Ma Yun pondered for a long time and said, "Chairman Su is very courageous, but I want to say... Alibaba Group's overall listing is not a good time."

"Other projects except network companies are still in their early stages and have not matured."

"Comprehensive valuation and injecting listed companies will harm the interests of all shareholders. Two or three years later, when the entire Ali ecosystem is formed, then that is the most suitable overall listing period."

"A company that only wants to go public and cash out, but does not want the majority of investors in the market to grow together. No matter how lofty their ideals are, it will not be a great company." Su Yue said, "I remember Mr. Ma said that Ali is a platform for creating wealth for the majority of businesses and entrepreneurs. It has the gene of common prosperity in its body. So... why are they stingy with the majority of investors in the same market to share the fruits of growth together?"

"Besides, some of the assets listed by Ali Group, namely, Tabao Network Company, should be the best asset of Ali Group, right?"

"With the revenue of Alibaba Group, the scale has expanded."

"Mr. Ma thinks that the growth rate of other unlisted group projects and assets is comparable to that of listed Taobao Network Company?"

"If it is not comparable, then Ali's listed assets are at the lowest valuation in the market."

"It is the best time for asset injection and overall listing, because this can give a higher listing valuation for unlisted assets. Moreover... at this time, the group injects assets and refinancing, and faces future industry changes and competitors, there will be more room for improvement and response."

"I advise Mr. Ma to carry out the overall listing of Alibaba Group."

"It's not all because our Bentayga Capital Group wants to get a share of the investment of Alibaba Group, but it is actually also considering the future of Alibaba Group."

"It's not necessarily, Chairman Su!" Ma Yun chuckled and said, "When Alibaba Group listed some assets, that is, when the Internet companies are seriously undervalued in the secondary market, it is indeed conducive to the valuation of the unlisted part, increasing the asset weight ratio of the unlisted part in the entire group, and also using the future valuation recovery of some listed assets, it can quickly increase the market valuation of subsequent asset injections."

"But according to Chairman Su's request, as soon as you open your mouth, you will occupy 70% of the share subscription share in the group's overall listing."

"This is a bit of a robbery."

"I really promise you that when Alibaba Group achieves its overall listing, both our management and SoftBank's holdings will be greatly diluted."

Su Yue smiled and said, "But you will also get a large amount of financing, and you will not suffer any losses."

"And even if we subscribe to the asset injection, the newly issued 70% of the shares of the listed company will be valuated by the valuation of the unlisted assets of Alibaba Group, we can only occupy less than 30% of the shares of the entire Alibaba Group, which will not affect the leadership position of your management in the group."

"Chairman Su, I know you are very optimistic about our Alibaba Group." Ma Yun said, "But I am frank, you ask for 70% of the assets to inject share issuance share, which is too much. Even if I agree to you, the group board of directors and shareholders' meeting, it will be difficult to pass. In the face of absolute interests, in the face of everyone's unanimous opposition, I cannot control the situation."

"This is what..."

"I can promise Chairman Su that I will try my best to promote the overall listing of Alibaba Group on the Hong Kong stock market, and inject the remaining assets of Alibaba Group into the listed company according to the fair value of the market."

"However, Chairman Su also took a proper step back, and it is impossible to have a 70% share."

Su Yue laughed and said, "I am a person who is soft but not hard. People respect me one foot, and I respect others one foot. Since Mr. Ma is willing to take a step back, everything is naturally easy to talk about."

"How about 50% share?" Ma Yun pondered for a moment, saying, "In this way, I can explain it and convince them whether it is the other management team of the group or other shareholders."

"Yes!" Su Yue said, "But... we have to inject the Alipay project into the group's listed assets list."

Ma Yun frowned and said, "The Alipay project is not a wholly-owned project developed by Alibaba Group. There are other shareholders, not the group's private assets. It is inappropriate to incorporate it, and it cannot be done."

"Then let's clean up other shareholders first and turn them into private assets of the group." Su Yue said, "I believe Mr. Ma Yun can do it."

