The matter of the physical examination made Mina Xiao Sui not in the mood to pester Gu Biao recently.

So since the day of the 2nd, after taking two or three days to care for and deal with the girls around him, Gu Biao also had to keep a little distance again, not to put pressure on them, and let them make their own decisions slowly.

With Gu Biao's current market, as long as you want to deal with business matters, you can't finish handling them. When you don't want to deal with it, you throw it to the group of CEOs and presidents under you.

So as long as he plunges into Xiangji or Hanle Electronics, he can always be busy until late at night.

Han Ting was originally quite strange, why did Gu Biao obviously bring Xiao Sui and Mina to Xiangjiang, but he still had so much energy to go to Hanle Electronics to supervise every day.

He also set up an on-site coordination headquarters in Hanle Electronics, so that Tiankun could report all the sales and market feedback of the learning machines that had just been put into the country here, and he would see it every day.

Han Ting can only choose to ignore it, and let Gu Biao do whatever she likes.

The time soon entered the middle of May, and some general trends in the international and business areas gradually became clear.

First of all, Gu Biao took the time to care about those business partners in Europe in the past few days.

Originally, his "Princess Caroline" gambling ship began to be renovated at the end of last year, and the schedule will be put into trial operation this summer. Gu Biao was originally planning to stay in touch with Princess Caroline and other operators representing the Monegasque royal family's assets during the summer vacation.

However, since the Europeans are currently shrouded in panic about Chernobyl, and the causes and consequences of the accident are gradually becoming public, Gu Biao must always care about those partners.

To do business and maintain human feelings, you can't usually not burn incense and rush to hold Buddha's feet.

When the call came, Caroline's mood didn't seem to be affected:

"I'm fine, Tiffany and my father and mother are also fine, and we're going to go to the United States for a vacation this month and come back in a little more than a month. My mother and I and Tiffany are going to Southern California to soak up the sun, Albert is going to Mexico for a few weeks, and June is the World Cup.

You don't have to worry about us, it's better to come back for the summer vacation, and then please eat truffles produced in the first half of April. ”

"Truffles, isn't this eaten every year, is it very precious?" Gu Biao was very funny.

Caroline: "Don't you know, the German and Italian governments have issued bans on the sale of all domestic fresh milk and mushrooms for at least two years in order to deal with radiation pollution. Some experts say that dairy products and wild mushrooms are the most susceptible to radiation contamination.

In order to protect the truffle industry, the French government has deceived the public, saying that the radiation in France has not exceeded the standard. But those of us in high society know what's going on.

Originally, truffles should also be fresh, but now in this special case, all truffles produced before April 25 this year, as long as you can prove the production date, refrigeration and freshness, will be fried. By the time of the summer holidays, it is estimated that the stock of wild truffles in the southern foothills of the Alps will rise to 200,000 francs, or 30,000 pounds a pound, in April. ”

"Holysh*t!" Gu Biao couldn't help but burst out with an English interjection, "This has gone up 20 times, right?"

"There's no way, the royal family and the upper class need something to show that they're different from everyone else. "Princess Caroline is very indifferent,

"I specially prepared a batch of goods at a high price urgently, and when the time comes, the 'Princess Caroline' will be used as a guest at the opening ceremony, and I will definitely be able to get the gimmick out. Think about it, when the sale of truffles is banned all over Europe, I have a large stock of top-quality truffles produced in Italy at the southern foot of the Alps before mid-April, and the eyes of those local tycoons will be instantly attracted. ”

When Gu Biao heard this, he could only shake his head and sigh, and he didn't have anything to say on the phone.

In terms of doing luxury goods and gimmick speculation, he really can't catch up with those European tax avoidance royals in his life.

People are born thinking about how to change the way to spend money more conspicuously, which is called specialization in the art industry.

……

After contacting the Monaco royal family, without stopping for two days, when Gu Biao was working in Hanle Electronics, he received a long-distance call from Schulhoff on the other side of the ocean late one night.

The time difference should be before lunch.

When he received Schulhoff's call, Gu Biao was still a little surprised, because the recent affairs of Tiankun were mainly in the market business, and Gu Biao had already asked Shi Yuzhu to report directly to him.

"What's the situation?" asked Gu Biao as he picked up the phone.

Schulhoff: "Boss, you asked me to arrange for someone to keep an eye on Wang An's computer." I found out that just a few days ago, Wang An officially arranged for his son Wang Lie to take over as the company's CEO. Nine-zero look

I didn't find out at the first time, mainly because they did a good job of internal secrecy, and Wang An also tried to appease some more people during the handover. Therefore, I only got Xiao Milling after Wang An's appeasement failed and some executives officially left. ”

"Yes, who have left, what about the other influences, and what is the current situation of Wang An's company?"

He knew that after Wang An brought his son to brush up his reputation, no matter whether he succeeded or not, and how successful he was, he would definitely cut through the chaos and pass on the throne quickly, so he took care of Schulhoff in advance and paid attention to Wang An's first-hand information in the United States.

