My Age of Investment

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"What do you think of online film and television copyrights? Compared with the cabbage price in previous years, with the increase of online video websites, copyright prices have increased by ten or twenty times."

Xia Jingxing stared directly at Wang Wei and said in a deep voice: "If Tudou wants to be listed in the United States, it must dispel investors' concerns about copyright.

You know, YouTube has been in trouble with six major Hollywood film companies and three major TV networks over copyright issues in recent years. "

Wang Wei thought for a moment and then replied: "Tudou.com still focuses on original videos."

Xia Jingxing smiled and said, "You don't have to avoid this question. During the road show, the questions raised by institutional investors were much sharper than those I raised.

Our country can’t get a pipeline, but Netflix can give it a try. "

Wang Wei smiled and said: "Mr.

Xia Jingxing's face gradually darkened, "Huang Huazhong, Yu Dong and other film and television company bosses are very dissatisfied with the current situation and are planning to initiate a round of copyright litigation and also plan to collectively submit a letter to the relevant departments.

Piracy of videos may still exist for a long time, but it will never be as rampant as it is now.

If Tudou wants to achieve long-term development, it must make early plans. "

Wang Wei said: "After the company is listed, we will use part of the funds raised to purchase the copyright."

"How much can you raise? $100 million? $200 million?"

Xia Jingxing shook his head, "This amount of money is so insignificant compared to Ali, Baidu, or Shanda's huge market capitalization and cash reserves.

They are all leaders in their respective fields. With their status in this field firmly established, they will definitely try to find new business growth points. "

Hearing this, Wang Wei completely understood and asked: "Are you saying that Ali and Baidu might enter the online video industry?"

"It's not possible, it's definitely possible!"

Xia Jingxing picked up the coffee on the table and took a sip before calmly explaining Wang Wei's doubts.

"In the United States, Google and Microsoft have successively entered the online video industry. Not to mention the six major media companies, Hulu video is just a transitional product. It is highly likely that they will launch their own video websites in the future.

You see, domestic enterprises will definitely move forward along this development pattern. "

Wang Wei frowned, thinking whether Xia Jingxing was deceiving him with his words.

This is like running a convenience store. After working hard for many years, he finally has a successful career. Suddenly someone comes and tells him that Wal-Mart is also interested in the convenience store industry. You can figure it out on your own.

Wang Wei raised a question: "Mr.

“This goes back to the copyright issue!”

Xia Jingxing said in a calm tone: "Hundreds of millions of users and revenue are not barriers to competition, copyright is!

For example, the copyrights of popular TV series are all on Youku, while Tudou only has some old TV series from more than ten years ago. Who will users choose?

The giants have their main business, they can burn money at will, and they can destroy video websites in vertical subdivision industries.

Your hard work and pride are not worth mentioning in the money-burning copyright war.

Even if Tudou.com is successfully listed, what will its market value be? How can it compete with giants with a market value of tens of billions of dollars if it can hold on to one to two billion dollars? "

The expression on Wang Wei's face was somewhat unhappy. Xia Jingxing dismissed Tudou as useless, as if Tudou, as the industry leader, had no choice but to surrender once Ali and Baidu entered the market.

"Mr. Xia, these are all your inferences, they may not necessarily happen."

After hearing that Xia Jingxing wanted to incorporate Tudou, Wang Wei could only choose to be tough.

Although he respects Xia Jingxing very much and is also grateful for his help over the past few years, including giving money and licensing film and television rights for free, he must keep Tudou.com, which is the culmination of his many years of hard work and dreams.

Xia Jingxing knew that Wang Wei would not be "too obedient" and did not care about the rudeness in his tone.

Pointing at the Huangpu River with his finger, he said: “The long river of the Internet is like this Huangpu River, which has swept away countless heroes.

No one can always be the leader, the key is to learn to adapt to the general trend.

Depending on the amount of funds and Internet traffic of domestic holdings, we can choose to build a video website ourselves.

I heard Robin Lee had this idea.

But I don’t want my once close partners to end up in a life-and-death fight.

I hope that both parties can achieve a win-win situation and work together to make the cake bigger. "

Literary young people are quite stubborn, so Wang Wei was not moved by Xia Jingxing's words.

He sneered and said: "Mr.

Last year Tudou completed another round of Series C financing worth US$50 million. Vision Capital did not participate in the investment this time, and its shareholding ratio dropped from the original 46.67% to 42%.

Axel (USA) chose to follow the investment, and its shareholding ratio was not diluted and remained at 13.33%.

Wang Wei currently only holds 27% of Tudou.com, which doesn’t seem like much. In fact, Wang Wei’s shareholding in Tudou before listing in his previous life was only half of what it is now.

Although Xia Jingxing took away a lot of equity in Tudou, he was never vague about resource assistance. He helped Tudou sponsor Super Girl and enter the domestic open platform...

These resource inclinations and strategic guidance have caused Tudou to rise faster than in its previous life. Its development speed and scale have always surpassed Youku. It has fewer financing rounds than the latter, but its financing scale is larger.

