Wuliang Advertiser

When it comes to the operation of capital, Youdao means eating alone but not fat.

Not to mention anything else, just Wu Liang's winning of shares in Fujixun and Ali is enough to make Bai Zheng and Tian Tongyuan jealous.

It is true that the fortunes of Bai Zheng and Tian Tongyuan were created by Wu Liang, but their private equity funds have deposited a large amount of funds. They have invested in stocks such as Maotai and Fruit in the stock markets of Tianchao and Mi Stock, but there are still funds that are idle. status.

Wu Liang also promised that there would be suitable investment opportunities and he would advise Bai Zheng, as long as their private equity was turned from dark to open, they would become an officially registered fund company.

Liangzheng Fund was born for this application.

Wu Liang used this part of the funds to acquire the shares of this part of the advertising space of Qianbaidu, and it was only from Qi Hu's hands.

Zhou Hongwei would not have much opinion. His Qi Hu 360 was under Wu Liang's flicker, and the major shareholders had become Zhou Hongwei, Wu Liang and Liangzheng Fund.

Similarly, these shares of Qianbaidu are also jointly held by the three companies.

"Feng Yang is my colleague. He still agrees with Thousand Baidu very much. This time we have such an opportunity. Of course, our Liangzheng Fund also wants to participate! Of course, the most important thing is that we have solved the problem of 8,000 members for Thousand Baidu. Question!" Yan Yisheng first expressed his sincerity in acquiring the shares of Qianbaidu.

For Li Yanhong, it's okay not to mention the eight thousand members. He is full of depression when he mentions it. If these members give up voluntarily, he will get a large sum of money for nothing, and don't even have to pay for the shares. This is so good. Things, but, now, there is an extra Liangzheng Fund, so the shares of these members are bought!

Now, it is written in black and white. If you want to go back, you have to consider that this is the capital city. If you don't want the company to close, it is better to follow the agreement.

Li Yanhong smiled bitterly, very helpless, "Then we must first thank Yan Dong for solving our worries!"

Similarly, Li Yanhong's previous headache is that even if it is written in black and white in the agreement that once the fee is no longer renewed, if the shares are automatically invalidated, he really has no major concerns about starting a lawsuit.

What's annoying for him is that this is 8,000 people, and it really wants to cause a mass incident, and he has no good life.

If you really want to characterize it as a fundraising by law, his company will not close to the point, and blood loss is very likely. Liangzheng Fund has resolved this worries for him. It is reasonable and reasonable, and he should say a word of thanks.

However, human nature is like this, otherwise he would not be bottled with water on his head. Things that can be done without having to pay for shares, have now reached this point.

"Don’t be polite, Dong Li, we are buying Qianbaidu’s shares based on the growth potential of Qianbaidu. After all, this is the Gu Ge of the celestial dynasty! Besides, I don’t know, is there anything Li Dong asked us over today?"

"Actually, it's still a matter of cooperation. Even if I don't mention it, Dong Wu will say it!" Li Yanhong looked at Wu Liang, but gritted his teeth in his heart.

Wu Liang smiled, still did not speak, just nodded, Yan Yisheng cursed secretly, Wu Liang turned out to be careful!In the end, she still led the negotiation. She could only bite the bullet and continue to ask, "So, how does Li Dong want to cooperate?"

"I want Hao123 to merge into Thousand Baidu!"

"Oh? No problem, what about the shares? How to say? You know, 123, but we bought it for 100 million!" Yan Yisheng admired Wu Liang a little at this moment. He was very clear about his trump card, even more so. Knowing the weakness of Qian Baidu, he just used one hundred million as what Wu Liang told him.

"One hundred million? Mr. Yan is kidding? It's just a personal website, and the assets are hundreds of thousands at best!" Li Yanhong was a bit speechless to Wu Liang's lion.

Yan Yisheng waved his hand, "According to Li Dong's meaning, Thousand Baidu's assets are only tens of millions? How can Internet affairs be based on assets?"

