Salted Fish’s Self-help Strategy

　　 Saying goodbye to Ah Ya on WeChat, Chu Yuanxi couldn't help but think of Xiao Li's last visit to Xiaokang. It was last September when he and Director Uchida of 724 came to visit.

　　 Thinking of Xiao Li, Chu Yuanxi thought of India, and then thought of an interesting news that happened in India today. In this day when the Democratic Party is engaged in the primary elections, the U.S. leader, Emperor Sichuan, visited India, and then the Indian people enthusiastically held a large welcome party called "Hello".

　　 As a result, Emperor Chuan gave a speech in front of tens of thousands of people, saying: "We have a very good relationship with Pakistan..."

　　 Are you surprised? Was it unexpected? I am used to the rigid process of reading textbooks. This kind of famous scene is very impactful. It is said that all the cheers on the spot stopped abruptly, and a pin dropped on the ground could be heard.

　　 Chu Yuanxi immediately felt sorry for the old fairy Modi for a second, and said to him that the Emperor Chuan was embarrassing me for Modi?

　　 Chu Yuanxi saw this without Lu Yu reporting it, but it was a very good source of ghosts and animals. Instead, Chu Yuanxi pushed it to Lu Yu and asked him to make a video of station B to join in the fun, don't ask, today is the carnival of station B again.

　　 Who is the main one? During this period of time, the third brother released a huge hostility to the Guochao. It was very obvious and undisguised, and it was just a matter of publicly saying that he hoped the Guochao would rush to the street.

　　 So the Emperor Chuan did a beautiful job!

　　 There are still many major events happening on this day. For example, Green Factory has opened their new machine conference. The pricing and configuration of IQOO3 are regarded as a strong foil to Xiaomi, and the Mi 10 is still a representative of the price-performance ratio.

　　 For example, Dingding also launched a journey of version 5.0 in the form of a cloud conference, wanting to launch the circle function to create its own private domain social network, grab the traffic of WeChat Moments and so on.

　　 But when he was eating dinner as usual, he saw Grandpa Yu Suzuki standing in the corridor, looking at the sparsely crowded street outside the bay window, his eyes were very blurred.

　　 "What are you always doing?" Chu Yuanxi stopped, Suzuki Yu looked exceptionally rickety today, and he could feel Suzuki Yu's silent sadness.

　　 I only heard Suzuki Yu said: "An old friend of mine passed away today."

　　 "Ah...Sorry." Chu Yuanxi said that it turned out to be such a thing, so it would be inconvenient to inquire.

　　 I didn’t expect Yu Suzuki to continue to say: "Have you played "Contra"? He invented BABA up, down, left, and right. It would be great if you could bring up 30 lives in your life."

　　 Chu Yuanxi secretly cried out! This is too good to know, in today's terms, this is the symbol of popular culture back then!

And now the Pakistani people have begun to dig deeper into film and television dramas. He also knows that "Contra" has a live-action film plan and is co-produced with Guochao Film and Television Company. When he saw this news, he joked that the movie protagonist could not be named For 1P and 2P, I didn’t expect it...

　　 I only heard Suzuki Yu said: "President, I want to do something, do you support it? I want to make a documentary, which may take a while."

　　 "Huh? What's the record?"

"What happened in your country during this period is zero-contact takeaway and food, everyone wearing masks, thermometers, and home isolation for two weeks. They mainly patted how your lives were affected. Recently, we The situation over there is very bad..."

　　 Chu Yuan Xixin said that it is not only bad, isn't this 226 soon? He saw that even the emperor's begging for **** was brought out by someone, and it felt like a series.

　　 "Okay, I will let Lu Yu support you. Do you want to take it back and play it?"

　　 "Yo Ni!" Suzuki finally showed a smile, "Yes, it happened to be on the group company's self-media, let the red deer see what they should do!"

　　…………

　　 On the 26th, the sky over the Imperial Capital was cloudy.

　　 Sister Xu’s contemporary capital is headquartered in the capital city, and the capital city only has offices, but the environment is not bad. It's not the first time Chu Yuanxi has visited her coffee room, but she felt so hot today that she couldn't help loosening her tie. Today, he wore that very modern double-breasted black suit with big buttons. Mr. Chu, who had little formal wear, showed his respect for people.

