Chapter 175: 25 Years Old and 25 Billion

Minzhuang is located in the Xishan Scenic Area of ​​Beijing, with beautiful scenery and quiet environment.

Before his death, Li Ming built a private club here with the sign of Galloping Pony. It was not open to the public and was only for entertaining friends from all walks of life.

Xu Beihong's ink-and-wash galloping horse, Toyama Kaii's quiet white horse, and Lu Zigang's jade-carved horse.

Many artworks related to "horses" in the magnificent private club have now disappeared. They were physical evidence of bribery by the suspect Li Ming during his lifetime.

"What the hell are you doing here for a meeting!" Li Li, with a long face, complained in a low voice.

The financial manager who was accompanying her was powerless to comfort her. He had no idea how the famous Mr. Xie Jingxing could delay the progress of sealing the club during the investigation stage of a case involving senior leaders.

But it is clear what the intention was in arranging the meeting here.

Xiaoma Pentium currently has 37 shareholders, many of whom only hold 1% of the shares. Natural persons and shell companies are involved in this process, and even Gou Ge himself may not have the true identity information of all shareholders.

A blatant warning: no matter what monsters they were when Brother Dog was here, please lie down now.

"Boss Jin, Boss Song."

When we arrived at the large conference room, the CFO took the initiative to say hello and ease the atmosphere.

Li Li and her sister Li Ping pretended not to see anything and chatted with Miao Nan, the GP of China Construction Bank Cultural Fund, who was sitting at one end of the long conference table. Most of the small shareholders gathered around them.

Jin Yan sat at the other end of the long conference table, Song Anli sat next to her, and around them were most of the executive team members.

The two sides were clearly separated and talked in low voices for a while until everyone arrived. The meeting secretary counted the heads silently without calling out their names.

54 people, excluding a few shareholders who had authorization but did not come and executives who were busy with other things, all the members of Xiaoma Pentium, from the chairman to the middle management and important partners, gathered here.

"quiet."

After receiving Jin Yan's signal, the conference secretary announced the start of the meeting.

A small shareholder immediately glanced at him and said: "What kind of meeting is this? It's a mess with all kinds of people. Are you still planning to take minutes?"

"Mr. Wu, we won't be taking meeting minutes today."

Jin Yan stood up with a guilty look on her face: "Strictly speaking, today is not a meeting. It's just that as Li Ming's wife, I am asking everyone to help me at this critical moment for Xiao Ma Pentium, which is also a help to Xiao Ma Pentium."

"How can it be a matter of life and death? Mr. Jin, just say what you want to say." Mr. Wu said angrily.

This woman immediately seized the moral high ground, and it was difficult for anyone to make trouble for her by claiming that Song Anli was an outsider.

"I think everyone knows that when China Media Capital lowered our valuation to 30 billion, it was actually a respectful way to terminate the investment."

Jin Yan then took the initiative to break the window paper: "So I invited Grapefruit Capital. Mr. Song is willing to help us repay the debt of the gambling agreement and take over the shares of all shareholders who want to withdraw."

"As far as I know, Grapefruit Capital mainly invests in the Internet industry. Our little temple of Pentium cannot accommodate a big Buddha like you."

Li Ping was extremely aggressive: "Mr. Jin, you said your attitude. My attitude is that I don't agree with Xiyou Capital's investment."

"I agree with Mr. Li. Grapefruit Capital has no film and television resources. Let's not talk about anything else. Now our advertising company is acting as an agent for TV stations, and many of them were brought in with the help of existing shareholders. Can Grapefruit do it?"

Li Ping's husband cheered for her. He and his wife together controlled the "Remington Advertising" subsidiary of Xiaoma Pentium, and their annual revenue accounted for more than 30% of the company.

The vast majority of business was obtained from CCTV through the big boss behind Li Ming, and there were several small shareholders present who had unclear ties with him.

The couple has a position to oppose it, believing that Xiyou cannot replace the value of existing small shareholders, let alone the major shareholder China Construction Bank Culture, which has a string of LPs with film and television backgrounds.

"That's right. Grapefruit Capital has not yet entered the film and television media industry."

Song Anli admitted frankly, paused and continued: "When Xiyou Capital was first established 8 months ago, we had not yet entered the Internet industry."

"But now, we have helped Didi become a billion-dollar unicorn, helped ByteDance take the first place in the mobile news distribution platform market, and promoted Ele.me and Dianping to raise hundreds of millions of dollars in financing."

She stood up and pointed out the window: "Right now in Beijing, we are leading the two largest commercial competitions in the Internet industry in recent years."

“It took us eight months to go from nothing to all of this.”

Song Anli's eyes swept across the audience calmly and fell on Jianyin Culture's GP Miao Nan: "The reason I finally gave you is that the GP of Xiyou Capital is Xie Jingxing."

The atmosphere froze for a moment. Li Li's sisters and some small shareholders were not convinced. This set of rhetoric seemed very naive to them. The entertainment industry is very complicated and no matter how awesome an outsider is, he is still an outsider.

Most of the shareholders felt that they were having a hard time breathing. They had been to school and had worked in the industry for many years. In their hearts, colleagues like Xie Jingxing had a different weight.

