"You have signed an agreement with me on the entrustment of voting rights! All investment decisions at the board level must be in agreement with me!" Sun Zhengyi reminded Nishikawa-kun reluctantly as the corners of his mouth twitched. Pen & Fun & Pavilion www.biquge.info

Looking at his struggling expression, he seemed to have realized what would happen after he said this.

"Sun San, are you sure you want to emphasize this?" Xichuan-kun's eyes also flashed a hint of fierceness, and then he quickly glanced at Android Coquet, and saw that the other party nodded slightly in unison with him, and the whole movement did not exceed two seconds.

Then Nishikawa-kun changed his tone of relative compassion and turned back to Sun Zhengyi: "Sun Sang, I think if we remember correctly, the voting entrustment agreement signed between Fuso Trust Bank and JPMorgan Chase and you was a performance gambling agreement. It's only going to be extended indefinitely if you've achieved the annual rate of return – but you obviously didn't do that last year, and you reduced the total value of the company's investments by almost 20%!"

At the beginning of 04, when Legend Entertainment was first listed, its market value was more than $6 billion, and when Sun Zhengyi squeezed Gu Cheng out, he took over when it briefly soared to more than $9 billion because of Gu Cheng's game.

When Sun Zhengyi held the highest shareholding, he owned more than 85% of the shares, and then successively reduced his position and threw it to retail investors to take over in a year, but he couldn't take too much, after all, the stock price collapsed even more when the shipment speed was fast. So far, it has only reduced its holdings to about 70%.

When the market value of Legend Entertainment was high, it was supported by the performance of "Legend, Miracle, and Ragnarok with an annual gross profit of 1.5 billion yuan", and even more so by "the first market share of Chinese online games, and far more than the second place".

Those with a little bit of mathematical skills know that the gross profit of 1.5 billion yuan is only 200 million US dollars. For a company with a market value of 6 billion, a gross profit of 200 million yuan alone is not enough - it is not as good as the income from depositing in the bank.

The key to the market's confidence lies in the fact that "in the next ten years, perhaps the scale of Chinese netizens will increase fivefold, and the number of people who pay to play online games will also increase by at least five times." If Legend Entertainment can maintain its position as the No. 1 market share in China's online game market, it may have an annual gross profit of $1 billion in ten years."

Amazon's price-to-earnings ratio of 200 times the stock price valuation also comes from this.

Once the source of confidence in "market share" is knocked out, the stock price of Legendary Entertainment cannot be overstated. SoftBank's current stake in Legendary Entertainment was $6.5 billion at its most valuable, and now it only has $2.5 billion.

Such a miserable decline was completed in one year. Nishikawa Jun said that Sun Zhengyi lost $4 billion this time, which is already more pertinent.

On the other hand, now because of the growth of Taobao and Ahriyun's pie, since Sun Zhengyi threw out Ahri's shares to replace Legendary Entertainment last year, Ahri's shares have increased by about $2 billion.

Counting both the shortcomings and the long-term benefits, Sun Zhengyi did lose more than $6 billion for SoftBank, accounting for nearly 20% of SoftBank's total assets.

Sun Zhengyi knew that what the other party said was the truth, he stared at him painfully for a few seconds, and said firmly: "I remember that there is still a remedial clause in the VAM agreement for accidental decision-making mistakes. As long as I am willing to enforce this clause, you should continue to support me!"

Nishikawa-kun's expression changed: "Sun Sang, do you really want to insist on coming this far? Then you have to pay at least 6% of the company's shares as compensation for the failure of the bet before you can continue to have the entrustment of Mitsui and Morgan." ”

Nishikawa's condition is a common clause in most investment banks' performance bets on management and chairmanship.

Because business is profitable and loss-making, and it is impossible to make all decisions forever, many institutional shareholders who entrust investment have signed such a guarantee clause with the operator: if you lose money once or twice, you will either withdraw the voting power of attorney and no longer support you, or you will personally take responsibility for this mistake and give a part of your shares to those shareholders who entrust your voting rights as compensation.

When Sun Zhengyi signed with Mitsui and Morgan, he had that once the company's market value dropped significantly due to investment failure, exceeding 10% of the quota, Sun Zhengyi could choose to hand over personal equity equivalent to 30% of the market value of the damaged part and pay compensation to the client, so that the client could continue to entrust him.

Now that SoftBank has lost 20% of its market value, Sun Zhengyi will hand over 6% of the stake according to the original agreement, or other shareholders can choose not to trust him and no longer entrust him with voting rights.

Obviously, Sun Zhengyi wants to die and would rather hand over 6% of SoftBank's equity, but also join forces with Ma Teng and fight to the death with Gu Cheng.

Nishikawa-kun and Android Cocter obviously didn't expect Sun Zhengyi's determination to be so great, but they could only abide by the original agreement and carry out equity separation.

