Reinventing the Millennium

Bank of China's Hong Kong roadshow has attracted much attention. It announced the itinerary and invited institutions and media long before the senior team came to Hong Kong.

Most people are very interested in this road show.

However, on the afternoon of February 5, many institutions made it clear that they would not be present, and the institutional representatives, business executives, investors, and reporters who were present were somewhat in the mood to watch the excitement.

Whether or not to buy Bank of China's listing is another matter. Anyway, this is the scene today.

The conference hall was chosen long ago. It is a large space and can accommodate many guests. However, at two o'clock in the afternoon, when I looked around, almost half of the seats were empty, and it looked quite deserted.

A reporter was already filming the road show. The Xiangjiang investors in the audience couldn't help but smile a little when they saw someone from the road show team coming up to communicate with the reporter.

In today's situation, on the one hand, someone said hello, and on the other hand, I heard that a certain shareholder sitting on the stage had a very bad attitude towards Hong Kong investors, and even said that people from Hong Kong need to see his face when they come to Shanghai.

How can I bear this?

I thought it was a rumor at first, but then I saw the media uncovered the past collision between someone and the Li family, which forced the always good-tempered Li Chaoren to choke during the interview. In the past few days, he had become quite the same enemy.

At 2:20, the faces of the road show team were quite solemn.

President Li couldn't help but ask Mr. Fang: "Where is the person arranged by Goldman Sachs?"

"They are all sitting here." Fang Zhuo replied.

Director Li frowned, thinking that he was already seated but still so deserted.

He asked again: "Mr. Fang, where are the friends you invited? Are they sitting too?"

Fang Zhuo glanced at it: "It's not here yet. I said it's three o'clock. It should be almost here. I'm probably coming by Mazda. There's a traffic jam."

President Li didn't appreciate Mr. Fang's joke. He looked at the Xiangjiang reporter patting him and couldn't help but frown again.

Just as he was about to speak, he suddenly heard Mr. Fang's voice saying "Here comes one", and turned back to look at the sign-in desk.

Indeed one.

A well-dressed middle-aged man came to greet the owner after signing in.

"Mr. Li, Mr. Fang, I am Li Ruide, the deputy general manager of Li Ning Group. I happen to be on a business trip in Xiangjiang, and I came to hear about our economic development." Li Ruide, the vice president of Li Ning Group, shook hands enthusiastically.

Fang Zhuo exchanged pleasantries and then led the other party to take a seat. The Li-Ning brand was discussing cooperation with the Rockets. This was so connected.

Manager Li waited until Mr. Fang came back and said helplessly: "Mr. Fang, did you find a clothes seller?"

Fang Zhuo replied seriously: "Li Ning is also a listed company in Xiangjiang. Last year, ah no, it's already the year before last. It was listed here the year before last."

Manager Li sighed softly. He could guess what the Hong Kong media was going to write.

In fact, not only was he the main character in a complicated mood, but the keen investors in the audience recognized Li Ruide, who had also come to Xiangjiang Roadshow before, and said something similar - "This bank roadshow actually invites clothes sellers." ?Hahaha."

After a while, another friend who called from yesterday to this morning asked to sign in.

"Mr. Li, Mr. Fang, I am Sun Xiqiang, the vice chairman of Haier Holdings."

Sun Xiqiang of Haier Holdings shakes hands with President Li and Mr. Fang.

Fang Zhuo also led the vice chairman of Haier Holdings to take a seat. The relationship with Haier is more familiar, including cooperation during the "TV Eight Heroes" and e-commerce channel cooperation with Tesco.

Seeing that another person from the mainland had arrived, Yao Fei, the investment manager of Huilian Capital, jokingly laughed with her friends: "Just now a person came to sell clothes, and another one came to sell TVs and refrigerators. Will there be another person selling sofas later?" Right? Interesting, today is really interesting."

Soon, another guest disappointed her guess.

I'm not selling sofas, I'm selling cars.

A Geely vice president who flew in temporarily from Yangcheng met with Mr. Fang and was ushered to sit down.

Before Yao Fei could make a comment, executives from Penguin from IT and Luoxin Pharmaceutical from pharmaceuticals came together.

She watched the two people take their seats before saying, "These are all invited by Fang Zhuo, right? People from the Internet always sell his face. Who is that next to him? Is he also a senior executive of Penguin?"

The friend sitting on the right replied: "That's Liu Baoqi, the founder of Luoxin Pharmaceutical, a company from Shandong Province in the Mainland. If I remember correctly, he came here to go public in December last year."

