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"…with the majority approval of the shareholders' meeting, Xiao Jun, Hou Jun, Li Zehua, Jiang Derong, Bi Jianjun and five others are appointed as members of the new board of directors of AutoNavi Software Co., Ltd."

"be opposed to!"

"I object!"

“Strongly oppose!”

Guo Xinyi, the new board secretary who presided over the meeting, glanced at the venue and said expressionlessly: "Less than 32% of the votes were against, and 68.5% were in favor. The resolution was passed."

Then he continued:
“…With the majority approval of the general meeting of shareholders, it was decided to amend the company’s articles of association and make major adjustments to the company’s main business in the next stage.

The company will start with in-vehicle navigation systems, supporting facilities, personal navigation market and other aspects, and reasonably improve the proportion of investment in various businesses of the company, such as the implementation of free strategies..."

"be opposed to."

"Oppose, I abstain."

"Fuck it, if you have anything else, just say it all out."

Guo Xinyi was not affected at all. "20% of the votes were against, 11.5% abstained, and 68.5% were in favor. I declare that the proposal has been passed."

Then, the most important one came, "Commissioned by Mr. Xiao Jun, the company's controlling shareholder, to develop and popularize high-precision maps for personal navigation in the next stage.

We hereby request the approval of the company's board of directors and decide to increase capital and expand shares by 25% in one go to a designated third party, with Modou Qingyun Group as the bona fide transferee.

The two parties agreed that within one year of the capital increase and share expansion, Qingyun Group promised to provide the company with no less than three million individual valid customers.

The funds raised from the private placement of shares will be used entirely for the development of new systems, the purchase of professional mapping equipment, the recruitment of technical teams and staff salaries..."

This time, without giving everyone a chance to vote by raising their hands, Guo Xinyi directly said the second point.

“In view of the fact that the company’s major matters such as the change of its main business have been approved by more than two-thirds of the shareholders’ meeting, an absolute majority vote.

In order to raise the necessary funds for the next stage of the company's development, detailed information will be publicly disclosed to all shareholders with the approval of the board of directors.

What you are seeing now is the specific details. The company has decided to increase the original registered capital to RMB 500 million within the next three months...

We welcome all shareholders to actively invest and subscribe according to the existing proportion..."

"I subscribe to Nima."

"Don't even think about getting a penny from me."

"You still want money? Give me your money back! I want to withdraw my shares!"

Facing the malicious curses from the audience, Li Zehua was not at all intimidated, and even had the leisure to chat with Xiao Jun and Hou Jun.

"Yesterday, this guy signed a share transfer agreement with Mr. Cheng. Together with Aomai's shares, we have an absolute advantage of more than two-thirds. These people are no longer a concern."

As he said this, he did not forget to say hello to Bi Jianjun.

Xiao Jun gestured under the table, pointed his finger at the sky, lowered his head and asked in a low voice:

"The one above?"

"He is in contact with the Five Military Commanders' Office and is one of the persons in charge of the commercial promotion of Beidou navigation."

Li Zehua brushed it off without leaving a trace, changing the subject, "These people are too boring, they make endless fuss every time they increase the registered capital.

This is just a little more than 78% expansion of the existing scale, just million US dollars, and it is unbearable. What about the second and third capital increase and share expansion?"

He didn't care. He didn't have to spend much cash to acquire AutoNavi. Apart from getting a key stake of about 2000% from Aomai, he spent US$ million at a premium of several times.

Of course A&M agreed. Three years ago, venture capital firms came together to invest in AutoNavi and spent $4000 million to get less than 40% of the shares, but now they are selling a little more than 2000% for $4 million.

Make four or five times the profit!
In addition, someone was ambitious to launch a free plan, which scared the investors behind A&M. On the one hand, they lost all their investment, and on the other hand, they celebrated with drinking, eating meat and opening champagne.

Only a fool would refuse. Hmm~ Omai rebelled and left the other families on the top of the mountain to shiver in the wind.

Qingyun Group did not lose out either. If it did not spend the crucial 20 million and instead turned around to acquire Daodaotong, it would have suffered even greater losses, not only facing endless competition but also wasting time.

As for the remaining sources of funds, they were all coordinated by higher authorities, including ICBC, Bank of China and the China Development Bank, which provided financial support specifically for the Beidou commercial plan.

