Google's iPo auction is still in a difficult situation and almost no one cares about it, so it has been delayed in listing.

Generally speaking, venture capital institutions do not pay all their angel investments in small companies, but raise some of them through various means. The raised funds are subject to interest, so venture capital institutions always try their best to make the companies they invest in go public as soon as possible, and sell their equity after the six-month ban period to repay funds to ensure profits.

As early as 2000, Sequoia Capital wanted to promote Google's listing, but was rejected by Larry and Sergei. Then it encountered the Internet winter and now it has been auctioned and listed, which makes Sequoia Capital completely speechless and has a mentality of "whatever you like"

The main subscribers for listing in the United States are those investment institutions. Now Wall Street is collectively accusing Google, so naturally no investment institutions are willing to buy it, and those small institutions that can make the most profits are hesitant.

Google's road to listing has gone through twists and turns, but Tencent was the first to list on the main board of the Hong Kong Stock Exchange. Its underwriting institutions are Taurus Capital and Goldman Sachs Bank!

"Old Song, Tencent has broken the issue price!"

This is a call from Brother Xiao Ma on the afternoon of Tencent's listing.

Tencent's stock issuance price of HK$3.7 and the opening price is 4.37. It has been rising all morning and once climbed to HK$4.625. But in the afternoon, it suddenly plummeted, falling below the issue price all the way, with a turnover rate of up to 104%. That is, the vast majority of investors who bought Tencent chose to sell on the opening day.

This situation is purely unlucky for Tencent. Two days before it was about to go public, the Ministry of Information Industry suddenly issued a notice on mobile text message services, and the government began to rectify the chaotic text message service market. The Ministry of Information Industry ordered enterprises to conduct self-inspection and self-correction. After the enterprise self-inspection, if another problem is found, the service provider will be immediately revoked.

In the first two quarters of this year, 60% of Tencent's revenue came from mobile SMS services. This notice is equivalent to directing Tencent's core business. How can investors not be affected?

The facts have proved that this is true. In another time and space, Tencent will be cancelled from the mobile 161 text message share next year, and its revenue plummeted by 130 million yuan in this area. Fortunately, other revenues have grown rapidly, otherwise Tencent will have a very sad life. This is the government forcing Tencent to transform.

Song Weiyang comforted: "It's okay, what's the big deal about breaking the issue price on the first day? Just be sure to do a good job of the company."

"I am worried about the betting agreement in half a year. There is too much unfavorable news about Tencent this year," said Brother Ma.

Many companies have to sign bet agreements when listing. If the stock price cannot meet the established target, the difference must be supplied to the underwriter by the company, or the company will directly pay for the stock. Tencent's value is seriously underestimated because there are no similar success stories in the United States.

The insurers listed by Tencent are Taurus Capital and Goldman Sachs Bank. Needless to say, Taurus Capital, Song Weiyang is a major shareholder and is very confident in Tencent, and has not signed any betting agreement. However, Goldman Sachs expressed great concerns, and even suggested that Tencent reduce the financing amount by four-fifths during the negotiations. Xiao Ma Ge strongly insisted on the established financing amount. In order to avoid losses, Goldman Sachs asked Tencent to sign the betting agreement.

Song Weiyang smiled and said, "Which online company in China now makes more money than Tencent?"

"That's right." Brother Ma also smiled.

NetEase, which is the most famous now, was beaten by Tencent in terms of business revenue. Tencent is no longer short of money now. It is open to users to register, and no matter how much server fees are, it can be afforded!

Brother Ma said again: "I just feel a little sorry, afraid that you will be unhappy."

"Haha, next time I come to Shenghai, I will treat you to dinner." Song Weiyang smiled.

The "sorry" mentioned by Brother Xiao Ma said was that before Tencent went public, it recycled some of the shares in Song Weiyang's hands with the median IPO price (HK$3). Historically, Tencent's major shareholder was Mih, but before it went public, he also agreed to Brother Xiao Ma to redeem part of the shares to ensure that Tencent's management team controlled the shares.

A South African company is so authentic in its work. Song Weiyang can't just rely on it, right?

During the Internet winter, Tencent's funds bottomed out several times, and Song Weiyang continued to invest more, and his personal shares had already exceeded 50%. In order to make Xiao Ma Ge's team hold more than 50% of the shares after listing, he reduced his holdings to 37% in one breath. More than 700 million of the 1.4 billion funds raised by Tencent this time were used to redeem the shares in Song Weiyang's hands.

In other words, Song Weiyang's tens of millions of investments at the time have now earned more than 700 million Hong Kong dollars, and there is still 37% of Tencent shares left.

After listing, Xiao Ma Ge's team held 38% of the shares, Song Weiyang held 37% of the shares, and the market circulating shares was 25%. In addition, Xiao Ma Ge's personal shares were 14.43%, and his book wealth was nearly HK$900 million.

This equity structure is actually very dangerous. After all, Tencent is different from Google and does not implement the A-share system. If Song Weiyang has a bad intention and directly acquires it in the stock market, he will instantly become the controller of Tencent.

Even on Google, Song Weiyang and Larry reached an agreement: as long as the six-year ban period is over and the Google stock price exceeds $200, Song Weiyang must let Google redeem more than 3%. When Google's stock price exceeds $300, Song Weiyang must transfer another 3%, and Google will help find a takeover. All this is for the healthy development of the company, because Song Weiyang's original investment far exceeded the red line of holding shares. Historically, Masayoshi Son was forced to sell Alibaba shares, and this is also an important reason.

