Reborn, you call this an honest person?

Chapter 256 Fighting Xixi, Yanxuan Financing Proposal

Lin Wenying and the others were discussing the future of Hengda Group.
Pin Xixi was also in a meeting, which was a financing meeting. Dozens of shareholders and representatives including Sun Yutong, Ma Yun, Tencent representatives, Yahoo representatives, Goldman Sachs representatives, etc. attended the meeting.
Sun Yutong said at the meeting,
"Wang Heng is in a coma. His agent, Xiao Yan, is likely to give up leading the investment in Pinxixi. I will preside over the financing this time, but I have three requirements. Please share your opinions."

"First, before this additional stock issuance, I asked everyone to sign a concerted action agreement with me."

"Second, set up Pinxixi's board of directors, I was elected as the chairman, and the directors are nominated by shareholders holding 5% or more of the shares."

"Third, establish the Pinxixi Management Committee, and I will be a permanent member of the committee."

Sun Yutong's request,

First, if the shareholders present want to raise funds and buy shares, they have to sign a concerted action agreement with him, which means that their voting rights are authorized to Sun Yutong.
Second, shareholders who own more than 5% of the equity can be qualified to nominate directors, and Sun Yutong has a concerted action agreement, which makes it easy for directors to be elected chairman.

The third is the management committee that usually manages the company. The first round here is appointed by Sun Yutong, and the second round needs to work at Pinxixi for at least five years to be eligible to enter.
Members of the committee will resign from the committee automatically when they reach the age of 60 or when they resign, die or become incapacitated;

Expelled by the administrator meeting with more than 50% of the votes, the committee status will also be lost,
This is the three-layer frame control Pinxixi set up by Sun Yutong,

Usually, it is operated in a joint effort, and is managed by the CEO, CFO and other management.
And these professional managers are controlled by the management committee,
When the company encounters major events, it shall be resolved by the board of directors.

If these three proposals are passed, then Sun Yutong will firmly control Pinxixi by virtue of the triple identity of CEO, chairman of the management committee, and chairman.

In fact, Sun Yutong's condition had been discussed with Ma Yun long ago. Ma Yun now controls Yanxuan Group by stock voting rights.
However, this right is extremely unstable, because he is not capital, and Yanxuan Group may need two rounds of financing, and his equity will be interpreted as extremely low, and Hengda Group does not permanently authorize voting rights to He, this made it more difficult for him to control the Yanxuan Group,
So when Sun Yutong approached him for a discussion, he agreed without saying a word. Pin Xixi and Yanxuan Group are each other's major shareholders.
Ma Yun represents Yanxuan, and Sun Yutong can also represent Pin Xixi, so the two agreed that Ma Yun will support Sun Yutong first, and then Yanxuan will hold a shareholder meeting, and Sun Yutong will support Ma Yun on behalf of Pin Xixi.

Others such as Tencent representatives, Yahoo representatives, Goldman Sachs representatives, etc. They are capital and want profits.

And Sun Yutong promised them to suppress the valuation of Pinxixi at 300 billion, so that they can raise funds to expand their shares. As for the management company, there is not much requirement for capital.
So this meeting was a satisfactory result for many parties, except of course Hengda Group.

As for why Sun Yutong held a shareholder meeting when Wang Heng was unconscious,

Because Wang Heng is the founder of Pinxixi, Hengda Group has the priority of Pinxixi, and the right of veto for major matters.

For financing, the Hengda Group doesn't want to do the financing, so it's someone else's turn, and Pinxixi's shareholder equity transfer must first go through the Hengda Group,
But now Hengda Group's funds are not rich, and Wang Heng is unconscious, and Xiao Yan's decision-making ability is limited.

So as long as Hengda can't raise funds this time, all of Sun Yutong's agreements can be reached.

In addition, this round of financing for Pinxixi was agreed by Wang Heng from the very beginning. This is the financing in the plan, so Hengda Group can't make it right yet.

When Wang Heng's accident happened, there was another reason why Sun Yutong was in such a hurry to hold the shareholder meeting.
That is the investment period. If no decision is made within the date indicated on the financing prospectus issued by Pinxixi’s board of directors to Hengda Group, it will be deemed that Hengda Group has waived its right of priority.

And this date is at least one month, so Sun Yutong must hurry up to hold a shareholders' meeting, and then issue a financing prospectus to all shareholders, and then wait for Hengda Group to expire.

Within this time limit, even if Xiao Yan replies not to invest on behalf of Hengda Group, Wang Heng has the right to make changes afterwards.
In addition, the b2b short-selling contract of Hengda Investment will expire in more than a month, and the ban on b2b stocks will be lifted at that time.

At that time, Hengda Group will not be short of money. At that time, Pinxixi will raise funds, and Hengda Group may lead the investment, so Sun Yutong must hurry up.

After Pinxixi's shareholders' meeting, Yanxuan Group's Ma Yun immediately announced that the shareholders' meeting will be held the next day.

Originally, Ma Yun and Sun Yutong had a falling out because of fighting for power and profit. This time, the two hooked up because of their interests.
The more capable people are, the less they will be inferior to others. Under the conditions of legal compliance, they will never give up as long as they have the opportunity.

So why do modern enterprises have so many rules and regulations to restrict professional managers...

The next day, Hengda Group received the financing prospectuses from Pinxixi and Yanxuan respectively.
"Pinxixi Company will conduct D-round financing on June 2008, 6. The purpose of this financing is to raise funds for the construction of Pinxixi Building, the construction of data centers and the promotion of shared bicycles.

Pinxixi’s financing target this time is 100 billion, Pinxixi’s pre-investment valuation is 300 billion, and the proportion of financing shares accounts for 25% of the total shares…”

Yanxuan Group is okay, the valuation has not been suppressed too much,
"Yanxuan Group will conduct Series C financing on June 2008, 6. The purpose of this financing is to raise funds for the construction of data centers and the development of the company.
The financing target of Yanxuan Group is 200 billion, the pre-investment valuation of Yanxuan Group is 500 billion, and the financing shares account for 30% of the total shares..."

Yanxuan Group’s Taobao + Yanxuan Mall = 320 billion valuation, the market value of Yanxuan b2b has dropped to 360 billion, and the stock price has already fallen below the issue price.
Another magical thing is that Taobao and Yanxuan Mall have more than ten times the development potential of b2b, but b2b is a listed company, while the other two are unlisted companies, so the two combined Not as high as b2b market value,

Of course, if Yanxuan Mall and Taobao are listed separately, then both companies can break through the market value of [-] billion.
For such a profitable company, the financing prospectus released will naturally attract countless investors.
However, when we get here, it is not the capital that chooses the start-up company, but the start-up company chooses investors, so not everyone is qualified to eat this piece of meat.

As for some investors who want both voting rights and capital to make money, they were kicked out early.
Capital that has money but no resources and channels to help start-up companies will also be kicked out.

Ma Yun chose to force the palace like Sun Yutong because Hengda Group also has the priority of Yanxuan Group.
Originally, Yanxuan Group was founded by Wang Heng, but the real founder was actually Wang Heng, who joined Ma Yun later.

At the beginning, the two agreed to share the same rights, both of them were B shares, and the financing later could only be A shares.
Although Wang Heng authorized him the right to vote to Ma Yun, it was only for a while. As long as Wang Heng did not authorize him, he could directly compete with Ma Yun for the control of the Yanxuan Group.
So now that there is an opportunity to firmly hold the Yanxuan Group in his hands, Ma Yun will naturally not let it go.

(End of this chapter)