MTL - Investment Life-Chapter 170

As the world's largest listed underwriter, Goldman Sachs has not yet reached its peak. After all, the Internet bubble has not completely blown up, and the vast majority of Chinese entities occupying the world's top 500 have not yet taken shape. On the contrary, the bond crisis and The financial crisis that erupted in neighboring Mexico has greatly affected this century-old store, and it seems that it has entered a crisis-ridden period.

Therefore, although Goldman Sachs has an excellent reputation and can be called a mainstay of anti-malicious acquisitions, it is not particularly outstanding in terms of strength. It is also famous for Morgan Stanley, Lehman Brothers, Merrill Lynch and Bear Stearns, plus Go to jp. Morgan, Citibank, Zurich Credit and other commercial banks, just listing this area, Wall Street has too many options.

In this case, it would be foolish to be slaughtered directly. Therefore, Feiyan did not directly find Goldman Sachs, but contacted several investment banks one by one. The companies that were thrown out were also Zero Time and Eagle's Nest. Although the relationship between the two companies and Feiyan is not a secret, what Wall Street really cares about is that it defeated Sony and Toshiba's Feiyan in the new generation of optical media battlefield.

Therefore, while giving the listing plan, these investment banks also tried their best to seduce Feiyan to take steps, and many of them threw bait on the commission amount or stock price. Even Citibank, which has been providing financial services for Chen Yuanming, is eager to try .

But after turning around in many investment banks, the final door is still open to Goldman Sachs partners.

"Mr. Chen, it's been a long time." Harold walked into Feiyan's headquarters with a smile on his face, and kindly shook hands with Chen Yuanming who came up.

"I did not expect Mr. Harold to take the horse in person, and we are also honored. Please sit here." With the same commercial smile, Chen Yuanming invited the other party to sit at the conference table.

This Harold is really not a stranger. Before Chen Yuanming had a close relationship with hedge funds, he had not attended many internal Wall Street parties and had some contacts with some of Goldman's partners. Unexpectedly, they directly sent senior partners who played golf with themselves. At Goldman Sachs, there are actually not many employees with the title of senior partner. Today, there are only 1,200 people, and they are sure to be very valuable business partners. So it's not hard to see Goldman Sachs taking this business seriously.

Keeping a perfect smile on his face, Harold sat elegantly at the conference table. This person should be over half a year old, but his energy and appearance have remained at the peak, just like any competent Wall Street manager The same, gentleman, humble, and smart and cunning like a Jew.

"I heard recently that Yahoo went public. Mr. Chen's order of gold stones is now worthy of the name." Nodding thanked the coffee handed over by the female secretary, Harold said with a smile.

The opening remarks did not have a straight theme, but chose a compliment, which seemed to have nothing to do with this meeting.

Chen Yuanming didn't care, just smiled, "It's a good time to order Jinshi, and it's a good time."

Many people may share this feeling, but none of the financial hunting grounds has chance. For true financiers, luck is always secondary. Being able to see the traps under the table before dangers and opportunities and grasp the pulse of the market is the stunt they rely on to survive. All that is not strong enough has long been swallowed up by the market torrent.

Without paying attention to such self-confidence, Harold's tone still carries a gentleman-like peace, "but it seems a bit early to throw all the stocks out now. Although SoftBank is strong, it may not be sustainable, they still want Spend a lot of effort on website construction in Japan. "

"For Dianjinshi, the gains are very impressive now." Chen Yuanming's smile has not changed, as if he did not understand the other party's words.

Harold didn't stop. He directly stated what was clear in the hearts of both of them. "It seems that Mr. Chen's capital chain is indeed in short supply."

This is not a very difficult question to guess. Just like Netscape's crazy upswing today, Yahoo is also being strongly promoted by Wall Street. If you hold its stock for one more day, the increase in profit will increase a little. Exiting the market as soon as it goes public does not conform to the principle of profit maximization . If Chen Yuanming had not invested in Netscape before, no one would have made such speculations, but Yuanyang's move into Netscape still made some people see it.

Then it will hold Netscape for a long time, but let go of the same hot Yahoo. If it is not extremely optimistic about Yahoo, it may only be a problem with the cash chain. With reference to Chen Yuanming's layout in China and Hong Kong last year, it is not difficult to find the real answer to the question.

This statement is very straightforward, and in terms of the standards of investment bankers, it is a bit too straightforward. But Chen Yuanming didn't have any nervousness or annoyance, but instead nodded quite calmly, "Yeah, that's why I want to officially list both Shishi and Eagle's Nest."

This is not what Harold wants to hear. Putting away the smile on the corner of the mouth, the middle-aged gentleman suggested very seriously, "Mr. Chen should be very clear about which company we really look forward to. Although the results have not been announced, this year, with News Corporation The stocks of all the film and television companies headed by them have grown significantly, and the birth of DVDs has given a shot to Hollywood, which has been stagnating for a long time. As the owner of the DVD format, Feiyan is the best choice for many investors. It is not a zero-day company that is still a member of the current family, or the Eagle's Nest alliance owned by News Corporation. "

This is currently the biggest headache for Goldman Sachs. Whether it is zero hour or Eagle's Nest, it does not have the potential for explosive profits, but the true place of ownership of Feiyan may not be North America. As a joint venture, Feiyan's branch in China is larger and its profits are more stable. If there is no accident, North American Feiyan will probably relocate its factories to China more thoroughly than most multinational groups.