When he walked in, Xu Xin was already inside, and there was a man with gray hair and fair complexion. Chu Yuanxi didn't know him. He thought it was someone in the master. He didn't expect the other party to stand up and stretch out his hand. Xu Xin said next to him: "This is Lao Ning of CC Investment. It happens to be here today. I will see you by the way."

　　 "Hello, hello." Chu Yuanxi shook hands quickly. CC Investment is a rather quiet name. It used to be popular. It is now a European PE investment giant. In terms of size, it is a giant among the giants. It is much larger than contemporary capital. Xu Xin doesn’t look at his wrists. He couldn't even be his younger brother. However, with the rapid decline of the two star companies after the acquisition of Qiaojiangnan and Auntie Dumplings, the ability and style of this PE has also been questioned. In recent years, it has rarely appeared in the investment circle of Guochao.

　　 After shaking his hand, he hurriedly looked at Xu Xin. It is impossible that the big man of CC Investment came here to get to know himself. Want to come, is it related to money?

　　Sure enough, Xu Xin was straightforward and said: "Lao Ning is indeed something, but it's a good thing. Tell you something?"

Chu Yuanxi smiled respectfully, and sat down steadily. He only listened to Lao Ning saying: "We, at present, are not very interested in domestic investment, but mergers and acquisitions have been done, mainly to do some auxiliary mergers Business."

　　 The so-called auxiliary M&A is to assume that Xiaokang wants to acquire a software service company such as 2D Huo, but 2D Huo is asking for 1 billion yuan, and Xiaokang can’t come up with that much money and doesn’t want to borrow or lend. Another way is to seek assistance from agencies.

　　In this way, if the institution pays the money, and the well-off entity buys the merger and acquisition entity, of course, it must also spend a portion of the money and then sign a series of agreements. So the money was first pooled to acquire the target and put it in a well-off society, and then there were several ways to deal with it.

　　 One is that both parties are sincerely holding shares, and both are optimistic about the value increase of 2D Fire after being acquired by Xiaokang, but this is very disadvantageous. It is not the disadvantage of being taken advantage of by the organization after the value of the two-dimensional fire is increased, but the inability to disperse the two-dimensional fire and absorb it into the internal enterprise, losing the passivity of this key option. Once broken, it involves hollowing out the two-dimensional fire and infringing on the interests of brother institutions. Therefore, it is necessary to sign a series of agreements and memoranda to ensure that the small money of the institution is not violated.

　　 The other is to agree on a date when Xiaokang exercises the subscription right. At that time, he should have saved enough money to buy the target completely. In this way, the institution completes a transaction, and it can make a substantial profit after crossing the bridge. What if Xiaokang does not subscribe? Institutions also have the right to put, which can be forcibly sold to Xiaokang, but the price must be lower than the subscription price of Xiaokang.

　　 There are more complex models involving arbitrage, on-sales, etc., but in short, the two sides cooperate to get what they need.

　　 I only heard Lao Ning say: "We are very interested in another acquisition recently. Do you want to listen to it?"

　　 "Wait, let me guess." Chu Yuanxi stretched out her hand and gestured, "Could it be... Le Gaming?"

　　 "Hey, did Sister Xu reveal the wind to you?"

"Hahahaha, there are not many acquisition targets in the market that need to alert you to such a large PE organization. It is a good thing, or a good thing that I am interested in. In fact, the range of options is quite narrow. The intention of the acquisition is easier to think of."

　　 Actually, what Chu Yuanxi wanted to say was that Te Mole Games had found a Pakistani person, otherwise he would not have thought so easily.

　　 That was after the Pakistani people just put Ali’s first money in their pockets, but the tens of billions of Le Gaming's asking price made Chu Yuanxi have no idea what to buy? The PE multiples sold by Pakistani Games are lower than the PE multiples offered by LeGames. Isn't it a loss to buy? So just slipped away.

　　 But for companies that want to "buy profits", this PE multiple becomes very tempting. About 7 times of PE buys assets on the market, the premium rate is really not high.

　　 The so-called PE multiple is the price-to-earnings ratio, that is, the multiple of the valuation divided by the current net profit, which represents how many years it takes to make the money back after the investment.

