Revisiting Future Path

091 This is the honor of the past life

Time slipped to March 2004, and Tencent had given up listing on the Nasdaq in the United States and instead listed on the Hong Kong Stock Exchange. Tencent chose to list in Hong Kong. One of the reasons that cannot be ignored is that Tencent’s founder team wanted to purchase options previously promised to core employees at a lower price, and this behavior was not recognized by the US capital market.

In the final analysis, it is still profit. Tencent's founder team and core employees hope to realize equity at a high price. If Wei Dongsheng really valued Tencent at 10 billion yuan, the Tencent founder team would definitely be willing to transfer this part of the equity to Wei Dongsheng. However, Wei Dongsheng's willingness to acquire Tencent is not strong. He is only willing to value Tencent at 5 billion yuan under the pretext of not being able to obtain a controlling stake.

5 billion yuan is not attractive.

Tencent’s founder team valued itself at 8 billion to 10 billion yuan. Although its securities contractor Goldman Sachs Asia did not agree, it also valued Tencent at HK$4.6 billion to HK$6.2 billion. As long as it can successfully go public, Tencent has a chance to exceed 5 billion yuan.

The topic of equity transfer is deadlocked here.

Wei Dongsheng was unwilling to quarrel with Tencent’s founder team. Based on a valuation of 10 billion, he proposed to Tencent that if Tencent was willing to redeem 7.2% of its shares at a premium, Wei Dongsheng agreed in principle to let go.

The premium is doubled, which is 1.44 billion yuan.

Wei Dongsheng purchased 7.2% of the equity with 6 million US dollars, which is equivalent to 49.66 million yuan at the current price of 8.2771. If Tencent is willing to redeem it at a high price, although it is regrettable that it cannot reach a cooperation with Tencent, it is a perfect investment that will increase 29 times in March. After getting 1.4 billion yuan in net income, Wei Dongsheng invested in other companies, and the expected income is not necessarily worse than Tencent.

However, the Tencent founder team refused.

Because they are not optimistic that Tencent can grow to a market value of 20 billion yuan in a short period of time; because they have no money and cannot spend 1.44 billion yuan, even if they are very optimistic about Tencent’s MIH, they are unwilling to spend 1.44 billion yuan to buy back Wei Dongsheng’s hands. 7.2% of the shares.

In the business field, shouting high prices for no reason is actually a very bad behavior.

If Wei Dongsheng did not have the support of the Spring and Autumn series of companies, the Tencent founder team and MIH had long ignored Wei Dongsheng’s opinions and diluted 7.2% equity to an insignificant 0.72% through some digital games. It is a pity that Wei Dongsheng is not a newcomer who can be manipulated by others, nor is he an outside investor who can simply deceive. Wei Dongsheng owns the most profitable "Spring and Autumn of the Ten Kingdoms" in China, as well as the Spring and Autumn Security Manager who is known for killing rogue software. If Wei Dongsheng is annoyed, Wei Dongsheng turns around and cooperates with Netease Bubble, the second largest domestic instant messaging tool, and then uses some indisputable reasons to block QQ, it is definitely a disaster that the Tencent founder team does not want to see.

The Spring and Autumn series of companies is the confidence that Wei Dongsheng has negotiated with Tencent.

For Tencent, the threat of Spring and Autumn series companies is better than IDG.

At the same time, Wei Dongsheng also offered to acquire the equity of Tencent's founder team or MIH at a valuation of 5 billion, proving his sincerity. Wei Dongsheng used practical actions and banknotes to show to the Tencent founder team that selling at a premium of two times is not a malicious shareholding, but is based on optimism about Tencent's financial investment.

On the other hand, Tencent also needs the cooperation of the Spring and Autumn series of companies, especially the Spring and Autumn Network, which has risen rapidly with "Ten Kingdoms". Tencent's current profit model is overly dependent on the "Monternet" business, just like Lin Daiyu who is under the fence. The reason why Tencent ventured to test online games before was also out of concerns about this hidden danger.

As of 2004, in addition to exogenous income such as advertising, the only high-profit business endogenous to the Internet with a clear profit model was the online game industry. All relatively good Internet companies now have a game department, such as NetEase, because half of its revenue comes from online games, and it is even joked that it is not a portal site but a game operator.

Tencent's immediate crisis is the lack of online game business.

If you want to get out of the crisis, you must break a new path in the field of online games.

After experiencing the failure of "Triumph", Tencent dare not regard online games as a field that can be set in casually. On the other hand, Chunqiu Network, the technical background during the operation of "Ten Kingdoms" has convinced many manufacturers. The server is the most stable, the drop rate is the lowest, the anti-plugging is the most efficient, and the bug only exists in the legend. If it can steal the operating experience of Spring and Autumn Network, Tencent will surely see the light in the field of online games, and then thrive in the Internet jungle.

Tencent invited Wei Dongsheng to come to Shenpeng to negotiate equity matters, and also wanted to take this opportunity to implement online game cooperation.

Wei Dongsheng joined up with Lei Jiafei, Ye Youhang and other employees, and led a team to negotiate with Tencent's founder team and Goldman Sachs Asia on Tencent's listing plan. The meeting was a non-nutritive polite meal at first, and Wei Dongsheng was at least superficially welcomed by everyone. Liu Chiping of Goldman Sachs Asia also expressed his favor to Wei Dongsheng and praised: "Mr. Wei is really a hero when he was born as a boy. I heard that Time Magazine has listed you as the 100 most influential people in the world in 2004."

