2. PE for all: all fight for dad, and investment depends on grabbing

On the third day of Qin Fangyuan's return to China, Shi Wenqing arranged a dinner party for him to pick up the wind and wash the dust, and invited all college classmates who were mixed in the domestic investment banking circle, most of whom were doing VC and PE.

This is a bureau carefully planned by Shi Wenqing, who was born in MBA. He said half-jokingly and half-seriously: "The great talents stay in the foreign country and triumphantly, and they have been mixing outside for a long time, and it is estimated that they will not adapt to the soil for a while, so that these rabbit cubs who have been exercised in the country and are sticky to the hair are better than monkey spirits to brainwash the talents and test the water temperature, which is conducive to adapting to the domestic market in advance." ”

Qin Fangyuan quipped: "I'm also the son of a native Chinese farmer, and I haven't practiced that skill, what kind of brainwashing?"

In the morning, Shi Wenqing said that he would arrange a dinner, and in the afternoon, Qin Fangyuan received a familiar and unfamiliar phone call: "Our great talent has finally returned to his hometown? We all thought that you would never return, make a fortune in the United States, and forget about us bunk brothers." We used to think, you have had little contact with our old classmates in China for so many years, this person, as soon as you have money, you forget your roots. ”

Qin Fangyuan knew who it was as soon as he heard it, that is, the entire universe had lost its voice, and he also remembered his voice.

Qian Feng didn't seem to care about the entanglement of the youth between the two for a long time, and his tone on the phone was very complacent, and he could imagine that Qian Feng was still that virtuous. Qin Fangyuan took over the conversation: "I know in the United States that you are soaring in China, don't scold me, I'm just a poor boy on Wall Street, and if I can find a bowl of rice to eat, thank the lord Longen." ”

Qian Feng said: "The dinner in the evening is arranged for you, we haven't seen each other for a long time, we have to eat and drink a meal, and we don't get drunk." You see, as soon as I heard that it was a dinner organized for you, those guys, all of them rushed to Beijing, and few people responded to my usual greetings, so it seems that the appeal of drinking foreign ink is strong. Why is there such a big difference between people?"

Qin Fangyuan knew that Qian Feng was poor. Back then, the two were at odds with each other, and they fought secretly for several years, not just for women. Let's fight like a man! In Hedong and Hexi, in five years, one went overseas to get a foreign diploma and did the most basic work in a famous investment bank on Wall Street; the other ran into good luck in China and earned a lot of money, and his body was full of copper plates.

Qin Fangyuan wanted to know which classmates were coming this night. In Qian Feng's dictated list, there was no one alone, and he was a little lost. Once, on many autumn evenings in the United States, walking on the campus path covered with fallen leaves, the shadow of this person once jumped into his heart, with the same taste of nostalgia. I don't know if she's doing well in the country. Since she didn't come, then forget it, presumably Qian Feng is the same! Therefore, in the phone call between the two, no one mentioned her. On this matter, the two seem to have a tacit understanding.

After more than an hour, Qian Feng drove a black BMW X5 over. From a distance, the BMW car is about to surpass his size, Qian Feng's height is less than 1.7 meters, except for the horizontal expansion of his waistline, he has not seen a millimeter in five years.

Qian Feng shook the car key in his right hand, took a figure-eight step, and came over leisurely. When he saw Qin Fangyuan, he took the initiative to step forward, patted Qin Fangyuan's shoulder with some effort, and said, "I really didn't expect you to run back to China to mess with our gang." Think about how envious we were when you went to Princeton University! When we saw people, they said that our classmates were in Princeton, and they put more gold on our faces! As soon as you came back so suddenly, we would have no place to stay in the United States in the future. ”

Of course, Qin Fangyuan heard his words: "It's not like I'm back." Look at you in the past few years, you have earned a lot of money, I have to start again, you can be proud!"

Qin Fangyuan had rehearsed the scene of meeting Qian Feng many times in his heart, but he was unlucky enough to bump into the era of heroes based on money, and Qian Feng, who was covered with copper plates, drove a BMW, which was not in the dramas he had rehearsed many times. He felt a little lost in his heart.

The dinner will be held at Baguo Buyi at the south exit of Nanluoguxiang in Beijing's Dongcheng District, where there is a face-changing show at 7 p.m. They also often enjoy this traditional art of the motherland in the Sichuan restaurant in New York, and these folk skills have been transmitted abroad. Not long ago, some scholars wrote an article complaining that the national intangible cultural heritage has not been well protected, but in fact, these national quintessences have been carried forward abroad, who will deny that China is the place of origin?

