I have a pain. Quickly sell the company! Don't expect an egg to become a chicken farm. Sell the company. Sell the company. Today, almost no one will be inappropriate Yao Ming in the NBA transfer; but for selling your own company, maybe some traditional concept has not been subversion . - Interview. Written / Wang Yuepeng Photography / Wang Wei, will face "transfer", when China's basketball giant Yao Ming ended the 28th Olympic Games for him "Love and Happiness", "transfer" once again became Yao Ming again Closely related keywords. For China's public and media, Yao Ming and "Yao Ming phenomenon" seem to be a myth, some people even think that Yao Ming is an industry and calculates hundreds of millions of value. In fact, for a professional NBA player, in a sense, "transfer" is selling yourself. And this kind of selling not only reflects its own value, but more importantly, it has won better development space for yourself. "A company must find the opportunity and space that best suits you, and if there is no acquisition, it may always be a lot, and Xie Wen, the current and news CEO, said in an exclusive interview," Some concept must change. " To sell yourself, you must have an objective understanding of yourself with the company. There have been some companies like Lianzhong to find me, but they don't have the vision and decision of the joints, holding a egg is not equal to certain will There is a chicken farm. "The new economic era, many people are still superstitious to" do big, stronger "or" stronger, then do their big ", this may be why in China, whether it is a busy business Shareholders or triggers, selling offices is not as easy as they are so easy. Selling the company is not a certain concept. It must be subversited. Obviously "never says" is not a pine down fortune and Bill. Gates's patents, but maybe the "never-defeat" one-level understanding also makes some "real" skull Fattered the idea that I should never be rigid. In fact, many people are not really fall in love with a company, a certain kind of career, they are often touched by their own state "so persistently fall in love with a business or a business", I feel that I am suffering from suffering and saving or "The Love of the Career". "I want to do a big stronger", "I don't know who is hell of hell!" Although in early 2004, the cry of the cry of Zhongke Jian's "swearing and changing the company" is not a few, but in the past year, Global mergers have become an important means of expanding the scale, enhance strength, and improve efficiency. Merger is not only a big trend of history, but also a new issue of China's economy, selling off the company is not a sin, some traditional concept is being broken. On February 12, 2003, Jingdong Technology Group successfully acquired a modern display technology of HYNIX Semiconductor Co., Ltd. in Hyd-LCD (thin film transistor liquid crystal display device) business in Hydis, HYDIS. This is the largest high-tech industry overseas to date, and Jingdong is not only available from Korea's modern fixed assets and intangible assets, but also has access to high-end fields and global markets directly into the domestic display. On February 27, 2003, Anhui Expressway Corporation and Oriental Holdings Co., Ltd. signed a highway management rights transfer agreement. Oriental Holdings Co., Ltd. was funded by 1.9 billion yuan to buy Hefei Chaohuu Expressway management rights. On March 7, 2003, China Marine Petroleum Co., Ltd. signed an agreement with British Natural Gas International Co., Ltd. to acquire British natural gas in the North of Kazakhstan, 8.33%. On March 12, 2003, Fosun Group and its related enterprises and South Steel Shares Holdings Southeast Steel Group established Nangang Joint Co., Ltd. South Steel Group has funded 600 million yuan in cash with its own share of South Steel Co., Ltd. and other assets, with its own capital, and its associated company has been funded by cash. For the acquisition of Nangang Shares, the first example of the China Securities Market is about to acquire, involving more than 850 million yuan.
