Chapter 1033

PS: There was a mistake in the previous chapter; the national football team's New Year opponent is not Thailand but Vietnam, which has been modified.

Main text:

In fact, a company's stock plummeting is not terrible, because it may be a technical adjustment, and it is entirely possible to rise back.

Year-round negative revenue is also not that terrible, because when you reach this volume, revenue and expenditure are counted in hundreds of millions; if you spend a lot, it means you have many projects, and the benefits brought by the projects in the future will also be very considerable.

Of course, it is not normal for Bilibili to make one project and fail one project like this.

But no matter what, stock plummeting and negative revenue are the most normal things for an internet company; let alone Bilibili, aren't the neighboring Douyu, Huya, and iQIYI the same?

The general environment is like this, nothing to be nervous about.

But if there is a problem with cash, the consequences will be quite serious.

If a company has 1 billion in cash, even if it loses 200 million a year, it can operate continuously for five years.

But if a company is making money every year, but the cash flow is broken, then it may not be able to hold on for a quarter.

Bilibili is now in such an awkward situation where the cash flow is broken.

The stock market is bearish, and investment cannot be pulled.

The projects developed by themselves are either aborted or made without money, and they are frequently on the hot search because they are done too badly.

Coupled with the reduction of UP master's creation incentives, they were attacked by many parties.

This series of phenomena is revealing to the outside world that Bilibili's internal management is chaotic, funds are insufficient, and income is not enough to cover expenditure.

To sum up, it is about to close down.

Under such circumstances, where are there any investors willing to inject cash into Bilibili?

So since the end of last year, Bilibili's cash flow has been stretched.

But at least it was rich for a while before, and there was still some money on the account, so it has been holding on until now.

Originally, Cheng Rui thought that in one year, at least he could pull investment, plug the hole in the cash flow, and let the company operate.

Now it seems that the situation seems to be even worse than imagined.

Key internet companies, when facing this kind of dilemma, are not like physical companies that can sell fixed assets to tide over the difficulties.

Just like when Yifa was trapped in a debt crisis, he sold buildings and squares directly, and it didn't take long to raise enough money.

And those tens of millions of users and hundreds of millions of clicks on Bilibili sound very powerful, but they are all virtual; they cannot be cashed out at critical moments and are of no use for solving problems.

Now, Bilibili seems to have really reached the point of exhaustion.

Cheng Rui grabbed his already sparse hair dejectedly and slumped into the chair.

He has to be calm and think about what other ways out there are.

Just then the phone rang.

Cheng Rui picked it up and saw an unexpected name.

"Miss Luo Quan, it's really been a long time since we talked."

Cheng Rui thought Miss Luo Quan called to pay him a New Year's greeting, so he forced himself to be energetic and made his voice happy.

Miss Luo Quan's laughter was hearty: "It has been a long time; I don't remember when I last talked to you, Mr. Cheng; it must have been a year or two, right?"

"Yes, time really passed in a flash; in the blink of an eye, things are different." Cheng Rui's eyes were deep, and his tone was full of emotion.

I remember back then, it was he who personally called Miss Luo Quan to send an invitation, pulling the first official star to settle in Bilibili.

At that time, Bilibili's users skyrocketed, and it was a scene of everything competing and vitality.

And Miss Luo Quan was just a fledgling singer, only having a little fame in Japan.

Unexpectedly, less than five years had passed, and Bilibili had already fallen from the peak into the abyss, while Miss Luo Quan had become the hottest top-tier star in the world.

How could Cheng Rui not be emotional about this huge change in situation?

Just as he was about to say Happy New Year to Miss Luo Quan, a sentence from the opposite side made him stunned.

"I heard that Bilibili's situation is not good recently; perhaps I can provide help."

"You... is this true!" Cheng Rui sat up straight, and then fell into annoyance and ecstasy.

He found so many investors, how could he forget this richest woman in China, who has the highest purity and strong financial resources?

Among all the stars in the world, it can be said that no one knows or likes Bilibili more than her, Nobody!

"If you can provide help, I will definitely be 10,000 times grateful!"

