My Age of Investment

After attending the Rockefeller family banquet, Christina took her children back to Silicon Valley, while Xia Jingxing returned to New York alone.

After receiving an urgent call from Xia Jingxing, Blankfein and Mack dropped what they were doing and hurried to Building 40 on Wall Street.

The two of them had just sat down, and before they even had time to take a sip of the coffee, Xia Jingxing said straight to the point: "The main reason for informing you to come is for two things.

The first thing is that Facebook’s listing is about to start, and this requires your full support.

The second thing is to divide the Facebook shares I hold. "

Mack and Blankfein looked at each other and asked in unison: "Have you made up your mind?"

"Yes, I decided to follow your advice and not leave any hidden dangers to Facebook or cause any trouble to shareholders."

The suggestion to split the shares actually came from the two old men in front of me.

The two were well versed in the national conditions of the United States, and their suggestions were very targeted. They transferred the equity to Kristina, transferred it to Xia Zerui, and injected the equity into the Rockefeller Family Joint Office.

Once the plan is reached, Xia Jingxing will no longer directly hold shares in Facebook, but will hold shares indirectly.

Although there will be some losses in doing so, it will also ensure to the greatest extent Xia Jingxing's long-term opportunity to share the dividends of Facebook's development.

At the same time, it also strengthened Christina’s shareholding ratio and voice in Facebook to avoid losing power.

Xia Jingxing did not completely follow the two people's suggestions, but only adopted part of them. He had his own ideas, but these ideas were not common to outsiders.

“Do you need a loan from Goldman Sachs?”

Blankfein reacted quickly and discovered the business opportunity immediately.

Kristina simply did not have enough cash to take advantage of the equity transferred by Xia Jingxing, so she still had to resort to the old method she had used in the past, equity pledge loans.

Although Mack's reaction was a step slow, he still showed great concern for the matter and said solemnly: "Darren, you can bring it up at any time if necessary. Morgan Stanley will always support you and us." Kristina offers the best loan terms.”

Xia Jingxing smiled and said, "This equity transfer is worth more than 10 billion U.S. dollars. Naturally, your help is indispensable."

When Blankfein and Mack heard this, they felt relieved.

At this time, in the past, Xia Jingxing and Kristina paid the price of their seats as underwriters in order to successfully obtain loans. The lender, Goldman Sachs, was a strong party.

Now that Facebook is about to go public, it is definitely a very high-quality mortgage asset. There is no need to ask for help. The control of the loan is in the hands of Xia Jingxing and Kristina. They can provide the loan business to whomever they want.

For a large order worth 10 billion U.S. dollars, even if the two investment banks divide it evenly, the interest that each investment bank can charge each year is calculated in units of more than 100 million U.S. dollars. The interest spread can be tens of millions of U.S. dollars, which is equivalent to a large IPO business. profitability level.

And according to Xia Jingxing and Kristina's temperament, the loan term will definitely not be shorter. For example, the loan of US$1.025 billion five years ago has not been repaid yet, and the total principal and interest has almost reached US$1.2 billion.

This is a very high-quality loan business. Even if Blankfein and Mack are already big bosses and the ceiling of professional managers on Wall Street, they can easily take over the business with just a few words.

Xia Jingxing suddenly changed the topic, "However, Christina's previous loan needs to be paid off first, and then this second loan can be taken out."

Blankfein frowned, then relaxed quickly, "Darren, are you considering the pledge rate?"

"Yes, the previous loan of US$1.025 billion pledged two-thirds of Christina's equity.

Now that Facebook's valuation has changed significantly, everything should be recalculated. "

Blankfein agreed: "It's a small matter, just take care of it."

Xia Jingxing nodded lightly, this matter was basically settled.

After accepting the 10% equity transfer from him, Christina's shareholding ratio in Facebook will reach 22.58%, becoming Facebook's largest shareholder on paper.

At the same time, it will also be saddled with two equity pledged loans totaling approximately US$11.2 billion.

According to the valuation corresponding to 22.58% equity, it is more than 20 billion US dollars, which is more than enough to cover this loan exposure.

"The biopic of "The Social Network" tells the story of Facebook's entrepreneurship..."

Xia Jingxing exchanged his views on the "Social Network" movie with the two of them, and then revealed his marketing plan.

After listening, Blankfein was full of praise and said: "Dylan, this is a genius idea!

