My 1999

"No kidding, we all know there's no way Lehman Brothers will be acquired unless..."

Jiang Xiaoyang's eyes widened.

Xu Liang said with a smile: "Unless Lehman Brothers is hit hard in the upcoming subprime debt crisis."

Taking a deep breath, Jiang Xiaoyang couldn't help but said.

"How likely is it?"

"I don't know. But I estimate that I am at least 60 to 70 percent sure. Moreover, based on the information I have investigated.

The toxic assets held in Lehman Brothers' asset pool, including real estate-backed securities, collateralized debt obligations, composite CDOs, etc., totaled more than 200 billion U.S. dollars.

Even if it loses half of its losses, Lehman Brothers' existing assets cannot sustain it. "

"Don't be too optimistic. Lehman is one of the five major investment banks on Wall Street and the backbone of the U.S. financial empire. Once it collapses, it will have a huge impact on the U.S. financial industry.

The Fed cannot remain indifferent. "

"You mean bailing out the market?"

"Um."

"That's not necessarily the case."

Xu Liang smiled.

The five major investment banks on Wall Street, JP Morgan, Merrill Lynch, Goldman Sachs, Lehman Brothers and Bear Stearns, with the exception of Merrill Lynch, were basically hit hard by the crisis.

JP Morgan's losses were modest.

The remaining three families were extremely miserable.

But Merrill Lynch and Bear Stearns were bailed out by the U.S. government, but Lehman Brothers unexpectedly collapsed.

The collapse of Lehman also completely triggered the world's largest economic crisis since the Great Depression in 1929.

"Why do you say that? Do you know some secret information?"

Xu Liang shook his head, "That's not true. It's just a simple guess."

“If Lehman Brothers goes bankrupt, we have two options.

First, acquire all of Lehman Brothers’ assets and employees outside the United States, as well as the Lehman Brothers brand, and then integrate our securities assets into it.

Let Lehman Brothers become a securities brand under the ‘Hanhua Financial Holding Group’. "

"Second, Hanhua acquired the assets and employees of Lehman after its bankruptcy and gave up the Lehman brand."

Founded in 1850, with a history of more than 150 years and nearly 13,000 employees, Lehman Brothers is undoubtedly one of the most well-known investment banks in the world.

The reputation of this brand is top notch.

Jiang Xiaoyang thought for a while and shook his head.

“I think the second point is more suitable for us.

The reason is simple.

Finance is an industry based on confidence.

If customers lose confidence in the company, they will not become our customers.

Without customers, let alone Lehman, which was founded 150 years ago, even the world's number one financial group will collapse in two hundred or three hundred years.

If Lehman really goes bankrupt, unless we can take over their debts and repay Lehman's debts just like we did for Delong, the value of Lehman's goodwill will be zero.

In addition, Hanhua's goodwill is not as low as you think. "

Looking at the man in front of him, there was a hint of admiration in his eyes.

“Thanks to Hanhua’s high returns in the fields of venture capital, private equity and hedge funds over the years, which far exceed those of our peers, we have the best reputation in the world.

In order to invest in our venture capital, private equity and hedge funds, many companies choose to hand over the company's capital increase and share expansion, bond underwriting and other brokerage services to us.

This has also allowed Hanhua Securities to develop rapidly, and its comprehensive strength has become one of the top 10 domestic investment banks in Asia.

If the overseas assets of Lehman Brothers can be acquired and maintained stably, even if it loses its U.S. business, it will become a world-class investment bank. "

There was a pause.

Beautiful eyes looked at Xu Liang.

“Do we have to abandon Lehman’s U.S. operations?”

"It's not that we have to give up, it's that the Americans don't allow us to share their cake."

Finance is the backbone of a country and is related to national stability.

Americans know this better than any other country.

After all, he is an old robber and has rich experience.

Therefore, in this nominally free market, except for Americans themselves, no foreign capital can try to grow bigger.

"It is enough for Hanhua to be a boutique investment bank in the United States. Our roots are still in China."

Jiang Xiaoyang nodded.

"Any more?"

"You are more greedy than me.

Lehman's overseas business accounts for half of Lehman's overall revenue. Together with AIA, after Hanhua swallows these two major businesses, it is already very good to successfully complete the integration.

No matter how greedy you are, the only result will be indigestion. "

After giving him an angry look, Jiang Xiaoyang said nothing more.

