MTL - Investment Life-Chapter 168

Strictly speaking, Yahoo's early listing also relies on its butterfly wings. In the original history, Yahoo received venture capital assistance in 1995, and after a year of development and growth, it officially entered the stage of Nasdaq. However, under the intervention of Dianjinshi, this schedule was just a little over half a year in advance. Yahoo started the company in 1994 and experienced three rounds of financing in 1995. It has begun to take shape, and there is really no reason to go public on the original date.

However, this change in details has brought Chen Yuanming a few problems. It is now the end of 1995, and the clouds of the Taiwan Strait crisis are still over the coast of Fujian and Zhejiang. According to the original course, if Yahoo went public in April 1996, the situation in the Taiwan Straits would have turned into a crisis and there would not be too many bad ideas. But now, the test launch of Dongfeng missile has not passed for two months, and the third military exercise in half a year has just begun on Dongshan Island. At this time, it is obviously too early to talk about peace.

With such a political background, there will naturally be a certain linkage effect in the economy. Yahoo currently holds the largest share of the Quartet, from Taiwan, the United States, Japan and China, even if the two founders are not politically sensitive enough, the pressure imposed by SoftBank alone can cause headaches.

Just like the preparations for this listing, Dianjinshi held no less than 15% of Yahoo's shares, and its share ranking climbed from fourth to third, which is higher than David, one of the founders. Such shareholding quotas are inaccessible in terms of listing issues. The strength of SoftBank and the exclusion of other shareholders are already evident.

But as long as he does not retreat, it is also very difficult for these people to take away the shares at hand. After all, he was the earliest to participate in the financing. He held the preferred stocks that were extremely difficult to dilute, and the conversion ratio was also considerable. Being able to be thrown away easily. However, relying on this is just a bit more bargaining in the negotiation. If the hard and the soft banks are combined, it will be worth the trouble to the point.

Therefore, this time in the United States, the choice of Yahoo has become Chen Yuanming's top priority. But for this problem that many people feel headache, Chen Yuanming's worry is not as big as others think.

After getting off the plane and driving to Silicon Valley, Chen Yuanming first saw Jonathan who is still sitting in the Silicon Valley headquarters in Silicon Valley.

"Chen! You are finally back!" Jonathan's expression was full of surprises when he saw Chen Yuanming, "I thought you would not catch up with Yahoo!"

"Dian Jinshi was a great success for the first time, and of course I have to be there in person." Chen Yuanming smiled and shook hands with his ceo.

This sentence is true. You need to know that the company that Dianjinshi invested in in the early stage is often merged and acquired by other large companies, and it really develops and grows. Yahoo is currently the largest sale of Dianshi, and it is also their first harvest in the fertile land of the Internet.

After two years of continuous development, Dianjinshi has established a root system on the Internet and has long been out of word-of-mouth mode. Today this company is the most well-known angel investor in the online world. Countless people love the Internet. Emerging young people with respect and enthusiasm can understand this angelic care for their existence from different channels.

Under such a general trend, Dianjinshi has become the most and most widely invested company in Internet companies today, but angel investment can at most enable these companies to start, but they cannot develop and grow. There is only one successful example, and The pursuit of Wall Street can make these Internet concept stocks really take off. And any discerning investor, it is not difficult to see Wall Street's favor for Yahoo.

If Yahoo ’s non-profit portal can win, then other Internet companies will have the possibility of development, which is naturally essential to the starting point of the Internet. You should know that even if the angel investment is not high, even if there have been successful mergers and acquisitions of companies that bring profits, the overall revenue and expenditure of Dianshi is not optimistic, and it is basically a wholly-owned company. If it is the same as other venture capital companies, Adopting a limited partnership system, I am afraid that people have already left for tea.

"There are predictions that the opening price of Yahoo can reach 10 yuan." Jonathan looked cheerful. "Although it is not as high as Netscape, it is also very good. It is estimated that the opening price will still increase a lot. As for our 16.8% stake, The profit is at least 2000% this time! "

One year, twenty times the profits, is an extremely cost-effective deal for any investment, but Chen Yuanming knows that Yahoo's potential is far from this. At the opening of the day, it was at a high point of 30 US dollars. You must know that Cisco and Microsoft today are only a few dollars per share, and a Yahoo! is definitely a great cause. Although Yahoo's listing was too close to Netscape this time, I don't know which price it will eventually fall into, but as long as Yahoo can climb to $ 20, Dianshi will get an amazing income of up to 5000%, and in the following years, Yahoo's stock price will climb all the way to a high of nearly $ 400 ... but anyone who has studied elementary school mathematics should know how successful this investment is.

