King of Capital

It was getting dark, and the Gulfstream business jet had just completed its routine inspection and had no time to park in the hangar. It restarted and taxied to the apron to fill up with aviation fuel.

The crew members were checking in at the hotel when they received the emergency notice and rushed back in just two hours.

After a while, Xie Jingxing and his group boarded the plane. Among them, Tim Cook's outfit of beach pants and slippers was particularly eye-catching.

前者53秒做出买岛决策，后者20秒消化惊讶，20秒学习摹仿，再用10秒钟思考和3秒钟点头说合作愉快——300亿美元估值，15亿美元换取滴滴5%股份。

So the vacation was declared over early, and he had to return to Silicon Valley to sign the strategic investment approval documents as soon as possible to achieve the final victory in this passionate interaction!
[An exciting exchange, I can't wait to share with you what happened, a race against time~]

The Gulfstream left the ground facing the setting sun. Liu Qing tapped the screen of his mobile phone to send an Instagram status. In the accompanying photo, Xie Jingxing and Cook were sitting side by side in front of a laptop, each with a serious expression and using gestures to communicate.

The direct flight from the Bahamas to Silicon Valley takes another ten hours but it didn't feel long. The three of us talked about everything from smart cars to cutting-edge technology, to the international business ecosystem and the global macro-economy. Time passed quickly.

At first, the joint discussion gradually expanded, with each person taking turns to raise topics based on their own areas of expertise, such as lectures and salons, which were more in-depth.

For example, Apple's investment in Didi will help improve the operating environment in the Chinese market, including its difficulties in the global smartphone market cycle. The growth of business in the Chinese market is becoming increasingly important, but this year's election is likely to complicate the international situation...

"My wife and children are separated from me."

The new girl who joined the team was so sleepy that her eyelids were fighting. She complained about the high-intensity work and asked curiously, "Sister, is the boss always like this?"

"Didn't you mention it during the interview? Our crew often has temporary long-distance routes." The chief flight attendant prepared a large cup of coffee as usual.

The girl yawned, "But he never rests on the plane. How can he often travel with bigwigs like the CEO of Apple and talk to them from beginning to end?"

"Baby, you're already sleepy and talking nonsense. Go to the rest cabin and call Nancy to take over your shift." The chief flight attendant glanced at her with a puzzled look.

Last year, the crew flew nearly 70 times, including more than 400 private jet owners in the country. Mr. Xie is also one of the ones who travels most frequently.

Every time he worked non-stop for a few days, there would always be a business transaction that would shake up the entire market.

So the flight attendant really couldn't understand what it meant to be able to chat with a big shot like the CEO of Apple on a regular basis.

Every high-intensity work day they go through is a man-made miracle accomplished by Mr. Xie himself, rather than being glamorous because of a guest on this Gulfstream.

…………

August 2st, early morning.

The Gulfstream business jet landed at the San Jose Airport in Silicon Valley. Liu Qing followed Cook directly to Apple's headquarters in the neighboring city. They rested in the hotel in the morning and signed the letter of intent in the afternoon.

Xie Jingze had to take advantage of the time to go to the Grapefruit American office in Menlo Park. After both parties signed the contract in the evening, he could rush over to attend the dinner.

After not sleeping for more than ten hours, everyone had dark circles under their eyes and was extremely energetic. After discussing the itinerary, they immediately split up.

"Boss, it's Jim Goetz on the phone."

During the ride, Xie Jingxing reclined his seat to catch up on his sleep, but was woken up by Chen Xi not long after.

"Thanks. I followed Liu Qing's Instagram. Is Didi in contact with Apple?"

“It was obvious and the communication was good and it was a pleasure.”

"...In Silicon Valley? Is it convenient for us to meet? How about having lunch together?" Jim Goetz made the invitation after a brief silence.

Xie Jingxing thought for a moment and said in a hoarse voice, "I'm on my way to Menlo Park. I need to check on the recent situation of my American office."

"Don't forget that we are neighbors. Maybe if I start walking now, I can get to Grapefruit's office faster than you." Jim Goetz responded positively.

Xie Jingxing said instead: "Let's book a restaurant. I've eaten several airplane meals in a row. I can swallow a cow now."

"No problem, I'll open a bottle of red wine. I hope you don't let it stay awake too long and turn into vinegar."

The call ended in a passionate and frivolous manner. Xie Jingxing hesitated for a few seconds while holding the phone, and barely controlled his emotions to send a message to Liu Qing to inform him of the meeting.

Although it doesn't affect what I'm going to do later, giving prior notice is a complete respect. I've grown up again!
Xie Jingxing encouraged himself with satisfaction, threw the phone to Chen Xi, and closed his eyes to rest.

