The perfect future of rebirth

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Liu Qiang came to see the reason for Zhao Po. It is very simple. He has some doubts that Zhao Poisheng needs to answer him. Even if he knows, he is far from the position of this future group, but he really wants to know why love Pu investment will withdraw from this investment, and in the future, it is a big money to come in.

That is enough to be 50 million yuan, it is the number who has never thought of before Liu Qiang, even if this financing, he has a total of nearly 60% of Jingdong Mall, but he is worth more than one percent. Still a little confused, he doesn't understand, what is the truth of this matter, what is it.

If it is the truth, it must be an expression of the truth that is laminated and easy to deform. It is easy to obscure yourself, and it is easy to accept the safest answer, but the truth will always hide you can't guard the defense, so that you can slack a lot, it is truthfully.

Liu Qiangdong is very afraid, fear one day, he is a visitor, even if the company is created in one hand.

The control of the company is related to the life and death of a company.

It is not careless.

"Oh, still a very interesting person." Zhao Poked laughed and said to Dong Chenxi: "Since this is the case, please come over."

Although this east brother is in the age of Weibo, trying to make people like a well-known, it will give people a gesture that returns to the society, but in Zhao Po, it seems that he and other capitalists have no difference. The good habit of rich people, this is the same, but only one accidentally, turned over the boat in Minnesota.

Soon, a front world Zhao Poisheng can only see the figure on the network and even the TV media, appeared in his opposite. Of course, this time, the hardship brother looks now is a strong and rich, a pair of eyes look very gods, although the expression on the face is a little uneasy, but looks out, he is a confident person.

"Liu Qi, hello." Zhao Poked loudly and said to Liu Qiangdong.

"Zhao's chairman is good." Although Liu Qiang is not the first time to see Zhao Poisheng, he still thinks that although this young man is smaller than himself, the momentum of others is not bad, even, let him think , Such a businessman is the gesture that the real big boss should have.

"Don't know Liu, you have come today, is there anything?" Zhao Poked lives on Liu Qiangdong: "Is it about cooperation? You rest assured, although I don't directly lead the future investment fund, but Miss Dong followed me For many years, the future investment fund's professionalism, you don't have to worry, and since we promise not to interfere with the normal operation of the company, it will definitely not. "

With Zhao Poheng's age and experience, it is fully guessed that Liu Qiangdong's purpose, the sure is concerned about the matter, put on the desktop, although this may be a bit direct, but Zhao Po is really no mood and time and Liu Qiang. Tower of the pool.

Sure enough, he heard Zhao Poisheng, Liu Qiangdong first became a god, and then his face was relieved. He really didn't understand. Is it true that the other party is really optimistic about the future of Jingdong Mall?

"Why, don't believe me?" Zhao Poisheng saw Liu Qiangdong, smiling, and asked Liu Qiangdong.

I don't know why, Liu Qiang always thinks that in the moment, Zhao Po is an amazing.

"Don't believe it."

I deeply sucked a deep breath, it is a big-class person who can rise in the later generation. Liu Qiangdong quickly calmed down, and said to Zhao Poisheng and said: "Zhao Chairman, I know, compared with the future group, Jingdong Mall is just a company just started, but I really want to know, how do you guarantee that I have the control of the company, it will not be damaged because of the emergence of major shareholders, after all, this is just the first round Financing, I believe that if there is no accident, the development of Jingdong will get better and better, when it comes to the income of a large number of investment, I ... "

His words did not continue to say, but Zhao Poisheng already understood what he meant. He said, Liu Qiangdong value, is his control of Jingdong.

"Do you think, what is the meaning of the Jingdong Mall?" Zhao Poheng is interested in Liu Qiangdong, answering the question.

Or in accurate, he did not answer Liu Qiangdong's question, but asked him a question.

Liu Qiangdong was silent for about half a minute, and finally, said: "I think, in addition to me, no one can lead Jing Dong to succeed."

Zhao Poked lives, have to say that the man who completed many netizens, only this self-confidence, it is enough to admire.

"In this case, then use the AB shares system." Zhao Poked live a faint opening: "Jingdong Mall's equity structure, using the AB stock system, if you lose the control of Jingdong, then you will take the money people."

The so-called AB share is actually the power of the game, the core of AB stock, is the same power. Simple understanding is to separate voting rights and dividends.

Under the two-storey equity architecture of AB shares, the company can issue ordinary shares with different voting rights, generally referred to, Class C, Class B, AB stocks. Typically, 1 shares in Class A vote shall be voted, and there are N votes voted by N-tickets. Among them, A ordinary stocks are usually held by investors and public shareholders, and B ordinary stocks often have entrepreneurial teams.

