Chapter 289 Brain-burning Zhou Hongyi
In 2011, Tencent created the concept of "pan-entertainment" centered on cultural IP, and Chen Tianqiao had actually been doing so seven years ago.

Shanda Literature acquired Qidian Chinese Network, which has the largest market share in online literature, Jinjiang for BL literature, and Hongxiu Tianxiang for female literature. These three pillars formed the foundation of Shanda Literature. After the final acquisition of Rongshuxia, Shanda Literature once occupied 80% of the online literature market share.

Great authors have published books and promoted them on screen in Shanda’s games, and held offline press conferences. The entire pan-entertainment industry chain is booming.

After Shanda Literature's failed attempt to go public in the United States last year, its development pace came to an abrupt halt. The founder of Qidian Chinese Network, the core company within the company, led his editorial team to leave Tencent to create Chuangshi Chinese Network due to uneven distribution of interests. Shanda Literature also introduced venture capital institutions such as Temasek to raise funds.

When Xie Jingxing participated in Juntai Variety Show, Tang Man used three private equity financing projects, SF Express, Haier, and Shanda Literature, to recruit him.

Today, a year and a half later, this project has come into the spotlight again. The original founder of Qidian, with the power of Tencent, not only took back his own son, but also acquired the entire Shanda Literature.

But the problem is that it is difficult to have complete custody of his own son. Tencent now holds more than 60% of the shares of the "Reading Group", which includes the entire Shanda Literature including Chuangshi Chinese Network and Qidian, through direct and indirect means. The remaining 30%+ shares are divided up by Temasek, the former shareholder of Shanda Literature, and the executive team headed by the former founder of Qidian.

This created a very embarrassing situation. Tencent could not completely treat China Literature as a private subsidiary, and the executive team headed by the original founder of Qidian did not have complete independent autonomy.

It can be predicted that this company, which almost monopolizes the online literature industry, will go public independently in the future to reward its shareholders.

So the question is, can Tencent accept this power structure for a long time, where the original founder of Qidian is willing to take a small part of the profits and do more work without having absolute control?

You have to know that they are not professional managers, but the founders of Qidian Chinese Network, the core of China Literature Group, and they have many ambitious goals.

"So you clearly had the opportunity to intervene last year."

The flight to the Magic City lasted more than six hours. Tang Man held his forehead tiredly.

Xie Jingxing smiled with full energy and said, "Pan-entertainment is an industry with a complex industrial chain and many consumer terminals. Online literature IP is at the top and needs sales channels throughout the entire industrial chain to support it. I don't have that."

"It sounds like Shanda has one more rationale for its own destruction." Tang Man tried to find something to say to resist her sleepiness.

"That's right. Now only Tencent has the ability to integrate pan-entertainment channels. Whether I intervene last year or next year, it will be useless."

Xie Jing Xing changed the subject: "Once we have enough channels, it will be useful to intervene."

"Panda TV?"

"It's just one of them. Pony.com, ByteDance, MCN incubation... Mr. Tang, I have done a lot this year. I cannot accept an insignificant person undermining my efforts. Speed ​​up, get rid of him, and get things back on track."

"I understand that you feel a sense of crisis about Tencent forming China Literature Group."

"Why not excitement?" Xie Jingxing raised his eyebrows.

Tang Man smiled but said nothing. No matter what it was, she was sure that he had set his sights on China Literature Group, and she was unwilling to continue playing the cat and mouse game with an insignificant person. This was enough.

Flying for more than ten hours a day, she would really get angry if she didn't have enough persuasiveness.

After all, he is a partner who gets options. Even though he got it through crying, making a fuss and taking the blame, he still has the respect he deserves.

"Wow."

The door of the box was pushed open, and a slightly fat man wearing glasses, with his trousers bunched up at his feet, walked in: "I admire you. I admire you. I've heard that Mr. Xie's private restaurant is not only the headquarters of Shanghai's venture capital circle, but also the chef's skills are very good."

"Mr. Zhou is late."

Xie Jingxing raised his wrist to indicate that he was a full half hour late.

Zhou Hongyi pulled up his trousers and sat down calmly: "Something happened suddenly. Fortunately, I hadn't booked a flight when President Tang called me, otherwise we would have to meet in Beijing."

You kept waiting with a partner for half an hour and they didn't even leave. You asked me to be your first guest during our real first meeting. Is it too much to ask you to say a little thank you?
"I've heard that Mr. Zhou is a gourmet. It's a good thing he didn't leave. Please give our restaurant some pointers. I respect you."

Xiao Xie drank all the wine and laughed like a spring breeze. After three glasses of wine, Lao Zhou felt a little awkward. This kid doesn't look like a person who respects the elderly and loves the young. He is so fawning and polite, I'm afraid he is asking for too much.

Would you like to use my head?
Mr. Zhou suddenly panicked a little, and quickly stopped the wine glass and took the initiative to test: "Drink slowly, drink slowly. Xiao Xie, uh, Mr. Xie, I heard that you and Xiao Wang had a little misunderstanding because of Panda TV?"

