cai Chongxin said.

Everyone's eyes were focused on Ma Yun, obviously waiting for him to make a decision.

"What Lao Cai said is good, the cash + equity acquisition method is very good."

If given the choice, he would not want one company to hold too much equity in Alibaba.

After all, the most unpredictable thing in this world is the human heart.

——

On the way back to the hotel.

"Mr. Xu, do you think Ali can agree to our conditions?" Lu Hui asked.

"If it is Tsai Chongxin who is in charge of Ali, I will definitely not be sure. But if it is Lao Ma, I am 90% sure that they will agree." Xu Liangxin said.

"Why?"

Lu Hui asked curiously.

"Lao Ma is too eager to succeed." Xu Liang said slowly.

Without his interference, Jackma would have given up 40% of Alibaba shares in exchange for a US$1 billion investment from Yahoo in order to obtain search access and capital.

Of course, this US$1 billion contains a lot of private goods.

Only US$250 million was in cash, and the remaining US$750 million was settled in Yahoo China to offset the debt.

Now eBay is much more attractive than Yahoo China.

If you can swallow it, you can quickly become the overlord in the two fields of B2B and C2C. It’s amazing that Jack Ma can hold back.

Back at the hotel, Xu Liang took out his cell phone and called Lu Jue.

The call was answered quickly.

"Mr. Xu, are you looking for me?"

"How are the talks with Mori Building Co., Ltd. going?"

"The contact went smoothly. We haven't discussed the specific transaction price yet, but Minoru Mori hopes to meet you."

After Xu Liang thought for a while, "I know, I will go to Japan in a few days. In addition, you can send a working group to Hangzhou to talk with the local government and strive for a better land to build Taihua City."

The Hangcheng government was so enthusiastic, so it was hard for him to leave nothing behind.

Think about it, you can cooperate with your own company in the real estate business.

It just so happens that Hangzhou, as a top second-tier city, has broad future prospects.

"Okay, I understand. ...By the way, Mr. Xu, I have good news for you. The Yindu Center (Fenglan International Center) in Beijing has been negotiated."

"Really? How much?"

"The 270 million Huaxia yuan is less than we originally expected. In addition, we have negotiated a loan for the subsequent construction with the ICBC in Beijing. The interest rate is not high, 6.9%. We expect to restart construction in mid-May."

Xu Liang understood that being able to get such a low interest rate must be for the sake of the Jiang family.

Otherwise, even if there is collateral, the loan interest rate is 9% which is not bad.

"well done."

Hongyan's original budget for the Yindu Center (Fenglan International Center) was 300 to 500 million Chinese dollars.

But now it seems there are fewer than they expected.

This is not surprising, as they themselves have no experience in building unfinished buildings.

It’s no surprise that the estimate is inaccurate.

Of course, the tax and policy incentives provided by the capital city government to deal with unfinished buildings are also one of the reasons.

"What about the other projects?"

"Haitian Plaza, Gongzhufen Commercial Building, and Yangcheng Zhongcheng Plaza are advancing very quickly with the help of the local government. They can basically be completed before June.

China No. 1 Mall is a bit more troublesome. "

"trouble?"

"Yes. Mr. Xu, the mall was an investment project launched by Beijing City in the United States in 1994.

It covers an area of ​​55,000 square meters and has a construction area of ​​540,000 square meters.

It is divided into Building A and Building B, as well as a shopping mall on the ground floor.

In February 2000, 90% of the first building of the first phase of the First Mall was sold, and 85% of the second building was sold in August. It only took less than 10 months from the sales period to the payment period.

But soon after, the developer delayed the delivery of the First Mall due to misappropriation of funds and other reasons.

In addition, the owner found that the decoration was not in line with the original promise, and there was a "bloody incident" in which the developer beat someone.

Therefore, there have been various disputes between owners and developers, and the project has also been suspended for sale, and many owners have asked to check out.

The developer is entangled in lawsuits, with debts incurred by owners, banks, construction companies, etc. totaling 360 million yuan.

Therefore, First Mall's troubles are not only financial issues, but also disputes with the owners. "

"Actually, all the problems you mentioned are still about money."

"Um."

Xu Liang continued: "Don't the owners want to check out? We will pay to buy back all the houses we sold, and we will refund the amount of money they gave us when we bought them."

Xu Liang is still eager to buy back the whole house. The return will be higher after the real estate appreciates.

"yes."

"Also, in the future, whether it is the First Mall or the Yindu Center, they will all be converted into commercial buildings, not apartments."

"clear."

After talking about some renovation issues of unfinished building projects, Xu Liang hung up the phone.

——

Xu Liang originally thought that it would take several days of talks with Ali to give him the result.

Unexpectedly, Ma Yun called him the next day and told him that he could sign the contract.

Xu Liang called Xia Changsheng from Xiangjiang to Hangzhou, and led Hongyan's team to start due diligence.

After going through the process and finding no problems, the contract will be officially signed.

However, this time when investing in Alibaba, Xu Liang did not use the name of Hanhua, but used Hongyan Fund as the main investor.

Acquired 30% equity of Alibaba for US$90 million.

After this investment, Alibaba’s equity has also changed.

Hongyan 30%, the original 10% equity held by Hanhua was diluted to 7.69%.

Softbank has implemented anti-dilution provisions, so it still maintains 10% of its equity.

Alibaba's equity changed, and representatives of other investors also arrived in Hangzhou.

Taking advantage of this opportunity, Xu Liang pushed Hongyan to invest another US$50 million to acquire Alibaba shares held by Goldman Sachs, Fidelity, Singapore Government Technology Development Fund and other institutions.

Hongyan’s Alibaba shares were increased to 42.3%, with voting rights of 22.3%.

At this point, Alibaba’s shareholding structure has become Hongyan’s shareholding of 42.3%, Hanhua’s shareholding of 7.69%, SoftBank’s shareholding of 10%, Ma Yun and the management’s shareholding of 40.01%, and enjoy 60.01% of the voting rights, still firmly Master the development direction of Alibaba.

At this point, Xu Liang, who spent US$140 million, finally completed his layout of China Internet.

In the field of Internet investment, there is no regret.

After the contract was officially signed, Ali couldn't wait to hold a press conference. Xia Changsheng attended on behalf of the entire Hongyan Fund, and Xu Liang was already on his way to Shanghai.