Yao Fei nodded, with a smile on her face: "A pharmaceutical company."

However, as the time approached three o'clock in the afternoon, the arrival of more and more executives from mainland companies listed in Hong Kong made Yao Fei and investors with similar moods unable to sit still.

One shop selling clothes is okay, and the other selling TVs is okay, but more and more highly recognizable mainland business executives are being seated by Fang Zhuo one by one, as if... as if there is an invisible force that makes them sit down. The entire conference hall became solemn.

Penguin Holdings was listed in Hong Kong in June 2004.

Li Ning Group was listed in Hong Kong in June 2004.

ZTE was listed in Hong Kong in December 2004.

Geely Group was listed in Hong Kong in May 2005.

Bank of Communications was listed in Hong Kong in June 2005.

China Shenhua was listed in Hong Kong in June 2005.

One family, two families, three or four families, five families, six families, seven or eight families.

Nine, ten, and eleven companies can be seen flying into Hong Kong.

As Fang Zhuo shakes hands, greets, and invites people to their seats more and more frequently, the original weird, frivolous, and lively atmosphere in the conference hall has long disappeared, and investors like Yao Fei have unknowingly become upright. .

Yes, these companies are very iconic. They are all listed in Hong Kong from the mainland. Among them, there are those that sell clothes, shoes, cars, energy, and communication solutions...

Some look very ordinary, some seem to have a lot of background, some struggled for two years before they were successfully listed, and some first came to mainland A shares and then to Hong Kong H shares.

It is appropriate to say that it is uneven, but it is even more uneven. When the conference hall gradually filled up, everyone witnessed the rise of a mainland economic force, and no one could ignore this power.

The way it is presented with real corporate executives is particularly vivid and shocking.

President Li had a bright smile on his face. When it was about to officially start, he couldn't help but said to Mr. Fang: "Mr. Fang, the momentum is too big, too big. Didn't you just say that it's just a few friends? This is too exciting to mobilize a large number of people." ”

Fang Zhuo nodded: "Yeah, I just have a few friends, and the others I called and said, our bank is going to be listed, can you give me some face to play with? Then it is like this now, it's not me who has a lot of face, it's Bank of China It’s Mr. Li who has a lot of face.”

President Li knew that this was not the case, but he still couldn't help but laugh.

"Today's situation, leader, I will mention it temporarily when you give your speech later." Fang Zhuo reminded, "Banks are closely related to economic development, and they are also consistent with the development trend of enterprises. The fundamentals of Bank of China are the take-off of the mainland economy. This kind of interaction between take-off and business is the same for both mainland companies and Hong Kong companies here. Don’t just talk about mainland companies.”

President Li nodded solemnly. He also felt a vigorous force, and even his mood gradually became excited.

Fang Zhuo remained calm and continued: "I checked the figures of the Hong Kong stock market last year. Last year in 2005, a total of 37 mainland companies came to Hong Kong for listing, accounting for 55% of the total number of new listings of Hong Kong stocks throughout the year. The amount of funds raised by listing last year was the highest. Of the 10 companies, all are from the mainland."

"As of last year, there were a total of 335 mainland companies in the Hong Kong stock market, accounting for 30% of the Hong Kong stock market."

"The total market value of Hong Kong stocks was 8.26 trillion last year, and the total market value of mainland companies was close to 3.2 trillion, accounting for nearly 40%."

"This is as much a stock market phenomenon as it is an economic phenomenon."

Manager Li listened to the numbers spitted out one after another from Mr. Fang's mouth, and said in a hurry: "Wait a minute, wait a minute, I will write it down, and this sentence, stock market phenomenon, economic phenomenon."

Fang Zhuo concentrated hard and recounted the numbers again. These were more convincing when combined with the companies on site.

"Young people are really smart." Manager Li sighed and asked, "Mr. Fang, is there anything else worth saying? You can teach me some more."

Fang Zhuo was not humble at this time and taught earnestly: "President Li, if you don't treat the people below as human beings, you won't be nervous."

President Li finally sorted out the manuscript and nodded deeply.

At three o'clock in the afternoon, the road show officially started.

The Bank of China team members were introduced one by one, and Fang Zhuo sat next to President Li. He was introduced this time as a director of the Bank of China.

After the introduction of the members, President Li picked up the microphone and delivered a speech.

When people are on stage, they have an unobstructed view of people off stage.

President Li was very satisfied to see that everyone was serious, which was completely different from the scene in the afternoon.

I have long been familiar with the manuscript of the speech, and now I start with a eloquent conversation. I only occasionally lower my head to turn the page and glance at it, and it is basically unscripted.

