The most critical point of this bureau for the pinnacle of the century is the valuation of Netflix, the valuation of the pinnacle group is 50 billion, and the valuation of its subsidiary Netflix is the highest, close to 30 billion.

Netflix is an Internet company, and the valuation of Internet companies is seriously bubbled, and a storm can make the company's valuation plummet. In 2010, Netflix's stock price reached $305. But due to rising monthly subscription fees and the company's intention to spin off its online and mailing businesses, Netflix's stock price plummeted from $305 to $52 in six months, a decline of more than 70% in the company's total market capitalization.

This time Netflix's situation is similar, and the problem is also in the price increase. Until last September, Netflix subscribers paid $10 a month to enjoy both mailing DVDs and watching videos online. After September, Netflix offered users $8 a month to choose one of two services, or $15 for both. Many users don't understand and think that this is a 50% price increase in disguise!

Netflix is also forced to do this, and now Apple and Google have begun to do streaming media, and their participation has led to a significant increase in the copyright fee of film and television dramas; Netflix is expanding overseas on a large scale, entering the South American market in a big way, and investing a lot of money; in addition, Netflix is also planning to transform, preparing to launch high-quality self-made dramas, which also requires a lot of investment, and there is no way to increase prices.

Goldman Sachs has cooperated with Century Summit many times and holds a large number of bonds of Century Summit and Netflix. In June last year, they knew that Netflix was going to raise prices and transform to self-made dramas. However, Goldman Sachs is not optimistic about Netflix's plan, thinking that the company's valuation will plummet, and because of this, they feel that they have an opportunity. Century Summit has a market value of 50 billion yuan, a debt of 10 billion yuan, plus the acquisition of Prada at the end of the year, the launch of the Century Studios project, and the theme park project being promoted, the debt of the entire Century Summit is as high as 30 billion US dollars.

Netflix's valuation will fall, if Goldman Sachs is behind the scenes, then Netflix's valuation may plummet from 30 billion to 5 billion, and at the same time, the valuation of other subsidiaries of the peak of the century will inevitably fall, and the valuation of the entire peak of the century will inevitably plummet to less than 20 billion, or even lower.

A company's assets are valued at less than 20 billion, and its debts are as high as 30 billion, which is insolvent and has the risk of bankruptcy. In this case, shareholders who hold shares of Century Summit, as well as banks and funds that hold Century Summit bonds, may sell their shares and bonds.

At this time, Goldman Sachs will be able to eat these shares and bonds at a low price; if the peak of the century really goes bankrupt, then Goldman Sachs, which holds a large number of bonds, will be the big creditor and can reorganize the company and pull the stock price back; if the peak of the century is carried over and successfully survives the turmoil, Goldman Sachs will also make a big profit because of the low price of a large number of shares and bonds of the peak of the century; therefore, no matter what the outcome, Goldman Sachs will be the big winner.

In these two outcomes, Goldman Sachs is more inclined to bankruptcy, as long as they can bankrupt the peak of the century, they can become the major shareholders of the summit after the reorganization, so as to obtain long-term benefits.

Of course, the fact that a company's market value is lower than its debt does not necessarily mean that it will go bankrupt, and the key depends on the company's operating conditions and cash flow. Century Summit is doing well overall, with more than $3 billion in cash on hand, and $2.5 billion in loans and bonds maturing this year, which can be easily repaid.

If Century Summit wants to go bankrupt, there is only one way, which is to get banks and funds to force Century Summit to repay the loan early. If the extra billions of debts are paid back by the peak of the century, they will definitely not be able to take it out, and the entire company will inevitably go bankrupt.

At the beginning, Shi Yuzhu's Giant Group went bankrupt not because it didn't have money, there was a payment of 300 million yuan that was not in place at that time, and the Giant Group only needed 20 million to be able to pass the customs, as long as there was a payment of 20 million in place, the Giant Group would not die. It's a pity that the payment was not in place, and the Giant Group couldn't come up with 20 million, so it could only watch the company die.

However, Goldman Sachs knows that the summit of the century has a good relationship with the government, and if the government wants to protect them, then the matter will be in trouble, so they need to find an internal response in China, a person who can speak in the government or the bank, to contribute to the whole plan. PropNex is seeking an overseas listing and has a strong background, which is undoubtedly the most ideal partner for Goldman Sachs. The two sides hit it off, agreeing that as long as Century Summit goes bankrupt, Goldman Sachs will take over Century Peak's foreign business, while Bona will take over Century Peak's domestic business and jointly carve up the big cake of Century Peak, and later they will pull Wanda in.

This is a very powerful game, at the beginning, the black "One Man Lights Up" was ostensibly for the New Year dispute between the two films, but it was actually sending a signal that there might be a problem with the peak of the century, otherwise Bona would not dare to provoke the peak of the century, which holds the largest cinema chain. After the rumor that Zhang Ran was banned from leaving the country came out, many people suddenly realized that Zhang Ran had an accident, no wonder Bona dared to fight with the peak of the century. At this time, Zhang Ran made a big mistake and did not clarify the matter of being directly restricted from leaving the country, which led to rumors flying all over the sky.

After Netflix's financial report came out on the 25th, Goldman Sachs immediately hyped it through its influence in the United States, Netflix's strategy went wrong, Zhang Ran was involved in a corruption case again, and the future direction of the peak of the century is unknown.

Immediately afterwards, Bona and Wanda released their killer features through the forces behind them, and issued a notice through the China Banking Regulatory Commission, requiring all banks to urgently investigate the credit and overseas financing of Century Peak, especially the risks of merger and acquisition loans, domestic guarantee foreign loans and other businesses, and some short-term financing began to require Century Summit to repay in advance.

The whole incident was just as Goldman Sachs expected, step by step, detonating the debt problem at the peak of the century!

