Da Mo's predicament made Zhou Shiwei embarrassed, but he didn't expect that his arrival would only affect a key personnel arrangement, and cause such a heavy loss to Morgan Stanley. And I didn't know, and no one could blame Zhou Shi, thinking about it, I was still a little excited, is this a dimensionality reduction strike? It shouldn't be? Maybe it's an overrun strike.

A few days later, Zhou Shi learned that what Da Mo wanted to spin off this time was only a part of the securities department, which was only stocks and related products (market making, margin trading), sales, fixed income securities and related, and some brokerage business and other miscellaneous businesses. Their main goal is to streamline their business, focusing on institutional securities (financing, corporate lending, M&A advisory, etc.), wealth management and asset management. Zhou Shi read a lot of information and still didn't figure it out, after those businesses were sold to Tianhe Securities, Da Mo seemed to be still Da Mo. However, many of them are repetitive and toxic, and they do not complement each other's advantages according to Zhou Shi's imagination to form a perfect corporate business form. It is impossible for them to sacrifice themselves to fulfill others.

"The question now is whether we go with a cash buy, an equity buy, or a combination of both. "Gorman

"Our company has not yet been listed, how can we calculate our valuation if we use equity?" Zhou Shi of course hopes to use equity acquisition to save costs, anyway, he does not want to completely control the company, and it is also appropriate to let others share part of the operating risks. He didn't have the luxury of succeeding in whatever he did. Finance, even if all the roads are paved, is still risky. Moreover, there is also the domestic Modu Securities, and in the long run, the probability of the successful merger of the two companies is still very large.

"That's a problem, but we have a valuation model, we don't have too much difference, and we have to give them a certain premium, and we won't lose money!" Gorman

"I don't want to take advantage, let alone suffer losses, as long as we can ensure our control at the right price and so on, the most important thing is to ensure that it is beneficial to the development of the company, and we can't buy a bunch of toxic assets and then drag ourselves down. "Zhou Shi

"I think their sincerity is still there, but there should be other conditions. ”

"What conditions might they mention, and did they reveal their tone?" Zhou Shi

"I don't know yet, it's just my guess!" said Gorman

The tripartite cooperation between Da Mo, Citigroup, and Tianhe Securities will not be a simple condition, but Zhou Shi still does not have much hope for this, and feels that the difficulty is too great. I don't know how many twists and turns there will be in the middle, whether Nomura Securities, which has been staring at them, will cross one hand, and whether Goldman Sachs and other companies will intervene, these are all big questions.

Zhou Shi did not participate in the negotiations, he had other things, such as the adjustment of the shell phone, as the popularity of the shell phone increases, the domestic pressure will also increase. Of course, Zhou Shi will not always be hard topped, and he does not dare to guarantee how big the other party's appetite is. So there must be measures in place, such as allowing the American Fruit Shell Company to acquire the Chinese Fruit Shell Company, or setting up a shell company in Hong Kong or Singapore.

"Of course, if the company is set up in Singapore, where new high-tech companies and companies engaged in research and development can get a 10-year tax holiday, the withholding tax rate for royalties paid for the import of advanced technology from abroad will be reduced from 15% to 10% every year since 2005, and double deductions will be allowed for expenses incurred on research and development of computer software and information services. "A financial expert

"Then Singapore, Zhou Shi found that there were too many preferential conditions in Singapore at this time, no wonder Anwar high-tech enterprises set up in Singapore, or set up regional headquarters here. The headquarters of multinational corporations here only need to pay 10 percent in taxes!" Zhou Shi lamented, why does China not have such good conditions? You must know that although domestic high-tech enterprises can be exempted or exempted from preferential tax rates, even if they are high-tech enterprises that are supported by the state, they are subject to enterprise income tax at a rate of 15 percent. If it is just this tax advantage, Zhou Shi is not ready to set up his headquarters overseas, but the high social cost is an unavoidable problem.

Of course, the American company will not be the headquarters, otherwise not only can it not pay less, but it will also have to pay a lot of taxes, so Zhou Shi will not be so stupid. Although it is necessary to keep a certain distance from Huaxia, it is impossible to throw itself into the arms of Aoguanhai.

"Mr. Zhou, the Shenzhen market asked us why we want to set up the headquarters of Guoke in Singapore, and if we can stay in Shenzhen!" Chen Wen

"It's only been a few days, and they've heard so fast. "Zhou Shi

"Although our company is becoming more and more well-known overseas, the scale is not large, and the sales volume in China is not much, so it stands to reason that there is really no need to pay so much attention," Chen Wen analyzed, "but how should we reply?" Chen Wen

"Anyway, at the beginning, Huaxia's Guoke Company was not the headquarters, and Huaxia Company could not affect the establishment of the headquarters, so it was directly said that this did not affect our investment in Huaxia, but only a change in finance. "Zhou Shi

"They won't be satisfied with this reply, right?" Chen Wen

"Do you want us to give them the company if they are satisfied?" Zhou Shi was unhappy

"Okay, I'll reply" Chen Wen didn't say much, knowing that it wouldn't help

To make the equity relationship of Guoke clear, the establishment of a headquarters in Singapore is not only for prevention, but also for attack. The Fruit Shell House really doesn't have much money to spread out, and Zhou Shi doesn't want to invest too much, in case it is all overwhelmed. It is still necessary to open up venture capital, and strong venture capital companies can always provide themselves with more sources of information.

Within a few days of Chen Wen's reply to China, Gao Xiqing's phone called.

"Brother Zhou, what are you making a fuss about?" Gao Xiqing

"What are you talking about?" Zhou Shi was puzzled, did he know that the negotiations had begun, but the negotiations between Tianhe Securities and Citi had only just begun, and the funds of Huatou could not be used at this time. He obviously didn't contact Gao Xiqing! It can't be a traitor! Soon the facts proved that Zhou Shi was thinking too much.

"Why did you set up the Guoke headquarters in Singapore?" said Gao Xiqing

"I'm just getting started, how come you all know?" Zhou Shi

"Hehe, how many people can you hide from such an important matter?" Gao Xiqing

"No, how big a deal can it be, my company's total revenue last year was less than 35 billion, and it lost a lot. "Zhou Shi

"There are some things that don't have the final say in money. "Gao Xiqing," the main reason is that you have just made a name for yourself, and it has spread in China!" Gao Xiqing

"Why are you people so gossipy?" Zhou Shi

"Is there any room for this to be reversed?" Gao Xiqing

"They think too much, this matter has nothing to do with what happened to Guoke Huaxia, and I don't don't accept investment, but I only need investment from central enterprises or powerful state-owned enterprises. "Zhou Shi

(End of chapter)