Chapter 164 Big Cake

Chapter 164 Big Cake

Chapter 164 Big Cake

Outside Bongeun Park, Samseong-dong, Gangnam-gu.

The brand new seven-seater Mercedes turned the intersection and headed towards the Tiffany Hotel.

In the back seat of the car, An Rushong crossed his legs, reading the newspaper in his hand and smoking slowly.

The newspaper in his hand is today's "Korea Daily", and An Rusong is looking at the financial section of the newspaper. The front-page headline reports the financing cooperation agreement reached between NGN, Draper Fisher Jurvetson and Apple.

According to the agreement, Draper Fisher Jurvetson will invest $5000 million in NGN in exchange for a 1250 percent dividend-bearing stake in the company. At the same time, Apple will invest $ million in NGN in exchange for a percent dividend-bearing stake in the company.

In addition to the investment and financing agreement, NGN Company will also cooperate with Apple to achieve compatibility of NGN software with Apple systems. In public information, NGN Company has promised that NGN software compatible with Apple systems will be officially launched at the end of next month, and the mobile version of NGN software will be officially launched before the end of the year.

In addition, also in this public information, NGN announced that the number of registered users of the Korean version of NGN software has exceeded 1100 million, and the number of registered users of the Japanese version has exceeded 1400 million. In addition, the English version of NGN, which was launched not long ago, has more than 200 million registered users in Southeast Asia.

In the next stage, NGN Company will face the international market and focus on the English version of NGN. At the same time, it will not give up the development in the Korean market.

In the newspaper report, there was also a photo of An Rusong shaking hands with representatives from DeFeng Jue and Apple. Unfortunately, the photo was in black and white and could not fully show his handsomeness.

To be honest, there are many Internet companies born in South Korea in recent years, but only NGN company has been able to quickly increase its market value to over 100 million US dollars. The other Internet companies mostly develop some small applications and make a little money, or they mainly focus on making games.

Therefore, the emergence of NGN companies will naturally attract attention from many parties, including even the government.

Yesterday afternoon, An Rushong received a call from the Cultural Content Agency. The other party asked about the development details of NGN Company in the past period of time and learned about the future development plans. Then, he asked him whether he needed any policy support, whether he needed policy loans, etc. In short, he was very enthusiastic about NGN.

In fact, the nature of NGN Company does not fit in with the scope of support of the Culture Content Agency, but if people insist on making a distinction, the two sides cannot be said to have no connection. Of course, this is not a bad thing for NGN Company and An Rusong himself, so he was very polite to the Agency.

However, An Rushong did not accept things like policy loans. Although these loans were indeed low-interest, it would cost a certain price to get them. The most important thing was that the current president of South Korea was a certain Mr. Lu, whose political stance was sharply opposed to that of Congressman Kong and others, and the confrontation was becoming more and more serious.

Besides, what time is it now? It's the end of 2007. How long can Lu stay in office? It's only two months. An Rusong doesn't want to be labeled a progressive at this time and then suffer suppression from conservatives in the next decade.

We support the conservatives. Long live the Grand National Party! This is An Rusong's political stance.

However, since the news that NGN received investment from DFJ and Apple has spread, in addition to the initial official reaction, An Rushong's "upper lines", that is, Councillor Kong's people, will naturally react. Now, he is going to keep an appointment with Councillor Kong.

In addition to Councillor Kong, he also had to attend another appointment in the evening, a meeting arranged by Kim Kang-min who called him.

The meeting place agreed by Councillor Kong is at the Tiffany Hotel, but he is not sure which room it will be because someone will pick him up at the hotel's underground parking lot.

An Rusong knew that in many people's eyes, NGN was a huge and delicious cake. With a valuation of nearly 3 million US dollars and an infinite future, who wouldn't covet it? To be frank, if you enter the market now and get a few percent of the shares, you may get hundreds of millions of dollars in return in the future. This is a very safe deal. But An Rusong was not worried at all about the situation of being surrounded by alligators, because NGN was not owned by him alone, but by three parties. In the eyes of those big sharks, he, An Rusong, might be just a small Karami, nothing special, but whether it was DeFeng Jue or Apple, it was not something that ordinary people could handle.

