On the plane back to Qiantang from the capital, the first-class cabin was quite empty. Pen "Fun" Pavilion www.biquge.info

The first excluded Gu Cheng and Pan Jieying, sisters and brothers, and there was no one in the two positions next to them.

Pan Jieying peeled an orange reluctantly and handed it half to her younger brother: "Jiang Xin went to your room last night?" ”

"Well, you saw that?" Gu Cheng took the orange and looked at the clouds outside the porthole and spoke bluntly.

"I vaguely heard movement in the hallway, and after a while, I saw that you had turned over a sign on the doorknob, and I didn't dare to disturb you." Pan Jieying sighed, "You have finally grown up, but I always feel that Jiang Xin is not worthy of you, even if you only play for two years......"

"Sister, what do you want, I'm not that kind of person." Gu Cheng was a little loud, as if he was eager to defend himself. Immediately, she was afraid of attracting unnecessary attention, so she forcibly suppressed her tone, "She just wanted to change jobs and chatted with me about some serious things." ”

"Really? Don't hide it in front of your sister, I won't care about you, just be happy. There was still some disbelief in Pan Jieying's tone, but the look at the corners of her eyes and eyebrows recovered uncontrollably, "If you have trouble with CCTV, it's going to be released for more than a month anyway." Go back now, and first completely unravel the mess on Sun Zhengyi's side. Liu Qian has been taking over the case for a few days, and she should be about to come up with a negotiation plan. ”

"That's what I thought too." Gu Cheng was thinking about his thoughts, but he was interrupted by his cousin, and he fell into the confusion of being pushed by things one after another.

……

Tokyo, headquarters of the SoftBank Group.

Sun Zhengyi summoned Ahri CFO Cai Chongxin in his office.

"I heard that Gu Cheng found a new spare tire and is ready to help him to the position of CFO? Yanagifune's daughter? ”

When Sun Zhengyi asked this, he also held an orange in his hand. But he didn't peel it, just scratched his nails on the orange peel, and saw that an orange had been scratched with dozens of tendon marks.

I heard that Funoe Fumima, the prime minister of Fuso back then, also had this habit when he made some decisions that were not poisonous and not husband - whether it was to go through the Great Depression and the Great Kanto Earthquake, he decided to recruit the cold-blooded chaebol Takahashi as the finance minister; or later decided to annex Manchuria and divert domestic contradictions; On the eve of decision-making, they like to scratch oranges with their nails.

Sun Zhengyi likes it too.

Cai Chongxin followed Sun Zhengyi's meaning and agreed: "Yes, it's Liu Chuanzhi's daughter, and she is a little girl who doesn't smell milk." The resume is quite beautiful, with a bachelor's degree from Beijing University, a master's degree from Harvard, and two years at Goldman Sachs. But seeing it, it was a smooth sailing, without twists and turns. ”

Sun Zhengyi felt a little strange: "That kid Gu Cheng, with such good conditions as our SoftBank, and still want to get rid of it, didn't he make up his mind to be the son-in-law of Old Man Liu?" That girl is five or six years older than him, right? I heard that he is still ugly, can Gu Cheng be so shameless and bear the burden of humiliation? ”

"Absolutely not, Gu Cheng probably just wants to fake the tiger and borrow a backer, so that the capital market can be more at ease with him in the future. Nothing else. On this issue, Cai Chongxin is still fair, although he has a better personal relationship with Sun Zhengyi, and he will not follow Hei Gu Cheng unprincipledly.

Sun Zhengyi nodded, feeling that it seemed to make sense: "That is, I plan to put on a posture of 'although I don't rely on Old Man Liu, but I hired his daughter to entrust me with important tasks, I really have an accident, Old Man Liu will not ignore me'." From this point of view, he doesn't necessarily fall in love with Liu Qian's real material, but just her background. I also thought, at this age, how much experience can I have? ”

Sun Zhengyi is confident in his judgment.

Gu Cheng asked a young woman to be the CFO, which finally made Sun Zhengyi feel contemptuous.

……

A few days later, Gu Cheng personally flew to Tokyo, bringing his cousin and Liu Qian, as well as several business and legal assistants. came up with the latest equity mortgage transposition plan and found Sun Zhengyi to negotiate.

Sun Zhengyi was not surprised at all by Gu Cheng's intentions.

After all, unless Gu Cheng is determined to lose both sides and does not lay out medium- and long-term development, he will save all the gross profits in the next two years or use them for other short-term cashable businesses, and finally use them to pay off his loans.

Otherwise, Gu Cheng could only watch Sun Zhengyi snatch away 30% of the group's equity.

With the change of the situation and the increase in the probability of Gu Cheng's repayment, he will definitely pursue a contract exchange with Sun Zhengyi.

The key is just the condition.

When he saw the plan Gu Cheng came up with for the first time, Sun Zhengyi was a little angry and laughed.

