China's capital power started a little late, and only began to take the first step in the 80s of the last century, which lacks many things compared with the capital power of Europe and the United States, the most lacking of which is the international brand. Pen ~ fun ~ pavilion www.biquge.info

Especially in traditional industries, it is really difficult to develop globalization without brands.

This is the reason why the Xu family wanted to buy the Hyatt Hotels Group, a year ago, when Xu Teng went to the United States for inspection, he had contact with the Pritzker family in this regard, and tentatively asked about the price.

The answer I got at the time was definitely not for sale.

Time has passed, and with the expansion and openness of the Pritzker family's internal strife, this matter can already be discussed, because the price code given by the Xu family is a share of Google, which is exchanged at an equivalent price.

This transaction is really perfect, both parties have hundreds of family trusts registered in overseas tax havens, and the stock transactions between each other can be operated without any tax policy.

Zero-cost transactions.

It's the perfect deal for two wealthy families who are tax avoidant.

The Pritzker family even agreed to sign a contract in China and hold a press conference, and Xu Teng came over this time to sign, and the two sides have been talking about the specific terms of the merger and acquisition for about half a year.

In the past six months, Google's stock price has been rising, and the Pritzker family finally couldn't bear it anymore and couldn't wait to agree to the final offer given by the Xu family in May.

Strictly speaking, in terms of market value and future arbitrage space, the Xu family is at a loss, but from the industrial layout of the entire Huayin consortium, the Xu family is not at a loss, not only the Huayin consortium needs, but China's capital forces also need a world-class five-star hotel chain group.

The Xu family often does this very strange thing, without any news in advance, and suddenly announces an earth-shattering M&A deal, for the simple reason that these deals involve too many issues behind the scenes, and it is best to negotiate in secret without notice.

On the other hand, the Xu family is more adept at bypassing the company's management and directly engaging in secret negotiations and exchange of interests with the company's major shareholders, especially the family holding the company.

In fact, companies with diversified equity are very difficult to acquire.

For example, in the case of the Xu family's acquisition of Vanke, there was no actual major shareholder at all, and there was no object to exchange interests, so they could only negotiate with the senior management who controlled the company's interests.

These senior executives do not have the right capital to trade with the Xu family, and it is easy for lions to open their mouths, such as Yu Liang, when he first negotiated secretly with the Xu family, the price offered was hundreds of millions, and he actually couldn't take out any stocks and assets.

Therefore, the enterprise still has to have a controlling family, otherwise it is simply state-owned capital, such as IBM, HP and other companies with too scattered shares, without the life of state-owned enterprises, but with the disease of state-owned enterprises.

In the past few days that Xu Teng has been in Ruilin's house, he has rested quietly and waited, and it was not until the last moment that he was sure that there was no suspense.

10 August 2005.

This day may be worth remembering for the Chinese hotel industry, Chinese mainland capital finally bought Hyatt Group from the old capital, and according to the plan of the Xu family and the Pritzker family, Hyatt Group will eventually be listed on the Hong Kong stock market.

Because the deal negotiations dragged on for half a year, the Xu family's actual Google shares were 1/4 lower than the price quoted in the first round of negotiations, accounting for only 1/7 of the Google shares held by the Xu family...... Of course, this is the negotiation strategy of the Xu family, which constantly absorbs Google's outstanding shares during the negotiations, raises the stock price, and hangs the opponent to fight slowly.

The reason why the two parties chose to list on the Hong Kong stock market is also to save dividend tax, and it also means that in the next ten years, or even longer, Hyatt Group will focus on the Asia-Pacific market.

Xu Teng signed the contract in the morning, and then held a press conference in Chinese and English with Penny Pritzker, the current CEO of Hyatt Group, one of the seven main heirs of the Pritzker family, at the Gatten International Building in the capital.

It is very close to the headquarters of Shenzhou Media Group and the northern production center of Phoenix Satellite TV, which is a relatively concentrated area of the capital's news and media circles, and Chaoyang Park is nearby, and half of the stars in the entire capital entertainment circle live nearby.

Therefore, the ability of the sunrise masses to tap star dynamics is still very strong.

The whole thing, from the beginning of secret contacts and negotiations, to the final signing of the transaction agreement this morning, the domestic and foreign media did not know, because Hyatt Group was 100% family-owned before this, and there was no need to disclose the operating financial report to the public, and there was no need to advance notice major events...... This is the advantage of the Hyatt Group, but also a disadvantage, the ability to finance and develop new hotels is much lower than that of several other major international hotel groups, so the hotels under the Hyatt Group, franchise stores and joint investment stores are many.

