The meeting between Sina’s board of directors and Fang Zhuo ended on bad terms.
Soon, a big piece of news came out.
Fang Zhuo’s Mi GA Fund will exercise its shareholder rights and apply for the dissolution of Sina Corporation.
Originally, the media reporters received the news that the extraordinary general meeting of shareholders was postponed, and also learned that leaders had intervened to facilitate negotiations between the two parties. They thought that the battle for control of Sina was easing, but they did not expect that the situation suddenly changed in the blink of an eye.
From the right to know about the company’s major events to requesting the dissolution of the company’s board of directors, to directly requesting the dissolution of the company!
Fang Zhuo’s demands on Sina have escalated and reached the highest point of toughness.
“Does Fang Zhuo really dare to disband Sina?”
Since the news leaked out, there has been a discussion on the Internet. Some people think it is intimidation, while others think it is an intensification of the situation.
It seems that no one would have thought that Fang Zhuo would suddenly compete for control of Sina, and now it is just the second "unexpected" one.
At the same time, there is also news that has begun to popularize the different rights of different proportions of company shareholders. Shareholders like Fang Zhuo can either submit a proposal to dissolve the company through the shareholders' meeting, or they can apply to the court for compulsory application through judicial means.
Because Fang Zhuo meets the condition of "holding more than 10% of the shares, it is difficult to solve the company's existence through other means, causing damage to shareholders' rights and interests, and serious difficulties in the company's operation and management."
Of course, many of these conditions are questionable in actual processing.
What does it mean that a company has serious difficulties in its operation and management?
If directors have long-term conflicts that cannot be resolved through shareholders' meetings, this will lead to serious difficulties in operation and management.
What does it mean that the company’s existence causes damage to shareholders’ rights?
The shares held in the hand are impaired due to major events of the company, is this considered a loss...
Judicial procedures must be handled on a case-by-case basis, but in any case, the release of this news directly caused the stock price that had risen due to the GA Fund to absorb Sina shares to fall accordingly.
Does Fang Zhuo dare to disband Sina?
He even slapped the table in front of the leader. Not to mention whether he dared or not, at least he was a little bit generous.
Since Fang Zhuoyang left Sina on the 23rd, the board of directors held a three-hour meeting to discuss countermeasures.
At this meeting, there were some differences among the directors who had been quite angry. Mao Daolin, who was named and attacked by Fang Zhuo today, actually advised Duan Yongji to maintain communication with Fang Zhuo and stabilize Sina's situation.
Wang Yan believes that Mao Daolin, who came from a venture capital background, was a little intimidated by Fang Zhuo's threats.
He never believed that Fang Zhuo would actually submit his request to disband Sina.
At ten o'clock in the evening, Wang Yan came home early today, took out his mobile phone and waited for a call.
Fang Zhuo called him in the past two days, but he didn't answer it. Today, on the third day, Wang Yan felt that this guy would still call him. Considering the changes in the situation, he felt it was necessary to listen to the other party's thoughts.
At a quarter past ten, the cell phone rang.
Wang Yan felt a little nervous when she pressed the phone.
"Hello, Mr. Wang." Fang Zhuo got through the phone and asked his first question, "Have you eaten?"
Wang Yan found it funny that the other party actually came up with such a classical greeting after doing this. He replied steadily: "Eat, what about you?"
“I ate it too.” Fang Zhuo replied and asked, “How does Lao Duan plan to deal with me?”
Wang Yan was surprised: "Do you think I will tell you?"
Fang Zhuo was not surprised and asked: "Old Duan doesn't want to leave me an empty shell, does he?"
Wang Yan did not answer.
Fang Zhuo thought to himself and said: "If you don't speak, you are acquiescing. Alas, the old man is bad."
Wang Yan couldn't help it anymore: "How are you doing?"
“I can lead Sina to make profits.” Fang Zhuo said.
Wang Yan stopped talking again. Many times, compared to Duan Yongji, he had a gentlemanly demeanor. Regarding Sina's future development, he had different ideas in his heart, and now he vaguely sensed Fang Zhuo's intentions.
“You were the one who released the news about Sina’s disbandment, right? Are you really good at disbanding?” Wang Yan imitated the other party’s shamelessness and directly asked about the core operations.
"I released it." Fang Zhuo paused and lied, "I really can."
Wang Yan was confused: "Why? Why bother?"
Many times, when others ask questions, they don’t want to hear the real answer, but they want to hear an answer that logically convinces them.
Fang Zhuo has a deep understanding of this point.
He smiled and said: "Emotionally speaking, Sina was not founded by me. If it is disbanded, just disband. From a profit perspective, Sina's financial report last quarter still had more than 10 million U.S. dollars. If it were to disband, how much would I lose?"
?”
Sina’s market capitalization is only 50 million, but it has more than 10 million in cash on its books. This is a typical value inversion.
