Chapter 853

When the promotion of daily necessities was advancing rapidly, Brother Liu left Yanjing and began to run around in preparation for the establishment of a logistics base for Taobao Logistics.

Lei, who has attended a Taobao conference, is now looking forward to joining the Taobao team as soon as possible, so he is busy and actively promoting the case of Taobao's acquisition of Joyo.

What is gratifying is that both Kingsoft and Lenovo have reached a consensus and are willing to take action according to Li Mu's offer. The next thing to do is the asset audit before the acquisition and the transition of the team, so the leader Lei is waiting for the audit to be completed as soon as possible, while giving My old team is reassured, so that everyone can rest assured that even if the company wants to sell to Taobao, everyone can continue to work in their positions, and Taobao promised to give the employees of Joyo.com a salary bonus of 20. This is not because Taobao attaches great importance to this team, but Taobao's employee benefits are already much higher than that of Joyo.

In the past few days, Muye Technology, which released the wind and wanted to finance the round, began to receive letters of intent from major venture capital institutions. Ding Zhenglin, who was dug from Sequoia by Li Mu, resolutely implemented Li Mu's requirements and gave Muye Technology a valuation. Venture capital institutions with less than 10 billion yuan were rejected by Ding Zhenglin in seconds.

Why the second refusal? That is, when Ding Zhenglin saw the investment letter of intent handed over by the other party, and the intent value was less than 10 billion, he would close the investment letter of intent without hesitation, hand it back to the other party, and said blankly, "I'm sorry, Muye. Tech does not consider accepting financing from your company.”

The other party was confused by Ding Zhenglin, and Ding Zhenglin immediately told the other party the reason: "I'm sorry, our boss said that any institution with an offer of less than 10 billion will be rejected."

When the other party heard this, he hurriedly said, "Then let's go back and meet again and make another letter of intent."

"No need." Ding Zhenglin resolutely reiterated: "Our boss means that if the price is less than 10 billion, there is no need to talk about it in the future."

The other party was stunned, and it took a long time to realize that his conservative offer made him completely missed the round of financing of Muye Technology. In fact, they also have lan and lan as alternatives, and the quotations of several other alternative plans are constantly increasing. Yes, but just because I was lucky, I wanted to make a lower offer first. If the other party refused, I would take the second alternative plan, and then increase it a little bit and break it a little bit.

But they never thought that Muye Technology would be so powerful that once the price was too low, they would be out of the game without giving themselves a chance to make amends.

With the rejection of many companies with an offer of less than 10 billion yuan, the high profile of Makino Technology has also caused a huge shock in the Internet industry. As far as the current development of China's Internet industry is concerned, it can be so strong in front of capital, except for Makino Technology is no more.

No, if Taobao also announced the start of financing, its attitude should be similar to that of Muye Technology. After all, it is Li Mu's company.

As a result, everyone reached a consensus: In the Huaxia Internet industry, there is no one other than Li Mu who can treat capital as a grandson.

Just when Li Mu was being talked about in the industry, the people of Sequoia were glad that they gave Muye Technology an offer of 13 billion.

The reason for the quotation of 13 billion valuation is that Sequoia has also analyzed the current influence of Muye Technology very carefully. Naturally, the highest valuation part is that this is a god-level product that occupies the entire China Internet. At present, almost every computer connected to the Internet in Huaxia has a client installed, and the coverage rate is so high that there is absolutely no second one in Huaxia.

In addition, the second largest products of Muye Technology are Tieba and Portal. These two are web products, that is, page products. There is no client, but the traffic is very large. It goes without saying that Tieba has been operating for the past year. , Tieba has become the largest Chinese community in the world, not only gathering a large number of Chinese users, but most importantly, also gathering a large number of Chinese stars,

In particular, Star Post Bar, which can gather star resources to such a level, is really amazing at the moment. It gives people the feeling that its influence is much greater than that of Sina blogs in later generations, and it is second only to Sina Weibo.

The portal started late, but with this huge source of traffic, its traffic has grown rapidly from the first day of its launch.

After Li Mu received ao123 and was fully integrated into 123, he almost blocked the traffic of the entire navigation website. All news modules on the navigation website were links to the Internet. The traffic of other websites was cut off by a considerable amount, and all of them were subsidized to the Internet. Come, so the traffic of the net ranks first in the Chinese website, surpassing the traffic of the three old portals sina, 163 and sohu. As for Baidu, it has not yet been able to enter the Chinese website5.

