January 8, 1987, Hilton, New York, USA:

In the evening, the whole of New York is covered in white snow, the cold snap hits, and the streets are bustling with laughing people, but in the hotel, it is very lively.

Today, a cocktail party is held here to celebrate the upcoming listing of the Disney Company.

At the time of the acquisition of Disney, Xu Zhi made several agreements with the Foreign Acquisition Authority of the United States, one of which was that it would need to be relisted in the United States within five years after the acquisition.

And Xu Zhi himself also has this plan, when the acquisition, Disney was heavily in debt, business difficulties, whether it is the United States government lawmakers, ordinary people and Hollywood peers seem to be indifferent, but after the past few years Michael Eisner's management and Xu Zhi's suggestions and capital transfusion, Disney has long been reborn, even if there is no agreement, listing is also a necessary means to ensure the future, seeking more strategic alliances, in order to achieve more stable development in the future.

In the past 1986, the total box office of Disney movies exceeded $1.5 billion, and the Lion King alone provided $700 million, and the net profit for the entire 86 years was as high as $680 million.

At the same time, in early 1985, Disney invested in several companies in the Japanese stock market, and now with the appreciation of the yen and the sharp rise of the Japanese stock market, the investment of $300 million has become a huge 1 billion.

When Disney was acquired in '83, the company had less than $100 million in cash on its books and more than a billion in debt, but now, in less than 4 years, the company has more than $500 million in cash, $1 billion in valuable assets in the Japanese stock market, and a large number of high-quality copyrights: "The Lion King", "Growing Pains", "Beauty and the Beast", etc., which are extremely stable long-term income.

In addition to the movie business, in 1985, Disney spent $200 million to renovate and expand two major Disney parks in the United States, and the park's traffic increased by 30% compared to before the acquisition.

Others, such as various peripheral businesses, hotel business, etc., have rebounded.

Because of the decline in the dollar exchange rate and strong exports, the US stock market is now in a boom phase, and the lucrative Disney Company is about to go public, which naturally attracts the attention of many investment banks.

Goldman Sachs relied on its relationship with Xu Zhi to get a resale share, but Xu Zhi could not allow his listing to be controlled by an investment bank, and Morgan Stanley also appeared.

When they got the detailed financial reports of Disney, the eyes of the heads of the two companies were red, and no one could have imagined that in just a few years, Disney would turn over in the hands of a Chinese.

The news of Disney's imminent listing has also attracted the attention of many local American consortia, all of whom have used their own channels to buy some of the original shares in order to seek high returns.

According to the U.S. listing law, a company needs to have a sufficient number of shareholders before going public, and the shareholding ratio of a single major shareholder shall not be higher than 75%, and the shareholding shall not be higher than 66.7% after listing.

Therefore, before going public, it became inevitable to sell some of the shares in hand.

The company is about to go public, and internal employees are naturally eligible to buy the original shares at a preferential price, and Xu Zhi has expanded this scope to other Heung Kong companies, and any senior executives with seniority can subscribe to a certain amount of Disney original shares, so that the fertilizer does not flow into the fields of outsiders.

All the subordinates took a total of 5% of the share, and the remaining 20% needed to find a powerful partner, Xiangjiang local, Bao Yugang and Huo Yingdong were eligible to participate in this game, each bought 1.5% of the original shares, and the other 17% needed to find interested buyers in today's party.

The banquet began for 20 minutes, and the people of Goldman Sachs and Morgan Stanley were chatting and laughing with everyone in a relaxed manner, and at the same time they were negotiating Disney shares.

Soon, Currie, a representative of Goldman Sachs, brought an acquaintance of Xu Zhi.

"Eric, this is Alan Walker, you saw it four years ago. Curry Xu Zhi forgot about the other party and reminded with a smile.

Xu Zhi stretched out his right hand to shake hands and smiled: "Of course I remember that back then, Mr. Walker was the major shareholder who supported my acquisition of Disney the most, and I am very grateful for the cooperation back then." ”

It turned out that the person who came was the representative of the American Coal Workers Union Fund, and back then, the fund was the first to sell Disney shares in its hands, but I didn't expect that it would come over today.

"Eric, on behalf of our foundation, I'm very interested in investing in Disney again, but isn't it a little too expensive?" Alan Walker said with a smile.

"Disney's net profit last year was close to $700 million, with $1.5 billion in securities and cash reserves, as well as a large number of high-quality copyrights and a large number of fixed assets. Xu Zhi shrugged and said: "We have reached an agreement with the German government to build the first Disneyland in Europe outside of Berlin, and I think that the price of $8 billion is not very high when all these factors add up." ”

Although Xu Zhi is not very optimistic about Disneyland in Europe, this does not prevent him from using the news to increase the value of the company and strive for a huge IPO.

Xu Zhi has already set the original stock price with Goldman Sachs and Morgan Stanley, $8 per share, for a total of 1 billion shares, which is also the price at which he is selling now.

Alan Walker sighed slightly, raised his wine glass, and said with a wry smile: "No one would have thought that Disney, which was rated as a junk stock and even almost delisted, would have such a big change today, I knew that we shouldn't have sold our shares back then!"

"In this world, you don't know it early, and it's not too late to reinvest now, and I think that in the future, Disney's return will be enough to satisfy your company. Xu Zhi took a sip of whiskey and said with a smile, although the U.S. coal industry has declined, but the emaciated camel is bigger than a horse, and there are a lot of retirees in the coal industry.

Alan Walker didn't make any promises, Xu Zhi also made a few polite words, and then talked to some other financial elites, some of whom also felt that the price was quite high, while others wanted a larger proportion of the shares.

……

On January 23, 1987, after half a month of negotiations, Xu Zhi finally reached a consensus with several investors.

There are four companies that have bought Disney stock: the American Coal Workers Union Fund, General Electric Group, Vanguard Fund Company and Meisheng Group.

At this point, Disney's share structure has complied with the provisions of the U.S. listing law, and the pace of listing is about to begin.

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