In particular, the domestic Junyue brand is basically invested by domestic companies, and Hyatt Group only enjoys a part of the profit dividend rights.

Dozens of domestic and foreign media present only received the invitation of the public relations company at 9 o'clock in the morning, the public relations company is a very big name of the Shenzhou Media Group, and it was the press conference of the Xu family and the Pritzker family, and each media sent the best financial reporters to the scene at the first time.

After signing the agreement, Xu Teng and Ms. Penny Pritzker celebrated with a glass of champagne in the conference room and chatted for more than an hour before arriving at the press conference in a long time.

Sitting on the stage, Xu Teng took a general look at the speech, and then looked at the dozens of reporters in the audience, only looking at the expressions of everyone, it is estimated that these reporters have basically gotten some marginal news in the half hour that they are waiting for him to attend the press conference, and are waiting for him to give an accurate answer.

"An hour and a half ago, when you were invited to the press conference, I had signed a formal transaction agreement with Ms. Penny Pritzker and the Pritzker family she represents, and the Hyatt Group, whereby my personal Huateng Company will join forces with my father's controlling company, Galaxy Capital, to jointly acquire an 85% absolute controlling stake in the Hyatt Group. ”

Xu Teng calmly announced this transaction that would scare everyone, temporarily said half of it, gave the reporters a buffer and digestion time, looked at everyone's incredible expressions, and then announced the next half of the news.

"Hyatt will choose to list on the Hong Kong stock market for four months, and during the third year, Huateng and Galaxy Capital have the right to buy the remaining shares held by the Pritzker family at market price, and the total transaction cost is about $2.95 billion according to my personal judgment. Xu Teng finished saying all the news, closed the speech, unscrewed a bottle of domestic mineral water without a label, took a sip, and informed all reporters again, "Everyone can ask questions now, both Chinese and English, I can't say that I know everything, I can't say everything, I can tell you a lot of news, basically enough for you to write a page." ”

As soon as Xu Teng finished speaking, all the reporters couldn't wait to raise their hands to ask questions.

The first question, Xu Teng chose Phoenix Satellite TV, after all, Phoenix Satellite TV is a TV station under Shenzhou Media Group.

"Hello, Chairman Xu, I am a reporter from Phoenix Satellite TV News Channel, I actually have a series of questions I want to ask, I hope you can answer them. "This reporter is an aunt in more than 40 years, with very heavy glasses, it is estimated that she is a second-line sent out temporarily, and she does not often have to run to the news scene.

"You say. Xu Teng nodded.

"My first question, about this merger, how long did the negotiations between the Xu family and the Pritzker family last, and why was it so sudden, and there was no ...... in advance!" the female reporter did not finish.

"That's two questions, but I can answer the first question now, and this negotiation has been open since I visited the United States last October. As for the second question, Huateng Company, Galaxy Capital, and Hyatt Group are not listed companies, this is a private negotiation within the two families, and there is no need to tell outsiders. Xu Teng actually answered the second question, but it was not the kind of answer that the reporter wanted, such as avoiding commercial competition.

"My third question is for Ms. Penny Pritzker, we know that the Hyatt Group is very profitable and is a very well-known international hotel group, why would the Pritzker family be willing to sell this company?" the female reporter asked the question that everyone was very concerned about.

"I think that's a very interesting question. After listening to the interpreter's explanation, Ms. Penny Pritzker first praised her in English, "We all know that Hyatt Hotels Corporation is a perfect company, and as a commercial company, I can't even find any flaws in it, and my family is very proud of that." We all know that my uncle Jay created the company with his own hands, and he often says that this is his most perfect work, like his daughter. My family believes that now is the perfect time to start a new chapter for this company. For the Pritzkers, we need to optimize our investment structure and turn more into new industries, and for The-Shunfamliy, they also need to expand their investment in traditional industries, so we all believe that this is a great trade and we have no reason to refuse. ”

Compared with Xu Teng's simplicity and straightforwardness, Lao Mei has always pretended to be like this.

Foreigners have a talent inheritance in this field, and if they don't pretend to die, Jane calls it the spirit of aristocracy.

The country of China, since the Qin and Han dynasties, has not had this traditional aristocratic spirit, instead of the spirit of heroism and pro-people, the more upper-class, the closer to the people to speak, to tell the truth.

