Ignoring Jack Ma's darkened face, Wang Xing grew more excited as he spoke:
"Meituan and Xingyi Technology establishing a strategic partnership is beneficial with no drawbacks, and has unlimited prospects."
"What Chairman Wang can provide us is not just financial support, but also resources, traffic, and strategic security."
"With Chairman Wang's investment, Meituan won't have to worry about underlying map security issues like Baidu. Amap will give us the highest permissions and waive two years of service fees!"
"Through strategic cooperation with Chairman Wang, Meituan can not only enjoy Changliao's primary entry point but also resources from Meiyou, Xingyi Video, Amap Navigation, and even Xingyi Mobile!"
"It will surely develop rapidly, grow stronger, break out of the 'Thousand Group Wars,' and even become the number one group-buying giant, eventually listing on Nasdaq!"
Everyone nodded in agreement.
Xingyi Technology has too many resources, such as Changliao traffic, navigation, maps, Xingyi Mobile, etc., all of which Meituan needs.
Cooperating with Xingyi Technology has no disadvantages and is indeed excellent.
Wang Xing continued, "Of course, if we reject Xingyi Technology's strategic investment, our competitors will be overjoyed."
"They will beg Xingyi Technology for investment. At that time, if our competitors have Xingyi Technology's funds and resources, Changliao's traffic entry point, and Xingyi Video's advertising support, they will quickly grow stronger, crush, or even kill Meituan. That would be Meituan's nightmare!"
"I presume none of you directors would want to see such a situation, right?"
Everyone shook their heads.
"Therefore, today I propose introducing Xingyi Technology's investment! Let's begin the vote now. Shareholders who agree, please raise your hands!"
With that, Wang Xing was the first to raise his hand.
Then the founding team also raised their hands without hesitation.
They were all Wang Xing's confidant partners, naturally aligning with Wang Xing.
Niu Fengnian, a director from Sequoia Capital, laughed heartily:
"Introducing Xingyi Technology is a very wise choice. Sequoia fully supports it!"
He also raised his hand as he spoke.
For a moment, only Jack Ma in the entire room remained unmoved.
Wang Xing looked at the last remaining Jack Ma:
"Chairman Ma, are you against introducing Xingyi Technology's investment?"
Jack Ma's mouth twitched:
"Does it matter if I'm against it or not?"
With Meituan's A/B share structure, support from Wang Xing and the original team would guarantee passage.
All other shareholders' opposition would be futile.
To put it bluntly, this vote was just a formality, merely informing Jack Ma.
"Indeed, it doesn't matter."
Wang Xing smiled slightly, and said without politeness:
"I now formally announce that the board of directors has, by an overwhelming majority, approved the resolution to introduce Xingyi Technology's investment!"
"I will complete the follow-up signing with Xingyi Technology as soon as possible, allowing Meituan to enjoy Xingyi Technology's strategic resources and develop rapidly!"
"Whoosh!"
Thunderous applause echoed throughout the conference room.
Everyone was overjoyed, except for Jack Ma.
Niu Fengnian of Sequoia Capital even smiled and extended his hand:
"Congratulations, Chairman Wang. With Xingyi Technology's investment and support, Meituan has unlimited prospects!"
Wang Xing smiled and said,
"Same to you, same to you. Let's work together to grow bigger and stronger! Meituan will never let down any investor!"
Niu Fengnian was in high spirits:
"Let's work together to grow bigger and stronger!"
Everyone in the room was ecstatic, except for Jack Ma, who left with a grim face.
He knew that after Wang Yi's stake in Meituan, Ali's plan to acquire Meituan was completely dead.
He had originally been waiting for Meituan to fall into despair in the "Thousand Group Wars," for Ali to add insult to injury, step in to pick up the pieces, and acquire Meituan!
But now, with Wang Yi's entry, Meituan's desperation was far off, and the hope of acquiring Meituan had become extremely slim.
Outside, the cold wind of the twelfth lunar month blew against him, and Jack Ma sneezed.
He couldn't help but feel that this winter seemed colder than previous years.
The assistant, seeing Chairman Ma's poor complexion, cautiously asked,
"Chairman, should we stay in the Imperial Capital or return directly?"
