"Add 12% of equity, the amount of IPO underwriting reached US$20.1 billion!"

"The first IPO in Nasdaq's history with a scale of more than US$20 billion was born! China's company is listed in the United States in a new height!"

"In one week, two medium-sized listed companies that crashed during the listing period were hit hard by the issue price because they followed the listing period of Alibaba. Analysts said that the hot cash flow in the Nasdaq market is fading sharply. Entrepreneurs are asked to consider postponing the listing in a cautious manner in the hope of a new round of qe of the Federal Reserve..."

"It is reported that Facebook Chairman and CEO, Niu Ke Monzac, who was originally scheduled to be listed in 40 days, made a decisive decision to give up the listing plan within the year. In order to wait for the capital market cash flow to recover, the listing plan will be postponed for at least 6 months. Please wait for the latest news..."

(ps:Well, someone actually asked me in the book review why I had to take the name "Monzac" so casually in "The Battle Royale of the Prosperity", and said that "Monzac" sounds like a Han surname, which is too hasty and very out of the way.

Please, I think he definitely doesn't know "Mountbatten" (the person who split India and Pakistan back then). Those who have studied history classes in junior high school know that Mountbatten's grandfather was called "Prince Batenberg". In his father's generation, in order to show his determination to abandon Germany and join Britain, he gave up the title of Prince of Hesse and changed his surname to "Mountbatten".

Because in English, the prefix of the word "mount-" is equivalent to the suffix of "-burg" in German, both of which are both "mountain". For example, the word "mountain" in English is mountain. The place names of hamburgers, Nuremberg, Wolfsburg/Wolfsburg in German are translated according to their meaning, which is actually equivalent to "Han Mountain, Nuremberg, Wolfsburg," which are used to translate according to their meaning.

Therefore, "Zuckerberg" becomes "Monzac", which just changed a Jewish surname with German etymology to express it in English. It is not what some people say, "I copied a Chinese surname by force." Since Monzac there is going to be a big boss at the level of the devil-level destruction, of course it is better to avoid the real person a little bit.)

Seeing that he had a lot of money and made followers lose all the way, his awesome opponents retreated, Jack Horse's spirit was so vigorous that he could be said to be a thrilling spring breeze, and he saw all the flowers in New York in one day.

For more than a dozen days, New York newspapers were full of news about him, making him an inspirational role model.

Even when taxi drivers pick up the Asian faces when they see the passengers, they will most likely be unable to help asking: "Hey, are you here for Alibaba? Do you know Jack Ma or the treacherous hero? "

For a moment, Jack Ma had the illusion of being able to do anything by himself. When he negotiated with all his partners, his attitude became more and more tough.

Feng Jianxiong and Yu Meiqin served for more than a week, accompanied him to attend all occasions that should be accompanied, and also helped Jack Ma gain enough face. After everything stopped, he took the time to talk about the "four-side talks" of financing at the n-site station.

On this day, Jackma booked a banquet hall on the 60th floor at the Donald Building in Manhattan, invited a group of Nasdaq celebrities to hold a cocktail party.

During the break of the cocktail party, he led Feng Jianxiong and Zhou Tianyin to the VIP reception room and began to talk about the important matters.

Yu Meiqin is not from Station N. She just listened as a listed lawyer from Ali and Feng Jianxiong’s wife.

In the Ali Group, Jack Ma didn't call anyone else, but just asked CFO Cai Chongxin to help him talk.

There was no tea on the table, and everyone was drinking refreshing absinthe to talk, which was very distinctive of cocktail party negotiations.

"This is our final ts, and I expect to get a fair pre-investment valuation. After our internal discussion, we believe that $6 billion is more appropriate. If you are willing to invest $1.5 billion, you can get 20% of the equity after the financing of n stations."

After saying the polite words, Zhou Tianyin took the lead in taking out the financing ts in person, handing them to Jack Ma and Cai Chongxin respectively. At the beginning, there was a summary for the boss who did not have enough time to read it briefly.

As for the specific details, they are all for the managers of Ali's investment department.

When Jackma heard the price, he raised his eyebrows hard, but he didn't say anything.

He just gave Cai Chong's message a look.