It's definitely going to have to be pretended at this point.

For Xu Teng, who knows the inside story, Ms. Penny Pritzker's answer is simply nonsense and pretending, but reporters like this tone, blindly believing that the Pritzker family's decision must be correct, and the Xu family's choice is to say hello.

Soon.

A reporter from the Southern Department asked Xu Teng, "First of all, on behalf of the Southern Economic Herald, I would like to congratulate you and your father, China has always lacked an international five-star hotel chain brand, and the Xu family has filled this gap, which is a worthy of congratulations." At the same time, I would like to ask you, as a leader in the high-tech industry, why did you decide to get involved in the traditional hotel industry, and if such a high investment, billions of dollars, is it more valuable for the development of the Huayin consortium if it is used for new technology investment?

"The high-end hotel industry has a very special value for the Huayin Consortium. At the same time, the amount of investment in the high-tech industry is a bit too high, for the time being, we have many business plans that have not been disclosed, in order to offset the investment risks in this field, it is necessary for us to expand investment and brand optimization in traditional fields. Therefore, it is a win-win option, and both parties need to optimize each other's investment horizons to ensure more stable and efficient investment returns. Xu Teng said a nonsense, and he didn't let it go.

He is just mixed up today, there is no need to pretend to anyone, of course, the broad masses of the people need him to pretend, and that must also meet the needs of the people.

"Chinese have an old saying called in business, in fact, if you are interested in studying the international hotel market, you will find that the domestic high-end hotel competition is very fierce, frankly speaking, many new five-star hotels are operating with small profits, and even many four- and five-star hotels are loss-making. Generally speaking, independent and emerging five-star hotels are generally losing money, and brand chain five-star hotels are relatively small in profit. Therefore, for foreign consortia, expanding the layout of five-star hotels in China is a thing that outweighs the loss, and the competition is too fierce. ”

Xu Teng has his own style, even if it is pretended, he also has his characteristics, simply explain the reason directly, no need for these reporters to guess wildly, "80% of the new five-star hotels in China in recent years are to cater to the needs of the real estate industry, 80% of the investors are shareholders and bosses of real estate companies, you don't know, and we are very clear." The Xu family has its own reputation and title overseas, and just now, Ms. Penny Pritzker also mentioned it, called the-shunfamliy. Our Xu family has the courage of our Xu family to do business, and we have our own model, logic and principles. In the next ten years, we will ensure that every prefecture-level city in the country will have hotels under the Hyatt Group, and at the same time, we will also expand the territory of Hyatt Hotels Group in other BRICS countries and other fast-growing emerging markets. This is the Xu family's business model, logic and principles. ”

After Xu Teng said this, he looked at the audience, and all the reporters were dumbfounded, probably because he said it too bluntly, which scared these people again.

It doesn't matter, you just take care of the records.

Xu Teng continued to speak, looking at the casual conversation of all the reporters, as if chatting with them, and he didn't need them to bother to ask questions, so as not to ask some low-IQ questions, "There are many things that can't be said directly in this transaction, I won't say it, it's hard for you to find out, but I won't say it." ”

The reporters in the audience began to laugh, they were teased by the richest man in Asia, so they could only laugh at it.

"By and large, we are not paying cash, and as Ms. Penny Pritzker said, we are trading securities at the equivalent value, taking what we need. The development of China's economy is very fast, driving the whole Asian economy to take off at a high speed, the Pritzker family wants to expand investment in Asia, our Xu family should not only expand investment in China and Asia, but also expand investment in Europe and the United States, they walked in, we went out, the two sides hit it off, and each other wanted to take this step. ”

Xu Teng opened the topic directly in a big way, not to pretend to be with Ms. Penny Pritzker, but that he has his rank, which requires him to stand at an extremely high height in order to convince everyone.

Everyone is convinced, and if they want to invest in the stock market, buying shares of his company is the safest choice.

"Chairman Xu, I would like to ask, can you directly say that the acquisition of Hyatt Hotels Group can give the Xu family ...... How much can it bring to the-shunfamliy?" There is a reporter from the local evening newspaper in the capital, who is not from the financial field, so he simply asked a more direct question.

