"Chairman, do you think Alibaba's privatization project has value in participating?" Yang Liguo said on the other end of the phone, "This Mr. Ma has never been in contact with him before. This time he met in Yuhang for the first time. He always felt that this person was talking big and was too optimistic about the future of the e-commerce industry."

"Old Yang, how did you get in touch with this Mr. Ma?" Su Yue asked.

Yang Liguo replied with a smile: "I came into contact with another investment project in Yuhang. I met Mr. Ma by chance, and then he came to him."

"I took a look and found out that after Alibaba was listed on the Hong Kong stock market in 2007."

"This trend of nearly two years is indeed unsatisfactory."

"The stock price has dropped from more than 40 Hong Kong dollars at the beginning of its listing to around 13 Hong Kong dollars now, which is basically similar to the original issue price. The valuation has not increased in two years."

"When Alibaba went public, it was obviously overvalued. In the past two years, it encountered a financial crisis. The market continued to kill valuations. It did not have substantial performance support. It only had a growing scale and the market did not buy it. It was normal." Su Yue responded, "This Mr. Ma wanted to privatize it. It was probably Ali's investors and himself who were not satisfied with the valuation of the Hong Kong stock market. He wanted to repackage and organize it after delisting, and then relist, thereby increasing Ali's valuation."

"The online shopping market is still growing on a large scale."

"Alibaba's revenue scale and order processing quantity are also constantly breaking through. After two years of digestion, the valuation is still strong in the future. And the future is still long, and there is no more water. At this time... it is indeed profitable if we participate in its privatization."

While speaking, Su Yue opened up Alibaba's stock trend in Hong Kong stocks.

At this time, Alibaba had lost the halo of Hong Kong star stocks, and its market value had dropped from its peak to HK$200 billion, and now it only had HK$64 billion, with a price-to-earnings ratio of more than 120 times. The market transactions were sparse, and it was completely no longer as glory as it was when it was listed.

In the online comment section about this stock.

A large number of retail investors are still bearish on this stock and are criticizing it for the "starting the bursting of the Chinese Internet bubble".

Su Yue looked at the remarks, smiled, and continued, "Old Yang, please reply to this Mr. Ma, just say we can continue to talk."

"And let him take some time to come to Ningzhou and let us have a face-to-face conversation."

"Alibaba's company involves a lot of capital. SoftBank and Yahoo are all powerful investors, and Mr. Ma has a wide connection in the domestic capital circle. Logically speaking, no matter which party works hard, it is impossible for them to get more than 10 billion Hong Kong dollars in the repurchase of IPO's funds."

"With Alibaba's popularity in China, if it is privatized, many institutions are probably willing to participate."

"But now... there is no movement in the market about these."

"This Mr. Ma suddenly found us. I guess...is not as simple as we thought."

"But we can also contact him first to see how deep the water in the 'Privatization of Alibaba' is and how much profitable it is, and then make a decision."

"Okay!" Yang Liguo responded, "I'll make arrangements immediately."

After hanging up the phone, Su Yue immediately asked someone to collect detailed data about Alibaba, including historical revenue, finance, background information of shareholders and their shareholders, as well as some recent market information.

Through various data and recent market intelligence of Alibaba.

Su Yue found that Alibaba's investors, whether it is SoftBank or Yahoo, are indeed seriously dissatisfied with the stock price of Alibaba, which is still standing still for two years. In this regard, it is reasonable for all parties to Alibaba Group to privatize and seek to go public in other places, thereby increasing the group's valuation.

But besides these...

There is another important information in the market information that Su Yue has to doubt the other party’s true motives.

From the latest data and information, Su Yue discovered that the current Alibaba has a huge crisis in its group's cash flow.

It can be said that...Alibaba's privatization at this time was obviously inappropriate.

First of all, when the internal cash flow of the group is very tight, Alibaba Group cannot afford so much money. Even if it finally takes so much money through loans and completes privatization, it may cause great interest pressure and survival pressure to the group in the future. Secondly, Yahoo and SoftBank, the major shareholder of Alibaba Group, analyze from market intelligence that they have no intention of increasing their investment at present.

