Ma Xiaoyun also came to Hong Kong City, mainly because he flew to meet Song Weiyang and went to visit Jin Daxia.

Villa, by the swimming pool.

Song Weiyang asked with a smile: "What's so anxious? I won't wait for me to return to the mainland to talk about it."

Ma Xiaoyun held the cigarette with three fingers, took a sip, relieved her emotions and said, "I was forced to be abdicated by the shareholders, and they gave me three choices."

"What three choices?" Song Weiyang asked.

Ma Xiaoyun said: "First, let me step down, and CEO will be the one; second, sell Alibaba to Ebey; third, let me find someone to take over, and shareholders such as Goldman Sachs, Fidelity, etc. take the opportunity to cash out and withdraw."

Song Weiyang said: "Why?"

Ma Xiaoyun said: "Taobao has been losing money continuously, and Alibaba's business has grown slowly. The main reason is that these shareholders have invested in Alibaba for many years, but have not been able to see Alibaba go public and cash out. Ebey suddenly proposed to acquire Alibaba, and the offer is very high, which made the shareholders all moved, so they joined forces to force me to testify."

Song Weiyang asked: "What is Masayoshi Son's attitude?"

Ma Xiaoyun said: "He was also a little moved by ebey's offer, but I had already convinced him, but he still advised me to give up his Taobao business."

Song Weiyang asked: "Then are you willing to give up Taobao?"

Ma Xiaoyun shook her head and said, "It's already a difficult situation. Alibaba has put too much money on the two projects of Taobao and Alipay. Withdrawal now means failure. To be honest, I am very optimistic about Taobao's prospects, but whether it can make a profit will not be possible. I don't know which day it will take, and whether Alibaba can hold on to that day."

"You are too honest with me. Don't say anything discouraged. Show your ability to fool you!" Song Weiyang smiled.

Ma Xiaoyun said: "We have been friends for many years. You have been investing in funds and there is no need to fool you in front of you. Of course, if you also want to withdraw your investment, then I have no choice but to say that you can get together and part with you."

"Have you found the one who took over?" Song Weiyang asked.

"With the match between Masayoshi Son, I had preliminary negotiations with Yahoo," said Ma Xiaoyun. "The attitude at Yahoo headquarters is relatively positive, but Yahoo China President Zhou has objected. Only when Yahoo solves internal problems can the negotiations be truly started."

The situation here is quite complicated, and all parties are in a mess anyway.

At this time, Alibaba did not implement the partnership system and did not have an A-share management model. Ma Xiaoyun may be fired by shareholders. Last year, Alibaba received nearly US$100 million in financing, which is logically not short of money. However, Taobao and Alipay are too expensive and have always been operating for free to grab the market. It can be said that they only go out but not in. Shareholders cannot see the dawn of profit.

From Ma Xiaoyun's perspective, perhaps as long as you hold on for a few more years, Taobao will dominate the Chinese market. However, investment institutions such as Goldman Sachs and Fidelity can't wait. They have been investing in Alibaba for many years and are eager to go public and cash out quickly, or want to sell Alibaba back the funds.

When doing Taobao and Alipay, you will watch it ten years later, and everyone thinks it is Ma Xiaoyun's magic. But at this moment, it is unanimously believed by the industry that it is too big to get rid of it. Everyone is waiting to read Alibaba's jokes. Ma Xiaoyun is another big fool and likes to speak and brag everywhere, which has led to the Internet tycoons in Zhongguancun who are increasingly treating Ma Xiaoyun as a liar.

Let’s talk about Yahoo China. Yahoo’s cumulative investment in the Chinese market has reached nearly $1 billion, but it has not received any returns. Yahoo executives must show results to fool shareholders, and even more so to fool Wall Street institutions investing in Yahoo. Alibaba happens to be very famous in the United States, so it wants to buy some of Alibaba’s equity with huge capital.

Yahoo China's president, the Red-clothed leader, had a very unhappy relationship with other executives, and also regarded Ma Xiaoyun as a liar, preventing Yahoo China from injecting capital into Alibaba.

Song Weiyang said: "If shareholders such as Goldman Sachs, Fidelity and others want to withdraw, I can take over the entire equity they have."

"Really?" Ma Xiaoyun was delighted.

"I'm not short of money." Song Weiyang said.

Ma Xiaoyun said seriously: "If you are willing to take over the equity, then of course I welcome you with both hands, but I hope to sign an agreement."