If the premiere of the movie is held a week before the IPO, maybe people after watching the movie will come to buy Facebook shares. This is very topical and will greatly help Facebook's perfect listing. "

Xia Jingxing smiled, "It's just a small trick. In the final analysis, excellent performance is still needed to provide long-term support for the stock price."

Mack said: "This plan sounds good, but it needs to be coordinated well. Is it confirmed when the movie will premiere?"

Xia Jingxing shook his head, "It has not been determined yet, but it has entered the final production. Once the time is determined, I will notify you as soon as possible."

Mack smiled and said: "Then you have to hurry up. After Facebook completes the last series of dazzling equity transfers, it needs to submit the prospectus, and then conduct road shows to determine the IPO pricing and official IPO time.

Facebook’s project is so huge that it may set a new IPO record for global Internet technology stocks.

I am very excited to be able to participate in such a super project, but at the same time I am also very stressed, because escorting it to the market is not an easy task.

It is conceivable that once the pricing of its IPO with a valuation of US$100 billion is announced, there will be a storm. "

Xia Jingxing smiled slightly, "Facebook is the Internet company with the most users in the world, and it has real profits. These two points are enough."

Blankfein smiled and said: "Yes, I am very much looking forward to what kind of answer Facebook will hand over."

Having said this, the old man picked up the coffee and saluted Xia Jingxing, "Congratulations to Darren, you have created another brilliant victory!"

Xia Jingxing also picked up the coffee, responded to Blankfein and Mack, and corrected: "It should be said that this is a brilliant victory for all shareholders."

Both Blankfein and Mack laughed. With Facebook's glorious listing, Goldman Sachs and Morgan Stanley can also make a lot of money.

Two investment banks each invested US$500 million in Facebook four years ago, when Facebook was valued at US$25 billion.

This investment has encountered considerable resistance within the two major investment banks. Many partners feel that it is too risky. Facebook’s valuation is too high, even higher than the market value of many listed companies. Even if it grows in the future, there will be limited room for growth. , it is not worth using the two major investment banks’ own funds to invest in such inferior projects.

Goldman Sachs and Morgan Stanley both have internal funds launched for partners, and their investment targets are all selected from the best.

Projects that are inferior will all be left to externally raised funds for investment.

High-quality projects selected from a pool of projects, open only to internal funds.

The LPs of internal funds are hundreds of partners from the two major investment banks.

You invest one million U.S. dollars and I invest two million U.S. dollars, a small fund raised in this way.

Although the fund is small, it invests in good projects, so the rate of return is very impressive.

This can be regarded as a benefit launched by the two major investment banks for partners.

The two CEOs also subscribe to internal funds and thus indirectly hold a small amount of equity in Facebook.

The investment in Facebook was promoted by the two people despite considerable internal pressure.

Now that Facebook's prospects are becoming clearer, the two of them can breathe a sigh of relief.

"Oh, Darren, we have also established a special investment fund with a scale of up to 1.5 billion U.S. dollars. The LPs are all high-net-worth customers who have opened accounts at Goldman Sachs and have assets of more than 10 million U.S. dollars. Do you think you have to fulfill this requirement? The original agreement?”

Xia Jingxing looked at Blankfein with a smile on his face and couldn't help but cursed in his heart. He was so greedy.

He did have an agreement with Blankfein to open a certain amount of Facebook equity subscriptions to Goldman Sachs.

Goldman Sachs holds these Facebook equity lines that ordinary people cannot buy, and can use them to sell some Goldman Sachs junk bonds or other junk products that are not easy to sell, truly maximizing profits.

Mai Jinheng also looked at Xia Jingxing with a smile, naturally he had the same idea.

“It’s too late, Facebook is about to submit its IPO prospectus, there is not so much time and space.

Well, let's tilt a portion of the IPO allocation quota to Goldman Sachs and Morgan Stanley.

I think this should be able to handle business, right?

Ordinary high-net-worth clients cannot subscribe to Facebook shares during the road show. "

Blankfein was still a little dissatisfied, but considering the good cooperative relationship with Xia Jingxing in the past, he nodded and accepted the loss.

Mak Jinheng also nodded, not wanting to offend Xia Jingxing, a major client, over such a trivial matter. Vision Capital contributes hundreds of millions of dollars in profits to Morgan Stanley every year, so he cannot offend easily.

Xia Jingxing saw that neither of them had any intention of getting into too much trouble, so he changed the subject and said, "I have now got the exact news that someone is going to attack Facebook's IPO. You two are both seniors and big shots on Wall Street who would be shocked even if they stomped their feet." , can you give me some guidance? Or tactical guidance?"

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