“After the successful integration of Lehman Brothers’ overseas business and AIA, Hanhua Financial Holdings Group will be divided into five major subsidiaries.

First, Hanhua Financial, which is investment banking and securities.

Including bond underwriting, brokerage business, futures, wealth management, mergers and acquisitions and restructuring, etc.

Second, Hanhua Capital, venture capital, private equity and hedge funds.

Third, AIA.

Fourth, Standard Chartered Bank.

Fifth, Hanhua Trust, Hanhua Trust will merge with Hengyuan Trust, a subsidiary of Hongyan, to become the only trust institution under Xu's family. "

"Are you willing?" Jiang Xiaoyang smiled.

"There's nothing to be reluctant about. Some things are destined to be hidden." Xu Liang said nonchalantly.

The main business of Hengyuan Trust is actually the asset list of various "Xu branches".

This kind of thing can't be hidden from anyone who cares about it.

The merger of the two parties will not only complete the integration of resources, but also strengthen the strength.

"It's OK if you're willing to give it up. Anything else?"

"In addition, I plan to separate Qinglong Fund, Phoenix Fund and Pacific Fund and make them two funds directly under Hanhua Financial Holding Group."

"Why?"

"Because I don't plan to manage Hanhua Finance, Hanhua Capital, Hanhua Trust, Standard Chartered Bank and AIA through 'Hanhua Financial Holding Group'.

They are independent subsidiaries with independent legal person status."

"Flat management?" Jiang Xiaoyang said.

"That's right. Super large companies look dazzling, but in fact they are easy to cause big company diseases, rigid internal management, reduced competitiveness, etc.

I don't want Hanhua Group to become like this.

Although it may be unavoidable in the end, it can be delayed if it can be delayed."

Even if it is not a merger of the five major subsidiaries, but an independent branch, the business is also extremely large.

"Then what is the significance of establishing 'Hanhua Financial Holding Group'? It's not for the sake of sounding good, right?" Jiang Xiaoyang said.

"Of course not.

Hanhua Group headquarters is responsible for the financial supervision of the five subsidiaries, senior personnel management, business coordination among the five subsidiaries;

and strategic management of the five subsidiaries.

For example, if the investment in a single business exceeds US$1 billion and more than 7 billion Chinese yuan, it is necessary to obtain authorization from the head office.

Then there is the management of Qinglong Fund, Pacific Fund, and Phoenix Fund.

The management of Hanhua Group's own assets.

In short, what I want is a streamlined brain that can always stay awake and function well.

It is best not to exceed 200 people."

After years of development, Hanhua's assets are already very large. Equity assets alone include 57 companies such as Netflix, Ctrip, Mengniu, Wuliangye, Procter \u0026 Gamble China, Qinglv Holdings, Hynix, Anta, and Capital Today.

The largest shareholding reaches 30%.

For example, Capital Today, Qiandian Partnership, etc.

Then there are cash, treasury bonds, etc., exceeding 50 billion US dollars.

The error-free version is reading! 6=9+Shu_Bar first published this novel.

"Two hundred people?"

Xu Liang nodded affirmatively.

In fact, it is best to keep it below 100 people.

When there are no more than 100 people, the boss of the company can accurately convey the business to every employee, eliminating countless intermediate links and maximizing efficiency.

But once there are more than 100 people, management will inevitably have levels.

There is a layer between the top and bottom employees.

The devil of "office politics" will emerge.

Efficiency drops rapidly.

"Do you think it is possible?" Jiang Xiaoyang asked.

"It is indeed impossible now, but it may not be in the future."

"Artificial intelligence?"

As a pillow, Jiang Xiaoyang knows some of her man's thoughts very well.

"Yeah."

The emergence of AI can greatly save labor.

"Then you have to wait."

"There will always be such a day."

-

The next day.

Capital International Airport.

A team of more than 30 people, pushing suitcases, walked out of the airport passage, led by a middle-aged man in a suit and with meticulous hair.

Seeing this group of people appear, Xu Liang, who was sitting in a black Maybach, got out of the car and led Lei Jun and other entourage to greet them.

"Dr. Liang, thank you for your hard work along the way. Welcome to Beijing with all the technical experts."

Looking at Xu Liang who was walking towards him with a smile on his face and holding out his hand from a distance.

Liang Mengsong was surprised at first, then he threw down his suitcase and held out his hands.

"Mr. Xu, you are so polite to come and greet us in person."