"I can't explain what the misunderstanding was. I still don't know why he forced me to withdraw my shares and leave."

Xie Jing Xing put down his wine glass and restrained his expression: "I'm not good at being passive and at a disadvantage."

"…Since it's just a misunderstanding, let's just talk it out. There's no need to make it unpleasant." Zhou Hongyi had mixed feelings, half relieved and half feeling powerless.

Xie Jingxing was silent for a few seconds: "What do you mean?"

"If you're willing, I can set up a meeting so that we can talk openly and honestly and each take a step back. How about that?"

Zhou Hongyi was well prepared. Qihoo 360 was negotiating equity pledge with Banana Entertainment. He was not a fool, and the ill intentions of the old thief Qu were almost written on his forehead.

But the company has gone public. At a time when it is gradually being abandoned by the mobile era, it doesn’t matter whether Panda TV is the ticket to the new era. It must take positive action.

On the other hand, he couldn't really do it for personal revenge, and take over the shares to fight with Xiyou for his life as Qu Laozei wished. Generations of national hatred would not hinder the dissension from being put aside and win-win cooperation, not to mention that they were just a few businessmen, so how could they not let go of so many things?

"It makes money, it's not shabby."

After going through a series of soft tactics and then hard tactics, both true and false, Zhou Hongyi said this almost instinctively, to advise Xie Jingxing and also to advise himself.

Tang Man suddenly perked up and interrupted, "Shabby, very shabby. Let's not talk about the conflict between us. Just look at Mr. Wang's work ability. Everyone can see it."

"Currently, Panda TV is completely managed by the management team supported by your company. It is just a mascot. People's communes also say that more work means more work points. We cannot have venture capital that does not distribute according to work."

Tang Man's tone was indifferent and full of sarcasm. Xie Jingxing calmly picked up the wine glass and sipped it, allowing her to offend him.

The corner of Zhou Hongyi's mouth twitched. This old woman is a bit difficult to deal with. Isn't the Panda TV project in charge of the young man named He Chuan?

In any case, since the psychological bottom line has been exposed, there is no need to hide it. After all, you can take the initiative from the perspective of a third party.

"Xiao Wang has made a lot of contributions to the operation and promotion of the platform, and to some extent represents the brand of Panda TV." He stated his attitude straightforwardly.

Xie Jingxing asked hesitantly: "Boss Zhou and Xiao Wang have a good personal relationship?"

"Everyone says that your father and I have a deep hatred, a grudge between two generations." Zhou Hongyi pushed his glasses and chuckled softly.

Xie Jingxing also smiled: "His CEO position and super voting rights must be handed over immediately, and Xiyou also gives up the super voting rights. At least for Panda TV, I have no intention of investing and becoming the actual controller."

"Board of directors?" Zhou Hongyi asked without comment.

"Since he is willing to resign as chairman, we can't stop him."

“Next round of financing?”

"There is always a way. If they don't accept it, they can just leave."

Zhou Hongyi fell into silence and picked up the wine glass to drink it all. The spicy wine went down his throat and he couldn't help but gasp.

Xiao Wang felt that he had a grudge against Xie Jingxing, so he deliberately brought in Qihoo 360 to invest in Panda TV to balance it out. For this reason, he also deliberately showed the attitude that Xiao Wang hoped to see.

But after Xiyou demanded the cancellation of the three additional board seats in the previous round and tried to create a three-board seat structure of Banana Entertainment, Xiyou and Qihoo 360, the balance changed.

So when Xiao Wang took it for granted that he had the upper hand even with three seats on the board, Qu Dejun was completely dumbfounded. He was too lazy to explain the subtleties to him and directly proposed a pledge of equity plan to truly bind Qihoo 360.

But now Xie Jingxing came out in person to promise that, first, he must immediately kick Xiao Wang out of the management structure completely; second, he could accept that the management of Panda TV would be controlled by the former Qihoo 360 team.

Third, he has Douyu as a backup, so even if Xiao Wang is out, he has no interest in fighting to the death with Qihoo 360; Fourth, he has Douyu as a backup, and if Xiao Wang refuses to leave, he can just leave with a tenfold return on investment, and Panda TV will go bankrupt.

In short, Xie Jingxing handed over the initiative that Qu Dejun had transferred to Qihoo 360, and stood on the side of Xiyou to dismantle all the actual control of Banana Entertainment; and stood on the side of Banana Entertainment, helping to suppress Xiyou as a younger brother and share part of the actual control.

"Let me think about it. I have to think about it."

Zhou Hongyi felt a little dizzy and shouldn't drink tonight.

This is not an equal war. The venture capital shareholders are fighting against the absolute controlling party. It sounds very abnormal just by listening to it.

Super voting rights, the key lies in super voting rights. Xie Jingxing must hand over the super voting rights first. Zhou Hongyi filled the wine glass again.

(End of this chapter)