Chapter 107

Today Capital is in action.

With the Series C financing for "Qunar" currently stalled, the Series A financing for "Baixiaosheng" had become roughly the company's final move before the New Year.

As the person in charge of the research into Baixiaosheng, Liu Jiankai naturally took on the task of conquering the investment.

On January 11th, he scheduled an interview with a NetEase reporter for the afternoon.

At 2:30 PM, after finishing a movie in his office, Liu Jiankai called in his newly hired assistant, Pang Haiyi, and earnestly asked him a question.

"Xiao Pang, tell me, which brand of electric scooter is better to use?"

Pang Haiyi had assumed he was called in to be asked about data on Baixiaosheng; he hadn't expected to hear such a question, and a look of obvious bewilderment appeared on his face.

Liu Jiankai said earnestly: "My wife texted me at noon to ask. I thought about it, and it seems you're the only person I know who understands this."

Pang Haiyi was stunned for two seconds before feeling an urge to fight the rich.

He took a deep breath and began to introduce the electric scooters he had used and had stolen; he still cherished the opportunity to work at Today Capital.

Liu Jiankai nodded, summarized it briefly, and sent the answer to his wife.

Subsequently, he said: "Write a draft now expressing optimism about the development of workplace social platforms. Hmm, the NetEase reporter should be here in half an hour."

Pang Haiyi looked at the Vice President in disbelief, almost suspecting that the other party was making things difficult for him.

The interview was in half an hour, and he was being asked to write it now?

Liu Jiankai noticed the new assistant's small emotional reaction and smiled: "Just write it casually, make it up if you have to. The format must be correct. Give a copy to the reporter when the interview ends. This isn't important; what's important is our optimistic attitude."

Pang Haiyi had taken meeting notes yesterday morning and knew about the company's negotiations with Baixiaosheng. He opened his notebook and asked somewhat cautiously: "Mr. Liu, are we doing this to show goodwill toward investing in Baixiaosheng?"

"Hmm? Oh, no." Liu Jiankai shook his head. "Where did you get that idea? Baixiaosheng didn't even agree yesterday. There is no goodwill; instead, we want to tell the other party to hurry up and agree, because this opportunity won't come again."

Pang Haiyi didn't quite understand.

Liu Jiankai quite liked his new assistant's efficiency, so he patiently explained: "Look, Baixiaosheng has had dealings with NetEase several times, and its chairman came out of NetEase, so he must pay close attention to NetEase's reports. Or, since they do this, they must also pay close attention to industry trends."

"We can accept the interview, express our optimism about workplace social networking, and specifically name our optimism for Tianji Net's development in the country, but without mentioning Baixiaosheng, this new website."

Pang Haiyi understood: "Is this to intimidate Baixiaosheng?"

"You could say that. Baixiaosheng likes to use public opinion, so I'll create some public opinion movement too. I'm an investor; can't I express which field I'm optimistic about?" Liu Jiankai smiled. "The mechanism Baixiaosheng has developed to this point isn't something very difficult. If they can do it, can't Tianji Net do it too?"

Pang Haiyi wanted to say something but stopped.

"It's fine, speak if you want to." Liu Jiankai signaled for his assistant to pour him a cup of coffee.

A moment later, Pang Haiyi placed the coffee in front of his boss. Seeing that he was indeed in a good mood, he said his thoughts: "Even with the same mechanism, the effect different people get from using it is different. Tianji Net might not necessarily be able to do as well as Baixiaosheng. It has been so sluggish that it's almost being acquired; there must be many flaws and reasons for that."

"You're right, but this will bring change and threats. What does it have to do with us if Tianji Net can't do it well? We're just poking through the window paper; we might not actually invest in it." Liu Jiankai sipped his coffee and said, "Building is difficult, but destroying is easy. Smart people know this."

Pang Haiyi felt a slight shock in his heart. Tianji Net had flaws and might really not be able to do it well, but if it did, Baixiaosheng's competitive pressure would certainly increase.

