Reinventing the Millennium

Sina has scheduled an extraordinary general meeting of shareholders to be held on June 22.

This time was not concealed from the media, and it was not long before MIGA's request. Almost immediately, everyone felt Sina's tough attitude.

Do you want to hold a shareholders' meeting?

Okay, no need to delay, just come.

Do you want to control Sina?

Okay, let’s try the poison pill plan.

Although Duan Yongji, co-chairman of Sina's board of directors, only gave one interview and did not appear again, his initial statement and subsequent interviews with Sina executives all showed Sina's firm attitude in fighting a defensive war.

Because of Sina's special status and the status of acquisitions at home and abroad, many media outlets have reported, commented and analyzed this incident at length.

Will the MIGA fund be successful?

What are Sina's chances of winning?

Why does MIGA seek control of Sina?

And so on, so lively.

As the president of a venture capital institution who is firmly optimistic about the development of the domestic Internet industry, Xiong Xiaoge also followed this incident with great interest, reading newspapers and watching news online every day.

Sometimes, he would also take the time to comment and discuss the implications of the MIGA fund's actions.

However, on June 19, when Xiong Xiaoge took some time to sort out the causes and consequences of NetEase's series of reports, he suddenly saw a familiar name.

"On June 10, Sina elected a new board of directors, including Chairman Jiang Fengnian, Co-Chairman Duan Yongji, Co-Chairman Wu Zheng, Director Mao Daolin, Director Davis, Director Wang Yan, Director Feng Bing..."

"It is reported that MIGA Fund's holdings in Sina began in February this year. Davis entered Sina's board of directors for the first time, and then he significantly increased his holdings of Sina shares."

Xiong Xiaoge read very quickly. He scrolled down the page as soon as he glanced at it. But as soon as he moved the mouse, he suddenly felt something was wrong. It seemed that there might be a strange name mixed in.

He felt a little dazzled and turned the page again, almost making his eyes pop out.

Ice?

Is it the Feng Bing that I know?

Is it the Feng Bing I thought about?

Because there are relatively few contacts with this surname in the circle, and because Fang Zhuo was asked to introduce his new investment company a while ago, Xiong Xiaoge is a bit sensitive to "freezing".

No way, no way, Yike Investment is also involved, right?

Xiong Xiaoge called Feng Bing directly while staring at the screen.

"Hey, Mr. Feng, what's the situation between you and Sina?" he asked directly.

"Waiting for the extraordinary shareholders' meeting." Feng Bing had received many similar calls in the past few days and said without hesitation.

Xiong Xiaoge was stunned: "Are you really a director of Sina? No, Yike invested in Sina? When did it happen? Didn't the company not be long ago? Why did you become a director? What does Fang Zhuo mean?"

Feng Bing heard so many questions at once and wondered: "I just followed Mr. Fang's arrangement to join the Sina board of directors. Anyway, I just follow everyone's wishes in meetings at Sina these days. Well, Mr. Fang also asked me to do this. of."

Xiong Xiaoge: "..."

After a while, he asked: "How many shares does Yike Investment have in Sina?"

"10.1%." Feng Bing replied.

Xiong Xiaoge asked from the bottom of his soul: "Where did Yike Investment get the money?"

"Mr. Xiong, what do you mean?" Feng Bing didn't know where the company's money came from, but he couldn't say that, puppets also have dignity!

Xiong Xiaoge shook his head: "Forget it, I'll call Fang Zhuo."

The phone hangs up.

Xiong Xiaoge stared at the screen, feeling that the words "Director Feng Bing" seemed to be slowly turning into "Director Fang Zhuo".

He called directly and asked directly without waiting for the other party to say anything: "Fang Zhuo! Why are you involved in Sina! Where did you get the investment money?"

Xiong Xiaoge suspected that Fang Zhuo had misappropriated Yike's money. Did he just raise Series A and then buy Sina's shares? ?

