On the evening of March 29th, Beijing time, iQiyi (NASDAQ: IQ) officially listed on the NASDAQ. > 
On the evening of March 29th, Beijing time, iQiyi (NASDAQ: IQ) officially listed on the NASDAQ.
Iqiyi opened at $18.20, up 1.1% from the issue price. However, in the overall sluggish US stock market technology stocks, the first day closed down 13%. Based on the closing price, iQiyi's market value reached 11 billion US dollars.
iQiyi has raised at least $2.25 billion through this IPO, making it the second-largest Chinese company in the US to date in IPO, second only to Alibaba in 2014.
This is a great news for Baidu, who was recently besieged by public opinion because of Li Yanhong’s inadvertent speech.
Less than two years ago, Iqiyi’s privatization fell through, while Baidu, the major shareholder, was deeply involved in the Wei Zexi incident. A month ago, Baidu released its fourth-quarter earnings report, and at the same time disclosed that iQiyi had submitted a listing application. Baidu’s share price rose 5% on the day.
With the listing of iQiyi and the ability to obtain financing in the open market, Baidu will greatly reduce the spending pressure in the content field, and the stock price will also obviously improve. The market expects Baidu's market value to exceed 100 billion in the short term.
At the same time, in the past year, "All in AI", the continuously exposed unmanned car technology, made Baidu's momentum grow.
Behind this, Ma Dongmin, who has just returned to Baidu for more than a year, has made a great contribution.
01
Turn waste into treasure love
(Ma Dongmin participates in the iQiyi event)
O2O and iQiyi have always been two black holes in Baidu's financial statements. How to resolve the pressure of these money-burning businesses on Baidu is what Ma Dongmin, who is in charge of Baidu’s investment, is thinking about.
Compared with the direct divestiture of Baidu takeaway, Ma Dongmin’s enthusiasm in the love of Qiyi is more obvious.
As early as 2016, Ma Dongmin tried to complete the privatization of iQiyi for $2.8 billion. On the one hand, the divestiture of iQiyi can alleviate Baidu’s financial pressure. On the other hand, as a potential project, Li Yanhong loves Qiyi. MBO can be more convenient to finance in the capital market. The move was attributed to the failure to sacrifice shareholders' interests.
According to the report of "Three Voices", there was a more formal privatization plan in front of the parties to the transaction, but did not reach a final deal. In this program, the buyer consortium also includes investors such as Chinese Culture (CMC), Chinese Investment, Gaochun Capital and three state-owned financial companies. After buying Aiqiyi for 2.8 billion US dollars, the six investors will once again increase the capital by 1 billion US dollars, of which 2/3 of the funds will be put into the fund set up by Li Yanhong, and the remaining 1/3 will be put into the company.
Some sources told the "Three Voices" that Ma Dongmin was also a "big variable" in the event of the iQiyi. After leaving Baidu for physical and family reasons, Ma Dongmin started the investment of the Family Office for four years in the past 12 years.
Ma Dongmin is the trader of the aforementioned fund. In the process of privatization negotiations, how to ensure the power and interests of Li Yanhong is also an important part of it. The establishment of the aforementioned fund is for such purposes, and Li Yanhong collects management fees from this fund.
Since then, on July 18, 2016, Baidu’s shareholder, American hedge fund Acacia Partners, publicly hailed Baidu CEO Li Yanhong, saying that the acquisition of iQiyi is too low. Acacia Partners said, "Baidu should be a respected and important company, not a cash-out tool for personal economic gain." Acacia Partners pointed out that the independent research firm 86 Research has set the valuation of iQiyi to 58. One hundred million dollars is twice the price of iQiyi's privatization of 2.8 billion US dollars.
Today, the value of iQiyi's listing is as high as 12 billion US dollars, nearly five times higher than the price set by Ma Dongmin. If the deal is reached, Ma Dongmin will earn billions of dollars for Li Yanhong.