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In this case, the opinions of the Chinese side, especially the opinion of the Chinese investor, may be of crucial importance. However, not many companies in the world have successfully started the international listing process of Chinese companies. Most Chinese companies are still rolling in their immature domestic stock market and cheating benefits from a messy financial market. This short-sighted internal consumption makes the entire Wall Street look stunned. After all, many think tanks have predicted that China will be the most worthwhile economic entity to develop in the next century. Compared with the declining old Europe and the almost cut Japan, what can be more exciting than a virgin land?

Chen Yuanming groaned for a moment, as if hesitating to express.

"Feiyan's current development is still quite stable." In the end, the young man simply said export. "Last year, China Feiyan sold more than 4 million vcd machines, as well as a large number of chips and downstream OEM products. The profit alone is about 300 million US dollars. In the second half of the year, North American Feiyan also had more than 200 million sales. Although the profit is not too high, it is expected that sales will make great progress next year. At this moment, I think Fei It seems that Yan listing is not in our interests. "

If these figures are not misrepresented, Feiyan's profitability has exceeded Goldman Sachs' expectations, and it is likely that it will pass the 1 billion mark in a short period of time and enter the threshold of medium-sized enterprises. So these words not only failed to dispel Harold's interest, but made him even more anxious.

After a little thought, he nodded slightly. "We can see that Feiyan wants to get rid of Wall Street's firm attitude, just like the establishment of the company at zero, and most North American companies will choose to go public and raise funds to expand their R & D department. It's not as much as Feiyan does, relying on the establishment of a new company to raise funds privately with News Corp. Mr. Chen shows a financier's way of thinking, not an entrepreneur. "

Turning the words, Harold laughed, "Of course, I understand this idea very much. After all, your income on Yuanyang and Jinshi is amazing to the world. Even our mutual friend Mr. Robertson also looks at you. Praise. How to get money may not be the most critical issue for you. But the operating mode of industry is not the same as that of financial companies. I believe that with your understanding of Silicon Valley, you can also understand the driving force of listing for corporate development. No one can reject the temptation brought by stock options. Now Dow Jones has a bullish trend. At this point in time, listing is the only way to obtain capital as soon as possible. Let's use financial thinking to measure it. It is too conservative ... ... "

Tapping his finger on the armrest twice, Chen Yuanming still shook his head. "Actually, what I worry about most is not Wall Street, but ... Washington."

Hearing this, Harold noticed for a moment, and immediately reflected over, "You mean the storm along the coast of China?"

Chen Yuanming did not deny it.

Harold laughed. "Wall Street has its own will, and this will not be controlled by a single president. China is the focus of our attention, not the enemy."

The words couldn't be more arrogant, but Chen Yuanming fully understood that Harold was not telling lies. In fact, Goldman Sachs is the investment bank that has sent the most talent and consultants to the White House. Goldman Sachs, known as the "Whampoa Military Academy" in the financial world in the future, has a closer relationship with the US government than any hedge fund or mutual fund.

But contrary to hedge funds, they are not all seeking the interests of the US government. Wall Street is like a sword hanging from the United States. It can not only cut its enemies, but also threaten its own security at all times. Wall Street has its own will, and this will be money that never sleeps. Anything that obstructs its access to money, including the law, the people, and even the country, can be trampled under their feet.

So for any rational person, Wall Street is crazy and dangerous. But this danger of disregarding national interests is, for Chen Yuanming, an umbrella that can be temporarily relied on. If his interests can be linked to the interests of Wall Street to some extent, then in the next few years, the safety factor of North American Feiyan will not improve, and will improve.

As for why we chose Goldman Sachs ... this is actually very simple. Goldman Sachs's interest in China is beyond doubt. In the next few years, they will enter the Chinese market with more urgency, invest, underwrite, and even become government finance. consultant. The China-America flag hanging on the Goldman Sachs building in future generations and their g2 mode are not lies.

After a long period of silence, Chen Yuanming finally sat up straight and replied carefully, "I trust Goldman Sachs' reputation in the industry very much, so I will choose you as a partner among many investment banks. However, the current situation, even the funds No matter how tense the chain is, I can't make a decision to let Feiyan go public immediately. You know, after all, this involves a very complicated situation ... So, what I want to talk about now is only the zero hour and Eagle's Nest. "

After a pause, a seeming smile appeared on his face, "But the possibility may still exist. If the j □ j face does improve, I also hope to add more chips to Feiyan. At the same time, you also know that besides Feiyan, there are a lot of companies under my control. In addition to the two Chinese and American venture capital agencies, the demand for listing is not small. If possible, I still hope to be like Goldman Sachs. More cooperation ... "

The meaning of the words is very clear. Harold still heard a little about Chen Yuanming's development in China. This young man's ambitions are extraordinary and ambitious, as long as he uses his investment perspective in his career-even if it is only 50%, or even 30%-is an excellent partner who can cooperate for a long time. .

Harold nodded happily, "Then let's focus on the present first and then discuss the future development slowly."

(End of this chapter)

The author has something to say: In fact, it is still frank to seek skin with tigers, but things always have to be dialectical ...

Damn America is still hard to write, I hope it ’s not too ugly qaq