After resolving the rift with Shanda, Lu Fei still did not relax. In the past two weeks, he has been in charge of New Wolf to support Cao Guowei and complete the transition of the new and old CEOs with Wang Yan.
"This is his management rectification plan. It contains some names to be retained and some to be dismissed or transferred."
Xu Xin, who temporarily serves as vice chairman, put a stack of documents on the table, including setting up a new sales team, reforming the advertising bidding system, and online game agency...
Then he pulled out a thin piece of paper and asked:
"Are you really going to support the Box Project? Even Bill Gates and Microsoft failed."
"Is there any more suitable settlement condition than this?"
Lu Fei shrugged. As early as 1999, at the turn of the millennium, Microsoft had implemented the "Venus Project."
That is, a simplified version of the set-top box or VCD machine with embedded indosCE operating system is fully sold to China, and the price is only about one-fifth of a PC.
Families who thought that there was a huge demand for computers in the country and could not afford them would buy this cheap substitute. Little did they expect that China's economy would take off completely and affordable computers would become cheaper and cheaper.
If you can buy a computer these days, who will buy a set-top box?
"Yes, but his plan will cost more than the acquisition of New Wolf, at least three to four billion, which is still a US dollar."
Xu Xin immediately reminded that once the box plan fails, it will inevitably affect Shanda’s stock price, and it may be a turning point from prosperity to decline.
"So now we need to find a buyer for the Shanda shares we hold." Lu Fei touched his chin and spoke seriously.
"Microsoft is interested. Not long ago, Cisco came and quoted a price, wanting 9.7%." Xu Xin asked, "How much should we sell it for?"
"10%."
Lu Fei took out a cigarette from the cigarette case, "We have to get it before Shanda announces that several online games of "Legend" will be permanently free."
"you're right!"
Xu Xin nodded knowingly. Before and after the merger, Shanda was at its peak, with its market capitalization stable at around US$2 billion. However, once Legend Games, which accounts for 31% of revenue, becomes free, the stock price will absolutely plummet, and may even trigger panic selling on Wall Street.
After all, popularity does not equal wealth.
"My base price is 205 million."
Lu Fei said: "If the price is lower than this, there is no need to negotiate!"
"It shouldn't be a big problem. The "Dream Kingdom" I recently acted for has achieved good results." Xu Xin smiled and said, "How do you plan to spend the money, A Fei?"
Lu Fei raised his lips and was already planning in his mind.
Facebook’s Series A is about to follow, Savarin’s shares are about to be swallowed up, and YouTube (***), Twitter, PASe...
After thinking for a long time, he blurted out: "It's not enough."
"200 million is too little?"
Xu Xin couldn't help but be stunned. After coming back to her senses, she said: "Indeed, if you are determined to engage in semiconductors, this little money is really not enough, and Penguin's listing will be enough for you."
As he spoke, the conversation changed and he asked where Penguin was listed.
"not decided."
Lu Fei spread his hands with a relaxed expression.
"Not decided yet? It's already March."
Xu Xin clapped her hands on the table with an expression of disbelief, but then she thought about the penguin's difficulties.
Buffett said that when investing in a company, the business model is the most important.
Unfortunately, Penguin’s business model cannot find a benchmark company in North America. The global instant messaging tools, starting from I, are all lame, not to mention that they cannot find a profit model, and they are not an independent company.
Wall Street subconsciously believes that Internet innovation must first appear in Silicon Valley or Boston, and other places are nothing more than plagiarism and reference to American innovation.
The traffic value of QQ's 500 million registered users and 15 million simultaneous online users cannot be measured in the US stock market. What can be measured is wireless, online games, portals and other businesses.
Therefore, an IPO worth tens of billions is likely to be undervalued.
“This is a factor. The key U.S. stock market’s requirements for information disclosure are very
Very strict, very unfriendly to a company like ours that regards data as a state secret."
Lu Fei pouted, he didn't want to seek death like Didi.
Xu Xin said with a smile: "Then choose the Hong Kong Stock Exchange. Investors in Hong Kong understand the value of Penguin better. Maybe once it is listed, it will have the opportunity to become China's first Internet company to exceed tens of billions of dollars."
"But the Hong Kong Stock Exchange does not support "different voting rights" for the same shares."
Lu Fei shook his head and laughed, "Unless the system can be reformed and accommodated."
"I understand. You are interested in Hong Kong and US stocks. It depends on which one is sincere and you should compromise first."
Xu Xin raised her eyebrows: "Which side do you prefer?"
Lu Fei said: "Of course it is the Hong Kong Stock Exchange."
…………
Hong Kong, Hong Kong Stock Exchange Group Building.
In the conference room, the vice presidents and heads of various departments were all present, talking to each other in twos and threes.
"This scene is really rare. What did you say you called us all here to discuss?"
"What else could it be? Penguin is on the market."
"Hey, where is Penguin scheduled to be launched? Is there any news?"
"I heard that Bernard Madoff, the chairman of Nasdaq, is going to bring a delegation to China in person and proactively invites Penguin to go public in the United States."
"Fake, right? That's Madoff!"