Chairman Ma spat out two words:
"Go back!"
The car started, heading straight for the airport.
All the way, Jack Ma frowned in thought.
Xingyi Technology's investment in Meituan, making it the largest shareholder, meant Ali's plan was completely bankrupt.
Then Ali's O2O local life strategy could no longer rely on Meituan; it had to find another way out!
Juhuasuan was also Ali's group-buying platform, but this group buying was mostly online e-commerce group buying, not local life group buying like Meituan or Dianping.
As for local life group buying business, Ali also had it, and that was Koubei.com!
Koubei.com was founded in 2004, starting with second-hand housing, and later developing into a local life service platform, similar to Dianping.
In 2006, Ali invested in Koubei.com, and in 2008, Ali acquired Koubei.com and merged it with Yahoo China, becoming Yahoo Koubei.
However, this merger process was not completed.
In 2009, due to the Greater Taobao strategy, Koubei was spun off from Yahoo Koubei and merged into Taobao.
It can be said that Koubei was a stepping stone, moved wherever needed, but always played a supporting role and never truly developed well.
But now, with the acquisition of Meituan hopeless, Jack Ma decided to vigorously develop Koubei!
He immediately made a call:
"Separate the Koubei business from Taobao and make it Ali's own local life service, with the goal of... competing against Meituan and Dianping!"
"Yes!"
the subordinate responded, understanding that the chairman had been frustrated with Meituan and was ready to counterattack, arranging things decisively and swiftly.
After its acquisition, Koubei.com underwent its third divestiture and adjustment within three years, but this time, it was finally no longer merged into other platforms but instead carried the banner as a standalone O2O business unit.
...
As if afraid of delays, the next day, Wang Xing of Meituan came to Wang Yi with the contract.
Niu Fengnian of Sequoia Capital also came along.
"Chairman Wang, yesterday we held a board meeting to discuss introducing Xingyi Technology's investment. There were no surprises; one abstention, and everyone else voted unanimously!"
Wang Xing was beaming, exuding an an air of readiness for a major endeavor.
"Then I wish Meituan an early dominance of half the group-buying platform market and an early IPO!"
Wang Yi was not surprised.
Other platforms could only offer Meituan money, while he offered money + resources + traffic.
Anyone with a brain would not refuse Wang Yi's investment.
"Thank you, Chairman Wang. I've brought the investment contract today for your review."
"Good!"
Wang Yi called his lawyer to confirm the contract was in order, and both parties officially signed.
Upon signing, Wang Yi invested 40 million US dollars in cash + 30 million US dollars worth of traffic and services into Meituan, totaling 70 million US dollars, acquiring a 26.32% stake and becoming Meituan's largest shareholder!
Wang Yi smiled slightly:
"For the 40 million US dollar investment, I will notify the finance department to transfer it directly."
Meiyou International earns US dollars, so direct investment is suitable.
"The other 30 million in advertising and traffic can be put in place now. As for the specific arrangements, have someone contact Xingyi Technology's promotion department. You can decide whether it's Meiyou promotion or Xingyi Video promotion."
"Good!"
Wang Yi's promptness greatly surprised Wang Xing.
"As for Changliao's primary entry point, you can arrange for Meituan's technical department to connect with Changliao's development department. With debugging, Changliao version 1.5 will launch in four days, so it definitely won't make it. You can wait for Changliao version 2.0 after the New Year, to launch alongside Changliao Pay!"
Changliao version 1.5 also had major updates and significant actions, scheduled to launch before the Spring Festival.
In such a short time, with Meituan's entry point also needing debugging and testing, it was simply impossible.
Yesterday, Xingyi Technology officially obtained its payment license.
Although it had developed a payment system before, it still required debugging and testing.
Thus, combined with Meituan's primary entry point, it was best to launch everything together with version 2.0 after the New Year.
Wang Xing nodded:
"No problem. Additionally, Meituan will also fully integrate Changliao Pay."
"Good."
Wang Yi smiled. Wang Xing knew how to get things done.
Currently, Meituan uses Alipay and UnionPay.
Now that Wang Yi has invested, it naturally also needs to integrate Changliao Pay.
