My 1999

The yellow mud falling out of the crotch is either shit or shit.

If Xu Liang continues to participate in the merger and acquisition group, it will be hard to explain.

Li Zhaoji and Zheng Yutong looked at each other and saw the helplessness in each other's eyes.

At the beginning, they pulled Xu Liang in to use his connections and influence in Japan to facilitate the acquisition.

Unexpectedly, the Japanese did not play by the rules.

They directly shouted about Xu Liang's acquisition of Seibu all over the world, obviously using them as a gimmick to attract global big capital to bid.

Plans are not as fast as changes.

They can only compromise.

"Mr. Xu, I heard that you intend to sell Netcom to Li Jiacheng?" Li Zhaoji asked.

"Fourth uncle also knows about this?"

"Hong Kong is so small, some things can't be hidden."

Xu Liang: "I want to use Netcom to exchange Husky Energy in Hutchison Whampoa. I guess Mr. Li is not willing. He hasn't replied to me for more than half a month."

"Can I call to ask for you?" Zheng Yutong smiled.

If Xu Liang asked directly, it would be easy for people to think that he was eager to sell, and thus be forced to lower the price.

"No, exchanging Netcom for Husky Energy is just a temporary idea of ​​mine. It would be better if it succeeds, but it doesn't matter if it doesn't."

Although Internet cafes play a smaller and smaller role in promoting the Internet and games as computers become more and more popular, they are not non-existent.

Just sell it 10 years ago.

"Netcom is developing well and can maintain a 20% growth rate every year. It is a highly anticipated white horse stock. Why do you want to sell it?" Zheng Yutong said.

Glancing at him, Xu Liang smiled.

"Hongmeng's scale is too large. Bing, No. 1 Store, Sina, Pangu, Hongmeng Games, etc. have bloated structures and low management efficiency, which are increasingly unsuitable for the fiercely competitive Internet market.

So, I plan to sell Netcom.

Moreover, Netcom's main Internet cafe service is not closely related to Hongmeng's main business.

Selling it will not affect the overall situation, and it can also reduce the business margin, allowing Hongmeng to focus more on its main business."

Pause.

Xu Liang smiled and said, "Uncle Tong also favors NetEase?"

"Everyone wants a good company, but your NetEase is too expensive. I'm afraid I can't afford it."

Thanks to the high profits of Internet cafes, NetEase's stock price has recently expanded to more than 60 billion Hong Kong dollars.

Xu Liang holds nearly half of the shares.

Add the premium factor.

At least 32 billion Hong Kong dollars are needed to swallow this company.

New World is not short of money, but it can't come up with so much money.

"And Mr. Xu is selling NetEase, I'm afraid it's not for money." Zheng Yutong smiled.

Xu Liang rarely sells companies directly, basically asset exchanges.

The recent exchange of Tianshan Group + Guangfa Bank shares for China Resources Retail and Beverage Assets has caused a sensation in the business circles of both sides of the Taiwan Strait and Hong Kong.

"Haha, Uncle Tong still understands me."

Zheng Yutong's eyes were more hesitant, but finally relieved.

Although the Zheng family has a lot of assets, exchanging NetEase will also hurt a lot.

Seeing him give up, Xu Liang was relieved.

He felt comfortable cheating Li Huanggua, but Zheng Yutong had a good relationship with him, so he didn't want to cheat her.

After chatting for a while, Xu Liang personally sent the two away.

Watching the backs going away.

"You spread the news in Hong Kong that the Zheng family is interested in acquiring NetEase."

Li Jinling was stunned for a moment, and quickly agreed.

Xu Liang thought.

"I want to see if Li Huanggua can still keep his composure."

He didn't expect to exchange for Husky Energy. After all, global oil prices are soaring now, Husky is lucrative, and Li Huanggua is not stupid enough to sell it.

But Li Huanggua has a lot of good things.

Hong Kong Electric, Watsons, Beijing Oriental Plaza, etc.

As long as he can exchange for one, Xu Liang will make a profit.

...

Xu Liang found Makoto Kawashima, the head of Hanhua Tokyo Office.

"President."

At the age of 35, he was once the head of the asset management department of Nomura Securities, the largest securities company in Japan, and a typical quant.

Quants are the foundation of modern financial markets - the creators of financial derivatives.

Refers to a group of physicists and mathematicians who analyze financial markets based on mathematical models.

They believe that mathematical precision is the basis for analyzing the most complex human activities, and have used mathematical techniques to analyze the nervous system to make money.

These people prefer to call themselves "financial engineers".

Many Western universities now offer "financial engineering" majors to train these people.

Their main job is to design investment plans for people or institutions who want to rationally plan their assets and obtain excess returns from the capital market.

Here we need to talk about "wealth management" and "asset management".

Many people have heard of it, but don't know how to distinguish between the two.

Simply put, wealth management means that fund managers take your money and invest in screened bonds and funds according to your risk tolerance and desired investment returns.

The amount of funds is relatively small.

Of course, this small amount is also relative to ordinary people.

The threshold for Goldman Sachs' wealth management is 500,000 US dollars.

Asset management is different. Usually financial engineers design investment funds and securities for you according to your investment preferences and risk tolerance.

The capital volume of the latter is more than ten times, or even dozens of times, that of the former.

In general, wealth management is about following the rules, while asset management is about creation.

Of course, the boundary between the two is not so absolute.