I booked a private room on the second floor of Pakistani Buyi, which happened to be facing the face-changing performance stage. There were seven or eight classmates here, who were either investment banks or funds, with the exception of only one person, that was Qin Fangyuan, who should have been the most mixed in the fund. "It's not that I don't understand, the world is changing fast", Qin Fangyuan is going to Party A now, I don't know if it's happy or worried, but he was the seed player in the class who did investment back then.

These sworn friends received a call from Shi Wenqing in the morning, and as soon as they heard that Qin Fangyuan had returned to China and was going to have dinner in the evening, they all responded positively, and those in Beijing pushed off other dinners, and those in other places hurriedly bought air tickets and rushed to Beijing. It seems that the investment industry is indeed booming, and judging from the fact that these people don't blink an eye when they buy discounted tickets, they all seem to be strong.

In the process of pushing the cup and changing the lamp, Zhao Hongwei, who is a venture capital fund in Shenzhen, joked with Qin Fangyuan: "Old classmate, I want to teach you a concept." You work in a big investment bank on Wall Street, can you brainwash us in a popular phrase, what is the concept of investment banking?"

Zhang Haitao, who works as an investment and financing consultant in Wuhan, immediately glanced at Zhao Hongwei: "I don't know how to mix this concept?"

Zhao Hongwei winked, and Zhang Haitao immediately understood, and then said: "Yes, some people ask, every day when it comes to investment banks, why do they call intermediary consulting institutions that do listing or mergers and acquisitions investment banks? In the eyes of many ordinary people and local entrepreneurs, investment banks are powerful characters full of mystery! But those banks are the real banks with real money, and the investment banks are just making some intermediary consulting fees, and they are doing hard work!"

Qin Fangyuan smiled slightly, knowing what these guys were pondering, it was nothing more than to test whether his stone was really gold-plated or copper-plated, it was too pediatric!

Shi Wenqing grabbed the words and pointed to the people present one by one: "Aren't you all like dogs? Let's just talk about you, Zhao Hongwei, the project listed on the GEM, you yourself have been investing in it for almost a year, right? And you, Haitao, don't think I don't know about those things! You took out this pediatric question and asked Fang Yuan, it's too unkind, you have fooled a lot of turtle bosses with this. ”

Qin Fangyuan waited for Shi Wenqing to finish speaking, and deliberately stretched his tone and pretended to be stupid: "In a broad sense, investment banking refers to financial institutions that operate all capital market businesses, including securities underwriting and brokerage, corporate financing, mergers and acquisitions, investment consulting and intermediary services, asset management, etc. In a narrow sense, financial institutions with one or more of the above operations can also be often referred to as investment banks.

"As the most dynamic and innovative economic entity in the financial market, investment banks have the reputation of 'light cavalry of the financial system' and 'financial engineers in the market economy'. It participates in the allocation of resources in the capital market in various flexible and changeable forms, and has become an important link between capital suppliers and capital demanders.

"Due to differences in legal and traditional customs, the title of investment bank varies from country to country. For example, in the United States, they are called investment banks, in the United Kingdom they are merchant banks, and in Japan and China, they are called securities companies. ”

Qin Fangyuan was still talking, and Zhang Haitao on the side couldn't hold back his laughter. Qin Fangyuan pretended to be stunned, and pretended to be confused and said, "You guys, you're making fun of me!"

The scene soon came alive.

Zhao Hongwei stood up, picked up his wine glass and touched it with Qin Fangyuan: "Your explanation just now is very professional and profound, can you give everyone a popular way on Wall Street?"

Qin Fangyuan understood what these guys were talking about, so he pushed the boat along the water, and said: "Actually, the most interesting explanation I heard is: There is an investment bank rookie who asked: 'What is an investment bank?' The senior took some rotten fruits and asked him: 'How are you going to sell these fruits?' The rookie thought for a long time and said: 'I will dispose of them at a discount according to the market price. The senior shook his head, picked up a fruit knife, peeled and cut the rotten fruit into pieces, and made a beautiful fruit platter: "In this way, sell it at a price dozens of times." ’”

After listening to this, Zhao Hongwei pouted and said: "We have heard this story for a long time, and Wall Street has not had an innovative explanation recently?"

