Chapter 87

First update, votes please! ...

Compared to the early career paths of Baidu and Tencent, which had clear trajectories, Song Chen was completely in the dark about Alibaba's development. However, for the sake of a less cliché approach, apart from the name Tencent, which had already appeared and thus could not be used, Song Chen decided to accept Baidu and Alibaba. However, after registering the ALIBABA related domain names and launching the e-commerce servers, Song Chen's heart was far from as calm as it appeared on the surface.

The day after the website went live, Song Chen officially named the e-commerce department "Alibaba" and appointed Zhai Yan as the department manager. He was considering whether to place an advertisement in the newspaper to boost the company's visibility when, unexpectedly, Alibaba, which had not yet gained a foothold in China, already had registered members in Italy, who were attempting to post sales information and leaving inquiries on the website's message board!

This not only surprised Song Chen but also made Zhai Yan realize that she might have underestimated the potential of the new department. Recalling that Song Chen had valued this department at several billion dollars, she was secretly amazed and also very excited.

Before China joined the World Trade Organization, apart from foreign trade companies and large trade fairs, small and medium-sized manufacturing enterprises lacked channels to obtain supply and demand information. As Song Chen had said, Alibaba, as a free supply information platform, had a huge market demand. Although it could not compare to the explosive growth of QQ, within a week, the number of registered members on the Alibaba website had reached over a thousand, with hundreds of supply and demand information entries, and the numbers were growing at a steep geometric rate. Most of these were Chinese companies hoping to receive orders from abroad, while the remaining one-third were members from various countries.

The market demand also spurred the development of websites in other languages. Therefore, Song Chen had to hire additional translators for other major languages, based on the English translation. Of course, at this time, Song Chen again showed his playful side by placing a recruitment ad at the entrance of the Foreign Languages Department of Dongou University, specifying that applicants must be female...

This decisively attracted dozens of young female college students, who were dressed beautifully and exuded a charming fragrance, dazzling the single employees of Chenxing. The Alibaba department instantly became the most talked-about department among the company's employees.

In the early days of the Alibaba website, when the content was not yet rich, there was no need for detailed segmentation of industries and products. Essentially, a single text message contained all the information the employer wanted to convey. Based on the suggestions from members on the message board and Song Chen's memories from his previous life, the expanding Alibaba team began to develop more detailed and rich website applications.

As the Alibaba team celebrated their initial success, even Song Chen, who had been reborn, did not know that the vast prospects of Alibaba had already caught the attention of some astute individuals.

On the afternoon of January 25, 1998.

When Zeng Qian, dressed in formal attire, led a man in his early forties into the office, Song Chen was pacing back and forth in front of the bookshelf, frowning as he pondered the company's development strategy. With the company's finances tight, he had to consider expanding the company on a large scale while keeping other expenses as low as possible.

As a typical example of cost-cutting, his and all the managers' offices were so simple that they could be described with just a set of office furniture and a bookshelf, and the general manager's office only had an additional set of sofas...

The good news was that Qiu Lin optimistically estimated that as long as the development team worked overtime, the branch company could release a paid version of the internet cafe billing system by mid to late next month, which could help alleviate the financial gap of Chenxing Company, but it was still far from enough...

Knock, knock, knock...

The office door was knocked on, and the beautiful and charming Zeng Qian, holding a file folder and wearing a sweet smile, walked into the office. Seeing the general manager pacing back and forth with his arms crossed, she said in a sweet voice, "General Manager, Mr. Wei Wu, an investment manager from Hong Kong's Wanda Fund, is here to see you. Would you like to meet him?"

"Wanda Fund?" Song Chen was taken aback. His first reaction was "I've never heard of this fund," and his second reaction was "This is a venture capital company." He pondered for a moment, glanced down at his casual attire, and nodded, "Please bring him in!"

The man who entered was about 35 years old, wearing a pair of dark-rimmed glasses, looking scholarly and refined. Only the occasional glint of cunning in his small eyes made Song Chen tense up, not daring to relax.

Wei Wu was surprised to see such a young company CEO. With a gentle smile, Wei Wu walked briskly toward Song Chen and extended his hand, "Hello, Mr. Song. Thank you for taking the time to meet me amidst your busy schedule. I didn't expect Mr. Song to be so young! I am Wei Wu, an investment manager from Hong Kong's Wanda Fund!"