"Cunningham and John Chambers were the most vehemently opposed. Now that Chambers has left his job and sold off his stake in the manager, I just sent someone to keep an eye on Chambers and get the source. According to him, Kaningham has also been hollowed out, and sold more than half of his shares, but Kaninghan is too old to come out to seek other careers, so he just takes a back seat.

In addition, there are two or three senior executives, more than a dozen technical backbone department managers, and supervisor-level personnel, who have taken people out. The Wang family spent about $450 million in cash reserves to buy back the shares of those who were leaving. At present, the shareholding ratio of the Wang family has risen from 60% to 70%, and it has returned to a state where even the board of directors does not need to open the sky. ”

When Gu Biao heard this, he interrupted: "The Wang family spent 450 million US dollars to buy back 10 points of shares? Then the total market value of Wang An Computer is now 4.5 billion US dollars? This price has fallen from its peak." ”

When Wang An Computer rushed to its peak at the beginning of the year, the 60% shares of the Wang family and his son were worth more than 3 billion US dollars, and the total market value of the company could exceed 5 billion.

Of course, those were only short-lived spikes, and they didn't hold that for seven trading days. In the second week, it fell below 5 billion again.

But in any case, Wang An's arrangement, it can be seen that Wang An's computer's stock price has begun to decline, or it is impossible to rise much if it stabilizes.

You know, the U.S. stock market was still in an upward channel in '86. From next year's Black Monday stock market crash, other companies still have several percent to rise.

So from this point of view, Wang An belongs to the early malaise, "when others are still foaming, it already has a tendency to shrink, and after the other party's bubble collapses, it collapses even worse."

After talking about the general changes in Wang An's computer, Gu Biao asked some more details, and Schulhoff also answered them one by one.

Gu Biao felt that the most incomprehensible thing was where Wang An got the $450 million cash flow at this time.

After all, with Wang An's computer's dividends last year, the profits belonging to the Wang family can be withdrawn for more than 100 million US dollars.

In addition, those Chinese family entrepreneurs in the United States like to invest dividends in expanding reproduction and investing in research and development, and their cash on hand should not be able to roll out the scale of net profit in two years.

Gu Biao felt that with 4500000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Schulhoff quickly solved this mystery: "As far as I know, Wang An is a corporate bond issued by pledged equity, a convertible bond, with a higher interest rate than a bank loan - because Citibank and **** are unwilling to undertake the direct long-term equity mortgage of technology companies, for fear that it will not be possible to deal with and add mortgage in time when it is shocked."

Wang An borrowed a total of 300 million yuan in cash to buy back shares, and doubled his equity before Citi was willing to accept it. At present, he has pledged 18 points, that is, after he acquired the equity of Kanningham, he nominally has 70% of the equity, but only 52% is not the pledged equity, and the other 18% is mortgaged to Citibank.

If Wang's share price falls by more than 40%, then his existing collateral will not be enough, and he will need to increase the collateral ratio, or he will be liquidated and forced to liquidate this part of the collateral debt - of course, Citibank will also look for buyers who are willing to accept convertible bonds. ”

In fact, Wang An's various modes of equity mortgage must be more than this 18%. It's just that in this wave of operations, Wang An "again" mortgaged 18 points.

In his previous daily operations, Wang An must have often pledged loans or issued equity convertible bonds. This is the normal business philosophy of an expansion-stage company.

Just like the later generations, many people on the Internet sprayed Wang Xlin as "China's first loss", saying that Wanda owes hundreds of billions of dollars to the bank - can be tens of thousands of assets, and this level of debt is normal operation.

If our company's assets are 500 billion yuan, why don't we pledge 300 billion yuan to exchange for loans and convertible bonds, so that the disposable assets at hand can be expanded to 800 billion yuan? As long as the asset-liability ratio does not exceed 80 percent, it is actually quite healthy in traditional industries.

In general, in the A-share market, it is necessary to have a mortgage ratio of more than 90% and an asset-liability ratio of more than 100% to be regarded as a "real money company".

However, Wang An is a technology company. The net worth of technology companies is not much, and the market value of stocks is more supported by the market's confidence in the future. Therefore, the general mortgage banks of technology companies are reluctant to do it, and the convertible bonds are reluctantly done, and the guarantee ratio is relatively high.

Even if you don't consider Wang An's previous equity pledge and convertible bonds, just look at 18% of this wave - if Wang An's computer stock price falls by three-quarters, that is, after continuous halving, Wang Anke will face the trouble of "adding all equity guarantees, and it will still blow up".

Of course, he can also choose not to add when the first wave is about to blow up, and acquiesce to the bank's meat cut. That would be nothing more than a loss loss of the 18% stake.

It is generally impossible to add to the loss of money, and it is also impossible to calmly cut the flesh in the first wave. People are emotional animals, and there will always be some misjudgments about their life's work that they want to save.

So, in the end, the actual operation may be somewhere in between.

The premise is that Wang An's computer's stock price really plummets.