1 minutes reading tips
1. "Music as an ecological strategy is right, but in the order of the strategy we have different views"
2. "The music as it is now, the three risk outbreak at the same time, this time to consider the adequacy of cotton, forage is enough, whether they have the ability to fire prevention"
3. "For Jia Zong Jia Yueting, between the great and you must hold a degree"
4. "I think the music also needs more profound transformation, such as the transformation of the board of directors"
5. "And millet than, he (Jia Yueting) of the strategy to be higher, with Baidu than, he is also very powerful, in my opinion, Jia is always a very successful people"
6. "If it is the question of money, we can always come up with a 50-100 million to support him"
7. "We are also in a program, it is possible to properly solve the two things, here I will not disclose"
8. "The huge Chinese not put a subversion of the heart"
December 6th, with music as sports layoffs news, music, as the day's share price fell nearly 8%.
December 7th, LETV suspension of important matters to be disclosed, 7 evening, LETV announcement, the company is checking the abnormal positions and rumors, and at the same time, planning major events, is expected to involve integration issues of industry resources, to continue the suspension.
From the music as the car, to the music as a mobile phone, to easy, and then to music as sports, music, as the ecological part of the non-listed company's capital chain issues continue to transfer to the music, as the stock price. If the highest point in the stock price after the resumption of the stock (60.98 yuan \/ share), the market value of the music network has been far more than the level of 1\/3. (prior to the suspension of 35.8 yuan \/ share).
This can not help but make people confused, Jia Yueting created the original ecology music as ecology is to realize the value of each plate between the spheres between the deferred hope, even non-listed company to nurture listed companies, why now non-listed company has repeatedly dragged on the company?
For music, as a more deadly problem in the end is the problem of capital chain, or other problems?
For these issues, the reporter interviewed the current music, as the second largest shareholder of the network, Xin root capital founding partner Ceng Qiang.
Need to be explained, Xin root capital fund is the second largest shareholder of the music network, holding 5.55% of the shares of listed companies, the market value of about 2 billion 700 million yuan. At the same time, Xin root capital is also fully involved in the music as a number of business front financing, with 1+N+B+G's unique eco investment philosophy and music as the eco system of cooperation over the scale of 10 billion yuan.
Just a month ago, music, as the root of the music network and Xin root music as the first phase of the fund has successfully raised 4 billion 800 million yuan, 5 billion 200 million yuan to start the two period, and began to focus on music as a network to upgrade a number of intensive investment.
Music as the strategy is right or wrong?
"" contour: we know that music as ecological original as ecosystem value deferred, but from the current LETV mobile phone, LETV, easy to car to music as sports problems, business greatly affects the non-listed company's shares of listed companies, for this problem, how do you see?
We know that capital is not only the root of Xin LETV two shareholders, but also to 1+N+B+G the unique ecological investment concept and LETV ecosystem cooperation scale over 10 billion yuan, can you talk about your initial investment LETV, is how to assess the music as ecology?
Zeng Qiang: it should be said that the music as the past achievements benefit from music as ecology, it is very large strategic layout, but also has a very strong subversive and innovative. And team execution and team spirit of creation, are in China and even the world's peers are first-class, which we have a high degree of recognition.
However, in the layout of ecological LETV, there are still some problems need to be clearly defined, which is a sales plate is no profit, which is not to become a sales sales, which is the need to establish a user group, which is needed as a forward-looking technology, to have an order arrangement.
In my view, music as ecological strategy is the strategy, but in order that we have different views, or stand in the perspective of investment we have their own views, such as music as sports layout, it should be said in China is already a leader of the company, in the content of physical education, sports, copyright the sports brand has done very well, but in terms of cash flow, competition threshold, value-added services, membership fee of music as sports should have greater strength, that is to say, in the continuous expansion and deep, between the breadth and depth to have an order, should be the first step, then do a deep step, then do the second step, and then do a deep step, then do the third step, and then do a deep step, instead of doing the three steps, this needs to be discussed.
LETV mobile phone sales, from zero to 20 million, whether it is from the sales, or create the sales rate, are disruptive in China market, and it can make use of HUAWEI's staff, very worthy of admiration, but in the end, the difference between how the ecological and cool mobile phone LETV mobile phone the hit the low-end and high-end, between the core team how to reverse still need to think about each other. It should be said that the mobile phone and TV mobile phone for cash is not the same, once a year, a television for three years, the success of the TV can be transplanted to the mobile phone, the current concern in the world, if the simple TV successfully copied to the mobile phone on the success, there is a certain risk.