On October 24, 2003, China Le Kai Film Group Co., Ltd. signed a cooperation agreement with the relevant matters such as EPD. Lekai Group is transferred to Kodak (China) Investment Co., Ltd. and Kodak (China) Co., Ltd., and will pay for Kodak, and will pay for Kodak's payment. Shares paying dividends for the Shares owned by Kodak. Kodak will put about $ 100 million in cash and other assets to Le Kay film, and provide support for various technologies. On November 1, 2003, China Telecom (0728.HK) acquired six provinces and cities with telecom assets to the parent company China Telecom Group at $ 5.56 billion (about 46 billion yuan). Among them, there is a business in Anhui, Fujian, Jiangxi, Guangxi, Chongqing and Sichuan Province, and the data, Internet and network element rentals. On November 21, 2003, Yahoo Hong Kong Holdings Co., Ltd. acquired a 3721 network software company with $ 120 million. After the acquisition is completed, Yahoo can obtain a Chinese keyword search service, and it has also obtained 3721 full set of 3721 in the browser address bar. In one of another M & A, perhaps people always vote for those big knives, but in fact, any successful mergers and acquisitions, both buyers and sellers are winners. And people tend to ignore a acquisition of the value and significance of the acquired party. As marriage, whether the wedding can be held as scheduled, most of the situation is still going to look at the bride's will. "Can the company's acquisition process, often not depends on the acquirer, but the seller can correctly estimate his value and accurately grasp the best time." Xie Wen said. It looks like a beautiful Chinese Internet, "4 years ago, Christmas Night, I received a friend's email -" I know I don't do "2000" ", a industry insider laughs when recalling the Internet Tell the reporter, "One of them is called: I didn't send a letter everywhere in 2000, saying that I am a beautiful girl." Nasdaq, in April 2000, after "IT Waterloo", the prelude to China's Internet Rose is open, but the true talk of marriage begins in 2003. A series of acquisitions not only let the Chinese websites have received unprecedented fund support and development opportunities, but also make the stocks of the acquirer rise sharply, "the shareholders of both sides are open in champagne," and a financial media in the United States does not exaggerately rendering. On June 11, 2003, the world's largest online trading website eBay completed its most proud business in China: pay $ 150 million in cash to buy eBay USA's remaining shares, completed eBays of interest with the total price of $ 180 million. "The business development of Easy Network has achieved great success, accounting for market leadership," EBAY President and CEO Meg. White Whitman said. Easy has more than 2 million certified registered users at the time, with hundreds of thousands of items online daily. "EBAY has an extremely rich experience in the world's local trading platform", and Mr. Shaoi, Chairman and CEO of EBA, said, "With the help of ebay, we have confidence, and have the ability to help promote e-commerce in China. development of". Obviously, both parties have long been in the hearts of each other. EBAY can finally enter China's potential e-commerce market, but also eliminate the future competitors, but the soldiers will be able to say two. And the news came out, eBay's stock price trend has also appeared in the stock price: rising from US $ 99 per share. In the short week of the end of 2003, China's Internet community completed 4 total amounts of more than 25 billion yuan (about 310 million US dollars). November 17, 2003, Sohu (NASDAQ: SOHU) announced $ 20.5 million to acquire China's largest online game portal 17173.19, Sohu announced $ 16 million to acquire Beijing's most influential professional real estate website focus network. On the same day, Tom.com (HK.8001) Shareholders accounted for 39% of the public shareholders through $ 500 million to acquire China's largest wireless speech value-added service (IVR) Thunder.
