Li Guoqing 2004-07-03 painstakingly Source: Salon magazine writer: Taoping Jiang Responsibility Editor: toot fish
On February 25, it is undoubtedly Li Guoqing to be excited.
This day, 11 million US dollars from Tiger Fund finally hit the account of Dangdang.com. The inlet of this fund will not only let the industry don't attack the rumors of the Dangdang financing incident, but also let Li Guoqing have been resuspended in the 4 years, but also finally landed: management has achieved absolute holding of Dangdang.
Dangdang has made the "world's largest Chinese online bookstore" Li Guoqing no longer need to complain "When the pioneer is ideal, when the martyrs do not do", there is no need to worry to become the second of Wang Zhidong - his 4 years of hardship Have a sweet fruit ...
Visually Wang Zhidong is an entrepreneurship model, but never makes Wang Zhidong second
Li Guoqing graduated from Peking University, in 1989. Before the establishment of the online bookstore, he is a bookmaker, and it is very familiar with every session of the booklet to copyright transactions in the publishing field in the picture. In 1996, Li Guoqing and Yu Yu, then married. Yu Xuan's New York University MBA graduated, financing in Wall Street, is an authentic "turtle".
Yu Yu has begun to pay attention to online bookstore in 1995, and is extremely advocated "Amazon". After marriage, the two decided to do something on the Internet. In 1999, I saw that China netizens had crossed 3 million mark. Li Guoqing felt that the opportunity has matured, and I started looking for money in July and April, I found a large-scale recruitment in September, in November, Dangdang (Dangang in China) ) Online bookstore officially opened. Li Guoqing and Yu Yu have served as a joint president.
Li Guoqing clearly understands the important role of capital in Dangdang, so the first step in his business is financing. The first investment he pulled was 100,000 US dollars by Luxembourg Cambridge, IDG, and Cologne, respectively, 500,000 yuan and 500,000 yuan. He said that good shareholders can bring things other than the US dollar, like IDG, has been in "push" (promoted) Dangdang, Luxembourg Cambridge has some famous foreign experts and abundant non-research reports. Also make Dangdang benefit.
Li Guoqing began his hard entrepreneurial journey under the support of capital. At first, the company has a lot of programming staff, art, editing in a large warehouse without windows, and the condition is bad. However, with the impulse and unconventional spirit of entrepreneurship, he insisted. He said that he did not move, because at that time, in addition to him, other people did part-time job, and the words of Yu Yu were "dancing on the garbage". "But we don't regret, why? Although the sale is small, it is your own. We look into your own children."
After the Internet is hot, it quickly entered a low tide. Li Guoqing said: "The two years have enough flowers, but it is not anxious, but in 2001, I started to face the problem. I have a meeting at the end of the year. I have no confidence in half of the director. There are about 8 director to withdraw. I have never doubtedly for my personal direct sales. One reason is that the order is rapidly increased. I have already done a traditional business, there is no industry order growth speed like Dangdang. We have grown by 200% to 300%. Traditional companies are 5% to 10%. I have touched a lot of customers, and even have a customer of the poor hometown. Some people also ran to our company, tell me that they bought the pigs in us. Fish book. The more contact these customers, my heart is more practical. "
During this time, because Li Guoqing's eyes and persistence, Dangdang did not unswervingly engage in B2C, and did not take "landing" actions like other companies such as Ctrip.com. "Until today, there are many netizens who call the phone to order, I can't do it, I can't, go online. Some netizens and Dangdang have a office building, they ask if they can buy books directly to the front desk, I still advise them back Online. Someone commented that when it is too virtual, we insist on this virtual. "Without this persistence, there is no doubt that there is no successful success. However, Li Guoqing and the capital contradiction began to be developed. In April 2001, Li Guoqing and the Board had serious differences. The board of directors requested that it immediately held it immediately in the first half of the year. Li Guoqing believed that the maintenance time of prior agreed was calculated by a certain analysis. Finally, Li Guoqing took out more than a year of business data and reports, so it's hard to persuade the board.
