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To the surprise of the industry, when the media and the industry were generally skeptical about Kumho's $900 million offer, Microsoft was not provoked as expected, but after 10 days of silence, Microsoft's product development department announced that it would start formal commercial negotiations with Kumho Corporation North America on the issue of equity transfer. Pen ~ fun ~ pavilion www.biquge.info

Microsoft's previous silence and subsequent statement suggest that although the $900 million price tag is beyond their previous imagination, there is still room for discussion after sober consideration.

This fact is even more surprising than Kumho's offer of $900 million for a 30 percent stake in MusicOnline, which surprised both the public and the media, industry professionals, and economists. In their imagination, the Kumho lion opened his mouth, and Microsoft should teach the greedy and ignorant Chinese companies how to sit down and negotiate.

Some time ago, when Amazon wanted to buy Kumho's entire stake in Global Music Online, it only valued the entire stake in the website at about $400 million, and almost everyone thought that Amazon had given a sufficient premium.

Who would have thought that Kumho flatly rejected Amazon's offer, and in the subsequent offer to Microsoft, in fact, called the entire equity value of Global Music Online as high as three billion dollars!

In any case, even if there is still some way to go before the negotiations are completed, Microsoft's public announcement has already had a huge impact.

Shares of Scober, which owns a 10 percent stake in Global Music Online, surged 24 percent on the day Microsoft made its announcement.

If Microsoft and Kumho reach a deal, Scober's investment will increase by nearly $300 million, which will definitely be a huge stimulus to Scober, whose net profit was only $200 million in '98.

Affected by this news, Toshiba Electronics' stock prices listed on the Tokyo Stock Exchange have also risen to a certain extent, but the impact is much smaller than that of Scopper, after all, the scale of Toshiba Electronics is not comparable to that of Scooper, an emerging technology company; The news had less of an impact on Microsoft's stock price.

The most incredible thing is that the day after Microsoft issued a public statement, the new technology sector of the domestic Shanghai and Shenzhen stock markets collectively soared, and nearly 50 new technology stocks rose by 5% on the same day, and many new technology stocks such as Haisu Technology were once again sealed on the daily limit.

Since the central ministries and commissions jointly promoted the securitization of new technology enterprises in early May, the domestic stock market has begun to rise by leaps and bounds since late May, driven by the strong new science and technology theme sector. In late May, the Shanghai index fell below 1,000 points, and in mid-October, the Shanghai index doubled, forming a big bull market rarely seen in recent years. The share price of Haisu Technology has risen nine times in the past six months, but the share price of ST Jiangyuan Pharmaceutical before the backdoor is too low, even if the stock price has increased nine times, the total market value is still only 3.2 billion.

Although the domestic financial media and securities commentators are desperately advocating that the stock price of Haisu Technology is far from rising, and actively touting the development space and potential of the new technology industry, it is not without doubts.

Kumho Economic Research Center wrote an article through Quantum's online financial channel, pointing out that new technology Internet companies generally lack actual performance support, and there is a trend of serious bubbles.

Since its establishment, the Kumho Economic Research Center has been behind the scenes, providing intellectual support for Kumho's industrial development, and the research results are only circulated internally, rarely released to the outside world, and this is the first time that the Kumho Economic Research Center has submitted periodic economic research reports to the public media, and the public does not know which green onion the Kumho Economic Research Center is.

"What the fuck is going on? In North America, a broken website has a 30% stake in Microsoft and asks for $900 million, but in China it talks about an Internet economic bubble, doing bitch things but having the face to set up an archway! Lin Xue threw the newspaper onto Wang Haisu's desk, crossed her thin waist, sat in front of the floor-to-ceiling window, and the morning sun shined in and fell on her snow-white skin.

Wang Haisu stood up a little frightened, although he felt that Lin Xue standing in the glory of the morning sun looked very beautiful, but Wang Haisu did not dare to treat her as an ordinary beautiful woman, and took the newspaper to read, it turned out that the Shanghai Securities News reprinted the article of the Kumho Economic Research Center, this article, he read it on the website of Quantum Online last night, and his heart was also very entangled after reading it.