On the 21st, Yahoo announced $ 120 million to complete the acquisition of the network real-name service provider 3721. It is said that when Zhang Chaoyang is viewing the company's account, I found that Sohu province's advertisements for 17173.com is particularly large. Now I look for the relevant executive asking why I vote on this website. This supervisor explained 17173.com is one of the most affected websites in the online game industry. Global authoritative website access statistics website Alexa.com data shows that 17173.com is currently ranking 20th in the global Chinese website, the first place in the game class, the number of visits in the daypage exceeds 41 million. Zhang Chaoyang thought about it, "That simply bought it". On April 9, 2004, Haihong Holdings were signed the "Strategic Cooperation Framework Agreement between the South Korea NHN Group. According to the agreement reached between the two parties, South Korea's NHN Group will fund $ 100 million to acquire 50% of the joint share options. "The coups in the policy, the coups in the defeat", the founder of the group evaluated this marriage, "At the beginning of 2000, the Lianzhong already had a good financing equity transfer opportunity, but unfortunately, the joint is missing" And Xie Wen also said, "From another perspective, the Lianzhong can expand the development of Korea's game platform." Industry analysts believe that NHN will quickly use the associate user resources and localized market resources to expand other products; more importantly, NHN's entry into Korean game manufacturers, this cooperation is likely to avoid similar The disputes in Shanda and Actoz-Soft have enabled Korean manufacturers to quickly enter the Chinese market through this way of cooperation, and directly benefit. Since Haihong Holdings Released the announcement of the South Korea NHN Group into a strategic partner, the stock has been sealing the daily limit, and become a well-deserved dragon stock of online game concept stocks. At 20 o'clock in the evening of August 19, 2004, the famous American e-commerce website announced that the final agreement has been signed to acquire Excellence Limited to the British Virgin Islands. This trading value is about $ 75 million, involving about $ 7.2 million in cash and employee options. The mergers and acquisitions are expected to be completed in the third quarter of 2004. "This merger is the recognition of the results of the results of Excellence in more than 4 years", the head of the founder, the chairman and the largest shareholder Jinshan Holdings Co., Ltd. said, "I believe that Amazon's e-commerce experience and excellence in the world. The combination of the net entrepreneurial team will enable Chinese e-commerce and online customers to experience more layers. " "We are very happy to participate in the world's most vibrant market." Amazon founder, CEO Besos said, "We are very happy to enter the Chinese market through Excellence Network. Excellence has been in a fairly short time Developed into the leaders of China's book audio and video products online retail. " Selling, I will sell it, I will never talk to your business. Some people say that Li Ka-shing's main business tror is "low buy high sale". Two years ago, Li Li was in an interview with the United States, "Wealth" magazine, revealed three three business people: when others gave up; don't "talk to your love", just don't add any business; To make partners have enough return space. Perhaps some people in us have already understood the "business-speaking words" of Li, but they will pay too much heart, energy, years, talents, and enthusiasm, just like a marriage or an idea. Love, we often have too many past things, too many sadness, honor and disgrace and emotion, it is difficult to let go, and have a serious and persistent to persistence, affirmation and persistence. At the beginning of 2000, China's online (www.cnpeak.com) did not be acquired by Tom Group because of the Tom Group, "At that time, I thought the website was a big one, not willing to shoot, so we have to be high. Hong Kong and Li Jiacheng have talked a few times, and their representatives have come to Beijing. Every time I talk about it, Tom's stock will rise, because the Chinese map has more than 100 billion yuan book import and export trade.
Later, Nasdaq was in an accident, and Tom's acquisition will bubble. "A senior person in the original China map revealed this distinctive history to the reporter when accepting an exclusive interview with this issue. In fact, the company is neither your child is nor your child is not your child. Lover, sell it, sell it, there may be no traditional "good and bad" and "moral" in the business society, and some are just the value judgment of science and rationality, and how to grow better. Not long ago UT Wu Eagang, CEO and Chairman of Starkon (China) Co., Ltd., talked about UT Stark's acquisition and layout when accepting this public reporter interview, "UT to enter the CDMA market, acquired 3COM last year Sublisher PDSN. The company's technologies are very good, but the company is not big, some big companies do not dare to give them, afraid that they are bankrupt. The annual loss before we acquire is $ 100 million, but the second quarter after we acquired, it will start profit. This year's contribution to our profit is more than 20 million US dollars. "It is reported that there are some domestic companies and UT competition. PDSN's