Gu'an

Xia Jingxing did not mention any of these insignificant help, but kept persuading Wang Wei by analyzing the development trend of the industry.

Seeing that the other party was stubborn, Xia Jingxing had no choice but to be tough.

“This 42% stake, based on Tudou’s current valuation of US$500 million, has a market value of US$210 million.

Vision Capital invested in Tudou in three rounds, with investments of US$1 million, US$5 million, and US$30 million, totaling US$36 million.

Calculated, the return is almost 6 times, which is very good. "

Xia Jingxing changed the subject and said: "But Tudou.com is just an ordinary investment case for Vision Capital.

Once Tudou goes public, Vision Capital will sell its shares and leave. The future development of Tudou has nothing to do with VCs.

But for you, it's very different. You have to face the increasingly fierce competition in the online video battlefield and the invading Internet giants.

I patted my butt and left. The money I earned can also be used to buy bandwidth for domestic videos and hoard copyrights, but you can only guard a listed company with a shrinking market value. "

Wang Wei looked at Xia Jingxing and wanted to get angry. He was using the money from selling Tudou.com to develop domestic videos. What a shame.

But when I thought about it, I realized that what the other party said was the truth, and it was very likely to become reality.

"If you don't sell Tudou to Overseas Holdings, you will develop and launch your own video website?"

Xia Jingxing nodded, "Of course, this is a battleground for giants, and you should have heard that I have invested in many film and television companies to prepare for the future.

If a copyright war breaks out in the next few years, selling online film and television rights to Baidu and Ali can offset some losses.

Of course, the biggest possibility is that they will not be able to get the copyright at all. The most copyrights and the most popular movies and TV series are all held by Domestic Video. "

"For an online video, is this all?"

Wang Wei was puzzled. As far as he knew, Xia Jingxing had invested in Tudou.com, acquired copyrights, and invested in film and television companies in recent years, with a total investment of no less than several billion yuan.

Thinking of this, Wang Wei felt a deep sense of powerlessness. He knew that if Xia Jingxing wanted to kill Tudou, there would be at least a hundred ways.

"This is the overall strategy of Domestic Holdings, and online video cannot be avoided."

Seeing that Wang Wei seemed a little discouraged, Xia Jingxing began to strike while the iron was hot and said, "I am discussing this with you out of respect. Otherwise, if Vision Capital and Axel sell their equity to Hainan Holdings, can you resist?"

Wang Wei said nothing. According to the agreement, one shareholder sells its equity and other shareholders have the right of first refusal.

But he couldn't afford hundreds of millions of dollars, and even if he raised enough money for the acquisition, Xia Jingxing could still raise the price and ruin the deal.

He suddenly thought of something and couldn't help but ask: "Mr. Xia, you obviously chose to start Hainei.com, why didn't you start a video website back then?"

This is a question that has been hidden in Wang Wei’s mind for a long time. Xia Jingxing founded Facebook, YouTube and Twitter in the United States.

Nowadays, Hainei.com and Weibo have been copied in China, but video websites have been spared.

Xia Jingxing smiled and said, "Can you tell me that you are going to help me manage it for a few years?"

“At that time, I didn’t have enough energy, and I hadn’t yet outlined an Internet development strategy in China.”

Wang Wei didn't quite believe this rhetoric. He suddenly remembered that when Tudou.com had its angel round of financing, Xia Jingxing insisted on taking one-third of the equity, probably just for today's showdown.

Thinking of this, he felt a little creepy. The man opposite him had been plotting against him more than four years ago.

Moreover, he successfully deceived all Chinese Internet practitioners, and everyone thought that he would not do Internet business in China after returning to China.

As a result, it took only three years from the time of the acquisition of Xiaonei.com to successfully copy a large Internet group that could compete with Facebook, and also successfully become one of the four giants in the industry.

Scheming man!

Wang Wei looked at Xia Jingxing with complicated eyes, feeling an inexplicable sense of humiliation in his heart.

As a well-known star entrepreneur in the Magic City, he is just a pawn randomly laid out by Asia's richest man.

"I heard that some time ago, Facebook spent US$500 million to acquire the Swedish music streaming service Spotify."

Xia Jingxing glanced at Wang Wei, who looked a little concerned, and said with a smile: "You want to ask how to treat Kugou in the future, right?

I can answer you now, Tudou will take the first step, and Kugou will follow.

We no longer distinguish ourselves from each other, but work together as a common team, holding a common dream, to make the domestic holding group bigger and stronger. "

Wang Wei heard the implication and asked: "Are you planning to exchange shares to acquire Tudou and Kugou?"

"Yes, this is my way of compensating you. I'll give you a $100 billion IPO."

"A hundred-billion-dollar IPO?" Wang Wei looked in disbelief.

"What, you don't believe it?"

Xia Jingxing looked at Wang Wei with a playful look on his face and said, "Look, when Facebook rings the bell next year, it will be at this IPO level.

Do you think Overseas Holdings, which I have devoted all my efforts to, will perform worse than Facebook? "

Wang Wei fell silent. Compared with Xia Jingxing, who was fighting on the Internet between China and the United States, he felt that he was as weak as a little ant.

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