Therefore, less than a week after being snorted. On the evening of July 25, Li Yanhong and Aiqiyi CEO Gong Yu sent a letter to the Baidu Board of Directors on behalf of the buyer consortium, announcing the privatization of iQiyi.
The failure of privatization made Baidu and Ma Dongmin only find another way out.
In February 2017, Ma Dongmin returned to Baidu one month later. iQiyi announced that it has completed a $1.53 billion convertible bond subscription. The main subscribers are Baidu, Gaochun Capital, Boyu Capital, Runliangtai Fund, IDG Capital, Guangji Capital, and Sequoia Capital. Among them, Baidu subscribed for 300 million US dollars.
It is said that this financing is the first big project after Ma Dongmin returned. This financing is temporarily filled in the bottomless pit of the iQiyi content.
02
Head of Baidu Capital Market
Ma Dongmin’s wisdom in iQiyi is just the tip of the iceberg that he is in charge of Baidu’s investment.
Earlier media reports said that although she has not worked in the field for nearly ten years, she is still involved in Baidu's important strategic decisions in recent years. An investor familiar with Ma Dongmin said that his character and Robin complement each other. He used three "special" to express his goodwill towards Ma Dongmin - "especially competent, especially able to say, especially powerful." Another person who participated in Ctrip's M&A transaction said that Baidu will sell it to Ctrip, "it's the final decision of Ma Dajie."
In the "Finance" and magazine reports, Ma Dongmin was compared to Baidu, compared to Cai Chongxin's in Ali and Liu Chiping in Tencent. Baidu Investment has a paternalistic figure that manages and influences the top decision makers both internally and externally. .
Such comments are not unreasonable. The changes that Ma Dongmin brought to Baidu are obvious. Previously, Baidu Investment faced the question of “slow layout and conservative†due to Li Yanhong’s personal style. After the investment rounds are mostly biased, many of the projects invested are not industry leaders, and O2O and e-commerce are still in the high position.
But Ma Dongmin’s investment rate is getting faster. Baidu eventually invested in the B+ round of the first car, and the process from the meeting to the investment of the board was not more than one month.
In August 2005, at the Baidu-listed large-scale celebration party held in Manhattan, Li Yanhong took Ma Dongmin into his arms and said: "In fact, I am not essentially a person who likes to venture, but my wife is. Adventure in Baidu. In the course of entrepreneurship, every step is that she pushes me forward."
Now, it is time for Ma Dongmin to push Li Yanhong.
Pulling the timeline back to January 2017, Westin Beijing Jinmao, Baidu Quarterly Director, Ma Dongmin first attended. On this day, she published the famous returning speech. At the end of this speech, Ma Dongmin said: "I hope that we will reflect on the past and precipitate goodness. Let everyone work together to make Baidu go from great to great!"
After Ma Dongmin returned to Baidu, the title was "Special Assistant to the Chairman", responsible for Baidu's investment, human resources, and market public relations.
Li Yanhong has publicly mentioned the wolf. From the material that can be sorted out, Ma Dongmin is the true soul of Baidu's wolf. In the past year or so, whether it is to quickly cut off the business line in the midst of a lot of troubles, or to open the relationship between the shareholders of the stock market, or to mobilize government resources in her familiar areas, Dr. Ma seems to be well-versed.
03
Iron-handed army, sued Wang Jin, Zhao Anjing
In February last year, Li Yanhong sent an internal letter of 6,000 words, which mentioned the changes in internal management.
"To eliminate products that are not competitive in the market. If you can't do it, don't mix it there, don't stay there. The withdrawal will be withdrawn, the customs will be closed, and it will be. Resources have advantages for us, Strategically important projects to focus on."
"Management must also have metabolism. If you can, you can't. People are good. If you are good, you are not good. If you do a good job, if you do something bad, you should take measures."
