Reinventing the Millennium

The days of waiting in Shanghai for Bingxin directors were painful.

But Yasen, who fell into the sea once, no longer had the leisure time to relax. Firstly, there were changes in Deutsche Bank, and secondly...he did not see the other two ice cores when he was splashing in the sea and when he visited his colleagues who were fishing together afterwards. Director’s cry for help.

Yasen didn't know why he cared about this, he just felt that Bingxin was ruthless, and Bingxin's directors were also ruthless.

Halfway through, he requested a meeting with the President's Office of Yike, but was rejected on the phone. Mr. Fang's secretary was very direct.

"We are not in a hurry to wait for money to develop. Why are you anxious?"

Yasen could only sigh that everything here is the same.

On October 24, things changed.

Fang Zhuo directly spoke to the German side and verbally promised Bingxin’s follow-up investment in the German factory. He then received a call from Deutsche Bank, agreeing in principle to conduct the final round of financing for Bingxin before its listing. The specific affairs were still left to the Chelsea discuss.

Deutsche Bank turned around, and Fang Zhuo then received a call from Lord, the current CEO of Goldman Sachs. The content of this call was not so much about financing, but more about their relationship.

Goldman Sachs has many businesses in China, one of the important ones is the listing business.

This is what Fang Zhuo is targeting.

He is quite clear about some of Goldman Sachs’ principles. At certain times, Goldman Sachs is not trying to earn listing commissions, nor is it trying its best to help raise the issue price to get a percentage. Instead, it is trying to make the issue price as low as possible to distribute customers. Get a rebate discount on the first day’s investment income.

The listing commission is only tens of millions of US dollars, and the profit from the first-day stock price increase due to the low issuance price is far greater than the former. The rebates of 30% or 50% are huge profit drivers, and are measured in units of 100 million.

Fang Zhuo heard some gossip from the gasoline man. Some distribution customers complained about Goldman Sachs' high rebates. After counting the transactions in certain months, most of them were given to Goldman Sachs, but they could only endure it silently, fearing that they would lose their distribution seats. .

Of course, it's not just Goldman Sachs who does this. This is a trick for investment banks to grab profits.

Goldman Sachs does not do this to every listed client, but the ups and downs of Yike Group in China still make Goldman Sachs hate it.

Since I hate it deeply, then...

However, the Yike Department also has obvious connections in the United States, which really makes it hard to say.

Then...just pay.

If this continues, the potential losses in this business will exceed Bingxin's expectation of cutting off the business. It is better to end it as soon as possible. Besides, this is not cutting meat for others, this is cutting meat for someone who has been the richest man in the world!

Fang Zhuo’s call with Goldman Sachs CEO Lord only ended with a couple of words about ice core.

Lauder sincerely wishes that the ice core will achieve greater success and be launched as soon as possible.

Fang Zhuo thanked Lord for his sincerity and temporarily forgave Goldman Sachs from his heart.

In this way, DCM is the only organization left.

Fang Zhuo didn't have a good communication channel with DCM for a while, so he thought about it and left it to professionals. Deutsche Bank and Goldman Sachs were very professional.

On October 25, Hang Lung 23 held its board of directors meeting again.

This time, Fang Zhuo did not show up, replaced by Tao Xinglei, Yike’s investment director.

There are five people in a conference room, four of whom are in a group.

Tao Xinglei felt that what he received was really a human-machine game, and he didn't know how to lose even if he lost.

On behalf of his boss and Bingxin, he once again used data from well-known institutions such as IDC as a reference to make industry forecasts for the current boom in consumer electronics.

In the next five years, the entire semiconductor industry will have a compound annual growth rate of at least more than 4%.

Bingxin is confident that its revenue will double or even exceed in the next five years.

Of course, confidence is confidence. Faced with DCM Denton's "performance bet", Tao Xinglei flatly refused.

"Mr. Denton, it's not that I don't have confidence, it's that I can't make the decision." Tao Xinglei was embarrassed.

"Then what can you do?" Denton asked.

"I can only be the one who accepts your financing." Tao Xinglei said sincerely, "Even if a different general manager comes over, he will not bet against me. His attitude will only be more determined than mine."

Denton was angry.

Yassen from Goldman Sachs became even more angry: "You are just talking nonsense. How can Ice Core's revenue double in the next five years? You estimate it will exceed US$3 billion this year! In the next four to five years, you can achieve 6 billion." , 7 billion? Doesn’t this mean it can support a market value of more than 20 billion US dollars? Nonsense! Nonsense!”

Deutsche Bank's Chelsea refused to let Yassen specialize in the United States and said angrily: "The semiconductor industry has just recovered. Where can we get a compound annual growth rate of 4%?"

