"With the acceleration of the global industrial division of labor, Asia has begun to undertake more and more manufacturing factories with its abundant human resources. Represented by the rise of Hong Kong's electronics industry, it is rapidly promoting the economic development of the entire region! And industrial expansion undoubtedly requires huge funds to promote, Wall Street, as the world's largest capital flow center, should not ignore the huge investment opportunities contained in the rise of Asia!

As one of the leading enterprises in Asia's manufacturing industry, we have the obligation to push more excellent partners in the region to the stage of the global capital market, and better enhance the development of the entire Asian electronics industry by attracting foreign capital to join!

This is also the original intention of our decision to acquire Hilson Lehman, and to use it as a fulcrum to better communicate and communicate with Wall Street! Mr. Peterson, as a former leader of Lehman, I don't know what you think of our acquisition!"

After Zhuang Yuhai talked freely about Asian investment opportunities with the Wall Street elites in front of him, he suddenly changed his style and led the topic to the acquisition of Oriental Group and Amex.

"$3.5 billion isn't too expensive in terms of purchase price, and Hilson-Lehman is worth it!" Peterson didn't seem prepared for the question, pausing before replying.

"As far as I know, the main reason why you left Lehman was that the contradictions between the traditional investment bankers and the securities traders within the company could not be reconciled! Hilson-Lehman Company was quickly merged by Yuntong through the acquisition of more than a dozen large and small companies in just ten years, and the internal factional contradictions were even more complicated!

Not only did Amex get rid of a tricky mess this time, but it also got back a full $3.5 billion in cash by the way, which is undoubtedly a good deal for them! And for us, whether or not we can quickly straighten out the internal problems of Hilson-Lehman will directly determine the success or failure of our huge acquisition!" Zhuang Yuhai said with a wry smile.

"LH Group is fortunate to have such a calm decision-maker as you!" Peterson applauded.

"You have won the award, I just see the problem clearly, but I don't have the ability to solve it! The new group after the merger of Hilson-Lehman and LH Fund needs a respected investment banker to take the helm!" Zhuang Yuhai said with a smile as he looked at the other party.

"Haha, it looks like the headhunter in New York has a good new business!" Peterson quipped with a smile as he ignored Zhuang Yuhai's straight eyes.

"At present, the main business of Hilson-Lehman can be roughly divided into four parts: stockbrokerage, asset management, fixed income bond department, and traditional investment banking business!

Among them, the stockbrokerage department is mainly based on the original Hilson Company, and after merging the assets of Hutton, it has the second largest securities retail network in the United States after Merrill Lynch! However, with the advent of the Internet era, the stockbrokerage business will usher in major changes!

In the future, investors will be able to browse the stock market online in real time without leaving home, and use trading software to buy and sell stocks independently! While technological progress promotes the improvement of investment decision-making efficiency, it also means that the status of traditional securities brokers has begun to decline, and it also means that the commission rate of brokerage retail business will become lower!

In the future, the contribution of brokerage retail business to the overall revenue of investment banks will become smaller and smaller, and its greatest value may only be to help companies retain a large number of individual investment customers!

Hilson-Lehman's asset management division is mainly made up of IDS and Boston, formerly owned by Hutton.

Both companies set up mutual funds to sell financial planning to individual clients!

As for the remaining traditional investment banking business departments and fixed income departments, the main body is the original Lehman Brothers! Since you and Mr. Schwartzman, the traditional investment banking business in Lehman Brothers, including corporate mergers and acquisitions, has begun to fall into a predicament! As for the fixed income department, because of the collapse of the junk bond market, it has been losing money continuously in recent years!

The U.S. bond market is a huge capital circulation market that is not weaker than the stock market, and institutional investors with huge amounts of money such as insurance and pension funds all regard high-rated fixed-income bonds as the largest proportion in their portfolios, effectively avoiding risks while achieving asset appreciation!

However, Wall Street's various financial derivatives innovations are endless, and they can even cleverly convert various high-risk financial assets into AAA-rated bonds and sell them to customers. So in my opinion, the bond market now contains no less risk than even investing in stocks!

Looking at the recent fate of the top three investment banks in the entire Wall Street bond business, it is also very reflective. First Boston has just been acquired by Credit Suisse Group, and Salomon Brothers is being investigated by the Treasury Department. And if Lehman hadn't had Yuntong behind his back, it is estimated that he would not be far from bankruptcy!

Our first goal with the acquisition of Hilson-Lehman was to rebuild the company's competitiveness in traditional investment banking business. At the same time, the addition of LH Fund will further enhance the comprehensive strength of the new company in the field of asset management.

As for the bond business, we hope to focus our main efforts on the underwriting and issuance of sovereign bonds and corporate bonds in the future. At the same time, by controlling the proportion of junk bonds and financial asset securitization products, the overall business risk will be reduced!"

In a long speech, Zhuang Yuhai elaborated on the new business strategy that Hilson-Lehman will adopt after its acquisition.

At the beginning, Lehman Brothers has always been based on traditional investment banking business as its core business. But at the peak of the company's performance in the early eighties, the fixed income debt division contributed more than two-thirds of the company's overall profits. This has led to the growing ambitions of the fixed income sector, which has begun to have a sharp conflict of interest with the traditional investment banking sector. Pearson, the company's chairman and CEO, is a traditional investment banker. This caused Lehman's bond traders to point their displeasure at him, which eventually led to Peterson's disgrace.

The situation is different now, and the power of the former Lehman family is not dominant in the combined Hilson-Lehman company. Even because of the continuous losses in the bond business, Lehman's voice is getting smaller and smaller. If Peterson can return to Hilson-Lehman as the principal, he can put on a good show of "the return of the king"!

And Zhuang Yuhai's conversation with Peterson was not aimed at convincing the other party, but just confiding in him in advance, so that the other party could have some psychological preparation. The one who really went out to talk to Peterson in detail must be Li Xuan, the big boss himself, so that he can show the greatest sincerity!

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