Kumho Economic Research Center has almost no influence in China, but I didn't expect the Shanghai Securities News to reprint this article in full on the front page, which is definitely a slap in the face for the hot new technology market in recent days.

"Do you want to contact Mr. Yan?" Wang Haisu asked.

"No, if Yan Wenjie hadn't called me, I would still be sleeping in bed." Lin Xue stared out the window with her eyes, crossed Yangui Lake without hindrance, looked at the oak garden on the north shore of Yangui Lake, and it was the golden autumn season, she had to admit that the oak garden after autumn was the most beautiful time of the year, of course, this did not hinder the resentment in her heart.

What about resentment? In ninety-seven years, he still wanted to use some means to pull Kumho's hind legs, what was the matter, he could still count on Hu Zongqing to help wipe his buttocks-Thinking of this, Lin Xue secretly hated in his heart, Hu Zongqing was a pervert, and he really liked to help women wipe their buttocks--Hu Zongqing could only be a shrinking turtle in front of Kumho at this time.

Lin Xue thought that the Horizon system, which had the support of the Yan family behind her, could compete with Kumho for a long time in China, but now it seems that it is not very reliable. She didn't dare to provoke Kumho at this time, and even hoped that that person could look away some small grievances before, Wang Haisu proposed to acquire the assets of Chuangyu's Internet café, Lin Xue also wishfully thought that this was a wedge to ease the relationship, but this article published in the securities newspaper made her heart fire again.

Wang Haisu couldn't figure out Lin Xue's thoughts, and asked, "What does Mr. Yan mean?" ”

"Yan Wenjie said that it's ......okay to slow down," Lin Xue said, "I didn't explain why, I thought the old lady was an economist." ”

"I also think it's better to slow down," Wang Haisu dared to express his opinion, saying, "If the waves rush too hard, the follow-up will be power......less."

"Are you saying Kumho's article or is it doing us a favor?" Lin Xue turned around and looked at Wang Haisu with a frown.

"We want to implement a public shareholding plan, as early as after May next year," Wang Haisu analyzed, Haisu Technology in mid-May this year backdoor listing, according to domestic regulations, backdoor listing takes 12 months to issue new shares to the open market financing, the last few steps of their plan can only be implemented after mid-May next year at the earliest, "the new technology theme sector has been rising for half a year, and it will continue to rise until May next year, the possibility is relatively small, There needs to be a buffer of one or two adjustment periods in between, and I think it's good for us to adjust at this time......"

"Uh......" Lin Xue thought with a straight nose, "Hey, do I still have to go to the door to thank you?" ”

Wang Haisu saw that she was quite moved, so she had the courage to admire this femme fatale.

"I heard that the Kumho Economic Research Center has been trying to become the best research institution," Wang Haisu said, he had more contact with Du Fei and them during this time, and he could more or less know more about the inside information, "Hailian Light Industry Group will be officially listed and issued shares in two days, I think there is no need for Kumho Economic Research Center to maliciously publish a crisis theory to suppress the stock market ......at this time."

"I believe that Kumho Economic Research Center is the best research institution, I might as well believe that old sows can climb trees!" Lin Xue frowned and said, she has always been very wary of Kumho, the initial experience of seduction and ruthless rejection undoubtedly made her remember deeply, she never thought that there was a young man under the age of twenty who could resist her temptation, not to mention that she saw disgust in Zhang Ke's eyes as if she had cut her heart hard, which made people feel stinging and unforgettable.

Shi Weizhong arrived at the office early, with the latest Shanghai Securities News on his desk, and he was also taken aback when he saw the article on the front page.

Shi Weizhong thought about it for a while, decided to call Li Mingxue, picked up the microphone and thought for a while before giving up, Li Mingxue still had to come over for a meeting in the morning, and it was not too late to discuss the situation at that time, there was no need to be too anxious.