The knowledge in this is very deep. To know the history of the AB stock system dates back to the 1920s, there is always an opposition to the listing of AB stock companies. People think that although it is possible to prevent malicious acquisitions, the voting rights and dividends are too unfair to investors. Until the 1980s, the malicious acquisition of leverage financing emerged, more and more companies adopted different voting rights systems. At the end of the 1980s, the United States allowed different voted transactions to be listed.

After the millennium, the listing of the new wave of high-tech enterprises has also promoted the popularity of AB stocks again. For example, Google, Facebook, LinkedIn, Groupon, Zynga, etc. are both double-layer / multi-layer equity structure.

Today, more and more technologies have adopted an AB stock system. Because, in the process of doing a big process, it is necessary to support the capital. In this process, the equity is constantly diluted, often leading to the founding team to lose control of the company.

Among these most famous examples of Jobs. Apple is listed before Jobs accounts for only 15%. Although at the beginning, due to the excellent talent and powerful desire of Jobs, it has maintained control of Apple. But later due to the company's performance, 1985 Jonble was voted by the board of directors, and the general manager was eliminated, almost equivalent to Apple.

The reason for this emphasization is that Jobs does not have enough voting rights inside the apple. If Jobs, Jobs has taken the AB stock system, maybe the result is different. Of course, Jobs later returned to Apple's power, it was another story.

Later, Jobs reflect: "I have seen too much bad things happen to many originally operated companies. These companies are like players in the hands of gamblers, and they are constantly sold, sometimes because of the decisions of venture capitalists, sometimes Others' decisions. I just want to master enough funds and shares to ensure that when they have difficulties in these two companies, you can . "So, institutional design for controlling control is very important.

Liu Qiang, of course, understand what is the AB stock system, but he doesn't understand why Zhao Po is doing this.

"It's very simple, I invest Jingdong, because you and your team, I believe that you can make performance." Zhao Poked his eyes and looked at Liu Qiang, slowly said.

This is the truth, after all, as a investor, the reason why the arrogant is willing to take a lot of voting rights, but not involve the company's operation, the biggest reason, is because of the future of the company The potential and the possibility of this team achieve potential.

Whether it is a company or an investment company, paying attention to the business results of the company, I hope to make the cake.

In the mobile Internet age, many companies are human capital-driven enterprises, and the company's value creation, more is relying on talents, not resources or currency.

Human driver-type enterprises, launching funds are not large, i.e., the company's stock value is not large. Creation of the company's value, more of human to create incremental value.

Zhao Poisheng's most important cognition of investment is that the purpose of investment is to make a big cake together, so you can share more cakes, and the team is the basic factor of big cake.

What's more, the AB stock system is more beneficial to do something. In fact, the core behind the AB stock is to keep an entrepreneur and protect entrepreneurial spirit.

Entrepreneurial spirit is the largest human capital, ensuring that entrepreneurs' actual controls are critical to making big cakes.

Zhang Wei, an economist, said, be sure to let the people of the most entrepreneurs to control the company. "When we invest in, don't know if there is any income in the future. There are no more information. There is no way to make decisions according to computer programs, you can only rely on your own judgment, imagination. And people are different, some people are more than Others have more imagination and judgment. The market is not effective in effectiveness, most intelligence, most judicial and imagined å, to see how they do decisions, such people are entrepreneurs. "

The nature of capital is chasing interests. The so-called risk investment is how to judge and choose entrepreneurs. Investment is risky. If a person is selected, the capital is handed over to the spirit of the entrepreneur, and the company is smashed, and the capitalist will lose. Conversely, it is because the capitalist must take risks, they have active choices with entrepreneurial people.

Enterprise control is critical. AB shares have different disrespects of the same power to ensure the control of the founders to the enterprise.

Zhao Poisheng feels that AB shares have this system, for their investors, it is undoubtedly the most appropriate, because he only likes to see the money of their investment, but it is too lazy to pay attention to the company's business, for him. As long as you can make money, how can these companies develop, that is the issue of Liu Qiangdong, Ma Xiaoyun, Ma Huaritar.

PS: This chapter is in fact, it is actually very important. After all, the protagonist should use the advanced advantage to invest, and must face the equity and voting rights. In fact, the domestic AB stocks are very small, because investors always like It is a grandfather who spends a hand, it is a grandfather, but the problem is, sometimes, since I want to make money, then I really want to learn to be silent.