"It's hard to say. Xu Teng took the mineral water bottle, didn't rush to drink, and thought about it, "In the long run, this will be a more important business for my family, but we also have to lower our expectations." The hotel industry at home and abroad has encountered the problem of this era of small profits, and we are willing to acquire, and hold Hyatt Hotels Group for a long time, does not mean that it is profiteering, on the contrary, it is a part of the entire urban service industry, a very important link. My Huateng company now holds the equity of two hotel groups, the other is Jiangtai Group, mainly to do Jiangtai Huangting and Huating, Hanting chain convenient hotels, we are now also preparing to do a young sunshine hotel brand, but also a chain of convenient hotels. In the future, it is not ruled out that the hotel industry merger of Jiangtai Group and Hyatt Regency Hotels, of course, I want to ask Chen Jian what he means. ”

"Do you think Chairman Chen of Jiangtai Group will agree?" Although the reporter of the Capital Evening News does not seem to be from the financial field, he still has some understanding of Xu Teng's Huateng system, and the news of XCMG's mergers and acquisitions some time ago, the entire territory of the Huateng system and the Huayin consortium has been widely reported thousands of times in China.

"He would have agreed, because the acquisition of Hyatt is also a common wish of him and me. Everyone will make a wish on their birthday, and he made a wish last year, wanting to do a good job in the hotel industry and strive to be the first in the country. ”

Xu Teng casually revealed a gossip news, and at this point, this press conference has become a symposium between him and reporters.

"I'm a reporter from the Global Daily, I'm sorry, Chairman Xu, I'm not a professional financial reporter, so I want to ask directly, how much does the Xu family want to make from spending $3 billion to acquire Hyatt Group, whether it is in other operating models or methods?" another young reporter who came to the scene temporarily, asked a very direct question.

"You have to see a problem, since 2002, the number and scale of domestic tourism to overseas has been increasing. Through direct acquisitions, the Huayin consortium has given China its first global high-end hotel chain, with well-established brands ranging from Park Hyatt, Hyatt to Grand Hyatt. We are fully able to deepen the domestic market, stabilize the customer base, and provide more convenient international travel services for all domestic customers at Hyatt hotels around the world. Xu Teng cleverly avoided the core issue, his statement was correct, but it was only the second of all the considerations of the Xu family.

First, use the newly built Hyatt Regency Hotel to enhance the value of the real estate projects under the Huayin Consortium.

Huayin Consortium is the largest real estate group in China, and it is not one of them, so large that it can provide complete comprehensive service facilities such as supermarkets, medical care, education, hotels, banks, home appliance maintenance and sales in any regional real estate sector.

In the field of real estate, Huayin Consortium is best at making profits, through several real estate companies to take over a regional sector, work together to create a perfect new urban area, from the average price of 1,000 to the average price of 4,000, from the average price of 10,000 to the average price of 20,000.

This is the chess game of the Xu family.

If not, would it be necessary for the Xu family to spend billions of dollars to acquire Hyatt Hotels Corporation?

Hyatt Group just looks beautiful, in the world, there are not many Hyatt and Grand Hyatt hotels that are really directly under the Hyatt Group, only Park Hyatt is a real direct brand, and most of the others are joint investments.

Therefore, if Hyatt Group is really listed, the actual market value will not be too high.

Xu Teng's press conference lasted for two hours, and Xu Teng's follow-up questions gradually went beyond the scope of Xu's acquisition of Hyatt Hotel, and the reporter's questions were also varied, from Liverpool to Manchester United, from Tencent to Huateng, and the Yangtze River Bank that is emerging recently, including Bo'an's shareholding in Minsheng Bank, there are also questions.

Xu Teng rarely talks to reporters face-to-face, so he did not refuse to answer these questions.

Finally, a reporter finally mentioned the territory of the Huayin Consortium, and now, the domestic media and business circles are roughly clear about the scale of the Huayin Consortium, with Huaxia Finance, Galaxy Capital, Boan Holdings, Huateng Holdings, and Fuxin Group as the core, spanning more than 30 industries, from real estate to hotels, from coal to electrical appliances, from communications to network technology, each industry has one of the best sub-group companies.

In addition to state-owned capital and central enterprises, this is the largest capital consortium in China, and it can also be said to be a world-class consortium, especially after the successive mergers and acquisitions of Rover Automobile Company and Hyatt Hotel Group, the characteristics of internationalization are becoming more and more obvious.

Every economic powerhouse always has one or two top consortia, just as Samsung and Hyundai are to South Korea, such as Siemens, Allianz Insurance is to Germany, and the Huayin consortium is currently the leader in China, and it already has the momentum to represent China.

Bank of China, Bank of China, a consortium of private capital.