That will make it seem that he can't hold his breath, and if you want to inquire about what's going on behind it, it's better to find Xu Si directly.

As the first listed company under Haizhou Holdings, Hailian Light Industry Group will officially issue shares in Shanghai in two days, Shi Weizhong paid special attention to the dynamics of the domestic and foreign securities markets during this time, although there is no precedent for the failure of new shares in China, but when the matter came, there was still some worry in my heart.

Since the city agricultural machinery factory achieved profitability in the year of restructuring four years ago, Hailian Light Industry has been a large and medium-sized group enterprise with seven wholly-owned joint-stock sub-divisions and an annual net profit of more than 100 million yuan. After the autumn of '98, one of the focal points of the State Council's financial and economic work was to vigorously promote the securitization of state-owned enterprises between the central and local governments, so that the securities market could share the heavy responsibility of financing state-owned enterprises.

The city's final plan is that Haizhou Holdings can be listed as a whole, but the overall profit of Haizhou Holdings in 98 years is as high as 1.7 billion, with a price-earnings ratio of 30 times and a new share issuance ratio of 30%, Haizhou Holdings' overall listing will absorb more than 15 billion funds from the securities market.

In 99, the total daily trading volume of the Shanghai and Shenzhen stock markets was less than 40 billion under the background of the big bull market, which was obviously unable to withstand the capital pressure brought by the overall listing of Haizhou Holdings; It is impossible for the China Securities Regulatory Bureau to swallow such a large piece of the cake in Haizhou City while watching the cake in the securities market give to an enterprise in Haizhou City.

Hailian Light Industry, which has an annual profit of more than 100 million yuan, will first go public to raise one billion yuan for the construction of new projects, and the scale is just right, and the city also plans to further reduce the proportion of state-owned equity through public listing, so that the management and foreign ownership and public shareholding more than half.

Although there are some skeptical voices saying that the city government is selling state-owned assets at a low price by letting the management hold shares, the city has a very clear idea in recent years and knows where the focus of economic work is.

In terms of fiscal revenue, taxes contribute the most. Hailian light industry 98 years of net profit for the first time 100 million yuan, after the year dividends, after deducting the provident fund retention, to the municipal finance contributed 30 million income, but Hailian light industry 98 years to pay a total of nearly 200 million taxes, of which the municipal finance retained more than 80 million.

It is clear which is more important than 30 million or 80 million.

Shi Weizhong locked himself in his office and read the newspaper until Li Mingxue and Huang Zhuquan, vice mayor in charge of the work of the Municipal Economic and Trade Commission, came over, and then put down the newspaper and went downstairs to greet him. He believes that Li Mingxue and Huang Zhu should have all read today's Shanghai Securities News, and they can calm down and come over to participate in the final preparatory work meeting before the listing, and there is no need for him to show his timidity.

Shi Weizhong went downstairs, Li Mingxue and Huang Zhuquan had already walked into the hall, standing there talking, Li Mingxue held his hands behind his back, and what he held in his hands was today's Shanghai Securities News. Shi Weizhong walked over and shook hands with them, and asked with a smile: "Mayor Huang and Mr. Li have read today's newspaper?" ”

"Oh, this newspaper was shown to Mayor Huang by Secretary Liu during the morning meeting," Li Mingxue handed the newspaper to Shi Weizhong, "Mayor Huang just showed it to me......"

Whether it is the secretary's office, the Standing Committee, or the National Committee, Haizhou City is monolithic, and there is also the elbow of the Municipal People's Congress, and the province does not support Liu Wentao in Haizhou.

In addition, Horizon wants to harvest the results of Jincheng real estate in Haizhou and no one maliciously obstructs, at least the contradiction between Kumho and Horizon in Haizhou does not see the slightest deterioration trend, Horizon quite smoothly will Jincheng real estate assets under the name of the commercial real estate assets to sell back funds, due to the rapid growth of Haizhou's economy, the profit is even higher than expected.