After ecstasy, Cheng Rui returned to calm: "However, this help is definitely not free; regarding equity and the right to speak, we need to have a detailed discussion; we must convene all major shareholders..."

Business is business; Cheng Rui wouldn't naively think that Miss Luo Quan would help him like helping children in poor mountainous areas, so he immediately started the discussion on interest cutting.

But Miss Luo Quan interrupted him before he finished speaking: "In fact, I am not just simply investing; besides shares, I also want the right to speak, and it is the right to speak of more than 50%.

I know you, Mr. Cheng, own 40% of Bilibili's right to speak, so I only talk to you alone."

"This is impossible, Miss Luo Quan." Cheng Rui refused without thinking. "Bilibili is my hard work; it is my dream for this life; I cannot transfer it to others."

"Is Bilibili now really still the way you dreamed?" Miss Luo Quan asked back.

"Don't forget that it was those old users who used love to generate electricity, giving Bilibili the opportunity to grow and strengthen.

But after Bilibili was made, it abandoned the users who supported it; ask yourself, can you still find a shadow of five years ago in Bilibili now?"

Miss Luo Quan's questioning made Cheng Rui fall into silence.

Indeed, after Bilibili was made, it almost wrote the words "de-two-dimensionalization" on its face.

It is also because of this reason that those old users mention Cheng Rui with gnashing teeth.

Mongolia Single was popular like this because he said the heart of many old users.

In fact, Cheng Rui knew it well, but just didn't want to face it.

"But no matter what, at least I made Bilibili big." Cheng Rui continued to defend. "And this is the pain that a website facing the whole people must experience; those things in the small circle can only exist when there are few people paying attention.

Now that so many official accounts have settled in, can those things in the two-dimensional world still exist?"

"Why can't they exist?" Miss Luo Quan wanted to laugh a little. "Two-dimensional is not illegal.

In fact, I don't like to be sentimental; next, I will ask something realistic.

You said you made Bilibili big, which is true, but can Bilibili still be called big now?

Last year, the market value was more than 60 billion, and now it has fallen to 18 billion; if you don't make changes, this momentum will definitely not stop.

And the rumors on the internet about Bilibili's cash flow breaking have never stopped; whether this is true, you know best in your heart.

To put it bluntly, Bilibili is now only one step away from bankruptcy."

Miss Luo Quan's voice was not loud, but every word seemed to prick Cheng Rui's heart like a needle.

He wanted to refute, but couldn't find any reason, because what Miss Luo Quan said was true.

However, even so, Cheng Rui didn't want to give up: "Bilibili is my hard work; even if it dies, I will be with it."

"You want to die with Bilibili, but Bilibili's users may not think so; they definitely hope that Bilibili can continue to operate.

But if you management continue to do this, Bilibili will eventually cool down sooner or later.

May I ask, besides me, have other investors called you?"

"Of course, the market is still quite optimistic about Bilibili; after all, we have irreplaceable value in long videos, and no one can compete with us."

Cheng Rui pulled nonsense with a confident expression.

Although Bilibili is indeed the boss of long videos in China, ByteDance has already set its sights on this piece of fat.

Xigua Video is specifically used to compete with Bilibili; when Bilibili cut UP master's income before, Xigua Video dug up many people.

So if Bilibili really doesn't work, Xigua Video will definitely step on its corpse and ascend the throne immediately.

And Miss Luo Quan also did enough homework before this call, that is, she called only after making it clear that Bilibili's cash flow was already not working.

Unless it reached the point of exhaustion, Cheng Rui couldn't be willing to let go and compromise.

"Mr. Cheng, these words are fine to deceive three-year-old children; do you think I would call you if I didn't have accurate news?"

Miss Luo Quan laughed and directly poked Cheng Rui's lie: "In fact, don't worry too much; my buying into Bilibili doesn't mean I want to kick you out of the management; I won't take all the equity and voting rights in your hands; I only need 40% of the voting rights."

"Is just this little bit enough?" Cheng Rui was stunned. "Li Li and Xu Yi's combined also have 25; if you really hold a meeting to discuss problems, your voting rights may not really work.

Or is it that you have already communicated with them in advance?"