“It’s just that you can’t talk about seniority.â€
This is regarded by the outside world as the withdrawal of Ma Dongmin's will. "Finance" magazine reported that Ma Dongmin was very angry and said that the whole Baidu, from the bottom to the top, people are overstaffed! - Once there is a good opportunity, they immediately think about it, not to implement the company's strategy, but to think about job-hopping. They are more interested in dealing with the media and investors, rather than caring about the business.
Her iron fists, the biggest handwriting is the killing of chickens and monkeys.
On March 1, 2017, Lu Qi announced that he has announced the integration of Wang Jin’s Automated Driving Division (L4) and Zhang Yaqin’s Smart Vehicle Division (L3) and Car Life etc. The driving business group (IDG) is personally in charge.
After the adjustment, Bai Jin’s No. 1 character, one of Baidu’s five-member Supreme Council members, no longer served as the general manager of the Autonomous Driving Division for personal and family reasons. At the end of March and early April, Wang Jin’s title was already the founder and CEO of Jingchi, and he started his unmanned entrepreneurship.
Baidu has come out with countless entrepreneurs. In the AI ​​field alone, there is the landing.ai project founded by former Baidu chief scientist Wu Enda; Aibee founded by former Baidu Research Institute President Lin Yuanqing; former Baidu Deep Learning Institute IDL executive vice president Yu Kai founded Horizon Robot; James Peng, the chief architect of the former Baidu unmanned vehicle, and Lou Tiancheng founded the unmanned company Xiaoma Zhixing Pony.ai and so on.
Baidu has been tolerant of departing employees for many years, but Ma Dongmin obviously does not think this is correct.
In December last year, Baidu sued the US Jingchi Company, the general manager of its former autonomous driving division, and the US Jingchi Company, which was run by the former autonomous driving division, to the Beijing Intellectual Property Court on the grounds of infringement of trade secrets. The reason is that Wang Jin violated the restrictions on competition with Baidu and used its technical secrets accumulated in Baidu.
According to the news of Lei Feng’s founder Lin Jun, Baidu’s only “killing the killer†against Wang Jin was also promoted by Ma Dongmin:
"One can kill the chickens and see the monkeys. Baidu has come out of the business for autonomous driving in the past two years. There are a lot of people who are arrogant and arrogant. The number is not enough, and Wang Jin is the highest in all the leavers; It was Baidu’s own push of Apollo, and it’s got louder and louder. The three armies have morale. The Baidu soldiers who stayed behind are famous and have the heart to kill the enemy. So one stone and two birds, I want to sit on the real Wang Jin is Baidu’s automatic driving rebellion.â€
In March, it was reported that Jingchi has officially joined Baidu's Apollo open platform and became its partner. At the same time, Wang Jin has left Jingchi. This is the reason why Baidu has infringed on trade secrets and told Jingchi Technology and its CEO Wang Jin that it has only been more than two months.
In fact, not only Wang Jin, Wu Enda's departure, the entire Baidu Institute in Baidu's festival retreat, its spearhead was eventually pointed to Ma Dongmin.
According to Tencent Technology, Ma Dongmin’s idea is to cut down the business that does not see the prospects, with limited revenue growth and increasing expenditures. Although the Institute of Artificial Intelligence was placed on the high hopes of Baidu's artificial intelligence strategy by Li Yanhong, it was unable to obtain support from the search department and its output was limited. It is reasonable to take the driverless strategy from the institute.
04
Head Office, Times Weekly and Spring Festival Evening Unmanned Vehicles
At the end of last year, today’s headline and Baidu launched a round of war of words around the “head officeâ€. In the rumors, the head office was promoted by Ma Dongmin, and PR and GR jointly worked.
It is not yet to be judged by the Secretary. But if this is true, it is not surprising that Baidu used almost the same way to expel Google from China. At that time, the person who was in charge of the Baidu government relationship was Ma Dongmin.
In the public opinion, the momentum is enlarged, and even the negative news of the competitors is concocted, so as to provide the hands-on lobby for the supervision department, it is the operation mode of Baidu.