It is precisely because the contradiction between the two sides seems to have been greatly eased on the surface that Yan Wenjie will agree to the acquisition of the Internet café assets of Chuangyu by Haisu Technology.

For Liu Wentao, the Yan family did not support his performance in Haizhou too strong, so he could only succumb to the situation and treat Haizhou Ren purely as a gilded trip, and actively participate in all things that could add glory to his political achievements even if he could not grasp the leading power, at least when the media reported, his name would not be ranked after Song Peiming and Du Xiaoshan.

For Liu Wentao's rogue behavior, Song Peiming, Du Xiaoshan and others were very helpless, Shi Weizhong was also clear in his heart, thinking that people were nominally the number one, which was desolate enough, and they were waiting to change to a good place to get some good reputation, and their mentality was easy to understand. Hailian Light Industry Group was listed, Liu Wentao personally came to the scene to guide twice, Shi Weizhong didn't know that he was still insisting on reading the Shanghai Securities News.

Shi Weizhong asked Li Mingxue: "What did Secretary Liu say?" ”

"If you want us to find a phone to ask Kumho what's going on," said Deputy Mayor Huang Joo-chuen, "I can't help it, I can only call Kumho on the spot to ask what's going on, why did you choose such a time to publish this article, Kumho said that in the future, it will regularly release industrial and economic research reports to the financial media, and the research reports are for reference only...... Didn't contact Zhang Ke......" Huang Zhuquan said this, shrugged his shoulders and spread his hands.

It's really easy to say, Shi Weizhong thought, since Li Mingxue and Huang Zhu have nothing to worry about, they can only relax for the time being, analyze it carefully, and say how much impact it is, even in the big bear market, the issuance of new shares will be sought after by the stock market, and the key is to have confidence in Hailian Light Industry.

This is the last preparatory work meeting before the listing of Hailian Light Industry, the preliminary work is relatively sufficient, the last working meeting, even the work of checking and filling in the gaps is not a few.

After the meeting, Shi Weizhong left Li Mingxue and Huang Zhuquan for dinner, Huang Zhuquan smiled and said: "Okay, but I want you to have a private treat, after Hailian is listed, you will create the first capitalist billionaire ...... in the city."

Shi Weizhong, as the president of Hailian Light Industry, holds 5% of the equity of Hailian Light Industry at this time, and as long as it is successfully listed according to the plan, his personal assets will exceed 100 million.

At that time, the equity under his name was not obtained out of thin air, and when Haizhou Holdings restructured its subsidiaries, it implemented a management competition and management deposit system. When Shi Weizhong was bidding for the director of the agricultural machinery factory four years ago, the agricultural machinery factory had no development funds, and he and other deputy factory directors and workshop directors paid millions of deposits to play a role. When an enterprise develops, these deposits are naturally used as equity funds. Hailian Light Industry has carried out three internal financings before and after, and Shi Weizhong, as the president of the group, has actively participated and held a total of 5% of the equity. After listing, the shareholding will be diluted to 3.5%, and the entire management and employee ownership will be diluted to 25%.

Although there are some doubts now, Shi Weizhong has no conscience, listening to Huang Zhuquan say this, he said with a smile: "How can you say that Mayor Huang and a soldier under President Li, who doesn't envy Mayor Huang for a good daughter-in-law?" ”

Li Mingxue smiled and asked Huang Zhuquan: "When will you eat your family's candy?" ”

"What do young people think now, we don't know, they live together, and they refuse to get a license to get married......" Huang Zhuquan shook his head and complained, his son Huang Xiaoming and Liang Guoxing's daughter Liang Junru studied in Haizhou Compound together, and they talked about falling in love back and forth, and now they have been graduating for a year, "Promised to get engaged before the Spring Festival, saying that they also take care of the face of our older generation, what kind of words is this?" Although Huang Zhuquan was full of complaints, his face was smiling, and he said, "I don't want to be too loud over there, so please come and drink in private when the time comes......"

