Feng Jianxiong: "Yes, this is a secret reward and punishment. Is there any problem? Starting a company is to make money, not to promote the freedom of civilian pigs. What is there to talk about human rights with employees? "Zuo Zhuan" says: "Punishment cannot be known, but power is unpredictable."

If the criminal law is not allowed to be understood by the people, its deterrence can be far beyond the written law. Therefore, Shu Xiang has the feeling of "the people know the dispute, and they will abandon etiquette and conquer it in the book, and the end of the knife will fight for it."

To deal with the new business model that is changing every day, what is needed is the deterrent power of bosses who can add sentences at will to curb all kinds of ever-changing new internal corruption and ensure that people's hearts are considering whether they are pursuing performance with integrity."

However, Cai Chongxin's problem obviously goes beyond that: "Xiao Feng, you misunderstood. I can completely understand what you mean - I am not questioning this. I mean, how can you win the trust of external investors and shareholders of the company by your openly clamoring for secret rewards and punishments? Do you know that our company is currently brewing..."

When he said the word "brewing", Cai Chongxin paused and turned to Ma Feng for a look.

Ma Feng nodded slightly, and Cai Chongxin confirmed that Ma Feng was planning to hire Feng Jianxiong as a consultant for a long time, and then he completely showed up and finished speaking: "Our company is planning to go public in Hong Kong stocks next year. The fuzzy management you mentioned will affect the company's valuation."

After Cai Chongxin spoke just now, Wei Zhe kept watching the changes. After hearing Cai Chongxin's words, Wei Zhe wanted to see Feng Jianxiong's defeat.

Unfortunately, the expected "shock" did not appear.

"It turns out that your company is going to iPod next year... That's fine. In my planning case, there is a backup plan for this kind of 'commodating public image PR'."

...

In another time and space history, Alibaba actually has more than once.

Although the English acronym ipo, it should be translated as "initial public offering" in literal translation - initial public offerings.

Since it is the "first time", how come there will be more than twice? It seems illogical.

But in fact, in the capital market, a company may have more than two "initial" public offerings.

The prerequisite is that as long as the company's two iPos are under the supervision of the China Securities Regulatory Commission in different countries and regions and on different stock markets, there can be two "first time".

In history, Ali, the first time in the Hong Kong stock market was in 2007. After the IPO was successful, the market value rose to more than 20 billion US dollars, with the ratio of IPO of about 10%, and successfully raised more than 1.7 billion US dollars. (The market value of more than 20 billion was slowly rising in the secondary market)

The second time IPO was in the Nasdaq in the United States in 2014. After this IPO success, Ali's market value reached more than 200 billion US dollars, and the ratio of IPO was almost 10%, and she successfully raised more than 21 billion US dollars.

At the end of 2011, before going to Nasdaq, Ah Li planned to gradually redeem equity from the Hong Kong stock market that had been listed for more than four years, then delisted, and then relisted in the United States.

According to the original plan formulated by Ma Feng and Cai Chongxin, it should have relisted on the Nasdaq before the end of 2012. Unfortunately, it encountered major changes in the market later - Zuckerberg's Facebook company also successfully managed to succeed in the Nasdaq IPo in the second half of 2012, raising more than $10 billion in cash hot money.

As we all know, in a stock market, if there is a huge amount of large-cap stocks in the short term, it is entirely possible to squeeze out the hot money on the market. Therefore, the financing scale and issuance valuation of those stocks that followed the huge amount of large-cap stocks will be severely disappointed. In fact, after following Facebook, almost most of the new Nasdaq stocks in 2012 did fail in the remaining months.

In order to prevent Ali from losing money, Ma Feng and Cai Chongxin urgently stepped on the brakes to slow down the pace of the iPo. Later, they also planned to split Alipay (Ant Financial) from Alibabali and survive as a super unicorn. They were delayed until 2014 to allow Ali to do so.

According to market experience, even in a market like Nasdaq, it basically takes two years to digest one of the 20 billion cash-level IPo.

At this moment, at the internal hearing, after being instructed by Ma Feng, Cai Chongxin's plan to show off next year's IPO, which was obviously the Hong Kong stock IPO that happened in history in 2007.

Of course, this plan is still confidential to the public now and it will take more than half a year to achieve results.

...

Whether a company is 2c or 2vc naturally has completely different requirements for the company's management reputation.

