David asked unwillingly: "Mr. Cai, where did ofo fail to pass due diligence? Is it because we used the user deposit?"

"No, although this is not good, Mr. Son doesn't care. Commercial gambles are also his favorite." Cai Chongxin denied:

"Mr. Dai, the investigation is actually more about people, the management team. The due diligence team discovered many of ofo's financial problems, such as you personally borrowed ofo's tens of millions of dollars, but it has not returned it yet. Ofo has used investors' money to manage finance, but the profits of financial management are not included in the company's account.

Ofo once bought 20 Teslas at a price far higher than the market, and distributed them to the company's senior management as a year-end reward. Although this reward was done when the company was not yet profitable, it was not a big problem. The core of the problem is why so much is higher than the market price?

In addition, ofo has invested in many areas that are unrelated to its main business, such as fashion glasses, unmanned aerial vehicles, air fresheners, etc. In addition, you also spent $14 million to launch a satellite? This is very strange and abrupt in SoftBank’s report. Even their professional team doesn’t know what your purpose is to do this?"

"Diverent investment is not a strange thing, but none of them succeeded." David forced himself to explain. He was actually very clear about the things mentioned above, but he was just confused by Xiaoli before. He didn't expect that these small things would become the life-seeking ropes now.

Cai Chongxin sighed and said, "Of course diversified investment is not bad, but at least you need to wait until your main business is successful before talking about it. Just talk about Toutiao, Toutiao and Quxin have just begun to slowly expand outward and then develop into today's achievements. Moreover, all projects revolve around the Internet and Toutiao's big data information, and businesses can help each other grow.

The same is true for us in Alibaba and Tengxun. We only started Taobao after Alibaba’s website was launched. Tengxun’s QQ was launched and started to make games and news. These are not problems. Investment institutions are happy that you can expand your business, but the business invested by ofo is simply inexplicable and cannot be explained.

Masayoshi Son actually wants to give you a chance, but the entire SoftBank is stopping it.”

"These may not be done well, but these did not consume much money together?" David continued to hold a glimmer of hope.

Cai Chongxin said: "Just as I said before, you use user deposits is not a big problem, but investment is the same. If you invest normally and have the right direction, even if you fail, SoftBank's due diligence team will not say anything, but will only record this incident truthfully.

The problem now is that SoftBank executives believe that ofo management will not make reasonable use of funds at all, and they cannot guarantee the safety of their investment funds and that the funds will be used in the places to be used in the future."

David was silent for a moment and said, "Is there no other opportunity? If ofo cannot get this fund now, the entire company will be in big trouble. Mr. Cai and Alibaba have invested heavily."

Cai Chongxin said: "Mr. Ma and I have just had a video conference with Mr. Son. We have discussed a safe plan so that Son will continue to invest and we can also keep ofo."

When David heard this, he asked happily: "What kind of solution?"

Cai Chongxin said: "Ofo's current market share and operation team have no problem. The only thing that is lacking is the further monopoly of funds. Masayoshi Son provides this money, but the condition is that a more suitable professional team will run ofo."

David's face changed, and he immediately knew what Cai Chongxin meant, and said, "Ali wants to annex ofo?"

Cai Chongxin smiled and said, "Mr. Dai, Alibaba definitely has no such intention. Mr. Dai and his friends' shares in ofo are still unchanged, and any dividend rights can be enjoyed. However, now ofo has reached a critical moment of life and death. Alibaba's entry is the only solution. Our professional team will run ofo, which is the maximum profit for everyone. Mr. Masayoshi Sun also agreed to this plan."

"Mr. Cai, ofo has also grown up since we were young. It's too unconvincing to just directly evaluate that we can't operate ofo." David said angrily in his heart.

Cai Chongxin said calmly: "Mr. Dai, expanding the company is different from running a company. This is just like the ancients said that conquering the world and seizing the world.

Among the Internet companies, Baidu, Alibaba, Tengxun, Toutiao, all of them are founders who expand the company and then introduce professional management teams and CEOs. Alibaba invited me, Tengxun hired Liu Chiping, Baidu had Xiang Hailong, and Toutiao introduced professional management teams in the earliest stage, which are the reasons why they succeeded and were able to completely expand.

Ofo's past achievements were very good, but you did not introduce a professional management team. Although the personnel dispatched by Toutiao also had their own ideas, they were very professional. Even ofo's ability to develop was also the support of Toutiao in terms of traffic.

But I won’t talk about what happened next. This time, you are too radical for Masayoshi Son’s investment, so it would not be a decision that a normal management team would make. If it weren’t for Masayoshi Son’s personality, the same would have been said. When encountering companies like Sequoia Capital, they would have refused to invest long ago.

In the early stage of entrepreneurship, it doesn’t matter if you bet a big gamble, but the scale is already one of the best in the industry. In addition, this kind of business method is too risky. You should know that small businesses rely on risks to make money, while large businesses rely on stability.”

"Then we are hiring a professional team now, and Masayoshi Son can designate talents in this area." David continued to suggest that if Masayoshi Son's people will control the company, at least they will have a chance in the future. If Alibaba enters the market, there will be no chance of turning around again.

Cai Chongxin said: "If you said this when we went to see Masayoshi Son in August, it would be a good suggestion, but it is too late now. Masayoshi Son will not invest more than one billion US dollars first and then send a team here. Time is too late. Mobike is also taking the opportunity to grab the market. Toutiao has also begun to vigorously divert traffic and free deposit activities on its shared bicycles. Now, only by fully combining Alibaba and ofo's resources and adding Masayoshi Son's funds can we achieve the final victory."

"If ofo is not mine, then how will he be in the future? Does it still have anything to do with me?" David said suddenly.

"..." Cai Chongxin was stunned for a moment. He could not have thought that David would say such immature words in business conversations. Even if he was thinking, he should not say it like this. However, this also prompted him to more certain his determination. So he said: "Mr. Dai, this matter is also quite sudden. You can think about it carefully, but there is not much time left, and the changes in the market are very sensitive."
Chapter completed!