acquisition, "But the PDSN board is not to see how much you can, he wants to consider your ability to operate. As a result, the other will not let the programs, and then only let the UT have reported the program with another Korean company. "Wu Ying explained that" M & E is not a hammer sale, even if the board of board of the contractor is also considered to sell to what kind of company can guarantee the continued growth of shareholders' returns. "Debate" is already a "two pair of faces" that has become a realistic excellence. Written / Li Mei Ling Photography / Deng Pan On August 19, 2004, Jade Network is officially announced by Amazon 75 million US dollars acquisition However, at the end of 2003, the Lei Jun also said that he would make a big stronger, and two years, IPO, but less than a year, Lei Jun sells Excellence to Amazon. It is said to publish excellence on the website on the website of Amazon. After the news, the Lei Jun and a friend have a good feast in the hotel. "Hearing this news, I am not surprised", is known as the Chinese e-commerce godfather, 6688 Chairman Wang Jun Tao said to this journalist. "Business "Or" Content ", this is a problem and time is back to one night in April 2000, located in the Zikin Building in Beijing North Third Ring Road, a group of people is risking red and red. This is what is known as" " Dream Combination "Excellence Team: Chairman Lei Jun, the American CEO Wang Shuzhen, Vice President Chen Yongqing, and the employees of the Excellence Network, excitement, business collar king tree, two years later, 2002 On August 15th, Wang Shuzhen officially put forward the resignation to the Excellence Board, although Wang Benren and the board of directors have three silend of this incident, but there is still a media to understand: The two sides have the right to the company's development. To do software download The excellence network is difficult to locate, "Walking like a dark wood", Wang Shuzhen has such a classic metaphor. Since the January 2000, Linyi, since Jinshan Introduction, the inside of the Excellence has formed two dispatals: business Party and content. But everyone's heart is very clear: April discussion can only be the last time! After a month, another historic moment in the history of China's e-commerce was born: May 2000, B2C The model of Excellence is officially released as a comprehensive e-commerce website. Soon after Betasmann stationed in Shanghai, Sohu Mall opened; at two years ago, Harvard MBA Shao Yibo and Tan Haiyin have created the eBay of C2C mode; a year ago, Dangdang online bookstore Established, Alibaba, B2B, opened in Hangzhou. For the arrival of the beauty CEO Wang Shuzhen, there is a fun story. In the afternoon of 2000, the Lei Jun suddenly sat in front of Wang Shuzhen, saying to her: "I think Please have passed me, and do the old man of Excellence.
"At that time, Wang Shuzhen was shocked. Looking at the big name Ding Lei Jun shakes to ran to other people's company to dig the wall, Wang Shuzhen knows that the Lei Jun is in a hurry. After all, the temptation brought by .com is not so easy to resist. And do the Internet, After the considering of Wang Shuzhen, after a week, Wang Shuzhen walked into the Excellence Network. "Microsoft became a global software industry, I was in Microsoft; Cisco became the first time in the market, I am Cisco; and when the Internet is coming, I chose. Excellent network. "Wang Shuzhen Zeng Xiong said to the media's reporter," I have to bring out the excellence! "However, there is still a little bit distance between ideals and reality." I said to the structural map, I don't know how many times I repeated. Although the logic is very clear, there is still 90% of people opposed the road to the electronic commerce. "Wang Shuzhen recalls the situation of the debate at the time," the content party is the logistics of e-commerce, and the distribution talks talks, this is the e-commerce of Excellence. Direct basis. "Wang Shuzhen knows that the content distribution is for their" IT complex "." Excellence network in the game, download this piece, not no.1 is No.2, and Jinshan, Lenovo is a technology, which makes many People believe that Excellence should grow into a technology company. "However, Wang Shuzhen also had a denying confidential weapon." At that time, the funds of Excellence were only more than 10 million yuan, and the hardware investment budget of the content sent nearly 10 million yuan, and this is only a small part of its investment budget. Although most websites have been spending like this, I think it is worthless. Make content, investment in bandwidth and content staff, may be unlimited. "The sound of Wang's string is, I haven't waited for the return, the Excellence network may have been on the sky. Since the business sent business model is not very clear, the success of the initial business school is not very thorough "In fact, Excellence has never ignored content, but it is indeed a lot of detours in terms of content. Although it was determined that business-oriented, a slogan was proposed, it was not contradictory. Business can effectively promote content, content can also be assisted in business, this is actually the model of the portal website ", Wang said. In August 2002, when the beautiful CEO came out of excellence, Wang Shujun only used a sentence." I still don't say it. "The helpless language, summarizes everything about excellence, excellence has entered the era of Lin