My 1999

The two hugged briefly.

"Xu, you have changed even more. In just one year, you have become the second richest person in the world on the Forbes list, and your wealth has increased by tens of billions of dollars. It is really enviable."

"It's all valuation. Today it is worth 10 billion, but tomorrow it may not even be 100 million. Don't worry too much. Come, sit down and talk."

At Xu Liang's invitation, the two sat down.

After the company's secretary brought coffee and tea.

"Reed, Netflix is ​​getting better and better under your leadership."

It has been nearly three years since it went public in 2002. Netflix's registered users have also grown from 857,000 at the beginning to nearly 5 million now.

The company's revenue has increased from 127 million US dollars in 2002 to 712 million US dollars now.

The company's net profit has also grown from a loss of 20 million US dollars in 2002 to a revenue of 47 million US dollars now.

The company's market value has also grown from 300 million US dollars to 850 million US dollars now.

It has developed very fast.

But in this era, there are many similar companies on Nasdaq, and not much capital has paid attention to this small company mainly engaged in DVD rental.

But Xu Liang is different.

"Netflix is ​​indeed developing well, but compared with Facebook, we are far behind."

Reed Hastings looked at the man in front of him and felt a little jealous.

He thought he was a genius, and he founded Netflix, which is worth $1 billion at a young age.

But compared with the man in front of him, it is really discouraging.

Hongmeng is fine.

He admits that he can't compare.

Facebook, which was only established in 2003 and was similar to a game, and was not managed by him personally, also rose like a comet. In just over two years, it started from scratch and developed into the world's largest social networking site with nearly 300 million registered users.

The valuation is close to $15 billion.

Although Facebook received help from Xu Liang and Hongmeng during its development, this amazing growth is still enviable and even jealous.

This ability to seize opportunities and the extraordinary vision that runs through the future make people admire and feel powerless.

It can't compare, it really can't compare.

Xu Liang played with the teacup in his hand, put it down and smiled.

"Have you ever thought about joining Facebook?"

Reed's heart moved, "Xu, I don't quite understand what you mean?"

"It's very simple. Facebook acquires Netflix, and you will serve as Facebook's chief operating officer and be directly responsible for Netflix's development." Xu Liang said directly.

Although Netflix has not yet developed its video business, they have accumulated more than five million users, and they also have a relatively mature business of DVD rental.

The foundation is already very solid.

As long as it is matched with the copyrights of Universal, Marvel, and DreamWorks Animation, it can take off quickly.

It saves a lot of energy compared to Facebook building a video business from scratch.

Reed Hastings was a little surprised, but he was not opposed to selling the company.

In the Western business community, especially in the United States, as long as the price is right, there is nothing that cannot be sold.

"Xu, Netflix's main business is DVD rental, and Facebook is a community website. The correlation between the two is not great. Why did you think of acquiring us?"

Xu Liang smiled and said, "Reed, the Internet speed is getting faster and faster now."

Reed Hastings' eyes flashed with a gleam of light.

"Xu, I don't quite understand what you mean."

"No, Reed, you know it very well.

With the Internet speed getting faster and faster, coupled with the upgrading of computer hardware, when the effect of online viewing exceeds DVD, no one wants to wait two or three days to rent a movie.

More convenient online viewing is everyone's only choice.

So, whether Netflix is ​​willing or not, it must transform into an online video website in the future."

As Netflix CEO, Reed Hastings knows the development of the current US DVD rental market better than Xu Liang. Although Netflix's member registration number is growing rapidly, the growth rate is not as good as in previous years.

So, developing online videos also appeared in Netflix's work log.

It's just that the current Internet speed is not enough, and Netflix also lacks copyright accumulation, so it has not launched this business.

"Xu, your foresight is admirable."

"Thank you. ... Facebook hopes to develop more emerging businesses, and online video is our new choice.

Although Facebook can start from scratch, Netflix has accumulated a certain number of users and a relatively mature business model over the years of development.

It can become a successful video website without major changes.

This is the real reason why I want to acquire you."

Reed Hastings pondered for a moment, "If you acquire, how much will you offer?"

"1.2 billion US dollars, I think this offer is very sincere."

Now Netflix's market value is 850 million US dollars, and Xu Liang's acquisition at a premium of 42% is indeed very sincere.

"Xu, this matter is of great importance, I can't give you an accurate answer now."

"I understand. But how long will it take for me to receive a reply?"

"Seven days, at most seven days."

Xu Liang stood up and stretched out his hand.

"I hope to receive an exciting reply in seven days."

"I will do my best."

The two shook hands, and Xu Liang sent him away.

Sigh...

Xu Liang let out a sigh of relief.

"Hopefully it will work out."

——

I called Jiang Xiaoyang in the afternoon.

"I sent an email to your mailbox, please take a look."

Say yes.

Not long after hanging up the phone, she called again.