The Internet's frost winter not only let Li Guo have seen the contradictions of their own and capital, but also witnessed countless IT entrepreneurs by capital "under get out of class". Wang Zhidong left Sina, Wang Jun Tao was forced to leave 8848, Xidan Shopping Mall ... Li Guoqing began to reunite his own fate. He said: "I have been thinking about Wang Zhidong for my entrepreneurial model, I value the ability of entrepreneurs to start a business, I appreciate Wang Zhidong." "But if not holding, I may be driven by the board. Although I created Dangdang, But as long as the board is unhappy, Dangdang may not be my child. I want to learn from Wang Zhidong's lessons, do not make Wang Zhidong second. "
Later, the IDG took the lead, combined with Soft Bank, Luxembourg Cambridge and Camou jointly added investment, and completed the second financing of Dangdang. Dangdang seems very lucky, each financing result is the shareholder's initiative to increase investment volume, and Dangdang's two venture capitalists have blocked outside the door, because in Li Guoqing's view, a shareholder and management of an Internet company Tachet is very important, each shareholder is not the same. "Dangdang has also encountered such a shareholder, and their control awareness is so strong, so that almost tie the operator's hands and feet, senior management will be busy with shareholders, no time to operate. Investors and operators always exist Contradiction, at this time, the right shareholder is very important, because a penny of a person is not comparable to the value of another person in their respective eyes. "
However, because management only accounts for 45%, there is no absolute controlling status, and the contradiction between capital is still "heart knot" in Li Guoqing.
"We are entrepreneurs, not employed,"
Contradiction finally broke out in Dangdang bid farewell to "burning money", and the "payment" is time.
In 2002, Li Guoqing proposed the growth rate and the performance was flat. In 2003, Dangdang did not only achieve full profit, and sales scale also broke through 80 million yuan.
Dangdang is a piece of sought-after fragrant 饽: The world's largest Chinese online book audio and video bookstore, providing more than 300,000 Chinese books and audiovisual products, accounting for 90% of the Chinese mainland market book varieties; Orders not only come from various provinces and cities in China, but also many countries and regions such as the United States, Brazil, Hungary. The United States "New York Times" in November 2003, Dangdang: Dangdang jumped on the Internet, China's online shopping first website. On December 23, 2003, the State Press and Publication Administration officially approved the joint venture company in Betasman and the 21st century, and the three foreign companies such as Dangdang entered the domestic book retail market, and the contradiction between Li Guoqing and shareholders was also sharp.
In June 2003, Li Guoqing and Yu Yu put forward the requirements of shareholders to reward entrepreneurial shares, hoping to give the value-added part of half a reward for the management team, and have been opposed by shareholders, the reason is too high. Li Guoqing complained: "The capital structure is a very sensitive topic. I am fighting when I am financing, because I don't know clearly, it is the capital to create wealth, or the entrepreneurous entrepreneur creates wealth. This problem is difficult to I have said with shareholders. Dangdang if listed, I can take 25% like Zhang Chaoyang. If not, the three-year contract period will resign. Shareholders say that the company has added another 20%, but I There is no signing of them, now a lot of oral commitments are not counting. "Later, when Li Guoqing tried to make a number of times the shareholder's value added to the shareholders, the shareholder's attitude made him uncomfortable. "Shareholders heard that I was jumping for them." Li Guoqing said, "I am very strange, we say that we are partners, now I am not? In fact, we are still hired in the concept of shareholders. Dang, I show that we are Chinese entrepreneurs! "
This stalemate eventually did not progress, August 2003, Li Guoqing met the Tiger Science and Technology Fund.
The Tiger Science and Technology Fund is generous in the domestic IT world. It has previously investing 10 million US dollars from Zhuo E-Zhuo, and invests 7.5 million US dollars from Excellence Network. However, the tiger fund opened in the appetite is still unsatisfactory. After subsequent and Alibaba, it turned his gaze to Dangdang.
And Yu Yu has been in Wall Street for many years, with rich negotiating experience, IDG, Luxembourg Cambridge, soft silver is eager to set up, and use various relationships, soon, I will have reached investment intention with the Tiger Fund. However, when Li Guoqing proposed to reward the couple of 18% of entrepreneurial shares, IDG and Luxembourg Cambridge immediately did not dry. Li Guoqing put forward resignation and friendly breakup, meaning that it is to achieve a leaving. Li Guoqing even "reminds" shareholders: he is not Wang Jun Tao is not Wang Zhidong, his financing ability cannot be underestimated, and a few billion people holding a few billions in his friend circle is not a few.
However, the old shareholders still have not moved, and the answer is to leave, but it is not possible to be.
So, in early October, Li Guoqing had to make it out of the "trick": because there is no contract restriction, he can be found in another stove, be a company competing with Dangdang.
Li Guoqing said that this is not a means of shares, nor is it tentative behavior. He even told Shareholders, some people have already investing 6 million US dollars, and gave him 60% of the shares to create a new company, and when the network of the network and competitors, there will be half of the top 6 people, and they will create new companies.
But shareholders don't believe that some people invest, and I don't believe that someone will follow Li Guoqing. Li Guoqing fell into the toughest period. I think that I want to really make myself a child, Li Guoqing is like a knife.
