My Age of Investment

In order to avoid long nights and dreams, Xia Jingxing gave an order the next day after making the acquisition decision to immediately set up an acquisition team within Hainei.com, very swift and resolute!

This is the case with start-up companies. If you run slower, you will fall behind step by step.

While the acquisition team was collecting the target materials, it was also expediting the processing of visas to South Korea, which probably took a few working days to complete.

In addition, after the Envision Capital Hong Kong office received the order, Li Yaozu led a team and led several employees with experience in cross-border acquisitions to the capital. These people will join the acquisition team to assist Hainei.com in completing two overseas acquisitions.

Hainei.com does not have its own investment department at this time, and the people who are going to be sent to South Korea are all talents related to game development and operation, so the acquisition operation relies heavily on the assistance of professional financial professionals.

Before the two parties went to South Korea, a meeting was held in the Hainei conference room. Xia Jingxing also attended and gave some guidance.

"I don't have too many requirements, there are only three in total, please remember."

Li Yaozu, Wu Yimin and seven or eight employees watched Xia Jingxing who was sitting at the front of the long table in the meeting. Huang Xin, as the company CEO, also attended the meeting.

"First rule, the acquisition can only succeed, not fail!"

Xia Jingxing changed the topic, "But at the same time, they can't be slaughtered by the Koreans as big fat pigs. Shimankai and Neople are not big game manufacturers, and there is not much room for premium.

As early as in front of us, in 2004, Shanda bought about 29% of the shares from some shareholders of ActozSoft with US$91.7 million in cash, and obtained a controlling stake in the company, thus controlling half of "Legend" from the source copyright. "

The reason why Xia Jingxing decided to acquire the two companies so decisively was to completely eliminate the possibility of Korean game companies taking advantage of the overseas network from the source.

Chen Tianqiao got the agency right of "Legend" at a price of 300,000 US dollars. However, as the game became popular, the Korean Lions opened their mouths, and the agency fee was increased sharply. Chinese companies that are jealous of Shanda are queuing up to represent them.

Shanda had no choice but to sign "Legend" for two years at a price of 40 million U.S. dollars, and then bought Artos, intending to control this cornucopia.

However, the copyright of "Legend" is in the hands of the two companies, and the other half of the copyright belongs to the developer Yumeide.

This company used to be a joint stock subsidiary of ATOX,

Later, Yumeide repurchased the equity held by the parent company Artos, which was equivalent to completely picking up the rights with Artos, and the copyright of "Legend" was divided into two.

Then came the Sao operation. Yumeide continued to grant the copyright of "Legend" to Chinese game companies. "Playing with the blue moon" and "Come kill me if you are a brother" are all authorized by the original, but this copyright is very controversial. .

Shanda and its subsidiary, Artos, have been involved in a lawsuit against Amusement for nearly 20 years. From online games to web games, and then to end games, nearly a hundred companies such as Yingying Network, and hundreds of "various legends" have also been involved. , a big chaos.

Until the time when Xia Jingxing was reborn, the strife didn't end. Brother Tianqiao sold all his assets and went to the United States to enjoy life. However, Shanda's renamed Shengqu and its parent company, Century Huatong, are still competing for the copyright with Yumeide.

As a well-known game IP, "Legend" has been operated by Shanda for 20 years, and it has long been a memory of a generation. The game boy in the Internet cafe in the past has become a contractor, a small town brother with a big gold chain and a small watch. In the matter of regaining youth In fact, the eldest brother is never ambiguous when spending money.

No matter how bad the game is, you have to recharge for the word "legendary".

Because of this, Legendary's IP value has never been fully squeezed out.

The South Korean manufacturer Yumeide has long been degenerated into a declining game company that cannot produce works, but half of the copyright of "Legend" in its hands is a big gold mine, so the Koreans simply became patent hooligans.

Domestic page game companies see that it is profitable, so they don't care about patent disputes, just do it!

A large number of Chinese game companies are surrounded by entertainment virtues.

Why Penguin buys game companies everywhere is purely to control copyrights, because good games are still valuable after a decade or two, and the games they represent are popular, so there is no need to worry about being manipulated.

Why is Penguin, the world's largest game company, unable to produce good works? Because Penguin's acquisition was not to strengthen its own research and development strength at the beginning, it only had one purpose - copyright.

Xia Jingxing had seen the profits that DNF and CF brought to South Korean developers in his previous life. After more than ten years, the revenue share brought by a single game to the South Korean side was as high as tens of billions of dollars.

NCsoft boss Kim Taek-jin, Semankai boss Kwon Hyuk-bin, and Nexon boss Kim Jung-woo all made it into the top ten richest people in Korea, with net worths ranging from a few billion dollars to ten billion dollars, comparable to chaebols.

