Chapter 748： Views on Jingdong (2)

? It seems that I feel the reservations in Yang Cheng’s words, and Liu Dong is also rare to feel relieved, showing a humble attitude of asking for advice, and even a signal for help in his words. This is really rare. You must know that he dares to be in front of countless media. , The existence of choking with Jack Ma on the stage, now he turned his face down to ask the young man Yang Cheng for advice, so that Yang Cheng felt that if he couldn't tell anything, he would be sorry.

He held his chin and pondered for a while and slowly said, "I don’t understand your investment ideas, whether it’s Bitauto.com, Tuniu.com, and a series of investments such as financial software and Yonghui Supermarket. There is no connection at all. Aside from the stock losses after you invested in these projects, the strategic consideration alone will not help Jingdong at all.

If you want to be more truthful, it seems that only Yonghui Supermarket has a little bit of supplement to Jingdong's industrial chain. After all, it is not difficult to see from this investment that you plan to go back to the offline, and even your strategic intentions to go hand in hand.

But those other investments, with all due respect, I will not do it at all. "

Liu Dong's face was as dark as the night, and the milk tea next to him could even feel the fiance's suppressed anger and helplessness.

Since Yang Cheng has opened up the chatterbox, she naturally doesn't care so much. If she wants to ask for advice, she has to resist criticism. Of course, he doesn't think he is so powerful that he can educate this legendary entrepreneur, but just standing by the sidelines. The angle of view, in fact, can better see the essence of the matter.

"And from the perspective of Wall Street, for a company with a 12-year history, Jingdong’s management team has a short tenure. Will there be problems with insufficient experience? Or the relationship between your management is not harmonious. ? There is even a power struggle? This is what Wall Street investment banks are most worried about. After all, the stability of the management plays a vital role in whether the company can develop positively."

Yang Cheng’s remarks really hit Jingdong’s key point. Liu Dong’s expression warmed up and was no longer as stinky as before. After all, Yang Cheng had previously rejected his investment. This came to him who had a strong self-esteem. It's really hard to accept.

The subsequent insights about the management also made Liu Dong secretly sighed in his heart. It is amazing. It is worthy of being a descendant of the family who can establish a foothold on Wall Street. Without a very good understanding of the group, he directly pointed out the problem and had a precise vision.

Yang Cheng is right. For a company that has been established for 12 years, where did the early management personnel of the company go?

Jingdong’s management and employees flow frequently, and they especially like airborne. Most of the executives who come from the airborne are from foreign companies. Because the culture is not suitable for leaving, there are not a few who leave. On the one hand, these executives are attracted by professionalism. The aspect is also out of international considerations, but Jingdong’s internationalization is not doing well. Whether it is overseas brand awareness or actual overseas business expansion, the former head of international business who has high hopes from Warwick has also been forced to leave. .

Liu Dong slowly realized this problem, but he couldn’t help it. The old man who followed him was slowly unable to keep up. However, the newly joined professional strongman did not match his personal philosophy and it was difficult to combine it into a whole. It also made Liu Dong question the professional managers, which is also the root cause of the current situation.

Yang Cheng was still saying, "In addition, people in your group have been selling Jingdong shares on a net, including the major shareholders and yourself. Your equity has been diluting. I don’t know if it’s because of your personal lack of money or what. This will also raise doubts on Wall Street. Even the founders have begun to cash out. Why do we still keep the stock?"

Liu Dong quickly interrupted and explained, "Jingdong has prepared to buy back 1 billion US dollars of stock."

Yang Cheng waved his hand, "This is useless. If you don't implement the repurchase measures in a day, Wall Street's doubts will not decrease. The big investment banks are okay. They can afford to wait. Don’t expect them to stand by where the wind is bad. Don’t worry about what happens afterwards, just run away to save your life.”

Liu Dong smiled bitterly and shook his head, Yang Cheng was right.

"Actually, one thousand and ten thousand. The continued decline in your stock price is ultimately due to your own lack of hematopoietic capacity. When a company continues to raise funds from shareholders and creditors, especially when the company has been established for a long time and is still losing money for years, it is worth it. Attention has been drawn.

In particular, Jingdong has always had a great appetite for financing from the capital market, creditors and shareholders. If I remember correctly, since 2009, Jingdong has raised nearly US$10 billion, and the company’s net cash flow is almost It mainly comes from financing, and even now it has to rely on extracorporeal blood transfusion to maintain life, which is really incredible.

Of course, this does not rule out the possibility of you and your group in the next big game Then I don't know, the above is my understanding of Jingdong, I hope it can be helpful. "

As soon as Yang Cheng's voice fell, Liu Dong raised his wine glass and thanked him with emotion, "Thank you, my heartfelt thanks. No one has said similar things, but I have not listened carefully to my heart and thought about solving them. Nowadays, listening to your words is better than reading ten years."

"I don't dare to be it, just a little bit of humble opinion, and it's all superficial things. I can't take it seriously. It's an honor for Mr. Liu to listen to me."

The two made a polite sentence to each other, clinking glasses to finish drinking, Liu Dong said in a joke, "Unfortunately, Mr. Yang has no investment business in China, otherwise we will have a high probability of becoming partners."

With this slightly tentative word, Yang Cheng smiled off. Before he was reborn, Jingdong was always a pit. Although on the surface it began to make profits, even with its stock price soaring, in fact Jingdong’s fundamental problems were still not there. It can be solved. The so-called profit is only obtained through financial means and from consumers. This is not a long-term solution.

Of course, Yang Cheng didn't know that after he was reborn, Liu Dong was still involved in the Xing invasion lawsuit in the United States. If he knew, he wouldn't jump into the pit.

How did Liu Dong know so much at this time? Seeing that Yang Cheng didn’t answer the conversation, it was only that he was unwilling to invest in Jingdong. While regretting, he was also angry and unconvinced. You are not optimistic about me. Jingdong becomes bigger, and it will see if you will rush to beg me.

Such a naive idea should not appear in a successful entrepreneur like Liu Dong, but at this moment, facing the aloof Yang Cheng, Liu Dong really thinks so.