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Yahoo Japan's current market capitalization is less than $18 billion, down from the past few years. However, the first quarter financial report has been announced, with revenue of US$970 million and profit of US$380 million.

This is very shocking.

Yahoo Japan estimates that its annual profit this year will reach US$1.3 billion to US$1.4 billion, but the current market value given by the market is only US$18 billion, which means that the price-to-earnings ratio is only about 13 times.

Extremely bearish!

Now is the Internet era. The price-to-earnings ratio of any similar Internet company is generally more than 50 times. The price-to-earnings ratio of Facebook, which is about to go public, easily exceeds 100 times.

It can also be seen from this that Yahoo Japan has lost its imagination.

But Son doesn’t think so.

He believes that the market has seriously underestimated the value of Yahoo Japan, and now is the best time to buy at the bottom. If Yahoo's shares can be taken back when the stock price is at its lowest, there will be huge profit margins in the future.

Based on Sun Zhengyi's understanding of Zhou Buqi, he feels that this guy will not use a high proportion of stocks to cause trouble within Yahoo Japan. He should not be able to do such immoral things.

However, he still has to use this as an entry point to start negotiations.

It can’t be said that his main purpose of buying back Yahoo Japan’s shares is potential capital gains, right?

Little did he know that Zhou Buqi had exactly the opposite idea.

Taking advantage of the fact that Yahoo Japan's stock price is still quite high, sell it as soon as you can!

The more you delay, the more you will lose.

Yahoo Japan is undoubtedly the largest Internet company in Japan, but its business has become rigid and has lost its vitality.

The biggest highlight is the high traffic.

This is why Zhou Buqi wants to promote the cooperation between Ziweixing Japan and Yahoo Japan, so as to borrow their super traffic to develop his own business.

Before that, Zhou Buqi had communicated with Chen Dong.

Chen Dong said that Yahoo Japan integrated and reorganized its e-commerce business last year and launched the Yahoo Japan Mall, which instantly became the e-commerce platform with the highest traffic in Japan!

How exaggerated are the data?

The largest e-commerce platform in Japan is currently Rakuten Market. However, in terms of traffic, Rakuten is only one-seventh of Yahoo Japan Mall, but its transaction volume is more than 700 times that of Yahoo Japan Mall.

Not to mention compared with Rakuten, Yahoo Japan Mall can't even touch the heels of Chen Dong's Jingtao. There is super invincible traffic, but the business is not good, there are no consumers.

In the mobile Internet era, it will be even worse.

Zhou Buqi wants to ensure his influence over Yahoo Japan's shares, sell Yahoo Japan's stocks to the maximum extent, cash out at a high price, and leave the market as soon as possible.

Sun Zhengyi is satisfied, and so is Yang Zhiyuan.

After the meeting, they had a conversation and Boss Ma was playing drums beside them, and the plan was quickly reached.

Yahoo will retain 15% of its shares and sell the other 20% to SoftBank's consortium for US$3.5 billion. Purple Star International's acquisition of Yahoo has completely solved the funding problem.

This operation is very capitalized.

Use the future sales of Yahoo's assets to raise money to acquire the current Yahoo.

Come happily and leave happily.

Boss Ma said with emotion: "You have grasped the timing of your move very well! It cannot be done a few months earlier, when Yang Zhiyuan has not yet stepped down; it cannot be done a few months later, and the current CEO Thompson may have resigned by then. , Yahoo’s board of directors will be reorganized. Now is the best time.”

"Really?" Zhou Buqi was a little confused, "Yes, from what you said, it's really like this. You're very lucky."

Boss Ma laughed and scolded: "Just pretend!"

Zhou Buqi said: "In transactions, everyone gets what he needs. Yang Zhiyuan's reputation has been preserved, and I also promised to let him become a director of Ziweixing International; Carl Icahn and other capital institutions behind him have gone through several twists and turns. After that, I finally found an opportunity to withdraw; I was satisfied, and Son was satisfied as well. How could there be any reason why this transaction could not be successful?"

Boss Ma said: "You will make a lot of money now!"

