Li Guoqing'S "Throw The Cup" To See The Division And Combination Of "Husband And Wife" Shares

Dangdang is fortunate that the largest shareholder is two couples, and has achieved privatization, the impact is not wide. But some companies have been rewritten because their founders are married.

After the sharp differences between the husband and wife, Li Guoqing's public demand is equal share ownership.

After the return of "Li Guoqing's Cup" and "Yu Yu's face breaking", Li Guoqing mentioned his appeal in October 23rd's micro-blog: "now Yu Yu asked me to accept a 25% stake in a peaceful divorce, and I refused to agree. I asked for a bisection."

Similar disputes in the past "couples shop" enterprises in the history of Founder marriage is not uncommon, which is similar to the potato net founder Wang Wei and the real Kung Fu Cai Dabiao couple divorce, and even the birth of the "potato clause".

7 billion yuan family property accumulation process

In 2019, the Hurun rich list showed that Li Guoqing and Yu Yu ranked 573rd in the fortune of 7 billion yuan, up 8% from the previous year.

For the couple, the main source of wealth is Dangdang. In twenty-first Century, the economic report reporter learned from the letter that Yu Yu held 64.2% stake in Dangdang science and technology Agel Ecommerce Ltd (Dangdang) and was the largest shareholder. Li Guoqing held 27.51% stake in the second largest shareholder.

Through the Wind query, we can see that in the year of Dangdang delisting (2016), Li Guoqing's direct shareholding accounted for 31.17% of the common shares issued, and the shareholding was 38.8% at the time of listing. After privatization, Li Guoqing's holdings declined.

Where does the data come from 7 billion yuan of husband and wife assets?

In twenty-first Century, the economic news reporter found that in the evening of April 11, 2018, Hainan Airlines announced that it would buy 100% stake in Dangdang and 100% stake in Dangdang, Beijing, through issuing shares and paying cash, and the initial price was 7 billion 500 million yuan.

According to this valuation, the wealth of the two people of Li Guoqing and Yu Yu is about 6 billion 900 million. But later, due to the failure to pay on schedule, the purchase was aborted.

But this price may not represent the actual valuation of Dangdang. According to Li Guoqing's statement, it is relatively low. It was 9 billion before.

In November last year, Li Guoqing revealed to the outside world, "I think HNA is a pearl of insight. Dangdang was delisted two years ago. At the time of the withdrawal, profits were about 90 million. We talked to them at the end of 2016, when they estimated that they could earn about 150 million of profits, and then they gave 9 billion of the valuation. But after that, Dangdang's profit is getting better and better. This year is 4 billion yuan. But at that time we signed a two-year agreement with Hainan Airlines, and we could not default. " Li Guoqing also said that at that time, there was more than a Hainan airline, and "Hainan Airlines took the initiative. "Who else can't I say, but other potential acquirers also gave us $1 billion 400 million, worth nearly 9 billion yuan."

If the valuation is 9 billion yuan, the total wealth of two couples will be more than 8 billion yuan.

This family has already been very high among entrepreneurs, but for Li Guoqing and Yu Yu, Dangdang has had many bumps in the past 20 years, and its fortunes have been shrinking many times.

When Dangdang was founded in 1999, Ali was founded, and the Jingdong has not yet been born. The Dangdang network that got IDG and Softbank investment is quite bright in the electricity business community. By the end of 2010, Dangdang was listed on NASDAQ in the United States, the highest point in January the next year reached 36.40 U.S. dollars, the couple's body also exceeded 1 billion U.S. dollars, but then all the way down, before the delisting completely privatization, the lowest share price was only 3.68 dollars, the highest point of 1/10. In the end, the parent company will purchase $1.34 of cash per share of common stock to acquire all the common shares issued by Dangdang. The transaction is valued at $556 million for Dangdang, which is 1/4 less than before.

In recent years, Li Guoqing has repeatedly promoted his new venture project on micro-blog to "read sooner or later". But according to the query, the registered capital of the Tianjin Wan volume Book Network Technology Co., Ltd. is RMB 50 million yuan, while Li Guoqing is a legal representative, but the shareholding ratio is only 1%.