This is a prediction of the global semiconductor market trend. Based on this year's global perspective, when October is about to end, the full year is expected to exceed 300 billion US dollars.

Calculated based on a compound growth rate of 4%, it will be US$351 billion in the fifth year, which is quite a lot.

Tao Xinglei said seriously: "Mr. Chels, Mr. Yasen, these are all estimates based on existing data. I am not just talking casually. Any data I say is serious. Also, ice cores The revenue growth is still calculated in a conservative manner."

He took out the document and sent it to Chelsea and Yassen who had questions.

Yassen and Chelsea took Denton from DCM to study the internal predictions and estimates of ice cores based on IDC professional data.

Don't say it, don't say it, hey, the ice core data looks pretty rigorous.

If you say so, let alone a valuation of 18 billion, it is possible to achieve it with two to three billion US dollars.

Intermission of the meeting.

Yassen of Goldman Sachs did not draw an immediate conclusion. Instead, he summoned professionals from three institutions to analyze the data model and user and revenue growth, just to let Denton of DCM see whether the data was true.

The intermission is relatively long.

Because IDC has been acquired, Goldman Sachs used its own data to prove it.

Facts have proved that the world's fourth largest wafer foundry company is a responsible, responsible and promising company. It is not just talking nonsense, it is really accomplished in industry data.

Yasen was angry when he should be angry and praised when he should be praised.

"What the hell, this dumping of data at least makes me convinced." Yasen looked at Denton and sighed.

Denton thought thoughtfully, saying that Goldman Sachs and Deutsche Bank are indeed more professional than DCM in this area, and they have more information and data sources.

He thought about it carefully and reminded: "This valuation is still too high. You must know that the Chinese nature of Ice Core is a big hidden risk. The impact of this risk on its business and market value must be faced squarely."

"This is indeed the case, but there is a saying in China that it is better to choose the lesser of two evils." Deutsche Bank's Chelsea frowned deeply, "If Ice Core's future revenue can continue to grow smoothly, the demand for external funds will increase. It is getting lower and lower, and if Fang Zhuozhen doesn't let it go public, then there is a risk that our shares will shrink further."

He thought again and said: "Denton, tell me, can this ice core camp become bigger?"

Chelsea asked Denton a straightforward question.

There is a very simple answer to this question.

The global industry is recovering, backed by the Eastern market, Yike is actively driving it, and the R\u0026D team is stable. Under such circumstances, can the ice core revenue be expanded?

"Bingxin's revenue will definitely grow." Denton smiled. "Now it's a matter of high valuation and financing amount."

Chelsea and Yassen looked at each other. There were indeed problems, one by one.

After a break to verify the data, the Ice Core directors gathered together again.

"Three of you, Bingxin is willing to sincerely promote everyone's cooperation." Tao Xinglei's attitude is not as tough as the boss's, "I believe you have carefully compared the data. The prospect of Bingxin is definitely worth looking forward to."

There was some silence in the conference room.

Xiong Xiaoge, the head of IDG, said: "Of course I believe in Bingxin. No matter what they do, there is no problem for IDG to subscribe for US$100 million."

Yasen from Goldman Sachs couldn't help but sneer: "All the pledges have been made, you are worthy of Mr. Xiong!"

Xiong Xiaoge retorted: "What? Can't you hear the truth? You leave and don't leave, sign and don't sign, aren't you just unwilling to subscribe? This is reality, you still can't recognize it?"

Although Yasen had some tacit understanding now, he was still irritated by Xiong Xiaoge's tone. He stood up and scolded: "Put it aside if you can't pay or not. What do you mean by that? What do you mean by your surname Xiong? Your special mother's dog. dog……"

DCM Denton, who is still better at Chinese, added: "A dog fights against human power!"

Xiong Xiaoge smiled scornfully: "Why did Goldman Sachs send a stammer? No wonder he had to do it."

Yassen grabbed the ashtray at hand and smashed it.

Xiong Xiaoge was experienced and alert, and successfully evaded.

When DCM's Denton saw that the situation had reached this point, the anger that had long been accumulated in his heart burst into flames. He got up and ran after Xiong Xiaoge.

Yassen didn't expect Denton to be so interesting. He was stunned for a moment and looked at Chelsea again, then slowly went over to help.

There are real beatings and fake tearings.

Tao Xinglei was a little at a loss. He never expected that the conflict between these people had reached this point. Is Mr. Xiong so hated?

He hesitated for a moment, first called people outside to stop the teams from the three agencies, and then asked people to come in to start a fight.

By the time everyone had to calm down, the conference room was already in a mess.