"After all, this project has not been financed separately, and its shareholder composition is relatively simple."

Ma Yun originally wanted to completely separate this project from the group and serve as her own private land.

Now, when he heard Su Yue so strong and even unreasonable words, he wanted to overturn the table and curse people, but thinking about the consequences of doing so, neither he nor Alibaba Group could afford it. He couldn't help but sigh helplessly and endure the anger in his heart.

He coughed dryly and said, "Chairman Su, you..."

Before Ma Yun finished speaking, Su Yue's expression had become solemn, and his smile gradually faded: "Mr. Ma, you have planned to plot against us in Bentayga Capital Group before and let us be the evil wolf you expelled Yahoo organization. I can leave it alone, but now... I think I have given up enough."

"If you still don't agree, then I can only withdraw funds."

"Even if you can find the bridge funds for 20 billion, it will probably cause Alibaba Group and yourself to bear huge loans with high interest rates and bear huge interest and financial pressure."

"At that time, no one can guarantee whether you can get over it when facing your competitors."

"You also know that in the e-commerce industry, our Bentayga Capital Group is not without involvement, and it is not just your Alibaba company that invests in."

"If you die, we will only lose more than one billion or more Hong Kong dollars in investment."

"This is harmless for our entire Bentayga Capital Group, only a dozen days and a month's investment profit income."

"But it's different for you, Mr. Ma, and even the entire Alibaba Group."

"Under the pressure of 20 billion yuan in funds and the pressure of high interest rates, you cannot form a circulating self-support at this time. You... are also inseparable from the blood supply and support of capital at this time."

"So, I hope Mr. Ma will think about it carefully. Once he makes a decision, he will have no chance to regret it."

"I value Mr. Ma's pattern and ambitions, so I decided to invest in Alibaba Group, but if Mr. Ma only has ambitions but no pattern."

"But it disappointed me so much!"

Ma Yun looked bad, so she swallowed her breath and swallowed her back if she refused.

Su Yue's words are ugly, but they are all true. In the face of the domestic capital giant "Benyue Capital" Group, the current Alibaba Group and Ma Yun, can only be in a disadvantaged group during the negotiations, and they have no right to openly challenge and break up.

Ma Yun originally thought...

He used the funds of the Bentayga Capital Group to cross the bridge and expel Yahoo, which was instructing the development of Alibaba Group, and could control Alibaba Group at will.

However, I didn't expect that the "Bentayga Capital" group is a capital evil wolf that is more difficult to deal with than Yahoo.

His so-called concessions to interests, a 200 million yuan investment of private placement, would not be enough for Su Yue and his "Benyue Capital" group.

Of course... this also stems from his openly plotting against Su Yue in the last negotiation and bringing the wolf into the house. No wonder the Bentayga Capital Group is insatiable.

The so-called cause must have results.

For the development of Alibaba, he released his shares and introduced capital. Now he wants to expel disobedient capital. He doesn't have so much of his own funds to repurchase, so he can only bear the consequences of the "Bentayga Capital" group entering the market, continuing to dilute and embezzle shares.

"Okay, Chairman Su, I promise you." Ma Yun said after weighing the gains and losses, "Let the Alipay project be merged into the group, and then the overall listing of other assets of the group will be achieved."

When Su Yue heard this, he laughed and said, "Mr. Ma is indeed a person who takes into account the overall situation. I knew that you would definitely agree. In fact... no matter from any aspect, at this time, the overall listing of the group is very beneficial to the entire Alibaba Group."

"I said that only win-win can create a future."

"To realize one's own interests, it must also be based on win-win results, which is the real long-term solution."

"Our Bentayga Capital Group has grown to its current scale in a few years, because of the word "win-win" and has always been the core concept of our group's development."

“No matter employees, investors, management, shareholders…”

"Only when everyone's interests are in the same direction, then the growth motivation generated by the group is healthy and most dynamic."

"I look forward to the day when Alibaba Group will achieve overall listing in the next few months."

