My 1999

The next day, Xu Liang chose a relatively private golf course to receive an important guest.

boom.

The white golf ball flew into the distance in a graceful curve.

He was very strong and the ball flew far enough, but it was miles away from the hole.

"It seems that I am not suitable for this sport." Xu Liang said with a smile.

Lu Hui, who was wearing sportswear next to her, smiled and was about to speak when her cell phone rang in her pocket.

Pick it up and listen.

"Boss, we're here."

"Go and greet me for me."

"good."

Lu Hui got into the electric convertible next to her and left quickly.

It won’t be long before the electric cars are back.

Lu Hui led a middle-aged man with blond hair and blue eyes wearing a white T-shirt, gray trousers and sneakers over.

"Mr. Xu, this is Mr. Sherron Watkins, the person in charge of Morgan Stanley's Asia headquarters."

Xu Liang stretched out his right hand, "I'm glad you're here, Mr. Watkins."

"Mr. Xu is a well-known entrepreneurial elite in China. I am deeply honored to receive your invitation."

The two shook hands and said a few polite words.

"How about a shot?" Xu Liang said with a smile.

"certainly."

Lu Hui handed over a club.

The two walked to the grass and played golf.

Xu Liang, as a newcomer who came into contact with this sport for the first time, is certainly not as good as Sherron Watkins, who often plays golf.

After a few rounds, I couldn't help but shake my head.

"Forget it, I'd better not be embarrassed."

He casually threw the club to Huo Gang next to him.

Sherron Watkins also handed his club to the secretary who came with him.

"Mr. Xu plays too little. If he had the opportunity to practice more, his level would easily surpass mine."

"Haha, Mr. Watkins is exaggerating."

After a pause, Xu Liang changed his tone.

"Does Mr. Watkins know that we, Hongmeng International, are seeking financing?"

"Of course. But unfortunately we, Morgan Stanley, did not receive your company's invitation."

Xu Liang nodded, "We have no business cooperation with your company. In contrast, Goldman Sachs and we are also shareholders of Sina.com, and we are familiar with each other.

It's just that I didn't expect that their vision was so short-sighted. They were even more emboldened by the Nasdaq crisis and gave us a very low valuation. So I plan to ask your company if you are interested in our financing? "

Sherron Watkins immediately said: “We are very interested in Hongmeng’s financing.”

Xu Liang smiled and said, "Your Excellency, please don't rush to answer me. Please listen to our Hongmeng's conditions first."

"Speaking."

"Hongmeng International wants to raise capital at a price-to-earnings ratio of 35 times."

Sherron Watkins was shocked, "No wonder Goldman Sachs is hesitant. This financing condition is indeed too high in the current environment."

However, he also knew that if he refused, this opportunity would be lost.

Looking at Sherron Watkins who was deep in thought, Xu Liang did not disturb him.

If Morgan Stanley refuses this time, he will ask Merrill Lynch, Bear Stearns and Lehman Brothers.

However, he still prefers Morgan Stanley and Goldman Sachs, the five largest companies on Wall Street. These two companies have survived the subprime mortgage crisis and have the deepest relationship with the political and business circles in the United States.

Only in this way can we provide certain help for the development of Hongmeng International.

Time passed little by little.

"Mr. Xu, I can agree to your conditions, but you should also agree to me. In addition to this financing, Morgan Stanley will also become the lead underwriter of Hongmeng International's listing."

"No problem at all."

According to his future plan for Hongmeng International, the company will definitely be listed on Nasdaq.

Let Morgan Stanley be the lead underwriter of the listing, which is beneficial to the company's development.

"I will contact the head office as soon as possible, within 24 hours at most, and I will definitely give you an accurate message."

"Okay, I'm waiting for your answer."

After this brief meeting, Sherron Watkins hurried away.

In fact, only six hours later, Xu Liang received a reply from the other party.

The next day, Xu Liang asked Xie Wen to organize a new negotiation.

This time he attended in person.

"Mr. Xu, we meet again."

Wang Dawei took the initiative and came over.

"Mr. Wang Dawei, I'm glad you can be here today." Xu Liang said with a smile.

After the two sides shook hands.

"Hongmeng is a company that our MIH Group is very optimistic about, and it is our honor to participate in this investment."

"You have made a very right choice. ... Please take a seat."

Soon, a middle-aged man in a black suit walked in.

"Mr. Xu, nice to meet you."

"Hello, Mr. Zhou. I see from you that Temasek is a very smart and far-sighted company. No wonder it has developed so fast in these years."

Zhou Ping smiled and said, "We are indeed very optimistic about Hongmeng's future development."

"It's a win-win."

After Xu Liang finished speaking, he made a gesture of invitation.

After Zhou Ping sat down on the chair, he nodded to Wang Dawei opposite.

Immediately afterwards, a slightly stout white man with a smile on his face and meticulously styled hair walked in.

Xu Liang greeted him.

"Mr. Jackson, welcome."