Nishikawa Jun roughly calculated and told Sun Zhengyi the preliminary results first, so that the other party could be mentally prepared:

"Sun Sang, according to the original VAM agreement, after the redistribution of equity, your shareholding in SoftBank will drop to 21%, Fuso Trust Bank will get 3% of it, up to 17.6%, JPMorgan Chase will get 2%, up to 11.8%, and the remaining 1% will be compensated to other minority shareholders on a pro rata basis.

We will continue to support your decision, but we will renegotiate the threshold of the VAM, and if the total market value of the company's assets falls below the $25 billion threshold within three years, you will pay 8% of the equity and permanently lose the right to continue to ask us to entrust you with voting rights, you understand?"

Sun Zhengyi smiled bitterly, and accepted the result.

Last year, when he was at his peak, SoftBank's total assets were $38 billion, of which he accounted for 27%, and his personal assets were $10.2 billion.

Today, SoftBank's assets are 32 billion, and his proportion has also fallen to 21%, leaving his personal assets of only $6.7 billion.

After only one year of fighting with Gu Cheng, one-third of his personal wealth disappeared directly.

……

There are no secrets in the circle, let alone something involving a major change in the equity of the SoftBank Group - because many small shareholders will receive a certain amount of compensation, so if any leak leaks a little rumor, everyone in the circle will know Sun Zhengyi's predicament.

Gu Cheng naturally knew it quickly.

The Tokyo International Film Festival runs for two weeks, starting around October 20 and ending in early November.

The day Gu Cheng got the news was already November 1st, two days before the final award day.

At that time, he was staying in the hotel, and had just been interviewed by a female reporter from the famous movie magazine "Movie Walker" in Fuso, where she talked a lot about her feelings and his confidence in winning the award.

At one point, he felt that he had been in the wrong place recently. Because in the past two weeks, media people have seized any opportunity to ask questions, and there are few people who talk about the topic of movies.

is not to ask about "Embattled", or the artificial intelligence push layout of YY Network Technology and the mouth cannon of peers. Or I just want to make a big news, questioning whether Zhang Yiming's article mentioning Jobs is a marketing strategy of YY Electronics, and wants to build momentum for YY's Kindle and even future mobile phone products.

Or speculate about his competition and festival with Sun Zhengyi.

It wasn't until the screening period was almost over and it was time for the final sprint awards that media reporters turned their attention back to the film.

The female reporter who saw off "Movie Walker" was about to go out to dinner with his sister when he met a female secretary who came in to report that there was an internal earthquake at SoftBank the day before.

"I know, Sun Zhengyi is not giving up, you go down. Gu Cheng glanced at it and sent the female secretary away.

"Is there something important? Why don't you deal with it first?" Quan Baoya, who was tidying up in the suite, vaguely heard the conversation between Gu Cheng and the female secretary, and asked thoughtfully, afraid that her visit would disturb Gu Cheng's business.

She came to accompany Gu Cheng to the film festival.

Since recovering from her injuries in the first half of the year, Kwon Bo-ah has basically only done two things in the past six months - to be a guest on S-BS TV's "Girls' Generation" talent variety show, and to go to Yonsei University to study.

As mentioned above, Dongyi's school system is the semester after the end of the winter vacation, which is the beginning of an academic year. So Quan Baoya spent money to be a transfer student in April, and others have been in school for two months. She attended the Conservatory of Music, majoring in creative arts, and took some courses in arts administration.

Now, the "Girls' Generation" program in the Dongyi Division has just come to an end at the end of October. After finishing her work as a guest, Quan Baoya was a little free, so she continued to take a few days off from class and flew to Tokyo to accompany Gu Cheng to participate in the film festival and be his female companion on the red carpet.

"It's nothing, it's Sun Zhengyi's unwillingness, and he wants to unite with Ma Teng and lend money to Tengyun to engage in artificial intelligence. As a result, he was forced into the palace by the major shareholder. ”

Gu Cheng usually doesn't talk about business matters with the girls in the entertainment industry around him. But he knew that this was good news for Quan Baoya, so he didn't talk to her about it.

"Is that the Sun Zhengyi who wanted to find someone to kill you in March?" Quan Baoya's expression really tightened, and then he was a little angry and gloating.

"Almost, although I didn't catch any evidence, but this guy's retribution has finally come. Gu Cheng lovingly stroked Quan Baoya's shawl short hair, "I won't let him go so easily." ”

Quan Baoya is not very good at calculating business accounts, so she asked obediently: "He was hit hard this time?"

"I guess I can go to a third of his property. As long as he dares to continue to oppose me. Wait for the next time he invests in Tengyun's project, and he will lose all his money. It is estimated that he will have no chance, and Mitsui Chaebol and JPMorgan Chase will definitely implement the VAM agreement again and deprive him of control over SoftBank. ”

Gu Cheng roughly calculated in his mind, and guessed eight or nine.

"Don't talk about this, accompany me well in the past two days and win the film festival award. In my eyes, Sun Zhengyi's $3 billion is only worth your hair, and he paid me back an interest. ”