c 1 => y s] b 7 2>"|7 +E x6 _ >ǔ3 4 r The world is boiling because of the news of Menglong's privatization.

Lin Feng is still staying in Philadelphia, absorbing more knowledge and nutrients on the beautiful campus of the Wharton School of Business.

For him, this kind of learning opportunity is very rare.

As for the process of Menglong's privatization, Li Dong, Wang Hao and other shareholders and privatization teams have rushed to New York, and these professionals will be responsible for handling the relevant documents, formalities and approval processes.

Lin Feng only needs to go over and meet them at the end of the course.

Anyway, Philadelphia is only a 2-hour drive from New York.

The Wharton School module in Philadelphia is the second teaching module of the first CEO class of Cheung Kong Graduate School of Business, and it is also the first time to cooperate with the world's top business schools abroad for this kind of high-level training, so the overall course arrangement is very substantial.

On May 28, just after arriving in Philadelphia, the CEO class students first toured Philadelphia under the guidance of Kyle Farley, Ph.D. in Wharton's history.

Starting from the East River in Philadelphia, we walked into this famous city that has experienced 300 years of ups and downs and represents the beginning of American history, conducted a field economic investigation of Philadelphia, and felt the precipitation and essence of American economy, politics and culture for a century:

Independence Hall, where the Declaration of Independence was signed, where the first Star-Spangled Banner was sewn in the United States, the first bank in the United States, the first stock exchange, the first medical school, the first mint, the first daily newspaper, the first museum...... In the fusion of the modern and the ancient in Philadelphia, the students walked and thought on the soil that nourished the modern and powerful business of the United States.

After that, the formal course begins.

Combined with the teaching characteristics of Wharton School, Cheung Kong has set up a series of special courses in this module, such as "History of American Enterprises", "Discovery-driven Implementation", "Global Winning Strategies", "Systems Thinking", "Building Global Brands", "Multinational Corporations in Emerging Economies", "Strategic Human Resources", and "Mergers and Acquisitions: Organizational Perspectives".

At the same time, there were various activities in between: high-level meetings with Wall Street investment bankers, visits to top investment banks UBS and Lehman Brothers, to share their new views on global M&A and M&A in China;

Breakfast was shared with Deputy Consul General Kuang Weilin of the Consulate General in New York, during which they jointly looked forward to the prospects of China-US business relations and reached a common intention on overseas investment of Chinese enterprises.

Visit West Point, the "Cradle of American Generals", and experience the spirit of "Country, Honor, and Responsibility" advocated by West Point......

The strategic cooperation between Cheung Kong and Wharton is also very important to Wharton, because most of the students are leaders in various industries in China's economic circles. In addition to these wonderful social activities, Lin Feng and others were officially taught by top professors from the Wharton School of Business, who are well-known and proficient in positional warfare in the developed markets of the United States, tactics and tactics of Fortune 500 companies.

These professors have their own unique observations and incisive views on the management theories that have been developing and perfecting in the West for a hundred years, and they have stimulated and improved each other with the valuable management experience accumulated by the students in the actual business practice.

For Lin Feng, it is undoubtedly a very valuable exchange.

Theory and Practice, West and China, History and Modernity...... He can fully absorb business wisdom and nutrition in this art of management.

In addition, Wharton offers a variety of courses, not only with professors, but also through group discussions.

For example, in the past few days, some courses have been combined with Wharton's own high-level training courses, and at this time, the students of the Chinese CEO class have also become classmates with senior executives from the world's top investment banks, such as Lehman Brothers and UBS.

On this day, under the chairmanship of Professor Marshall Meyer of Wharton, everyone exchanged and discussed the experience of "cross-border mergers and acquisitions" with their respective corporate practical experience, and grasped the new trend of global mergers and acquisitions.

In this course, Lin Feng received the most attention.

Who made the announcement of Menglong's privatization at this time boil in the outside world?

Not only the students in the domestic class, but also the professors of the Wharton School and the management of some American investment banks are also curious about the delisting and merger of Menglong.

So during the small class discussion, Lin Feng was pushed out by everyone and asked him to share his experience of privatizing Menglong.

Lin Feng did not hide it on this occasion, and very frankly communicated with everyone the considerations of Menglong's privatization.

"The privatization of Menglong is not a whim, it is an inevitable choice under the change of the situation in the development of China's mobile communications and wireless value-added services. ”

"Sometimes, we have to recognize the life cycle of an industry and anticipate its trends in advance. This is also the trend that Cheung Kong Graduate School of Business has been advocating. ”

"In the past few years, China's mobile communications industry has undergone tremendous changes, the number of mobile users from 100 million in 2001, increased to 400 million in early 2006, wireless value-added services have also developed vigorously in this process, the market size from 1.98 billion yuan in 2001, rose to 64 billion yuan now, of which SP value-added business reached nearly 20 billion yuan. ”

"Under this major industry trend, after Menglong went public, its performance has always maintained a steady growth, and it has also created value for the majority of shareholders. ”

"However, it must be noted that the SP industry is greatly affected by the operator's policy, regulation and adjustment, which has been the general trend of China's SP industry in the past two years, and operators are trying to incorporate value-added services into their own business system. In this case, the uncertainty and risk factors of Menglong's subsequent development will become uncontrollable. If we don't want to hurt the interests of our shareholders, privatization is the only option. ”

"Regarding delisting and M&A, perhaps Menglong is the first case of privatization of a Chinese enterprise listed on the NASDAQ so far, but I believe that with the familiarity of Chinese enterprises with the international capital market and the consideration of their own business development, there may be more and more Chinese listed companies in the future for strategic development or other considerations, privatization operations, whether listed or delisted, this is just a capital merger and acquisition behavior in line with the rules of the NASDAQ exchange, and you do not need to specialize it. ”

Finally, Lin Feng said with a smile: "Just as listing was the starting point rather than the end of Menglong's development, today's privatization is by no means the end but a new starting point." ”

After he briefly stood on the stage and made an introduction, he entered the question exchange session.

In this process, Lin Feng can obviously feel that the management of investment banks in the United States pays more attention to the merger model with Fengxing after the privatization of Menglong, as well as the listing plan of Fengxing.

Domestic students, on the other hand, pay more attention to understanding the details of privatization, including the design of the plan, the employment of institutions, the process, etc., especially the leveraged buyout model of Menglong's privatization.

It can be said that these domestic students, although they are all leaders in various industries, except for Guo Guangchang, are not very good at capital operation, especially overseas capital mergers and acquisitions, and the case of Menglong's privatization is also very inspiring to them.

After this class, Xiang Bing, the leading professor and dean of Cheung Kong Graduate School of Business, found Lin Feng with a happy face.

"Rich, you've been in the limelight in the U.S. lately, and Wharton has just come to talk to me, and I hope to invite you to give a talk at the business school! ”

Lin Feng looked confused, I'll wipe it, just my English level?

Lin Feng's previous English level was very bad, and in the past two years, because he often had to go to the United States to invest and negotiate, he was gradually able to do daily oral communication, but it was very difficult to give a speech!

Xiang Bing encouraged: "Rich, this is a rare honor, Wharton School is the world's No. 1 business school ranked top university last year, and the people who can be invited to speak here are world-renowned entrepreneurs, which is a rare opportunity!"

Lin Feng thought about it, the privatization of Menglong has been in a uproar recently, maybe through this speech, it is a better way to systematically explain his ideas to the outside world.

So he nodded in agreement.