Director Li was a little nervous at first, but he felt much better after he stopped treating the people below as human beings.

When he mentioned the temporarily added data, he noticed that the expressions in the audience, especially the investors in Xiangjiang, became a little complicated.

"This is as much a stock market phenomenon as it is an economic phenomenon."

"I believe that the Hong Kong stock market that set a record last year will have even more amazing growth. I also believe that there were Bank of Communications and China Construction Bank in the past, the current Bank of China, and the listing of banks such as ICBC and Agricultural Bank of China in the future will be a win-win situation."

"Thank you everyone, I hope you will support me a lot."

After the president's speech, the audience applauded warmly.

The reporter's camera recorded this scene.

President Li was very satisfied with the applause.

As soon as he put down the phone, he suddenly saw someone among the investors raising their hands.

Logically speaking, it is not yet time for questions and exchanges, but considering that the procedure does not need to be so rigid, President Li still motioned to Xiangjiang's investors to ask questions.

"I would like to ask Mr. Li, your bank has changed its partners three times. What is the reason?"

The question is not a friendly one.

But President Li had long expected that this was not his fault. It was Temasek's problem, the Royal Bank of Scotland's problem, and Merrill Lynch's problem.

He explained the situation in a clear and logical manner, making the questioner nod in conviction.

However, when such a question was asked, others raised their hands.

President Li looked at the guests who became enthusiastic and said with a smile: "It seems that our communication session will be moved forward."

The question was answered.

However, at the beginning, the questions were limited to Bank of China's shareholding reform and business development. Later, they gradually spread, and the topic of questions basically stopped talking about banks but the economy.

Manager Li had a vague feeling that the people below him didn't regard himself as a human being, so he tried to answer the questions calmly.

However, different people are good at different situations. He is good at turning the tide, but he is a little worse at adapting to the situation. Moreover, some questions are not suitable for him to answer.

As Mr. Li paused and thought longer, he showed no intention of stopping when asking questions.

"I heard that some economists in the Mainland believe that the GDP of cities such as Shanghai, Yangcheng and Pengcheng is expected to exceed that of Xiangjiang in the future. What do you think? How do you think the value of Xiangjiang is reflected? Do you think Xiangjiang faces the threat of industrial hollowing out?"

Yao Fei, an investment manager at Huilian Capital, asked a broader question.

President Li pondered how to answer better.

Fang Zhuo, who was sitting next to him, noticed that the leader was sweating on his forehead. He hesitated for two seconds, turned on the microphone, coughed, and took the initiative to ask the question: "This is another good question, but you keep asking the right questions." Question, I feel like I’m going hoarse when I hear President Li’s voice.”

Manager Li breathed a sigh of relief. Questions came one after another, making his nerves tense.

He quickly took a sip of tea and motioned to the others to wait and advance.

"The value of Xiangjiang." Fang Zhuo pondered, wanting to answer this question first.

He pondered like this for ten seconds without speaking, and stretched out his hand to draw a triangle in the air.

Manager Li was startled, wondering what Mr. Fang was up to.

He glanced down and found that although most of the people in the audience were as confused as him, there were actually some people who smiled knowingly.

What's this?

After Fang Zhuo finished drawing the triangle, he waited for a while, drew the same triangle again, and then clicked on the top corner.

President Li noticed that there seemed to be more smiling people in the audience.

This time, people who understood it spontaneously explained to the confused people next to them: "It's Mundell's triangle."

Many people present are investment experts, and they suddenly understood when they heard this.

Fang Zhuo said with a smile at this time: "This is very important. This is a core value of Xiangjiang. The free flow of capital is also the foundation of Xiangjiang's current prosperity."

Mundell's triangle theory, simply put, can only choose two of them: monetary policy independence, free capital flow and exchange rate stability.

This is a theory proposed by economist Mundell, known as the father of the euro, and refined by other economists in recent years in conjunction with the financial crisis.

Following Mr. Fang's words and his pause, applause broke out.

Next to him, Manager Li applauded. Although he was in this position, he didn't pay much attention to the emerging theories. Mr. Fang didn't teach him this just now...

Fang Zhuo waited until the applause stopped before continuing: "Well, I know this applause is not for me, but for Mondale and Krugman."

There was laughter at the scene, and the applause just now was partly due to the fact that he was not expecting this theory to come out of his mouth. After all, it was only in 1999 that American economist Paul Krugman drew a triangle to show the "Monday theory." The inner principle of "Er triangle".