And it's just about integrating Changliao Pay, letting Meituan and users choose for themselves.
It's not as overbearing as Ali, which demands the cancellation of other payment channels, keeping only Alipay!
Wang Xing naturally preferred this non-exclusive cooperation.
What's more, the primary entry point for Meituan on Changliao version 2.0 would all be Changliao Pay.
As for Meituan's own payment... that was a long way off.
Currently, Meituan was still a small group-buying platform, the kind that could go bankrupt at any time.
The government naturally wouldn't issue a payment license; applying for one was futile.
After all, there were over 6,000 such group-buying platforms as Meituan, and more than 4,000 of them had already died out.
Even JD.com hadn't secured a payment license, so Meituan had even less of a chance now.
"Oh, right, Chairman Wang, this is Niu Fengnian, a director from Sequoia. He heard I was coming to see you, so he thought he'd pay a visit too."
Niu Fengnian quickly extended his hand:
"Hello, Chairman Wang, I've heard a lot about you!"
"Hello."
Wang Yi smiled and shook his hand:
"It's mealtime anyway, let's find a place to eat and chat!"
"That would be excellent!"
Niu Fengnian and Wang Xing were in high spirits.
"Today, I'm hosting at Xingyi Technology, let's go!"
Wang Yi waved his hand, arranging for a car to take Wang Xing and Niu Fengnian straight to the hotel.
The three major Meituan shareholders officially began their first private gathering.
Cups clinked and the atmosphere was harmonious.
After a few drinks, Wang Xing began to speak freely:
"Chairman Wang, you don't know, those group-buying platforms are too brutal, burning money crazily."
"Damn, they started by burning millions, then tens of millions. Now they're completely insane, burning hundreds of millions. It's too crazy."
"As a result, the entire group-buying market is a money-burning war, vicious competition. Forget about making money, they're losing money every day, it's terrible!"
Seeing Wang Xing's troubled expression, Wang Yi chuckled:
"Precisely because of this, Xingyi Technology isn't bothering to personally enter the fray. However, Meituan has persevered until now and is about to emerge."
Wang Xing's eyes lit up:
"Chairman Wang, do you mean the money-burning war is coming to an end?"
Wang Yi nodded:
"This year is the year of clearance. It's estimated that by the second half of the year, or by the end of the year, only a few dozens of the over six thousand group-buying platforms will remain."
"Next year, 2013, will be the final round. Those few dozen platforms that are burning a lot of money will have no money to spare next year, and will have only two paths: either successfully IPO or die."
"But unfortunately, with serious losses, listing will be difficult, so there's only one outcome: death! If they're lucky, they might be acquired at a low price."
"Ultimately, only three or four will survive until the year after next!"
Wang Yi sighed:
"This is a protracted war starting for two or three years. Meituan shouldn't burn money aggressively. It's not about not burning, but not being aggressive. You need to burn steadily, take it slow, and only those who can laugh last will laugh best."
Wang Xing nodded:
"I will keep Chairman Wang's words firmly in mind. Burning money crazily feels good for a while, but when the money is gone, all that's left is a mess. On the contrary, only by building a strong team and securing a stable market can we establish a foundation."
Wang Yi agreed:
"Your thinking is very correct, and another reason why Meituan doesn't need to burn money crazily is the Changliao entry point! Within a year, Changliao's user base can break through 100 million, or even 150 million. This is Meituan's unique advantage."
Wang Xing was in high spirits:
"Meituan has boarded the fast-developing train of Changliao, hahaha."
He then asked:
"Chairman Wang, which platforms do you think can survive until the year after next? Can the current four major popular group-buying giants make it?"
Wang Yi shook his head:
"These four burn too much money, and their chances of surviving until the year after next are slim. As for who can last until the end, Meituan has hope. The rest depends on who BAT invests in."
"Will all of BAT enter the market?"
Wang Xing was startled.
He couldn't help but be wary of BAT's strength.
Wang Yi nodded:
"By the end of this year, when the first phase of the 'Thousand Group Wars' melee ends, it will be the final round, and BAT will definitely enter. Of course, they might enter earlier."
"For example, Ali, with Xingyi Technology's investment in Meituan, its plan to acquire Meituan has fallen through. It will most likely launch its own group-buying platform. I remember they acquired a company called Koubei.com, which does local life services."