"The financing money has not been used. I borrowed it from the bank." Fang Zhuo knew what Lao Xiong was thinking.

Xiong Xiaoge was slightly relieved, but still doubted: "Really?"

"Well, really." Fang Zhuo said with certainty, "The financing money is used to buy music copyrights and cannot be touched. Even if I am optimistic about Sina, I cannot touch it."

Xiong Xiaoge didn't believe it all. He had the feeling that he was suddenly distracted by the news, and asked angrily: "Why are you fooling around on Sina?"

"Oh, it's just a non-executive director, Mr. Feng." Fang Zhuo said evasively, "I'm optimistic about Sina."

Xiong Xiaoge thought for a while, but he didn't expect that the hostile acquisition would be related to the guy opposite him. He gossiped with interest: "In a few days, there will be a temporary shareholders' meeting. Sina will compete with MIGA. Who will win?"

Fang Zhuo muttered: "This wave, Sina will definitely win this wave, Lao Xiong, you can take the opportunity to buy some stocks."

Xiong Xiaoge said "ha": "Sina is so messy, I won't buy it."

The person behind the scenes, the non-executive director of Sina, said displeasedly: "Is there anything else? I'm done. I'm busy."

"Why did you come back from New York? Just for Sina?" Xiong Xiaoge asked.

"Mr. Yu is talking with Apple, and the channel is working hard. I will go back to China to check the market situation, and record a program in Beijing to repay the favor." Fang Zhuo said, "Sina is also comfortable."

When Xiong Xiaoge heard about Yike, his attention shifted and he started chatting energetically.

Fang Zhuo chatted with her for a while before ending the call.

As soon as he put down his mobile phone, he received a phone call from Feng Bing, vice president of Yike Investment, saying that Sina would officially launch private placement. In addition to the MIGA fund that triggered the equity line, all old shareholders on the board of directors could purchase additional shares at a discount.

"Mr. Fang, the board of directors has some different opinions on this additional issuance amount." Feng Bing said.

Although private placement can reduce the shareholding ratio of hostile acquirers, the stocks bought by old shareholders will also be subject to sales restrictions. If Sina's future is shattered, everyone will be trapped.

According to Duan Yongji, the number of additional issuances does not need to be too large, just suppress MIGA's arrogance and let the other party know that we are really not just talking, and then talk.

"Well, just follow Wang Yan's opinion, follow Duan Yongji's opinion, and vote for them if you need to vote." Fang Zhuo ordered, "There is no need to argue with them or express any opinions."

Feng Bing said: "Okay, Mr. Fang, then... do you want to come to the meeting for additional issuance and purchase?"

"I won't go, so as not to be unhappy when we meet each other. Sina will issue as much as Yike Investment can support within the rules." Fang Zhuo said with certainty, "Others dare not express their position, Yike will express their position, and others dare not Buy it, Yike buys it.”

Feng Bing was introduced by Xiong Xiaoge, and currently plays the role of a puppet director. He didn't know the boss's plan, so he hesitated: "Mr. Fang, should you think about it again? This seems a bit reckless."

"This is not something you need to consider, just do it." Fang Zhuo said lightly.

Feng Bing thought for three seconds and realized that Mr. Fang and Sina Fang were involved in insider trading.

Fang Zhuo didn't know what his vice president was thinking. If he knew, he would probably have to say something wrong.

There are still three days left before the extraordinary general meeting of shareholders. What he is considering now is not veto control, because as the additional issuance begins, the result will be very different.

What needs to be considered now is how to control Sina. Capital market means alone are not enough. If this group of people directly leads a group of key personnel to resign and leave, it is likely that an empty shell will miss the most rapid development stage of the domestic Internet.

This is a difficult problem. After all, capital methods are somewhat drastic, but they are useless if they are not drastic.

Fang Zhuo felt that such a situation required some wisdom and a little cunning.

As it happens, I have both.