In the final analysis, Baixiaosheng's founding team had no relevant background or halo, while Tianji Net had both time and seniority, and its core team were industry veterans. What if they really were just one layer of window paper away?

If it were another institution with two financing intent letters on the table at the same time, their heart might lean more toward Tianji Net.

Baixiaosheng was currently short on time. Once it couldn't pull away the gap in the short term, if a website with a similar mechanism really appeared, it might very well become a pathfinder for others.

At the very least, there was that risk.

Pang Haiyi thought about it carefully and couldn't help but ask again: "Mr. Liu, what if the people at Baixiaosheng aren't smart enough?"

"Not smart enough?" Liu Jiankai said with a smile. "That's perfect. It means we shouldn't invest. If they are eliminated, we can just take our money and continue looking for the next opportunity."

Pang Haiyi let out a small sigh.

Liu Jiankai found his assistant's expression interesting and laughed loudly: "Look at who is still alive in this market; who isn't smart? The ones who weren't smart are all dead."

He finished laughing and shook his head: "Besides, I don't think that Yu Xing looks like someone who isn't smart at all."

Liu Jiankai spread his hands: "We didn't do anything excessive; there was just a shadow passing between everyone. If we shake hands, it's like the sunlight pouring down, and all the shadows disappear."

"If the entrepreneur has breadth of mind and spirit, everyone can continue to play together harmoniously."

"If he doesn't have breadth of mind and spirit, it doesn't matter. Once the shares are in hand, he will have to work hard for his own shares."

"Communicating with each other, cooperating with each other, don't be afraid of setbacks, focus on the development of overall interests—isn't this what everyone wants?"

Liu Jiankai signaled for his assistant to start working; there wasn't much time left to write the draft.

Pang Haiyi took a breath, his heart focused, and he now completely knew how to write this speech draft.

At the same time, he knew his boss had taught him a lesson. It was clearly just a normal action, but it had turned into a mix of soft and hard tactics and fighting without breaking.

The company had only implicitly put forward one requirement: the other party had to be smart enough.

The next day, NetEase published the interview with the Vice President of Today Capital, mentioning confidence in economic recovery after the financial crisis and also citing optimism about workplace social networking under the current situation.

And, Liu Jiankai specifically named and praised the development of Tianji Net.

Another day passed, and Baixiaosheng made no move, but Today Capital received a phone call from Tianji Net.

As a company struggling on the verge of being acquired, Tianji Net was quite pleasantly surprised by the optimism from capital and sincerely hoped to have an exchange.

Liu Jiankai was quite dumbfounded and could only stall, arranging to chat after the New Year.

Another day passed, and Baixiaosheng still made no move.

Liu Jiankai was now a bit confused. Could they really be blockheads?

He thought and thought, fearing that a group of college students who had just come out of campus imagined his side to be too kind, so he instructed his assistant Pang Haiyi to register a verified account directly on Baixiaosheng and repost the NetEase news.

They couldn't possibly still not see it after that, right?

Although this wasn't subtle enough and seemed a bit deliberate, the mutual sparring was still aimed at a win-win goal.

If that didn't work, Liu Jiankai could still make a phone call before the New Year to bluntly express the competitive pressure in the market.

Such an appearance might not be as good-looking, but it would count as giving each other a chance to shake hands.

January 14th, 3:00 PM, Baixiaosheng's President's Office.

"Senior Disciple, there is a repost in the website from a Today Capital employee; it's that NetEase report." Lu Haiying walked into the office and mentioned the latest situation.

Yu Xing just gave a "Hmm" and continued to focus on reading the email sent by Xiao Ying.

Lu Haiying did not leave. Regarding the developments at Today Capital, as soon as NetEase reported it, she had noticed it and reported it to her Senior Disciple, but he hadn't shown any reaction.

Two days later, Today Capital had another move, so she wanted to hear more of her Senior Disciple's thoughts.