Starting from the fundamental interests of Alibaba Group.

At this time, not only is it not suitable for privatization, but financing should be increased. Through the internal additional shares issuance and the targeted additional shares, we should help the group seek more available funds from the internal and markets to maintain the group's continuous burning path in scale expansion and solve the current cash flow crisis.

So... Su Yue thought about these aspects, and then combined with the time when Alibaba truly privatized and delisted in later generations.

He could almost conclude that this Alibaba's President Ma must be playing tricks when he contacted him.

But he doesn't know what the other party is going to do under the guise of privatization of the group? Is he trying to attract Bentayga Capital Group as a strategic investor to participate in Alibaba's internal investment and help solve Alibaba's internal cash flow problem? Or is it just a fool to use the banner of Bentayga Capital Group to speculate on stock prices and further raise funds from the secondary market?

But no matter what, Su Yue wanted to meet Mr. Ma for a while and see what he said.

Two days later, on Friday, May 15, under the arrangement of Yang Liguo, Mr. Ma Yun, Chairman of the Board of Directors of Alibaba Group, arrived in Ningzhou.

That night, Su Yue met with him at the Ningzhou Hotel.

"Chairman Su, I'm very happy to see you." Ma Yun first said hello, "Just just read the newspaper and the news that you reported on you. When you really meet, you realize that you are much more handsome and younger than the newspaper and the news. I want to be as handsome as you. If you are at your age, you will not be rejected ten times in a row."

"Of course, if I had the handsomeness of you, I might not have Ma Yun today."

"Mr. Ma's words are very funny." Su Yue looked at the richest man in his memory in his later generations and said with a smile, "Now you pursue girls, few girls will refuse."

"Did I contract their wallets because of the treasure I founded?" Ma Yun laughed.

"It's not only contracting their wallets, but also contracting my wallets for a while." Su Yue sat opposite him with a smile. "The e-commerce industry is changing people's consumption habits at a speed visible to the naked eye. Mr. Ma is amazing and has led this east wind of the times."

"Chairman Su is really amazing." Ma Yun sighed, "The wealth legend you created has attracted the attention of the whole world. His capital investment has changed the pattern of many industries in the past or two years. Recently, I have heard that many people in the financial and steel industry say that if it weren't for your Bentayga Capital Group that acquired all the shares of Australia's Northern Mining and tore open up the alliance defense line for several major iron ore giants to slaughter domestic steel companies, this round of iron ore price negotiations would not have taken the initiative among the major iron ore giants."

"This is the real big move to make a profit for the country and to change the domestic and international industry structure with an investment!"

"I, Ma Yun, started a business for so many years, just want to change the consumption habits of Chinese people and allow people to truly buy good and cheap things."

"In terms of the pattern, it is still far from Chairman Su."

"However, after listening to Chairman Su's words, you are optimistic about the future of the e-commerce industry, and I am very happy about it." Ma Yun continued, "Industry with various intermediate links and profit-taking must usher in reform. Wherever there are complaints, there are business opportunities. Paying treasures comes into being in line with this demand."

"Only when the people are truly affordable can this business be really promising."

"For the traditional retail scale, the current penetration rate of the entire e-commerce is only about 1.3%, and the future prospects are still very broad."

"From the rapid expansion of the scale of the entire e-commerce industry."

"The path we have opened up proves that it meets the inner needs of the people and can continue to persevere."

"I have two ideas for Chairman Su this time."

Ma Yun's eyes were shining with a bright light, and she kept talking: "First, I want Chairman Su's 'Benyue Capital' Group to invest in us, Ali, to help us continue to grow, and to help me complete the privatization of Ali in Hong Kong stocks; Second, I want to use the power of your 'Benyue Capital' Group to get back the shares in Yahoo."

"As far as I know, your Ali Group's cash flow is in trouble. She burns too much money and has no time to privatize it, right?" Su Yue opened the topic and said, "As for you to get back the shares in Yahoo, even if you had a repurchase agreement when you accepted Yahoo investment, and if others were unwilling to let go, you wouldn't be able to get it back."

