Three days later, Goldman Sachs' board of directors discussed and approved the investment in Pangu Computer Co., Ltd.

Paulson, who was licensed, quickly signed an equity transfer agreement with New Venture Electronics Group.

"Congratulations, Goldman Sachs, we will share in the growth dividend of our largest and most profitable subsidiary of the new venture electronics group and the return on the appreciation of the value of the listed equity in the future!" Lin Qi said with a smile, "If Pangu Computer can be listed with a market value of $200 billion, then Mr. Paulson, you will definitely be the next CEO of Goldman Sachs!"

"Thank you, my teammates and I will use our expertise and hard work to prove that this deal is a win-win situation!" Paulson, who was empowered, smiled.

As one of the candidates for the next CEO, Paulson has no doubts about his abilities and resources. But Goldman Sachs does not lack top teams and executives who are as powerful as him, so it is necessary to make achievements that far surpass other executives, so that the performance they create is equivalent to the pillar of Goldman Sachs' profits, so that they can be stable.

On Wall Street, becoming the CEO of a big investment bank like Goldman Sachs is undoubtedly the ultimate dream of many outstanding talents.

Of course, no one could have imagined that Paulson would not only realize his dream and become the CEO of Goldman Sachs. Even, after stepping down as CEO of Goldman Sachs, the next job is even the US Treasury Secretary.

It is precisely because he knows Paulson's future development trajectory that Lin Qi feels that it is still worth becoming friends with him.

Pangu Computer Co., Ltd. itself is not bad for money, and before going public, it does not need to issue additional shares to raise funds. The reason for the introduction of strategic investment is only for listing, and it is not too important for financing.

Therefore, the introduction of Goldman Sachs to participate in the shares this time is the major shareholder New Venture Electronics Group, which directly transferred 2% of the equity to Goldman Sachs.

At present, 76.5% of the equity of Pangu Computer Co., Ltd. is controlled by the major shareholder Xinchuang Electronics Group, and after the transfer of 2% of the equity to Goldman Sachs, the major shareholder still holds 74.5% of the equity, occupying an absolute dominant position.

The remaining equity is held by the management team and employees of Pangu Computer Co., Ltd. Of the company's 26,000 employees, 13,000 are owned by the company. It can be said that the equity incentive system of Pangu Computer is almost carved out of the same mold as the parent company Xinchuang Electronics Group. Basically, it is through allowing employees to widely purchase and hold the company's equity, on the one hand, internal financing, and on the other hand, it is a bundle of interests, so that core employees can fully enjoy the returns brought by the continuous growth of equity value.

The dual attributes of shareholders and employees have strengthened internal cohesion and execution. After all, everyone understands that equity can be rewarded on the basis that the company does not support idlers, and everyone's time, energy and ability are fully drained.

After the introduction of Goldman Sachs, many employees complained a little that Goldman Sachs took a big advantage and the entry price was too low, and they did not feel proud of Goldman Sachs' investment.

From these, it can be seen that the employees and shareholders of Pangu Computer Co., Ltd. basically recognize the value of their company and are full of confidence in the company's future prospects.

"$1 billion, take 2% of the equity, Goldman Sachs will really take advantage!" Gao Tian said a little unhappily, "3 times the price-earnings ratio to buy a leading stock in the computer industry, but also lose Goldman Sachs dare to ask!"

"Goldman Sachs will give it if it dares to ask for it, as long as Goldman Sachs can let Pangu Computer go public with a market value of more than $200 billion, this price is still worth paying!" Lin Qi said with a smile.

If you want to make the investment bank work hard, the most important thing is to bundle interests, so that the investment bank can make enough profits, and the investment bank itself does not take a lot of risks, so that the investment bank, after assessing the profits and risks, will invest more resources to operate.

For example, the Pangu computer deal allowed Goldman Sachs to operate, first 2% of the venture capital, and if the project is successful, Goldman Sachs will earn at least $3 billion in investment income.

In addition, Goldman Sachs will introduce some clients' funds and manage clients' funds in the next few rounds of venture capital, and conservatively estimate that Goldman Sachs will earn hundreds of millions of dollars in asset management profits every day in the future.

After the listing, Goldman Sachs should have joined forces with other Wall Street giants to underwrite the issuance, and the $30 billion issuance would give a total of $750 million to the 2.5% underwriting issuance fee, and it is conservatively estimated that Goldman Sachs will earn $300 million from it.

The whole process, Goldman Sachs' risk is extremely low.

Because, even if Pangu Computer Co., Ltd. is not listed, it can rely on profits in the future to earn back the cost invested by Goldman Sachs, and it can get it back by relying on dividends and sacrificing a little time. Moreover, Goldman Sachs can still transfer equity, and at the current valuation of $50 billion, $1 billion of equity can be sold at a premium at any time.

After all, this price was not a normal price in the first place, but a discount to Goldman Sachs, a generous discount, in exchange for Goldman Sachs' resources in the U.S. capital market.

"If you want to go public, you must take advantage of outsiders, not to mention, after achieving the listing goal, you can expand the brand reputation of Pangu Computer Co., Ltd. in the world. A mysterious company whose assets are unknown to the market cannot compare with the influence of a giant with a market capitalization of $200 billion. With a market capitalization of just $200 billion, it is estimated that there will be a large number of research reports and a large number of financial media discussions around the world every day, and the exposure on the Internet will also increase dramatically. Lin Qi said with a smile, "For top large enterprises, exposure is also an important resource. A lot of attention and exposure is essentially a kind of free publicity that doesn't cost money. ”

In addition, the more important thing for listing is to reward employees. In addition, it will allow major shareholders to increase the number of platforms and tools for capital operation.

In essence, the means of getting money from the capital market, the major shareholders of listed companies far exceed the small and medium-sized shareholders. Even if it is reasonable and legal, without manipulating stock prices and insider trading, major shareholders can still grab a lot of profits by conducting open and legal operations only based on what the market knows.

For example, if the stock price is depressed in a bear market, it is completely possible to legally increase holdings and repurchase shares.

The stock price bubble in the bull market is high, and the major shareholders can completely reduce their holdings and sell, or pledge their shares in exchange for loans, or issue additional shares at a high price, and collect money from the market at a high price to increase the net assets per share of the old shareholders.

Even, more extremely, the major shareholder does not bring small and medium-sized shareholders to play, when the stock price is extremely depressed, far below the net assets and fair value, the major shareholder has sufficient capital, it is completely possible to arbitrage through the tender offer to acquire tradable shares, privatization and delisting.

It is precisely because of the fact that large shareholders actually have more means of profit than small and medium-sized shareholders. Therefore, the capital market has developed a series of measures to restrict large shareholders to protect the interests of small and medium-sized shareholders. However, even if there are more restrictions, it cannot change that major shareholders are naturally better able to make better use of the capital market to seek benefits than small shareholders.

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