Goldman Sachs's bureau is interlocking and very meticulous, if other people get to this point, I am afraid they can only lead the neck to be killed, and there is no good way to do it.

It's a pity that Zhang Ran is not an ordinary person, as a reborn, the price increase will cause Netflix's valuation to drop sharply in his expectations. Knowing that the price increase would cause Netflix's valuation to drop sharply, Zhang Ran dared to do so because he was sure that Netflix's valuation would be re-raised within a few months.

After trying to understand the reason thoroughly, Zhang Ran laughed, since you want to play, I will play with you!

On the morning of February 1, light snow fell in Beiping. The snowflakes flying in the sky fell down softly and softly, hanging on the trees and roofs, and the whole world was white.

Zhang Ran held a cup of hot water, stood in front of the floor-to-ceiling window of the Century Summit Conference Room, looked at the snowflakes flying like catkins, and sighed in his heart, Beiping has not had such a suitable snow for several years.

Behind Zhang Ran, there are already many people sitting, Qiu Yuanxu, President of Golden Harvest Pictures, Gao Jun, President of Golden Harvest Cinemas, and other domestic CEOs and other heads of domestic companies, as well as Netflix CEO Antioco, Summit Entertainment CEO Freman and other heads of overseas companies. Today is the day of the annual high-level meeting of the Peak of the Century, where the company's senior management and the management of subsidiaries gather.

Despite the recent troubles at the top of the century, everyone was still full of confidence in the future of the company, especially in the young boss who was standing in front of the window, so everyone seemed very relaxed, sitting together in three or two, talking quietly, and happy laughter rang out from time to time in the conference room.

At this moment, someone behind him suddenly shouted Zhang Ran's name in English, he looked back and saw that it was the Prada couple, quickly put down the cup, and walked over to the two. Half a month ago, Century Summit signed an equity delivery agreement with Prada Italy to complete the acquisition of Prada. Now that Prada has become a member of the Summit of the Century, it is the first time that the Prada couple have attended a high-level meeting of the Summit of the Century.

Zhang Ran originally said that he would have a veneer ceremony with the Prada couple, but he didn't want the other party's hand to reach over first. Zhang Ran shook hands with them, exchanged a few words, and then pulled them to introduce to everyone, saying, "Come, I'll introduce you to you!"

"This is Antioco, the CEO of Netflix!"

"This is Fryman, CEO of Summit Entertainment!"

"This is ......"

Zhang Ran pulled Prada and his wife to make an enthusiastic introduction, even if he bought Prada and hoped to make efforts in the derivatives of the movie, therefore, he hoped that everyone could cooperate sincerely.

After a brief acquaintance, Mr. and Mrs. Prada struck up a conversation with Freman. Summit Entertainment's "Twilight" is currently the most popular teen movie in the world, and it is with this movie that Wang Daren became popular around the world. Three years ago, Prada wanted to implant Prada's girl brand miumiu in "Twilight", but Zhang Ran refused. Now that we are a family, there are no barriers to cooperation.

The time soon came to nine o'clock, and when Zhang Ran saw that everyone had arrived, he sat down in his place and said directly: "Now we have a formal meeting! Today's meeting is an annual summary meeting, which mainly summarizes this year's work and makes arrangements for next year's work. There is a lot of content in today's meeting, so I won't say more, let's go straight to the point. ”

Zhang Ran said two opening remarks, opened the folder on the desktop, looked at the topic arrangement, and said: "The first item of the meeting, the work report of each company, let's listen to the achievements of each company last year. After speaking, Zhang Ran smiled at Gao Jun: "Old Gao, you come first!"

"I'll take the lead, let's summarize first!" Gao Jun beckoned to the secretary of the meeting and handed her a stack of papers. The secretary took the document and began to distribute it to the people present one by one, and in everyone's hand was a detailed data of Jiahe. Since the company's management has many foreigners, the whole is divided into two versions: Chinese and English.

When everyone got the documents, Gao Jun began to summarize: "Hello colleagues: time is like a white horse, and before you know it, the curtain of 2009 has quietly closed. Standing at the end of 2009, traveling through the corridor of time and space, looking back on all aspects of the past year, I feel a lot of emotion in my heart. In this year, with the joint efforts of Golden Harvest management and all employees, the results are very gratifying. Last year, Golden Harvest Cinema Line opened 15 new cinemas, with a total of 853 screens, the largest in Asia, with a revenue of 2.52 billion yuan, a year-on-year increase of 39.4%, accounting for 19.1% of the national market share. The market share did not increase, it fell by one percentage point, but the revenue per screen under Century Summit was 1.5 times the industry average, and the net profit was twice the industry average. Among the top 100 cinemas in the country, Golden Harvest accounted for 34 of them, ranking first, and the top 10 cinemas Golden Harvest accounted for four seats, among which Shenzhen Golden Harvest Cinema Line ranked first in the country with 79.35 million yuan, Magic City Wujiaochang Cinema ranked second in the country with 75.43 million yuan, and Guangzhou Baiyun Cinema was a newly opened cinema last year, with an income of 68.4 million yuan in the first year of opening, ranking fifth, setting a record for the revenue of newly opened cinemas in the world......

At the same time as Gao Jun made a report, Zhang Ran was slowly flipping through the data of Golden Harvest, last year's net profit of Golden Harvest Cinema Line was 460 million, of which 150 million were sold, and of the 160 million, popcorn accounted for 100 million. Derivatives have increased compared with last year, but the proportion is still very low, and derivatives development is really a long-term and arduous work.

Five minutes later, Gao Jun completed the work report of Golden Harvest Cinema Line. As soon as Gao Jun's words fell, Zhang Ran was the first to applaud, and then the entire conference room applauded. 21010