"So... Mr. Ma's real intention is to release funds and rescue your Alibaba Group according to the targeted share issuance model, right?"

Ma Yun looked at Su Yue's sharp and deep eyes, smiled and said, "Chairman Su, I'm looking for you, because I really like you in your overall situation in capital investment."

"Alibaba Group is indeed facing a cash flow crisis at present, and the funding gap is not small."

"But as long as the group slows down its business expansion pace, reduces advertising spending, consumers and merchant subsidies, it can be solved, and it cannot affect the fundamental operation of the group."

"In fact, the current cash flow crisis is just because I deliberately expanded the speed of burning money and did it on purpose."

"The purpose is to make Alibaba's stock price fall sharply, so that the investors' confidence is slightly less, so that the shares in Yahoo rivals can be relaxed a little, and give me a chance to buy back."

"Whether it is based on the interests of the group or my personal interests."

"All the crisis in Alibaba Group at this time is a good thing. This makes it easier for the group to privatize at a low market value and also makes it easier for me to get back my shares from the investors."

"I feel that the next wave of the Internet is coming."

"Before this, I must rectify the group and let Ah Li go on the road with a better attitude."

"This time I met Chairman Su privately. The news is limited to you, Mr. Yang and others. My words are limited to me and Chairman Su."

"Mr. Ma's idea is good, but if we help you and achieve your goal, what benefits can we get from Alibaba Group?" Su Yue said, "The ultimate goal of capital is still interests. It has nothing to do with the pattern. To achieve the conditions you just mentioned, the capital expenditure of our 'Benyue Capital' group will not be a small amount."

"If Chairman Su agrees to my request, then... in the share issuance case in July, I can prompt the shareholders' meeting to make a resolution to issue additional shares to you at a low price." Ma Yun said, "At the same time, in the privatization process, all your investments can be converted into the shareholding proportion of Alibaba Group according to the final price of privatization, and can also form the group's loan to you. I will prompt the group to pay interest to you at an annualized interest rate of 12%. How about?"

"besides……"

"As long as Chairman Su helps me with all his strength, helps me get back the shares in Yahoo and completes the privatization of the group."

"Then, within five years, I will prompt Alibaba Group to relist and be confident that I can value the group's valuation to a market value of more than 100 billion US dollars."

“People’s consumption concept is changing.”

"Before the new retail model of e-commerce, traditional retail did not have any resistance. When the next trend of the Internet exploded, five years would be enough to increase the market penetration rate to more than 10%, and a penetration rate of 10% already means a trillion-level revenue level."

"Ali has first-mover advantages and technical advantages, and now the brand effect is constantly emerging."

"I have enough confidence and confidence to build Ali into a leading new retail enterprise and make Dabao an e-commerce platform with annual revenue of one trillion yuan."

Su Yue listened to Ma Yun's high-profile, contagious and seductive talk.

Even though he has the experience and vision of later generations and is familiar with the development history of Ali's company in the next fifteen years, he still couldn't help but feel excited when facing these big cakes drawn by Ma Yun.

Involuntarily, Su Yue couldn't help but pass another core e-commerce figure he focused on investing in.

When Liu Jindong got the funds and shouted "Surprise to pay the treasure", Ma Yun had already praised the slogan of a trillion-level revenue in the next five years.

Su Yue sighed secretly.

It has to be admitted that there is indeed a gap between the two in terms of corporate business structure and future perspective.

"Mr. Ma, you are an admirable person and an annoying person." Su Yue turned his thoughts and stared at Ma Yun tightly. "I don't want to agree to you because you are not honest to the shareholders you invest in, but I believe in the future you portray, and I believe that you can lead Ali to overturn the entire domestic traditional retail industry and build a platform with annual revenue of one trillion yuan. I also believe that our Bentayga Capital Group, the funds invested in you and Alibaba Group, can get extremely generous returns in the future."
Chapter completed!