Liang Guoxing came to Haizhou to guard the position of deputy director of the Labor Bureau, and he has not moved his nest in the past few years, but he is Zhang Zhixing's brother-in-law and Zhang Ke's uncle, and there is almost no one in Haizhou City who can not give him face.

Li Mingxue didn't know what Shi Weizhong was thinking, he asked Huang Zhuquan: "Will Zhang Ke come back to drink?" ”

"I don't know, but I didn't ask," Huang Zhuquan said with a smile, "If he comes, he will drink some wine, if he doesn't have time, who can force him over?" ”

Shi Weizhong thought that Huang Zhu Quanneng's family business was so proud, and it was also because of Zhang Ke's relationship, he didn't know how many people in the city knew about Xu Si's existence, and thought that Song Peiming should know it, otherwise he would not be able to be kind to himself as the mayor.

"Mayor Zhang can, I haven't seen Zhang Ke for a long time, this article in the securities newspaper should be his real idea, I still want to find a chance to discuss it with him......" Li Mingxue patted Huang Zhuquan's shoulder and said with a smile, and asked Shi Weizhong to follow him to the hotel in Huang Zhuquan's car.

At the beginning, Tang Xueqian and Zhang Zhixing considered to reduce the direct interference in the daily operation of Haizhou Holdings as much as possible, and insisted on not stuffing Haizhou Holdings with executive-level personnel, and Haizhou Holdings has always been inseparable from Li Mingxue, so Li Mingxue has not concurrently held an administrative position, and the most important political identity is a representative of the National People's Congress; The city is in charge of Haizhou Holdings, and the official text only asks the deputy mayor to coordinate and liaise, and does not say that he is in charge.

Shi Weizhong still agreed with the article reprinted by the Shanghai Securities News after listening to Li Mingxue's words, and asked: "Do you also think that the bubble is serious?" ”

"There is another set of rules for the operation of the stock market, but it cannot be separated from the economic foundation for a long time," Li Mingxue said, "and there is a limit to the operation of capital...... Judging from the data released so far, the overall domestic economic situation is still grim, and it is basically certain that the economic situation will not be out of deflation before the first half of next year. Can the hype of the new technology concept be sustained until next summer? If you are a smart person, you should take a break. I just think it's a little strange, Zhang Ke has never been ignorant of the domestic stock market, the meaning of what this article wants to say is very thorough, and the timing is a little appropriate, it's a little weird, don't you think? ”

Listening to Li Mingxue's analysis, Shi Weizhong also felt that it was a little weird, but if Kumho regularly released economic and industrial research reports in the future, it might want to exert a deeper influence.

There are indeed serious problems in the domestic economy at this time, and state-owned enterprises, as the main body of the domestic economy, are at a critical moment of transformation, and have not yet been able to get out of the predicament due to the influence of the external economic environment. In the first half of the year, almost a quarter of the total number of state-owned enterprises were in a state of loss and serious loss, half of them were flat, and a quarter of the state-owned enterprises were profitable, but the scale of profits was extremely limited, the central enterprises were better, and the situation of local state-owned enterprises was even worse, and the overall profitability of state-owned enterprises in most provinces was either a small profit of hundreds of millions of yuan, or a shocking negative number.

At present, the domestic stock market is dominated by state-owned enterprises, and the overall situation of state-owned enterprises has not been fundamentally reversed, but the stock market has doubled in half a year.

Huang Zhuquan said with a smile: "What is weird or not, if you have a chance to catch Zhang Ke, just ask him in person." ”

Li Mingxue said with a smile: "He just told me the answer, I also have to think about it, whether it is true or not, this kid is very slippery, if you don't believe it, you go and ask Mayor Song if he can take out the truth from his mouth." ”

Huang Zhuquan and Shi Weizhong both smiled, who would go to Song Peiming to ask this question?