Shuxing." Excellence has a very important idea to do most people's business, but oppose Amazon's kind The big and full business model ", Wang Shuzhen said," To do most people's business, first can't make the website into sun spring white snow. "Wang Shuzhen and the deputy director of" Squate Bookstore "," Second, do the business of most people, not to do 'big and full "business, but to cultivate customer loyalty, do a good job in customer relationship Management. During the period of Wang Shuzhen, excellence has established his own unique "boutique" route. Excellence can come to today, Wang Shuzhen can be said that "the old" old things "actually changed the reason, Lin total (Excellence Network, the current president Lin Shuoxing), we stand in a pragmatic point of view, and make an analysis of the company, decided not to treat Excellence as an Internet company, we will use it as a traditional business. . What is the relationship between Excellence? I can live. We are no longer so embarrassed, no longer so pair. "The Executive Vice President of Excellence Network said to the media." I did that I did just because Wang Shuzhen's private friendship was joined. The initial mentality is to help my friends. I plan to stay for a year. ", Chen Said, "I didn't expect so many responsibilities to press my shoulders. After half a year, the situation made me more and more riding."
"The biggest pain is that everyone is confused. The Internet Low Valley period, we are like the mice in the box, running to run, but also to be rushed, to find out the way. At that time, someone asked almost every day I asked the outside world, asked by the boss, asked by the company's employees, and I don't know how to answer, this is the most painful. At that time, I felt a lot of pressure and pain, I can't breathe. Gradually responsible for drowning me Chen said. In 1997, he participated in the founding of the family and served as the first editor of the "Good Book" of the club member. In June 1998, he was invited by the "Chinese Book Business Daily" and founded the Book Review Weekly. . It is said that when the Excellence network is transformed into e-commerce, Lei Jun gave the beginning of the year of 500,000 yuan. "In fact, I just started to treat Excellence as a media. At the beginning of the entrepreneurship, I did as a newspaper, the home page of the website is equivalent to the head version of the newspaper, and has a big eye. Title, then also have a topic, there are many subdivided layouts ", Chen said," but in fact, it is very different. When doing newspapers, I will not pay attention to the operation; but Joyo.com as a gradually large-scale business, For cost, profits, management requirements gradually highly highlighted. The hardship of pain or change is there, you need to turn into a commercial person. "In 2003, excellent performance is 150 million yuan, paying posts, 2001 This number is 56 million yuan, although it is turning over, but the pace of profit is very long. "With the current profitability, shareholders must recover investment, I am afraid 10 ~ 20 years," from the Directors of the Chairman of the Chairman of the Lei Jun, we obviously see the status quo of the time that he is not satisfied at the time, but wants to short time. It is really difficult to reverse the situation. Therefore, choosing a good buyer from Joyi.com, a good price change has become the best choice. "No" Valentine's Valentine's Day 2004 Valentine's Day, the air is filled with a 昧 气. On this day, Amazon visited the regiment to visit, and throwd a fascinating eye to excellence and Dangdang. Excellence, Dangdang and other local companies have expressed its interested interest in the visits of international e-commerce's nasal Amazon. To this end, some media has also made news titles "excellence as a favorite Amazon". In the subsequent days, excellence and Dangdang have also put a lot of human resources to rendering this. Maybe, the sweet breath of Valentine will give birth to a wonderful marriage. "Amazon is in the excellent network for three consecutive days. Last night has been talks about the Lenovo on Liu Chuanzhi." Early on February 16th, the inside of Excellence revealed. It is reported that Amazon is talking on the Lenovo Group and Liu Chuanzhi and the President of Lenovo and Lenovo and Lenovo Investment Company on February 15th. It also visited Lenovo Company, and the two major investors of Excelle.com launched further. In-depth communication. Amazon's Chinese trip also includes calling centers and logistics centers that Excellence are expanding. After the exam, the Amazon delegation also held talks with the leadership of Excellence, but both sides were strictly confidential for specific content. Such a compact and careful arrangement seems to impose that Amazon is not only simple to optimize the China E-commerce market. In the domestic Internet economy, the many companies have received new venture capital, Amazon is extremely land Inspire people's imagination. According to relevant people, in fact, in Amazon and Dangdang contact process, many shareholders have revealed the willingness to be set, but in the Dangdang Board, Yu Yu and Li Guoqing have enough power, they are more concerned about Dangdang Holding power issues. Dangdang spokesperson Li Chen said that Dangdang is very welcome from Amazon's investment, but they insist on the latter can only appear with strategic investors, rather than controlling shareholders.