Qin Fangyuan was happy: "Now that the global economy is integrated, there is no Wall Street or non-Wall Street." In fact, domestic investment banks are no worse than overseas investment banks, and you can easily achieve dozens or even hundreds of times the return, and in the United States, it is simply a dream. ”

Zhang Haitao said: "It seems to be a beautiful scenery, but my heart is hesitant, and I am talking about our gang of people! It is very difficult for us to serve the business owners now, and those of us who are investment banks are going around currying favor with them, not only to have a good relationship with the business bosses, to invite guests to dinner, and to gain trust, but also to meet the so-called value needs of investors." One word: difficult!"

Shi Wenqing didn't seem to like to listen to it, he pointed to Zhang Haitao's nose and said: "Tell me, you have only graduated for a few years, and you bought an Audi worth more than 500,000 yuan, and there are two houses in Wuhan, what is the difficulty?"

When Qin Fangyuan heard this, his eyes widened! Who is Zhang Haitao? Back then, every semester in college, at least one course was taken to make up for the exam, and one of them was devoted to politics and became an official.

Zhang Haitao looked bitter: "Oh, a girl is robbed by countless people, you look at the outside now, everyone is talking about investment and investment banking, almost all of them are PE." Grab too much meat and eat too much, and there is soup left. ”

"Isn't there a lot of enterprises in Wuhan? For example, Hubei Land, which makes petroleum equipment, is also very good!" Qin Fangyuan was very strange.

"That's really good, but people don't need to go public; even if they do, we can't catch up with each other, this kind of good enterprises and good projects, the people who grab them are estimated to be full of Wuhan one bridge and two bridges." ”

"The owner of that business is my hometown, a town. The boss's son is called Ma Hua, and he is my classmate from primary school to middle school, so I have the opportunity to introduce you. Qin Fangyuan suggested enthusiastically.

Zhang Haitao immediately stood up, hugged his fists, and then served a glass of wine, with a sincere face: "Quite good!

"You're welcome! By the way, what did you just say, why did you get PE for the whole people? Qin Fangyuan followed his previous words.

Zhang Haitao said: "Don't you know? Even China and the United States have hotlines, and you all-knowing Wall Street people don't even know about it. ”

Qin Fangyuan waved his hand: "You misunderstood what I meant, I don't want you to talk at length." So let's just say it's kind of interesting to tell me about this industry. ”

"It's pretty much the same, let's talk a little bit about it, it's pretty good at talking. Qian Feng, who had been relatively quiet since entering the door, took over at this time, "In this way, let me tell you an interesting story, which is widely circulated in the circle, and you will know the current situation of PE after listening to it." An entrepreneur receives a visit from a PE, and a bunch of people come in the conference room. Took a business card: Partner. Tonsheng respected: This is the boss! Another business card was taken: the managing partner. Well, the boss took another business card: the founding partner. Oh, it's the same as me, this is the real boss! At this time, a white head came over and handed over a business card: the chief partner. The entrepreneur burst into tears: 'Grandpa, who's the boss?'"

They burst into laughter.

Shi Wenqing came up and said: "China is fighting for dad, and investment companies are fighting for LP strength and background. For example, LPs with foreign backgrounds will fight for foreign pension funds and university funds, and domestic ones will fight for social security funds, even if CDB's parent fund is fine, otherwise it will not be the mainstream. Of course, it is at least a good embellishment for LPs to make do with some well-known families, and the Hong Kong and Taiwan families surpass foreign families, and many people in China do not know about foreign families! Just like the Rothschild family disclosed in the book "Currency Wars," it is well-known enough, but how many people in China know about it? Of course, Li Ka-shing, the richest man in China, is energetic enough, and Taiwan's Wang Yongqing family is not bad. Domestic families? Tell me, who can there be? There are only a few invisible families. Not long ago, it was revealed that a family had lost 3 billion yuan in a gambling in Macau, and it was said that the actual assets of the entire family were not enough to pay off gambling debts.

"Recently, there is a Weibo named Yiyuntang that is very popular, and it is all about things in this circle. PEs will fight the scale after the background, and they will open their mouths if they are less than one billion, and they must also be dual-currency, US dollars and RMB. If you encounter a tendon and keep asking, you can say that it is the total asset scale under management, and those who have invested and withdrawn are counted, and it has been accumulated since the first phase of the fund a few years ago. One word: big!"