It takes more than 40 minutes to drive from San Jose to Menlo Park. A bottle of red wine is just at its best taste, and it is perfect with a well-done thick-cut steak.

In a steakhouse with a rough, typical American Western decoration style, a young cowboy was concentrating on playing the guitar, showing off his skills in the song "Hotel California", and guests at several tables whistled and applauded.

"You look really hungry."

Jim Goetz withdrew his gaze from admiring the performance and pushed the steak in front of him to Xie Jingxing.

He swirled his goblet, took a sip of red wine, and calmly started the conversation: "Where are you from?"

"Bahamas, Tim has a small island there." Xie Jingxing chewed the beef in silence and spoke in an unclear tone.

Ruling out the possibility of Apple moving its headquarters to the island, Cook is currently on vacation, and their meeting was most likely a spur-of-the-moment decision stimulated by Uber China's financing.

Initial contact, in-depth communication, bargaining and signing of a formal cooperation agreement...

Nothing happened before completing these procedures. Jim Gotz felt relieved and waited patiently for Xie Jingxing to eat.

"Uh, what did Jean (Liu Qing) mean when he used 'race against time' to describe your communication?" He suddenly thought of this and used it as a topic for greeting.

Xie Jing Xing pulled the empty plate aside and started eating his second steak: "I want to buy a private island."

"Private island?" Jim Goetz was confused.

Xie Jing Xing swallowed the beef in his mouth: "The best private island in the world."

“That should be very expensive, right?” Jim Goetz became more and more confused as he listened, and he half-heartedly tried to liven up the atmosphere.

"That's right! 3-5 million US dollars. The cost of hydropower and port infrastructure in the future will be about the same."

Xie Jing Xing took a sip of wine to relieve the greasiness, wiped his mouth and threw down the napkin: "It took me less than a minute to decide to spend this money. In the same amount of time, Tim decided to spend $5 million more than me."

Jim Goetz sat up straight and stared at him with a serious expression, trying to tell what was true.

"At this moment, Jean should have rested well, had a hearty lunch to replenish his energy, and left the hotel to visit Apple headquarters and sign a strategic cooperation agreement." Xie Jingxing raised his wrist to look at his watch and explained in detail. Jim Goetz quietly relaxed his body and leaned back against the back of his chair, smiling helplessly: "You can't treat an old friend who is having lunch with you in such a ready-to-go state."

"OK, from the perspective of project competition, I am here to threaten you." Xie Jingxing slowed down his tone.

Jim Goetz frowned. “I thought we would work together again to make a record-breaking merger and acquisition deal based on our personal friendship.”

"It could have been like this: you and Kalanick went to Beijing together and I treated you to Chinese food, and everyone got along well and won, but that didn't happen."

Xie Jing Xing adjusted his sitting position to be comfortable, leaning his elbows on the armrests of the chair, and said slowly and leisurely: "Let me tell you what happened in the 72 hours after you wished me a happy new year."

“I emailed Tim first, went to Beijing to meet with Jean, received news that Uber China had completed a new round of $5 million in financing, flew to the Bahamas to meet Tim, and finally came to Silicon Valley to finalize the Didi-Apple strategic cooperation.”

He poked his finger on the table. "Now, we are talking face to face about friendship, cooperation, and mergers and acquisitions. Jim, it's too late. You can't just be strong when you think you have the upper hand. Business is business."

"You may have misunderstood something. In any case, Uber has taken the initiative to show goodwill." Jim Gotz noticed that he was in a bad mood.

After all, Kalanick owns a large number of shares and is capable of exercising actual control over Uber. The board of directors' pressure on him to sit at the negotiating table has fully achieved its goal.

The key logic behind this is that the reason for actively ending the war is that they don't want to be stuck in the quagmire of burning money and suffering continuous losses, not because they think they can't beat Didi.

So in this case, Uber must of course be aggressive, take control of the negotiations and strive for the highest price.

It's like there's a $20 bill lying on the street, and the rich man and the homeless person bend down at the same time and each grab a corner of the bill, neither side wants to let go and the stalemate lasts for a long time.

The rich man thinks it is not worth wasting time, and the homeless man will starve to death if he doesn't put the money in his pocket, so if they end the competition in time and split the money in half, the homeless man should accept it unconditionally and express his gratitude!
Jim Goetz explained softly and measuredly: "I think that if Uber China merges with Didi, Jean will have the initiative to initiate the merger and acquisition, and Kalanick will decide the transaction price."

"That's exactly what I meant by 'threat.' Let me tell you what happens next."

