Rebirth 76: Industrial Internet Empire

"You have to prepare for the worst! Our Internet inclusive plan has made slow progress so far, the Internet user base cannot develop, and e-commerce is just a castle in the air!" Yang Mo said with a bitter smile.

"But according to my understanding, when Amazon was founded in the United States, there were only a few million users at the beginning? Is it because our marketing efforts were insufficient?" Yu Yu asked in confusion.

"The consumption power of American users far exceeds that of mainland China. Coupled with the huge Internet base and developed logistics network, these are beyond our reach for the time being. Take your time! You can't become fat by eating one bite. It is estimated that there will be another 2-3 years." Only through hard times can we usher in the spring of e-commerce!" Yang Mo explained.

Yu Yu, who originally wanted to take credit and report the good news, was completely shocked by Yang Mo's words. She was still secretly unconvinced and prepared to use her dazzling performance to prove that Yang Mo also made mistakes in judgment.

It took three days for Amazon's mainland download users to slowly break through to 50, and then it stagnated again.

...............

Hillsborough, San Francisco.

Yang Mo returned to the mansion known as the "Little White House" after a long absence.

Tired from the journey and jet lag, when I woke up it was already dark outside the window. I washed up and went downstairs hungry, and saw Qian Ning, Li Heping, and Lin Xi already drinking in the restaurant...

"Are you all reincarnated by starving ghosts? Can't you wait for me for a while?" Yang Mo complained.

"Who dares to wake you up? You can hear the snoring in the parking lot!"...

Hearing Yang Mo's voice, Zhao Di's wife brought out a few more dishes from the kitchen.

"Sister-in-law Zhao Di, you are too partial. If Yang Mo doesn't come down, these dishes will be hidden in the kitchen and won't be taken out..." Lin Xi protested.

"Sister-in-law Zhao Di, I didn't ask you to hire a housekeeper and a chef, so why do you still cook the food yourself?" Yang Mo said with a bitter smile.

"You're not here all year round, and there's nothing to do, so I'll take care of it myself! Besides, it's not convenient for you to talk about things when outsiders are around!" Sister-in-law Zhao Di explained.

"Alas! Sister-in-law Zhao Di, if Lin Xi was half as understanding as you, she wouldn't be unable to get married now!" Yang Mo sighed.

"Mr. Yang, please don't deliberately make her angry!" Lin Xi stared and was about to say something back, when Zhao Di's wife quickly smoothed things over with a smile.

"Qian Ning, where is Amazon's IPO going?" Yang Mo asked casually.

"It's almost done, I'm just waiting for you to come over and confirm the date of the road show!" said Qian Ning.

“What is the valuation given by the capital markets?”

“Goldman Sachs and JP Morgan have given valuations between US$200 billion and US$240 billion!”

"Only 240 billion US dollars? All branches in the North American market are packaged and listed together?" Yang Mo asked with a frown.

Qian Ning nodded: "Yes, according to your instructions, the European and Asia-Pacific business has not been put into listed companies. Our strategy of delaying the IPO for two years was not successful. Now Yahoo's market value has soared to 400 billion US dollars!"

"Who is the underwriter of Amazon's IPO?" Yang Mo continued to ask.

"Amazon's valuation is relatively large, already exceeding the three major booksellers in the United States combined. The early registration, training, and review of the IPO were left to Goldman Sachs and JPMorgan Chase! The valuation of US$200-240 billion was also made by them together. Decision!" Qian Ning reported.

"Settle the upfront fees with them and change the underwriter!" Yang Mo waved his hand and said.

"Huh? Isn't this not good? The two of them did the preliminary work. Isn't it a bit of a burning bridge to change the lead underwriter now?" Qian Ning asked in surprise.

"What work have you done? For a high-quality Internet company like Amazon, are there any obstacles to the IPO review?" Yang Mo asked rhetorically.

"Then you have to give a reason to terminate the contract, right?" Qian Ning asked hesitantly.

Yang Mo pondered for a while and then said: "Let's just say that I am very disappointed with their work! Amazon is a unicorn in the e-commerce field, and its development prospects are comparable to Cisco, Intel, and even Microsoft..."

Qian Ning took out his laptop and sent emails to Goldman Sachs and JPMorgan Chase.

"Mr. Yang, if you think the valuation of US$240 billion is too low, you can directly ask Goldman Sachs and JPMorgan Chase to come out to discuss it! Isn't it not a good idea to directly change the lead underwriter?" Li Heping persuaded.

"I said at the beginning that the valuation was too low. How much money did we invest in Amazon? How could it be inferior to Yahoo? Yang Mo often said that channel is king! I think Amazon's market value exceeds that of Wal-Mart. Sooner or later!" Lin Xi also interjected.

Yang Mo fell into deep thought. In the original historical trajectory, Amazon, which was just an online bookstore at the time, went public in 97. The IPO price was US$18 and the valuation was only US$4.38 million. However, two years later, the stock price has soared. , with a market value of over US$300 billion.

Amazon's current development has long deviated from its original trajectory. It is not just an online bookstore, but a full-category shopping mall. After the crazy money-burning model, it even begins to see hope of profitability...

In this context, it is a bit unreasonable for Goldman Sachs and JP Morgan to give another valuation of US$200-240 billion. This is the craziest point in the Internet concept!

Qian Ning is right, delaying the listing time is indeed detrimental to the company's valuation. In the crazy bull market, the valuation of listed companies in the secondary market is far crazier than that of investment banks!

As soon as Qian Ning finished sending the email to the underwriters, his phone was buzzing with calls. No investment bank or brokerage firm was willing to give up halfway. If word spread about making a wedding dress for others, it would not only be embarrassing, but also difficult to explain to the board of directors.

"Heping, how much equity do we hold in Yahoo now?" Yang Mo asked.

"After several rounds of financing, in addition to 30% of the outstanding shares, founder Jerry Yang holds 18.5% of Yahoo's shares, entrepreneurial partner David Filo and the core team hold a total of 8.65% of the shares, and the remaining 43.85% of the shares are in our In the hands of affiliated companies!" Li Heping said calmly.

"What about eBay? It's almost ready for road shows, right?" Yang Mo continued to ask.

Li Heping nodded and said: "The current preliminary valuation is around 110-125 billion US dollars. According to your instructions, all the eBay IPO processes are delayed by one month compared to Amazon. Amazon's great success is needed to give eBay a second chance." Valuation!”

"Ebay IPO was given to HSBC?"

Li Heping nodded: "Yes, Qianhai Asset Management and HSBC have always had good cooperation. Jonathan has been eyeing eBay's IPO since more than a year ago, and it is not easy to refuse, but he also promised that he will do it according to Amazon's IPO." Issue price, modify eBay’s valuation at any time..."