"Why did you send this email suddenly?"

"All assets involved in the email should be acquired by Jupiter Fund." Xu Liang said.

In addition to its external business department, Hanhua also has an internal asset management department.

This department is divided into three parts.

Equity Asset Investment Department, Fixed Asset Investment Department and Industrial Management Department.

The industrial management department is mainly composed of the four major companies.

Kunlun Technology, which specializes in computers, MP3, MP4, USB flash drives and various computer hardware; China's largest supermarket group, 'Kelong Supermarket', which is currently seeking to go public.

‘Huaxia Liquor Group’ has just completed the integration of Changyu Group.

Fuhua Real Estate, which has just completed privatization and delisting.

Fixed Asset Investment Department

It is currently divided into five blocks.

Real estate, precious metals, jewelry raw materials, art and luxury goods.

The real estate is mainly Hanhua's office real estate around the world.

Precious metals are mainly rare earths and lithium. Hanhua has been investing since its establishment in 2000. In the past six years, Hanhua has invested US$3 billion in it and is a major buyer of rare earths and lithium in the world.

The raw materials of jewelry are mainly jade and Hetian jade, plus a small amount of red and sapphire.

The artworks are mainly Chinese antiques, plus a small number of foreign art masterpieces.

Luxury goods include some high-end wines and some commemorative watches issued by Vacheron Constantin and Patek Philippe.

Over the past six years, Hanhua Investment’s money in the fixed asset investment department has exceeded US$6 billion.

Count inflated returns.

The unit's total asset value has risen to $13 billion.

Finally, there is the equity asset investment department, which has been established for the shortest time.

The establishment of this department stems from the reform of Hanhua in 2003.

In this era, most venture capital funds still operate separately from angels, VCs and PEs.

Different companies are responsible for different stages.

And even if a venture capital company has acquired angels, VCs and PEs all the way, it will all withdraw after the target company goes public.

But Xu Liang has experience and insights into the operation of later venture capital funds.

After 2003, Hanhua completely changed.

Investment in venture capital funds is no longer limited to angels, VCs and PEs. You can start from beginning to end as long as you are willing.

However, after the company is listed, if it is optimistic about its development, Hanhua will not sell its equity.

Instead, it uses its own funds to buy the equity from its own venture capital fund.

Become part of your own assets.

Hanhua’s equity investment department is known to the outside world as ‘Jupiter Fund’, and it also appears on the shareholder lists of major listed companies under the name Jupiter Fund.

From 2003 to now, although Hanhua has sent nearly 20 companies to the public market.

But not many companies remain.

Currently, only Netflix has 9.3%, Ctrip 7%, NetEase 12.7%, Mengniu 29% and Supor 18%.

Five in total.

This has been held for a long time, and some were held for a short period of time and then sold.

There are also companies that Hanhua actively invests in.

Gree holds 15% of the shares, Hynix owns 45% of the Wuxi factory, and Anta holds 13% of the shares.

and as white glove shadow funds.

Xu Xin, Capital Today; Duan Yongping, H\u0026H Investment; Peter Thiel, Thiel Fund; Michael Barry, Thain Capital; Steve Eisman, Qiandian Partners; Zhang Lei, Hillhouse Capital, etc.

There are a total of 17 shadow funds across Europe and the United States, and Hanhua basically holds 30% of the shares.

Some of these shadow funds just spent some money to buy shares, and some were real cooperations. In addition to shares, they also invested a sum of money.

For example, Michael Barry's Thain Capital, Hanhua invested US$1 billion in Thain Capital, and has lost nearly US$200 million since its development.

But it’s a good loss.

Michael Barry was shorting subprime debt, and he chose the same method as Xu Liang, which was secured debt obligations.

As mentioned earlier, the secured debenture itself is a kind of insurance.

Pay a certain amount of insurance premiums every year, and if the property loses money, you will make a lot of money.

But it is still early for the subprime debt crisis, and real estate is still increasing in value.

The premium paid is the loss of the fund.

Jiang Xiaoyang was stunned for a moment.

The asset list Xu Liang sent her involved not one or two companies, but as many as eight companies.

NetEase, Sohu, Wuliangye, Luhua, Yangcheng Procter \u0026 Gamble, Fuhua, CYTS Holdings, and SMIC.

It would cost at least US$6 billion to buy them all.

Of course it's not that Hanhua can't afford the money.

But she knew that Xu Liang would never sell assets on a large scale.

"What happened?"

Xu Liang also knew that what he was going to do next would definitely not be hidden from the other party, so he simply stopped hiding it.

Let me briefly talk about what happened in New York a few days ago.

"So you're ready to face the challenge?"

"Well...Escape is not an option. If we escape this time, they will only think that we are weak, and they will intensify sanctions and exploitation in the future.

Only by attacking and fighting with them can these bastards not dare to touch you easily. "

Xu Liang said harshly.