Chapter 853

When the promotion of general merchandise was advancing rapidly, Mr. Liu left Yanjing and started to build a logistics base for Taobao logistics.

Mr. Lei, who attended a Taobao meeting, is looking forward to joining the Taobao team as soon as possible, so he is busy promoting the case of Taobao's acquisition of excellence.

It's gratifying that Jinshan and Lenovo have reached a consensus and are willing to sell according to Li Mu's offer. The next thing to do is to audit the assets before acquisition and the team transition. So while waiting for the audit to be completed as soon as possible, master Lei gives his old team a reassuring pill, so that you can rest assured that even if the company is to be sold to Taobao, you can still He continued to work in his own post, and Taobao promised to give the employees of excellence a 20% salary bonus. This is not because Taobao attaches great importance to the team, but because the employees of Taobao have been paid much more than excellence. Even if the 20% increase, it is not enough to catch up with the gap in basic salary.

In the past few days, Muye technology released the wind to finance round C, and began to receive letters of intent from major venture capital institutions. Ding Zhenglin, who was dug by Li Mu from Sequoia, resolutely implemented Li Mu's requirements. All venture capital institutions that valued Muye technology at less than 10 billion, were rejected by Ding Zhenglin.

What is second refusal? That is, when Ding Zhenglin sees that the investment intention letter delivered by the other party and the intention valuation is less than 10 billion, he will not hesitate to close the investment intention letter and return it to the other party, and he will say without expression: "sorry, Muye technology does not consider accepting your company's financing."

The other party was stunned by Ding Zhenglin's face, and Ding Zhenglin immediately informed the other party of the reason: "sorry, our boss said, institutions with a price lower than 10 billion will be rejected."

When the other party heard this, he also said in a hurry, "let's go back to the meeting and touch it again, and then make a letter of intent."

"No need." Ding Zhenglin said firmly: "our boss means that the price is less than 10 billion yuan, and we don't need to talk about it in the future."

The other side's face was muddled. It took a long time to reflect that their conservative offer made them completely lose the chance of round C financing of Makino technology. In fact, they also have plan-b and plan-c as alternatives. The other alternative offers are increasing, but just because they are lucky, they want to take a lower offer first. If the other side refuses, then take the first one Two alternative plans, and then a little more, a little bit more.

But they didn't expect that Muye technology could be pushed to such a level. Once the offer was too low, they would go out directly and never give themselves a chance to remedy it.

with the rejection of several enterprises whose offer was less than 10 billion yuan, Muye technology's high-profile also caused a huge shock in the Internet industry. In terms of the current development of the Internet industry in China, it can be on the capital side In the past, there was no one but Muye technology.

No, Taobao's attitude should be similar to that of Muye technology if it also announced the start of financing. After all, it's all Li Mu's company.

Therefore, we have reached a consensus: in the Internet industry of China, there is no one but Li Mu who can treat capital as his grandson.

While Li Mu is being talked about in the industry, people of Sequoia are congratulating that they have offered 13 billion yuan to Muye technology.

Sequoia also carefully analyzed the current influence of Muye technology on the price of 13 billion yuan. The highest part of the price is YY, which dominates the whole Chinese Internet. At present, almost every computer connected to the Internet in China has installed YY client, and the coverage rate is too high to find the second one in China 。

In addition to YY, the second largest product of Muye technology is the post bar and YY portal. These two are web products, i.e. page products. There is no client, but the traffic is very large. It is needless to say that the post bar has become the largest Chinese community in the world after the operation of this year. It not only brings together a large number of Chinese users, but also, most importantly, brings together a large number of Chinese users A large number of Chinese stars, especially the Star Post Bar, can gather star resources to this extent, which is really amazing at present. It gives people a feeling that it is much more influential than the future Sina blog, next only to Sina Weibo.

YY portal started late, but with YY as a huge source of traffic, its traffic has been growing rapidly since the first day of online.

After Li Mu received Hao123 and fully integrated into YY123, he almost intercepted the traffic of the entire navigation website. All the news modules on the navigation website were all links of YY network. The traffic of other websites was cut off by a large amount, and all of them were subsidized to YY network. Therefore, the traffic of YY network ranked first in the Chinese website, surpassing the three old websites of sina, 163 and Sohu Brand portal traffic, as for Baidu, at present has not been able to enter the top 5 Chinese website.