Shi Wenqing was on the rise, and Qian Feng couldn't sit still: "When I heard that the fund was the work of some local bosses in Zhejiang and Guangdong, it was a local fund, which was still different from our foreign fund." To tell the story of PE, we have to listen to Yao Xinchao, he has experienced it himself. ”

Yao Xinchao later studied for a master's degree at the Central University of Finance and Economics. At present, there are two groups of people in the market who control the investment industry, one is Wudaokou, which is the Wudaokou School of Finance of Tsinghua University (the graduate school of People's Bank of China); When Yao Xinchao graduated from graduate school, he was worried about what kind of job he was looking for, and someone gave him a reference opinion: to judge what industry is the most profitable in China, you only need to look at what the "***" people are doing. Thirty years ago they reversed approvals, twenty years ago they dumped imports (smuggling), 10 years ago they dumped land, and now they dump capital and companies to be listed. What exactly is the business? They're doing PE.

Yao Xinchao went to an Australian investment fund, most of the LPs of this fund are Australian-Chinese, and they have some understanding of China's national conditions

e

al Pa

t

e

, general partners) are also mostly from studying in Australia, and this group of people recruits a management team, requiring local resources and backgrounds. Yao Xinchao's grandfather used to be a senior cadre in Henan Province, an official to the ministerial level, although he has been retired for many years, Yu Wei is still there, so Yao Xinchao was dispatched to Henan as soon as he graduated and became the head of the resident representative office. There are only two instructions given by their boss: one is to collect as many enterprise resources as possible, the more the merrier, we eat meat first, even if we can't eat meat, we have to drink soup; second, we try to keep a low profile, do not compete with domestic counterparts for projects, do not join in the fun.

Zhao Hongwei said: "Now those foreign funds are also thieves, knowing that relying only on those big brands will not work, and they also openly and secretly dig people with resource backgrounds to grab projects." These foreign funds still have a sense of superiority in their hearts, but in fact, I don't look down on the funds of a certain international family that open their mouths and close their mouths, do you know what they think of our local funds? They say that they are different from the turtle funds, and they can introduce advanced foreign management experience and provide technical assistance, and in addition to money, they also have resources and value-added services. In these years, as long as the pockets are bulging and the money is taken out to invest in the special, who doesn't have some resources and services? This is just like the beauties evaluating themselves, in addition to beauty and connotation, but as long as they are individuals, they have a little connotation! PE is overflowing, and competitiveness is reflected in differentiation, don't always talk about resources and value-added services, practice some real kung fu, and come up with some unique skills!"

After drinking a few glasses of liquor, these guys couldn't hold back their words, and they all talked about the people and things they came into contact with every day, which opened Qin Fangyuan's eyes.

Qian Feng and Qin Fangyuan touched the wine glass, tilted their necks, and a glass of 52-degree Moutai went down their throats with a "grunt", and shouted after drinking: "Is this real Moutai?

Shi Wenqing hurriedly explained: "Anyway, there are thousands, hundreds of bottles, who knows if it's true or not." Isn't the annual report of Moutai coming out, the real annual output of Moutai is more than 20,000 tons, and the market circulation is more than 200,000 tons. Zhen Moutai, Dute supplies ministries and embassies abroad. Go to their Moutai town and pull the insider's offer? Don't be complacent. Last time, one of my customers drove to Moutai Town through the relationship, and everyone did not leave the car along the way, and pulled it back to find an expert for identification, how can there be any authentic Moutai? But the taste is not bad. ”

Zhang Haitao said: "Why did PE turn to Moutai again? Don't digress, doesn't Qian Feng have something to say?"

Qian Feng poured a large glass of wine, stood up, his face flushed, and almost shouted: "Crazy, crazy, slightly better projects, there are more than a dozen people who come to the door to compete, those who show a little bit of skill can be listed, and there are more people who line up to come to the door, and they are polygamous! You see, what is the difference between this and a private placement: (1) the terms are not negotiable, (2) the price is not negotiable, (3) the information is fully disclosed, it is better to leave some privacy, and (4) invest in us? Then I also have to see whether the temper is right or not. Look, even for this kind of project, PEs are crazy about grabbing it. ”

Shi Wenqing took over the words: "This is the last madness, we just like it when we do investment banking! A few days ago, I saw someone say on Weibo that now the investment e-commerce is completely in the golden flower, incisive! Anyway, everyone grabs, come up without saying a word, first stuffy ten yuan, whoever looks at the card scares away, and then stuffy again. After the two handfuls, the eggs almost look at the cards to see the cards, run away and run away, the players look at the cards again, the cards are good and continue to tie, the bad cards throw their cards to join the fire with the people who have not yet thrown them...... At present, it is the first one to be bored at the beginning, the second one to be bored at the end of the year, and the second half of next year is almost really opened. ”

Qin Fangyuan listened more excitedly, and he pricked up his ears, as if he was listening to a new world. In fact, this world is not far away, the land where he grew up, under his feet, but this world is also far away, so far away that he almost does not know it.