In addition, from the perspective of financing, as before is mainly for the creditor's rights of convertible bonds, which will usher in a peak of the debt, from Lao Jia's point of view, if a dilution of shares, will lose control, but not financial pressure. So, next, LETV needs to have a degree of certainty in equity financing and debt financing, there is a degree of certainty in the breadth and depth of the physical expansion of expansion expansion, in the market have a degree of certainty should be between the rate and the rate of profit \/ earnings.
In my opinion, the music as in the strategy of all things are right, but the degree of certainty is a problem.
"" contour: Generally speaking, grasp of the above three questions on the degree, whether you need the strong ability of industry comprehensive research and management of a certain sense?
Ceng Qiang: Yes, in addition to industry comprehensive analysis and management capabilities, including organizational ability, the evaluation as an example, is not a simple single target, different maturity of the plate, evaluation index is not the same. LETV TV has income, assessment indicators should be profit and profitability; music cloud has a great scale of assessment index should also be turned to profit, easy to do is to the original user group, now assessment indicators should be income and profit target, LETV mobile phone original is from zero to ten million, the former time is the number of users is the assessment, the next stage will be profitable.
So, in different stages, different plates, assessment indicators should be different, including income, income, user group, competition threshold, there is a pure intermediate state, to distinguish between the five types.
"You know:" isobath enterprise is not in a vacuum, there is a competitive environment, as if to internal search, will lead to the external competitive environment at a disadvantage? For example, other companies will have a good time to take a low price to seize market share?
Ceng Qiang: This is like a mountain in front of you, have a great dream, but you need to know to Jinshan three risks, the first is the winter risk, second is the third ammunition risk, is the risk of fire, LETV, now the three risk broke out, this time to consider the adequacy of cotton, food is enough, whether they have the ability to fire prevention, this case has a lot in history, when Napoleon died in Stalingrad in the winter, including the year of Gen Gi Khan against Europe is home to Europe in winter, Gen Gi Khan is a messenger from the limbs, defied him in the winter to send troops. Fortunately, his confidante khulan stopped his impulse to endure after Gen Gi Khan finally gets the first half of europe.
So to be very calm, can't stop the ambition of the heart, can not control themselves, often determines the final outcome. For Jia Jia Yueting (total words, reporters note), between the great and you must hold a degree, the strategy is the right direction, in the process of this step by step also must have a degree of certainty.
Need a more profound transformation
"Put forward:" contour your suggestion, Jia Zong whether to accept it? At present, as the music is also in the internal organization change, you feel that they are walking the road right now?
Have strong: in fact, we are now forced him to manage, I think that it is very fast, right, but I think LETV also need more profound transformation, the transformation of the board for example, currently several large plate core personnel are more right to speak, whether can share and interact with Jia the general spirit, whether can establish the leadership mechanism of higher level, from the individual to share common type and monopoly decision-making of the collective monopoly and so on, is that there should be a balance and sharing mechanism in decision-making, the lack of such music as internal mechanism.
"" contour: do you think this mechanism easily in the music as the soil up?
Zeng Qiang: if the old Jia can study the history of Google development, research FACEBOOK development history, it will be found that entrepreneurs will spend some of the equity or salary, please people to manage the cattle, which is the professional entrepreneurs". He is an entrepreneur, on the other hand he would have put the management team to occupation managers to do, investors also think it is very normal, it has been a very successful model in Silicon Valley, as well as China, HUAWEI, Haier behind has a very strong management team, although in the East is a more likely China a powerful ruler, but inside there is usually a very strong executive force people to take internal.
In foreign countries, investors, entrepreneurs and managers' occupation occupation has formed the ecosystem is very successful, in the future we will put such a system as the next investment conditions, this is a very successful system, hope to increase understanding through your case so that more investors and entrepreneurs.
"" you isobath publicly stand up as investors give entrepreneurs a suggestion, which is rare in the domestic, we also see a lot of information, note that you have voted LETV, LETV, music as sports car, easy to three items you think too crazy and did not vote, the situation is did you verify the judgment, so we want to know, for the investor's proposal, in the existing communication mechanism LETV, whether internal or external communication, information feedback to Jia Zong, he is a what kind of attitude? Is he going to be a person in accordance with the mechanism of foreign countries to slowly turn?
Ceng Qiang: I think, Jia Zong in the business acumen, but also have wisdom, others can do ten, he may be 100, but his goal is 150, and the others than he is far from success, such as he and millet, his strategy should be higher, compared with Baidu, he is also very powerful. In my opinion, he is always a very successful man, from BAT (Baidu, Alibaba, Tencent (TABLE) to the Tencent, Ali, Baidu, LETV), he promoted the transformation of Chinese mode of the success of the Internet, but now the TABLE leg is not stable, he now is not just the lack of funds, if is the question of money, we can always come up with a 50-100 million to support him, as there is in the organizational structure, corporate governance and tactics on the future (ability), if can be reached on these three issues A high degree of consensus, I think the opportunity is still very large.