Su Yue said, picked up the wine glass in front of him, clinked a glass with Ma Yun, and said with a smile: "Mr. Ma, business cooperation is the first to be sincere. I hope that our future meeting will be as sincere as today. I am not a person who likes to plot against others, but at the same time... I am not afraid of other people's plot."

"Chairman Su was joking." Ma Yun replied a little embarrassedly, "After the group achieved its overall listing, your Bentayga Capital Group will also be one of the major shareholders of Alibaba Group. In the future... we are all people on the same boat, and the interests are the same, so everyone will naturally treat each other sincerely."

Su Yue took a sip of the wine in the glass and said, "Well, if you say it, the interests are consistent, everyone will naturally treat each other sincerely."

The two of them laughed and then pulled the topic apart. After agreeing to the conditions for the entry of the "Bentayee Capital" group, Ma Yun felt uncomfortable, and faced Su Yue, and happily finished the meal with Su Yue.

Immediately afterwards, the time entered August.

After fully accepting the asset injection and capital injection of the Roche Family Group, the Bentayga Capital Group handled the equity transfer from the Roche Family Group.

At this point, the Luo Family Group officially joined the Bentayga Capital Group.

It received a board seat of Bentayga Capital Group and 5% of Bentayga Capital Group shares.

After the Luo Family Group entered the market, the shares of the group's original shareholders were diluted in small quantities.

Among them, Su Yue's shares changed from 74.9% to 67.41% after two rounds of dilution of Huijin's shares and Luoshi Family Group's shares. Although his personal shares were diluted by 7.49%, he still occupies more than two-thirds of the group's shares and has absolute control over the group.

The Bentayga Capital Group, after obtaining the assets and funds from the Roche Family Group.

Compared with the cash accumulated on the account, after acquiring Asml and investing in Alibaba Group, the consumption of this transaction not only did not decrease, but instead increased by 40 to 50 billion Chinese coins, and the cash reserves almost reached 250 billion Chinese coins.

This made everyone in the group feel that they were so rich that they didn't know how to spend it.

In mid-August, at the beginning of the month, the Shanghai Composite Index surged to 3,400 points, and then hit nine consecutive declines, rapidly retracing to the 2,800,2,900 points line. Under the leadership of Ma Yun, Alibaba Group made the decision to go public as a whole through the resolutions of the board of directors and shareholders' meeting.

In mid-September, the plan to issue additional shares to purchase the remaining unlisted assets of Alibaba Group to achieve the overall listing of the group was approved by the Hong Kong City Securities Regulatory Commission. Here... the "Bentayga Capital" Group subscribed 50% of the additional shares at the 20-day average price of the secondary market, that is, HK$15.35 per share, for a total of 1.5 billion shares.

Subscription through further additional issuance.

At this point, the Bentayga Capital Group holds a total of 1.73 billion shares of Alibaba Group, accounting for 20,35% of the shares of the entire Alibaba Group, becoming the third largest shareholder of SoftBank investment institution after the Alibaba Group after the Ali group's management and SoftBank investment institution.

With the significant help of the "Bentayga Capital" Group, Alibaba Group has also achieved overall listing.

It has changed its path of privatization and delisting, and also changed its future trajectory of abandoning domestic investors and relisting in the United States under Yahoo's pressure, becoming the first echelon of the domestic Internet market. After Teng Xun, the second Internet company with a market value of over 100 billion Hong Kong dollars.

Su Yue watched the shares of Alibaba Group reconstruct. After he entered the market, Ma Yun and his management's shares were diluted again and became a waste of money. The "Bentayga Capital" group behind him completely replaced Yahoo's position in Alibaba.

I couldn't help but smile and was very happy.

He likes the feeling of others making wedding dresses for him, and he also likes Ma Yun's self-righteousness.

With huge capital as a means, many things in this era are slowly changing by him. His butterfly wings have become increasingly affected. In the future... they will come, but may be very different.
Chapter completed!