Regarding it Corporation that has not gone on the market, the real value is very difficult to judge. 对于未上市的it公司,实际价值很难去判断。 Generally, looked that the income, looked similar, looks at the asset. 一般情况下,看收益、看同类、看资产。 But similar, now the distant e-commerce can make a comparison few, the income and asset can look actually. 可同类,现在远方电子商务能做对比的少,收益和资产倒是能看出来。 However e-commerce, but must add on the future imaginary profit computation. 不过电子商务,还要加上未来的预期利益计算。 70 billion estimate values that before Shen Guojun these people proposed, data that did not give for no reason, but adopted the cash flow discount law to calculate. 之前沈国俊这些人提出的700亿估值,不是无端给出的数据,而是采取现金流贴现法计算出来的。 But this calculation model, is not very objective to the present distant commercial city. 可这种计算模式,对如今的远方商城不够客观。 Distant commercial city at this moment, before routing to pull out the treasure, but also seizes the market period in one, the produced cash flow are not many. 此刻的远方商城,在击溃掏宝之前,还处于一个抢占市场期,产生的现金流不多。 70 billion, are not naturally able to be satisfying. 700亿,自然无法让人满意。 Teng fast or the distant place, are unlikely to agree. 无论是滕迅还是远方,都不大可能会同意。 Naturally, Shen Guojun they are also hopeless the distant place to agree. 当然,沈国俊他们也没指望远方同意。 250 billion that but Tan Haiying said that also no one will accept. 可谭海英说的2500亿,也没人会接受。 Really wants the estimate value 250 billion, the stock that they hold will be diluted more than 50%. 真要估值2500亿,他们持有的股份会被稀释一半以上。 ...... …… When Li Dong as if sent out „150 billion” unknowingly, the conference room no one spoke a long time. 当李东仿佛不经意地报出“1500亿”的时候,会议室很长一段时间没人吭声。 150 billion values? 1500亿值吗？ Exceeded 20 billion US dollars, this estimate value is not absolutely low. 超过了200亿美元,这个估值绝对不低。 But goes on the market to near now, the distant commercial city takes the listing alone, not necessarily cannot compare Amazon, both disparity is actually not too big. 可如今上市在即,远方商城单独拿出来上市,未必比不上亚马逊,两者差距其实不是太大。 One lies in well-covering, one is to rise the space to be big. 一个在于覆盖面广,一个在于上升空间大。 If can compare favorably with Amazon, that distant commercial city market value is likely to top 40 billion US dollars. 要是能比得上亚马逊,那远方商城市值就有望突破400亿美元大关。 Naturally, without listing time the income after with listing makes a comparison, that is not objective. 当然,没上市的时候用上市后的收益做对比,那是不客观的。 Otherwise, the distant retail can also calculate. 要不然,远方零售也可以这么去算。 Li Dong sent out 150 billion, the people are pondering the gain or loss, suddenly no one spoke. 李东报出1500亿,众人都在思考利益得失,一时间没人说话。 Has not known permits Shengzhe who how long, had not opened the mouth said with a smile: „ 150 billion are not low, particularly pulls out the treasure not to calculate. 不知道过了多久,一直没怎么开口的许圣哲笑道:“1500亿可不低,尤其是掏宝还未计算在内。 In addition pulls out the treasure, you said that this estimate value, I approve. 加上掏宝,你说这个估值,我认同。 But now, after pulling out the treasure also to need to wait for the commercial city to integrate, purchases again. 可现在,掏宝还需要等商城融入之后,再去收购。 If pulls out valuable in addition 4.5 billion dollars, that distant e-commerce system, the value reached as high as 180 billion. 如果加上掏宝的45亿美金,那远方电子商务体系,价值就高达1800亿了。 Li Dong, you did not think that this estimate value, were some too high? ” 李东,你不觉得这个估值,有些过高了吗？” Tan Haiying starts to speak but hesitates, Li Dong has not made her speak, smiles saying: „ Are 150 billion very really high? 谭海英欲言又止,李东也没让她说话,笑眯眯道:“1500亿真的很高？ Also did not say after the listing, can gain many gains many matter, this does not have the shadow matter, said does not have the significance. 也不说上市后能赚多少赚多少的事了,这都是没影的事,说了也没意义。 Says the present, the distant commercial city the earning breaks through 300 billion this year is the matter of being settled, ten thousand net volumes of trade also surpassed 100 billion. 就说现在,远方商城今年营收突破3000亿已经是板上钉钉的事,万家网这一块交易额也超过了1000亿。 The self-management business, the gross margin must over 12. 自营业务,毛利润要超过12。 But then to the investment of logistics and warehousing, will conduct the investment spending by the logistics group, is no longer connected with the distant commercial city. 而接下来对物流、仓储的投资,都会由物流集团进行投资支出,不再和远方商城关联。 As the matter stands, the net profit of commercial city will rise sharply. 这样一来,商城的净利润会大涨。 Over 10 billion, this is the distant commercial city can every year to the benefit that everyone brings. 百亿以上,这就是远方商城每年能给大家带来的利益。 At this time, did you feel 150 billion really high? ” 这时候,你们觉得1500亿真的高？” Early period of the e-commerce, lays down the logistics and warehousing channel, spending is the big end, the investment is very big. 在电商前期,铺设物流和仓储渠道,花钱是大头,投资很大。 But the distant place, analyzes now, has not walked the account of commercial city. 可远方这边,如今进行拆分,并没有走商城的账。 As the matter stands, the profit margin of commercial city was very high. 这样一来,商城的利润率就很高了。 Otherwise, the logistics and warehousing walk the commercial city channel disbursement, that commercial city is losing money every year. 要不然,物流和仓储走商城渠道支出,那商城每年都在亏本。 Li Dong was saying continues saying: „ Actually I have discussed with some worldwide basis assessors, including has discussed with some investment banks, the distant e-commerce estimate value must by far over 20 billion dollars. 李东说着继续道:“其实我和一些世界性评估机构谈过,包括和一些投行都谈过,远方电商估值远远要超过200亿美金。 Must know, now we are the world's first, rather than Huaxia first. 诸位要知道,如今我们是世界第一,而不是华夏第一。 Moreover we now main centralized in domestic, this is a disadvantage, but similarly is also the advantage. 而且我们现在主要集中于国内,这是一个劣势,但同样也是优势。 The advantage is, we have very big development opportunities. 优势在于,我们还有很大的发展空间。 Naturally, the disadvantage is also quite obvious, the limitation is somewhat big. 当然,劣势也较为明显,局限性有些大。 Under the fit and unfit quality synthesis, calculates that was impartially good, the value of distant place must be bigger than Amazon. 优劣综合之下,算持平好了,远方的价值还是要大于亚马逊的。 150 billion, are I considers very for a long time, given estimate value. 1500亿,是我考虑很久,给出的估值。 I had said before, present distant place, what are more is the share. 我之前就说过,现在的远方,更多的还是分享。 The share in benefit, this is also the foundation that we cooperate. 利益上的分享,这也是我们合作的基础。 If really thought that is unable to accept...... ” 如果诸位真觉得无法接受的话……” Li Dong said lightly: „ Then at this time, can choose to withdraw. 李东淡淡道:“那在这时候,可以选择退出。 The distant retail, the group gave 222 billion estimate values, this value must exceed the real value. 远方零售,集团给了2220亿的估值,这个价值要超出实际价值。 Compared with everyone invests, the increase surpassed 100. 比起大家入股的时候,涨幅超过了100。 At this time, you thought that the e-commerce estimate value was too high, I at 222 billion values, the stock in buy-back everyone hand, should not treat unjustly anybody. 这时候,你们觉得电商估值过高,我会以2220亿的价值,回购大家手中的股份,应该没有亏待任何人。 Less than one year of time, gives you 120 returns, I think that no one will think my Li Dong is unfair to you? ” 一年不到的时间,给予你们120的回报,我想没人会觉得我李东对不起你吧？” In the crowd, some people said with a smile immediately: „Li chatted, who does not know that Li justice and humanity, is we follows Li to make money, where has to be unfair to whose view.” 