My 1999

The Zhejiang Evening News even ignited the flames of opposition to the takeover with the headline "Beware of the Emerging Monopoly Capitalism."

Immediately afterwards, the headline "Xu's Corporate Empire - The Birth of China's First Monopoly Group" appeared on the TOM website.

Duan Yongji, Xu Liang's old rival, also jumped out uneasily and accepted interviews from more than a dozen media.

Publicly opposed Xu Liang's acquisition of Delong.

But just when Xu Liang was preparing to launch a public opinion offensive to safeguard his own interests.

Li Xueqin, chairman of Asia Star Bus, who once went on a hunger strike to collect debts, accepted interviews from Qianjiang Evening News, Modu Daily and other media.

Soon a hot article titled "Duan Yongji, a Dog Who Treats a Rat and Meddles in His Own Business" was released.

Sina reprinted it immediately, and Bing News also put it at the top of the news page.

The huge traffic of the two major websites immediately spread the news across the country.

The news about Li Xueqin seemed to turn on a button, and hundreds of reports defending Xu Liang appeared all over the country.

For a time, the two factions became a pot of porridge.

——

Putting down the equity transfer contract in front of him, Jiang Xiaoyang couldn't help but sigh.

"Delong, the largest industrial group in China, never thought that it would be acquired one day."

"Feng Shui is turning, and it will come to my house next year. No matter how big the enterprise group is, no matter how brilliant the company is, one day it will be acquired or go bankrupt.

This is why I set up a family office, a trust and a charitable foundation at the same time. "

"It's better that you take a long-term view." Jiang Xiaoyang smiled.

Xu Liang smiled and said: "We are the founding generation, so naturally we have to consider the issue of family inheritance.

However, Delong's acquisition will not be completed in a short while, I'm afraid we still have to wait. "

Jiang Xiaoyang frowned and said: "With Delong's current debt, is there anyone who can compete with us?"

“Not just that but a lot.”

He took out a document and handed it over.

Jiang Xiaoyang came to take a look and was shocked.

It clearly states JP Morgan, AIG, Zhongcai State-owned Enterprise Investment Company, Yinji Asset Management Company, Jia'an Asset Management Company, Wanxiang Group, Fosun Group, Huaxia Metallurgical Group, Founder Group, Seiko Group, and Modu Industrial Economic Guarantee Co., Ltd. Company, China Resources Group, etc.

Those on the list are all top industry giants at home and abroad, state-owned enterprises and private enterprises.

"These institutions all want to acquire Delong?"

Xu Liang nodded and said: "Delong's overall debt is too big, so they don't want to acquire it as a whole, but plan to acquire the fattest pieces of Delong Group.

For example, Tunhe Group and Xiang Torch.

Therefore, they will try their best to prevent our overall acquisition and make Delong bankrupt as much as possible.

After bankruptcy, the Delong Group will be transferred to a state-owned asset management company. At that time, whether Delong's assets are round or flat, you can decide at will. "

Jiang Xiaoyang put down the document.

"What are you going to do?"

"Of course the soldiers will come to cover up the water and earth." Xu Liang said with a smile.

Dong Dong…….

There was a knock on the door.

"Come in."

"Mr. Xu, Zhao Guodong, CEO of Yinji Asset Management Company, and Sha Zhenggang, CEO of Jia'an Asset Management Company, called at the same time hoping to visit you." Lu Hui came in and said.

"Look, Cao Cao will be here soon."

"How about I meet them? I know both the CEOs of Yinji and Jia'an." Jiang Xiaoyang said.

She has just given birth and is full of energy now.

"No, you are busy with the company's affairs. I will take care of these two people." He turned around and said, "Arrange their meeting until tomorrow afternoon."

"OK."

"Have the arrangements been made at Standard Chartered?"

"Mr. Humphrey has checked into the Peninsula Hotel, and the meeting is scheduled for 9:30 tomorrow morning at the Hanhua Center office."

Xu Liang nodded and waved. Lu Hui nodded to Jiang Xiaoyang, then turned and left.

Jiang Xiaoyang turned the topic to Delong's acquisition again.

"This time we chose to acquire Delong through debt, and the losses were too great."

Jiang Xiaoyang couldn't help but said.

“If we don’t do this, do you think the higher-ups will support our acquisition of Delong?

Not to mention foreign companies, but those state-owned companies will kick us out.

No matter how powerful Hanhua is, he is still just his godson.

Besides, isn't it just a debt of more than 4 billion US dollars? We can still afford it. "

This is the truth, and Jiang Xiaoyang understands it, but she still can't bear the thought of adding another four billion US dollars in debt.

This is four billion, which can completely recreate a leading company in the industry such as Kelong Supermarket or Huaxia Liquor Industry.

"How are you going to deal with Delong's debt?"

“It’s simple, consolidate the financial statements and then divest them all.

Turn the debts of Delong Group into the debts of Hanhua and Hongyan.

In this way, we can use the taxes that should have been paid to repay Delong's debt. "Xu Liang affirmed.

To give a simple example, Hanhua earns US$100 million from the US stock market every year, but it needs to repay US$20 million in debt this year.

After subtracting $20 million from $100 million, the tax base is only $80 million.

