After tossing for a few days, Han Ting finally got the equity repurchase offer to the major shareholders in the name of the company's management of Hanle Electronics.

She initially offered a buyback price of $600,000 per 10% of the shares, a 20% premium from six months ago. (At that time, the company's total share capital was 5 million US dollars), and as a result, CITIC Trust did not look at this price directly, obviously thinking that the assets were extremely high-quality, and this price could not be let go.

Han Ting further increased to 650,000 and 700,000, gradually testing the other party's reaction speed, and finally tested the price of about 700,000, which was that CITIC Trust was willing to release a small amount tentatively, and Gu Biao was willing to sell it wholly.

The process of forming such a price is naturally absolutely able to withstand scrutiny.

No matter how high it is, Han Ting is afraid that the subsequent lenders will be unwilling to take risks and feel that the value of the mortgaged equity is inflated.

According to the calculation of this step, Gu Biao's equity in the electronics factory, which was valued at $2 million half a year ago, has now appreciated to a $2.8 million sale price.

In addition, the above exit price does not include amortizable dividends per share, so the corresponding part of the company's cash flow to be distributed must be converted again.

After some complicated calculations, in theory, Gu Biao could finally get a cash flow of $4 million and get out of the way. Han Ting took on $3 million in debt as a paper company and received a 40% stake in Hanle Electronics.

If Han Ting manages the law in the future and successfully uses the profits of her 40% shares to pay off the $3 million debt, then she can no longer rely on the legal personality of a paper company, but directly hold shares as a natural person.

If she does not manage well and cannot pay off, then the 40% equity will be seized by the financing bank in the form of mortgage.

The so-called MBO is how it works in this case.

Of course, so far, all of this is still "theoretical". Because the last and most important step is to find a financing bank that is willing to accept the mortgage, and the procedure has not yet been completed.

Han Ting used the business relationship she had accumulated in the past six months to bring a senior business manager of an American bank from Xiangjiang, and whether the other party could accept this job or not still needed to be reviewed.

……

"Gu Shao, Miss Han, I am very happy to have the opportunity to cooperate. Liang Jinsong, a contemptible man, is a senior business manager in the Asia Pacific region of Citibank, responsible for the business of Hong Kong. Equity pledge financing, as well as foreign exchange and futures, we can act as an agent. ”

A few days later, in the café of the Friendship Hotel, Gu Biao met the Xiangjiang guest that Han Ting had invited.

It was a thin, sharp-faced young man in his 30s, wearing a suit and tie, and looking urbane, without the rampant energy of Hong Kong businessmen who came to the mainland at the same time. Maybe it's because he knows that the customers he receives aren't generic.

When he saw the other party's face, Gu Biao was not impressed. After taking the business card, I vaguely remembered that Citi did have this person.

It's not that Liang Jinsong himself is famous.

Like this kind of guy who graduated from the University of Hong Kong, was born as a trader in the financial industry, and had a little achievement, Xiangjiang grabbed a lot of it. It's just that this person married a diving queen in later generations, so most of the post-80s generation in the mainland have heard of it.

At the age of 30, this guy can make outstanding achievements in Citibank's Asia-Pacific region, and he is promoted quickly, and he can be regarded as a "young talent". But his future wife is still breastfeeding.

"Manager Liang, it's a good luck. Hanle Electronics' business situation, equity structure, and asset capital verification are all here. If you have any opinions, you can feel free to ask us. Gu Biao was not polite to the other party and got straight to the point.

Liang Jinsong also fully understood the situation, and he didn't look at the materials on paper anymore, but his tone was relaxed and tentative:

"Gu Shao, it seems that in this case, the expectations of the three parties for the future value of the shares are relatively large. In my 8 years in the industry, this is the first time I have seen a situation where the second largest shareholder is willing to sho-hand and the largest shareholder is almost unmoved. ”

Gu Biao analyzed domineeringly: "This is normal, because the profitability of any business at hand is far greater than the business of CITIC Trust using trust bonds and equity investment." An annual profit margin of 15% is good business in CITIC's opinion, but in my opinion, it is bad business. ”

"Looks like you're in a hurry for money. Liang Jinsong pointed out slyly.

"Is this what you should ask?" Gu Biao didn't want to explain at all, "You should mainly communicate with Miss Han today, because she wants to finance a management buyout." ”

Liang Jinsong gradually put away the contempt that he had at the beginning because of Gu Biao's youth.

Everyone took business seriously and reviewed it, but in the end, Gu Biao felt a little impatient, took out a photo from the notebook in hand, and pushed it in front of Liang Jinsong.

"Manager Liang, I want to get money, there is a way, I just don't want to alarm the big guys. ”

On the photo, it is a group photo of Gu Biao with the charter boat king and Sir Shao, and the background is the Xijiao Hotel.

Liang Jinsong had never been to that place, so he could only ask about the situation at that time.

After all, there are many people who have drunk and taken photos with big people, and they don't know how close they are.

"This place is Xijiao Guesthouse, in Hujiang. You can check for yourself, Sir Shao and the charter boat king, when have they appeared in Hujiang at the same time in the past two years. "Gu Biao's point is stopping.

The other party pretended that nothing had happened, politely expressed his willingness to cooperate, and said a bunch of good things and negotiated the specific financing plan.

At the last moment, he said that he wanted to go to the bathroom.

And then I went for a long time.

After returning, he respectfully accepted the financing cooperation.