Five minutes later, Yu Xing closed the webpage, looked at his second-in-command, and said faintly: "Look, when capital wants to make money, it doesn't care how we view it—whether it's despicable or noble, it only cares about achieving its goal."

Lu Haiying agreed deeply.

Although she hadn't heard her Senior Disciple's thoughts at the first moment, she had discussed this matter with Zhong Zhiling and could see what Today Capital wanted to do.

Yu Xing continued: "Last year, Liu Qiangdong said something to me on the phone. He told me to be careful of investors, saying they are all cunning. I asked if that included Xu Xin, and he just laughed without giving a clear answer."

Lu Haiying frowned and said: "The answer is very clear now."

"Yes, very clear. No matter who it is, whether it's investors or ourselves, as long as we want to make money, we must certainly try every possible method. This is not surprising, it's just that when you actually encounter it, it allows for mutual verification." Yu Xing smiled. "Fortunately, investors are just a broad concept; they aren't a monolith. I was still considering how to communicate with Shen Nanpeng this morning, and now I've already figured it out."

Lu Haiying didn't wait for her Senior Disciple to state his thoughts. She thought for a moment and asked with some worry: "If Today Capital really invests in Tianji Net, or finds someone to build a website just like ours, what then?"

"Finding someone to do the business—hmm, investors aren't doing a one-time business after all, they have to have some reputation, so this possibility is relatively small. But I don't rule out them investing in Tianji Net, or just doing a favor and explaining our stuff to them thoroughly." Yu Xing lowered his expectations and said earnestly, "If that really happens, as long as we have new investors and new money coming in, we don't have to be afraid."

"If Tianji Net wants to do it, then we'll fight Tianji Net. If Diji Net wants to come, then we'll fight Diji Net."

"Without Xu Xin, there's Liu Xin. Besides, Xiao Ying is helping us find money."

"What's a little competition?"

"We must have confidence in our own cause and have the will to compete bravely. Otherwise, we might not necessarily go very far in the end."

Yu Xing smiled: "Let's encourage each other."

Lu Haiying was quite inspired and nodded vigorously.

After his second-in-command walked out of the office, Yu Xing opened the webpage again, clicked into his mailbox, and reread the news sent by Liu Wan Ying.

In another two hours, the Guoshanfeng Research Company would release a research report on Focus Media on its newly launched official website, but this was a simplified version of the report used to scout ahead and attract capital from the media and the market.

By Friday at the latest, the official website would release the full version of the research report and would also request that their agent lawyer file an anonymous report to the US Securities and Exchange Commission (SEC).

Yu Xing learned a small Easter egg from Liu Wan Ying: if their side caused the SEC to successfully execute a fine of over 1 million US dollars, they might receive 10%-30% of that fine amount as a reward.

"We're making it public first and then contacting them; can we still get the money that way?" Yu Xing raised his doubt.

"I don't know. Let's try our best." Liu Wan Ying answered very honestly. "This is my first time too; let's all give it a try."

This was Guoshanfeng's first action, and everyone was feeling their way.

At 5:30 PM, Yu Xing refreshed the page and saw the first scent emitted by Guoshanfeng.

And then...

There was no then.

Even the Xiangjiang media that had been contacted weren't that fast, and the stakeholders didn't have time to react either.

Half an hour later, Yu Xing called Liu Wan Ying: "How is it? What's the situation now? Will Focus Media's stock have any movement on the Nasdaq tonight?"

"Wait. But I estimate there won't be any impact. It's already not bad that it can be seen by Focus Media people now." Liu Wan Ying said calmly. "We have no influence, but facts are facts; its gold content won't be ignored."

She asked again: "How is your financing going?"

Yu Xing gave the same answer: "Wait... I'm also waiting. I just sent a message to Shen Nanpeng, and he didn't reply to me."

One in Xiangjiang, one in Shencheng, the two fell into the same state of waiting.

Sure enough, there was no ripple on the Nasdaq that night; the information from a small website in the distant East did not constitute influence.