Fortunately, there are many conference rooms in Hang Lung 23. After the intermission, the four people who sat back became their original elite appearance.

"If you want to pay, then pay. If you don't want to, get out as soon as possible. We will see who will regret it in the end!" Xiong Xiaoge became even tougher after being beaten.

"You didn't suffer enough just now." Yassen of Goldman Sachs mocked.

Xiong Xiaoge squinted at the vice president: "That's better than you stammering and jumping into the sea."

Yasen resisted the urge to start another commotion and only sneered without speaking.

"Ahem." Tao Xinglei expressed his presence, "Well, I just called Mr. Fang."

The four people's attention returned.

"He has confidence in the ice core and believes that the valuation is fine. This is an unchangeable bottom line." Tao Xinglei said seriously.

All four of them frowned, and Denton from DCM frowned even deeper.

"However, considering that everyone has been in China for half a month, and considering the different situations of each company, IDG can appropriately increase the financing amount." Tao Xinglei relayed the boss's words, "IDG can subscribe for US$200 million."

Xiong Xiaoge stood up in confusion: "I'll call Mr. Fang!"

Tao Xinglei nodded silently.

Xiong Xiaoge went out to other offices to smoke.

Tao Xinglei looked at the trio of agencies again and continued: "If we still can't reach an agreement, then we don't need to waste any more time and just wait for the further planning of the ice core."

DCM’s Denton asked: “What do you mean?”

"The meaning is very clear." Even though Tao Xinglei said this, he further explained the meaning, "If you are still unwilling under such concessions, then don't come to Hang Lung after tomorrow. The security will not let you in. , you can wait wherever you want."

The agency trio looked at each other.

Chelsea stood up and said: "I want to make a call to Frankfurt."

Yassen also stood up and said, "I'll also give Lauder a call."

They both left the conference room.

Tao Xinglei asked curiously: "Mr. Denton, don't you need to communicate with the United States?"

Denton frowned and shook his head. He was solely responsible for this matter.

From the time I arrived in Luzhou on October 8th, it was now the 25th. In 17 days, I only met Mr. Fang briefly twice. What was visible to the naked eye was his tough attitude.

Now... Bingxin has provided more detailed data and taken a step back from IDG. Goldman Sachs and Deutsche Bank seem to be somewhat relaxed.

Denton got up anyway. He wanted to discuss it with his team and reunite his thoughts with Goldman Sachs and Deutsche Bank.

You can't really let the shares in your hands shrink like this, right?

This time I didn't return to the conference table until the evening.

The trio of institutions unified their thinking and put forward the conditions for reaching cooperation: "The US$1.5 billion must be equally divided among the four companies. It is impossible for IDG to subscribe for only US$200 million."

If divided equally among the four companies, that would be US$375 million for each company. If IDG subscribes for 200 million, it would be US$433 million for each of the three companies.

Xiong Xiaoge was naturally unwilling and expressed her firm attitude by leaving the table angrily.

The agency trio, however, were equally determined.

DCM's Denton elaborated on the latest stance: "Mr. Tao, please tell Mr. Fang that this is also our final bottom line, which is US$375 million per family. If it doesn't work, then we will each book a flight back to China."

This is a warning from the agency trio.

Tao Xinglei sighed deeply: "Okay, I will convey it to Mr. Fang. From my personal point of view, I will also communicate with Mr. Xiong."

Denton shook hands with Tao Xinglei and felt that Director Tao was much friendlier.

A night of complex communication between multiple parties.

On the morning of October 26, the fourth meeting regarding the final round of financing of Bingxin was held, and the leader Fang Zhuo attended.

Still simple.

"Every cooperation is not easy, but every cooperation can make everyone make progress together."

"The four companies each received $375 million, totaling $1.5 billion. This is a result that everyone can accept."

"Ice Core will seek listing opportunities at an appropriate time in the next three years."

"I am very pleased with the professionalism you have shown these days. Please forgive me if I have offended you in any way. After all, everyone is here for the company."

Fang Zhuo finalized the intention for Bingxin’s final round of financing.

Xiong Xiaoge hardly spoke during the whole process.

The institutional trio each expressed something similar about the seven-year partnership, hoping to see better ice cores and hoping to see ice cores from listed companies.

Fang Zhuo completed the short process and this time shook hands with each director one by one before leaving.

When Xiong Xiaoge shook hands, he couldn't help but sigh: "There is really nothing new under the sun."

Fang Zhuo smiled slightly: "Why is it that you are always there under the sun?"

Xiong Xiaoge shook his head and watched the ice core leader leave.

This also declares the official end of Bingxin’s last round of financing.