"In fact, Dangdian 's model determines the success or failure of this acquisition. As the founder, the two don't want to hand over the children who have worked hard to others." An expert analysis of the Internet laboratory. In 2004, Valentine's Day has passed, and there is no news in people's expectations. On May 18, 2004, the customers of Excellence found that they can bought Japanese goods such as soap and toothpaste on this e-commerce website that provides four years of audio and book items for customers. Excellence This time I launched three new channels, including leaderboards, tickets and department stores. Among them, the leaderboard is the column that is gradually improved from the end of last year, and the ticket channel is the product line formed by the excellent network and the cinema cooperation promotion, the product line formed by the performance ticket, train ticket, aircraft ticket expanded. Excellence, although people have new breakthroughs for B2C in China, they are happy, but in the current perspective, the price of daily necessities is low, the profit is small, the advantage is not big, and it is a consensus. Does the excellence choose to visit Amazon Valentine's Day? According to industry insiders, excellence not only from the United States, the deposit of capital operations, and then the department store is available, it is obviously in the copy of Amazon. It is very likely that the Amazon's high-level high-level high-level in China's e-commerce environment has put forward such requirements. In this regard, 6688 Chairman Wang Jun said to this journalist, "I don't think that excellence has this intention, the development of online retail industry is related to the long-term development of B2C, there is a major sense, if you want to meet Amazon, you should sell books Amazon is the world's largest online bookstore. "Excellence" changed, according to the final financing last year - When the Tiger Science and Technology Fund, the Lei Jun revealed that the total share ratio of the Excellence, that is, the Lenovo Investment and Tiger Fund accounted for less than 20%, and the rest is a natural person and executive It can be considered generally: investment of 14 million yuan in Jinshan, Lenovo investment of 6 million yuan, Tiger investment of 52 million yuan, natural people's shareholders invest 25 million yuan, this $ 75 million acquisition, Jinshan set is about 300 million yuan, Lenovo investment The set is now about 120 million yuan, and the Tiger Fund has been 110 million yuan, and the remaining 60 million yuan is a natural person shareholder and executive. There is also an account that can be calculated is that from May 2000, it includes the total investment of Jinshan, Lenovo Investment, Tiger Science and Technology Fund, Hong Kong and Taiwan, and the overall investment in Excellence (referring to Shenzhou Excellence) exceeds 97 million yuan. It is also just enough to maintain a four-year bleak operation. Lin Shuoxing, President of Excellence, revealed that Amazon's acquisition is just the "cement" business of Excellence. It is understood that it is understood that the daily operation of Excellence Network is actually two companies - Beijing Shenzhou Excellence Technology Development Co., Ltd. (referred to as Shenzhou Excellence) and Beijing Century Excellence Information Technology Co., Ltd. (referred to as Century Excellence). The Amazon's acquisition is just a "cement" company (Shenzhou Excellence), and the real license resource is still in the company named Century Excellence, and the chairman of this company is Lei Jun, he holds the natural person 40% of the company. According to the Beijing Municipal Administration of Industry and Commerce, Shenzhou Excellence belongs to foreign-funded companies, investors are Outside International Network Co., Ltd., investment is 26.9 million Hong Kong dollars, chairman Lei Jun (Jinshan President), directors including Yao Tianyi, He Zhenyu, seeking Bojun ( Jinshan Chairman), Zhang Xiaolong, Zhu Lilan (Lenovo Investment President) and Lin Shuoxing (Excellence Network President). Century Excellence belongs to the domestic-funded company, the registered capital is 1 million yuan, of which Beijing Lenovo Technology Investment Co., Ltd. has funded 600,000 yuan, accounting for 60% of the shares, and the Lei Jun has funded 400,000 yuan as a natural person, accounting for 40% of the stock. The chairman of the company is the Lei Jun, and the Directors include Yao Tianzhen, Zhu Lizan, Lin Wai, Shu Chang (Excellent employee) as the supervisor. The main scope of the two companies is also very different.