Judging from the current situation, Li Guoqing wants to get the desire to divide the property equally through divorce. Yu Yu hopes to limit the shareholding of Li Guoqing, which had already been ejected, by 25% years before the divorce agreement.

Lawyer Zhao Zhidong, senior partner of the Shang Gong law firm, told the economic report twenty-first Century that if the divorce method was adopted directly, if the marital property did not have any special agreement between the two parties, each would be 50%, but if there was a contract, it would be implemented according to the agreement. Since Dangdang is a joint venture established by two couples after marriage, it will be classified as a common property. If there is no special agreement after the establishment and subsequent marriage, the couple's property will be divided into half.

"But if a party has a certain responsibility for the problem of marriage, the other party can give the property less or no property to the party, but it is difficult to define the fault in practice. Unless there is direct evidence, the court generally finds it difficult to recognize it." Lawyer Zhao Zhidong said.

"Potato clause" and "real kung fu" before

Some people say that marriage is the tomb of love, then the husband and wife shop may evolve into the nightmare of investors.

Dangdang is fortunate that the largest shareholder is two couples, and has achieved privatization, the impact is not wide. But some companies have been rewritten because their founders are married.

Before Li Guoqing and Yu Yu, Tudou CEO Wang Wei's divorce case even hindered the listing, which directly gave birth to the "potato clause". The natural shareholders and actual controllers of the invested enterprises promised to get the same intention of the board of directors or shareholders' meeting when they were married or divorced.

Around 2010, when Dangdang was attacking Nasdaq, Tudou was also in charge of NASDAQ IPO. Tudou CEO Wang Wei and his wife Yang Lei got married in August 2007 and did not start divorce proceedings in a year. In March 2010, the two divorce case was supported by the first intermediate people's Court of Shanghai after several lawsuits. The divorce was granted and the property division was dealt with separately. However, in November 16, 2010, on the eve of the launch of Tudou, Wang Wei, founder of Tudou network and CEO, were brought to court by his ex-wife Yang Lei for divorce property disputes. The court froze Wang Wei's stake in three companies, including 95% of Shanghai Tudou Technology Co., Ltd.

Objectively speaking, during the marriage between the two sides, Tudou set up Shanghai all potato network technology Co., Ltd., Wang Wei accounted for 95% of the company. Of these shares, 76% relate to the issue of conjugal property. Yang Lei has the right to claim rights in 38% of them. Finally, Wang Wei paid his wife $7 million for compensation and got a settlement.

Due to this sudden marital property dispute, Tudou's listing was delayed for half a year, but cleared the obstacles. The next year's June Tudou Internet market was in bad condition. In the cold winter of the US capital market, the market value was far less than that of Youku, which was listed 8 months ago. It was finally annexed by Youku and delisted in August 2012.

In the third round of financing in 2007, potatoes won today's capital and General Catalyst Partners and other venture capital institutions totaling $19 million in financing.

Another famous divorce case is the "true Kung Fu" of the catering industry, the divorce case of Cai Dabiao and his wife. The couple's marriage lasted for 15 years, during which the Chinese restaurant chain was founded. The two married in 2006 but were planning to go public, so the two chose to hide it for the time being.

But the internal fight still led to the loss of listing opportunities. In 2011, ex-wife Pan Minfeng filed a lawsuit against Cai Dabiao, demanding that Cai Dabiao return 25% of the "real kung fu" stake or pay a compensation of 470 million yuan. This can be traced back to 2006, when the real Kung Fu shareholding structure was jointly owned by Cai Dabiao and Pan Minfeng 50% of the company's shares. In 2006, when Cai Dabiao and Pan Minfeng agreed to divorce, Pan Minfeng voluntarily abandoned the 25% stake it had to hold. In the end, Cai Dabiao was sent to prison for 6 crimes of embezzlement and occupation of Kung Fu company funds. At the time of marriage, Cai Dabiao introduced capital and linked investment to invest 300 million yuan into real kung fu.

For Dangdang, the ending may not be so tragic. According to the observer network, the Baidu search index and App downloads rose sharply after the marriage, and the latter even doubled 6 times. It can be seen that things are unpredictable.