The CEO on a business trip finds himself dismissed who is fighting for a bit of information control

category:Global
 The CEO on a business trip finds himself dismissed who is fighting for a bit of information control


On Jan. 21, an internal letter announced that Li Ya, CEO of one piece of information, was dismissed from his post and that Ren Xuyang, co-founder, was the CEO. On January 22, Li Ya sent an internal email, saying that the appointment and removal of the CEO on January 21 was irregular and had no legal significance. He said that in recent large-scale financing, there have been major differences between major shareholders.

Combining a little information financing background and ownership structure, we can see that apart from Phoenix New Media as the largest shareholder, the investors of a little information include the state-owned funds represented by millet, OPPO and Longde Growth. In addition, the other two founders Ren Xuyang and Zheng Chaohui have no more than 10% shares.

Behind the CEOsscramble for code, who will control a bit of information fall?

The CEO was angry when he was dismissed overnight.

It is understood that Li Ya visited Huawei Shenzhen on behalf of a little information the day before the incident. I am as shocked as many colleagues and colleagues. Li Ya questioned the dismissal of the previous day in an e-mail on January 22. The development of a little information is at a critical juncture under the unique resources and path, especially in the recent round of large shareholderstransfer of old shares and new shares. Capital, there have been extremely complex and even major differences, I have some psychological preparation for the intensification of conflicts, but did not expect such absurd, abrupt, reckless.

According to public information, Li Ya was born in Phoenix. com and joined Phoenix. com as COO in June 2006. He also served as CFO until November 2010. In 2015, any information CEO and President of Phoenix.com. On September 8, 2017, he resigned his administrative position in Fenghuang and devoted himself to the strategic development of information business.

Ren Xuyang, the new CEO announced in the internal letter, is one of the founders of a bit of information. Before starting a bit of information, Ren Xuyang was the vice president of Baidus market and business development, led the founding of IQIYI, founded Tianshan Capital and acted as a management partner after starting a bit of information. He has also served as Baidus chief consultant since May 2016.

According to Tian Eye Check data, Chen Ming, Vice President of Fenghuang New Media, is the largest shareholder of one piece of information, with a share-holding ratio of 43.75%, Hong Feng, founder partner of Xiaomi Technology, with a share-holding ratio of 12.6%, and Ren Xuyang and Zheng Chaohui, founders, with 9.37% and 5.29%, respectively.

Modern corporate governance is the cornerstone of the corporate system. The email notification received on Monday night is irregular and has no legal effect on appointment and removal, Li Ya said in the email. According to my communication with some directors and shareholders, besides the initiator of the motion, the two directors and shareholders who spoke on the telephone conference made a statement oftemporary notification of such an important event. Need internal discussion and follow the process after the meeting to give opinions, in addition, no other directors and shareholders spoke, let alone express their views in support of the motion.

According to the data, the directors of one point of information include Zheng Chaohui (co-founder of one point of information), Yang Xiaojun, Liu Shuang (CEO of Phoenix New Media), Li Ya, Chen Tong (former executive vice president of Sina, chief editor of Sina Net), Ren Xuyang (former vice president and co-founder of Baidu Company), Lu Rongqing, Duan Yaohui, etc.

Li Ya did not specify which directors had proposed a change of CEO. Such an important matter requires not only confirmation of the quorum of shareholdersmeetings and boards of directors meeting the requirements of the companys articles of association and the proportion of votes cast, but also formal statements on the basis of full and accurate understanding of the background and key information of the bill by the directors and shareholders, after discussion and the required compliance process within the shareholders, and only formal signatures of board resolutions and shares can be seen. The notice of appointment and removal of personnel shall take effect only after the resolution of the Eastern Conference. But this full-time notification mail is so eager to wait. It not only shows the motives guilt, but also reveals the extreme indifference to corporate governance and corporate reputation.

Capital competing for a bit of information control?

According to the public information, one piece of information was launched in Apple and Android App Store around July 2013. For the information flow platform based on big data and algorithm recommendation, it was founded by Ren Xuyang, former vice president of Baidu Company, Dr. Zheng Chaohui, former president of Yahoo China Research Institute, and Li Ya was a little information CEO.