The three companies formed a group to lend money, using part of Pinxixi shares under Li Zehua's name as collateral, and signed a comprehensive strategic cooperation agreement with AutoNavi and Beidou Commercial Promotion Leading Group as the basis.

The interest rate is very low and the authorized limit is very high, which is almost like getting it for free.

Li Zehua had no intention of having the lion's share of the profits alone; the State-owned Assets Supervision and Administration Commission and the Commission of Science, Technology and Industry for National Defense selected Bi Jianjun, the vice president of a subordinate investment company, to join AutoNavi's board of directors.

At the same time, the investment company will subscribe to debt-for-equity and acquire 15% of AutoNavi Software's shares.

To put it simply, after today's private placement and expansion of registered capital, AutoNavi Software's overall valuation is US$2.5 million, and Bi Jianjun will be in the name of the newly established investment company.

It invested US$3750 million to subscribe for 15%, and at the same time did not bear any subsequent investment. This part of the shares would not be diluted. When new funds are needed in the future, Qingyun Group will bear the corresponding investment responsibility.

Before AutoNavi Software goes public, the investment company will use the last financing valuation to make up the above funds and the bank interest on the occupied funds for the same period.

At the same time, the investment company has special exit terms. If AutoNavi Software does not develop as expected, it has the right to demand that Qingyun Group pay a minimum of US$3750 million plus bank interest.

To put it simply, repurchasing this portion of shares is an investment guarantee agreement.

Li Zehua did not refuse, but signed with a wave of his hand.

There is no need to explain the business logic behind this. With Beidou as its backing, does Amap still need to worry about the future?
A local company that uses GPS navigation as its core lifeline, is it going to be liquidated in the future?

Beidou navigation, which began large-scale commercialization in 07, has been struggling to develop because of the collective opposition from these foreign-controlled companies.

Now, AutoNavi has taken the initiative to break the deadlock and take on the promotion of Beidou in the civilian market. It has also ambitiously put forward a plan to cover one billion free users in the next ten years.

But it made the people above very excited.

There were even bigwigs who said in person at an internal meeting that Li was a good comrade!

We must give strong support within the policy scope to such conscientious entrepreneurs who are responsible, have strong patriotic feelings and do not care about personal gains and losses.

In a word, provide policies if you need them and provide funds if you need them!

Lian Xiaojun and Gaode have also been included in the whitelist. With the full support of the country and free promotion plans, what can competitors use to resist?

“Should we slow down the free in-car map navigation business a bit?
Let’s test the waters with the progress of personal market development first, otherwise I’m worried that they will start with cooperation in the mobile phone market. What if the resistance is too great? "

After all, Xiao Jun is an insider in the industry. He knows very well who is behind these venture capitalists. If he offends them, there will be trouble in the future.

Just purchasing supporting equipment for a GPS will cause a lot of trouble. After all, the supporting factories for Beidou navigation still need time to develop, and it is unrealistic to replace GPS in a short period of time.

In addition, free use by individuals requires a suitable carrier, which requires permission from companies such as Apple and Samsung, which is exactly the scope that venture capital can influence.

After hearing his concerns, Li Zehua chuckled, "How many cars are there in the country now? How many cars will there be in the future?

Add to that smartphones, and the navigation device market is conservatively estimated to be worth more than a billion dollars a year, and this stuff has absolutely no technological content at all.

If you spend some money, Pengcheng Huaqiangbei will produce a lot of them in minutes. If they don’t cooperate with us, what will they do?

Don’t overestimate venture capital. They are good at capital operations, but does Qingyun Group lack money?
Pinxixi makes a net profit of 10 to 20 million every day.

Besides, everyone has a smartphone.”

This statement is absolutely bragging. With daily sales of over 100 million, plus its own small household appliances, Pinxixi’s profits are indeed very high, but the investment in sinking into the rural market is also huge.

Including staff salaries, subsequent technology development, equipment procurement, website construction, channel construction and other investments, the company had a sales volume of 1 million yuan but a net profit of less than 100 million yuan.

There is a 6.5% national tax subsidy later, but this needs to be reported monthly, quarterly, and annually, and will not be approved until March or April of the following year.

After getting the receipt confirmation, it is enough to apply for a loan from the bank. Before that, you can only use it as unplanned income.

But this does not prevent Li Zehua from being in high spirits. With a hen that lays golden eggs in his hand, he can speak with confidence.

