Jason: Life serves for the purpose of making money by the way

21st Century Economic Report Sheng "the eighth year, we start from scratch". February 2010, in the annual meeting of the audience, in the face of more than 800 employees, CEO Jiangnan spring to end their speeches. Since 2009, whether in the company, or the media, Jason said most, is self-examination, self-examination. This is difficult to imagine in the era when the audience is on the same day. July 13, 2005, Nasdaq ushered in the Chinese concept stock media (FMCN). Is the day, the media with its whirlwind of growth and a new business model to win the favor of Wall Street investors, the financing of 171.7 million U.S. dollars, the Chinese concept stocks in the largest NASDAQ financing. The CEO Jiangnan Spring's assets also soared to nearly 300 million U.S. dollars after the IPO. Since 2003 formally established to the listing, the audience only spent more than 2 years of time. This is difficult for entrepreneurs in many traditional industries in China. The success of the audience has also created a domestic outdoor new media arena. After that, the pattern of distribution in China is springing up on the ground, in addition to buildings, from the airport, campus, hospitals, guesthouses, beauty salons shops, toilets to the subway, public transport, railways, taxis, for a time, as long as someone's place, there will be a new media shadow, is for "the audience effect." After the listing, and driving the acquisition of vehicles, to the rapid trend, sweeping the domestic new media industry, its "media empire" dream also pushed the stock price soaring, the highest nearly 70 U.S. dollars/ads. Even investors said publicly, "the biggest regret is not buying a share of the shares." 2009 is the watershed of the divide. The financial crisis, the audience was hit, performance, stock prices and psychology have been the most violent "storm." Also in this year, Jason and the audience began to "return". The Jiangnan spring, which returned from Wall Street, is still non-stop, and he realizes that the task will be more daunting after the listing. Indeed, as the industry's new entrants continue to emerge, on the one hand may lead to rising costs, on the other hand, may also bring price war, so that scoring models gradually into the era of meager profit. As early as the chat with Chen Flyover, Jason concluded that after opening a new industry, "only quickly in the industry to occupy a monopoly position, can really put all the competitors behind." Merger and acquisition becomes the important means to maintain the competitiveness after the public listing. October 2005, the audience spent more than 100 million dollars to buy the framework. That time frame, occupy the domestic apartment building elevator plane advertisement more than 90% share. After the completion of the acquisition, the framework has become a new business unit of the media, which not only increased the number of high-end residential areas in the elevator and public space for about tens of thousands of advertising framework, before more than 300 international and domestic customer resources have been held into the arms of the audience. In January 2006, the audience merged with a 325 million-dollar price. The move not only helped the audience eliminate the strongest rivals, but also made the scoring product line cover the areas of building television, community television and outdoor screens. Stimulated by this positive news,Share prices surged 14.6% in a day. After that, the audience and acquisition of theater media CCTV three-dimensional, at the end of 2007, and 168.4 million of dollars in cash acquisition of the upcoming market of the store media seal Prudential Media. Jiangnan Spring to build is "Life Circle Media Group." While these acquisitions have also allowed the audience to produce bright earnings, this has not won much enthusiasm on Wall Street because they feel that "growth is limited". As a result, he began to create a new concept-"digital media Group", across the outdoor, internet, mobile phone three major areas. March 2006, the audience to 30 million U.S. dollars to buy Kai Granville Point, began to move to mobile advertising, March 2007, the audience will be through 70 million dollars in cash and 155 million dollars of new shares of the way to buy a good, in the Internet field of an important game. 2007, a total of 8 digital outdoor, 10 mobile advertising companies and 6 internet advertising companies into the bag. The media empire, which was quickly built by the audience, also made its position in the industry no one can shake. At the beginning of 2008, the 8 billion-dollar market capitalisation became the Nasdaq's first Chinese concept stock, with its shares soaring to a record high of more than $60 trillion. It also creates an excellent exit opportunity for former private equity investors. "Tell them about the price." "Once became the mantra of Jiangnan Spring, he has begun to indulge in capital magic." But at the beginning of 2008, the audience began encountering "bad luck". CCTV "3 15" party on the "spam message manufacturing Insider" exposure, to the division of wireless business blow. March 17, share prices fell sharply. "After the message door incident", the audience stopped all mobile phone message industry, and the distribution of wireless mode adjustment, which also led to the first quarter of 2008, the first time a net loss, the amount amounted to 53.8 million U.S. dollars. Distribution of wireless original plan is also in vain, the public financial newspaper has borne more than 80 million dollars in asset impairment. This is just the tip of the iceberg. The economic crisis that began in 2008 led to a weakening of the real economy, and to the 1-4 quarter of 2009, the focus of the earnings of the red light, according to U.S. accounting standards, 2009, the total loss of 208.8 million U.S. dollars. In addition to the impact of the large environment, the integrity of the media