Wang Xing's expression changed drastically:
"Yes, that's highly probable, we must guard against it."
"As for Baidu, Baidu Maps has faded, so it will certainly put effort into local life and invest in one as well."
Wang Yi continued:
"As for Tencent, it will also enter the market, but the timing is hard to say, as local life is not Tencent's main business."
In his previous life, the "Thousand Group Wars" were almost over before Tencent reacted, only investing in Dianping in 2014.
Although it made a late move, it burned money fiercely, leaving Meituan with no temper.
Coupled with Meituan betraying Ali, merging with Dianping, and switching to Tencent, it directly snatched away all of Ali's fruits.
It can be said that Ali, in the local life sector, really started early but gathered late.
Its investment in Meituan even paved the way for Tencent!
This is why Jack Ma frantically blockaded Meituan, a truly painful experience!
But now, with Wang Yi's intervention, everything had changed.
Wang Yi elaborated:
"Once BAT all make their moves, then it will be Meituan, Koubei, plus the platforms invested by Baidu and Tencent, a four-way war. That will be the final showdown!"
"..."
Wang Xing's face changed drastically, and he felt completely unwell:
"Will the future be that brutal? I've survived 6,000 group-buying platforms, and in the end, I still have to fight a decisive battle with BAT? I..."
Wang Yi chuckled to himself,
'Nonsense, precisely because the group-buying market is so cruel, I don't bother to get involved myself.'
Wang Yi patted Wang Xing's shoulder, comforting him:
"It's alright. Meituan started early, which is also an advantage. As long as Meituan develops steadily, and captures 50% of the market share next year, even if BAT all enter the fray, we won't be afraid! Changliao, Amap, and Xingyi Video will all provide you with assistance!"
"Okay, thank you, Chairman Wang."
Wang Yi's analysis sobered Wang Xing from his tipsiness, startling him awake.
Learning that he would have to directly contend with BAT in the next two years, Wang Xing found it thrilling, incredibly thrilling.
He made up his mind even more firmly that he must cling tightly to Wang Yi's leg.
Without Wang Yi's support, Meituan couldn't possibly beat BAT!
"Don't worry, if you truly can't hold on, I won't just stand by and watch!"
Wang Yi said with a smile.
Wang Yi was short on cash this year, but in the next two years, with businesses like mobile phones growing, and cash flow becoming abundant, he would continue to invest in Meituan.
The money invested in these two years, once Meituan lists, would see a hundredfold increase, a sure profit.
Wang Xing raised his glass:
"Chairman Wang, with your words, I am reassured. This glass is to you!"
"Cheers!"
Then, Niu Fengnian also raised his glass:
"Chairman Wang, I'd also like to toast you. In the future, if there are good projects, remember to bring Sequoia along, and let's invest together!"
"No problem!"
Wang Yi said with a smile.
Some projects are too expensive, and Wang Yi wouldn't invest in all of them himself.
Having Sequoia lend a hand would be just right.
For example, Meituan would need further financing, and a considerable amount.
Wang Yi would contribute a portion, and Sequoia and other institutions would share the rest.
The meal ended around 3 PM, and Wang Yi returned to Xingyi Technology Park, smelling of alcohol.
Jian Ziyan quickly brought a cup of tea:
"Chairman Wang, for your hangover."
Wang Yi took the tea:
"Thank you."
Wang Yi saw the documents on the table and couldn't help but ask:
"Ziyan, do you have something to report?"
"Yes, but maybe tomorrow?"
"No worries, just say it. This much alcohol hasn't taken its full effect yet."
"Okay, Chairman."
Jian Ziyan nodded:
"Today is the 16th, and the Spring Festival is on the 23rd. Time is a bit tight, so there's no time for an annual meeting. Should we just cancel it?"
Wang Yi thought for a moment:
"This month is a bit tight. A grand, large-scale annual meeting is out of the question. On the 20th, book a luxurious hotel and hold a small annual meeting, then take a holiday. We'll host a large-scale annual meeting next year, inviting media and celebrities. Since we just started this year, let's not make a fuss."
"Okay, Chairman."