　　 The company that buys profits is of course to beautify the financial statements, and then go public, and exchange cash for the increase in profits. Going public is a weird thing. Not only does having money in your hand do nothing to help you go public, it can also cause problems-what do you do when you are so rich and have money to go public? On the contrary, it is very good that the profit is high, especially for our large A shares, which have requirements for the profits of companies that declare to go public.

　　 Driven by Chu Yuanxi's hearty awkward smile, the room was filled with cheerfulness for a time. Just listen to Xu Xin said: "Lao Ning is now talking to another game company, and the other party is also very active, but the money needed is really a lot. I want to ask you, does the Pakistani Group want to join the three?"

　　Chu Yuan Xixin said that the three families are united, so what about playing with it? If the two game companies jointly acquire, who will consolidate?

　　 "Zong Ning meant that the Pakistani also acted as an auxiliary purchaser?"

　　 "All of this can be discussed, and the Ba people are willing to be the main force." Lao Ning was also observing his words as he said, but found that Chu Yuanxi seemed not interested.

　　 He couldn't help but frowned slightly, and said, "Mr. Chu, you have so much money in your hands, should you have an idea for mergers and acquisitions?"

　　 "There is indeed, there have been several cases recently."

"Then let me tell you," Lao Ning said, holding out two fingers. "First, there are not many really good targets on the market. If you miss it, you can really miss it. Now there are not many people who want to do M&A. Second, when I see my favorite target, I will start quickly, but I am too afraid."

　　 I saw Xu Xin nodding again and again: "Lao Ning and the others are professional in mergers and acquisitions, especially in coordination."

　　 Seeing that Chu Yuanxi hadn't gotten the real point yet, she went on to say: "This is what we just talked about. Do you know that the China Securities Regulatory Commission opened a refinancing hole in mid-February?"

　　 Of course, Chu Yuanxi knew that, not only did he know that, he also had a chat with Yuan Jing and Yuan Mu, and issued three instructions to create a "better" financing environment for listed companies.

Xu Xin looked at him and nodded, but didn't say anything. He suddenly said in confusion: "I haven't thought of it yet? How did you react so slowly today? After the relaxation of refinancing, listed companies will definitely have to collect money, especially those listed at the waist before. What do you do with money? Acquiring assets. So there will definitely be a lot of corporate venture capital in the future. If you don’t buy it now, asset prices will rise."

　　 "This is my second purpose." Lao Ning immediately stood tall: "M&A services are our strength."

　　 Chu Yuan Xixin said that he couldn't tell that Xu Xin was still a small salesman, and he was tempted to even talk about it. Why am I slow to respond? My spirit is on Mido's side, why should I allocate more spirit to others?

But to be honest, it is true that there are not many PE institutions that focus on serving the needs of corporate mergers and acquisitions within the country. Most of them are amateur players and help their invested companies. Even Xu Xin dare not say that he is a professional. of.

Therefore, he immediately agreed: "It is true that we have a demand, and it is not small. However, I have arranged a well-off CFO before and also an investor in Pakistan, Yuan Lu, for the part of the merger. Let her handle it. You see. Don’t this matter let Yuan Mu coordinate with you?"

　　 "Oh, you have such a deep relationship with Yuan Mu?" Lao Ning really didn't investigate Chu Yuanxi too deeply. Yuan Mu knew that this matter seemed to be done.

　　 At this moment, Xu Xin said "Here comes", and soon, a man with thin cheeks and rimless glasses walked in. He was about forty years old and had a very gentle temperament. Chu Yuanxi has never met but has seen photos. This is Zhang Wu, CEO of Miduo Group.

　　 This is not a good person to deal with. In fact, Chu Yuanxi prefers to meet their chairman and founder Zhang.

　　Although Mr. Zhang is roughly talented, he is old and should be easier to deal with. This Zhang Wu has profound insights into the mobile Internet, and his public opinions on new retail are also remarkable. In a word, he is called tactical mastery. And Chu Yuanxi wanted to meet this side, but she actually had some ideas, and she needed a certain degree of "convincibility." Xu Xin probably didn't believe the so-called "just talk". Of course it would be better to talk to Mr. Zhang. .

Seeing people coming, all three people including Xu Xin stood up quickly. Lao Ning first greeted him. He seemed to have known each other a long time ago. Zhang Wu murmured, Chu Yuanxi didn’t quite know what it was, but he saw him under his hands. Squeeze, and then take the lead to sit in an empty seat.