Generally speaking, in the eyes of Sequoia, the three most valuable parts of Muye technology are the three sections. As for the YY game hall and happy farm, although they are also very good products, they do not have a strong development space. Although the recharge flow of YY game and happy farm is not low, Sequoia thinks they are two fast money making games, so accounting At the time of valuation, their standard is ten times of the estimated revenue, accounting for a very low proportion of the 13 billion valuation.In addition to Sequoia, there are several venture capital institutions that have also given a valuation of more than 10 billion yuan. The most surprising thing for Li Mu is that Softbank of Japan has also given their offer, which is up to 15 billion yuan.

Sun Zhengyi even wants to invest in Muye technology, which makes Li Mu a little surprised. But think carefully, this man is also one of the most powerful investors in the Internet industry. Boss Ma invested by him, and he also invested in many other Chinese Internet enterprises. In the tone of CCTV, he is also an "old friend" of the Chinese people.

After getting the quotations from almost all the current venture capital institutions, Li Mu held an internal meeting in Muye technology. Now there are five enterprises that offer more than 10 billion yuan to Muye technology, of which the highest one is 15 billion yuan of Softbank, and the second one is 13 billion yuan of Sequoia Capital. The remaining three enterprises have two quotations At $12 billion, a price tag is $10 billion.

For Li Mu and other employees of Muye technology, we can basically reach a consensus in a very short time, that is, this financing must be in Softbank and Sequoia.

It is not only because of the high quotation of these two enterprises, but also because these two enterprises are top-notch venture capital institutions. Neither the capital strength nor the ability and background in the capital market are common.

Needless to say, Sequoia, one of the world's largest venture capital institutions, has invested a lot of enterprises, large and small, including some super bulls. It is also an old-fashioned American venture capital. It has a deep foundation in the U.S. capital market. Compared with Softbank, it offers a little lower price than Softbank, and other levels are a little better than Softbank.

As for Softbank, regardless of its nationality background, it is indeed a very powerful enterprise. Softbank has invested in a large number of Internet and electronic hardware enterprises, many of which have successfully listed in the United States, and are also very strong in the U.S. capital market. However, Li Mu is more or less afraid of sun Zhengyi's nationality, but reason also tells him that there is no need to do it in the capital market A indignant youth, the United States and Japan have a lot of hot money wandering in the field of international capital. It is basically impossible to avoid Japanese capital completely in the international capital market. Moreover, the quotation of Softbank is more than 2 billion yuan, which is the absolute confidence and affirmation for the future of Makino Technology.

When everyone expressed their own opinions and opinions between Sequoia and Softbank, Li Mu set the tone: "first of all, you don't need to consider whether to choose Sequoia or Softbank now, because it's just the stage of their quotation, we haven't started negotiations with them yet, no matter how much they say, what we want is actually More. "

When everyone nodded, Li Mu said: "secondly, we need to find out how much money is worth in the capital eyes of the current business of Muye technology. The three products of YY, YY net and YY game hall can't be separated because they have direct subordinate relations. But other products can be separated, such as post bar, For example, YY game business department, so when we really sit down and talk with capital, we need to open all the talks. "

Lin Qingya asked Li Mu, "Mr. Li, do you mean that we need to split up and refinance?"

"It depends on how much value they give each other," Li said

Take Sequoia for example, they gave a valuation of 13 billion yuan, which is their overall package valuation of the whole pastoral technology. But if they think that it's not worth money, of the 10 billion yuan valuation, they think it's worth only one billion yuan, and we think it's worth more than one billion yuan, then we'll split it up, the billion yuan valuation We don't need to post it. I'll take it out and do it alone. For the remaining 12 billion valuation, subtract the part of the post from the technology of Muye. "

Lin Qingya nodded softly and said, "I think a considerable part of the valuation given by capital is given to YY."

Ding Zhenglin also said: "Mr. Lin is right. According to the analysis of VC's routine, what they value most is the direct ecology of YY, rather than the tieba and happy farm. After all, YY's imagination space is huge. With YY's current market share and development trend, VC is sure to have great confidence in the development of the next five years or even longer. In the valuation given, YY is sure to account for the majority The vast majority. "

Li Mu nodded and said: "in the next negotiation, we need to talk to them in multiple ways about the overall valuation and the respective valuation after the split. If they give most of the valuation to YY, then we will separate the post bar and happy farm, and integrate the post bar with the blog we are developing to re-establish a public company Division: Kaixin farm is spun off and set up a company. After the end game, it is our first client-side game. Besides, aren't we just picking up a group of talents in game? They can then directly develop new end games for us. In the future, all our end games will be done in the shell of the game company. "