"Xiao Gu, you're not kidding me. A year and a half ago, you talked to me about 'taking 30% of the equity of Eslite Holdings as collateral for the loan', and now it has become '25% of the equity of Legendary Entertainment' in the blink of an eye. Not only is the plate smaller, but the proportion has also been reduced, who are you and me? ”

Gu Cheng's explanation for this is: "This is different, the original 30% of the group shares were established on the condition that I didn't pay any money. Now the transfer to 25% of the equity of Legendary Entertainment is based on the premise that you can execute it if you want to, without any preconditions - the probability of me paying it off is very high at the moment, you and I both know, there is nothing to pretend. ”

Everyone is a smart person, and Sun Zhengyi didn't continue to dwell on this point: "Okay, your prediction of your ability to repay the money, we will accept it for the time being and put aside the dispute." But Legendary Entertainment isn't worth that much money at all, is it? You owe me more than $500 million in principal and interest due, and you only transfer 25% of the equity of Legendary Entertainment, don't you think the company is valued at 2 billion? Who do you think would believe that such an online game agency is worth $2 billion. ”

Gu Cheng didn't answer this question, he gave Liu Qian, who had just defected, a look, and Liu Qian went to do business with Sun Zhengyi:

"Mr. Sun, I hope you will pay attention to the fact that Legend Entertainment's current annual cash flow is nearly 200 million US dollars, and its valuation is 2 billion, which is only 10 times the price-earnings ratio - put it on the NASDAQ, which company that is really profitable does not have a price-earnings ratio of thirty or forty times? Not to mention those Internet companies that do traffic, it is not uncommon to have a 100-fold price-earnings ratio. ”

Sun Zhengyi snorted coldly: "But this thing has no guarantee of sustainability." You spun off Alipay and threw 25% of the equity of Legend Entertainment to me alone, who knows if Li Daitao will be stiff in the future......"

"Mr. Sun, I believe that there will be no one in the world who will make others earn one dollar less and three dollars less for themselves - of course, it is possible that you are worried about our related party transactions and transferring the benefits of the new agency games to other game companies under Eslite Holdings in the future. For this, we can also provide two additional layers of protection. ”

Liu Qian said this, observed Sun Zhengyi's expression, and saw that Sun Zhengyi did not say anything against it, so he should be listening. She continued the showdown:

"First of all, we can set a decision on the effective conditions of this equity transfer: if by the end of this year, Legend Entertainment can get the official NASDAQ listing process, and you can smoothly execute the transfer we are about to agree on. If we are unable to do so at that time, we are committed to increasing the percentage of our shares in Legend Entertainment from 25% to 50%. ”

Sun Zhengyi listened to it and couldn't help but be a little moved. This involves equity betting, if the bet is won, Legendary Entertainment can really be listed on the NASDAQ, and he doesn't need to worry about the long-term gains in the next ten or eight years. It's a big deal to make quick money for two or three years, and once the situation is not right, spread false news in the financial market and run away. The equity of a listed company can be sold anytime and anywhere, and it will be much less difficult to get out.

Moreover, another time and space Chen Tianqiao's Shanda Network was also listed in 2004, which can be called the first share of Huaxia Network after the end of the Internet winter, earlier than Tengyun, which was listed on the Hong Kong stock market, and Baidu, which was listed on the NASDAQ. Now the legendary entertainment situation under Gu Cheng's operation will only be better than Chen Tianqiao's Shengda in history, and Sun Zhengyi naturally does not doubt that if Gu Cheng seeks to go public, it can definitely be done in more than a year.

Of course, according to the contract between the two parties in 01, Gu Cheng must first get Sun Zhengyi's approval to seek any new financing channel, so before Sun Zhengyi nodded today, this matter has not yet entered the operation period.

Finally, seeking to go public can also give Sun Zhengyi an additional insurance, that is, Nasdaq's strict financial reporting supervision system.

For stocks listed on ChinaAMC's A-shares, there is almost no review of related party transactions. If a major shareholder holds shares of several listed and unlisted companies at the same time, it is sufficient to publish the financial statements of the relevant part of the listed company.

And when it comes to the NASDAQ, in Gu Cheng's case, if he is the majority shareholder of Legendary Entertainment, and he has other businesses at the same time, then even if those other businesses are not listed, he has to expose all his financial reports to the public eye of the investing public.

Historically, ten years later, Ma Feng split Ahri Baba separately and listed on the NASDAQ, and Alipay and even later Ant Jinfu were not listed. However, according to the NASDAQ system, the financial reports of Alipay, a typical non-listed company that operates in association with Ahri Baba, must also be completely transparent, otherwise the "Securities Regulatory Commission" of the United States can punish Ahri Baba.

(Note: There is also a "Securities Regulatory Commission" in the United States, and the scientific name is "Securities and Exchange Commission", U.S.SEC.) ）

In this way, Sun Zhengyi doesn't have to worry about staring at Gu Cheng's related party transaction benefits. The China Securities Regulatory Commission will take care of all the things that Sun Zhengyi cares about for free.

Sun Zhengyi was almost about to talk, but fortunately, the secretary reminded him that Gu Cheng still had a second preferential condition that he hadn't finished talking about.

"Let's move on to the second one."

"The second condition is that we promise that no matter what the business situation of Legend Entertainment will be in the future, Alipay will provide Legend Entertainment with the treatment of "the most favorable transaction counterparty" - that is, no matter who owns Legend Entertainment, the channel cooperation model between Alipay and all online game and stand-alone game companies in the future will not be more favorable than with Legend Entertainment. Otherwise, the controller of Legend Entertainment is entitled to invoke this clause and claim the same preferential treatment. ”

Sun Zhengyi's eyes lit up when he heard it.

How do you feel that after having the guarantee of this article, even if he completely squeezes Gu Cheng out of "Legendary Entertainment" in the future, he doesn't have to worry about the business being dissolved?