"I don't think Liu Qiangdong, the owner of Jingdong Mall, is right. He said that the relationship between enterprises and investors: and investors can only have ***, don't expect to get married! *** There are two endings: one is that the two are happy, and the other party often misses each other when they break up; Shi Wenqing said.

According to his logic, you (the company) are just one of the dozens of us (the investor) have slept in, and we may be the only one or one of the few you have slept in. If you choose the wrong one, you won't have an IPO, and if we choose the wrong one, there will be other children. Yao Xinchao, who has not spoken for a long time, has come up with a joke from nowhere, which is vivid and concise.

"I think Liu Qiangdong said it very well, either hate or love. You men like to be ambiguous, unclear, and slimy if you don't get married, so what's it?" Bailu is the only woman at the dinner, a girl from the Northeast, who has always been outspoken, tall and handsome, and plays basketball well, and she didn't know how to go to school in Wuhan back then. After graduating, I first went to an IT company, and after assisting the CEO in financing the first round of funds, I was poached to the investor.

Bailu is not a vase, after arriving at this investment company, the 5 customers who excavated invested in 2, although they are all co-invested, but in this era of more wolves and fewer sheep, 40% is already a very high signing rate, and none of your family is "***".

Qian Feng took over: "There are too many stories about the asking price, and there are all kinds of people in the turtle king." Didn't Yiyuntang disclose one? It was said that there was a company, and as soon as the boss negotiated the price, the lion opened his mouth, and the investors were anxious: 'Use the predicted profit to set the price? No problem! Is there an order? It is an order, not a letter of intent for cooperation, a strategic framework agreement, or something. No order? No problem, do you have customers who have already tried it? No, is there a list of customers you are negotiating? Trade secrets cannot be disclosed? Then your prediction is a big pie! It's not even a drawing on paper, it's the kind that floats in the air! You might as well keep it for yourself. ’”

Zhang Haitao was not far behind: "This Yiyuntang also told an interesting story. There was a business owner who asked for a very high price and agreed to make a bet, and after due diligence, the investor found that it was not the case, so he planned to lower the valuation. Investors are completely bitter: 'You bet on us for such a high profit? I don't know if you are gritting your teeth or really optimistic, but have you ever thought about what if the economy fluctuates? What if the opponent lowers the price? What about the emergence of alternative products? The price of materials has risen? What about the customer leaving? There are too many risks! This bet is a lifelong effort for you, and it is just one of many investment cases for us. Forget it, don't gamble, let's downgrade the valuation. ’”

Bailu interface said: "Venture capital is gambling, investing in ten companies, becoming one is enough, becoming two is profitable, this is a high-risk and high-return industry." In fact, if you think about it, no one promotes the failures, and the few successful ones are always written about, and as a result, they create the illusion that it is easy for the public to succeed. Moreover, everyone thinks that they are better than others, others can be successful, and others will lose I will not, in fact, this is the principle of gambling. Investors and entrepreneurs are smart people, but they are still human beings, and they can't escape the weakness of human nature. ”

Zhao Hongwei said: "I quite agree with this. When it comes to gambling, I'm too timid to play such a big game, but it's exciting to be a spectator. Players who don't do a good job and lose $100 million are also advised to leave the game early, according to my experience of Za Jinhua, only when there are enough bullets can you have the confidence to go to the end. ”

Qian Feng said: "When I make a gold flower, I usually look at the cards in the first round, so even if I win in the end, I pay more than others, but I won't lose a lot of money." ”

Shi Wenqing made a long speech and made a far-sighted statement: "No one can do without anyone in the development of enterprises, and industrialists and capitalists are originally conjoined babies. Ten years ago, it took 15 or even 20 years of struggle to achieve a nationally renowned company, but later, with the intervention of venture capitalists, it took seven or eight years to become a well-known Internet company. For most entrepreneurs, it is difficult to achieve great success without experiencing 5~8 years of 7×12 hours a week of entrepreneurial struggle. ”

This dinner is full of laughter, and it has only been a few years since his debut, and it seems that everyone has become a battle-hardened veteran. Qin Fangyuan is a smart person, and naturally knows that the seemingly incoherent speeches at this dinner are all from the true meaning of life. This meal is worth more than running to a few lectures by the bigwigs.