"Also, regardless of how many months an employee has been with us, the year-end bonus will be paid as usual this year. Have the HR department calculate it, and distribute it to everyone before the New Year. It absolutely cannot be delayed until after the New Year!"
"Okay, Chairman."
Jian Ziyan was in high spirits; this was a good boss:
"By the way, Chairman, regarding the internal supervisory department you asked me to establish earlier, which secretly investigated Meiyou Technology, it did indeed uncover some issues."
"Some issues? It seems there are quite a few."
Wang Yi became interested.
Jian Ziyan sighed:
"It depends on the severity. Some are minor issues, not too serious, for example, some mid-to-high-level managers in Meiyou's marketing department took some kickbacks, but the amounts were small, and their performance was outstanding. But some are very serious, typical cases of making money without doing work."
Wang Yi nodded:
"That's pretty much what I expected."
For a company, especially the marketing department, to claim absolutely no corruption is unrealistic, truly unrealistic.
After all, many expenses in business departments cannot be reimbursed and must be paid out of pocket, then recouped through other means.
Wang Yi sighed in response:
"How about this: for those who took less than 100,000, with outstanding performance and created profits of over a million, we'll turn a blind eye given their performance."
Pure water has no fish.
Wang Yi couldn't eliminate everyone.
"For those who took 100,000-500,000, and created profits of over five million, we'll give them a chance: return the money, deduct their year-end bonus, and no further accountability will be pursued."
"If money was taken, but performance was not outstanding, we'll talk to them, recover all funds, deduct their year-end bonus, dismiss them, and never re-employ them."
"For those who took over 500,000, no matter who they are, report them to the police, prosecute them, and send them in! Forget about the year-end bonus. Even if their performance is outstanding, they must be sent in."
Currently, the management of Meiyou Technology mostly earned monthly salaries of 10,000-30,000 yuan.
With year-end bonuses, their annual salaries ranged from 150,000 to 500,000 yuan.
This was already very high in a second-tier city in 2011.
If they still messed around with such high salaries, then Wang Yi wouldn't be blamed for being ruthless.
Indeed, business operations require special funds, so Wang Yi set a limit of 100,000 yuan.
As long as the person could earn Meiyou over a million, taking 100,000, Wang Yi would turn a blind eye.
Business requires flexibility.
But if money was taken and there was no profit, then sorry, all of it must be returned, the year-end bonus deducted, or even direct dismissal!
If the amount was particularly large, and the money taken was even higher than their salary, they would all be sent directly to jail!
Wang Yi intended to make an example to warn others and conduct a thorough cleanup.
"Okay, Chairman, I'll arrange it right away."
As for Xingyi Technology, it started later than Meiyou, and most of its business was program development, earning salaries + bonuses, so there wasn't much room for illicit gains.
However, it's hard to say about the future, and covert supervision will also be needed.
But with this action at Meiyou, those with ill intentions at Xingyi Technology would likely think twice.
Early the next morning, personnel from the supervisory department departed from Xingyi Technology, heading straight for Jizhou Meiyou Technology Park, to start dealing with the problematic employees.
Also appearing at Meiyou Technology were economic investigators, who immediately took away five senior executives who had embezzled over 500,000 yuan!
This scene sent shivers down the spines of all other mid-to-high-level managers.
To involve economic investigators and take people away directly left absolutely no room for maneuver!
Internal handling might involve returning ill-gotten gains, layoffs, or even compensation, which were all manageable and at least meant avoiding prison.
But at the level of economic investigation, it was not just an economic issue but a criminal case, meaning years behind bars.
Not only were their futures ruined, but their lives were also over.
There was no choice.
Senior executives earning three or four hundred thousand yuan annually dared to embezzle five hundred thousand, even a million, at the initial stage.
There was no need to keep such parasites.
A major purge was launched in full swing at Meiyou Technology.
For a time, many senior executives were terrified into silence.
Employees who had not engaged in corruption were in good spirits, celebrating that they had upheld their principles.
However, corrupt employees were on tenterhooks, fearing the inevitable.
Especially watching one corrupt employee after another being questioned, dismissed, or even sent to prison, that feeling was truly excruciating.
They were very worried that they would be next!
