Sometimes Xiong Xiaoge really feels that he can't see through Cao Yang.

I don’t know if this young man in his early 20s is smart or stupid.

You say he is stupid, but Bomi's company has come back to life under the operation of Caoyang, which is quite a bit like Xiong Xiaoge himself back then. Now Bomi's two products are so popular, and capital is very optimistic about him.

Although Bomi's current company is still relatively small, Xiong Xiaoge judged that the valuation of this company can be at least half a gold medal based on his years of experience.

Zhuhai Jinshan's corporate valuation is at least 1 billion yuan, and there will be more in the future.

Xiong Xiaoge's valuation of Bomi is about 500 to 600 million yuan.

Of course, you need to know the details after you have a real detailed understanding.

So just from the operation of Cao Yang in Bomi, this young man is very popular.

But if you want to say that he is smart, the investment on Penguin is very confusing. Now Caoyang has been acquiring Penguin for half a year. Not only has the penguin not improved at all, but it is in a tendency to lose more and more severely.

This is also a necessity.

The QQ user group has grown rapidly, with the surge in 10 million users in June. Through viral transmission, it has basically expanded to nearly 40 million users, and this scale continues to expand.

The growing bandwidth costs, server costs, and operation and maintenance... a series of consumptions have led to the current Penguin's losses being extremely serious, and it will lose nearly 2 million yuan every month.

The expenses will only be higher in the future.

Now IDG and Li Zekai are not willing to continue to pursue the investment. Only Cao Yang is still spending money in it and using Bomi's profit to transfusion blood to the penguins.

Even old investors like Xiong Xiaoge think investing in Penguin is an unwise choice.

Isn’t Cao Yang stupid or what?

Li Zekai wants to sell his equity. Now he is good at taking advantage of his health. He doesn't retreat but advances, and he actually wants to buy IDG's holding ratio.

Xiong Xiaoge felt unbearable and tried his best to persuade him, "Brother, let me give up the Penguin after listening to my advice. I am really doing it for you. Penguin has no future, so why waste money and time?"

In fact, Cao Yang can also continue to dilute their share by purchasing IDG's equity instead of capital increase.

For example, Caoyang, IDG and Yingke's equity share in Penguin is 6:2:2

So if Cao Yang, as the controller, wants the company to take out 10% of its equity to increase its capital, and it is planned to be 5 million, then Cao Yang and IDG must invest the corresponding 5 million*60%, 5 million*20%, and 5 million*20% of its funds in accordance with a ratio of 6:2:2 to maintain their original proportion.

Otherwise, the party with more investment will automatically obtain a higher share of equity.

This is also the reason why most employees of companies have less equity dilution, because employees cannot provide it or are unwilling to use this money to maintain their original equity share.

At the same time, this is also a very pitfall in capital operations. Many founders of listed companies were kicked out of the company after they went public. In fact, it was because the founders did not understand capital operations and were completely wiped out by big assets.

For example, Wang Zhidong, the founder of Xinlang, was kicked out of the board of directors in the second year of Xinlang's listing in the United States in 2001 and lost control of Xinlang;

In 2015, after 23 years of hard work, Zhang Lan, the founder of South Beauty, was kicked out;

In 2016, in the Vanke equity war, the founder Wang Shi gave up his personal equity as early as 1988. Therefore, when Baoneng became the largest shareholder in one fell swoop, Wang Shi faced the dilemma of eliminating Vanke.

In general, the best situation for equity dilution is to achieve a win-win situation between shareholders and enterprises, but if you are not sure about the degree of goodness in this process, as the dilution continues, entrepreneurs gradually lose control and are likely to be eliminated in the end.

If Caoyang operates well, it will be able to dilute the Penguin equity controlled by IDG and Yingke to a lower level through about a dozen rounds of dilution.

It is easier and more straightforward to buy directly, shorter and thorough enough.

Especially for unlisted companies like Penguin, they are not subject to so many market and legal constraints.

If Penguin is on the market, it will be much more complicated to operate.

In fact, Bomi's chess and card platform has been built almost the same, and about 5 or 6 chess and card games have passed the company's internal testing and can fully achieve profitability.

Bomi only needs to connect with QQ, let QQ continue to promote people to the chess and card platform and reach strategic partnerships, and then the penguin can be resurrected.

Cao Yang has been suppressing Penguin’s profitability, just to take back the equity first and then think about other things.

"Cough cough." Cao Yang cleared his throat, took another sip of beer to moisten his throat, and said slowly, "How to say it, Mr. Xiong may not understand it very much. I have an obsession with penguins.

This is also my father's unfulfilled wish. He fell on the road to acquiring Penguin back then."

Cao Yang narrated the story of his father's car accident when he went to Penguin with a passionate and emotional description.

When it comes to emotional parts, my eyes are moist.

This is indeed from the heart, and Cao Yang did not tell any lies. If possible, he would rather not live his current life. He just wanted his parents to be safe and the whole family would be happy.

Xiong Xiaoge lowered his head and drank. After hearing Cao Yang's father's deeds, he felt very uncomfortable.

"I probably understand. But in Shangyanshang, if you want to repurchase IDG's equity in Penguin, I have to go back to the company to discuss it, and I have to revalue Penguin."

"I understand, thank you Brother Xiong."

Cao Yang was filled with tears in his eyes and held his hand.

...

On the way back, it started to rain lightly on the imperial capital.

Xiong Xiaoge was sitting in the car, thinking about things in a very trance.

I don't know why, but I always feel something is wrong.

After a while, he saw a dog licking on the road, in order to ride on the next door, and Bomi kept placing bones for her. As a result, Bomi followed another wolfdog to have sex.

Mr. Xiong suddenly realized.

I'm so lonely when I came to the imperial capital. The original task was not completed, and I always feel like someone has arranged it?

However, Xiong Xiaoge was very enthusiastic about keeping his word. When he returned to the hotel, he called the US headquarters to report on the matter.

"Hugo, what do you think?" McGovern asked him.

Hugo is Xiong Xiaoge's English name.

"We had a serious valuation of Penguin before. The facts proved that this investment was indeed a very failed. At least part of the cost can be recovered by selling equity. I think we can agree."

"Hugo, make your decision, you are the head of the Asia-Pacific region," said McGovern.

At night, lying on the bed, Xiong Xiaoge carefully recalled the content of his conversation with Cao Yang today, and finally confirmed:

Indeed, if a fool does not have a special obsession with a penguin, it will be a fool.

...

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