Xie Jingxing did not comment, paused for a moment and then spoke frankly: "Two hours later, Apple announced a strategic investment of $15 billion in Didi; two days later, all products under Tencent and Alibaba banned Uber China; two months later, Uber China burned through its $5 million financing."

"Two years later, Didi completed a new round of financing of US$50 billion, Uber China announced bankruptcy and liquidation and withdrew from the Chinese market, and the seventh war between local Internet companies and international companies ended," he stated calmly.

Jim Goetz fell silent, his heart filled with uncontrollable pressure.

Through the WhatsApp acquisition case and the contacts over the past two years, it can be confirmed that Xie Jingxing never tells lies and his personal credibility is guaranteed, which greatly saves the cost of ineffective communication in the transaction process.

But now he has firmly abandoned the "merger and acquisition" option and threatened on behalf of Didi to fight Uber until it goes bankrupt...

"I don't think anyone wants to see meaningless competition. It's our job as investors to facilitate the completion of the right deal at the right time. You bring in the founders." Jim Goetz quickly switched the pace of the conversation and gave a kind reminder.

"In fact, Jean and Cheng Wei initially agreed to come to Silicon Valley to meet with Kalanick, and we had a debate about this."

Xie Jingxing couldn't help curling his lips: "When I booked a flight to meet Tim alone, I received the news of Uber China's financing, and they both turned to support me instantly."

"Jim, you are good at observing the impact of the international situation on mergers and acquisitions, but you don't understand the Chinese."

He racked his brains to organize his words: "In traditional Eastern culture, people say it is an honor to bury the bodies of martyrs in the green mountains; everyone must die, and if you can die as a martyr, your name can be passed down for thousands of years."

"The Chinese have an almost fanatical obsession with death, dividing the weight of life into heavier than a mountain or lighter than a feather."

Xie Jing Xing paused for a while, and concluded with emphasis: "So it's not me who brought in the founder, it's Uber that's challenging the ideas that have been passed down for thousands of years."

There is no such thing as glorious surrender where the losers occupy a strong dominant position and share the world equally. The winner takes all and the loser exits in disgrace. This is the domestic business ethics.

Zhang Xuhao, Lu Chuanwei, Wang Xing, Jia Yueting, one after another, sacrificed their lives on this path.

"Please help me convey the threat to Kalanick and the Uber board of directors. Don't have any illusions about the merger. Come on, swear on our beliefs, and one side will be martyred in the end."

Xie Jingxing took out a few banknotes and put them on the corner of the table to pay the bill, then stood up and left.

Jim Gotz was speechless as he watched him disappear from his sight, then he raised his head with all his strength and looked at the ceiling.

I deeply doubt my life and try my best to figure out why face is more important than business. Damn it, you yourself said that business is business!

…………

"Travis, we need to talk."

Jim Goetz strode into the Uber chairman's office, slammed the door and locked it, propped his hands on the desk and said expressionlessly, "You have to take the initiative to meet with Xie Jingxing."

"Please go."

Kalanick didn't bother to respond and tilted his head rudely to signal him to get out.

Jim Goetz took a deep breath and said, "Let me ask you this question. Is M&A a yes or no question?"

"Hey! Jim, you've crossed the line. This is my office, my company! If you have any ideas, submit them to the board of directors, even if you want to pull out a gun and execute me. Before my brain explodes, I have the final say here!" Kalanick responded disdainfully.

Jim Goetz clenched his fist and banged the table hard: "Listen carefully, Didi's answer is no, they don't want a merger!"

"Are you sure?" Kalanick was slightly stunned and then couldn't hide his smile.

He doesn't want to merge with the shitty financial investors, this is simply good news from heaven.

The two looked at each other in silence for a moment, and Jim Goetz suddenly smiled: "Do you really think this is good news? Do you want me to submit a resolution to the board of directors?"

Kalanick stopped smiling, his face visibly flushed, and he stood up angrily and glared at him.

Jim Goetz raised his hand and turned away. "I'll satisfy you. Remember, kid, as a founder, you must always be humble to shareholders. This is the business ethics of the United States. The law gives the spirit of contract sanctity."

Uber China is a separate entity company, which is absolutely controlled by Uber Global.

This means that the interests of Uber China's investors and shareholders can be ignored, and Uber China's management team can be tricked into working hard and then kicked it away.

On the contrary, no matter how much Kalanick wants to fight the war to the end, every penny transferred from Uber Global to Uber China must require the approval of the board of directors!

At this moment, Jim Goetz decided to deprive him of the right to blood transfusions to keep his heart beating. (End of this chapter)