人群中,马上有人笑道:“李总说笑了,谁不知道李总仁义,是我们跟着李总赚钱,哪有对不起谁的说法。” Li Dong wants the buy-back stock, is by the present offer buy-back, indeed sufficed to uphold justice. 李东要回购股份,还是以现在的报价回购,的确够仗义了。 Actually at this time Li Dongzhi gave them to choose, or approves, or withdraws. 其实这时候李东只给了他们两个选择,要不认同,要不退出。 Now withdraws, everyone will gain one. 现在退出,大家都会赚一笔。 Has not needed to take the risk, after all goes on the market how, although is very it is expected that good, how really to be specifically difficult to say. 还不用承担风险,毕竟上市如何,虽然预期很好,具体如何真的难说。 But does not have the risk now, does not represent later does not have the risk. 可现在没风险,不代表以后没风险。 Now withdrew from the distant place, means that withdrew from the alliance, but the distant investment also holds their enterprise 20 stocks. 现在退出了远方,也意味着退出了联盟,而远方投资还持有他们企业20的股份。 Li Dongke had not said that these stocks must also go back, by that time, lost the asylum of distant place, in addition the distant place controlled their some channels. 李东可没说这些股份要还回去,到了那时候,失去了远方的庇护,加上远方控制了他们的一些渠道。 That distant place wants to make them be finished, from being finished is not far. 那远方想让他们完蛋,距离完蛋也不远了。 The enterprise of alliance, the distant place is not good to annex. 联盟的企业,远方不好吞并。 The non- extended enterprise, facing distant such colossus, the instantaneous time will be annexed. 非联盟企业,面对远方这样的庞然大物,瞬间的工夫就会被吞并。 Some people open the mouth, immediately also some people said: „150 billion we can accept......” 有人开口,马上又有人接话道:“1500亿我们可以接受……” No matter how the person of speech also others sees him, facing the distant place, the space that they simply have not bargained back and forth. 说话的人也不管其他人怎么看他,面对远方,他们根本没有讨价还价的空间。 Now except for accepting, that can only withdraw. 现在除了接受,那只能退出。 After may withdraw, own enterprise from being finished is not far. 可退出之后,自己的企业距离完蛋也不远了。 In the situation of having no way out, accepts the idea of powerhouse is the best choice. 无路可走的情况下,接受强者的理念才是最好的选择。 Some people chose acceptance, the quick many people compromised. 有人选择了接受,很快不少人就纷纷妥协了。 This year and distant cooperation, everyone also gets to know the benefits, does not need to be worried again other enterprises invade, does not need to consider the lots. 今年和远方合作,大家也尝到了甜头,不用再担心其他企业入侵,也不用去考虑很多东西。 Regarding the small and medium-sized enterprise, depending upon the powerhouse is the choice of instinct. 对于中小企业而言,依靠强者是本能的选择。 As for Shen Guojun these ambitious people, even if unwilling, that is also useless. 至于沈国俊这些有野心的人,哪怕不甘心,那也没用。 Is unwilling, that can only withdraw, but once at this time withdrew, must guard against the invasion of distant place. 不甘心,那只能退出,可这时候一旦退出,就要防着远方的入侵了。 Although Yintai is strong, who may also probably look at the opponent is. 银泰虽强,可也要看对手是谁。 Before was not the distant opponent, let alone now. 之前就不是远方对手,更别说现在了。 Once withdraws from the alliance system, Yintai grabbed the Jiangsu , Zhejiang big retail market share, must welcome the suppression of distant place quickly. 一旦退出联盟体系,银泰占据了江浙不小的零售市场份额,恐怕很快就要迎来远方的打压。 Considering these, Shen Guojun sighed finally , the nod approved Li Dong plan. 考虑到这些,沈国俊最终叹了口气,也点头认同了李东的方案。 As for permits Shengzhe, said, has not spoken again. 至于许圣哲,说了一句之后,就没再说话。 He is not does not know that Li Dong personality, opposed at this time, is useless. 他又不是不知道李东的性格,这时候反对,根本没用。 