From last March until now, many assets in the internet industry have changed hands multiple times.

The lists of major shareholders in numerous listed companies have seen significant changes.

For example, the second-largest shareholder of Yanwenzi Group first changed from Citibank to Merrill Lynch, and then was taken over by BlackRock Group, accounting for a total of 3.7% of Yanwenzi Group's total share capital.

Considering that Su Yehao directly went public with an IPO without financing at the beginning, the Yanwenzi shares released for circulation only accounted for about a quarter of the total share capital.

BlackRock Group, with a 3.7% shareholding, has become the second-largest shareholder, which is relatively rare among newly listed internet companies in recent years.

After being divided up by several institutions, the scattered circulating shares only account for about one-tenth of Yanwenzi Group's total share capital. This is also one of the reasons for maintaining the high stock price; it lacks liquidity in the market and is easy to maintain a stable situation.

The market trend is not immutable.

Saudi Kingdom Holding Group has been able to hold so many Apple shares until now mainly because they are wealthy and do not need to be responsible to other investors, and they do not care about short-term fluctuations.

Unfortunately, after holding on from last year's high point until now, Apple's market value has evaporated by more than ten billion US dollars, and there is still no sign of reaching the bottom. Moreover, Apple's computer business has not improved much in recent years, and there is not much hope for future rise, which is the root cause of their decision to liquidate their holdings.

Now, liquidating Apple shares can still get money to buy other high-quality assets at the bottom. Mr. Omar, in his forties, with a white cloth on his head, asked smoothly after signing the contract:

"Su, when will your Google company start its Series B financing? If I remember correctly, it has been more than a year since the Series A financing, and the funds are almost used up, right? As long as you agree, we are willing to take out 300 million US dollars from the funds of this transaction to invest in Google."

Su Yehao was surprised by the offer.

It is equivalent to directly replacing part of the Apple company shares held by Kingdom Holding with Google shares. The current value of these two companies is basically the same.

If Su Yehao hadn't foreseen the coming era of mobile terminal devices, from a commercial point of view, he would definitely think that Google, which is growing rapidly, obviously has higher investment potential, but he knew that the two were actually about the same.

In the end, the more than 400 million US dollars that will be transferred to Kingdom Holding is the least valuable investment.

Therefore.

Having just replaced the "investment-free" cash with high-quality Apple shares, it would be very inconsistent with Su Yehao's interests to immediately exchange the money back with Google shares.

Google has been cutting costs and increasing revenue for the past year, and there are still more than 260 million US dollars lying in its account. Even if it speeds up its development in the near future, as long as it does not acquire or finance some money-burning projects, it will be enough to support it until the end of this year or the beginning of next year.

After all, Google's advertising business is doing quite well. It is not all purely developed with its own funds, and part of the profit can also allow it to temporarily support it.

When it really can't hold on, Google's scale will probably not be the current scale, and Google's valuation will probably not be the current market value.

The valuation given to it by assessment agencies is mostly in the range of 5 billion to 6 billion US dollars. With the continuous decline in Yahoo's market share, Google has successfully achieved growth against the trend. As an unlisted start-up company, it is less affected by the Internet bubble.

After another year and a half of development, Su Yehao is confident that he can increase its valuation to between 9 billion and 11 billion US dollars. At that time, choosing to finance will be most in line with his interests, and he can use the money from financing to support Google's listing without having to transfer super high-quality shares with long-term holding potential at a low price.

Mr. Omar saw that he was distracted and subconsciously thought that Su Yehao was seriously considering his proposal, and continued to add:

"Four hundred million US dollars is also fine. Yahoo is stepping down from the altar. I think Google has great investment potential. I have friends in the sovereign wealth funds of Qatar, Kuwait, and Abu Dhabi. Once we get our support, I think Google will reduce many obstacles in development, especially in terms of funds..."

Unexpectedly hearing this sentence.

Jim, a senior partner at Goldman Sachs next to him, instantly felt a sense of seizing a great opportunity.

A senior partner at Goldman Sachs sounds very impressive, but in reality, this company is notoriously ruthless. Whoever has resources gets promoted, and after squeezing out the resources, they are kicked away.

However, as long as you are a senior partner for a few years, you can basically earn as much as seven-figure income, and eight figures are not impossible. Therefore, people at Goldman Sachs are still happy to do so, even if they know they are being used by the company, they still try to use the Goldman Sachs platform to earn more money.

In Jim's eyes, as long as Su Yehao and Omar reach a cooperation, it is almost certain that they can raise more than one billion US dollars. This fund will pose a serious threat to the industry giant Yahoo, and Google's market value will probably increase greatly at that time.

This is like a pie falling from the sky. Jim immediately made the decision to participate in the financing at that time and get more Google shares.

The free model of internet companies means that if you want to achieve success, you have to burn money like crazy in exchange for market share, technology, talent, and customers. With the support of a group of oil-producing countries' sovereign wealth funds, Google's chances of success will greatly increase, and the valuation can be increased by at least 500 million to 1 billion US dollars. Only a fool wouldn't invest.

Of course, Su Yehao didn't know that Jim had begun to dream, smiled indifferently, and replied:

"Thank you for your support of Google, but it is not short of funds for the time being. Perhaps we should reach some other forms of cooperation, such as jointly establishing an asset management company specializing in investments targeting the high-tech industry. I don't know when the Nasdaq index will fall to the bottom, but the crisis contains many opportunities. I need someone to cooperate with me to take the Middle East's asset management market."

Mr. Omar himself is helping the company with asset management work. Investing in an asset management company... isn't that also considered an investment?

In the past, Su Yehao was just playing around. Even if he created Yanwenzi Group, he was not very popular.

The real breakthrough was last year's shorting of the Nasdaq index against the market. He even took Yanwenzi Group, a listed company, to short it together, which is equivalent to making tech stocks bearish on the prospects of the tech industry. This operation stunned countless people, and it really succeeded.

In addition, he also created the largest asset management group in mainland China in a very short period of time on the other side of the Pacific. The news has long spread to the United States. After these events, Su Yehao has successfully gained a foothold in the investment world and is well-known.

Omar previously only wanted to liquidate Apple shares and take the money to buy some high-quality assets at the bottom. As for where to invest, he has no mature ideas for the time being.

Su Yehao's proposal made him quite tempted. With Kingdom Holding's influence in Saudi Arabia, he might be able to create a decent asset management company.

If you ask what business has low costs, low risks, and high returns, the asset management industry, which takes other people's money to invest, undoubtedly occupies a place...