Andy actually understands Jackie Ma's three-step strategy of angering Yahoo Yang Zhiyuan and Softbank sun Zhengyi, separating the third-party payment, making them fly alone, and completing the practice of transferring foreign holdings to domestic investment. Jackie Ma has no choice.

The security of payment data is something that no country will give up easily. It is a security issue rather than a national issue.

All big enterprises want to face the world with openness, but the future era is data competition. And Jack Ma's Ali has the country's economic data. There is no doubt that any country can not accept being controlled by foreign capital. In the United States, we will still encounter the same problem, or even more trouble.

Understanding comes from understanding, but Jackie Ma, who has always been a highly respected entrepreneur in rabbit country, Ali is also one of the largest Internet enterprises in rabbit country. The cost of this mistake is not only the accumulation of years of personal international reputation, but also Ali's potential long-term development opportunities.

At the same time, the event of solo flight (separated from the two major shareholders of Yahoo Softbank) triggered a discussion about the entrepreneurship contract spirit and integrity.

However, what Andy didn't think was that the most important question for Li Xiaoying's video connection was that Jack Ma had just raised the issue of payment license plate on the board of directors. Through the information fed back by many parties, foreign investors might not be able to get the license plate in the first batch, so he proposed the third party payment with the purpose of separation One step strategy.

Transfer 70% of the shares paid by the third party to a domestic company under Jack Ma's name at a low price. One of the most confusing and deceiving conditions for Softbank and Yahoo is Jack Ma's so-called agreement control.

The so-called agreement control mode originated from the listing of jiulang.com's NASDAQ 12 years ago, and was widely used for overseas red chip listing of enterprises in the "foreign capital forbidden" industries such as Internet and publishing.

It is to set up a wholly foreign-owned enterprise in the name of the overseas company under its control, control all business activities of the domestic enterprise through exclusive management consulting or technical service agreement and other contracts, and then obtain the main income and profits of the domestic enterprise.

Through the above series of arrangements, although on the surface, the domestic enterprise is still an independent domestic enterprise, in fact, all the operations of the enterprise and its corresponding assets, income and profits belong to the overseas company and are actually controlled by the overseas company.

At this time, the statements of both parties shall be consolidated. Consolidated statements are the accounting premise for the realization of listing of domestic equity abroad.

At the beginning of the agreement, Yahoo and Softbank carried out the same financial report. However, Jack Ma continued to transfer the remaining 30% equity in August 2010. The third step was to terminate the agreement control with Alibaba Group in the first quarter of 2011. Jack Ma terminated the agreement control in some aspects without the approval of the board of directors, and completed the individual holding of the third party payment.

After that, through the investigation of the central bank, he got the license plate and went back to negotiate the compensation agreement between Yahoo and Softbank. However, sun Zhengyi of Softbank refused directly, and the compensation negotiation between Jack Ma and Yahoo was also bogged down.

No matter what reason, how powerful the background is, we can't escape the interest struggle and the integrity of the contract spirit.

In order to be stronger, bigger and go global, enterprises must be honest. Since all enterprises in the world are doing business under the framework of a contractual spirit, everyone must abide by and maintain this framework, which is the responsibility as well as the protection of their own interests.

However, the more complicated background is Jack Ma's belief in Ali's absolute control and his efforts to repurchase the control in recent two years. In the group with less than 10% of the shares held by individuals, Jack Ma has maintained a strong management position with a weak board.

When a bad result has been planted and ten thousand good reasons cannot be whitewashed, it is hypocrisy.

Of course, at the same time, we must recognize that modern payment is a new financial reshuffle across the bank and credit card payment. At this point, rabbit country is far more advanced than European and American countries, and there is no way to learn from it. This is the only way rabbit country leads the world as a pioneer.

Andy can't be sure whether Jack Ma is forced to do it or after careful consideration. It's none of his business. However, now it's on his own, so things are not so wonderful.

In fact, it's easy to solve the simple interest dispute. The compensation agreement should be very rich, otherwise Yahoo would not agree to the negotiation later. The reason why Softbank's sun Zhengyi refused may be that he had conceptual differences with Jack Ma. Maybe this Korean born man has some more obscure and elusive ideas in his heart.

Andy knows that if Alibaba group can really bring him huge benefits, then the third-party payment can't be stuck in Jack Ma's neck. This is something that these foreign investors can't decide. No country will allow this kind of tool involving national financial security to be controlled by foreign capital.

Long time contemplation, let the whole room into a strange quiet, whether it's Li Xiaoying at the end of the video or Ivana who has put down his work to look at him curiously.