"What's the profit?" Zhou Buqi disagreed and sighed, "Yahoo has many internal factions, frequent infighting, and its business is also rigid, similar to Yahoo Japan. There are all kinds of messy businesses, but there are only a few It’s something that can be obtained. The transaction is expected to be completed at a price of US$24 billion to US$25 billion. The risk is too great.”

Boss Ma doesn’t believe it. I have known this guy for so many years and I have never seen him do any loss-making business. “Alibaba’s stock is US$7.5 billion and Yahoo Japan’s stock is US$3.5 billion. Once these two assets are sold, that’s 11 billion U.S. dollars, and half of Yahoo has come out. And Yahoo still holds 20% of Alibaba's stocks and 15% of Yahoo Japan's stocks. These investment businesses alone are worth 25 billion U.S. dollars. Do you think I am Is it two hundred and five?"

Zhou Buqi said with a smile: "Originally, Yahoo's own business has negative equity. Without its own business, Yahoo's current market value might be US$30 billion."

Boss Ma's expression changed slightly and he looked at him cautiously, "Do you really want to take drastic measures against Yahoo?"

Yahoo has too much business.

They have almost all Internet-related businesses, but they are large but not sophisticated, and cannot make ends meet... Apart from consuming costs, they really can't create much value.

These have all become negative assets.

This is also an important reason why the management wants to transform Yahoo. As long as these negative assets are divested, abolished or sold, and dismembered, Yahoo's stock price will rise.

However, most of these businesses were done under Yang Zhiyuan's overall command.

Although these businesses are all losing money now, this is the future of Yahoo! It is the guarantee of imagination! If one day in the future, one of the businesses becomes a great success, then Yahoo will recover in a small way.

If these businesses are really dismembered, Yahoo's imagination will be gone, and it will really become a mediocre company on the edge, with no hope of revival.

These are Yang Zhiyuan's hard work, and he is unwilling to give up.

If after Zhou Buqi acquired Yahoo, he turned his back and gave up all the related negative equity business...then he would definitely have a serious disagreement with Yang Zhiyuan.

Zhou Buqi said frankly: "Yahoo's main business actually only has three valuable parts, Yahoo.com, Yahoo Search and Yahoo Mail. The other businesses are of little value."

Boss Ma frowned and said very cautiously: "Then you have to handle it well, so that you don't have a disagreement with Yang Zhiyuan and extend the original internal conflicts of Yahoo to Ziweixing International."

Zhou Buqi smiled and said, "That's not the case. Even if we want to get rid of all Yahoo's negative assets, we have to wait until the digestion and integration are completed."

"Difficult!" Boss Ma shook his head and sighed, "Alibaba acquired Yahoo China and integrated it for several years, but there was no good effect. Now it has basically given up on this business."

Zhou Buqi said: "I have a way."

"You have?"

Boss Ma was dubious.

Zhou Buqi said with a smile: "The energy of a company comes largely from hope for the future. When there is hope, there is motivation. When there is no hope, there is just a pool of stagnant water. Yahoo in the past was really impressive at all levels. Without any hope, internal power struggles are being played from top to bottom, and the situation has changed from making the cake to dividing the cake.”

This is a very common economic phenomenon.

When the economy is improving, all walks of life are working hard to make the cake bigger. Only when the cake is bigger can they get more share; when the economy is down, everyone loses expectations for the future and cannot see how to make the cake bigger. As soon as it became possible, all the effort in making the cake began to be used in dividing the cake, and internal fighting began.

Imagination is hope.

Once you lose your imagination, it will only get worse.

That's the case with Yahoo right now.

Boss Ma raised his eyebrows, a little surprised, "Do you have a way to make a cake for Yahoo?"

Zhou Buqi said: "Today's Toutiao is developing very well in China, with more than 70 million mobile users. It is the largest mobile news platform, with more users than all other portals combined."

"Is Yahoo App going to develop in this direction?"

Boss Ma feels that this road will not be so easy.

Zhou Buqi said: "At least we can try. Ziweixing International has made a lot of plans in the content field in recent years, and there is no shortage of high-quality content. At least it can give Yang Zhiyuan hope."

"Depend on!"

Boss Ma patted his thigh and finally understood this kid's thoughts.

The last sentence is the key point!

If Yang Zhiyuan can see hope, differences can be settled, and some unpromising businesses can be axed as a matter of course.