Thinking of this, he picked up his wine glass, staggered to his feet, and said sincerely: "I did this wine!" It can be regarded as a thank you to your classmates. Listen to what you say, it is better to take the United States for five years!" After speaking, he raised his neck and drank it all.

The classmates giggled and laughed: "How dare you dare! You and Shi Wenqing are turtles, and we are both turtles." We all heard and copied from other people, and we have never eaten pork, but we have only seen pigs run. ”

Shi Wenqing said: "You are scolding us in a different way, either a turtle or a king, anyway, it's not a good thing." ”

It was a very refreshing night, drinking a lot of wine and chattering a lot. It is said that drinking too much alcohol is better than being noisy, which is conducive to dissipating undigested alcohol and reducing the detoxification burden on the liver.

At the end of the dinner, Qian Feng, who was talking, asked Qin Fangyuan: "I heard Shi Wenqing say, you want to remember the media, and be responsible for financing?"

"I'm going to the interview tomorrow, and I don't know what the outcome will be. Qin Fangyuan asked casually, "What does your fund think of this company?"

"I'm not very clear. However, we have already had an internal investment review committee, and we will soon not be able to forget about the media, which is to a large extent a competitor to remember the media. ”

Qin Fangyuan was stunned, not knowing what Qian Feng meant when he said this. Could it be that they have to compete with him after returning to China? What a pair of enemies! When he saw Qian Feng's strange gaze, it almost flashed.

Of course, Qian Feng understood what Qin Fangyuan meant: "It's not what you imagined, it's not competing with me, it's competing with the companies I invest in." It's not competition, it's to remind you that this business ......"

Just as he was chatting, Shi Wenqing came over, he heard the conversation between the two, and interrupted: "How can there be competition? An LCD media in an office building and a mobile media in a taxi are not the same thing." ”

Shi Wenqing turned his head and asked Qian Feng: "I heard that you are staring at a project in Guangzhou, making household medical devices?"

"You're well-informed. I've been following it for more than two years, and I've been eyeing it when I was at that venture capital company in Shenzhen. The boss is a university teacher and a young talent. The company's development is stable, the benefits are good, there is no shortage of money, and the desire for financing IPO is not high. Recently, this boss has loosened his attitude a little, so there should be a chance!"

"I've studied their information, and their main competitor, the Korean-owned Lezizi Company, has completely defeated them. The South Korean company has been stagnant, and the number of experience stores has shrunk rapidly from more than 2,800 to about 400 across the country, but they have earned nearly 30 billion yuan in 10 years in China, which is enough. Shi Wenqing talked about this company like a treasure.

Qin Fangyuan was very sensitive when he heard the figure of 30 billion yuan, and he hurriedly said to Shi Wenqing: "The market is not small! Then you still don't take their financing projects?"

Shi Wenqing motioned to Qian Feng: "How about this suggestion? I'm real, right?"

Qian Feng had to be convinced: "It seems that your investment banking business is indeed in place, and you are about to catch up with the business detectives." There is no problem with cooperation, the key is to provide value-added services for enterprises. ”

At this time, Zhang Haitao heard it on the side, ran over, and learned from a certain entrepreneur in Wu Nong's soft language: "Value-added services? Don't fool around! You invest in dozens of projects a year, just a few partners, thank you for the board of directors to participate on time! Besides, isn't it just to get a set of things to supervise me? Is it to strengthen my governance? Those things, I have the money to find a professional agency to provide them, it's more reliable!"

A few of them were chatting hotly, and the other classmates were impatient, perhaps they were basically drunk, and their words were a little unclear: "What kind of business to talk about, if you have something to say tomorrow, don't talk about business at the class reunion! Finally, everyone got together, happy and happy-who arranged tonight's event?"

Shi Wenqing paid the bill. Everyone was almost drunk, and the hotel waiter suggested parking the car in the yard, and asked the security guard to call three taxis at the door and go straight to No. 8 Mansion in Chaoyang Park. Shi Wenqing invited everyone to soak in a luxurious milk bath and open-air hot spring, and also steamed a sauna, pinched their feet, and then fell asleep one by one.

Lying in the private room, the space is small, the air circulation is not smooth, Qin Fangyuan opened his eyes and looked at the ceiling for a while, and closed his eyes and tossed and turned on the bed for a while, unable to fall asleep. Thinking of Qian Feng's unfinished words, his intuition told him that Qian Feng had something to say, and Qin Fangyuan had a headache thinking about it, and he couldn't figure out what was going on.