"Tell me." Song Weiyang said.

Ma Xiaoyun said: "First, stock rights and voting rights are separated, you can only have 35% of the voting rights at most, and the excess belongs to the management team. Second, the board of directors seats are tilted, and the management team must have more than half of the seats. Third, I hope Sogou can invest in Alibaba and provide Alibaba with high-end talents in search engines and other aspects."

"Yes." Song Weiyang smiled.

Ma Xiaoyun is probably scared by the shareholders, worried that he will lose control of Alibaba in the future.

In another space and time, Yahoo used $1 billion in cash, all Yahoo's business, Yahoo brand and technology to use rights in China, in exchange for 40% of Alibaba's shares, and only 35% of the voting rights, and only one seat on the board of directors.

These are all restrictive terms specially made by Ma Xiaoyun to control the company, but Yahoo only agreed to set the term to five years (defunct in 2010). After this period, Ma Xiaoyun can be fired in minutes with the shares held by Yahoo and SoftBank, so Alibaba split its business and repurchased shares.

After receiving the promise of Song Weiyang to take over, Ma Xiaoyun immediately returned to Linzhou and sent Cai Chongxin to contact the shareholders.

When shareholders such as Goldman Sachs, Fidelity and others heard that Song Weiyang was willing to take over, they were all extremely active. Another shareholder, Masayoshi Son (SoftBank), was unhappy because he was very optimistic about Alibaba. His original intention was to let Yahoo take over Masayoshi Son and was also a shareholder of Yahoo.

Seeing that Song Weiyang and Masayoshi Son were actually rushing to be the takeovers, the other shareholders immediately became quiet. They were no longer so enthusiastic during the negotiations. They all spoke loudly and invited the Wall Street team to evaluate it. It seemed that they wanted to top Alibaba's valuation.

While fighting against time during the negotiations, Son contacted Yahoo headquarters and wanted to fire the leader of the Red-clothed Yahoo China president who was in trouble. Looking back, Son also secretly contacted Song Weiyang, and the two takeovers worked together to act and play with the price reduction.

Of course, Song Weiyang didn't want to be offended and was very disproportionate to Masayoshi Son's proposal. Both sides also showed a cold attitude towards continuing negotiations, claiming that the current price was unacceptable and they had no interest in taking over the board.

Now Goldman Sachs, Fidelity and other shareholders are starting to get anxious. They have always wanted to cash out. How can they play without taking over? What’s even more depressing is that with Alibaba’s current money-burning situation, it is impossible to go public anywhere unless there is major good news. If it weren’t for Yahoo’s investment of US$1 billion, Alibaba would never be able to go public in Hong Kong City, because no investment institution is willing to underwrite the stocks.

The negotiations took half a year to tug-of-war, and shareholders such as Goldman Sachs and Fidelity finally compromised and lowered the price to an acceptable level.

Song Weiyang and Masayoshi Son had already reached an agreement in private, almost equalizing the shares of other shareholders. At the same time, Song Weiyang, Sogou Search, Yahoo China, and SoftBank respectively invested, thus diluting some shares of Ma Xiaoyun's team.

By that time, Alibaba's equity composition became: Song Weiyang (33%), Sogou Search (2%), Japanese-Benzene SoftBank (12%), Yahoo China (27%), and Ma Xiaoyun team (26%).

Alibaba's board of directors has eight seats, Ma Xiaoyun's team has 4 seats, and other shareholders each have 1 seat.

Stock rights and voting rights were also completely separated. The parties agreed that within five years, one vote of the shares held by Ma Xiaoyun's team was equivalent to two votes of other major shareholders, thereby realizing the company control of the management team. This is not an ab-share model, but an agreement between major shareholders. Because Yahoo made a requirement when injecting capital, Alibaba must list in Hong Kong City as soon as possible, so Yahoo can explain to its investors. If you want to list in Hong Kong City, the ab-share model is not allowed, so you can only sign a private agreement to resolve the issue.

At the same time, Alibaba not only received huge capital injections, but also reached strategic cooperation with Sogou Search and Yahoo China, establishing its dominant position in the market and crushing its competitors from funds to channels.

Of course, these are all later stories, and the transaction will not be carried out until autumn.

At this moment, Song Weiyang is slowly returning to the mainland, and he has been invited to participate in the 100th anniversary of Fudan University.
Chapter completed!