"You say:" contour can always come up with 50-100 million to support him, is in the original 10 billion outside?
Ceng Qiang: Yes, I think I and my investors are willing to out, and can be more.
How to evaluate Jia Yueting
"We see you:" Contour Evaluation for Jia always very high, you can talk about the support factors on Evaluation of Jia Zong behind?
Have strong: first, from a strategic perspective, I also entrepreneurs born, ecological strategy of Lao Jia is beyond my imagination for entrepreneurs, today in front of the music and other entrepreneurs are three mountains, or be merged or follow the three mountains, three mountains burn burned down, so if you can step over or beyond around the three mountains, is the Internet China strong performance is also quite difficult, we must construct new strategy from the higher dimensions have a chance, if you use the two-dimensional is impossible, as the yuan into the international monetary, foreign exchange management will not, perhaps the establishment of digital currency to compete with us only may.
Also, is the same as the music, if you do not have a higher dimension of competition, it is difficult to go beyond the three mountains, to the armed forces armed forces. So, we see that in China do not do hardware software, software does not do hardware, and both hardware and software, and do software, and do the content, as one of the music, which is a great aspect of music.
In addition, as the music team every night after ten, or lights, many of the listed company's team at this time 1\/3 people have gone, in Chinese, music as such as tens of thousands of people can have a day go arch company is really not much, Lao Jia has this charm.
Based on these points, plus his frank I also admire.
"This is Frank:" contour from his credibility, or to communicate with shareholders and investors?
Once strong: the two I think there is a bar. He is more valued in terms of products and technology, but the capital market is too frank, this kind of honesty let us see the side of humanity. So, LETV stock, we had the opportunity to sell at 55 dollars, then we can earn 20 dollars, we can also in 50 dollars or 45 dollars away, but as a long-term shareholder value as the value, we do not, but to see his change, we have to hold (LETV stock) a year, hoping to see it more potential.
"" contour: We hold more than a year, in fact, is already can get out of trouble?
Ceng Qiang: Yes, we can get out of trouble for 6 months, that is May and June of this year, but we have no,
Music as the car should go to stay?
"I hope to see him:" isobath (Jia Zong) change, the reserved time will be long?
Ceng Qiang: the shorter the time, the better. I think the car of Jia total is a temptation, especially in this age of man, the pursuit of more cars than (the original, reporters note) -- I can understand him, the current prototype LETV vehicle has been on display in Las Vegas, he spent such a long time to concentrate, it must be very difficult to give up the.
"" contour: we saw a smart car as the car plate described the prospect, but in the core technology, as the car in the end how much?
Once strong: this problem will be announced in January 3rd, whether it is performance or all aspects, when it will have a stunning debut in Las Vegas, and now I will not disclose the.
"" contour: we worry about it is a very good system integrator, the global good products are integrated together, but whether it is the core technology, or industry chain Kongpan ability?
Have strong: electric cars in the manufacturers all over the world are divided into two categories, one is the traditional enterprise, now the big automobile enterprises in transition to electric cars, there is a class of Internet companies are doing electric cars, but they have shortcomings, such as the traditional automobile enterprises in safety, mechanical do well, but in the Internet content, user interface, marketing means and other aspects as Internet companies do better. But do Internet companies on safety, mechanical, large-scale machinery manufacturing may not be too familiar. I think the car like Chinese, met an exotic beauty, because more charming, more mysterious, are likely to spend more money, more energy, but also likely to outlast.
In this regard, we are also in a program, it is possible to properly solve the two things, here I will not disclose.
Suggestions for the future
"" contour: like a beginning to ask your question, LETV ecosystem build synergy value and deferred value, in your time investment is very promising, and that it can overcome the BAT three mountains, now we have the non-listed company plate of listed companies drag, and even lead to a slump in share prices, for this problem, if you there are good suggestions or solutions?
I have strong personal advice, I do not represent Lao Jia's first proposal, I propose to LETV LeTV and LeEco made of two different brands, can be the same as shareholders, Bill Gates is Microsoft's FUNDER, is the largest shareholder of Microsoft, he also had a charity, FACEBOOK Zuckerberg is the same it is FACEBOOK, FUNDER, and its SHAREHOLDER, of course, he also made a world of children's services, such as music can also separate the two brands.
Second to CEO and SHAREHOLDER (shareholders) separately, if you want to do CEO of listed companies, only the shareholders of other sectors, if the CEO of the car, the CEO of listed companies to give more executive force people to do, to separate FUNDER and CEO shareholders, three characters.
"" contour: I think the second problems even easier to solve, the first scheme is also very challenging, LETV emphasizes the value ecosystem, such as music as the other plate can provide content for LETV do support, this is other brands do not have, if the two brand cutting. You may return to the origin of the earliest. On this issue, you think how to create music as the difference in the competitive ability of the network?