"That's not it." Miss Luo Quan shook her head. "I just bought a lot of stocks other than you major shareholders; now it adds up to 10%."

"How is it possible!" Cheng Rui smiled. "How come I don't know that someone is acquiring our stocks on a large scale; you wouldn't be deceiving me."

Miss Luo Quan smiled and said: "I just have many friends; plus now Bilibili's market value has fallen to the bottom; one person buying a little really doesn't cost much."

Currently, Bilibili's equity structure is still relatively clear; the three giants Cheng Rui, Li Li, and Xu Yi hold 23% of the shares and 70% of the voting rights.

Then Tencent holds 11% of the shares, Alibaba holds 6% of the shares, and the voting rights add up to 6%.

The remaining shares are basically retail investors, with a total of 20% of the voting rights.

And in the second half of this year, Bilibili's stock price was basically in a situation of falling all the way, and the entire market value was less than 3 billion US dollars.

Although it has turned around a bit recently, it is still falling most of the time.

Major shareholders may be able to hold on, but those retail investors are definitely eager to throw it all away.

And Miss Luo Quan planned to acquire Bilibili in the first half of the year, but in order not to make Cheng Rui suspicious, she mobilized her friends and relatives to sell a little each, and transfer it when the time comes.

Of course, the main force in buying stocks is still Grandpa's side.

After all, the companies under his name are dispersed enough, and they are designed for all walks of life.

As of now, she has mastered nearly 35% of Bilibili's shares and 14% of the voting rights.

Just talking about equity, her proportion even exceeds Cheng Rui.

But because the voting rights were already cut before the listing, even if she took down the retail investors' stocks, the voting rights could only reach 20%.

Therefore, the biggest resistance to acquiring Bilibili is still Cheng Rui.

If he doesn't nod, this matter cannot be achieved.

But if he doesn't nod, her behavior of buying billions of Bilibili stocks is a bit like a sucker.

"But in this way, aren't you on the same boat as us?"

Cheng Rui suddenly figured out this problem: "If Bilibili dies, it won't do you any good."

"Don't you understand what I mean yet?" Miss Luo Quan was a little helpless. "The reason I called is to question your ability and that of other management.

I don't think you have the ability to let Bilibili operate healthily, and even after a period of time, there won't even be a possibility of a grand funeral.

As the largest shareholder, I want decision-making power, and it is decision-making power that no one can interfere with.

Of course, I ask for these simply because I like Bilibili, not for profit.

If it were for profit, I wouldn't have bought so much when the stock price plummeted in the second half of the year."

"But..." Cheng Rui still wanted to say something; the inner feeling made him unable to accept Miss Luo Quan's proposal.

"Mr. Cheng, reality is right in front of you; Bilibili's cash flow is broken, and no one is willing to help.

Instead of watching it die slowly, it is better to let it regain its vitality in my hands.

And what you need to do is just hand over most of the voting rights; your equity won't be much less, and I guarantee that this time next year, your dividends will only be more than now!"

When it comes to drawing big cakes, Miss Luo Quan is professional.

She has done the same thing N times, so she is familiar with it.

She has already told Cheng Rui about the pros and cons; as for the position on Bilibili, this doesn't need to be said, Cheng Rui can also see clearly.

Among the major shareholders, she is the one who wants Bilibili to be the best.

Others, I'm afraid, have long forgotten their original intention and just want to make money.

"I need to think about it again." Cheng Rui's heart is very chaotic; he wants to let go but is reluctant.

But he also knows that what Miss Luo Quan said is true.

If he continues to hold on like this, Bilibili will definitely die slowly.

"It's a big matter; it really needs to be considered more."

Miss Luo Quan didn't rush Cheng Rui to make a choice, but said softly: "In fact, you didn't just give up equity; perhaps you can also welcome the life you love.

If there is a chance, I will make Bilibili better; this is my promise to you, and in the future, I will also make the same promise to all Bilibili users."

Cheng Rui didn't answer, just turned off the phone silently.

He needs to be quiet now, to think about what he might get after giving up Bilibili, and how to continue the life of the second half of his life.

This is not an easy decision, even if it is extremely correct.