It is common for companies to prefer bringing in strong external investors when there is internal turmoil or mergers and acquisitions.

Because the main problem of Pony.com is its chaotic equity structure, the investors are unable to exit with a high return rate.

Xie Jingxing is a strong man who can lead the multi-billion dollar mergers and acquisitions of Tencent-WhatsApp and Didi-Kuaidi, and solve the equity structure and design exit mechanisms to benefit the investors and shareholders. Few people in the whole country dare to say that they are more professional than him!

The head follows the butt. The investors and shareholders are not as naive as the Li Li sisters, who have the nerve to say that Grapefruit Capital is an amateur.

"What's your plan for investing in Pony.com?" Miao Nan broke the silence.

Song Anli looked at Jin Yan. She unconsciously clenched her fists and forced a smile, "Boss Song, go ahead and say it."

"Take Jianyin Culture as an example. You invested 4.5 million yuan to get 15% of Xiaoma Pentium's shares. You didn't list it within three years, and Xiaoma Pentium bought it back for 6.35 million yuan."

Song Anli continued, "The same goes for other investors who have signed a IPO bet agreement with Xiaoma Pentium. Grapefruit Capital will pay the price to take over your shares."

"For those who have not signed a gambling agreement, Xiyou is willing to take over according to the corresponding valuation."

"This is unreasonable. The valuation you gave is too low." Li Li knocked on the table to attract attention.

The proposal put forward by Song Anli is exactly the same as the proposal put forward by Jin Yan to repurchase shares. The calculated valuation is about 42 billion yuan, which is exactly the same as the 42 billion yuan valuation offered by China Media Capital and its small shareholders.

Then why was Jianyin Culture still willing to cooperate with her, stealing the official seal and forcibly breaking up with Jin Yan?

Because Jianyin Culture wanted to make more money, she wanted to be in charge and kick Jin Yan out. For this reason, she privately promised that she would give Jianyin Culture extra benefits after she had full control of the power.

Li Li seems to be fighting for the interests of shareholders, but in fact she is reminding Miao Nan to support her and she is willing to give more.

From the perspective of other shareholders, Li Minggaba's sudden death makes it unclear what the future prospects of Xiaoma Pentium will be.

Previously, China Media Capital was valued at 36 billion, so they could only break even, which was equivalent to investing for three years in vain. If they calculated the opportunity cost, they would even lose money. Of course, they had to follow CCB Culture.

Now Xiyou is willing to be a victim and take over the company at a valuation of 42 billion yuan, which is profitable. Just run away if you can. What else do you want? Li Li didn't promise them any benefits in private.

Given the internal fighting within the Pony.com family, it is not worth a valuation of 42 billion yuan. 22 billion yuan is about right.

China Construction Bank Culture holds many shares and is in a good position to take a gamble, but they don’t.

The small shareholders were talking about it, and Li Li couldn't control the situation anymore, so she winked at a close small shareholder named Wu, but she only saw the back of his head.

"Pay attention to the order of the meeting."

She raised her voice and called out, but no one responded and continued to talk. The meeting secretary received Jin Yan's gaze and shouted three times to quiet down the atmosphere. Song Anli said leisurely, "This is the highest valuation we can give. If you are not satisfied, there is another way to invest. Convertible bond financing, with an overall valuation of 25 billion yuan, and lend 15 billion yuan in cash to Xiaoma Pentium to repurchase shares."

"Wow."

There was a sound of chairs colliding, and the Li Li sisters almost slammed the table at the same time: "You are a fucking hooligan!"

During this period of being chased for debt, they passively learned many financial operations. Convertible bonds mean that the bond holder can convert the bonds into company shares at the price agreed upon at the time of issuance.

In other words, Grapefruit Capital agreed to lend 25 billion yuan to Xiaoma Pentium at a valuation of 15 billion yuan, and if Xiaoma Pentium cannot repay the money, it will have to give Grapefruit Capital 60% of its shares.

This is not the most outrageous thing. The borrowed money is enough to take over the shares held by the capital shareholders at a price of 42 billion.

The capital shareholders made money and left without having to consider the subsequent development of Xiaoma Pentium, leaving them to face a huge debt of 15 billion yuan.

Even for this debt, Grapefruit Capital can make agreed terms, such as if Pony.com's performance does not meet the standards, it will not even require forced share exchange to repay the debt.

"Vote, I agree."

On behalf of Jianyin Culture, Miao Nan proposed a vote by raising hands. As expected, many shareholders raised their hands in unison. Jin Yan pursed her lips and raised her hand last.

The voting rights are close to 60%.

Li Li suddenly looked at Miao Nan: "Are you kidding me?!"

"Mr. Li, calm down. This is a meeting, not an argument at the intersection of your alley." Miao Nan's assistant stood up.

"You guys are f*cking trying to destroy Pony Galloping. Pony Galloping belongs to my brother and his last name will always be Li!"

Li Li instinctively wanted to save the situation, and shouted to many executives: "They want to change Xiaoma Pentium's name, but I don't agree. The voting rights do not reach 67%, and I have a veto power. I will fight them to the end."

