At sina grand resembling AOL when the acquisition of Time Warner

For Mr. Chen, still in the grand scenery, put his paper wealth into a solid foundation for Sina, is indeed a wise choice. Just as suddenly got a lot of drafts, or exchanged for money buried at ease.

This may be 5 years ago, the United States online (AOL) in their own stock price to buy a number of Times Warner similar. In January 2000, a U.S. online $165 billion once the big convertible merger of time warner.

In addition to this consideration, a grand stare at sina, perhaps also includes the following layers of meaning:

First of all, compared with the positive image of the portal and the public portal, the game has been faced with great social risks and policy risks. Chinese people regard the online game as "electronic heroin", according to the figures provided by the operator, the player online time is basically 5 ~ 6 hours, more than 10 hours, ecstasy is evident. To make matters worse, the existing online game players are basically under the age of 30. Based on this judgment, young people play games and delay the work and work to become the most accused of online games face. "If a child because the movie come home late, his parents and society may consider from the children themselves and other angles, and not say this movie should not be taken, but not to question the development of the entire film industry; however, if there are children playing games because the impact of the homework, so his parents and development the society will urge the relevant departments to control the network game industry. This social and cultural risk and the resulting policy risk is the biggest risk facing the industry." A group of cadres, is now the Secretary of the CYL Central Committee alternate member of the Central Committee of the Zhou Qiang Chen Tianqiao once Poxian complained complained, "I turned over to the state taxes of 1 hundred million a year, if it is in the steel industry or the automotive industry, will be great publicity as a business model, while I had to carefully close its curtain, not a foreign word." Thus, Chen did not want to put the eggs in the basket game.

Secondly, the game of this bowl of rice to reach out too many people, the portal is not. "The online game industry is the only one in all industries, which has four major risks, such as vicious competition risk, professional risk, policy risk and social risk." Chen Tianqiao talked about the development of online games, had such a judgment.

Online game market is a gold mine, who can get into a pen." Perhaps in the eyes of most people, this is the status quo of domestic online games. According to IDC statistics, from 2003 to 2004, the domestic online game market grew by 46%, while the number of games operating company has increased by 102%, the number of operations increased by 139%. Currently sold in the market of online games a total of 78 large varieties, small varieties of 185. This industry is new entrants to the outbreak of the rapid speed in development, the direct result is the development of the market and the resources of the scraping, until a vicious competition.

Third, after the completion of the game the first gold accumulation, hope to have a big as Chen Tianqiao, trying to get rid of the network game "raffish" image, just, sina is the most appropriate choice. First, Sina more dispersed ownership structure give Chen Tianqiao a vertical and horizontal space, in a decentralized public shareholders, can be exempted from being at the mercy of the Sina; second, in the position of public opinion on the fighting, compared with foreign companies and other domestic companies, Chen Tianqiao's experience to give their natural advantages; third, portal the website shares could not be too large decline in space, this is the key to Chen Tianqiao.

"If Sina does not want to be Chen Tianqiao eat, so this quarter can do low their performance leading shares fell, Chen Tianqiao will be a", at first, a senior officer in the field of the Internet said, eat not to buy a cheap shot, but the cost is not much, two is the poison pill. Chen Tianqiao must be in a dilemma.

"The value of the portal has been seriously underestimated", after a large number of in the two market to buy shares of sina, chairman of the board of directors of the board of directors of Sohu often put it on the mouth. Accordingly, in the past 10 months, the stock repurchase in the 3 month, Sohu repurchase of the total outstanding shares of the stock of 6%. The same period, Zhang Zhaoyang and CFO also repurchased a considerable number of shares. In terms of stock prices, the portal is not much room.

It is certain that, with Chen Tianqiao as a grand Sina in this issue, will not be like the United States online so no face. But to do the Chinese Disney, the current advantage of both sides of the business is almost the heat, and between Sina and Shanda, but also the lack of connection bridge, and the bridge business, but also must have access to other business skills. "China's Disney" can appear, this is a question of no doubt, but who will become China's Disney, is still a problem.