Chapter 854 You Can Attack and Retreat

There is a joke circulating on the Internet in later generations. It is about an old grandmother who went to the vegetable market to buy tomatoes, picked three tomatoes, and the stall owner weighed them and said, "A pound and a half, three yuan and seven."

The old grandmother said, "I'll just make a soup, I don't need that much." After she finished speaking, she removed the largest one, and the stall owner quickly glanced at the scale again: "One pound, two taels, three yuan."

As a result, just when everyone thought that the old grandmother was going to be tricked by profiteers, the old grandmother calmly took out seventy cents, picked up the largest tomato she just removed, and turned her head away.

Three three yuan seven, after removing one, the remaining two three yuan, three yuan seven minus three yuan, the minus seven cents, no problem, the stall owner can only eat his own dumb loss.

Although it is a joke, it is a good example of the game between corporate financing and venture capital.

The current Muye Technology is like those tomatoes, but there are big ones, some green and some red.

yy is definitely the largest, reddest, and best among the tomatoes, so it must be the best. The post bar may not be too big, not green or red, but Happy Farm is probably the one that is green and small.

Although there is running water, it is of little significance compared to the real end game. Venture capital is looking at the comprehensive potential of yy in the field of instant messaging and in the field of future online social networking, so in front of this big framework, Happy Farm Really nothing.

Li Mu also guessed the value judgment of VCs, so he wanted to dismantle them first and then talk to VCs. If VCs really don’t like Tieba and Happy Farm, it doesn’t matter. The less optimistic they are, the better it will be for him. , 13 billion is valued to Muye Technology, if 12 billion is valued to YY, Li Mu will wake up from a dream.

Because Li Mu knows in his heart, the product scale of Tieba and the future development prospects of the ecological chain, the valuation can reach at least tens or even tens of billions. If we wait for a few years to hatch Weibo, the valuation will start at 10 billion US dollars. .

As for Happy Farm, Li Mu really didn't expect it to make much money, because its core mission is not to make money, but to build a fortress for yy's overseas development, but in addition, Happy Farm has a special attribute.

Not surprisingly, it must be its first client game, which is the first product of the future game division. However, the game division is still in a state where there is no game. If they are also included for financing, Venture capital will not give them a high valuation at all, at most only one team will be valued, plus the platform bonus, but Li Mu knows very well that the client game business will be the top priority of Internet revenue in the future. , If you are talking to capital in this basket of tomatoes at a very humble price, it will be a big loss.

What Li Mu wants to do is to optimize and upgrade the method of the old grandmother. As a seller, first figure out the price of each tomato in the eyes of the buyer, and then take out the one that the other party despises. Don't you despise it? ? It just happened that I didn't want to sell it very much, so I took it out and let's talk about the rest.

Others in Muye Technology also understand Li Mu's idea. Naturally, they have no opinion on splitting financing, but everyone is more concerned. Once Muye Technology is split into two or three companies, one of the companies has taken capital financing. In the future How to use the money smoothly in the overall operation of the three companies?

If Happy Farm is split out, then when yy is globalized in the future, a considerable part of the capital invested in Muye Technology will be used to push Happy Farm, and the capital will definitely go crazy.

However, Li Mu felt that this was not a problem at all, and said to everyone indifferently: "The reason why you are worried that the capital side will object to us using the money in other companies that have nothing to do with them is actually because you regard capital as a human being. Now, the premise that we want capital money is that capital cannot interfere with our decision-making and operations, if we can’t do this, no matter how good the financing conditions are, we will not agree.”

After speaking, Li Mu added: "We are a mature large-scale Internet company, not a start-up company.

Venture capital does not need to worry about our product model, profit margins and development prospects. In this case, they are scrambling to invest in us. The purpose is nothing more than wanting our shares. After getting the shares, when we need him, he will help us. When he is not needed, he shuts up and keeps his distance, and it is enough to be a silent shareholder. "

Kong Lingyu said in agreement: "I think the same is true. Even if we use venture capital money to promote Happy Farm overseas in the future, the real benefit will be yy. It's limitless."

Ding Zhenglin asked Li Mu: "Mr. Li, if you split it up, what is your psychological valuation of our sectors?"

Li Mu thought for a while and said, "15 billion for yy, 5 billion for Tieba, and 2 billion for Happy Farm."

Several people were taken aback by Li Mu. After all, Li Mu's expectation for Muye Technology was 22 billion! Even if it is 7 billion more than SoftBank, the current highest offer

Lin Qingya was the first to see through Li Mu's intentions and said with a smile, "Mr. Li, I think you just want to take out Tieba and Happy Farm, and directly value yy at 15 billion. Financing?"