But near midnight, Yu Xing received a reply from Shen Nanpeng.

He only replied with a few words: Okay, I'll take a look.

Thus, Yu Xing was able to sleep that night.

January 15th, 10 days until the Lunar New Year.

Xu Xin was already arranging the holidays for her colleagues, but at 9:30 AM, she unexpectedly received a call from Shen Nanpeng of Sequoia China.

After some pleasantries, Shen Nanpeng stated the main point and asked earnestly: "Ms. Xu, what were your considerations for this round of investment in JD?"

Xu Xin smiled: "Invested is invested. You were the ones who rejected Liu Qiangdong, haha."

Shen Nanpeng knew that in this kind of conversation, he had to show his sincerity first: "Ms. Xu, Liu Qiangdong came to me, but I was very hesitant before. I wanted to invest but didn't want to invest, and in the end, I didn't."

Xu Xin listened for what followed.

"Sequoia previously held an annual meeting for the CEOs of our invested companies in the capital. Everyone chatted a lot and unanimously felt that the situation in 2009 wouldn't be good."

"The impact of the financial crisis is too great; its chill is colder than winter. So, I didn't invest."

Hearing this, Xu Xin asked: "If you didn't invest, you didn't invest. So what are you still struggling with now?"

"I am a bit conflicted, and also a bit curious. So, I want to hear your thoughts on deciding to invest." Shen Nanpeng asked for advice.

Xu Xin was silent for a moment and said: "The pessimistic sentiment in the market is contagious, but I think investment sometimes requires overcoming one's own fear."

She slowly asked a question: "Mr. Shen, I want to know, how do you judge JD yourself? Was the sentiment of those CEOs just an excuse handed to you to not invest?"

Shen Nanpeng was stunned, suddenly feeling a palpitation.

After a few seconds, he admitted: "I do feel that the competition JD faces is quite large. Gome, Suning, and Alibaba—it's indeed a bit unclear."

"So, I am the opposite of you. It's not that JD will definitely win, but I believe that as long as JD doesn't fail quickly under the competitive situation of Gome, Suning, and Alibaba, the returns it can bring will satisfy me." Xu Xin shared her view. "The global economic situation needs time to recover, but I believe our investment in JD can cross this cycle."

Shen Nanpeng sighed and said honestly: "Ms. Xu, I was only a little conflicted before, but now it has turned into quite a bit of regret."

Xu Xin laughed loudly: "Then you can wait for the next round."

Shen Nanpeng sighed again; following in the next round wouldn't be the same price.

He didn't end the call, brought up another small matter, and asked: "Oh right, there's another small project. Are you investing in Baixiaosheng?"

Xu Xin was surprised: "Why are you interested in it?"

"Its founder sent me a message saying that your Today Capital wants to invest in the Series A and asked if I was interested." Shen Nanpeng replied.

Xu Xin was still surprised: "You're interested just because he sent a message?"

"This is how he sent it." Shen Nanpeng repeated, "Mr. Shen, you have already missed JD; I hope you won't miss us again."

Xu Xin was startled. It was that somewhat familiar feeling of being stabbed in the back. No wonder Shen Nanpeng brought up JD.

She disdained to lie and admitted: "There is indeed such a matter, but it hasn't been negotiated yet."

"Then shall I have someone go talk about the price?" Shen Nanpeng asked for her opinion without being too polite.

Xu Xin was slightly helpless: "Have you understood it, and you're going to talk about the price?"

Shen Nanpeng smiled: "Ms. Xu, I trust Today Capital."

Today Capital had already researched it, after all.

Xu Xin was speechless.

She was silent for two seconds and said: "This is an investment with a slight risk."

"I'll just have someone ask. If they don't want to, forget it; I won't maliciously bid." Shen Nanpeng said, "If it really doesn't work, we'll pool together. They've already told me not to miss the next JD."

Xu Xin replied concisely: "Fine."