Everyone here was surprised one after another: What is going on?

The 100 most influential people in the world sound awesome. Everyone knows that Wei Dongsheng is very good. He has produced such a great-selling work as "The Spring and Autumn of the Ten Kingdoms" at a young age. It can be said that one of the 100 most influential people in the world is too exaggerated?

Wei Dongsheng He Dehe Neng dare to be among the top 100 in the world.

Wei Dongsheng did not show off or deny it, simply stating the facts: "Times has contacted me and wants to list me in the'Builders&Titans' category, and please invite me to write reviews for some people. However, it is just an alternative, not necessarily. It really ranks me as one of the 100 most influential people in the world."

Hearing Wei Dongsheng's admission, everyone felt even more incredible.

Some people even failed to control their mouths and couldn't help but ask harshly: "Really Time Magazine?"

The implication is that the so-called one hundred most influential people in the world shouldn't be a scam of the pheasant magazine.

Time magazine is so famous that if it really lists Wei Dongsheng as one of the world's 100 most influential people, even if Wei Dongsheng does not live up to his name, he should have the influence of China's top 100. However, if you start with the seed download artifact, Wei Dongsheng has only been in the Internet industry for more than ten months. Why does he have such a strong influence?

Liu Chiping knew some background and testified for Wei Dongsheng: “It’s the real Time Magazine. When Time Magazine was preparing for the list of the “100 Most Influential People in the World”, there was a fierce internal dispute over whether to choose Mr. Wei or Bram_Cohen, so I I will know in advance that Time Magazine may list Mr. Wei as one of the 100 most influential people in the world."

Wei Dongsheng also remarked and explained: "The reason why Time Magazine deliberately chose me as the world's 100 most influential people is because of the contribution of the seed download artifact."

What Time Magazine prefers is the extended technology represented by the BitTorrent protocol.

The status of BitTorrent series technology is actually far more important than everyone thinks.

It's so basic, it's so common, that everyone downplays its importance. However, the more basic and common the technology, the more it cannot be ignored.

The torrent artifact is a download tool, and the extension technology represented by the BitTorrent protocol is not limited to the download field. In fact. It has rapidly spread to other fields, such as the supplement of peer-to-peer network research, such as higher requirements for basic telecommunication services.

Bram_Cohen is an American. Based on various factors, Time Magazine wanted to promote Bram_Cohen as the father of BitTorrent and monopolize the derivative influence of the seed download artifact.

Bram_Cohen was originally the true father of BitTorrent, but due to Wei Dongsheng's cut-off, a more mature seed download artifact turned out to take away all his aura. The gap between BitTorrent and the torrent artifact is so obvious, and the BitTorrent protocol is only one of the core technologies of the torrent artifact, and the reputation of the father of BitTorrent by Bram_Cohen in this world is simply unconvincing. There is no need for Wei Dongsheng to speak, and technical fans of the seed download artifact accuse SeedDown (the English name of the seed download artifact) to Bram_Cohen as a shameful narrow thinking. In order to restore its reputation, Time Magazine urgently contacted Bram_Cohen and Wei Dongsheng, negotiated to transfer the influence of BitTorrent to Wei Dongsheng, and promoted Wei Dongsheng as the father of Seed (the father of seeds).

Wei Dongsheng accepted the honor of Seed's father frankly.

Although Bram_Cohen is the creator of the BitTorrent protocol, the seed downloading artifact is also applied to many more efficient technologies to supplement it in the future. These technologies, derived from countless unknown technicians in previous lives, should not be freely possessed by Bram_Cohen.

Wei Dongsheng took away the honor that belonged to them on behalf of the technicians of the previous life.

I returned with 30 years of memory, and I am qualified to represent the achievements of my previous life. Wei Dongsheng thinks so and does so.

Wei Dongsheng calmly faced Bram_Cohen, and calmly faced the honor of the father of seeds, the Seed protocol and Seed technology named after him, because the core technology of the seed download artifact was not originally from Bram_Cohen. Of course, Wei Dongsheng will not be arrogant. He only represents the honors belonging to the technical staff of the previous life. He will not give him the honor of future technology free of charge because Bram_Cohen is the pioneer of BitTorrent, and he will not think that the father of the seeds is him. Personal honor and hard work.

Whose it belongs to is who owns it.

Therefore, Wei Dongsheng frankly accepts the honor of Time Magazine's 100 most influential people in the world, but will not breed arrogance because of it, and will not use it to shamelessly promote his power.

The Tencent founder team could not clearly value the seed download artifact before, and regard the seed download artifact as a relatively easy-to-use download tool; now it can’t clearly value the seed download artifact, because Time Magazine’s 100 most influential in the world Look at Wei Dongsheng on the list.

Suddenly, Wei Dongsheng's image in the hearts of everyone became taller.

Wei Dongsheng did not want to use his previous life achievements as his own achievements, and brought the topic back to the equity issue: "Tencent's listing plan is to issue new shares equivalent to 25% of the equity, raising 1.2 billion to 1.8 billion Hong Kong dollars. If this is done, my 7.2 % Equity will be diluted to 5.4%. After the successful listing, the market value will be approximately 260 million to 390 million Hong Kong dollars. Please forgive me for not agreeing to such dilution of equity.

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