Before 2006, when Google China was not established, Baidu had a special person responsible for collecting politically sensitive content in Google and reporting it to relevant departments on a regular basis. This directly led to the blockade of Google in China in September 2002.
That is, in the next three years, Baidu achieved a transcendence to Google in the Chinese search market. In 2006, Li Yanhong said to himself: "In 2003, we were basically in line with Google in the Chinese search field, from 30% to 40% in 2004 and 2005, and over 50% this year."
At that time, a reporter asked Li Yanhong how the market pattern of Baidu and Google would be five years later. Li Yanhong’s answer is that Baidu will be the only one at that time, and it’s hard to see Google again.
Two days after Li Yanhong finished the sentence, Google Global CEO Eric Schmidt announced in Google that Google’s Chinese name is “Google†and officially entered the Chinese market.
Keso, a well-known Internet commentator, had sorted out the situation. From the official establishment of Google China in 2006 to the withdrawal in 2009, in just three years, from licenses to copyrights, from tax evasion to vulgarity, Google China experienced the “XX Gate†incident. A total of 19 cases. This world-renowned Internet company has gathered almost all the negative news that can be found in China.
For this case, Moonlight has a more detailed record. It is said that at the time of Baidu, from the company level, user level and high-level route, Baidu collected the problem of reporting Google to relevant departments, saying that Google "harms society" and "endangers China." "Internet", "harming young people's physical and mental health." It is reported that these measures have played an important role in the decision-making of the final relevant departments.
In 2010, Google officially withdrew from mainland China. Five years ago, Li Yanhong’s predictions were fulfilled.
Ma Dongmin, who regains control of the market, is indeed more suitable to communicate with Baidu. After all, the doctor of the University of Science and Technology, who was a long-sleeved New York student studying in the circle, even Xu Yong was introduced by Ma Dongmin to Li Yanhong. The dual identity of the proprietress and the person in charge of the relevant business gave Ma Dongmin more room to spare. At that time, an official from Haidian District came over and could not see Li Yanhong. It would be fine to see Ma Dongmin.
Behind Lu Qi’s 24-hour media meeting last year, you can also see the shadow of Ma Dongmin. Li Yanhong, who once criticized the outside world for responding to the "Yan Ke's knowledge of Hongzhi", probably would not be willing to talk to the media from the media.
At the beginning of 2018, Li Yanhong became the first Chinese Internet entrepreneur to board Time magazine, issuing a declaration to lead China's AI to the world, and said that "Baidu Li Yanhong is helping China win the 21st century."
Under the shape of Ma Dongmin, Baidu has become the leader of China's unmanned vehicle technology.
On the 5th of May, Baidu AI Developers Conference, Li Yanhong broadcasted his own unmanned car on the Fifth Ring Road, which lasted for 1 minute. Deliberately or unintentionally, afterwards, the Beijing traffic police punished him for violating the regulations, and he earned the eye of the day.
The unmanned vehicle has become a routine operation of Baidu to show its muscles.
At 6 o'clock in the morning of January 9, Beijing time, at the BAIDU WORLD @LAS VEGAS 2018 conference in Las Vegas, USA, with the order of Lu Qi, ten Apollo unmanned vehicles started in the dawn, around Baidu Building opened.
On February 15th, Beijing time, on the New Year's Eve, the Hong Kong-Zhuhai-Macao Bridge was in full swing. Under the CCTV Spring Festival Evening, Baidu Apollo unmanned vehicles crossed the bridge in turn.
Regarding the rescue of Baidu, Ma Dongmin did all she could.
In November 2017, Baidu World Congress, Li Yanhong said that in 2018, mass production of unmanned vehicles will be realized. And this may really determine the future of Baidu.
This article was first published on the WeChat public account: Alpha Workshop. The content of the article belongs to the author's personal opinion and does not represent the position of Hexun.com. Investors should act accordingly, at their own risk.
(Editor: Song Zheng HN002)
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