2c, that is, to make money from consumers and actual users, using the simplest business logic. As long as the things are good, consumers think that they are both cost-effective and satisfied, are willing to pay for money, and have traffic, that is a good company.

But 2vc, we have to consider the public image. If investors think that the company is independent and autocratic, they cannot understand and do not trust it. Then securities companies will also predict that investors have this tendency to distrust, and therefore are unwilling to pay high prices when bidding for underwriting.

The reason why many companies pay attention to their public image is to go public or have already gone public.

Therefore, even if the draft human resources reward and punishment proposed by Feng Jianxiong just now is beneficial to Alibaba's actual efficiency in a changing competitive situation, it is not possible as long as the public impression of "reward and punishment are unknown and management is chaotic".

Cai Chongxin actually agreed with Feng Jianxiong's approach, and he had a different position from Wei Zhe who firmly opposed it. The only thing he wanted Feng Jianxiong to solve was the public image of this society.

Ma Feng looked at Feng Jianxiong expectantly, trying to see if he could create miracles again.

Wei Zhe looked at Feng Jianxiong with ridicule, hoping that he would make a fool of himself.

This is inseparable from the origins and experiences of these executives. Everyone who experiences has their own three views on life.

Wei Zhe came to Ali from an executive of the international giant B&B, a mature industry. What he believed in is the mature industry KPI system with "clear rewards and punishments".

Feng Jianxiong's words seemed too rebellious to him and could not accept them at all.

In history, the reason why Wei Zhe was poached by Ali was obviously Ma Feng for this iPo in Hong Kong stock market. After Wei Zhe was poached, he first became the executive vice president in 2006, but later he became almost familiar with the situation. The next year, Ma Feng also gave up the position of president to him. Ma Feng himself retained his identity as chairman of the board. (It is equivalent to giving the general manager to Wei Zhe as the chairman, and he is only the chairman of the board)

In 2011, Wei Zhe was in Ali's glory, and finally, with another reshuffle of the stock market layout of the Ali group, he was eliminated by Ma Feng. The time when Wei Zhe stepped down was obviously consistent with Ali's timeline of delisting from Hong Kong stocks and going to Nasdaq to re-iPo.

In other words, Ma Feng brought Wei Zhe to the scene, which is a person who was born as an executive of a mature and old-school industry international giant, and is more popular in the Hong Kong stock market.

Because the Hong Kong stock market judges the stability of the company so old-fashioned, so simple and crude. (If Ma Feng, a gangster founder who is an English teacher, continues to serve as CEO, it will affect Gang Can's evaluation of Ali's value, because Gang Can's shareholders do not trust grassroots CEO).

Therefore, once Alibaba doesn't need to get involved in the Hong Kong stock market one day, Wei Zhe will no longer be useful to Ma Feng.

From this perspective, if you consider the long-term view of five years or ten years, as long as Feng Jianxiong's planning is right for Ma Feng's appetite and match Ma Feng's three views, Ma Feng is still willing to support Feng Jianxiong in his heart.

The premise is that in the past few years, Wei Zhe must be given a reasonable explanation. We cannot offend Wei Zhe before Wei Zhe's use value is drained just because we believe in Feng Jianxiong.

...

"Mr. Cai, I think the questions you raised are actually mentioned in my supplementary plan."

Amid the expectations and pressure of the crowd, Feng Jianxiong resisted the doubts and talked freely.

"If it is just to prevent the public from feeling that corporate management is not standardized due to unclear rewards and punishments, and the company's image is damaged in the minds of shareholders," then we can make fine adjustments to the aforementioned performance incentive case of "needing people to rule but not rule of law".

The specific method is to put on a layer of 'rule of law', but at the same time avoid the principle of 'rule of law not retrospectively' of the rule of law, and change it to 'renew and lighter' - rewards can be retrospectively, while punishment cannot be retrospectively.

I believe that ordinary investors and public opinion will not have such a deep understanding of the core concept of the rule of law. In fact, few employees who like to take advantage of loopholes and greed for small gains actually understand the essence of rule of law management companies. Such cover is enough."

"The reward goes back to the past, but the punishment goes back to the past? Can you say it is more specific?" Ma Feng and Cai Chongxin asked this question in unison.

In fact, other executives who attended the meeting were also interested in this statement.

