My 1999

Does Xu Lianghao have face?

It should be, after all, a person has a face and a tree has a skin.

But it depends on the situation.

When faced with major interests, his face is very flexible and can be kept or thrown away.

The main focus is profit-seeking.

Seeing that the previous method did not work, Dies-Arnold quickly changed his tactics.

"Mr. Xu, I would like to ask you, are you coming to Pengcheng this time for the XCMG acquisition project?"

"no."

Dies Arnold: "..."

Why don't you play by the rules?

Xu Liang said with a smile: "The weather has warmed up and I came out to relax, and I happened to go shopping in Pengcheng."

See if I believe your lies.

"Mr. Xu, I think everyone should be more honest."

Xu Liang put down the teacup in his hand and narrowed his eyes slightly.

"Do I look dishonest?"

The overwhelming aura that came towards him made Dies-Arnold's heart sink. The feeling of being stared at by a beast simply suffocated him.

After more than a dozen times of turmoil in the financial and international markets, Xu Liang's aura is terrifyingly powerful.

Especially when paired with his tall and muscular body, it grew exponentially.

Gudu.

Swallowed.

Dies-Arnold quickly explained: "Mr. Xu misunderstood, and I didn't question your intention. It's just that we at Carlyle have been talking about the XCMG acquisition case for half a year. Now that your company has intervened without any reason, if it spreads, it may affect Mr. Xu's reputation." ”

"Half a year? As far as I know, your merger and acquisition negotiations with XCMG have just begun, right?

And who says that only you can own a deal and others can’t join in?

Is there such a truth in the world? "

Taking a deep breath, Dies-Arnold said.

"Mr. Xu is determined to participate in XCMG's acquisition?"

"Originally, I just took a look, but Carlyle is so optimistic about XCMG, and I'm really curious. I have always admired Carlyle's investment vision."

Turn your head.

"Lao Peng, tomorrow we will officially send a tender offer document to XCMG in the name of the group."

"yes."

At this point, there is nothing more to talk about.

Dies-Arnold stood up.

"Mr. Xu, I have said all that needs to be said. Since you disregard business ethics and insist on blocking Carlyle's acquisition, we will use all means to defeat you.

goodbye. "

After watching him leave, Xu Liang turned his head.

"Any ideas?"

Peng Zhiyu thought for a while.

"I'm afraid Carlyle won't give up easily."

"With the greed of the Americans, of course they will not give up easily, but this time they will definitely lose."

…

After returning to his room, Dies-Arnold looked at the time, estimated the time difference between China and the United States, and waited for another hour before making the call.

"BOSS, it's me, Dies Arnold."

"Dear Dies, do you have any good news for me?"

"I'm sorry BOSS, this is bad news."

Carlyle CEO David Rubinstein, who had just arrived at the company, was stunned for a moment.

"Dies, the sunshine in New York is great today. I was rarely in a good mood, but you ruined it."

"Sorry, BOSS. The opponent this time is too powerful. Without the support of the company, I'm afraid it will be difficult to get XCMG's acquisition."

"What happened?"

"Golden Caesar arrived in Pengcheng, and his Torch Heavy Industries joined the merger and acquisition of XCMG."

"Golden Caesar?"

"Yes."

David Rubinstein looked serious.

After stepping on the corpse of old Soros, no one in the world dares to underestimate the ability and capital of the Chinese man.

Even the Carlyle Group.

In terms of capital and connections, they are not as deep as Hanhua.

Most of the blue-blood aristocrats on the East Coast are clients of Hanhua's Pacific Fund and Qinglong Fund. This energy is too huge.

Especially China is his home court.

"Dies, you have been following XCMG's projects. Now tell me honestly, what are your chances of winning?"

"If it weren't for Golden Caesar's intervention, I would have at least half a chance of winning."

Rubinstein frowned.

The half chance of winning is not low, but it is still not safe enough.

Think for a moment.

"I know about this. You continue to follow up on the project, and I will contact Jin Kaiser."

The XCMG project is expected to invest around US$400 million, which is considered a large project by Carlyle.

It is impossible to simply give up.

"OK."

After hanging up the phone, Rubinstein found a document from the drawer, flipped through it, looked at the time, and dialed Xu Liang.

…

Pengcheng Kaiyuan Guest House.

"Mr. Xu, Carlyle Group CEO David Rubinstein would like to have a phone call with you." Li Jinling said.

He reached out and took the phone.

"Hello, David, it should be morning in New York now."

David Rubinstein had attended Hanhua's financing reception, and the two had met. Although they didn't have a deep friendship, they were not strangers either.

"Dear Xu, the sunshine in New York is very nice today.