Song Weiyang is very distressed now. He suddenly has 700 million more cash in his hand. What should he do?

If you really don’t know how to spend it, you can only throw it to Taurus Capital for custody. Anyway, Taurus Capital also needs to raise funds for investment.

Song Weiyang opened the computer and logged in Sogou, and searched for "Tencent" to go public. It turned out that there were news of bad news on the screen. Many experts and netizens were discussing that Tencent broke the issue price on the first day, and even predicted that Tencent might lose a huge amount next year. Because the rectification efforts of the Ministry of Information Industry were too strong, it directly pointed to Tencent's core business. This reminded me of this year's "brake stepping on the brakes", which caused countless companies to die suddenly, and Tencent may be the next one.

But it won’t work without rectification. This thing is going to be at the “315 Gala” this year.

NetEase is also overwhelmed because 40% of NetEase's revenue comes from mobile SMS business.

A rectification notice from the Ministry of Information Industry has caused 12 Chinese technology stocks in Nasdaq to plunge, and also reduced Song Weiyang's assets by US$200 million - NetEase's stock price has fallen below US$35, and Sohu's stock price has fallen to US$27.

"Slash, chop, kill him... idiot, this has made him fly back to the city!"

Doudou's shouting came from next door, and he couldn't even stop the high-quality decoration materials, which shows how excited Doudou's female hero was.

This unlucky child has finished the college entrance examination and can still see his grades in one week. He has been staying at home and has been playing openly these days. Of course, she will spend half of her time learning programming, and even write plug-ins to harm "a3".

Song Weiyang rarely has the time to write. He had digged a pit back then, and he had to fill it in with tears. He knew when he could finish the third part of "The Three-Body Problem".

Suddenly the phone call came, and it was Ding Ming who called: "Boss, the agency rights talks on World of Warcraft have collapsed."

"How could it collapse?" Song Weiyang was more curious.

Ding Ming said: "Our bid is already very high, with a $3 million authorization fee, a $5 million development sponsorship fee, a $3 million special event fee, a point card sales share of 25%, and a $10 million royalty payment per year. Wei Wangdi was very satisfied with this price code, and he was almost signed and suddenly regretted it. Zhang Chaoyang and I thought Wei Wangdi wanted to raise the price, so we left the other party for more than half a month. As a result, we suddenly received a notice that Wei Wangdi had signed a letter of intent with Jiucheng."

"How high is Jiucheng's bid?" Song Weiyang said.

"I don't know very well, but it must be ridiculously high. I estimate that the point card is divided into at least 25%, otherwise the signing of the Prestige Di would not be so straightforward," Ding Ming sighed, "The Mr. Zhu in Jiucheng is already crazy and is completely desperate. He is equivalent to taking out all the money to represent "World of Warcraft". Once the game fails to meet expectations, Jiucheng will announce its bankruptcy 100%.

"Since I haven't grabbed it, let's forget it." Song Weiyang was still very satisfied. He threw a shit stick in and delayed the China agency contract for World of Warcraft for half a year.

Jiucheng has just obtained the agency rights now, so the subsequent actions must be delayed. The days when World of Warcraft was launched in China will be at least four or five months later than in history.

Ding Ming also said: "When I talked last time, you said casual games were very interesting, so I kept asking people to look for casual games. I really found several of them, all developed by Korean companies, one of which was very interesting. The charging method is not accurate. This kind of casual game seems to be difficult to sell point cards, and can only be charged by selling props. Do you think the free game selling props can be popular?"

"What do you think?" Song Weiyang asked.

"A little bit overhanging," said Ding Ming, "Take online music as an example. Even in the United States, they listen to pirated copies when they first came out. Being greedy for cheap is the common nature of human beings. If you can play without spending money, how many players will recharge money? Unless you can buy powerful props. But if the props are powerful in the past, it will affect the balance of the game and cause a large number of ordinary players to lose. There are not many people playing the game, and it is boring that only those who recharge money. Sooner or later, the game will be killed."

Song Weiyang smiled and said, "What is the difference between an lv bag worth tens of thousands of yuan and an ordinary bag worth tens of yuan?"

"I understand what you mean a little." Ding Ming said.

There is no concept of "free games" in China, and it is impossible to imagine that free games are actually more cost-effective. Song Weiyang patiently advised: "You have to master the delicate balance. A free online game must make ordinary players enjoy it, but it can also allow paid players to enjoy the sense of superiority. Take this kind of basketball game for example. Newcomers only have shorts and don't even wear clothes and shoes. If you want to wear them, just buy them by yourself. The more expensive clothes and shoes the more cool they are, and even give them special effects when scoring goals. You can also sell the background of the room and the special avatar border. The rooms built by VIP members are more luxurious in playing fields, and the basketball patterns are also different."

"It's just to induce vanity." Ding Ming said.

Song Weiyang warned: "It is mainly about selling props, and it is best not to be too scary in the props attributes."

"I understand, then I will ask someone to discuss the agency rights." Ding Ming said.

As the saying goes, good things come in pairs. Ding Ming just hung up the phone, and William Zhu from Divine Sword Company called again. They all had Song Weiyang’s private mobile phone number.

"Boss, please let me tell you the first time I was closed for "Shan Hai Jing"," Zhu William smiled, "Well, it's going to be closed for the test. The closed for the test will be closed for three months, and it will officially start on July 1st, and the closed for the test will start tomorrow."

Song Weiyang said: "Give me some invitation codes for closed beta."

"No problem, I'll send it to your email address in person." Zhu William said.
Chapter completed!