However, under the rolling wave of the Internet bubble, Internet companies naturally bleed in the stock market. Sina is a Chinese company. It, NetEase, and Sohu are all undervalued U.S. stocks.
Wang Yan sighed, feeling that Sina was stunned and dying.
"Of course, that's the worst case scenario." Fang Zhuo began to show his sincerity, "My original intention is to make Sina more successful, which I think neither Mao Daolin nor Jiang Fengnian can do."
“I think Sina needs change, and it needs people like me and you who are keen on the development of the Internet to promote development.”
“But how can Sina, with its dispersed shareholdings, transform itself?”
“It cannot change, so I will give it a boost as an external force.”
Fang Zhuo said very sincerely: "I realized one thing after registering.com, companies must make money, I can make Sina make money, I can make the shares in the hands of shareholders appreciate, why can't I join
Where is the main Sina?"
Wang Yan thought for two seconds and said half-sarcastically: "Mr. Fang is really confident. Where did you get this confidence?"
“Soon, you will know where my confidence comes from.” Fang Zhuo let it slip.
Wang Yan was silent for a full minute.
The call was not hung up.
He still expressed his judgment: "I feel that Mao Daolin somewhat believes your threat."
Fang Zhuo made a calculation with the Sina CEO directly on the phone: "Wu Zheng was originally wanted to give up by Duan Yongji, and Mao Daolin is also responsible for the cooperation with Sunshine Culture."
Wang Yan interrupted: “Being responsible does not mean giving up.”
“Capital did not believe that Wang Zhidong could bring better performance, so he was abandoned. Now if there is a better candidate in front of him, Mao Daolin will also be abandoned.” Fang Zhuo said.
Wang Yan was puzzled as to why Fang Zhuo was so confident, and what was the standard for whether it was good or bad? How could there be such a convincing comparison now?
"Chairman Jiang Fengnian, he represents Taiwanese capital. With such a background, it's pretty cool to be the chairman of Sina..." Fang Zhuo said directly without saying anything bad, "For an investment company, a reasonable price will not
If he is rejected, he is not Duan Yongji's biological brother, so why should he bear it?"
Destruction is always more difficult than construction, especially if the interests are not shared together.
There are seven people on the board of directors except Feng Bing and Davis, so three names have been named.
“Mr. Wang, it’s not good for me to destroy Sina. Can I make it worse if I come to Sina?” Fang Zhuo said, “I very much agree with Mr. Wang’s judgment about the Internet. I believe that Sina can shine in our hands.”
“Mr. Fang.” Wang Yan wanted to retort, but didn’t say it.
“You can check it out tomorrow, Mr. Wang, there’s no rush.” That’s all Fang Zhuo said, “I’m patient with Sina.”
call ended.
Wang Yan was sitting on the sofa looking at his phone. In fact, if Fang Zhuo’s attitude was known to the board of directors, it would affect their next actions.
But, will the board of directors know?
Wang Yan put away his mobile phone.
The board of directors will not know.
A moment later, Wang Yan opened his computer, and the browser was stuck in the whirlpool of Sina.com, and he saw the third criticism from the chief writer Xu Changlun.
Perhaps this writer saw the CCTV official media interview report, and this writer also took into account the acquaintance between the leader and Fang Zhuo.
Today’s title is a lot gentler:
“The discussion between Sina’s board of directors and major shareholder Fang Zhuo broke up on bad terms!”
…
On June 24, just as Fang Zhuo released the news of disbanding Sina and was criticized by the business community, a news report from Shanghai quickly attracted attention.
“It is reported that Yike Technology, which is widely welcomed by domestic and foreign consumers, is in acquisition negotiations with Apple, a listed company in the United States.”
“This is not the first acquisition negotiation since the establishment of Shencheng Yike. An insider revealed that Yike, which completed its Series A financing, once received a US$50 million acquisition offer from Sony.”
“It’s just that Yike rejected Sony’s acquisition.”
“Now, Yike, which is thriving in the markets of the two countries, is once again interested in acquiring Apple, and the negotiated price is as high as US$200 million.”
“It is worth mentioning that Fang Zhuo, President of Yike, is participating in the acquisition of Sina. Sina’s current market value is US$50.6 million, which is only 1/4 of Yike’s valuation.”
“It is less than two years since the project was launched from the CCTV Entrepreneurship Platform. Yike’s products have already sold well all over the world. It is not yet clear Fang Zhuo’s attitude towards Apple’s acquisition. Perhaps he is waiting for a better price.”
The acquisition price negotiated by Yike is US$200 million?
Sina?
Is President Yike using the entrepreneurial spirit preached on his show to practice and achieve success?
Fang Zhuo is a business wizard?
It’s no joke that Business Qi arrived at Sina’s guidance work?
For a time, news related to the parties involved in the dispute for control of Sina that attracted much attention was widely reported, especially by newspapers in the Shanghai area.
Many people have questioned the authenticity of this news.
However, another piece of news gradually made people believe in Apple’s acquisition price.