"That's good. With Mr. Li's continuous investment, AutoNavi will be more confident in dominating the navigation market."

The happier Xiao Jun was, the more desperate his opponents were.

At the beginning, there was a big fuss between Fengtou and Amap, and the news media was full of photos of the fight between the two sides.

Venture capital institutions led by Lianxiang, Walden, and Kleiner Perkins frequently spread rumors and denounced the shamelessness of AutoNavi and Qingyun. For example, they said that they bullied others by taking advantage of their power, that they were barbarians who resorted to force and disrupted normal business operations. They criticized everything.

At one point, even Li Zehua himself was severely slandered and he was almost expelled from the party.

However, with the intervention of heavyweight authoritative media, all organized attacks seem so pale and powerless, like a clown, ridiculous and ignorant.

The 7 o'clock show spent a full two minutes focusing on the signing of a 20-year licensing cooperation agreement between a certain ministry and AutoNavi.

All disputes came to an abrupt end.

By the way, it also gave Gaode some free advertising.

"Starting from October 2009, 10, AutoNavi's in-car navigation system will be completely open to the public for free, to anyone with an internet connection.

You can download and upgrade the navigation information of your existing devices from the official website of AutoNavi. In the future, AutoNavi will also provide personal high-precision maps and free navigation services.

All car owners who need the above navigation services can also seek on-site upgrade services from Qingyun Group’s subordinates, such as Chimai, Pinxixi, and Fengniao stations in their area..."

In other words, there was not enough time, otherwise Hou Jun would have planned to introduce AutoNavi's entrepreneurial history, company culture, etc. in front of the CTV 7 o'clock crew.

This was propaganda aimed at the people of the entire country. It is conservatively estimated that more than one billion people knew this information that day.

Anyway, the internet was instantly in an uproar, with tens of millions of car owners expressing their gratitude to AutoNavi, wishing good people a peaceful life!
Say goodbye to spending hundreds of dollars a year on navigation fees!
As a result, all the companies in the Qingyun Group also became popular. Nowadays, car owners are the best consumers. They drive their cars to upgrade, and if they like something, they can place an order for it.

Isn't it wonderful?

It's just a matter of downloading, installing and updating the gallery. Anyone who knows a little about computers can do it at each site. It's not in vain. You can earn 10 yuan in just a few minutes, and the whole process is paid for by Mr. Gao De.

Well, in the final analysis, it is Li Zehua who pays the money, so just consider it as attracting traffic to grassroots stores, which is much more cost-effective than advertising.

What is conscience?

This is conscience!
With a market share of over tens of billions every year, they just give it up and even subsidize hundreds of millions to provide free map update services to car owners. How courageous is that!

The "friendly competitors" in the map navigation circle were all jumping with anger. The bosses of Beisiwei, Nankailide, and others all wanted to come up with knives and kill Xiao Jun with their own hands.

And the culprit behind the scenes, Mr. Li, well, this is the worst, he must be cut into pieces to relieve the hatred in my heart!
However, a number of authoritative media outlets personally intervened, leaving the wild media helpless. Those Internet portals urgently removed their previous news releases and replaced them with positive reviews of CTV.

It was as if the quarrel that had taken place before never existed.

"It's none of my business."

Mr. Li saw it with his own eyes, and kept it in his heart. Well, he wrote it all down in his little black notebook. Anyone who has slandered me today, wait for me.

When WeChat and TikTok become popular and control half of the Internet media in the future, no one will run away. We will have to dig up their ancestral graves and expose them to the sun.

Just wait, little black guys!
There was no suspense at AutoNavi's shareholders' meeting.

The Qingyun Group, which holds an absolute majority of shares, has no worries at all about anyone daring to mess around. The number of bodyguards and security guards outside the door ready to clear the area with force at any time is several times greater than the number of venture capitalists in the room.

Not to mention that the audit is still ongoing, and some people planted by venture capitalists will be eager to become tainted witnesses and testify against the mastermind behind the scenes.

The transfer of Cheng Congbin’s shares and Aomai’s shares is by no means the beginning. Every venture capital firm will have to give up all their shares in the future.

Shen Nanpeng still planned to struggle. After the meeting, he ignored the venture capitalists who were cursing at him and chose to have a face-to-face meeting with Li Zehua.

However, the entire AutoNavi board of directors was present, and Shen Nanpeng had no way of refusing since he needed help.