"We are not the largest shareholder. We don't need to rush to make a statement. After all, it's not the time to make a real decision. Our interests can't be harmed. At the same time, we need to consider the reality. The issue of payment license plate will not be a small problem in any country. Ali's share proportion is hard to get the trust of the country, which is the reality." Andy finally looks up and breaks the silence.Li Xiaoying agreed with this conclusion, and also praised the young boss's understanding and rationality of rabbit culture.

"Maybe I need to meet Jack Ma once, but it's not allowed now. If Jack Ma is in America, I'd like to meet him very much."

Li Xiaoying nodded and said, "next time I see Jack Ma, I will bring him the message. Besides, boss, I have contacted Zhou Hongwei of Qihu 361. I will fly to the capital tomorrow. I don't think Zhou who wants to expand will refuse our investment. "

"Very well, Emily, I'm very satisfied that you can enter the state so quickly and open a breakthrough in the Internet market investment of rabbit country. The list I gave you, I hope you can achieve it one by one." Andy praised with a satisfied smile on his face.

"According to our understanding, Youku is preparing a third round financing of 25 million US dollars. Dangdang.com and tudou.com, I have sent people to investigate and understand. As for the game companies you asked me to pay attention to, at present, I think there are only two companies with the most development potential, one is Changyou, the other is Shengda..."

Andy patiently listens to Li Xiaoying's report, and his brain thinks quickly. Although he is very clear about the names and main businesses of these companies, he is only a technical house after all in his previous life. His focus is not on the enterprise itself, but more on their businesses and commodities.

"Youku's financing amount of 25 million US dollars is all eaten, and its shares are purchased as much as possible, as well as tudou.com. The number of Internet users in rabbit country is very large, while the development speed of video websites is very fast. Under special national conditions, it has almost determined that they will not have strong external enemies, and will basically be in the situation of internal fighting. As the earliest in the world Tudou.com, one of the online video websites, and Youku, which has a strong development, are undoubtedly the best. Seize these two bull horns and let them have enough ammunition to eliminate their opponents. When there are only two left, no matter who wins or loses, I will be the beneficiary. "

"I understand the boss, but I also hold shares in two companies with the same business. Boss, are you sure you want to give up the voting rights in the board of directors?" Li Xiaoying is very opposed to this. After all, it is unwise to give up the right to vote, which can protect interests.

"Sure, but you need to make it clear in the agreement that no matter which company merges with the other party, our voting rights will be restored in the first time." Andy just didn't want to arouse the suspicion of the two companies' investment banks, so he decided to give up his voting right. He was impartial and just for profit. Maybe it can also make the founder team more relieved.

"And the last one left, the penguin?" Andy has a little bad premonition, because when Li Xiaoying left, Ali and Penguin were specially asked to pay attention to, no matter how many shares can be bought, but from the beginning of the video to now, Li Xiaoying has never mentioned penguin.

"I'm sorry, boss, I'm afraid I'm going to disappoint you. Since Penguin went public in Hong Kong in 2004, the stock price has been growing steadily. And now the internal equity structure of penguin is very stable. I'm afraid we can't get the shares unless we are willing to spend a lot of money..."

If so, Andy couldn't help but smile and say, "tell me about penguin's ownership structure."

"In 2002, entrepreneurs accounted for 46.3%, MIH in South Africa 46.5% and IDG 7.2%. By 2003, the founder team and MIH accounted for 50% respectively. After listing, 420 million public shares were issued, and IPO diluted the proportion of original shareholders by increasing share capital. The proportion of 12 natural persons and MIH in penguin holdings in South Africa decreased from 50% to 37.5% respectively. On August 31 of the same year, the Bank of South Africa announced that it held 185 million Penguin shares, accounting for 10.43% of the issued shares. The rest is tradable shares! "

"This MIH in South Africa

Li Xiaoying soon solved Andy's doubts. "This is a group controlled by NL company, Standard Bank of South Africa. Its main business is media, TV station and Internet. It began to layout the Asian market early. It is a listed company of NASDAQ in the United States, with a market value of 4 billion dollars."

Andy nodded and looked at the pretty face on the monitor. "What's your suggestion?" he asked

Li Xiaoying said after pondering for more than ten seconds: "boss, if the subprime mortgage crisis in the United States is really going to sweep the world, I think the Standard Bank of South Africa will also suffer losses. Maybe we can use this opportunity to contact them to see if we can buy some shares. If not, under the crisis, the global stock market will be hit hard, and we can also Use low price to attract a large number of shares in the market. This kind of tradable shares may be more suitable for us. In both ways, the shares of MIH listed on NASDAQ and Penguin listed on HK are all attracted at low price. More than five percent, we can announce to the outside world, and I think both companies will have to incorporate us into the board of directors. “