At the Four Seasons Hotel in Beijing, Li Xia took out the notebook he carried with him and initiated an online meeting.
Connect with Bolang headquarters and the team leaders of the corporate development department who are traveling in other cities.
After everything was ready, Wen Liang walked to the desk with a teacup in his hand.
Wen Liang cleared his throat unavoidably, and then said, "Let's report on the progress."
It's always like this when you're a boss, you have to learn... to get stuck.
Nothing else.
This is the simplest way to tell everyone to pay attention.
"We have conducted a round of specific consultations with Shanda's team and have basically reached a consensus. Shanda has been relatively active in selling Shanda Literature. However, there are some specific issues remaining within Shanda Literature, and we are currently formulating a plan."
"The main thing is whether we should retain the original management team and review team members."
"The development history of Shanda Literature is relatively complicated, which is related to the development process of online literature. The relationship between the main brands and Shanda Literature is similar to a cooperative relationship, rather than a standard upper-down organizational structure relationship."
The head of the corporate development department team who was on a business trip to Shanghai elaborated on the progress of the matter.
There is basically no difference between Bolang and Shanda.
The price of 4 billion has been finalized as early as late October. The reason why it has been delayed until now is mainly because there are some minor differences between the two parties in terms of payment methods and so on.
Bolang plans to settle the payment on an annual basis, with more batches and a longer time period.
Of course Shanda hopes that the sooner the better.
However, in the past few days, with Wang Wanyu taking the lead in the negotiations, both parties have made concessions and have reached an agreement.
While all aspects of matters including finance were completely sorted out and the transfer contract was signed, Bolang paid the first payment of 1 billion, and then settled the remaining 3 billion at the end of the first quarter, second quarter, and third quarter of 2012, without interest.
.
Bolang backed down for a quarter, and Shanda accepted this cash payment method with no interest during the delivery period.
However, when it comes to Shanda Literature's internal team and other matters, there are some minor differences.
Namely: Shanda Literature has some historical issues.
Wen Liang paid little attention to this industry in his previous life. He only knew that White Goose had acquired Shanda Literature and later reorganized and listed it on the market, with a market value of tens of billions of Hong Kong dollars.
Nowadays, Bolang needs to include online literature in its Internet business plan for a large social entertainment ecosystem, and the price of 4 billion is more appropriate. This transaction is obviously profitable.
So, Wen Liang made an arrangement: "You can consider consulting the opinions of professionals within the company, about that..."
Next to him, Li Xia reacted instantly and quietly wrote a name.
Wen Liang continued: "Liu Nian."
"He just happened to build an online writing platform in his spare time. He should have some understanding of whether he needs the original management team and review and editing team."
The team leader who was in Shanghai quickly responded: "Understood."
Subsequently, the team leader who interfaced with PPS Audio and Video reported that all aspects of integrating PPS Audio and Video into Orange Video under Bolang have been completed, and the integration of the team has also been completed.
Basically, there is only one thing left: making payment.
The process of acquiring PPS Audio and Video was actually not a simple one, because after multi-party consultations, a very friendly consensus was reached, which was almost an overall acquisition.
That is: all the employees of PPS Audio and Video were acquired, and a large part of the management team was retained.
It is different from the time and space Wen Liang has experienced. At that time, Baidu acquired PPS Video for US$370 million in the first half of 2013 and integrated it into iQiyi, leaving the two main founders as co-presidents.
Bolang spent 6.7 billion yuan less to acquire PPS Video, and the two main founders were not retained.
Zhou Hongming, the current general manager of Bolang Xiaocheng, will also serve as co-CEO of the reorganized Orange Video. In addition, Bolang Group headquarters has dispatched a team to the management of Orange Video.
how to say……
Because the size of Orange Video is very small, the final solution for this merger was for the entire Orange Video team to go to Shanghai and merge into the original PPS audio and video office area.
Originally, this merger and acquisition would have gone ahead in the same way if there had been no incident of internal issues within Shanda Literature, but it is not yet certain.