Li Mu laughed and snapped his fingers: "Qingya, you know me best."

After finishing speaking, Li Mu added: "Tieba has traffic and users, but there is currently no good monetization method other than advertising, so I believe that capital itself will not be very optimistic about Tieba. The game mode of Happy Farm is relatively soft, and in the fierce To a certain extent, it cannot compare to games like Miracle and Legend, and the game itself is free, so the profit margin is naturally inferior to that of paid games. Similarly, capital will definitely not be very optimistic about it. And we sell shares for financing, to put it bluntly, just follow It's like selling something, if the buyer doesn't approve of it and the bid is low, then why should we sell it?"

Ding Zhenglin nodded: "Then I will discuss further with Sequoia and Softbank according to the valuation of yy15 billion."

"Okay." Li Mu said, "If the negotiation is successful, we will split the Tieba, register a Muye Culture separately, split Happy Farm and the game development team, and register a Muye Mutual Entertainment separately, the shares of these two companies. The structure is a complete copy of our current share structure, and the shareholders and shareholding ratios remain unchanged, but after the split, the two companies will operate independently and finance independently in the future."

"In this way, in the future, we will be able to attack and defend. If we attack, we will find a way to make the two split companies listed independently. If we defend, we can also use Muye Technology to operate through capital. Merging the two split companies back together will not only enhance the strength of the entire Makino Technology, but also avoid taking advantage of the venture capital round of financing. At that time, the two companies that do not have their shares will join in. They are If you have to pay extra, you will either dilute a portion of your shares or use money to make up the difference.”

Li Mu's offensive and defensive plan has been approved by everyone, and everyone understands that the post bar and game business are worthless in the eyes of outsiders, but in their own eyes, the development potential is very large.

At present, the core team of Muye Technology does not know Li Mu's future plans for Weibo, only that the next incubation task of Tieba is a blog, and the blog is already under development, and it will be developed soon.

Although some people have tried the blog product before, but because there is not enough traffic city, no strong platform appeal, and no well-known self-media main body, those people have not been able to make blogs, but there are a lot of high-quality products in Tieba now. There are also a lot of star resources. Once it is converted into blogs, a lot of self-media that attracts attention can be created at once. It can be said that Tieba has cultivated absolutely fertile soil for blogs. As long as the blog comes out, it will definitely Fire, and fire.

In fact, in Li Mu's view, whether it is blog or Weibo, these two products are facing a huge problem in the development process: they are not well received. , just don't know how to make money.

A portal website with an average daily unique visitor of more than 1 million, if it only relies on selling advertisements, the annual revenue of tens of millions is very great, such as the h123 before the acquisition, but if it is a Japanese military website with more than 1 million unique visitors. For a business website, the annual revenue can easily reach tens of billions of dollars. The real difference between the two is the realization method.

But this is not a problem for Li Mu, because Li Mu has prepared an excellent monetization channel Taobao for his blog and future Weibo.

After a certain period of development, the later generations of Weibo began to develop in the direction of new media e-commerce. If it weren't for the emergence of WeChat Moments, millions of "wechat merchants" would definitely take root on Weibo.

Li Mu doesn't want to create a "micro-business army", but the new media e-commerce is a very effective development direction. Once the blog becomes popular, it will definitely gather a large number of users, and find a way to guide these users to Taobao for consumption, which is the future of the blog. Top priority.

In other words, Li Mu has basically decided to put all of his blog advertisements on Taobao in the future. The monetization method of e-commerce is direct, and the conversion rate is high, which is much more effective than other Internet advertisements.

Moreover, blog itself is a new type of self-media. Among the users here, a small number of people create high-quality content, and a large number of people pay attention to and digest high-quality content. In this case, blogs can guide a group of people who are good at content creation or influential people to come. , and try content e-commerce directly.

For example: Let a well-known makeup artist open a blog, explain makeup, and recommend the cosmetics and makeup tools of Taobao partner companies. While her audience is learning, they can directly generate the desire to buy the products she recommends through her guidance. The link attached to the blog can directly let these fans jump to Taobao to complete the purchase

For example: let a well-known fashion magazine open a blog, regularly recommend the clothing collocation of various cooperative enterprises, and see that the user is interested in a certain piece of clothing, click on it, you can also buy it directly on Taobao

Taobao store owners can promote products on their blogs, and well-known bloggers can also open stores on Taobao. In short, the two links can be completely opened up, and the resources at both ends can be exchanged and transformed, so as to promote each other and develop together.

This is the awesomeness of the big ecology. In the past life, when Sina fiddled with blogs and Weibo, there was no Taobao.com to monetize them, but now, both blogs and Taobao are owned by Li Mu.