It's a pity that you are not here, otherwise we could drink Romanee-Conti and enjoy the warm sunshine together. "

"Haha, there will be opportunities in the future."

"Of course." Rubinstein changed the subject, "Dear Xu, my people told me that you are very interested in XCMG?"

"XCMG is an excellent heavy machinery company. I am really interested in it."

"But it was the company that Carlyle selected first. We have been following it for half a year..."

Xu Liang interrupted him.

"David, we are all family. There is no need to say such meaningless words. And as far as I know, you only formally proposed the acquisition intention to XCMG half a month ago.

There has been no substantial progress so far.

If Carlyle wants Xu to give up just because of this, it would be too whimsical."

"Xu, do you have to acquire XCMG?"

"Dear David, I am a businessman."

The meaningful words made Rubinstein understand instantly.

Businessmen are profit-seeking creatures.

If Carlyle can come up with something that Xu Liang is more interested in, he doesn't mind giving up XCMG.

Understanding the subtext, Rubinstein immediately started brainstorming.

"Xu, I heard that Hongyan is very interested in Seibu Group?"

"Yes, I am somewhat interested, but the plate of Xiwu is too big, I don't have such a big appetite." Xu Liang changed the subject, "But if Carlyle is willing to give all the interests of Pacific Life you hold."

"Impossible."

Rubinstein refused instantly.

Since 2002, Carlyle has been talking with Taibao for more than three years before finally signing an investment contract in December last year.

Carlyle acquired 24.9% of the equity of Taibao Life Insurance at a cost of US$400 million.

And according to the contract, Carlyle's shares in Taibao Life Insurance can be converted into a certain proportion of group company shares in the future.

In other words, Carlyle can convert its shares in Taibao Life Insurance into holdings of the entire Taibao Group at any time.

The investment period is locked in at least 3 years, and it cannot be withdrawn within three years.

It can also increase its shares to 49% when the policy allows.

If there is no accident, Carlyle will convert its shares in Taibao Life Insurance into Taibao shares after investing a part of the funds in 2007, and finally hold 19.9% ​​of it.

On December 25, 2007, Taibao was listed on the A-share market, and on December 23, 2009, Taibao's H-shares were listed on the Hong Kong Stock Exchange.

Starting from December 30, 2010, Carlyle gradually reduced its holdings and cashed out Taibao shares, and finally withdrew completely in January 2013, with an investment of US$800 million in exchange for a return of US$5.1 billion.

Profit of US$4.3 billion in six years.

An average annual profit of 90%.

Even robbing a bank does not make this much money.

Although Xu Liang does not know how much Carlyle has made from investing in Taibao, he knows it.

Every oversized state-owned enterprise is a gold mine.

"Dear David, there is an old saying in China that you can only gain if you give. How can you gain if you don't give?" Xu Liang said with a smile.

"Xu, please don't treat me as a fool.

We already have the shares of Taibao, and there are still many unpredictable risks in the acquisition of XCMG, and we may not succeed.

No smart person would trade the already determined benefits for an uncertain future that may not necessarily yield higher returns."

"You can't say that. Your investment in Taibao is just holding shares, and you have no decision-making power.

But XCMG is different. As long as it succeeds, Carlyle can operate it as it pleases. With your many years of operating experience, I believe it has a higher chance of success than Taibao, and will gain far more than Taibao at that time."

"Dear Xu, I have talked with Taibao for three years and understand its value better than anyone else." Rubinstein said.

"David, Taibao's 'old policies' liabilities are close to 20 billion Chinese yuan, which is a heavy burden."

There are three major non-performing assets in the Huaxia insurance industry.

"Long-tail policies" in the 1980s.

"Random investment" in the early 1990s.

But the biggest negative impact is the "interest rate spread loss".

In 1996, the Huaxia insurance industry began to implement the separation of property insurance and life insurance.

During the 3.27 Treasury Bond Incident, due to the high inflation rate, the Ministry of Revenue subsidized the Treasury Bonds to maintain their value, and the deposit rate of 10.98% continued until 1996.

Starting from 1996, the People's Bank of China began to cut interest rates.

By 1999, the one-year deposit rate dropped sharply from 10.98% to 2.25%.

From 1995 to June 1999, Taibao sold a large number of life insurance policies with a guaranteed rate of return of 4-8.8%, and the average liability cost was about 6.53%.

After the central bank's sharp interest rate cut, the policy interest rate could not be adjusted synchronously with the bank's savings interest rate, and the original high-interest rate policies would continue to generate interest rate spread losses, which would increase year by year.

This led to huge losses in the Huaxia life insurance industry, including Huaxia Life, Huaxia Ping An, and Huaxia Taibao, all of which were in a serious state of insolvency.