Sometimes, risk review is indeed necessary, but it is often more important to raise small money and make big people than risk control.

Eighteen years later, Li Zekai walked into HSBC empty-handed and said to the CEO of the other party: I am ready to buy Heung Kong Telecom, I think the equity of this company is absolutely worth 12 billion US dollars, but I don't have a penny now, so I want to ask you to borrow 12 billion yuan and earmark the money to acquire Heung Kong Telecom. Immediately after the acquisition, the equity of the company will be pledged to you as collateral for the loan.

This is the typical empty glove white wolf.

If you don't pay a penny, you can say that Heung Kong Telecom is worth $12 billion, and HSBC will recognize it.

But HSBC really admitted it, and didn't ask for any mortgage in advance, and directly hit $12 billion.

In this case, it cannot be said that the bank's risk control is not good, it can only be said that the bank's risk control, in the relationship with the big people, risk control is not always the priority.

The boss of HSBC thinks that Li Zekai's father's name is worth $12 billion in credit, so what can be done.

In the same way, Gu Biao has a friendship with Sir Shao and the charter king, and with only a few million dollars of financing, do you still judge whether the value of the collateral is enough?

"The cooperation is pleasant, and the equity pledge will arrive as soon as possible. If you have any follow-up needs, welcome to cooperate again. Liang Jinsong finally completed all the formalities that could be signed.

……

Dealing with these things, from Han Ting returning to the capital to report to the end of getting all the financing, it took about 10 days one after another.

During this period, Han Ting also found an electronics supplier in the mainland and talked about the purchase of some equipment for Hanle Electronics to switch production and increase the production line.

Now that we are in June, everything is finally done.

Gu Biao calculated, all the funds he can use are about more than 8 million US dollars, and counting the profits of the arcade business in the next two months, by the end of the summer vacation, 10 million US dollars can also be expected.

At the beginning, Iran changed color, oil prices rose by 3 percent, and now both Iran have exploded, doubling is always necessary, for the time being, it is 6 percent, and 8 times the leverage is 4.8.

Give it a go, 10 million earn 50 million.

In addition, since Han Ting and Mina are doing the game together, Gu Biao will not stop them from throwing some of them.

The funds they can use are only a fraction of that of Gu Biao, since Gu Biao wants to be the leading big brother, and he is sure that he will make money, he is also happy to generously promise to help them take risks.

"Rest assured to vote, you will earn your money, and I will pay back your principal if you lose it. "It's impossible to pay anyway, don't say pretty words.

Mina's family still only has the working capital to open a winery, and now that business has been in business for more than half a year, saving four or five million yuan in cash flow is not a problem.

In addition, because of the relationship between the project and the task, it is much easier for Mina's factory to get various loans from local banks, and it can almost double the number of applications. This is again a quota of at least 5 million RMB.

In the 80s, it was indeed easier to get a domestic RMB loan. As long as the nature of your unit can be taken care of by the state, state-owned enterprises and collectives will not ask you to mortgage at all, and there will even be a "interest-free loan" policy for a long time. Many people simply dragged it for more than ten or twenty years and didn't pay it back, and it seemed that they couldn't catch up.

As for the foreign exchange quota, it is not a problem because the subject is the Foreign Investment Commission.

In a word, Mina can finally get together $1 million, and Han Ting can also get $500,000 and follow Gu Biao.

"When are you going to do it?" After the money was raised, Han Ting and Mina couldn't help but ask.

"Don't worry, you have to buy it again during the summer vacation. The war can't be fought at the moment, so I will let Zhang Zhong's side keep an eye on the situation in Iraq as much as possible. Gu Biao told them to relax.

"Then I'll entrust you with all my money. I went back to the Special Economic Zone to run the factory to transfer the line and change production, and it has been half a month since I came out, and there are many things left behind and no one cares. Han Ting was very relieved about Gu Biao and did not stay any longer.

As the time enters June, both Gu Biao and Mina have to devote their energy to the final exams in school and the daily research of the subject.

After spending a full two weeks in retreat and studying, and getting four more credits, Gu Biao's bachelor's and master's continuous study career is calculated as only the last 3 credits, and there is still time for the next semester.

After finishing the final exam and coping with the staged defense of the Batumi gray area topic, Gu Biao continued to do the "manual work" that Ye Kun and Yang Xin did to pile up, and he himself entrusted Liang Jinsong to help him deal with the futures account.

Gu Biao didn't remember when the Iran-Iraq war began, anyway, he didn't need to get stuck at the last point in time, in case it passed. There's nothing wrong with buying two months early, it's a big deal to hold for a while longer and pretend to be a "long-term investment".

Since exchanging financing with Han Ting, Gu Biao has also been paying attention to the market every day. Seeing that the price of international futures oil fell below the $18 mark and fell to 17 yuan 8 on June 24, he decisively chose to buy them all.

Anyway, before the outbreak of the war, oil prices fluctuated between 17 and 19, and 17 was already an "annual bottom", and he bought at 17 and 8, and the risk was extremely small, and there was almost no room for fluctuations.

As for the multiplier, of course it is eight times leverage.

When Liang Jinsong heard about Gu Biao's decision, he questioned it a little and told him that medium-term investment generally chooses a relatively low leverage. This multiplier of 8 times is generally a short-term market that is held for no more than 15 days.

But Gu Biao insisted, and the other party didn't say much.