　　 The three of them were also seated, forming a square, which is quite suitable for playing mahjong.

　　 Chu Yuan Xixin said that Mr. Zhang's aura is strong enough? Some people can show their differences as soon as they sit in the crowd. They don't need to wear clothes to show them, and they don't need to speak. Others will follow his rhythm without an appointment. This is the aura.

　　 Usually this is the performance of being in the top position for a long time. There are too many people who have managed, and too many reports have been heard. Such people can often control the situation when they speak. Chu Yuanxi didn't have this kind of aura himself, he had to speak in order to release his aura.

Seeing Xu Xin just about to speak, Zhang Wu waved his hand again and raised his face slightly: "Sister Xu, you know I don’t like politeness, let’s just talk about business. Mr. Chu asked me to talk about it. How about teaching?"

　　 "I don't dare to be a teacher." Chu Yuanxi smiled slightly, "Although we are relatively unfamiliar when we first met, you must have made some guesses before you came?"

　　 Xu Xin was next to him. Seeing that these two people talked more stage-wise, they wanted to laugh. Chu Yuanxi certainly didn't come to connect with feelings. The so-called one-time rebirth and two-time familiarization would not be used on this occasion.

Zhang Wu nodded slightly, "That's true. For your busy business, it is impossible to invite for no reason. In my opinion, it is nothing more than sending out some kind of signal, cooperation? Competition? Cooperation in certain fields, competition in certain fields? Some of my colleagues guessed, do you have any capital operation needs?"

　　 While speaking, he kept his head down slightly, and finally lifted it up completely, and showed a gentle smile: "It's never been heard that we have discussed the feasibility of acquiring a well-off society, so let's talk about it?"

　　 Xu Xin didn't wait for Zhang Wu to release his aura, and immediately let out a rather imposing laugh: "Hahahaha, in fact, you can also talk, but Xiao Chu, your 300 billion yuan will save your mouth."

"If you don't have 300 billion, you can have 100 billion." Chu Yuanxi easily caught the voice, saying that you really want to buy a well-off society. Although you can borrow money very well, you may have liquidity. Not as much as I am, you take the face to buy a well-off?

　　 It may be that the other three people spoke in turn, and when they arrived Lao Ning, they followed the rhythm and said: "Hey, hey, why is there still 300 billion 100 billion? I heard that President Chu wants to raise funds, isn't it 20 billion?"

　　 I only heard Zhang Wu say: "The financing valuation is 20 billion~www.wuxiaspot.com~ M&A must have a certain premium. Hehe, it is a pity that we can't afford 20 billion. It's really poor..."

Chu Yuanxi smiled suddenly when he heard it, "You are too modest, in fact, I really want to sell 100 billion. Tian Xian goes with that Duan Luting, I asked him, didn't you tell me not to do 5 billion? Don’t you sell it? Why did it sell for 1.8 billion? Guess what he said? He said that Meiduo is really willing to pay 1.8 billion."

　　 Zhang Wu looked embarrassed at once, and afterwards, let’s see how to lose the deal! It should never be higher than 1.2 billion. The key is that he personally talked about it, but fortunately he set up a bet. But it will be three years later for the bet to take effect. After three years, what will the ghost know?

Zhang Wu’s embarrassment made Chu Yuanxi’s expression more vivid, and said, “Actually, I’ve asked Mr. Zhang to come here. I really want to talk about the possibility of cooperation. There is investment in the track. Jack has made a bet a long time ago. Pony actually made a lot of money. It just didn't close. The track is very wide and it is not so easy to close.

　　 In fact, there are still many areas where we can complement each other. If we form a strategic alliance, maybe we will close it up? Although the layout of Mido's small stores is very active, it is mainly based on the format of large stores. Small stores are used as offline supplements of APP, so our main goal is not incompatible. When the time comes, we will avoid the edge of the double horse. When I meet the children, I will strike out with the blessing of the gold master's father behind it. The scale is just the top and the bottom. "

　　 "Right!" Xu Xin didn't expect that these words would come out of Chu Yuanxi's mouth, and immediately clicked on the table, "Take Pearl Harbor!"