Then there are investment and mergers and acquisitions in live streaming, animation, music, games, etc.
These investments are not large, because there are no large existing companies today, they just acquire teams and integrate them into Bolang's Internet business ecosystem.
Finally, there is Wang Wanyu's summary: "All aspects are progressing smoothly, and the financial work is advancing in an orderly manner. It is expected that all integrations will be completed within this week. I will fly to Shanghai tomorrow afternoon to meet with Shanda Chairman Chen to sign a cooperation framework."
simple.
clear and direct.
Wen Liang synthesized the relevant information and made arrangements again: "Mr. Wang, there have been many investment and merger cases in the Internet business recently. You will take the lead in sorting out a preliminary organizational structure framework."
"Okay." Wang Wanyu responded.
The online meeting ends here.
Afterwards, Wen Liang looked at Li Xia: "You will follow up on the arrangement of the Internet business ecology and report the overall progress at any time. We must also speed up the development of the basic industrial industry chain based on Bolang terminals."
Lixia nodded quickly: "Understood."
…………
…………
Later in the evening, Wen Liang went downstairs to meet Zhang Sanshi and Shen Nanpeng who were coming over.
Because there happens to be a "Tea Garden" on the sixth floor of the Four Seasons in Beijing, which is perfect for everyone to have a cup of afternoon tea. It provides more than 20 kinds of traditional famous teas, including the exclusive tea cinnamon tea.
Anyway, it worked out okay.
Wen Liang was not very familiar with the capital, so this ready-made place was just right for him.
At the hotel porch, Wen Liang greeted the two of them: "Mr. Zhang, good afternoon, Mr. Shen."
"You're welcome, Mr. Wen." Zhang Sanshi and Shen Nanpeng responded with smiles.
A group of people took the elevator to the sixth floor.
Li Xia, Zhang Sanshi, Shen Nanpeng's assistant and others sat at another table, while Wen Liang and the others sat at the same table.
Everyone waited patiently for the waiter to make the first round of tea.
Then the waiter was asked to leave.
Wen Liang got straight to the point with a smile: "We are all our own people, so I won't be polite. I intend to promote the Bolang and Bai'e families to form two large social circles, sort out and integrate domestic resources, and plan for overseas markets."
"In the past few years, our various industries have not been very ideal in terms of overseas expansion. Now we have moved from the PC to the mobile Internet era. It can be said that the world is at a similar starting point. I don't think there will be no opportunities for us in China."
"I have communicated with Mr. Liu before. This is a relatively complicated matter that cannot be explained clearly in a few words. I just want to try to promote it. I wonder if you are interested in this aspect?"
Before Zhang and Shen could speak, Wen Liang added: "On the other hand, I also hope to promote Bolang Xiaocheng to be listed on the A-share market after the successful listing of New Weibo in the United States."
Neither Shen Nanpeng nor Zhang Sanshi spoke immediately.
Wen Liang proposed two big plans in one breath.
The first is to integrate and form a large social circle. Of course they have heard about this, or it should be said that they have a clear understanding of it.
Bolang's actions in this regard did not mean to hide anything from anyone.
The acquisition of PPS Audio and Video, the takeover of Shanda Literature, the acquisition of small companies in animation, music, etc. are all obvious.
It even contributed to the reorganization of the new Weibo, and it was obvious that it had plans to serve the social circle.
The second is to promote the listing of Bolang Xiaocheng in China.
This subsidiary, which seems to have been divested of many businesses, has gradually stabilized its revenue and is expected to reach an average monthly revenue of 1 billion yuan next year.
In the past three quarters, the monthly average was RMB 800 million.
Zhang Sanshi and Shen Nanpeng have good data in this area, and they are also shareholders of Bolang Xiaocheng.
Based on the current A-share Shanghai Stock Exchange and Shenzhen Stock Exchange composite average price-to-earnings ratio (PE) of 15 times, the current market valuation of Bolang Xiaocheng can be roughly between 80 billion and 100 billion.