"Uh, I mean, 123 is not worth 100 million!" As soon as he said this, Zhou Hongwei's expression was very wonderful. He was greedy for 123, but he was biting to say that it was not worth 100 million. You are at this level.

"If it's worth it, let's put it aside and take valuation as an example. I want to ask Li Dong, what is your valuation of Qianbaidu?"

Li Yanhong hesitated for a moment, and said a number with a bald mouth, "Two billion is always there!"

In terms of starting valuation, Yan Yisheng is better than anyone else. "Qianbaidu made a profit of about 15 million in the third quarter of 2003. This data is a very large increase compared to the millions in the first quarter. , Then the whole year is estimated based on the profit of 60 million, the total equity is 43 million, oh, no, plus Wu Dong's hands, it should reach 50 million shares.

Earnings per share are at one yuan and two, calculated according to the price-earnings ratio of 15 times, the stock price is at 18 yuan, and the total valuation is 900 million. Two billion is still a bit too much!"

Li Yanhong disagrees with Yan Yisheng’s algorithm, “What is valuation? The answer may vary from person to person. How to look at valuation is mainly determined by people’s attitude. What is valuation as it is, then valuation is what we invest in. In the future, if you look at valuation from the future, then valuation will be a cloud. The future of Qianbaidu is the heavenly brother Gu, as Mr. Yan just said! I think Qianbaidu is worth this price!"

Regarding the valuation of Qianbaidu, Wu Lianglai discussed with Yan Yisheng before. Wu Liang’s data was calculated based on the valuation of Qianbaidu when it was listed in 2005. The issue price is 27 meters and the total share capital is 43 million shares. The pre-IPO valuation is 1.16 billion meters, but this is the data two years later.

While Qianbaidu has gone through the stage of great development, it is now. Before 2001, Qianbaidu was still profiting by providing search technology for most Internet companies. However, after the Internet winter, Qianbaidu was compared with the target U.S. company Inktodi, and its stock price rose from 243 meters. The yuan fell to 1 meter and was acquired by Yahoo.

After seeing the tragic experience of this company, Thousand Baidu began to benchmark Overture in the United States. This company is the true inventor and originator of the bidding ranking, and thus ushered in the rapid development of Thousand Baidu.

From this point of view, it is not surprising that Li Yanhong is very confident in his company. Many companies have obtained good promotion through Baidu's bidding ranking. He believes that the business model of bidding ranking is the most suitable for his company's development. It will also be one of the biggest selling points of Qianbaidu's pre-market roadshow.

This is the so-called investment future.

Obviously, Li Yanhong treated people like Wu Liang as imaginary objects in his roadshow, and he was preaching a thousand-baidu beautiful future for these people.

Others believe this, and Wu Liang believes it, but Wu Liang is not a fool. His goal is to have thousands of Baidu shares. As for how he boasted, Wu Liang himself would boast. He took over Li Yanhong’s beautiful outlook for the future and looked at him. He smiled indifferently, "The valuation given by Mr. Yan is 900 million. Needless to say, Mr. Li should also understand his own business situation. It doesn't make much sense to point out some words!"

Li Yanhong looked at Wu Liang and felt a little depressed. In fact, he recognized the valuation of Yan Yisheng just now. For Internet companies, packaging and listing, the 15 times price-earnings ratio is not high, and the profitability of his company is far from what Yan Yisheng said. , Reached 15 million in the third quarter, and the fraction is still about the same.

But the company didn’t go public, so I told myself that no one checked his financial statements. Besides, the financial statements were too moist, so he smiled wryly and didn’t say much, which was regarded as an endorsement of Wu Liang. .

Wu Liang is able to eat thousands of Baidus to death. Naturally, he has the confidence. His second confidence is 123. "General Li seems to have a deep understanding of rice stocks, but I would like to ask Mr. Li again. Hao123 has imported 40% of the traffic for Qianbaidu, so is Hao123 just a pure personal website?"