In the end, Xu Teng decided to end today's press conference, and after thinking about it for a few seconds, he decided to give the reporter of the Global Daily a chance to ask one last question.

"It's really the last time. Xu Teng smiled, but he still had to emphasize it again, he had said the "last question" twice before, and the reporters did not give up, and everyone asked four or five questions in one breath when they got the opportunity, endlessly.

"Chairman Xu, thank you for giving Global Daily such an opportunity, I promise, I will only ask one last question this time. The middle-aged reporter from the Global Daily also emphasized it seriously, which made all the reporters present laugh.

"May you keep your word. Xu Teng unscrewed the mineral water bottle again, this time he really wanted to drink an extra sip of water, and talked for two whole hours, just to moisten his throat and drank the bottle of water.

"I want to ask Chairman Xu, how many assets does the Xu family have in the world, on this question, the statistics of various media, including the statistics of the Hurun Rich List are also full of controversy, can you give an accurate answer?" As soon as the reporter from the Global Daily finished speaking, other reporters present applauded, because this is a question that everyone is very concerned about, wants to ask, and is not too embarrassed to ask directly.

"Your question is a bit complicated, we know that the Forbes Rich List, including the Hurun Rich List, is mainly based on statistical market capitalization, objectively speaking, market value is a very unreliable concept. So, my family may or may not be as rich as you think. Xu Teng's statement basically answers this question.

Obviously, no one is satisfied.

"What you want is a number, right?" Xu Teng held his cheek with one hand, still very young in his demeanor, and smiled casually, "Then I'll give you a slightly more reliable number, we do our own statistics, the current family net worth is more than 50 billion US dollars, as for what the total assets are, what the debt ratio is, what is the market value, and what is the annual net dividend, then it depends on your own efforts to investigate." ”

The figure given by Xu Teng is still very reliable, 50 billion US dollars, which is roughly equivalent to 450 billion RMB in this period, which is three times Xu Teng's worth, of which 2/3 comes from banking, insurance and real estate, which is also the main asset of the Huayin consortium, and the rest of the assets account for only 1/3.

It's just that this figure does not include the Xu family's shareholding in the four major network technology companies in the United States, which is an absolutely secret matter, only Mr. Xu's mother, Xu Ma and Xu Teng know, and Lao Jiang and Mei Jiali do not know.

Lao Jiang knew that the Xu family was involved in Google's venture capital, and it was not very clear how much they held and how much they held in other American high-tech network companies.

Therefore, what Xu Teng is talking about is a very conservative figure, that is, the Xu family can indeed get 50 billion US dollars, such as to acquire a world mining giant like Rio Tinto, the Xu family can complete the transaction.

Even this conservative figure frightened all the reporters present.

Now no one can't believe this number, after the Hurun Rich List at the end of the year comes out, the combined net worth of Mr. Xu and Xu Teng is expected to be close to this number, or even exceed this number, because the Hurun Rich List calculates market capitalization, and the water on that list is very large.

Xu Teng used to be a typical asset-light billionaire, with low actual assets and high market value, but after the transformation in the past two years, he is already an asset-heavy billionaire, similar to the traditional rich, and the profitability of his industries is very strong.

In fact, with the global popularity of "World of Warcraft", Tencent Group, as the parent company, now does not need the Huayin consortium to stabilize the stock price, and the stock price is also rising.

By the end of November this year, when the Hurun Rich List and Forbes Rich List came out, Xu Teng should be firmly among the five richest people in the world.

The reporters at the press conference still had a lot of questions, after all, it was difficult for Mr. Xu and Xu Teng of the Xu family to appear in front of them, and this opportunity was rare, but Xu Teng had no intention of answering any questions.

He got up to accompany Ms. Penny Pritzker away from the scene, and along the way, he was about to take the female CEO back to the hotel.

When he and Ms. Penny Pritzker left, reporters began to eagerly publish the press release, especially the reporters of the online media, the press release was released as soon as possible, and the major portals across the country immediately broke out two headlines, one is the successful acquisition of Hyatt Hotel Group by the Huayin Consortium, and the other is that as the core of the Huayin Consortium, the total assets of the Xu family are estimated to exceed 100 billion yuan...... US dollars, second only to the Walton family in the United States, which owns Walmart supermarkets.

The figure Xu Teng said is 50 billion, and everyone doesn't believe it, and even if they do, they don't plan to report it truthfully. (To be continued.) )