My Age of Investment

"No such thing!"

Ma Yun waved his hand, "It's all rumors. The investment in Yahoo was made by Mr. Masayoshi Son. He has great confidence in us."

"Jack, I'm not blind or deaf. Envision Capital still has a lot of information collection channels."

Xia Jingxing felt it was time to take a tough stance.

Yimei's weakness will only make Ma and Cai feel that it is profitable, and they are ready to sell.

Jack Ma's face was very ugly, he didn't know if it was because of Xia Jingxing's words, or because he was poked at something sad.

Cai Congxin also felt a big headache. These are some relatively secret matters. Could it be that Softbank also contacted Envision Capital?

Xia Jingxing observed his words, knew that he had hit the point, and continued: "Softbank is very dissatisfied with Taobao's lack of profit for a long time, and has fallen into a tug-of-war with eaby, and is very anxious to withdraw.

In addition to SoftBank, Ahri's investors in the first three rounds, Fidelity Asia, GGV, Investor AB, etc. should all be looking for opportunities to exit, right?

In other words, this so-called "US$1.7 billion financing" includes the transfer of certain old shares! "

Xia Jingxing glanced at the two of them, "I should be right, right?"

"Yes, Softbank pulled Yahoo into the market because they wanted the latter to take over their shares in Taobao."

Cai Congxin knew that he couldn't hide anymore, and there was no need to hide any more, as it would affect Xia Jingxing's investment intention.

He introduced 1510: "When Taobao was first established, there was a shortage of funds, and we accepted a round of capital injection from Softbank.

In other words, Taobao is not currently a wholly-owned subsidiary of Ali.

In addition to the equity of the parent company Ali Group, Softbank also holds the equity of Taobao.

Our previous idea was to let Yahoo buy the equity of Taobao from Softbank and inject it into Ali as an asset.

In this way, Yahoo can get a part of Ahri’s additional equity, and Softbank can also take this opportunity to cash out part of it.

At the same time, Ahri can also clear up the equity, and several of its platforms have become wholly-owned subsidiaries of Ahri.

"

Xia Jingxing asked: "What about the other shareholders in the first three rounds? They also want to take this opportunity to withdraw?"

"Yes, our idea is to let Softbank and Yahoo acquire all their equity, so as not to make noise!"

Jack Ma's tone was very bad, Xia Jingxing was keenly aware that the other party seemed to be dissatisfied with these early investment shareholders?

Ahri was established in 1999. In the year of its establishment, it received the lead investment from Goldman Sachs, followed by Fidelity Investments, Singapore Government Technology Development Fund, Singapore Huiya Capital, and Investor AB, with a total of US$5 million in Series A financing.

For this financing, Ali sold 40% of its shares.

As for Goldman Sachs, when Ahri raised its C round of financing last year, it couldn’t wait to sell its equity to GGV and exit.

It has been almost five years since receiving the first round of financing.

Some investors, seeing that Ali has been unable to make a profit and has not been listed, are anxious to withdraw, and there is some reason for it.

The current shareholding structure of Ahri is that the management holds 47% of the shares, Softbank holds 20%, Fidelity Investments holds 18%, and other investors together hold 15%.

Xia Jingxing made a mental estimate, which means that most of the financing in this round should be the transfer of old shares.

Domestic start-up companies falsely report the amount of financing, which should be the beginning of this!

It is publicized that "acquired one billion US dollars", but in fact only 200 to 300 million US dollars were injected into the company, and the rest were all old stock transfers.

If publicized according to this standard, Facebook’s B round of financing can be claimed to be 1.5 billion US dollars.

Dispelling the thoughts in his mind, Xia Jingxing said, "Jack, Joseph, we've talked so much today, so please stop probing and talk about your truest thoughts."

Ma Yun said lightly: "Because Softbank is also a shareholder of Yahoo, Masayoshi Son and Jerry Yang have a good personal relationship.

Sun Zhengyi hopes to sell the part of Taobao's equity to Yahoo.