After telling Redwood all of his plans, Shen Nanpeng said bluntly, "Redwood has no idea what they did.

But I can guarantee that Sequoia has never been involved in any illegal activities. Even if there are any, they are just personal actions. "

"so what?"

Li Zehua couldn't help but become alert. He was not going to leave, so he just stayed on until the day when AutoNavi turned losses into profits and the layout was completed?

Sure enough, Shen Nanpeng made up his mind. Isn’t it just to increase capital and expand shares to increase registered capital?

Sequoia is so poor that it only has money left. Just invest according to proportion and it can afford the losses.

"Didn't Mr. Shen hear clearly just now?"

Li Zehua was dumbfounded. "Eight years without dividends, five years without going public, can Sequoia last that long? Do those investors have the patience?"

Shen Nanpeng sneered: "If Mr. Li can persist, why can't Sequoia?"

He realized that in the overall strategy of Qingyun Group, Amap, or map navigation, was an indispensable key.

Although Sequoia will continue to invest and cannot obtain control and other special influence, it can still make a lot of money!
What do you mean by serving one billion free users in ten years? If it can really achieve this, AutoNavi will be the next Tenda. Perhaps this is a bit of an exaggeration.

After all, navigation cannot be used all the time, nor can it be used halfway and then a pop-up ad suddenly pops up. But now everyone knows how to play with traffic.

With users, you have everything!
The members of AutoNavi's board of directors looked at each other, all confused by this sudden change.

The venture capital firm that has lost everything and has nothing left is actually still stubborn and plans to hold on to the end?

"Boss Shen, are you kidding me?"

Li Zehua had a dark face and spoke in a bad tone, "If that's the case, don't blame me for being ruthless. Anyway, AutoNavi will not have any income in the future, and there is no insider trading involved.

I can start a new business and spend two or three years to completely empty out Gaode.

The core business and technology will all be transferred. By then, what else will Mr. Shen get besides a layer of skin? "

"Mr. Li, you won't."

Shen Nanpeng is also a person who can let go of things easily. "Doing this will only cause your reputation in the industry to be completely ruined, and the companies that originally wanted to cooperate with you will back off.

Integrity is the core quality that every ambitious enterprise must possess! "

He was absolutely right about this. No matter how terrible things happened behind the scenes, he could not publicly say that he disregarded the contract and trampled on integrity.

You can't be like the third brother and become notorious, right?

In the future, the deposit will be treated as full payment. Once you come in, don’t leave. It’s okay once or twice, but if you do this every day, aren’t you the one who gets hurt?

The bone cancer patient who was innocently implicated said that everything was a rumor. As the saying goes, there are too many fools and not enough liars, this is exactly what this situation is about.

But Li Zehua still has his dignity, so this method cannot be used unless it is absolutely necessary.

Shen Nanpeng also knew that it was not easy to get him to agree to accept Sequoia.

I might as well not pretend anymore. I can't influence and control the Qingyun system, but I have to take advantage of the situation and make some money, right?
So, he directly put forward his conditions, "I have carefully analyzed the businesses of all companies under Qingyun, including Chizume and Fengniao's local life businesses.

This is very similar to Ali's local life business. In addition to Qingyun Real Estate's model, Chime's restaurant chain plan is to purchase properties by itself and sign long-term cooperation agreements with the landlords themselves."

"So what?"

Shen Nanpeng sat up straight and leaned forward, "Hotels, car reservations, air tickets, bus and train tickets, and even future cooperation with traffic control departments and real estate cooperation.

Sequoia has enough resources to make exchanges, and you also know that Sequoia has enough influence in Ctrip and Home Inns.

As long as Mr. Li agrees to keep the previous conditions unchanged and retain Sequoia's shares in AutoNavi, Sequoia will bear all the risks, including possible counterattacks from other venture capital firms.

The price is negotiable!"

"Let's not talk about this today."

Li Zehua did not refuse or object, "Since Sequoia has this intention, then take practical action.

First, take back the shares held by those venture capitalists."

"no problem."

When Shen Nanpeng heard that there was a chance, he quickly asked, "I wonder what price Mr. Li can offer?"

"We invested 4000 million US dollars, and we can't let everyone suffer losses, so let's take back the 400 million."

"What? Mr. Li, are you kidding me!!!"

Shen Nanpeng was stunned! (End of this chapter)