Although he said so, Liang Mengsong was still very happy in his heart. A simple welcoming ceremony showed that the other party really valued him and his team.

At the end of last year, Lei Jun contacted Liang Mengsong through his old classmate at AMD in the United States, and later went to Taiwan to have a deep talk with Liang Mengsong.

The famous Golden Caesar is going to enter the semiconductor field!

And it is spending money at all costs.

Liang Mengsong was skeptical about this at first. The mainland semiconductor industry has been weak for a long time. Entering the semiconductor industry at this time is full of risks.

As for investment, he did not doubt it.

Boss Xu invested heavily in SMIC. In just one year, he spent nearly 20 billion US dollars to build four new factories for SMIC.

There is only one company in the world that has such courage.

But in addition to investing in SMIC, Boss Xu also invested heavily in BOE.

The investment amount is no less than that of SMIC, and even stronger.

This speed of burning money is really scary.

It also made Liang Mengsong hesitate.

Too many people in this world are full of courage at the beginning, spending money, buying people, and looking like they are going to do big things.

But halfway through, the funding gap is getting bigger and bigger, and there is no return.

Begin to become hesitant, anxious, and regretful.

In the end, it falls short.

There are too many examples, and Xu Liang may not be one of them.

So he rejected Lei Jun's first invitation.

But he didn't expect that he was still not discouraged, and kept in touch in the middle to introduce him to the development strategy of Kunlun Industrial Group and Xu Liang's ambitions.

Later, Lei Jun showed greater sincerity and raised the salaries of him and his team. He was offered an annual salary of 30 million Chinese yuan, which was three times his salary at TSMC. Others also received salary increases to varying degrees.

In addition, Kunlun Semiconductor also promised to bear the liquidated damages for the resignation of all members of his team and compensate all members of his team for their losses due to their resignation.

In addition to these, Lei Jun also showed Liang Mengsong the employee welfare community under construction in Beijing.

There are various types of apartments, such as villas, duplexes, and ordinary residences. Employees are all assigned to move in for free after joining the company. After working for a certain number of years, they can buy a house at a price lower than the market price, or they can directly receive real estate as a gift because of their outstanding achievements.

In response to the schooling problem for the children of foreign employees and those who have returned from overseas, Kunlun Industrial Group plans to build an international school to provide small-class, bilingual teaching from kindergarten to elementary school, junior high school, and high school.

SMIC has also invested in the construction of employee welfare houses and factory-run schools, but the specifications and standards of Kunlun Industrial Group are even worse.

Seeing these things, Liang Mengsong believed that Kunlun Semiconductor was serious.

After some thinking, Liang Mengsong agreed to join Kunlun Semiconductor, but a new problem came again. TSMC set up various obstacles and did not want to let him go.

"Mr. Xu, I want to apologize to you here.

I was supposed to come here last month, but... alas! "

Liang Mengsong wanted to explain, but as he spoke, he realized that any explanation was unnecessary, because all the troubles were solved by Kunlun Industrial Group.

Xu Liang knew what the other party wanted to say and smiled:

"Don't worry about it. TSMC is "reluctant to let you go", which further proves that Dr. Liang, the talent of your team, everyone is an elite."

The team of more than thirty people behind Liang Mengsong all stopped and looked at him with curiosity and even admiration.

When each of them submitted their resignation letters, TSMC took out the "golden handcuffs" clause:

It is agreed that 50% of the equity incentives will be handed over to TSMC's overseas companies for safekeeping. If he works for a competitor within two years after resigning, he will be deemed to have given up the unissued options.

In front of him, the world-famous Golden Caesar waved his hand.

Pay for them all!

Only then can they give up those options easily.

They also gave up the compensation in the non-competition clause. Mr. Xu in front of them promised to cover the whole situation and had already transferred part of the compensation to their bank account.

Some people have not yet reached the end of their working life, and the liquidated damages for early resignation are also borne by Mr. Xu in front of him.

They haven't calculated how much Mr. Xu paid for them to come to work in the mainland, but their guess is definitely not low.

Although Kunlun Semiconductor is a new company, they are still very willing to work in such a company and have a bright future!

Xu Liang and Liang Mengsong exchanged a few pleasantries, then walked behind the latter and shook hands with more than 30 technical talents who came to seek refuge.

So down-to-earth! Much better than their boss Fu Tukang, the richest man in the Bay.

This is the second impression of more than 30 technical staff on Xu Liang. The first impression is that he values ​​talents and is willing to spend money.