Opposes to get down again, perhaps Li Dong must kick to be eliminated him. 再反对下去,李东恐怕连他都要踢出局。 Goes on the market in any case time cleans up the young shareholder is the normal state, at this time few several young shareholders, no one will say that Li Dong is not. 反正上市的时候清理小股东是常态,这时候少几个小股东,也没人会说李东不是。 ...... …… Has Li Dong to suppress, various quick then reached an agreement. 有李东镇压,各家很快便达成了一致。 This time, Li Dong has not proposed the Dongyu real estate the matter. 这一次,李东并未提东宇地产的事。 The real value of Dongyu real estate in that must be easier than to calculate the value the commercial city in any case, this and other simultaneous/uniform Yunna came back to comfort the people of Dongyu to say again, so as to avoid had something go wrong. 反正东宇地产的实际价值在那,比商城要容易计算价值,这个等齐云娜回来安抚住东宇的人再说,免得出岔子。 After reaching an agreement, the fusion was simpler, the stockholder's rights construction of distant retail also had the new change. 达成一致之后,融合就简单许多了,远方零售的股权架构也出现了新的变化。 By this time, the distant holding held the new retail group 78 stocks. 到了这时候,远方控股持有新零售集团78的股份。 Teng fast holds the new retail group 4 stocks. 滕迅持有新零售集团四的股份。 Other extended enterprises, hold 12 stocks. 其他各家联盟企业,持有12的股份。 But the stock that permits Shengzhe holds, was diluted 3. 而许圣哲持有的股份,被稀释到了三。 Sun Tao owns stocks the dilution to 1.8, other distant executive ownership percentages dilute to 1.2. 孙涛持股稀释至1.8,其他远方高管持股比例稀释至1.2。 The stock that the distant place controls stock, belongs to Li Dong completely, Li Dong achieves 78 in the ownership percentage of new retail group, this proportion is extremely high. 远方控股的股份,全部属于李东,李东在新零售集团的持股比例达到78,这个比例极高。 The Dongyu real estate currently also belongs to Li Dong completely, once integrates, his stock proportion will also increase again. 东宇地产目前也是全部属于李东,一旦融入,他的股份比例还会再度增加。 permits Shengzhe signed the agreement, could not bear look at Li Dongyi eyes, this fellow, was getting more and more terrifying. 许圣哲签完了协议,忍不住看了李东一眼,这家伙,越来越恐怖了。 The big retail group, by the present, he also held 78 stocks, this is extremely fearful. 偌大的零售集团,到了现在,他还持有78的股份,这是极为可怕的。 Moreover That side Teng fast owns stocks 4, in fact Li Dong also has lots of stocks in Teng fast, in fact he owns stocks in the distant retail now reaches as high as over 80. 而且滕迅那边持股四,实际上李东在滕迅也拥有大量股份,实际上他本人现在在远方零售持股就高达80以上。 permits Shengzhe do not want to think downward, if the distant retail goes on the market, really can such as the outside world say like that reaches 1 trillion market values. 许圣哲都不想往下想,要是远方零售上市,真的能如外界说的那般,达到万亿市值。 To say, Li Dongguang is this aspect, can the individual wealth achieve 800 billion? 岂不是说,李东光是这方面,个人财富就要达到8000亿了？ Naturally, listing time certainly must dilute part. 当然,上市的时候肯定要稀释一部分。 May according to the current situation, the listing distant place retail issue additionally the capital stock is also limited, after all the system is extremely huge. 可按照目前的局势来看,上市远方零售增发股本也有限,毕竟体系太过庞大。 Issues additionally were many, the market not necessarily can digest. 增发的多了,市场不见得能消化。 ...... …… The distant retail and fusion of distant e-commerce, after this conference, entered the official flow. 远方零售和远方电子商务的融合,在这次会议之后,进入了正式流程。 But pulls out the merger and acquisition of treasure , conducted two signing in the name of new retail group. 而掏宝的并购,也以新零售集团的名义进行了二次签约。 The distant retail overall purchase pulls out the treasure, in addition various expenses, spend 31 billion. 远方零售整体收购掏宝,加上各项费用,耗资310亿。 