"People" in the entrepreneurial enterprise is the most important resource
Li Guoqing decided to make the final strike.
On October 28, 2003, all the employees of the net employees, IDG investment, including Wu Ying, Zhou Hongyi, received an E-mail title "My Thanks, and Term". Li Guoqing said in the letter: "Due to the misleading and rogue of the board of directors, I have to resign. At this moment, my heart is 湃, the most made of the shares, but following me Colleagues fighting together! My choice will make you restless. But I can be responsible: Welcome everyone to join the new e-commerce company that will be founded. "
Li Guoqing began to register the new company. This company is also the "" "of someone. His lawyer persuaded that once he accepted the investment of new shareholders, he should be responsible. Rational approach should also be rational negotiations with shareholders, and should not smash a company again. Li Guoqing said, what can I do? Yu Yu also persuaded Li Guoqing: "You don't do how to make a lot of Wall Street, as long as we can make a constant growth and keep a flat or profitable report, we will come to the United States to run."
Sure enough, the transfer appeared.
On the evening of December 31, 2003, Li Guoqing had a servant, but he happily flew next to Beijing from Seattle. The New Year's gift they brought back is not only 11 million US dollars in the Tiger Science and Technology Fund, but also management gains 51. % Of the commitment of the equity.
Li Guoqing said that the Tiger Science and Technology Fund is not the same as that of other 6 companies that come to investment, it does not mind the complex relationship between the fight between shareholders. "Tiger Science and Technology Fund does not want to lose management team, nor I hope that Li Guoqing has leaving the team as another stove. The only way to try again is that the Tiger Science and Technology Fund is negotiating with Dangdang Shareholders."
The last three parties reached a consistent, and the Tiger Science and Technology Fund bought some shares to the old shareholders and sent it to the management team. On December 31, 2003, this financing protocol was officially signed, and the tripartite got their respective benefits. That is, the final result is Dangdang, which is estimated to be 70 million, and the Tiger Science and Technology Fund investment is 11 million US dollars. Dangdang's management has obtained the absolute control of the absolute control, the old shareholder has obtained some of the shares.
When someone asked the reason for the success of financing: I, business model, two, financial data, three, management team, four, growth experience, five, Li Guoqing. Can you only choose who? Li Guoqing did not hesitate to answer: Li Guoqing and his team. He said: "I rely on the business management." Why MBA can cultivate professional managers, but cultivate entrepreneurship entrepreneurs? Because of the entrepreneurial enterprises, 'genius is important. "" " A entrepreneurial enterprise must make a pair of shoes for everyone, avoiding the root of the hierarchy. People are the core resources in entrepreneurial enterprises. I always think that entrepreneurs have created a business, not capital. "
Li Guoqing finally won the game of this and capital with his own management team. However, the industry does not believe that in the summer of 2003, the Tiger Science and Technology Fund has accounted for a 20% shares, but this time, 11 million US dollars, only a 15.7% shares, this is possible? You must know that the two major online bookstore giants in China, the sales of 2003 is 150 million, far more than Dangdang. The Tiger Science and Technology Fund promises to invest 11 million US dollars, this should be in place on January 29 (ie, within one month after the contract is signed), but there is still no audience in February. Therefore, the rumors of Dangdang financing are also unsuccessful.
"I don't panic at all." Yu Yu explained, "This is because this financing involves complex issues such as old shareholders, new shareholders enter, option design, and taxation, to sign legal documents from London, England After signing of the directors of California, New York, Cayman Islands, Hong Kong and mainland China, so it is better than the original period of time. "
On February 25th, the Tiger Science and Technology Fund finally fulfilled, and the agreed 11 million US dollars will be held on the Dangdang account.
Li Guoqing said that after receiving investment, Dangdang will continue to improve sales in the fields of books, audio and music in 2004, and will try online sales of other commodities.
Today, many small and medium-sized bosses have called Li Guoqing, ask him to ask him to financing and holding secrets, Li Guoqing is happy to summarize: "First, ask your company health, really worth, in a field And enterprises can keep up with a rapid growth in the field, and have a good Western financial statements. These conditions have no need to worry about whether there will be investment; secondly, if each financing has a good valuation, then the status of the controlling stock It will be maintained, because the management can be rewarded with shareholders after an increase in the increase in the shareholders, or increased in the future, so that the management of the management is re-obtained by rewarding and promotion, the management is re-obtained. But if not doing The company, only after the underestimation is constantly diluted. "Li Guoqing's pain, there is no longer a bright light of the entrepreneur.
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Http://www.qianlong.com/ 2004-02-06 11:34:01
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