Taken together, in Sequoia's eyes, the most valuable parts of Muye Technology are these three sections. As for the game hall and Happy Farm, in their opinion, although they are also very good products, they do not have much room for development. , Although the recharge flow of the game and Happy Farm is not low, Sequoia thinks that they are two games that make quick money, so when calculating the valuation, their standard is ten times the estimated revenue, at a valuation of 13 billion The proportion is very low.

In addition to Sequoia, several venture capital institutions have also given a valuation of more than 10 billion yuan. What surprised Li Mu most was that Japan's Softbank also gave their quotation, which was as high as 15 billion yuan.

Sun Zhengyi also wanted to invest in Muye Technology, which made Li Mu a little unexpected, but thinking about it carefully, this person is also one of the most powerful investors in the Internet industry. Boss Ma is the one who invested, and he also invested in many other Huaxia. Internet companies, in the tone of CCTV, are also regarded as "old friends" of the Chinese people.

After getting the quotations from almost all the current venture capital institutions, Li Mu held an internal meeting at Muye Technology. At present, there are five companies that offer Muye Technology more than 10 billion yuan, of which the highest price is Softbank's 15 billion yuan. , Sequoia Capital's 13 billion price came in second, and the remaining three companies, two quoted at 12 billion, and one at 10 billion.

For Li Mu and other employees of Muye Technology, everyone can basically reach a consensus in a very short period of time, that is: this time, the financing must be between Softbank and Sequoia.

Not only because these two companies have high quotations, but also because these two companies are top venture capital institutions, both in terms of capital strength, ability and background in the capital market.

Needless to say, Sequoia is one of the largest venture capital institutions in the world. It has invested in a large number of companies, both large and small, and many of them are super big. It is also an old-fashioned American venture capital. It has a deep foundation in the capital market in the United States. In addition, it is a little bit stronger than Softbank in other aspects, except that its quotation is a little lower than that of Softbank.

Regarding Softbank, if you put aside his nationality background, it is indeed a very powerful company. Softbank has invested in a large number of Internet and electronic hardware companies, many of which have been successfully listed in the United States and are also very strong in the US capital market. However, Li Mu was somewhat dissatisfied with Sun Zhengyi's nationality, but his reason also told him that there was no need to be an angry youth in the capital market. Both the United States and Japan have a lot of hot money wandering in the field of international capital, and they want to completely avoid Japanese capital in the international capital market. , is basically impossible, and SoftBank's offer is a full two billion yuan, which is absolute confidence and affirmation for the future of Makino Technology.

Just as everyone expressed their opinions and expressed their opinions between Sequoia and Softbank, Li Mu opened his mouth to set the tone: "First of all, you don't have to consider whether you should choose Sequoia or Softbank, because it's only at the stage of their offer. , we haven't negotiated with them yet, and there's no truth to what they say, we want more."

When everyone nodded, Li Mu continued: "Secondly, we must first figure out how much the business of Muye Technology in these sections is worth in the eyes of capital, because the three products of Makino, the Internet, and the game hall are directly affiliated. relationship, so there is no way to split it, but other than it, other products can be split, such as Tieba, such as the game division, so when we really sit down with the capital to discuss, we have to disassemble all the talks. .”

Lin Qingya asked Li Mu: "Mr. Li, do you mean that we need to split and refinance?"

Li Mu said: "Splitting or not splitting depends on how much valuation they give."

After a pause, Li Mu said, "Take Sequoia as an example, they gave a valuation of 13 billion, which is the overall package valuation they gave to the entire Muye Technology, but if they feel that Tieba is worthless, this In the valuation of more than 10 billion, they think that Tieba is only worth one billion, and we think that Tieba is worth more than one billion, so we will split the Tieba. We don’t want the one billion valuation. For your remaining 12 billion valuation, subtract this part of Tieba for Muye Technology."

Lin Qingya nodded lightly and said, "I think a considerable part of the valuation given by capital is given."

Ding Zhenglin also said: "President Lin is right, according to the VC's routine analysis, what they value most is the direct ecology, not Tieba and Happy Farm. After all, there is huge room for imagination. With the current market share and development trend , VCs must have great confidence in the development in the next five years or even longer, and they must account for the vast majority of the valuations given.”

Li Mu nodded and said, "If this is the case, in our next negotiation, we will have to discuss with them in multiple ways, what is the overall valuation, and how much they will each give after the split? Given, then we will split Tieba and Happy Farm. Tieba and the blog we are developing will be integrated and re-establish a company. Happy Farm will be spun off and set up as a company. After the end game, it will be our first client. The game is over, and didn’t we just dig a group of game talents? They can directly develop new end games for us, and in the future, all our end games will be done in the shell of game companies.”