"Hello, please have a seat!"

Song Chen shook hands with the man and gestured for him to sit.

Wei Wu, while observing the office setup, smiled and said, "Everyone who comes to your company is impressed by the grandeur of the recruitment ads at the entrance, but I didn't expect the inside to be so simple! It seems, Mr. Song, that you are facing the same issues as most internet companies!"

Song Chen's heart skipped a beat, but he maintained a calm smile, "Although I am not a technical expert, I highly value technology! And the company is in the stage of expanding the market, so maintaining a simple and appropriate style can help establish a good administrative culture!"

Wei Wu's face showed a meaningful smile. Song Chen knew that many details of the company could not be hidden from these experienced people, so he candidly smiled, "Of course, I don't deny that the company's large-scale expansion has put some financial pressure on us!"

Wei Wu nodded and said frankly, "Actually, for the past half month, I have been conducting research in Qiantang City in the northern part of Dongou City! A few days ago, the Hong Kong headquarters called me and asked me to investigate the company behind the Alibaba website! I sent people to gather information and only learned this morning that the Chenxing Internet Cafe System, QQ, and Alibaba all belong to the same company!" Staring at Song Chen's expression, seeing that he remained calm, Wei Wu couldn't help but admire the young man's composure.

Song Chen smiled, "Is Wanda Fund a venture capital company?"

Wei Wu nodded and smiled, "Yes, Mr. Song! Wanda has several funds under its umbrella!"

Song Chen pondered and slowly said, "Since it's a venture capital firm, I have a good idea of why Mr. Wei is here! You are interested in our company's products?"

"To be precise, it's the Alibaba website! I won't deny that it has great commercial potential! I wonder if Mr. Song is interested in accepting an investment?"

Song Chen spread his hands and smiled, "As you can see, my company is indeed in a tight financial situation! So I welcome long-term venture capital investment in Chenxing! I just wonder what kind of investment plan your company can offer!"

Seeing that Song Chen, despite saying "welcome venture capital," had an inscrutable expression, Wei Wu felt somewhat uncertain, having seen the low-key attitude of the company being courted.

"Based on our department's research, if the current growth rate continues, we conservatively estimate that by the end of the year, the Alibaba website will have about 80,000 free registered members! Therefore, the investment department believes that $2 million is a very good valuation for your newly established Alibaba department! On the condition that Alibaba is established as a separate company, if Mr. Song agrees, we are willing to provide $1.5 million for 50% equity in Alibaba! As for control, we do not have specific requirements, but a board of directors must be established, and Wanda Fund must have a seat proportional to its shareholding!"

After presenting the conditions set by the Wanda Fund's upper management, Wei Wu saw that Song Chen remained calm and composed. Wei Wu suddenly felt a sense of defeat, as if he were facing not a 19-year-old but a mature adult.

"The terms are not bad!" Song Chen agreed with a smile, "Compared to the stringent conditions proposed by some venture capital firms, Mr. Wei has shown us great respect..."

Choosing his words carefully, Song Chen said apologetically, "However, although my company is currently facing financial issues, there are many ways to solve them! Perhaps due to the urgency of time, you haven't had the chance to investigate, but I have many friends who are heirs to large companies. If we really lack funds, I believe they will provide me with the greatest support! Therefore, I must regretfully decline your offer!"

Wei Wu frowned, looking at Song Chen's sincere face, and asked, "Is that so? Mr. Song, are you sure you won't reconsider? You must know that $1.5 million is extremely important for an early-stage internet company. I believe my company has shown genuine sincerity! Even if Mr. Song has a wide network of contacts, I must be frank and say that I doubt your friends can make decisions on behalf of their fathers!"

Song Chen smiled but remained silent, the implication clear. Reluctantly, Wei Wu stood up, took a business card from his pocket, and handed it to Song Chen, "If Mr. Song changes his mind, feel free to call me!"

"Sure! I will definitely consider it!"

Song Chen shook hands with the man and watched him leave with a meaningful smile. He walked back to his desk to continue working. Zhai Yan and Jiang Yan, who had received the news, walked in. Zhai Yan asked directly, "Was that person from a venture capital firm?"

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