Peter Jackson smiled and said: "I have always heard that Mr. Xu founded the great Hongmeng at a very young age. I have always had some doubts. Now that I have met the real person, I know that Mr. Xu is younger and better than the rumors."

"Jackson, thank you. I have always heard that 3i Group is the most visionary investment institution in Europe. Through this financing, I finally see it. ... Please take a seat."

After Jackson sat down, he exchanged looks with Zhou Ping and Wang Dawei. Although the three of them betrayed Silva James' covenant, no one felt embarrassed.

Everyone in the mall is for profit, and there is no betrayal or betrayal.

But they were also a little curious, who else had made the same choice as them?

So they all looked at the door.

It didn't take long, and finally someone came in again.

Seeing the person coming, the expressions of the three people changed slightly.

"It's him?!"

Wearing a black suit, her hair meticulously styled, and a smile on her face, Sherron Watkins walked in.

"Mr. Xu, we meet again."

"Next time I'll wait until my golf skills are better before I ask Mr. Watkins to play golf."

"I'm always here for you."

After the two shook hands.

"Please take a seat."

Seeing Xu Liang sitting at the head of the table, everyone understood that they were the representatives of the four parties participating in the negotiations today.

His eyes slowly swept over everyone, and Xu Liangliang felt quite regretful.

In fact, he quite hopes that Park Jun-hee, the representative of Samsung Investment, can be here. After all, with Hongmeng's business in South Korea, having a South Korean giant among its shareholders, especially a giant like Samsung, is beneficial to the company's development.

But the other party was determined to follow Goldman Sachs, and even told Goldman Sachs about his private meeting. As a result, Xie Wen was called and ridiculed by Silva James.

He didn't bother to talk to the other party anymore.

After he binds Damo, if the Obamas want to move Hongmeng, they should also consider the opinions of American dads.

“Everyone, today is our official financing meeting of Hongmeng International, and those who can sit here are those who have accepted our Hongmeng conditions.

Regarding the next financing, our specific plan at Hongmeng is to obtain 8% of the equity of Hongmeng International led by Morgan Stanley, and 3i Group, Temasek Company and MIH Group will each hold 4%. "

Xu Liang said simply.

In this financing, money is secondary. The key is to find defenders for Hongmeng International’s subsequent development.

Among the four companies, Morgan Stanley has the greatest global influence.

Therefore, Xu Liang also gave the biggest benefit of this financing to Morgan Stanley.

Peter Jackson, Zhou Ping, and Wang Dawei are all smart people, and they also know the reason for Xu Liang's choice.

And they also admit that Morgan Stanley does have an advantage over them.

Xu Liang waved, and Lu Hui put the financing documents into everyone's hands.

Wait until they finish reading.

"If there is no problem, everyone can sign."

"Mr. Xu, we have no objection to Morgan Stanley leading the investment, but the shares you gave to 3i Group are a little less. If possible, we would like to get 6% or even more equity, and the price can also be given It's higher." Peter Jackson said.

Xu Liang shook his head.

Giving up 20% of the equity is enough at this stage.

There are four cross-border institutions including Morgan Stanley, 3i Group, Temasek Corporation and MIH Group, which are enough to protect the development of Hongmeng International in the next one or two years.

When Hongmeng International grows to the point where it needs more investors, it will not be too late to start a second round of financing.

"I'm sorry, we only released 20% of our Series A financing."

No matter how high the price given by Peter Jackson is, it cannot be compared to Series B financing.

Seeing his resolute attitude, Peter Jackson did not insist anymore.

After the contract is signed.

Hongmeng International’s shareholding has also changed.

The first is the 10% stake in Hongmeng Dongying held by Masayoshi Son.

After Hongmeng's organizational reform, Hongmeng Japan became a 100%-owned subsidiary of Hongmeng International, so this part of its equity is also included in Hongmeng International.

According to the net profits of the five major subsidiaries during the A round of financing, the net profits of Hongmeng Japan accounted for almost 40% of the entire Hongmeng Japan.

This 10% becomes 4% of Hongmeng International.

After the Series A financing, this part of the equity was diluted again.

Based on Hongmeng International’s price-to-earnings ratio valuation of 35 times, Hongmeng is worth US$2.8 billion, and a 4% stake is worth US$112 million.

After raising US$560 million in Series A financing, Hongmeng International was valued at US$3.36 billion, and its 4% share price was diluted to 3.3%.

In addition to Sun Zhengyi, Hongmeng International also has a small shareholder-Sun Haizhen.

When Naver was originally acquired, Sun Haizhen retained 3.94% of the shares.

The net profit of Hongmeng South Korea is about 30% of Hongmeng International, which is 1.8% after dilution.

After the Series A financing, Sun Haizhen’s equity was diluted again and became 1.5%.

Therefore, the equity structure of Hongmeng International at this time is: SoftBank 3.3%, Sun Haizhen 1.5%, Morgan 8%, 3i Group, Temasek Company and MIH Group each 4%.

Xu Liang’s equity is diluted to 75.2%.

Xu Liang then proposed to set up a 10% option pool in Hongmeng International in order to attract talents and stabilize the company's development.