My Age of Investment

Xia Jingxing was not the only one who was dissatisfied with the details of the transaction, Yang Zhiyuan's face was also as dark as the bottom of a pot.

"Jack, the holding cost of Yahoo's 26% stake is as high as 1.08 billion U.S. dollars!"

Yang Zhiyuan took the paper handed to him by his subordinates and read it: "After the financing is completed, Ahri's total share capital is 403 million shares, of which Yahoo holds 104.78 million shares, at a cost of US$10.31 per share;

Vision Capital holds 92.69 million shares at a cost of $7.84 per share;

Regardless of the old shares originally held by Softbank, it accepted 27.453 million shares transferred by other old shareholders at a cost of US$6.5 per share.

Tell me, how do we accept this proposal? "

Xia Jingxing glanced at the result calculated by the duck neck, and it was all consistent with the number reported by Yang Zhiyuan at this time.

He also knew that the reason for the difference in the average cost of holding shares among the three investors was the transfer of the old shares.

Ali old shareholders hold 33% of the shares, corresponding to 87.7 million shares, the transaction consideration is 570 million US dollars, and the average cost is 6.5 US dollars per share.

On the Softbank side, they only bought a small portion of old stocks and did not need to inject capital into Ali, so the overall cost of holding shares was the lowest among the three.

On his own side, he bought some cheap old stocks, and then injected part of the capital into Ali at a high price.

One high and one low, the two offset, and the cost of holding shares is among Softbank and Yahoo.

The worst loss is Yahoo, because it did not take over the old shares of Ahri, and all of them were new shares issued at high prices, so the cost of holding shares is the highest.

Thinking of this, Xia Jingxing's mind became more balanced.

He didn't express his opinion lightly, just watched Yang Zhiyuan keep getting angry there.

Ma Yun was constantly questioned by Yang Zhiyuan, with a smile on his face all the time.

After this plan was made, he knew that Yang Zhiyuan would definitely want to talk to him about it.

But from the actual situation, Yahoo Global has already bargained for the valuation of Yahoo China. Naturally, it is impossible to let Yahoo take advantage of the second time, so the other two investors will also be dissatisfied.

Therefore, Ari's old stock transfer,

He made three shares, two to Vision Capital and one to SoftBank.

The share for Softbank is mainly to appease Sun Zhengyi's dissatisfaction.

The two shares given to Vision Capital are to help reduce the cost of holding shares.

Ma Yun thinks that he is impartial and has taken care of the interests of all parties.

After Yang Zhiyuan finished his anger, Ma Yun slowly replied: "Yahoo China invested 1.08 billion US dollars, and Yahoo China, which is valued at 500 million US dollars, accounted for nearly half.

If Yahoo China is excluded, Yahoo's shareholding cost is actually not high. "

Yang Zhiyuan naturally understood what Jack Ma was planning. To put it bluntly, he still felt that Yahoo China was not worth 500 million US dollars.

In the beginning, Yahoo China was valued at US$700 million, but it was pushed down to US$500 million.

That's all, now Jack Ma still wants to suppress the price.

This made Jerry Yang couldn't bear it any longer, and retorted: "Then lower Ahri's pre-money valuation by US$500 million."

The valuation of Yahoo China has been seriously watered down, and so is Ari.

Therefore, Yang Zhiyuan started the mutual harm mode.

Softbank does not inject capital into Ahri, but only buys old stocks. This has nothing to do with them, and Sun Zhengyi shrinks aside to watch the excitement.

Xia Jingxing is different. Yang Zhiyuan's proposal is also extremely beneficial to Vision Capital, so he began to support Yang Zhiyuan: "Yes, I think Ahri's valuation is 2.74 billion US dollars, which is indeed too high, and 2.24 billion US dollars is about the same."

Ma Yunyun glanced at Xia Jingxing, the meaning couldn't be more clear, why are you here to join in the fun?

He felt that he had already taken care of the interests of Vision Capital, but the other party was not satisfied.

Xia Jingxing looked at Ma Yun's questioning eyes, and began to tell his real purpose: "I think the 33% of the old stocks should be taken over by Envision Capital."

Sun Zhengyi is not happy anymore, this is taking them under the knife!

The old man couldn't sit still any longer and joined the "mess".

For a large-scale transaction, all kinds of wrangling are indispensable.

In particular, Ahri's situation is more complicated, and the interests of all parties are entangled.

Xia Jingxing and his team evaluated Yahoo China and thought it was worth at most 300 million US dollars.

In addition, Yahoo will also spend 580 million US dollars, which adds up to 880 million US dollars.

880 million U.S. dollars, in exchange for 26% of the equity, a cost of 33.85 million U.S. dollars.

Vision Capital took out 727 million U.S. dollars in exchange for 23% of the equity, and the cost of one point was 31.61 million U.S. dollars.

The gap between the two is actually not that big, and it is Sun Zhengyi who really makes him angry.

Softbank has picked up a big bargain.