According to the business registration, Shenzhou excellent business scope is "development, production of computer software and hardware, computer peripherals and network communication products; network technology development, e-commerce technology development; to undertake computer network engineering, computer system integration; technical services of self-produced products , Technical consultation; sales of self-produced products. The excellent business scope of century is "information technology development, consultation, transfer, training, service; to undertake computer network engineering; sales computer software and hardware and peripherals, department stores, packaging food, cosmetics, clothing; retail domestic version of books, audio and video products , Electronic publication; e-commerce; Internet information service business. In this regard, Wang Yutao said to this journalist, "The media turned out this incident, in China, due to policy reasons, a website is registered with several companies, I want to register 8 companies, this year. 8848. Explain what you can't. " First "set up" and then "marriage" is easy to sell 100% - interview · Writer / Zhang Yin photography / Wang Zhao September 15, 2004, Easy Network Registered Seller Shanghainese received a inquiry message from Portugal, September 16th, E-mail, on September 17, the transaction happened in eBay announced a few minutes after the world's largest e-commerce platform eBay. Realizing the 6.9 million users of eBay eBay will be able to conduct online transactions with more than 100 million users of eBay, which means that this is eBay since the acquisition of American eBays in 2003, China EBAY is eBay in this new equity framework The next step has completed the most important fundamental work. The "passenger" is not "driver" to talk about more than a year ago EBAY's acquisition, as an eBay, the first thing of the eBay, and the words of Shao Yibang, the most reluctant, the word "exit". In his view, "exiting" is only applicable to investors, M & A or listing is not the purpose of his business. Manager will use this word for the interests of shareholders, and it will become very good after using this. Danger. The manager hangs "exit" in his mouth too long, even if you will sell your company in the future, you will not sell the price. The relationship between Shao Yibang and the relationship between entrepreneurs and investors became "the driver pulled the passengers who took the bus in the middle". The passengers went back because they were different from the driver's destination, the driver could not always think about it, otherwise morning and evening Will drive the car into the ditch. So in 2003, Visit the United States was acquired by eBay100% in 2003. Shao Yibo is more willing to say that this is the largest strategic capital introduced by eBay development history, which is officially "married", rather than an extraordinary exit. It is a marriage that means that there is a lot of risks. For this final wedding feast, eBay spent $ 30 million in 2002 to acquire eBay 1/3 equity as a means of expression. Although the two sides had a wish that there is no further common life, in the acquisition agreement, eBay indicates the terms such as "Option", that is, eBay is the payment of future choice. In other words, the right to 2/3 equity is in the hands of ebay, eBay buried a film for his later marriage. First "set off", "marriage", "marriage" is a $ 90 million worth of $ 90 million in 2002, 2003 eBay's total acquisition of the price of eBai American companies, has risen to the final $ 225 million, this is A high price that allows investors and managers will be happy, only IDG venture investments have been successfully exited with 19.4 times high returns. The similar eBay's auction site is not only eBay, and the company, the famous company, who has been implemented by the famous Internet company, is not only easy to implement the acquisition plan, but it is like eBay, but it is really a great price. not much. Confident Shao Yibo said that this is from "We are a good company, there is no way to spend the way."