Cai Chongxin also chuckled softly, tapped the documents on the desktop and said, "Xiao Feng, we are not secretly speaking, but professionals should have a professional attitude. You and Xiao Yu have indeed helped us Ali raise the underwriting price and ensure the scale of the IPO. They have done a lot of work.

Jack and I also see the results. To be honest, even if we insist on asking Liu Gang to be the agent, we can't do it better than you this time, maybe the price is not that good.

However, you have helped us raise more money and asked you what price we should be worth when we want to invest, which is completely different. I don’t want you to quote with a mixed attitude…”

He didn't just say that Feng Jianxiong's offer was too high, but only said that Feng Jianxiong's attitude was unprofessional, and then he pushed back the obligation to explain.

After Cai Chongxin finished speaking, Jack Ma briefly summarized and criticized: "Xiao Feng, we are always in love, so we can't do such things as raising prices. When you helped me split Alipay half a year ago, I used the case of splitting N stations to convince Director Sun.

I was also present at that time. You analyzed it from beginning to end, proving that the n stations after splitting are still worth US$4 billion, and the ‘get’ accounts for only about one-fifth of the n stations. Don’t tell me that those words were just for Mr. Sun alone, and don’t tell me that after you operated so plainly for half a year, the valuation of n stations increased by one-third. I didn’t see such obvious data improvement.”

The Sun Dong mentioned by Jack Ma is of course the major shareholder of the Ali Group and Sun Zhengyi of SoftBank.

Feng Jianxiong and Yu Meiqin, the main promoter of Alipay before Ali went public, was to dismantle Alipay. One of the biggest difficulties solved at that time was to convince Sun Zhengyi to accept the equity replacement ratio when the split was.

Because once Alibaba is removed, Sun Zhengyi's SoftBank can only control the dismantled Alibaba body.

As for Alipay, it will become a unicorn with "Jackma's personal holdings of more than 50%", and its relationship with Japanese capital will be cleared.

Therefore, from Sun Zhengyi's standpoint, he absolutely does not allow the situation of "estimating the value of Alipay is too low, and estimating the remaining part of Alipa is too high" when splitting. He definitely hopes to "let Jackma take out more Alipa founder team to hold shares in exchange for Alipa's independence."

Feng Jianxiong, he wanted to use his full ability as a squirting god, present facts and reasoning, quote and quote horizontally, and benchmark enterprises vertically, and use history and peer practices to convince Sun Zhengyi to accept it.

At that time, Feng Jianxiong miraculously did it, and he did it better than Mr. Liu in history.

(Of course, there are also other financial negotiation experts, after all, the valuation was not negotiated by the legal authorities. In the Ali division case, Cai Chongxin must have made the greatest contribution in protecting the equity ratio of the founder team. There is no doubt that he was a CFO to mediate and bargain with SoftBank. What Feng Jianxiong can do is just better than the benchmark lawyer who sat in this position in history, which is enough)

At that time, Jack Ma and Cai Chongxin were both comrades in the same trench as him, so they knew Feng Jianxiong's words very well.

Now half a year later, they will take the words Feng Jianxiong persuaded Sun Zhengyi half a year ago and in turn put the price down for Feng Jianxiong himself.

"It seems like there is a scene where I went back to 7 years ago, when I first entered university, I had to exchange positions twice in a row, but I still wanted to beat the other party." It's really exciting. As a squirting god, if I can't do it, "I will exchange positions after I beat you, and beat you again," that's a nonsense!"

As Feng Jianxiong was chatting, he felt his nerves all over his body excited, just like Deng Yaping's muscles trembled automatically when he played table tennis or Lang Ping's volleyball.

Every time I enter this state, the world champion is near.

...

"Old Ma, I'm so embarrassed. I did find a new cross-circle track in the past six months, so I think the latest valuation of n Stations is 6 billion US dollars." Feng Jianxiong suppressed his desire to show off and gradually promoted the topic.

Cai Chongxin confirmed for the last time: "We have fully estimated the 'user quality, user stickiness, cross-circle development ceiling' of n stations last time, and then gave you a valuation of 4.5 billion - this valuation is very kind, and the Youku we evaluated Gu Yong General is only worth so much.