I talked with Sun Zhengyi before, and he said that if Yahoo agrees to invest in Ali.

After Softbank has recovered all the investment costs, the remaining money will not be taken away, but will be used to increase its stake in Ahri. "

Xia Jingxing nodded, and he understood the benefits conveyed in it as soon as he heard it.

Before Yahoo decided to invest, Masayoshi Son was already not very optimistic about the development of Ahri, and he was anxious to withdraw.

If Yahoo takes a stake in Ari, then Ari's odds of winning will increase again.

Softbank can recover the capital, and put the remaining chips on the table to continue playing.

For Yahoo, it not only sold Yahoo China at a high price, but also replaced Ahri's high-quality assets.

Of course, this quality depends on the judgment of various investment institutions.

It's an idea that kills multiple birds with one stone.

Xia Jingxing guessed that this was definitely written by Sun Zhengyi, because he is a joint shareholder of Ari and Yahoo.

"Sun Zhengyi and Yahoo are so close, are you not afraid?"

Xia Jingxing began to provoke, "If this plan is carried out, I estimate that the management can hold 30% of the shares at most, and the remaining 70% of the shares will fall into the hands of Yahoo and Softbank.

And the relationship between their two companies is so close! "

President Xia Jing sighed, "Oh, I believe Jack, you must have realized this, otherwise you wouldn't have asked me to drink so late."

Ma Yun smiled wryly, and he and Cai Congxin looked at each other, seeing the sadness in each other's eyes.

The two were worried that the control of the company would be left behind, so they invited Xia Jingxing to come over for a chat.

They didn't explain clearly before because they were worried that after Xia Jingxing analyzed the real situation, they would not want to use them as a pawn against Yahoo.

"Two, don't worry, I can assure you that I am not interested in Ahri's control."

Now Xia Jingxing has almost figured out Ahli's current situation, as well as the content of the negotiations with Yahoo and Softbank.

After thinking about it, his biggest advantage is that he has no involvement with Softbank, and even has a grudge with Yahoo, or Jerry Yang.

If Envision Capital becomes a shareholder of Ari, it can not only diversify the equity, but also reduce the threat brought by the alliance between Softbank and Yahoo to Ari’s management.

"How do you guarantee it?" Cai Congxin asked.

Xia Jingxing reacted quickly, and blurted out: "I will buy those old stocks."

Ma Yun shook his head, "Providing old shareholders with an exit channel is only one of the purposes of financing.

The most important purpose is to raise a sum of money, not too much, two to three hundred million US dollars is enough. "

"Vision Capital can also provide this amount of money, and we will not force a Yahoo China in."

Xia Jingxing said with a smile: "Yahoo China's valuation is 700 million US dollars, how much is Ah Li's valuation? Before the financing, it was less than 3 billion US dollars, right?

Think about it, if you let Yahoo in, how much equity will be diluted by the management.

Moreover, Yahoo and Softbank are also easy to form an alliance to deal with you together. "

Jack Ma frowned, "Taobao still has part of the equity in Softbank's hands. We rejected Yahoo and asked Vision Capital to buy it. Sun Zhengyi may not agree."

Cai Congxin also frowned, he was assessing the gains and losses.

"How do you know if you don't talk about it?"

He spoke very forcefully, but Xia Jingxing actually didn't have a clue in his heart.

Whether it can be done, in the final analysis depends on what Sun Zhengyi thinks.

"Well, I'll contact Sun Zhengyi tonight to find out what he has to say."

Jack Ma said again: "However, Darren, you must show a little sincerity in the valuation quotation."

Xia Jingxing smiled, "Try to find out first, it's meaningless to talk about valuation now."

Jack Ma nodded, lost in thought.

Cai Congxin said: "Then I'll talk to Fidelity Investments."

"Okay, it's getting late, I'll go first, and wait for the good news from you two!"

After finishing speaking, Xia Jingxing got up and left without delay.