Many people have always had questions about the source of funds for Fang Zhuo’s acquisition of Sina. Now a reporter finally visited Fang Zhuo and heard his answer.
“Yike’s equity is very valuable, and it won’t cost much to acquire Sina.”
“I took Yike’s equity to Bank of America, and they were happy to lend me the money. I picked the bank with the best deal, and I made money.”
Fang Zhuo is now considered a public figure.
How can a public figure lie on camera?
The two pieces of news corroborate each other. Yike, which is full of J1s all over the city, suddenly reveals its astonishing corporate value. The most important thing is that it is still growing and does not seem to be in a hurry to sell.
200 million US dollars, more than 1.6 billion Chinese coins.
This is enough to be on this year’s Forbes list of mainland China’s richest people!
The 100th richest person on last year’s list was worth $61 million!
With assets of US$200 million, it ranked 26th last year!
This ranking is one year older than Fang Zhuo’s age!
On June 25, Fang Zhuo, who had postponed the extraordinary shareholders' meeting for two days, once again arrived at Sina's headquarters with the help of his leadership.
However, this time, he was surrounded by reporters and did not shirk the interview.
“What? I thought you were going to ask me about Sina news. Oh, we are negotiating with Apple to acquire it. The price is about the same.”
“But we don’t just want to get cash, we are striving to maintain the independent brand operation of Yike Technology, which is very important.”
Fang Zhuo responded to a question about Apple’s acquisition of Yike.
A reporter asked again: "Mr. Fang, do you know that with an asset of 200 million, you can rank 26th on the rich list?"
"If there is no 200 million, where will the 200 million come from? Even if the signing is finalized, I only hold 40% of the shares of Yike, which is only 80 million US dollars." Fang Zhuo Versailles said, and then asked, "This money is enough.
Can’t make the list anymore?”
The reporter replied: “We can rank more than 70 people!”
Fang Zhuo shrugged: "It's okay."
He made a gesture to go upstairs: "Is there no problem? I'm going to talk to Sina."
The reporter who had been squatting for several days finally asked the question: "Mr. Fang, you said in the interview that you can lead Sina to profitability. What is the basis for it?"
“The profitability of Internet companies has always been a sore point.” Fang Zhuo commented, “Sina, NetEase, and Sohu are all companies listed in the United States, but they have not made much breakthrough in terms of profitability.”
“On the contrary, Tencent has done a good job in this aspect. Now, Tencent has also started to build portals.”
“If Sina continues to hold on to old ideas, it will soon be surpassed by companies that keep up with the times.”
“Do you think it’s a late day?”
“It took less than two years for Yike to achieve a valuation of US$200 million. It took less than a year for Tengxu to grasp the key business and start counting the money. The development of the Internet never waits for others.”
Fang Zhuo declared: “This is the golden age of the Internet, and I am here to save Sina rather than destroy it.”
Whether reporters believe it or not, the words of the quasi-rich man in Forbes have destroyed many camera rolls, and the image of President Yike standing downstairs at Sina's headquarters soon spread across the Internet.
In this era, rankings such as the 100 richest people and the top 500 companies can always inspire people's admiration and recognition. Even if the rich list is often equivalent to the "Prisoner List and Pig Killing List", it still has the magic power to make people obsessed.
Fang Zhuo walked into Sina headquarters with very different gazes compared to the previous two days.
Today is still not an extraordinary shareholders' meeting, but a second meeting between the board of directors and Fang Zhuo.
Just last night, Fang Zhuo revealed the news to Duan Yongji through Wang Yan that he had received a takeover offer from a director who was willing to sell the shares he held, but asked for twice the price.
Duan Yongji didn’t sleep all night.
Just this morning, he took the initiative to call Fang Zhuo.
Fang Zhuo kept it a secret, but not completely secret. The director’s surname was Wu.
The fortress was breached from within, and the will that had been forcibly held together finally collapsed under the pressure.
Fang Zhuo opened the door of the conference room and asked casually before sitting down:
“Daily question, did Sina make a profit today?”
“Hahaha.” The hearty laughter came from Duan Yongji, co-chairman of the board of directors. He shook hands with Fang Zhuo in the eyes of everyone who looked surprised or pretended to be surprised. “Welcome Mr. Fang to Sina to guide our work.”
Fang Zhuo shook Duan Yongji’s hand vigorously: “Mr. Duan, if you don’t fight, you won’t get to know each other, and if you don’t fight, you won’t get to know each other.”
Duan Yongji smiled and said: "I don't want to get acquainted with Mr. Fang."
“I have long wanted to get acquainted with Mr. Duan,” Fang Zhuo said with a smile.
High-end business negotiations finally got rid of each other's personal attacks and became personable again.
But it also means that someone has suffered a shameful betrayal.
Fang Zhuo sat leisurely in his seat, knowing that among the seven directors opposite him there was not only betrayal, but also counter-betrayal.
This chapter has been completed!