"Look at our fight, could it be fake? He must have been really anxious, so he called us all here."
"..."
There was a lot of discussion around, and everyone looked at the CEO, Zhou Wenyao, who was presiding.
He wore gold-rimmed glasses, was polite, and his whole face was expressionless. His sharp eyes all indicated that the issue was not simple.
"Please keep quiet!"
"Everyone, please turn off your phone or mute your phone, thank you."
At this time, a staff member handed over a sign-in form.
Zhou Wenyao took it in his hand and glanced at it casually. The data showed that no one of the executives attending the meeting was absent today. This ratio is quite astonishing, and it also represents the importance that everyone attaches to this meeting.
"Ahem!"
I don’t know how many times I have chaired high-level meetings. When the time came, Zhou Wenyao cleared his throat and started with ease.
"Everyone must have more or less guessed the purpose of bringing everyone together today. Yes, there is only one topic this time, and that is how to invite Penguin to be listed on the Hong Kong Stock Exchange."
"Please? I think Mr. Zhou's words are serious."
Xu Yingcai spoke Cantonese, and as the senior vice president of the local faction, his tone was filled with pride:
"Hong Kong is an international financial center on par with New York and London, and the Hong Kong Stock Exchange is the number one exchange in China. It has unique advantages and is irreplaceable. I can't think of any reason why Penguin would refuse the olive branch of the Hong Kong Stock Exchange?"
"Ahem, Penguin has a market value of tens of billions of dollars."
Chen Xiaowen, who was sitting on Zhou Wenyao's right hand side, stood up.
"Wow!"
The "valuation of tens of billions of dollars" was so loud that the whole room was in an uproar. Many senior executives who were only limited to stealing chickens from Li Zekai had to re-understand and evaluate Penguin for the first time.
"Ten billions? Which institution evaluated it?"
Xu Yingcai and other localists were dubious.
"As far as I know, there are four of them, Goldman Sachs, Sequoia, Morgan Stanley, and Merrill Lynch. Many brokerages are vying to invite Penguin to list on the US stock market. That's why I want to find you."
Zhou Wenyao banged his fist on the table, and the noisy venue slowly quieted down. Everyone listened quietly as he pointed out, overtly and covertly, that Penguin's market value was more than the current price.
Tenpay, Singularity@
Because even though the number of IPO listings on the Hong Kong Stock Exchange continues to rank first in the world, in terms of the scale of fundraising, it lacks a giant IPO of the size of Penguin.
There is no doubt that it is the best of the best.
"In addition to Hong Kong stocks and U.S. stocks, is it possible to list on the Shanghai Stock Exchange and Shenzhen Stock Exchange in the mainland? Mainland officials will definitely not let go of the Penguin listing article."
A person next to Xu Yingcai raised a question.
"impossible!"
Chen Xiaowen was transferred from the mainland. He was familiar with the inside story and denied it because the A-share reform was imminent.
What's more, A-shares have not yet had sectors such as the Science and Technology Innovation Board that can list Internet companies. They have always continued the VIE structure of New Wolf.
If you want to be listed on the A-share market, you must dismantle the VIE and then participate in a long review queue. Even if you get the green light all the way, it will take more than a year and a half.
"Humph, that's right! The Hong Kong Stock Exchange is the first choice for Chinese Internet companies to list."
Xu Yingcai raised his head and said with a smile: "Don't look at New Wolf, NetEase and others are listed on the Nasdaq. To be honest, Wall Street is more or less looking down on Chinese concept stocks, and Penguin is the same. They are not like us and understand.
The value of these companies.”
"But there is one thing that U.S. stocks don't have that Hong Kong stocks don't have."
Chen Xiaowen bluntly stated that Penguin not only pursues a permanent partnership system, but also has different rights for the same shares, which is obviously contrary to the "same shares, same rights" rule of the Hong Kong Stock Exchange.
"It's getting to the point."
Zhou Wenyao nodded, "This item is very fatal and is the key to Penguin's move towards the U.S. stock market. So now we have to discuss whether we should give the green light to Penguin's multi-layer equity system?"
As soon as the words fell, more than 20 people in the audience immediately divided into two camps. One insisted on the immutability of the ancestral law and gave the green light to Penguin. Wouldn't it lose the dignity and face of the Hong Kong Stock Exchange?
Is it wrong for a man who insists on creating a special case for penguins to lick penguins? Is it more shameful, or is it the father of the penguin who has tens of billions of dollars that is more important?
"Nonsense! Xiangjiang has never set a precedent for any company. Why should it change if it is good?
The "traditional gentlemen" objected one after another.
Soon, the "innovation pioneers" directly refuted that the Hong Kong Stock Exchange was too rigid and that was why there were no giant IPOs. It should keep pace with the times. The benefits of a multi-tiered shareholding system are obvious.
"We cannot betray the spirit of Hong Kong just to win one or two large companies like Penguin."
The Hong Kong locals on the Hong Kong Stock Exchange are quite dissatisfied.
Chen Xiaowen fired back: "It is for the sake of the future of Xiangjiang that there is nothing wrong with giving some privileges to the founders of new economy companies like Mr. Lu."