Many asset management funds will also be allocated to some high-return private equity funds, such as Qinglong Private Equity Fund and Pacific Hedge Fund under Hanhua.

Makoto Kawashima, who is responsible for managing Nomura Securities, has a master's degree in applied mathematics from Waseda University, and later obtained a double degree of "Doctor of Mathematics and Applied Mathematics" and "Master of Financial Engineering" from Yale University.

After a year of internship at JP Morgan, he joined the asset management department of Nomura Securities.

He soon showed his outstanding talent in quantitative analysis.

He was promoted step by step to the position of the boss of the asset management department.

After eight years in the industry, he created an average of 210 million US dollars in excess returns for the company every year.

It can be called outstanding.

But.

This but again.

As we all know, the "lifetime employment system" is popular in Japanese corporate management, and the "retainer culture" handed down from the feudal era is still in its bones.

The core content of the retainer culture is actually a word "loyalty".

This "loyalty" mainly refers to loyalty and loyalty. In the management of modern enterprises, in addition to some penalties after job hopping, the lifetime employment system and seniority system are actually a manifestation of "loyalty".

The culture of retainers emphasizes more on the culture of "family", that is, the enterprise is the family, and the sense of ownership is instilled in employees.

In summary, it means: work more and get less money.

Strive to become a good, high-quality, hardworking cow and horse for life.

In modern society, what a fucked-up system this is.

And the more outstanding people are, the more they hate this culture.

Kawashima Makoto obviously thinks so.

When he decided to leave, JP Morgan, Goldman Sachs, and Lehman all tried to poach him, but in the end, Hanhua snatched him away.

One point of Hanhua's victory is that it can give him the greatest degree of freedom.

He makes his own decisions on venture capital business, securities business, and asset management business.

For private equity business, he makes his own decisions on less than 200 million US dollars.

Except for the financial and security guarantees that must be supervised and managed by the headquarters, and the executive team must also be appointed by the headquarters, everything else is also his responsibility.

This strong degree of freedom impressed Kawashima Makoto.

He did not disappoint Hanhua's expectations.

As soon as he took office, he brought in 57 high-end clients, including $2.7 billion in funds.

Now, Hanhua Tokyo Office has 3 venture capital funds and 5 private equity funds. The public equity funds mainly cooperate with Futian Wealth Management Co., Ltd.

In addition, private banking and asset management businesses.

Although Hanhua Tokyo Office was established less than four years ago, it has managed nearly $7 billion in assets.

Especially private banking and asset management, which are the two best-developed businesses.

"Kawashima-kun, please sit down."

"Hi."

Kawashima Makoto, who was dressed in a suit and black-framed glasses, sat down respectfully on the sofa.

Xu Liang wanted to remind him not to be so serious, but he gave up thinking of the nature of the Japanese.

"I have read the semi-annual report of the Tokyo office. It has developed very well, and you have made an indelible contribution."

Kawashima Makoto's serious face showed a trace of pride, but when he saw the person opposite him, his heart calmed down instantly.

His achievements were just a drop in the bucket in front of the other party.

"It is with the support of the head office and the chairman that the Tokyo office has been able to develop so fast, especially No.1 Store and Bing, which will be listed soon, have directly added more than 30 institutional clients and nearly 5,000 private clients to the Tokyo studio.

It has greatly enhanced the company's reputation in the securities field."

No.1 Store and Bing are the golden signs of Hanhua Securities.

The seven major offices in Tokyo, Seoul, Singapore, Jakarta, Sydney, Dubai, and Hong Kong have added a lot of customers because of the listing of No.1 Store and Bing.

The securities business that has just started has also improved a lot.

Xu Liang nodded slightly.

"After such a long time of contact with Ruihui, there is still no news about Muji and Yoshinoya?"

"Muji has already signed a draft contract. We will acquire 51% of Muji's shares held by Seibu Group for US$490 million and assume all debts.

Originally, Yoshinoya was almost done with the negotiation, and it was to acquire 47.5% of Yoshinoya's shares held by Seibu Group for US$270 million.

But just when the contract was signed, Ruihui Financial suddenly overturned all the conditions.

When we called again, they said that other institutions had offered a higher price than us, and they would not restart the negotiations unless we were willing to double the price.

But according to our investigation, no third party has offered a higher price than us at present."

Although he did not say it directly, Xu Liang also understood it.

It was because of his arrival and the joint bidding with New World and Henderson Land Development that Ruihui Financial Group saw the hope of selling at a high price.

So, the news of his acquisition of Seibu Group was rampant.

The negotiations that were about to end also had complications.

"Let's settle the MUJI matter first, and put Yoshinoya aside for now."

He values ​​MUJI more than Yoshinoya.

As a global chain of grocery stores, the latter currently has more than 1,500 stores in Europe, America, and Asia Pacific. Its total revenue in 2005 exceeded 141 billion yen [8 billion Chinese yuan], and it is developing well.

After entering China in the future, it will be sought after by countless petty bourgeoisie, and its revenue will soar.

It has a bright future.

It is a good investment target.

If you hold it for five or six years and sell it, you can make a lot of money.

As for integrating MUJI into the Taihua Department Store Division, Xu Liang thought about it but gave up.

MUJI is positioned as an affordable grocery store in Japan and as a light luxury store in China.

The completely different concepts will undoubtedly bring great difficulties to operations.