"With 60% equity, you can decide all matters except those clearly stipulated in the company's articles of association."

Miao Nan reminded calmly, and this one sentence crushed everyone's nerves.

The few remaining shareholders whose identities and backgrounds were unclear looked at each other and slowly raised their hands amid Li Li's hysterical abuse.

With 72% of the voting rights, she and her sister were the only ones who did not raise their hands.

"You little bitch are so fucking vicious, I'm going to tear your face off!"

Li Li rushed towards Song Anli frantically. Vice Chairman Zhong Lifang and a large group of senior executives stopped her. There was shouting and trying to stop the fight, and the scene was extremely chaotic.

"Boss Song, please go first. I will help Boss Jin to finish it."

In the chaos, Miao Nan walked closer and whispered.

Song Anli smiled slightly: "It's hard work."

She walked slowly and calmly, and dozens of shareholders dispersed like waves to make way for her. From today on, Xiaoma Pentium changed its surname to Xie.

The largest LP of Jianyin Culture is China Construction Bank. Coincidentally, Tang Man’s father works at China Construction Bank. She previously used this opportunity to help Didi attract CCB as a state-owned shareholder.

This time, Song Anli asked her to help arrange a dinner with Miao Nan during the Chinese New Year. Li Li privately promised benefits to China Construction Bank Culture, and Miao Nan will join Grapefruit Capital after the completion of the Xiaoma Pentium project as a partner in the film and television industry investment business.

As for Jin Yan, she will resume her role as chairman of Pony.com, where she could have gained so much more.

Song Anli gave her a chance to introduce Xiyou through targeted capital increase and stock expansion, but she was greedy and incompetent.

Song Anli met with other shareholders one by one during the Spring Festival holiday, and they were able to exit with profits.

60% of the voting rights means that excluding several major matters specifically stipulated in the company's articles of association, Grapefruit Capital can kick out the Li Li sisters through a series of methods such as asset transfer and equity dilution.

Therefore, the remaining small shareholders had to agree to the convertible bond financing plan, which would be a real win for everyone.

…………

"How about it?"

Song Anli left the club and got into a nanny car. Concubine Pei couldn't hide her excitement and asked impatiently.

She took out two tissues and wiped the sweat off her palms lightly: "I'll have dinner with Zhong Lifang tomorrow."

"nailed it?!"

Concubine Pei waved her arm slightly and said, "Zhong Lifang is capable. Let Jin Yan be the chairman first to stabilize the senior management team. When we have complete control over Xiaoma Pentium, we will support Zhong Lifang to take the position."

"This is just the beginning, there is still a lot to do later." Song Anli did not comment.

It takes time to finance equity investment through convertible bonds. Xiaoma Pentium received 15 billion yuan to repurchase shares, and small shareholders were eliminated. The repurchased shares entered a shelving period.

Only after the convertible bond period expires can Xiyou truly obtain 60% of Xiaoma Pentium's shares.

On the Pony.com side, we also have to guard against the Li Li sisters playing shady tricks, such as stealing the company seal again, forcibly changing the voting rights and amending the board's charter.

As well as the redistribution of options to the executive team and the distribution of benefits to small shareholders during their exit...

Everyone gathers together for profit, and a series of issues need to be carefully sorted out, otherwise the 60% voting rights alliance that she has been busy building for nearly a month may collapse at any time.

The Pony.com project is very complicated. The founder of the family business died suddenly, the power transfer is unclear, the investors have debt conflicts, and it involves political and business relations.

Almost all the problems that a company might encounter in capital operation were encountered. Xie Jingxing and Li Ming talked a lot during their meeting, and it can be summed up in one sentence - when a person dies, his debts are cleared.

Whether it is the legal issues involving Li Ming himself, or the various obscure conflicts of interest involving Xiaoma Pentium.

Only when he dies and all the hidden bombs are exploded, can Xiyou rebuild the stage from the corpse at a low price of 25 billion.

Beside her, Concubine Pei kept chattering about the wonderful life as the boss lady of Xiaoma Pentium. Song Anli felt it was so noisy that she felt dizzy and nauseous.

Barely holding on to his energy, he took out his phone and sent a message to Xie Jingxing: "I did it."

"That's right, I'll finish it tomorrow, and you can take half a month off to rest."

Seeing the message sent by Xie Jingxing, Song Anli relaxed her body, leaned against the back of the chair and closed her eyes. She was indeed very tired during this period.

This was her annual test: at the age of 25, she independently completed a 25 billion yuan acquisition.

If she was a hundred steps away from Xu Xin at this time last year, she should be 99 steps now.

Thinking of Xu Xin, Song Anli took out her cell phone and sent messages to Su He, Tang Man and Xu Xin to express her gratitude.

Su He taught her a lot of negotiation skills, Tang Man helped to deal with Miao Nan, and Xu Xin's previous employer Baring Private Equity was one of the major shareholders of Xiaoma Pentium. Xie Jingxing contacted Baring Private Equity through her.

"vomit."

Song Anli had acid reflux and suddenly vomited. She was really tired during this period.

(End of this chapter)