But after the purchase pulls out the treasure, the distant retail by 4 billion prices, early morning then these logistics systems sold the rookies and star to the distant logistics anxiously. 而收购掏宝之后,远方零售又以40亿的价格,将菜鸟、星晨急便这些物流体系出售给了远方物流。 In fact, the distant retail at 27 billion prices, will pull out the treasure to integrate the retail group. 实际上,远方零售以270亿的代价,将掏宝纳入了零售集团。 The three parties start to conduct the fusion stage. 三方开始进行融合阶段。 Meanwhile, northern simultaneous/uniform Yunna, through the secondary market and young shareholder stock purchase, took the holding power of big business. 与此同时,北方的齐云娜,也通过二级市场和小股东股份收购,拿下了大商的控股权。 The cow just almost looks that helplessly the opposite party nibbles the big business retail little, does not have the slight means. 牛刚几乎是眼睁睁地看着对方一点点蚕食大商零售,却是没有丝毫办法。 Arrived finally, the cow was just clear, since that moment of introduction distant place, has actually been unable to save the situation. 到最后,牛刚清楚,自从引入远方的那一刻,其实已经无力回天。 But, has to agree the plan of distant place, the big business announced the suspension, conducted the privatization reorganization, the waiting distant place retail goes on the market. 无奈之下,只好同意了远方的方案,大商宣布停牌,进行私有化重组,等待远方零售上市。 ...... …… In late December. 12月下旬。 The big business chose the compromise thoroughly, some shareholders of big business, part chose withdrawal, part is the stock of choice same replacement distant place retail. 大商彻底选择了妥协,大商的一些股东,一部分选择了退出,一部分则是选择同等置换远方零售的股份。 Meanwhile, pesters long time Auchan, the big business also surrendered shortly thoroughly, Wal-Mart choice is dormant, but, approved the merger and acquisition plan of distant retail finally. 与此同时,纠缠多日的欧尚,眼看着大商也彻底投降了,沃尔玛选择蛰伏,无奈之下,最终还是同意了远方零售的并购方案。 Sells the high Xin 51 stocks, the distant place gave the purchase price of reaching as high as 20 billion Renminbi. 出售高鑫51股份,远方给出了高达200亿人民币的收购价。 ...... …… Approaches on the eve of the Christmas, Christmas Eve, Auchan and distant place signed the agreement. 就在圣诞节来临前夕,平安夜,欧尚和远方签订了协议。 Hence, Huaxia retail domain, besides distant place, but also the big group of surviving, only had hundredth even/including, Wal-Mart and Su Lin three. 至此,华夏零售领域,除了远方之外,还残存的大集团,只剩下了百连、沃尔玛、苏林三家。 A state-owned enterprise, a foreign capital, private. 一家国企,一家外资,一家民营。 The distant place forgot them probably, left behind three probably specially, in brief does not have to act to several again. 远方好像遗忘了他们,又好像特意留下了三家,总之没再对几家出手。 On December 25, just took big business's soon simultaneous/uniform Yunna, received a new appointment. 12月25号,刚拿下大商不久的齐云娜,接到了一条新任命。 Returns to the headquarters, replaces position that Wu Shengnan leaves behind, becomes Dongyu Group chairman. 回总部,接替吴胜男留下的职位,成为东宇集团董事长。 From the executive president of distant retail, to Dongyu Group chairman, although jumps the ranks, may jump the ranks is not too high. 从远方零售的执行总裁,到东宇集团董事长,虽然有越级,可越级不算太高。 After all Dongyu now potential, retail group eruption -type strength. 毕竟东宇现在势微,零售集团爆发式的壮大。 the No. 3 character of retail group, becomes the member of Dongyu, is acceptable. 零售集团的三号人物,成为东宇的一把手,是可以接受的。 This is also Li Dong helps simultaneous/uniform Yunna pave the way, takes the transition with Dongyu, otherwise by the present qualifications of simultaneous/uniform Yunna, one step spans from the chief executive officer to chairman, will encounter denounced. 这也是李东帮齐云娜铺路,用东宇作为过渡,否则以齐云娜的现在资历,一步从执行总裁跨越到董事长一职,会遭到一些诟病。 