Many began to regret it, wishing they hadn't taken the money.
After all, Meiyou Technology's salaries were already very high, and there were complete promotion channels.
They could have advanced their careers and received raises legitimately.
Now, one misstep led to eternal regret.
They might end up ruining their future, or even being imprisoned.
Song Sining was also furious about this, completely unaware that so many parasites had emerged within Meiyou!
She immediately burst into anger, issuing an internal announcement:
"All those with issues, confess immediately and return the ill-gotten gains. Leniency will be granted based on the circumstances. Small amounts and minor offenses may be overlooked. Once discovered, severe penalties will be imposed!"
As soon as this email was sent, many, after an internal struggle, confessed.
As a result, many who had not been discovered by the supervisory department self-incriminated.
The supervisory department was dumbfounded by this.
One can only say that Song Sining played this hand very skillfully.
Wang Yi entrusted Meiyou to Song Sining, and the emergence of these parasites made Song Sining furious, feeling that she had failed Wang Yi's trust.
She could only investigate and punish severely.
That evening, Song Sining called Wang Yi:
"I'm sorry, Chairman, I was negligent. I never expected so much corruption."
Wang Yi chuckled:
"It's alright, Sining, it's all normal. Meiyou's development speed is too fast, and various rules and regulations can't keep up, so it's normal for them to exploit loopholes. Besides, pure water has no fish; there's nothing completely clean in this world. You've done very well, don't feel guilty."
"Mm-hm, don't worry, I'll root them all out! In the future, I'll standardize all systems, guard strictly, and plug those loopholes!"
Wang Yi nodded:
"Good. Actually, not many people at Meiyou have problems, it's all normal, no need to blame yourself."
"Mm. I'll try my best to investigate these days. Those who embezzled will have to return it and pay the price. Those who didn't embezzle but are capable can be given important roles later."
"Good. After dealing with the corruption issue, it's the annual meeting and year-end bonuses. On the 20th, come to the Imperial Capital for the annual meeting. All of Meiyou's meritorious employees, mid-level and senior managers, as well as advanced individuals and representatives of ordinary employees, will come together. We won't go home until we're drunk that night, and then we'll have a holiday on the 21st to return to Jizhou."
"Okay, Chairman."
Even after the call ended, Song Sining was filled with emotion.
This year had been truly dreamlike.
"I should have been a junior in college, how did I become President Song of Meiyou Technology?"
It seemed that ever since that boy entered her world, her once calm life had become turbulent.
"But this feeling is quite nice, especially with him around, it's really good."
The only trouble was that her relationship with Wang Yi couldn't be exposed and had to be kept secret.
Otherwise, Xingyi Technology and Meiyou Technology would both become "husband-and-wife businesses," which would be very bad for the companies' future development.
"But it's okay, as long as we can always be together, that's good enough."
"Companionship is the longest confession of love."
Song Sining smiled sweetly.
That night, news stories rushed to the top of the hot searches:
[Xingyi Technology Strategically Invests 70 Million US Dollars in Meituan, Becoming Its Largest Shareholder!]
[70 Million US Dollars: Xingyi Technology Bets on the Group-Buying Market!]
[With Sequoia and Ali before it, and Xingyi Technology behind it, Meituan is destined to stand out in the Thousand Group Wars.]
As soon as these news reports came out, Meituan's visibility rapidly skyrocketed.
Meituan, having been established for just over a year, actually had low visibility and market share, not even ranking among the top four group-buying platforms.
But because of Xingyi Technology's investment, it quickly made it onto the hot searches, and its popularity surged.
There was no way around it; Xingyi Technology was the hottest name in the internet circle at the time.
And the companies Xingyi Technology invested in also had unlimited prospects.
Companies like BYD and Goertek had already doubled their market value after Xingyi Technology's investment!
Although Meituan had not yet listed, being valued by Xingyi Technology made many users believe it had a bright future.
Especially during the current "Thousand Group Wars," users were overwhelmed by choices and didn't know which group-buying platform to pick.
But now, because of Xingyi Technology's investment, many people instinctively had a favorable view of Meituan!
This caused Meituan's user numbers and revenue to begin surging.
(End of Chapter)