However, this kind of predictable crazy value-added in the future has not made Chen Yuanming's heart. The stock price of a company can rise infinitely under the hype of the dealer, but its actual value is indeed a roughly constant number. As long as those predators on Wall Street feel that they have had enough blood, the company's stock price will immediately fall. Just like large high-tech companies that have also experienced the Internet bubble, Microsoft, Cisco, Oracle, and even Amazon have survived without exception, and the stock price has once again risen. Yahoo has been in a slump since then and has never been able to exceed its opening price.

Yahoo's technology content is too low. Whether it is a website model or a company's business operation, it is not a worthy existence. Instead of holding it for a long time, it is better to wait for the short-term at the peak, so why bother with it. It can be said that from the beginning, Yahoo was not Chen Yuanming's long-term goal.

Now, in the face of a complicated political environment and the aggressive situation of Softbank, this potential stock is more like a chicken rib. All it has to do is squeeze more surplus value from it.

"It's pretty good as a profit point." Chen Yuanming smiled on his lips. "But it's also time to cash in on some gold. Has Softbank contacted us recently?"

Jonathan looked at his young boss in amazement. "Do you want to sell Yahoo's stock? In fact, it may be a good investment direction to exchange some common stock ..."

"Not worth it." Chen Yuanming shook his head. "Our job is angel investment, not investment fund. For them, the long-term stocks are too small for us. If Yahoo can successfully go public, The next few years will be a high point for investment by Internet companies, and I do not hope that at this time, Jinshi will face the dilemma of lack of funds. "

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Hearing this, Jonathan couldn't help calming down. Now that he knows the talent of this young man in business, he did n’t like the company two years ago, and now he has become a hot newcomer. In terms of return on investment, what can be better than the angel What about the return on investment? I am afraid that drug trafficking cannot make more money than this.

Having clarified the idea and reconfirmed the main purpose of the company, Jonathan simply nodded. "SoftBank has the intention to trade with us. If you need it, I will contact them as soon as possible."

Chen Yuanming nodded slightly, "Very well, ask them to come out and talk."

Softbank is more pressing for Yahoo than the calmness of the starting point. After participating in the second round of investment, SoftBank discovered that Yahoo is likely to become a new growth explosion point, an existence that triggered the Internet revolution. Because of his great interest in the computer industry, Softbank quickly occupied an advantage in Yahoo's investment and has now become the first major shareholder, but the amount of stock he owns still does not occupy an absolute advantage, which makes him unable to Behind the scenes that truly control Yahoo.

What blocked his intended target was an angel investment company called Dianjinshi.

As a potential enemy, Softbank naturally spent a lot of energy to study this opponent, but the results obtained surprised him. In terms of investment focus, the choice of Dianshishi is surprisingly advanced. Now it has become the original investor of many Internet companies. It is not difficult to see that this company's preference for Internet business. However, this preference is a hindrance to myself. Since it takes so much energy to run this business, naturally, the fat in his mouth will not easily loosen. It is not easy to take Yahoo's shares from him. Things.

Therefore, SoftBank has made direct use of the current international situation, forming a cooperative alliance with the two founders of Yahoo. No one can ignore the tension between the mainland regime and Taiwan today, so Yahoo had no plans to enter China first. Since Japan and Taiwan are the main targets, the Chinese investor from the mainland is naturally isolated from the wall by them.

Can't occupy the advantage of the board of directors, and can't let the website enter its own country to create secondary value. The existence of Yahoo will inevitably make Jinshi a headache. Now the only thing to pay attention to is to watch the movement of Jinshi so that he will not invest in others embrace.

This was quickly realized. Dian Jinshi finally surrendered the banner of surrender and handed out the olive branch. Full of joy of victory, Softbank entered the negotiating field with unparalleled resilience and began consultations.

No one knows the details of the negotiations, but the results are obvious. In the end, the two reached an agreement. SoftBank took out its Netscape shares and exchanged them with Yahoo shares of Jinshi, and the remaining part was repurchased at 80% of the closing price on the listing day. Due to the poor timing of SoftBank's intervention in Netscape, it only got 5% of the shares, but now Netscape's shares have increased significantly, which can roughly offset 7% of Yahoo's shares. That's less than 10%. No matter how you count it is a huge advantage.

Two days after the agreement was reached, Yahoo went public.

It may be because the distance from Netscape is too close. The opening price of Yahoo is only $ 22, but with the joining of various forces, the price rose rapidly, the highest broke through $ 40 at one time, and closed slightly back down. $ 28.

Without giving Goldstone a chance to regret it, Softbank immediately fulfilled the contract and won all the shares of Yahoo for $ 70 million in one fell swoop, becoming an absolute superior shareholder. Dianjinshi made a profit of up to 2800% with a capital investment of 2.5 million US dollars.

At this point, the Internet boom has officially begun.

(End of this chapter)

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