Now jumps out of the retail group system, since Dongyu starts, returns again, even if the time is shorter, the good and evil can make the personal history more plentiful. 现在跳出零售集团体系,从东宇入手,再回归,哪怕时间短一些,好歹能让履历更丰满一些。 ...... …… Dongyu must merge into the matter of retail group, many people are actually unascertainable. 东宇要并入零售集团的事,很多人其实不能确定。 But when the appointment of simultaneous/uniform Yunna gets down, many people then understood. 可当齐云娜的任命一下来,很多人便懂了。 Is on one's honeymoon Sun Tao who just returned to the plain, sees this new appointment, the complexion is somewhat complex. 度完蜜月刚回到平川的孙涛,一看到这条新任命,脸色有些复杂。 Wife Liu Hui, sees that somewhat said curiously: „What's wrong? Sad?” 身旁的妻子刘慧,见状有些好奇道:“怎么了？心情不好吗？” Sun Tao shakes the head slightly, on the face shows the light smile, said in a soft voice: „No, has not thought, Li finally chose her.” 孙涛微微摇头,脸上露出淡淡的笑容,轻声道:“没有,就是没想到,李总最终还是选择了她。” Liu Hui as Sun Tao's wife, naturally also knew about the distant place extremely, hears word cannot bear say: „You said, Li Zongyao does make simultaneous/uniform Yunna take over?” 刘慧作为孙涛的妻子,对远方自然也极为了解,闻言忍不住道:“你是说,李总要让齐云娜接班？” Sun Tao shakes the head again, says with a smile: „ It is not, replaces Chen position. 孙涛再次摇头,笑道:“不是,是接替陈总的位置。 In fact, you thought that the board of directors president in distant place is Li reliver? 实际上,你觉得远方的董事局主席是李总的接替者吗？ Really must think, you were wrong. 真要这么想,那你就错了。 The board of directors president and president in distant place, are only the policy-makers of group, but the policy-maker not necessarily represents Li will. 远方的董事局主席和总裁,只是集团的决策者,可决策者不一定代表李总的意志。 Board of directors chairmen and presidents, what are more is execution own will, the representative is also only the distant place and they. 董事局主席和总裁,更多的还是执行自己的意志,代表的也只是远方和他们自己。 The distant genuine foundation, is the distant retail. 远方真正的根基,是远方零售。 Who takes over the present retail group, who is the surveillant who Li leaves behind, the spokesman. ” 谁接掌现在的零售集团,谁才是李总留下的监督者,代言人。” Liu Hui somewhat understood, said: „You said, who is the chairman of retail group, who is the person who Li most trusts?” 刘慧有些听懂了,不由道:“你是说,谁当零售集团的董事长,谁就是李总最信任的人？” Sun Tao shi said with a smile: „Also can say.” 孙涛失笑道:“也可以这么说吧。” „You......” “那你……” Liu Hui could not bear see a husband, in the outside world, almost all people knows, Sun Tao was the undertaking senior statesman in distant place. 刘慧忍不住看了一眼丈夫,在外界,几乎所有人都知道,孙涛才是远方的创业元老。 But now, Sun Tao says that simultaneous/uniform Yunna is the person who Li Dong most trusts. 可现在,孙涛却说齐云娜才是李东最信任的人。 This point, making Liu Hui be somewhat worried. 这一点,让刘慧有些担心。 Sun Tao does not care, said with a smile lightly: „Actually is not accidental/surprised, I have my idea, he has his consideration, this is also the road that I choose.” 孙涛也不在意,轻笑道:“其实不意外,我有我的想法,他有他的考虑,这也是我自己选择的路。” Relaxedness that on the mouth said that but Sun Tao understands, from now henceforth, past friendship no matter used. 嘴上说的轻松,可孙涛明白,从今以后,往日的情分就不管用了。 By that time, once he makes mistakes again, will not have special treatment again. 到了那时候,一旦他再犯错,不会再有特殊对待。 Just like but such that he himself said that this is the road that he himself chooses. 可正如他自己说的那样,这是他自己选的路。 Now he must do, then strives for the position of board of directors chairman as far as possible. 如今他要做的,便是尽量争取董事局主席的位置。 Some layouts of distant place, to the later period, familiar Li Dong Sun Tao have known now, left from Li Dong will not be far. 远方的一些布局,现在都已经到了后期,熟悉李东的孙涛知道,距离李东离开不会太远了。