project to reduce the value of assets is one of the important reasons. In the Xi Cheng Project, the total paid about 200 million U.S. dollars, although the other party's performance did not meet the requirements and did not continue to pay any fees, but with its asset value shrinkage, the total in the earnings of the loss of about 200 million U.S. dollars. Under the financial turmoil, "the acquisition of the seal is not very successful" even became the end of 2008, the audience and Sina held a group of the winter catalyst. But the audience and Sina's "flash" and no fruit eventually. In the first half of 2009, the share price fell below $5 trillion, and its market value shrank sharply. Back in the early 2009, Jiangnan spring back to the position of the chief executive, this year, he led the audience, do the most important thing, is self-examination, self redemption. At the end of last year, Jason accepted this newspaper interview, frankly with reporters discuss the past "mistakes." In his opinion, in the XI Cheng Project, the timing of the acquisition and the macro situation of the judgment is not sufficient, due diligence is not sufficient, although the company's operating capacity is not strong enough, but buy the price is more expensive, and after the acquisition did not do digestion. Acquisition of wireless, "not taking into account their innate moral hazard." And mergers and acquisitions are too fast, but also affect the integration of the results of the audience. But Jason admits that these are "superficial" reasons, the essence of the problem is the starting point of the audience, values have deviated; The rapid acquisition and expansion of the past is more to cater to the capital market, to meet the expansion ambitions of entrepreneurs. Jason that the long-term sustainable development of the future audience is the most important thing is to rebuild the values, to do what they think is right, do something valuable to others, to meet the needs of consumers to continuously improve the purpose. At the same time, the audience is changing. As early as the end of 2008, the audience announced that will terminate the wireless advertising business. In addition, as the environment changes, the audience began to optimize the adjustment of some network resources. In the second quarter of 2009, the audience abandoned the 2 smaller framework advertising networks they had bought in the past, terminated the takeover agreement and sold some of the lower-margin businesses. At the same time, the audience began to peel off the main business, such as Internet services, or cut off, or become small shareholders. The biggest external response to the asset stripping is the sale of good yes. On August 3, 2010, the Silver announced that it had completed the sale of its 62% per cent stake to Silver Lake Investment Group, which paid a price of $124 million. In this respect, even some people comment, "The digital media empire cracking", "the audience lost the last treasure" and so on. "Yes, the net profit of a year is only millions of dollars, up to more than 10 million, rather than earn this money, rather than concentrate on the main business," Jason explained the reason for the sale of good yes. In addition, the focus of the main business in buildings, frameworks and stores, but also in the "vertical deep digging", in stabilizing the one or two-line city advantage, on the basis of strengthening the three or four-line city coverage and brand influence. From the third quarter of 2009 onwards, the audience in the one or two-line city gradually launched equipment high-definition reform. In the top 15 cities of the national economic power, its main buildings will be replaced by the HD player in the end of October this year to enhance the quality and visual effect of the advertising broadcast. At the same time, the audience to speed up the coverage of the three or four-line city, plans to the building video, elevator frame business in three or four-line cities doubling the number of machines, the store business from the current 160 cities to increase to 300 cities and more coverage, covering the number of stores increased by about 30%. In order to enhance the interaction of the media, the audience is currently with Sina, 12580 cooperation, the audience will be advertising through multi-channel platform to promote advertising to the sale of further, but also for the customer value-added. In addition, Jason said, the audience also tried the new advertising content, the introduction of film flower ads, story ads, and entertainment marketing, knowledge marketing implanted in advertising, to enhance the audience's attention, so as to improve the communication effect of advertisers。 In the development strategy, the focus is no longer the pursuit of high sprint, but to do a continuous, stable, healthy company. With the economic recovery, the advertising volume of the audience gradually restored, 2010 years ago, three quarters, the distribution of buildings, frameworks, stores the three main business of the sales chain are maintained around 30% growth. To this newspaper November 10 deadline, FMCN media (the closing price) rose to 25.25 U.S. dollars. In management, Jason also no longer "go for it", but has begun to listen to other people's ideas. He no longer sees the client frequently, but pays more attention to the staff training. The management of the staff is also more humane. Jason claimed to have been "brutal", even if the employees were not allowed to leave, leading to "many colleagues have not taken leave"; his present attitude is, "the leave of the vacation, the rest of the rest." Today's Jiangnan spring, the work is no longer like before the "desperate", work 7 days a week, he now every weekend two days of basic spent in Taiwan, rest, accompany his family. Has been a husband, the father of Jiangnan Spring has no longer talk about what the media empire, "life to serve the purpose of making money by the way" to become his new slogan.