Chapter 2343 I don’t want to be quiet for a long time

After talking about Yahoo, Jin Beomuxian then talked about the key point, which is what he is most concerned about, "KakaoTalk has more than 45 million users in South Korea, and almost 95% of Koreans have used this product. "

"Congratulations."

Zhou Buqi smiled.

There is no doubt that whether it is domestic WeChat, Helo or the Japanese version of Helo, the coverage is not as good as South Korea's KakaoTalk, which has already demonstrated its dominant strength.

This is related to South Korea’s advanced network infrastructure.

Jin Beomxiu continued to brag and said with a smile: "The amount of messages sent by KakaoTalk every day is three times the number of text messages sent by South Korea's three major telecom operators. Relying on such a traffic advantage, Kakao's other businesses have also benefited. Opportunities for rapid growth.”

"Yes." Zhou Buqi nodded, "This is a very gratifying result."

Kim Beomsu said: "However, there are now many competitors in the mobile Internet industry in South Korea, and they are developing rapidly in various tracks. If Kakao wants to compete with them, it is not enough to rely on KakaoTalk's traffic advantage, and more is needed. funds.”

"funds?"

Zhou Buqi glanced at him and heard something about it.

Kakao is short of money?

That’s not easy, just financing!

The major shareholder of Kakao Group is Ziweixing International, which holds more than 58% of the shares. Even if there is a lack of money on the books recently, it does not cost much to develop the Korean market, and it is entirely possible to seek further financing from Kakao.

If it doesn't work, just introduce more new shareholders.

Judging from what Jin Fanxiu meant, it was obvious that this was not his intention.

Jin Fanxiu hesitated for a moment and said carefully: "I think we can find opportunities to properly split the company..."

"Split?" Zhou Buqi narrowed his eyes slightly, "Holding model?"

Jin Fanxiu said: "Yes."

Zhou Buqi fell silent and did not respond to him.

There are two main modes for splitting up a company.

One is to completely dismantle it.

For example, Company A has three shareholders, A, B and C, holding 60%, 20% and 20% of the shares respectively. If you want to spin off its business to form Company B, then Company B has nothing to do with Company A. The shareholdings of the three shareholders of Company B should also be 60%, 20% and 20%. If you attract new shareholders , the shares will be diluted proportionally.

If it is a holding-type split, it will affect the interests of small shareholders.

A has spun off company B. If A holds 51%, 60% or 90% of company B's shares, then company B's say will be completely decided by company A.

In Company A, the majority shareholder A, who holds 60% of the shares, has the final say.

This means that A has become the real talker of Company B, and Company B has no power relationship with B and C, the two small shareholders of Company A and the newly introduced small shareholders of Company B.

A can control B by controlling A. If company B has another business split in the future, it can control C through B, and control D through C...

It is not only the deprivation of the company's power from small shareholders, but also the damage to interests.

This type of holding-type splitting method often releases the value of the subsidiary, while the value of the parent company is underestimated. This results in the value release of the subsidiary having nothing to do with the parent company's small shareholders.

Therefore, in European and American countries, in order to protect the interests of small shareholders, even if a large company is split up, it is often a complete split, rather than this splitting method of holding companies.

After some time, Zhou Buqi will go to the United States to find Carl Icahn and talk to him about his plan to promote the separation of PayPal from eBay. PayPal is not a wholly-owned subsidiary of eBay. It is controlled by eBay and has absolute say. This harms the interests of eBay's small shareholders and PayPal's small shareholders.

In fact, this is also the case.

eBay's minority shareholders do not own any PayPal stock. If it is fully split, the approximately 60% of PayPal shares held by eBay will be fully shared with all eBay shareholders. Only small shareholders can directly benefit and obtain eBay shares.

Leveraging small shareholders to do big things is the main driving force behind PayPal's spin-off from eBay.

When Ziweixing spun off Ziweixing International, it did not dare to play this holding model and basically split it all. Ziweixing currently only holds about 27% of the shares of Ziweixing International, and the remaining shares are distributed to all Ziweixing shareholders in proportion.

All in all, the full-dismantle model can protect interests; the holding model can protect power.

However, South Korea is special.

It has only been 30 years since the warlord rule ended in this country, and there are many problems left over from history that cannot be solved... The most difficult one is the spin-off model.

The spin-offs in South Korea are all holding models.

As long as one person or a family controls a holding company A, and then uses A to control B, B to control C, and C to control D... By controlling along the way, he can control hundreds of companies and millions of people. Jobs are available.

A chaebol was formed.