Have a strong brand: seven now called ecological LETV, is LETV, but I think the car should not be called LETV LETV, it will break down the system, and feedback current car is not strong. I think there is some other ecological nurturing properties, from the future, the car LETV stripped out, the other plate into LETV this one listed company. These plates do not necessarily have to go abroad, in the country can be.
"You think:" Jia always isobath do?
Ceng Qiang: This is my hope, but he's not sure to do it.
Of course, I think the load is not immediately loaded, there should be a profit or profit when the load, which we are in a high degree of agreement, whether it is loaded A shares or loaded to overseas. I can understand why he is in overseas, because China does not agree with this kind of Internet Co, almost all the great Internet Co Chinese Chinese, according to the provisions of the Commission and the existing financial regulations are listed is not listed, Baidu, Tencent, Alibaba, Jingdong as listed at the beginning without a match, this is the domestic capital market has not kept up, China supervision system has not kept up, so I can understand why he put overseas.
But now, why is LEECO listed, thanks to the year they now drag him, I think the focus on music as it has become very important, now listed companies there are four plates of music cloud TV, video, broadcast, and other plates made of a loaded one, all the plates do well, make profits, to solve the distribution between the plates, brand equity, income and problems between each plate and the listed company, which is promising. Now music as the film has been announced to be installed inside, the phone will be profitable within two years.
"" contour: what do you think is the root of the problem LETV mobile phone supply chain? We have on this question?
Ceng Qiang: we also count on music as mobile phone is one of the investors, we believe that in the early negative pricing expansion, this is right, there is some truth, should now be a profitable project, to find the profit model, such as music television such through value-added services into digital service advertisers, now of course this profit the model to be verified, but the root of the problem is the mobile phone sector alone is able to profit.
"You think:" isobath LETV differentiated competitive ability should be based on what basis?
Ceng Qiang: I think the first is the armed forces, the others are the individual combat, its sales there is no need to advertise, rely on the brand marketing, interactive itself has slowly reflected, music TV brings music as sports, music as TV brings the mobile terminal sales, chemical reaction has been formed, but the capital market is not strong Chinese patience.
In fact, Baidu Ali after five years of lonely burn, but they were not a listed company, now some investors, then there are rumors of people with, there is the music competition beat people, depending on their accusation, this is also a China phenomenon, for a long time it is hard to see so many people hunting for a company.
This shows that two issues have not completely certain LETV policy over the past two years, the downstream industry chain is provided with a handle, on the other hand also shows his strong, enter each industry to bring the change of a lot of people turn the world upside down, afraid of him, a lot of people pour oil on the fire, which is actually China sad society, the huge Chinese not put a subversion of the heart, are short-term behavior.
Therefore, we believe that Chinese need a long-term value investors, LETV require a degree of certainty, as some investors also need to give more in-depth understanding between competitors and LETV also need to reach a compromise of the communion of the ecosystem.
"" capital chain problem: at present isobathic LETV like fuse in all sectors appear one by one? When do you think it will be a turn for the better?
Zeng Qiang: we now have a program within the inconvenience, but still have a turn for the better, there will be a way to do.
"In what way:" contours can be changed, it refers to the direction?
Ceng Qiang: all in Jia total long-term value investors have a wrong thought in passing, many think it is a good investment period, there have been long-term investment value of depression, is a good entry timing, but hope to a wrong thought in passing Jia total strategy, and corporate governance, have a certain the adjustment of corporate strategy execution order.
"Corporate governance": the contour of which you want, is able to make the total Jia more equity, and establish the good balance between the board of directors or decision-making?
Ceng Qiang: Yes, for Jia, we must protect his leadership position and strategic height, but also in the financial and assessment of the place, he has a certain degree of balance and complementarity.
"" contour: as we know, in the domestic market, unlike in the foreign market, the domestic listed company shares with the right question, does to some extent affect his control?
Zeng Qiang: Yes, this is China capital market is not perfect, Chinese capital market including gem instead of enterprises in accordance with the innovative business model according to the traditional design, depending on the music, the music can not change the Chinese capital market, only to adapt.
"" contour: as we know, whether it is capital or law, design often depends on the structure, there is no design a mechanism, which can guarantee his control, and can realize the corporate governance on the balance?
Have strong: we have a plan, Confucius said "bufenbuqi, not determined to learn well, when we will carry out his epiphany.
"Could you tell me the schedule:" isobath?
Ceng Qiang: one day a year can also be a month
"You will always adhere to the" contour: long-term value investment philosophy? Currently there are other investors with the music as talking about it? In the future whether we will increase the proportion of investment in the value of music?
Ceng Qiang: everything is possible.