"We cannot just change the rules overnight to cater to newcomers. If we want to amend the rules, we must go through a public consultation process to ensure that the changes can withstand the test of time."
Xu Yingcai took a step back, but he had to follow the procedures. He said prudently: Xiangjiang is a society governed by the rule of law, and there must be laws to follow.
"When the revision is completed, Penguin will be listed on the US stock market!"
Chen Xiaowen smiled coldly, with a hint of disdain in his tone.
The two sides fought with each other and exchanged words with each other. No one could convince the other. The noise became louder and louder, almost tearing down the roof.
"Okay, okay! Be quiet!"
Zhou Wenyao's ears were buzzing from the noise, and he slapped the table several times intolerably. With a snap, the quarrel came to an abrupt end in an instant.
The entire conference room returned to silence, and the atmosphere was solemn and dull.
Although he had been mentally prepared, when he saw the increasingly gloomy expressions on everyone's faces, his mood still fell uncontrollably.
This is just different rights for the same shares.
Penguin also has a partnership system, which gives it power beyond the board of directors. More than half of the directors must be nominated by Penguin's partners.
Even if permanent partners like Lu Fei and Lu Huateng sell Penguin's shares, their voting rights will be reduced accordingly, and their status as partners overriding the board of directors will not be affected at all.
It was also just in case, to prevent him from being framed by some mysterious force like Liu Yidong and losing part of his control.
Equivalent to double insurance
!
However, this system is shocking to the world now.
"Excessive!"
Xu Yingcai took the lead in opposing, "This cannot be agreed to under any circumstances. Otherwise, how can we protect the rights and interests of shareholders and shareholders? Wouldn't we only enjoy the right to dividends?"
"That's right!"
"That's right!"
The conservatives followed suit, and some good-for-nothing elements looked provocatively at the innovative faction who had just supported Lu Fei.
Even they couldn't help but hesitate, because even Nasdaq had never existed before, it was simply unheard of.
Seeing Chen Xiaowen's silence, Xu Yingcai's arrogance became even more arrogant, "We cannot allow Lu Fei to break the rules of the Hong Kong Stock Exchange just because Penguin's IPO is high. I propose that regardless of "different rights for the same shares" or "partnership", all
No!"
"No, absolutely not!"
Chen Xiaowen said quickly: "From the Shanda merger and acquisition deal with New Wolf, we can see that Mr. Lu is a strong person. If we reply like this, it will be equivalent to pushing Penguin to the US stock market.
At least! At least "different rights for the same shares" must be retained!"
"OK, OK!"
Zhou Wenyao noticed that something was wrong in the atmosphere, and raised his hand at the speed of light and pressed down, "I heard your opinions, let's do this, we will do an anonymous vote within us first, and then report it to the Supervision Bureau..."
At this moment, the secretary came in a hurry, the Nokia in his hand kept vibrating.
"Didn't you see there was a meeting? Whose phone number is..."
Before Zhou Wenyao finished speaking, the secretary whispered back——
Financial Secretary’s phone number!
Whether they were conservatives such as Xu Yingcai or innovative ones such as Chen Xiaowen, they were all shocked. Some stared, some opened their mouths, some gasped, and some were full of doubts...
After a while, Zhou Wenyao handed the phone back to the secretary with a solemn expression. Looking around, he saw the staff handing out blank pieces of paper and stopped him:
"No need to vote, we must try our best to win Penguin to be listed on the Hong Kong Stock Exchange!"
"What does the director mean?"
Xu Yingcai's whole body trembled violently. The value of penguins is so terrifying?
"The Director said that there are new changes in the U.S. stock market. Maybe around June, the New York Stock Exchange will announce a merger with Euronext to form New York Stock Exchange-Euronext plc."
Zhou Wenyao said with a straight face, "They very much hope to invite Penguin to list on the new New York Stock Exchange after the merger."
"What?!"
The whole place was in an uproar, and then fell into silence.
It's Nasdaq and the New York Stock Exchange. They are all beggars and working as a licking dog for Penguin. The Hong Kong Stock Exchange dare not pretend to be aloof anymore.
"But the question is how to fight for it?"
Xu Yingcai looked confused: "Are you really going to give him special privileges?"
"Do you have any other ideas?"
Zhou Wenyao could not imagine how much pressure the Hong Kong Stock Exchange and Hong Kong regulatory authorities would be under after missing out on Penguin.
"Mr. Zhou, I don't think we should act rashly yet. I have heard a little about Mr. Lu. He is a very patriotic entrepreneur, and he is very clear about right and wrong."
Chen Xiaowen suggested talking to Mr. Lu in person.
Zhou Wenyao felt it made sense and nodded, "Recently, the Hong Kong Legislative Pearl River Delta delegation was invited to visit Penguin Headquarters, which can be arranged."
As he spoke, his eyes were fixed on Chen Xiaowen's face, and before he could speak, he took the initiative to ask for a trip to Pengcheng on behalf of the Hong Kong Stock Exchange.
"Whoa whoa whoa~"
The crowd applauded, and the applause surged like a tide.