In particular, Shimankai Company has developed the game "Cross Fire" under its umbrella, and the boss's worth of billions of dollars is supported by the Chinese market.

When Penguin wanted to acquire, the valuation of the game company was already sky-high.

Xia Jingxing pointed out his second finger, "Second, the development team must be stabilized after the acquisition, especially "Cross Fire", which has not yet been fully developed, and the game must be guaranteed."

Li Yaozu nodded: "Mr. Xia, don't worry, this clause will definitely be written in the acquisition agreement, and the payment for the equity acquisition will also be paid in batches, so I'm not afraid of any tricks played by the Koreans."

Wu Yimin said: "I heard that Korean companies have high levels of superiority and inferiority, seniority ranking is very serious, and equity incentives are also very stingy. We can consider starting from these two aspects and give employees fair opportunities for promotion, a relaxed working environment, and generous incentives. remuneration, etc.”

Xia Jingxing nodded lightly. These two acquisitions were very important. If it wasn't for his inappropriate status, he would have wanted to go to Korea himself.

He continued: "The third point is that copyright issues must be meticulously clarified, especially "Cross Fire", Neowiz participated in the development of this game as a Korean publisher.

We must fully obtain the copyright of this game. If necessary, we can talk to Neowiz again. If they have any agreement with Smankai involving subsequent development, it must be terminated. All rights and interests related to the future must be 100% in our hands, and all uncontrollable factors must be eliminated. "

Wu Yimin felt that the boss was too cautious. After all, he had so much confidence in these two games!

However, such words should not be said as a subordinate.

So, against his will, he said: "Mr. Xia, you are right. When it comes to overseas acquisitions, we are not familiar with the place where we live, so we must be more careful."

Xia Jingxing smiled: "Yes, that's why I specially hired Goldman Sachs Korea Office to act as a consultant for these two acquisitions, and they will assist you in completing this acquisition task."

Hearing this, Wu Yimin felt more relieved. Vision Capital participated first, and now the boss even invited Goldman Sachs, so it should be safe.

"Okay, hurry up and make preparations. After a few days, when the visa is issued, go to South Korea! It may be hard for everyone to spend this Spring Festival in South Korea."

Xia Jingxing smiled and looked at the members of the acquisition team who were sitting, and said, "When everyone returns home triumphantly, I will organize a celebration banquet for everyone."

Wu Yimin smiled and said: "Then on behalf of everyone, I would like to thank Mr. Xia! This is actually what we should do. Starting a business, how can we not go all out."

Xia Jingxing smiled: "Anyway, it's hard work everyone! It's not easy to go out, the company has prepared sufficient travel expenses and red envelopes for everyone. When we come back, we will reward everyone based on merit and make up for the leave. "

The words of the big boss dissipated a lot of the original complaints from the acquisition team. As long as the money is enough, this year will be fine.

Xia Jingxing also didn't want to mobilize the crowd during the Chinese New Year, but if the penguins took the lead, it would be difficult for the next year.

After the meeting ended, Xia Jing walked out of the meeting room, and Huang Xin, who had been silent all this time, caught up with him.

"Daron, let's not talk about a small company like Semankai. Neople is a medium-sized company, and it has the popular game "Dungeon and Fighter" in its hands. The acquisition price will definitely not be low.

Now our reserve cash in the account is only more than 100 million US dollars, I am worried that it is not enough! "

Xia Jingxing didn't answer, and brought Huang Xin to his office, and asked the latter to sit down before answering, "How about another round of financing?"

Huang Xin shook his head: "We have only raised 150 million U.S. dollars for a few months, and it may be difficult to raise another few hundred million U.S. dollars.

Moreover, our business has not yet ushered in another explosion, and the valuation is not easy to discuss, and shareholders will definitely have opinions. "

Xia Jingxing was silent for a while, Hainei.com is currently valued at only 1.5 billion US dollars, and the valuation of the two game targets is uncertain, but it is estimated that it will cost at least 200 to 300 million US dollars.

In this case, the common practice in the industry is equity mergers and acquisitions, issuing additional equity in Hainei.com to acquire two game companies, or only acquiring part of the equity in the two game companies, and it’s done after obtaining a controlling position.

Leaving aside whether the two game companies are willing to accept such a plan, Xia Jingxing himself is not willing.

Also, these two acquisitions are very important for the size of the domestic network.

He felt that what Huang Xin said was right, and shareholders must have different opinions on this.

"What's your opinion?" Xia Jingxing asked.

Huang Xin said lightly: "Let's convene a board meeting, first look at the opinions of all shareholders, and then make a decision."

Xia Jingxing was silent for a few seconds, then said, "That's fine, it's time to talk to everyone."