Because what Feng Jianxiong provides is a novel management concept that obviously goes beyond the Internet company structure in 2006 - it is a summary of what giants have been tortured by the ever-changing and innovative business model many years later, and they are summed up with blood and tears.

After 15 years, nothing new is available, but in 2006, it is enough to be eye-opening.

"It's very simple - for example, I'll use Chen Tianqiao's Shengda Company as an example. If Shengda wants to rectify their literary website today, not only sells subscriptions, but also sells IPs. Then, with the careful operation of the operators, the number of stolen bans in some works is very high, and the Baidu search popularity index is very high, forming a certain IP value.

In the KPI assessment and rewards and punishments established by the company, the Baidu hot search index of a work was not evaluated, which means that the corresponding operation will not be given as good results, and the editors will add bonuses to the editors because of the good performance of this indicator.

At this time, the boss can use his privileges and give extrajudicial mercy to commend the person in charge of such works with "high Baidu Hot Search Index". At the same time, he can also publicly hear the company internally, allowing other operators who have done good things for the overall interests of the company before this timeline, and also operated several works with high Baidu Hot Search Index for the company, and also rewarded them according to the same standard.

In a nutshell, even if KPI does not require it, the boss has a very large discretion and can discretion some kind of behavior that "the company did not ask you to do it, but you took the initiative to do it for the sake of the company's goodness, and was rewarded extrajudicially and traced back..."

"Then what is the difference between this and supplementary KPI assessment? Isn't this just adding KPIs in the middle of the year based on the actual situation?" Wei Zhe rudely interrupted Feng Jianxiong, "I think it's a master trick. It turns out that it's just 'modifying KPIs with the times'."

Feng Jianxiong smiled without discouragement and replied: "No, Mr. Wei, what I said is not the same as you - I said, reward can only be traced forward, but it has no effect on the future. The law and the KPI system are effective backwards. The law controls the matter after the law is established, but I am not.

In my plan, today the boss summarized a model that is beneficial to the company, and after tracing the reward, those who imitate these behaviors will not be rewarded - so, as long as employees know the information "Baidu hot search index is high and they have money to get it", they will have no money to get it. In this way, they will not spend money to make orders on Baidu and falsify data.

What we have to do is to wear the cloak of the law, but let employees know that 'Don't think about guessing the method, as long as you do good things with peace of mind, the boss will see it'. Only in this way can we choose core employees who are sincere and the company's corporate culture and have a consistent view of the company under the ever-changing business model and technology model..."

Feng Jianxiong summed it up for a long time, but in fact, the core is two sentences: reward and chase before, and punishment for the future.

"This... what is this operation?" Wei Zhe thought for a long time, but he couldn't understand it.

Feng Jianxiong's ideas are really hard to follow.

"Those who are good at using the law do not speak lightly. This is the idea of ​​a legal scholar who truly understands the law. Only when you take advantage of loopholes can you know that law and institutionalized management are all empty words in many changing fields.

We should listen to Xiao Feng to open up ideas for everyone, otherwise we would always listen to legal consultants who advocate the legal system to talk about system construction, and I am afraid they will be brought into the ditch."

While listening, Ma Feng was thinking about this idea in his mind. If Feng Jianxiong hadn't been just a sophomore now and had no certificate, Ma Feng would have seriously considered to include Feng Jianxiong's firm as Alibaba's fixed legal advisory unit.

...

For two full hours, Ma Feng's conference room door finally opened.

There were already a lot of people waiting for his instructions and signing the matter piled up on Ma Feng's secretary and lined up to deal with it.

Feng Jianxiong and Ma Feng were chatting and laughing and sent out to walk out. His erratic aura was seen by many people.

Ma Feng politely kept Feng Jianxiong for dinner before leaving. However, he had a lot of things to do and would not eat so early, so he just asked someone to take Feng Jianxiong to the private room to have a small meal.

Feng Jianxiongxun thanked: "No need, you don't have to be polite, I just went to the cafeteria by myself - I only learned that Sister Tian was hired by you last week, and she still owe me a celebration wine."

Ma Feng also smiled and made fun: "Hello, senior sister, have senior sisters to have dinner together, this atmosphere is good - then I won't have much trouble. I'll give Oda a vacation tonight. I think she is as good as you do things, and she is a talent."
Chapter completed!