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墨書 Inktalez
"Oh, you really are that kind of person. However, if you have new ideas, I would be more than happy to invest!" Moritz could only say this, after all, Jiang Yizhou is now a wealthy man. As the saying goes, the rich can afford to be willful; he has the means to change careers, and no one can stop him.
Moreover, from his perspective, it seems that being an investor doesn't necessarily yield lower returns than starting a business.
Jiang Yizhou replied with a smile, "Of course, this is a mutually beneficial situation. Why not?"
Eating alone is always a bad practice, and Jiang Yizhou does not have the ability to support the company by himself, so sharing is the best option. Of course, this is based on him having that idea in the first place. It seems now that he might disappoint Moritz.
As they waited for the discussion on various topics, Jiang Yizhou did not participate much because these matters were usually handled by Bill Green in the past, and now he was there to finalize the deal regarding fail.
"I propose that Yahoo invest 1.5 billion dollars to acquire the entire fail project, while Zhengyi Capital invests 30 million dollars to jointly establish Yahoo China with Yahoo International. Zhengyi Capital will hold 60% of the shares, and Yahoo International will hold 40%, with management entrusted to Zhengyi Capital," Bill Green read out the previously discussed content at the board meeting.
"Green, that's impossible! 1.5 billion dollars? Yahoo currently does not have enough cash on hand. I believe fail is worth something, but it is absolutely not worth that much!" Tim Koogle was also surprised by such a high offer.
The part regarding Yahoo China was not an issue since it was executed entirely based on the case of Yahoo Japan's collaboration with SoftBank, which was within the acceptance range of Yahoo's board members.
Some even felt a bit pleased because at that time, the Internet markets in Japan and China were completely incomparable.
If China could reach one million stable internet users by now, it would already be quite impressive. In contrast, Japan had nearly ten million internet users and was expected to become the second-largest internet market after the United States in the future.
What they were dissatisfied with was the price for acquiring fail; unlike established high-tech companies, Yahoo had only been listed for just over a year and was still frantically pursuing expansion and profitability, which required substantial cash flow.
Even if half of the 1.5 billion is paid through a targeted issuance of stocks, it still represents a heavy financial burden.
For Tim Koogle of Yahoo, no one understands the financial pressure on Yahoo better than he does. Although the stock price has been soaring, the company has yet to achieve profitability, which adds to his stress.
“Tony,” Tim Koogle turned to Jiang Yizhou, whose opinion was crucial, “Yahoo is about to become profitable. If there are too many cash expenditures, it could affect the upcoming annual report, and you must know how much that would impact the stock price!”
Jiang Yizhou pondered for a moment. “How about this? I can accept most of the targeted stock issuance. I am quite optimistic about Yahoo's development. Additionally, I can provide a bond for Yahoo's operations, but regarding the equity of Yahoo China…”
As soon as he said this, the current Yahoo executives understood that the rumors circulating in Silicon Valley about this Chinese subsidiary being keen on investing in its own country were not just smoke and mirrors but genuine preferences.
After discussing with the two "chiefs" for a while, Tim Koogle readily made a concession. “Tony, you will invest 30 million dollars for 70% of Yahoo China’s shares, and the acquisition of the failed portion will be based on the current stock price of Yahoo as the targeted issuance value for 70% of the shares. The remaining part will be taken on by you in bond form; I propose a one-year term.”
“Okay, I have no further objections!” For future convenience in exiting, Jiang Yizhou was diversifying his investments. Besides Yahoo, he had also invested in those memorable companies like America Online and several startups that accepted his investment.
However, he remembered very few blue-chip stocks, so he had quite a bit of spare cash on hand and could easily handle the pressure of accepting a 45 million dollar one-year bond.
Given Jiang Yizhou's willingness to accept the targeted stock issuance and independently bear the bond portion, others were naturally quite pleased. Thus, when Tim Koogle initiated a vote, it passed unanimously.
Aside from puzzling over Jiang Yizhou's insistence on investing in China and his generosity towards Yahoo—after all, he was the last board member to join and had no reason to be so generous—most shareholders simply regarded this as an amusing anecdote to remember for future gatherings.
Except for Bill Green, as this concerned his performance; Ailumeisi Capital Company had already raised two private equity funds amounting to 100 million dollars each with a five-year term.
Every time he encountered his boss making such actions that drove the cautious him crazy, he felt somewhat exhausted. However, those short-term investments had already proven that Jiang Yizhou was correct, and his caution had affected the fund's returns.
As a result, some clients even requested him to invest according to Jiang Yizhou's seemingly reckless choices. The items recorded in the memorandum became evidence for him to be blamed, which made him somewhat unhappy, but he could only choose to accept it.
Next, naturally, there was Bill Green, who could not oppose Jiang Yizhou, to work with Tim Koogle on related matters.
“Jiang, let me introduce you to Mr. Son Masayoshi from SoftBank!” Jerry, who increasingly felt Jiang Yizhou's "kindness," was becoming more friendly towards him and now held Jiang Yizhou's hand to introduce him to Son Masayoshi.
Looking at the fellow Asian Son Masayoshi, Jiang Yizhou thought of his own actions. If it weren't for SoftBank being heavily in debt due to poor investments in the future, Jiang Yizhou would have considered him a time traveler.
Because he dared to make heavy bets, like before Yahoo went public and when Alibaba had just completed its first round of financing, he somewhat resembled a foolish big investor like himself.
“Tony, it's a pleasure to meet you. To be honest, missing out on you is my regret!” Son Masayoshi shook hands with Jiang Yizhou amicably. The two did not have much contact yet, but that would change in the future.
“I also regret missing out on Yahoo. When I first came across Yahoo, I felt I had to invest in it. Unfortunately, it wasn't until I sold Qi that I had the funds to invest in Yahoo!” Jiang Yizhou unabashedly praised Yahoo and Jerry Yang while also boasting about investing heavily in Yahoo before its IPO to acquire 0% equity and collaborating with Yahoo to establish Yahoo Japan.
The establishment of Yahoo Japan could be considered one of the most significant achievements by Son Masayoshi after investing in Alibaba.
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