It is understood that Li Ya is the CEO and President of Fenghuang Network of any information in 2015. From 1993 to 1999, he worked in Verizon Telecom, DLJ Securities and Exchange Department, Riemann Brothers Risk Management Department, and Morgan Stanley as a software engineer and senior Internet consultant. However, in September 2017, Phoenix New Media announced that Li Ya had submitted his resignation letter, resigned as co-president of Phoenix. com and devoted himself to a little information.

In 2015, Wu Chengguang, former editor-in-chief of Sohu, left his post as vice president and editor-in-chief of mobile news and information application market. Next, Chen Tong, former executive vice president of Sina and chief editor of Sina. com, joined us on Oct. 28, 2016 and became president. He also served as co-president of Phoenix. com and continued to act as an information director on behalf of Xiaomi. On October 31, 2017, a bit of information was announced to be licensed by the National Internet Information Office for Internet News and Information Services.

In terms of financing, the first three rounds are invested by Phoenix New Media. The first two rounds are invested by Millet Science and Technology and OPPO respectively. In November 2017, they received $112 million in E rounds. The investors invested in Longde Growth Culture Communication (Tianjin) Co., Ltd. (hereinafter referred to as Longde Growth) and other two companies.

Liu Shuang, chief executive of Fenghuang New Media, said, One piece of information obtained the Internet news information service license, which made Longde Growth Culture Communication (Tianjin) Co., Ltd. satisfy a prerequisite for equity investment in one piece of information. Longde and two other investors disclosed in the second quarter will invest about $112.1 million in a little information on the basis of expected transactions valued at about $1 billion. Two other investors have not yet been disclosed, and some insiders pointed out that information in E-round financing has introduced funds with capital background.

Nandu reporter inquired about Tian Eye Checks information and found that Longde Growth Culture Communication (Tianjin) Co., Ltd. is controlled by Longde Growth (Tianjin) Investment Management Center, while the largest shareholder of the latter is China Railway Zhongan Construction Group Anhui Co., Ltd., whose actual controller is China Railway Zhongji Holding Group Co., Ltd.

In addition, in the equity structure of Beijing Longde Venture Investment Fund Management Co., Ltd., there are also many government backgrounds.

According to the previous valuation of $1 billion, Longdes share of growth in a little information has exceeded 10%.

Li Ya pointed out in the email that in the recent round of large shareholder old stock transfer + new stock issue of large-scale financing, there have been extremely complex and even major differences.

It can be seen that behind the CEOs contest for the big show, it is actually a contest for the controlling right of the capital with a little information. Combining the financing background and ownership structure, we can see that besides Phoenix New Media, the major shareholders of a little information are the government funds represented by Millet, OPPO and Longde Growth. Among them, millet and OPPO as hardware manufacturers, there is no sign of layout content ecology at present. Can Longde grow up from Phoenix New Media to grab a little control of information?

It is reported that a bit of information has previously been financed by Phoenix New Media in multiple rounds. As of December 31, 2016, Phoenix New Media holds Class B, Class C and Class D1 common shares of Particle (the owner of a bit of information), with a total equity of 44.2%, which has a fair value of $13533 million.

In addition, in early 2017, there were rumors in the industry that Baidu would acquire a bit of information and negotiate with a bit of information. At that time, Li Ya told the media that a bit of information will remain independent development and will not comment on rumors. Then the rumor disappeared with the introduction of a bit of information to new investors. It was interesting that Ren Xuyang, Baidus veteran, was pushed to the position of information CEO in the recall announcement, which once again triggered speculation about whether Baidu would be the owner of a bit of information. Source: Wang Zheng_N7526, responsible editor of Southern Metropolitan Daily

In addition, in early 2017, there were rumors in the industry that Baidu would acquire a bit of information and negotiate with a bit of information. At that time, Li Ya told the media that a bit of information will remain independent development and will not comment on rumors. Then the rumor disappeared with the introduction of a bit of information to new investors. It was interesting that Ren Xuyang, Baidus veteran, was pushed to the position of information CEO in the recall announcement, which once again triggered speculation about whether Baidu would be the owner of a bit of information.