The short-term capital gains tax rate on the U.S. stock market is 35%.

Hanhua paid taxes of US$28 million, leaving a gross profit margin of US$52 million.

If the debt is not repaid, the tax base is US$100 million.

Then the tax rate of 35% is $35 million.

Gross profit remains at $65 million.

With debt repayments, gross profit was $13 million lower.

But it paid off $20 million in debt.

There is a difference of $7 million.

This $7 million is the money saved through financial operations.

In fact, the money Hanhua makes from the U.S. stock market not only has to pay short-term capital gains tax, but some may also involve state taxes.

So it can only be more than 35%, not less.

Calculating this way, you will only earn more through financial operations.

According to the Delong financial sector, the total debt is 37 billion Chinese yuan and 4.48 billion US dollars.

As well as a total tax payment of 35% on short-term capital gains tax, it can save US$1.568 billion in expenditures.

In other words, on the basis of ensuring sufficient revenue, the real debt that Hanhua needs to repay is US$2.912 billion, which is approximately 24.05 billion Huaxia coins.

"2.9 billion US dollars is not a small amount." Jiang Xiaoyang was still a little distressed.

"Haha, you money junkie. Don't forget, the purpose of our acquisition of Delong Financial Assets is to supplement Hanhua's business sector, not to buy a few empty shells.

We took over Delong's debt and still abide by the previous contract. Of course, we will win the trust of institutional and individual customers. There is a high probability that they will be Hanhua's customers in the future.

In the short term, we suffered a loss, but in the long term we gained valuable credibility.

Ten or twenty years from now, today’s losses will be doubled.

Moreover, although Delong's financial assets are currently insolvent from a book perspective, A-shares have gradually improved since 2005.

After we complete the acquisition, we will adjust Delong's asset structure.

Maybe we can not only wipe out the debt of 37 billion Chinese dollars, but also make a little profit. "

Xu Liang knew very well that in the next three years, until the subprime mortgage crisis, it would enter the largest bull market since the opening of the Chinese stock market.

At its peak, the Shanghai Composite Index exceeded 6,000 points.

In this bull market, you can make money by investing casually.

So he is not distracted at all from the 37 billion Chinese currency debt.

Thinking of Xu Liang's ever-victorious investment ability, Jiang Xiaoyang nodded in agreement.

"Is the integration of Delong's financial assets still in accordance with the original plan?"

Xu Liang pondered for a moment and nodded.

Delong Group's financial assets have two very special institutions.

One is China Orient Asset Management Co., Ltd.

Second, Youlian Strategic Management Research Center Co., Ltd.

China Enterprise Dongfang is known as China's largest securities and industry research center and is Delong's core enterprise engaged in industrial research and financial services.

Its core competitiveness is to export the corporate growth model of ‘M\u0026A + Industrial Integration + Capital Market’ that Delong is best at.

Delong has always appeared as a strategic investor, raising funds through shelling and listing, and then integrating traditional industries.

Delong has always wanted to extend this strategy and build Delong into a comprehensive financial holding group like CITIC Group.

China Eastern is the flagship of this financial fleet that has not yet surfaced.

At its peak, China Enterprise Dongfang had more than 500 professional industry researchers, many more than the number of people in Hanhua Global Investment Research Department.

Later, as Delong's business fell into trouble, many people resigned from China Enterprise Dongfang, but the airs remained.

After absorption and integration, it can greatly enrich the research capabilities of Hanhua Global Investment Research Department, especially the Huaxia Department.

The industry research reports accumulated by China Enterprise Oriental over the years will also greatly enrich the database of 'Snowball.com', which will not only increase Snowball.com's revenue, but also enable it to truly become an influential third party in the investment banking field. A big website.

If ‘China Eastern’ is the flagship and helmsman of Delong’s financial fleet, then the ‘Youlian Strategy’ is the financial flagship itself.

In 2003, Delong established Youlian Strategy in order to integrate its financial businesses.

It has a team of industry research experts of more than 100 people, a team of account managers of more than 500 people, and more than 2,000 institutional customers across the country.

The Youlian strategy itself is composed of a number of financial institutions and well-known research institutions including commercial banks, securities, trusts, financial leasing, and insurance, and is a strategic alliance based on mixed financial operations.

Under this alliance are dozens of financial institutions including Jinxin Trust, Jinling International Trust, Xiyu Financial Leasing, New Century Leasing, Nanchang Commercial Bank, ZZ City Commercial Bank, Deheng Securities, Huaan Property \u0026 Casualty Insurance Co., Ltd., Oriental Life Insurance Co., Ltd.

The scale is extremely large.

Hanhua's integration strategy is simple.

Assimilate the structure of Youlian into Hanhua.

Four subsidiaries were established: Hanhua Securities, Hanhua Trust, Hanhua Financial Leasing, and Hanhua Insurance.

These four subsidiaries will be used to integrate the major financial institutions under Youlian Strategy.

It can also be seen at the same time.

In this integration strategy, banks are not involved.

Xu Liang knows very well that the current controls on Huaxia Banking Industry are too strict.

Delong's behavior of using gray means to control banks was fine when he was young, but once he got older, all kinds of monsters and monsters appeared.