Everyone is a person in business, and they are not unfamiliar with this word, but they just feel strange, why did Lin Feng propose this word at this time?

Zhou Kewen asked: "What kind of agreement is this?"

Of these people, he probably didn't know the word. Pen & Fun & Pavilion www.biquge.info

Feng Chengcheng and others, all of whom were Zhou Kewen's colleagues, were silent at the moment.

Zhang Yani is not from Jiangqi, and she is the most suitable to speak, yes: "The so-called VAM agreement is translated from abroad. The literal translation means 'valuation adjustment mechanism'. This translation can better reflect its essential meaning, but our national conditions are like this, and everyone prefers to translate it into a gambling agreement. The issues involved in VAM agreements that we hear about every day have nothing to do with gambling. ”

Zhou Kewen sighed and said, "I'm old, and I've never heard of these new terms. ”

Zhang Yani said: "Mr. Zhou, you may not have heard of this word, but you must know how it works. To put it bluntly, this is a manifestation of options. ”

Zhou Kewen let out a long sigh again: "Options? I know." ”

Zhang Yani said: "Through the design of the clauses, the VAM can effectively protect the interests of investors. A VAM is an agreement between the investor and the financier on uncertain future circumstances when the investor and the financier enter into a financing agreement. The investor may exercise a right if the agreed conditions arise, and the financier may exercise a right if the agreed conditions do not appear. Therefore, a VAM is actually a form of option. ”

Lin Feng said: "The most famous example is the agreement signed when Mengniu was acquired by Morgan Stanley and other institutions. ”

Zhou Kewen was surprised again: "Mengniu? Is that milk company not domestic?"

Lin Feng said with a smile: "It's a joint venture company, and the shares have already been acquired." ”

Zhou Kewen said: "I always thought that this was a national enterprise! Unexpectedly, I still can't escape the fate of a joint venture." ”

Lin Feng said: "When Mengniu was founded in 99, it only had a registered capital of one million. In 02, Morgan Stanley and other three institutions joined forces to inject 210 million funds into Mengniu. The modus operandi they have used, as well as the agreements they have signed, have been prime examples of commercial acquisitions. ”

Zhou Kewen smiled bitterly: "I'm really lagging behind, and I don't know anything about these things. ”

Lin Feng said: "In 02, Morgan Stanley and other institutional investors registered a Cayman company in the Cayman Islands, and the promoters of Mengniu Dairy registered a Taurus company in the British Virgin Islands. On the same day, Mengniu Dairy's investors, business contacts and employees registered and established Yinniu Company. Golden Bull and Silver Bull acquired a 50% stake in the Cayman Islands company for US$1 each, and subsequently established the Mauritius Company, a wholly-owned subsidiary of the Cayman Company. Morgan Stanley and other three international investment institutions injected about 26 million US dollars (equivalent to about 210 million yuan) into the Cayman company by way of stock subscription, obtained 90.6% of the company's equity and 49% of the voting rights, and the investment money was finally exchanged for 66.7% of the equity of Mengniu Dairy in mainland China through Mauritius, and Mengniu Dairy was also changed into a joint venture. ”

Zhou Kewen was stunned when he heard this, and said: "Does this have anything to do with the gambling agreement?"

Lin Feng said: "In order to achieve the expected value-added target, Morgan Stanley and other investors signed a VAM agreement with Mengniu's management based on performance growth. The two sides agreed that from 03 to 06, the compound annual growth rate of Mengniu Dairy will not be less than 50%. If it fails to do so, the company's management will lose about 60 to 70 million shares of Morgan Stanley's listed company, and if the performance growth target is reached, Morgan Stanley and other institutions will have to give their corresponding share awards to Mengniu's management. ”

Zhou Kewen said: "This is a VAM agreement, which is beneficial to both parties, especially to protect the interests of investors. ”

Lin Feng said: "Yes, so, I also want to sign such a VAM agreement with our dealers." Within the specified time, as long as their sales volume is large enough, we will reward them, otherwise, we will cancel their agency authority and take back all the vehicles for distribution. ”

Liu Jianwei nodded and said, "This method is good." The agreement was signed, written in black and white, with legal effect, and when the time came, I was not afraid that they would not admit it. ”

Lin Feng said: "If you don't admit it, you don't have to worry too much. We have a hundred ways for them to spit out our goods or money. ”

Zhang Yani said: "If it is this cooperation method, I am also willing to join, Brother Lin, you can take me!"

Lin Feng nodded: "Since everyone has no objections, then it is decided." Also, I want to keep one person in charge of the overall situation on the side of the United States, which of you would like to?"

Liu Jianwei smiled: "I am willing." ”

Lin Feng said: "Okay, then it's hard for Mr. Liu." Once you've completed the pre-construction work here and are on track, you can go back to work in China. ”

Liu Jianwei said: "What about the domestic operation department?"

Lin Feng said: "There is no need to change people, you are still the manager of the operation department." If I have anything, just consult you. Now it's easy to get in touch by phone and video. ”

Liu Jianwei said: "Thank you boss for your trust. ”

Lin Feng looked at the time and said, "You haven't had breakfast yet, have you?" go back and eat, you still have to be busy today!"

Everyone stood up and took their leave.

Zhou Kewen stayed.

"Mr. Zhou, have you eaten something at my place?" Lin Feng said with a smile.

"Boss. Zhou Kewen said with a serious face, "I formally resign." ”

Lin Feng smiled: "Here it is again." Do you think I'm running out of work and making you hungry?"

"It's not. Zhou Kewen smiled bitterly, "You also saw the situation just now." My mind is really aging. Completely unable to keep up with the changes of the times. In the past, I was able to cope with Jiangqi. Now Jiangqi, I feel powerless. I abdicated to make way for Hyun, and this time, I was very, very serious. Please be sure to fulfill me. ”

Lin Feng said: "You're here again! I said it a long time ago, it's not these things that I fancy you." ”

Zhou Kewen said: "I know that I am the old leader of Jiangqi, and with me, the old employees of Jiangqi have cohesion and centripetal force." That's what you fancy about me. ”

Lin Feng smiled slightly.

Zhou Kewen said: "If you want to talk about my skills, my knowledge, and my ability, these are really not worth talking about, and in front of these young people, I am nothing." ”

Lin Feng said: "That's not what I said. Experience is not something that can be learned. ”

Zhou Kewen said: "For the sake of the company's future development, please ask the boss to approve." ”

Lin Feng stared into his eyes for a long time, and what he saw was not only perseverance, but also perseverance.

"Okay, I promise your resignation!" Lin Feng said slowly.