Annual revenue of 12 billion yuan, roughly 6 to 7 billion profit, then ×15, there is nothing wrong.
According to the current plan, the new Weibo will be launched around the middle of next year, and then Bolang Xiaocheng will be promoted to the market. There will be no problem.
After taking two sips of tea and sorting out his thoughts, Zhang Sanshi took the lead and spoke: "There is no problem in promoting Bolang Xiaocheng to be listed on the A-share market. We at Hillhouse can contribute in this regard. I don't know when Mr. Wen plans to open the B-round financing."
Shen Nanpeng spoke from the side: "What is the estimated psychological price? How many shares will be released?"
Wen Liang was well prepared and answered directly: "My plan is to launch Series B financing after New Weibo officially submits the IPO prospectus to SeC. This time, 1.5 billion shares will be released. In order to thank everyone for supporting Bolang Xiaocheng's Series A financing, There will be no stock split in Series B.”
"We did a simple internal calculation and believe that the pre-money valuation of 68 billion is a reasonable price."
There was a slight smile on Zhang Sanshi's face: "Mr. Wen, your calculation is really smooth. We have to think about it."
"Yes, you have to think about it carefully." Shen Nanpeng followed immediately and said with a smile.
Wen Liang also laughed.
Bolang Xiaocheng’s Series B financing has basically been finalized. Although the stock split will not dilute the shareholding ratio of Series A shareholders, it is basically a top-tier valuation.
You can’t just look at the pre-money valuation, you have to look at it comprehensively, because the post-money valuation is 80 billion!
That is, in this round of financing, Bolang Xiaocheng will raise 12 billion in cash!
According to usual practice, Bolang Group will also take away 75% of the 12 billion, or 9 billion!
The total share capital of Bolang Xiaocheng is 10 billion shares. The post-A round financing valuation is 30 billion and the price per share is 3 yuan. According to the now basically finalized post-round B round valuation, the post-financing valuation is 8 yuan per share, which is what the A round shareholders have. The value of the shares has reached 8 billion, easily reaping a profit of 5 billion.
However, Series A shareholders are not allowed to exit in Series B.
Now that it is about to go public again, it is estimated that no shareholder will want to withdraw.
Later, Zhang Sanshi brought up the matter of a large social circle: "In fact, everyone wants to go overseas, but it is not easy. However, I am a little interested in integrating resources. I wonder what Mr. Wen wants me to do?"
Wen Liang simply replied: "Mr. Liu is more hesitant about setting up bridges and doesn't want to relieve Bai Goose's current burden."
Hearing this, Shen Nanpeng's heart moved: "Did Mr. Wen persuade Mr. Liu to give up Bai Goose's e-commerce business?"
Wen Liang just nodded and said nothing more.
Zhang Sanshi took a sip of tea and sighed a little: "I didn't expect that we all have the same opinion. Bai Goose's e-commerce business is just superfluous. It doesn't have much value. It doesn't mean much if it doesn't go up or down."
Wen Liang sighed and said: "I also regret developing the e-commerce business. The development of the mobile phone business is also related to this. Let's become an online shopping mall carrier that mainly deals in mobile phones. It's too late to get on the shelves."
Shen Nanpeng was amused after hearing this: "This can be called reincarnation."
Then he sighed: "Mr. Wen's eyesight is so precise that it's almost demonic."
What he lamented was Wen Liang's ability to clearly distinguish between high and low values, the ability to quickly correct mistakes, and the courage to let go and open cooperation.
Compared with the white goose that insists on not relaxing in some unnecessary business, Bolang is more like a mature enterprise.
Although, Wen Liang's criterion is not this, because he does not intend to mess with the application layer, but wants to sink the foundation.
All in all, everyone had a great time drinking this afternoon tea.
Zhang Sanshi and Shen Nanpeng each expressed their opinions. They were very optimistic about the plan proposed by Wen Liang, at least partially.
Because the integration of this matter inherently contains great benefits.
In fact, Wen Liang is using his own methods to train the domestic Internet industry and has changed a lot of things while talking and laughing.