Youku's user count and total playback time are always ahead of you, with the two data being 70% and 50% respectively. You just surpassed Youku by 40% in terms of paid users, and the member conversion rate is much higher than them. But these are not the most important data, giving you 4.5 billion is already great!"

Feng Jianxiong opened the ts file and pointed directly at the countdown points on the summary, saying in a targeted manner: "I know all of you know, so what I want to talk about is not those. The unique secret of n stations is that we have followed up with the field of 'artificial intelligence video distribution', and Youku has not been involved in this function yet. This is no longer a matter of speed, but whether there is or not.

For this reason, I also found Zhang Yiming from "Today's Headlines" and dug up several algorithm engineers. I also got some small characters that combine push technology and video from Kuaizha, and worked together to create a team of our own artificial intelligence team. In this track, Gu Yong will know nothing, and this is my confidence that I say that N stations are much more valuable than Youku."

The selling points mentioned by Feng Jianxiong are indeed very valuable in terms of usage value and user experience.

Because after the mobile Internet continued for more than two years, more and more content platforms began to find that the screen of users' mobile phones was too small.

Compared with the PC era, the content links that can be displayed on a screen on a mobile phone are at least five times less than those on a PC era.

To give a popular example, it is like in the era of reading online novels on computers. A certain page can display more than 200 books (even the text recommendations are included).

However, after the mobile reading era, the number of recommended positions was cut by half, so the Matthew effect of the gathering of the head became more obvious, and long-tail content was more difficult to exist. These are all pain points.

Video websites are actually worse than novel websites, because novels can at least rely on mosquito legs to pull up some traffic, and videos must be given to icons before someone can click them - who can watch a video that only displays text titles? How can such things arouse users' desire to click?

In 2012, it was indeed a very awesome innovation to think of using artificial intelligence to solve the problem of "every inch of land is precious and cherish recommendation positions, advertising positions, and improve communication efficiency".

This idea has at least differentiatedly used every valuable recommendation position - we no longer stipulate that a certain position on the web page will only display a certain work in the past few days. Instead, according to the algorithm, different works will be displayed on the mobile screen of users with different tendencies.

For a person who often watches the second dimension, don’t waste his mobile phone screen displaying romance dramas. The male/female frequency should be separated as soon as possible. The man will never display the woman’s content on the mobile phone, and the woman’s content will never display the man’s content on the mobile phone. It will directly and simply double the efficiency of the recommended position.

At present, there are only news and information distribution fields, and technical attempts have been made in this area. In the video website, there is indeed no one who has seen such a distance, and no one follows up.

Feng Jianxiong can be considered the first one.

"Haha, it's artificial intelligence again. Xiao Feng, this is not the time to show you PPT. There are almost half a dozen entrepreneurs who asked me to sell this concept this year." Jack Ma shook his head helplessly and mocked.

He suddenly felt that Feng Jianxiong was a little unfamiliar.

It shouldn't be.

Didn’t this kid always say something that doesn’t sell the concept of PPT?

Does he think that with a few "artificial intelligence" selling points, he can get more money from an old man like him?

Feng Jianxiong was not angry, and he obviously expected that Jack Jockey would feel disdainful first.

So, he explained patiently: "I am different from them. I have unique advantages that others will definitely not imitate."

Very common and very popular explanation.

But it is not outstanding at all, and it can even be said to be very routine.

Jackma has seen at least 50 people selling ppts and said in front of him, "I am different from other ppts."

"Okay, then you're going to say that you're Chou Yin Mao - I'm going to believe that even if Gu Yong discovers your "intelligent push distribution" layout, he can't spend money to copy your route.

You have to make me believe that Zhang Yiming or Su Pang cannot copy after seeing through your technical route. Otherwise, I will not pay for a creative without barriers."

Everyone knows that innovation is important, but capital is so cruel.

Unless an innovation can prove that it has technical barriers, user barriers, or at least any other barriers, can prevent copying from peers.

Otherwise, capital would not pay for such innovations themselves at a high price.

Capital will only give high prices for innovations that can stabilize the ranking term within the peer industry and prevent peers from surpassing it.
Chapter completed!