Once this large system is formed, it will become an unshakable giant. A quarter of South Korea's GDP is contributed by Samsung Group... No matter who takes over the Blue House, who dares to touch the Lee family? If Samsung goes flat, the entire South Korean economy will collapse, and the president will have to step down.

South Korea's judicial system has many problems. This method is a powerful means for the Lee family to protect private property and family power.

Zhou Buqi could tell that after Kakao Group's rapid rise and its valuation reached US$12 billion, Jin Fanxiu also began to look for a way out and wanted to develop as a chaebol.

Facing Boss Zhou, Jin Fanxiu did not dare to be secretive and said frankly: "In Kakao now, the shareholder structure is mainly three parties. You, Hyundai and me. The Zheng family does not participate in management, and you trust me, so I can maintain control of this company and let it develop according to my ideas."

Zhou Buqi was satisfied with his straightforwardness, "I'm not Korean. Kakao is most suitable when you control it."

Jin Beomxiu said: "Kakao will attack multiple business lines at the same time to compete with competitors in the market. This will require more funds. However, once new influential shareholders are introduced, Kakao will The power structure is more complex.”

In fact, the most important point is that he does not want to further dilute his shares in the Kakao Group.

For example, Kakao Group is going to do payment business, which requires a lot of money. If it goes for financing, it will make the power structure of Kakao Group more complicated.

Kim Beom-soo’s shares will also be diluted.

The interests of all parties must be considered, which will make it more difficult for him to manage Kakao.

It will be different if it is a holding split.

Split off Kakao's payment business and establish a separate subsidiary, KakaoPay. Then, use the name of KakaoPay to raise funds, dilute 20% of the equity, get the money, and develop the business. Since 80% of KakaoPay's shares are in the hands of Kakao Group, Jin Beomxiu can firmly control KakaoPay through his control of Kakao, without having to care about the attitude of other small shareholders in KakaoPay.

As long as Kakao Group can ensure that it holds more than 51% of the shares after KakaoPay is listed in the future, KakaoPay will never run away.

Many subsidiaries do this, and a grid-like equity-controlled chaebol system is formed.

Once it is truly formed, it is not just about power.

It contains huge benefits.

These benefits are all taken away from shareholders who do not have power by shareholders who have power.

This set is also available in China.

It’s just that it’s not as extreme as Korea.

Zhou Buqi had heard too much about it, and of course he knew what was going on here. He said calmly: "This is not in line with my business philosophy. This is a betrayal of investors. Investment is to make money, and that's right. , but for the enterprise, every investor is an angel. At the critical moment, it is the investors who help to tide over the difficulties. We also understand the history of China, and it is actually the same as the history of South Korea. All birds are gone, and good bows are used. Hiding, the cunning rabbit will die and the lackeys will cook; we can only share adversity, but not wealth. I don't want this."

Jin Fanxiu sighed, his expression struggling.

Zhou Buqi continued: "When I started Ziweixing, I told each of our partners from the first day that we must never let our investors down! This is my principle in running a business."

After a pause, he continued: "You have also seen that whether it is Ziweixing, Ziweixing International, or Ziweixing Global, the company puts all its business in one place. I don't play any Financial technology splits the company up, down, left, and right so that everyone can’t see clearly. Investors don’t know what you’re investing in, and they don’t know what loopholes you have underneath, so they can dig it out.”

In a company, the number of shares is not important, but who holds the power of the company is important.

With power, small shareholders can also kill large shareholders.

South Korea’s chaebol system is the easiest to use this method. The shareholding structures of countless companies overlap with each other and progress layer by layer. You control me and I control you...

People who are not in power simply don’t understand.

Even the tax authorities cannot understand this complicated system.

In this way, wealth can be hidden and wealth can be transferred.

The richest man in South Korea this year is Lee Kun-hee, the owner of Samsung. Forbes estimates his net worth at only US$10 billion... How could it be so little?

A large chaebol like Samsung Group, which has an extremely large internal structure and extremely complex ownership structure, is actually like a country. On the surface, the interests of Samsung belong to all shareholders of Samsung, and every shareholder should sing praises for this; in fact, only power has interests. With the power of Samsung, the Li family can arbitrarily deprive those years of confusion. The interests of Jinghao’s shareholders.

The meaning of Zhou Buqi's words to Jin Fanxiu was very clear.

Don't take me for a fool!

I worked hard all the way, I don’t want to be quiet for a long time!

Jin Fanxiu was a little disappointed, "With this model, we can introduce more shareholders and recruit more employees through many holding subsidiaries, and build a larger..."

Zhou Buqi waved his hand and interrupted him, "However, every country has different national conditions. My principles may not be suitable for you."