To put it bluntly, if DFJ or Apple were provoked, even if they are not considered top American companies, and they made some noise in anger, it would not be something that one or a few so-called Korean congressmen would be able to withstand.

To be honest, An Rushong's first round of financing was actually very hasty. The most advantageous option for him would have been to wait until the "Photo Wall" application was launched and generated positive feedback before choosing the first round of financing. By that time, the valuation of NGN Company would have been made larger, and the investment and even corresponding resources he could obtain would have been more substantial.

So why did he do everything in such a hurry? The answer is actually very simple, because he was worried that his NGN would be targeted by others and then attract a group of crocodiles to scramble for it.

Why did An Rusong suspect that the valuation information disclosed by SoftBank Asia was malicious? The reason is here. To be honest, if SoftBank Asia had not disclosed their valuation of NGN, An Rusong might not have been so eager to launch the first round of financing. His starting point was that after this valuation was disclosed, some powerful parties would definitely notice him.

Don't say that South Korea is a country ruled by law, or how democratic South Korean society is, how humane the business environment is, and so on. It's useless to say those things. An Rushong is not extreme, but at least he believes in one thing: as long as there is power, there will be no real fairness and no real rule of law.

Therefore, when the news about NGN appeared in the newspapers, he couldn't wait to get the first round of financing, thus bringing Draper Fisher Jurvetson and Apple into his circle of interests.

From now on, no matter who it is, as long as they covet NGN's shares, they can push the blame onto DFJ and Apple, because according to the financing agreement signed by the three parties, in NGN's second round of financing, DFJ and Apple enjoy limited rights under the same conditions.

What does this mean?
It's very simple. The current equity structure of NGN is divided into four parts: An Rushong, as the founder and actual operator of the company, holds 70% of the shares. At the same time, in accordance with the principle of equal shares but different rights for different shares, DeFengJie holds 20% of the dividend shares and 2% of the decision-making power; Apple holds 5% of the dividend shares and 0.5% of the decision-making power; as the third largest shareholder, Han MeiYen holds 5% of the company's dividend shares and 0.5% of the decision-making power in the form of personal shareholding.

Finally, the company's incentive equity pool contains 5% of the company's dividend equity, but does not hold decision-making power.

To be honest, when signing the investment agreement, both DFJ and Apple were very dissatisfied with the existence of Han Meiyan, an individual shareholder. According to their thinking, they actually wanted to kick Han Meiyan out. DFJ and Apple were willing to pay a large premium to buy out her 5% dividend shares, but in the end, their requests were rejected by An Rusong, and the reason he gave was that Han Meiyan was an important investor in the early days of NGN.

The investors in the early stage of the company's establishment mean that they are the earliest investors. Considering the first come first served principle, DFJ and Apple can barely accept each other's existence. However, with the final signing of the investment agreement, if other investors want to join in the future, they must get the consent of DFJ and Apple.

Why? Couldn't An Rusong take out a portion of his shares and give them to the new investors?

The answer is no. Because of the existence of the equal-share unequal-voting rights agreement, An Rushong's shares cannot be sold casually. Every share he sells needs to be approved by De Feng Jur and Apple. Moreover, once he wants to sell his shares, the latter two companies have the right to redeem them first, and the price offered by the third-party investor is higher than theirs.

These complex terms of the agreement certainly restricted the flow of An Rushong's shares, but at the same time, they also saved him a lot of trouble.

Just like those who want to take advantage of him, he can use these agreements as a shield and push the other party to Draper Fisher Jurvetson or Apple.

What, you want to buy NGN's shares from him at a low price? Haha, go ask DFJ and Apple first if they agree. If those guys who rely on their power can tear a gap from DFJ or Apple and take advantage of them, An Rusong would rather lose some shares, because those who can do this are definitely worth buying with NGN's shares.

In the underground parking lot of Tiffany Hotel, the seven-seater Mercedes-Benz was parked steadily in a parking space in area C3 as agreed. Almost at the moment the car stopped, a young man in a black suit trotted over and opened the car door for An Rushong.

(End of this chapter)