Faced with Xia Jingxing's doubts, Sun Zhengyi compared three fingers, "First, Softbank gave up so many equity shares, everyone must compensate us;

Second, the cost of Yahoo's shareholding is very high, and Softbank's interests are indirectly damaged.

Third, the 27.453 million old shares we bought accounted for 10.33% of the total equity before financing, and only 6.81% after financing dilution.

That’s not much, because it looks like SoftBank only spent $178 million in cash to get a 20% stake in Ahri.

That's because we currently hold 20% of Ahri's equity, and the US$178 million payment is just to ensure that the equity will not be diluted. "

What Sun Zhengyi said was justified and well-founded, and he dispelled Yang Zhiyuan's idea of ​​seeking losses from Softbank.

Therefore, Yang Zhiyuan put his idea on Xia Jingxing's head, "Dai Lun, Envision Capital has taken over two-thirds of the old stock transfer share. You have made too much profit, you should give us one-third."

Xia Jingxing was immediately blown away. If one-third of the old shares were transferred to Yahoo, it meant that Vision Capital would participate in the issuance of new shares.

There is a $1 billion valuation gap.

The most ideal plan he has imagined is that Envision Capital will take 33% of the old stocks and only spend 570 million U.S. dollars.

After the 33% of the old stock financing is diluted, there are about 22% left. Vision Capital will increase its stake in Ari by a little more, and the total funds used will be about 600 million US dollars.

But everyone knows that the transfer of old shares is a piece of fat, and they all want to share it.

Xia Jingxing still thinks he is not full? Yahoo is still coming to snatch food?

So, he started to choke Yang Zhiyuan out loud.

The negotiation scene was once very chaotic.

Yang Zhiyuan did not pick Ma Yun, Xia Jingxing felt that Softbank had taken advantage of it, and Sun Zhengyi felt that he had sacrificed a lot...

In short, each has its own reasons, and they all want to grab greater benefits for their own side.

The negotiation lasted for three days, and finally reached an agreement under the concession of Jack Ma's team.

Jack Ma's team lowered Ali's pre-money valuation from US$2.74 billion to US$2.5 billion.

The financing is 1.29 billion US dollars, of which Yahoo China is worth 500 million US dollars, Taobao equity is worth 360 million US dollars, and the cash part is 430 million US dollars.

The price paid by Yahoo, Yahoo China, acquired the equity of Taobao in the hands of Softbank for US$360 million, and also needed to inject US$125.4 million in cash into Taobao.

Compared with the original plan, there is almost no change, the only difference is the cash contribution.

Originally required to contribute 220 million US dollars in cash, and now it is nearly 100 million US dollars less.

And Yahoo still holds a 26% stake in Ali, which Yang Zhiyuan is very satisfied with.

Softbank's plan has not changed from the previous one.

It still sold Taobao’s equity to Yahoo for US$360 million, and then Softbank invested US$178 million to acquire 10.33% of the old shares, increasing its shareholding to 30.33%.

Afterwards, Ahri’s D-round financing will issue new shares to Yahoo and Vision Capital, and Softbank’s 30.33% stake will be diluted again to 20%.

One increase and one decrease, return to the original shape.

Vision Capital needs to invest 392 million US dollars first to acquire 22.67% of the old shares of external shareholders.

This is consistent with the previous scheme.

However, compared with the previous plan, the funds injected into Ahri were more than 30 million U.S. dollars less.

A further cash infusion of $335 million into Ahri was required, and now it is $304.6 million.

At the same time, the shareholding remains unchanged at 23%.

The harvest was not as great as Yahoo, but Xia Jingxing was basically satisfied.

After all, Yahoo was indeed taken too seriously by the previous plan.

Jack Ma's team still holds 31% of the shares as in the previous plan.

In addition, Yahoo China will still inject into the Ahri system, and Taobao’s equity will also be withdrawn to become a wholly-owned subsidiary of Ahri.

The main change is reflected in the valuation. The pre-investment and post-investment valuations are more than 200 million US dollars less than before.

But valuation is sometimes not so important, especially when compared with "lizi".

For the cash part, the previous plan was 555 million US dollars, but now it has become 430 million US dollars, and the gap is not very big.

At the beginning, when Jack Ma's team was negotiating with Yahoo and Softbank, the two parties had to hold 69% of the shares in total, leaving only 31% for their team.

Moreover, the plan at that time, in addition to injecting the equity of Yahoo China and Taobao into Ahri, only injected another 250 million US dollars in cash into Ahri.

But because of Xia Jingxing's appearance, Ahri raised a full US$180 million in cash under the condition of selling the same amount of equity.

In this regard, Jack Ma has no dissatisfaction.

This is also the reason why their team made generous concessions when the negotiations were deadlocked.

In fact, all of this also came from Cai Congxin's calculations.

Deliberately put forward an exaggerated plan first, and then the management of Ahri made substantial concessions, so that Vision Capital and Yahoo had a "feeling of making money", thereby promoting the final transaction.

In short, for the final plan, all parties have a steelyard in their hearts, and they all feel that they have made a profit.

It's a happy ending!

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