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The weather in Xinwu is cool in summer, and it is still a little cool to swim in the open-air swimming pool in the city, and the hot spring lake on Tianyun Mountain is almost constant at the most suitable water temperature in spring, summer and autumn except for winter. Pen ~ fun ~ pavilion www.biquge.info

Zhang Ke and Sun Jingmeng came to the mountain, bought swimsuits and took a boat to the island in the middle of the lake, and wanted to change clothes in a room with Sun Jingmeng, but they were kicked and beaten out.

Zhang Ke first changed into swimming trunks and sat on the water platform waiting for Sun Jingmeng to come out, his feet stretched out in the warm lake water, in the distance, on the shore of the hot spring lake, there were many people swimming, the water surface was vast, and a few people were trying to cross the entire lake. Sun Jingmeng walked out wrapped in a big bath towel, her figure was not very tall, at least among the dancing girls, she was petite, the legs exposed under the bath towel were slender and round, the legs were combined without revealing a slit, and her skin was as white as fat. Zhang Ke squinted, he felt that in addition to Xiao Nizi's delicate and bewitching face, these legs were charming.

"Can't see your eyes, still look?" Sun Jingmeng glared at Zhang Ke with slight disgust, and was about to sit down next to him, but pushed Zhang Ke into the water violently.

Zhang Ke was caught off guard, choked on a mouthful of water in the water, his head was above the water, and he looked at Sun Jingmeng standing on the water platform and laughing happily.

At four o'clock in the afternoon, the sun was not scorching, the lake seemed to be dyed with thick green, and the lake was shining on people's faces, Zhang Ke swam around in the lake, and saw that Sun Jingmeng had not yet gone into the water, swam to her side, rested his hands on her legs, and asked her: "Why don't you go into the water?" ”

"It's good to watch you swim...... Sun Jingmeng playfully rested her legs on Zhang Ke's shoulders, clamped his neck, and rubbed her heels against his waist.

Zhang Ke pressed his cheek against her lap and raised his head to look up.

"What are you looking at?" Sun Jingmeng draped the bath towel tightly, clamped her legs and wanted to press Zhang Ke's shoulders down, wanting him to be honest and not to stare at her chest, but unexpectedly, this action pressed the tip of Zhang Ke's nose directly on her soft lower abdomen, feeling very comfortable, and did not let go, pulling Zhang Ke's ears, wanting to pull his head out, but Zhang Ke hugged her waist tightly and did not let go, Sun Jingmeng was reluctant to pull his ears hard, holding his head and pouring it into the water, making a splash.

Zhang Ke was caught off guard, his neck was clamped between Sun Jingmeng's legs, the whole person was pressed in the water, he couldn't hold his breath for long, and struggled to get his head out of the water, at this time Sun Jingmeng was already swimming like a mermaid into the distance, Zhang Ke climbed to the water platform and sat to rest, watching Jingmeng swim in the clear lake water, her buttocks were full and plump, her waist was soft, her slender legs were sandwiched with water, her movements were beautiful, her posture was charming, she swam into the distance, she stopped in the water, stepped on the water with her feet, and shouted to Zhang Ke: "Swim around the island, if you swim past me, You promise you everything you do......"

"Really?" Zhang Ke stood up and asked.

"It's just the two of us here, I can lie to you if I want to?" Sun Jingmeng shook her head in the water.

"Lie to me and rape you." Zhang Ke doesn't care if it's true or not, a fierce man plunged into the water, Sun Jingmeng smiled and said: "You scoundrel, I haven't started yet......" He scolded with a smile in his mouth, and his body swam like a mermaid man, still a big cut in front of Zhang Ke.

The island is not big, swam around the island sprintfully, and he was tired enough, the key is that Zhang Ke was so tired that he climbed up the water platform like a dog, Sun Jingmeng was already standing on the water platform and wiped his hair with a towel, and laughed at him: "You still have the strength?" ”

Zhang Ke grabbed Jingmeng's wrist with a fierce straddle, hugged her petite and charming body in his arms, pressed her arms to make her unable to resist, kissed her soft lips, and kissed her beautiful chin and crystal jade neck, kissing her out of breath.

Sun Jingmeng just grabbed her swimsuit and didn't let Zhang Ke take it off, there were other people swimming in the lake, although it was far away, if the swimsuit was taken off, it would still be gone.

"Shall we go inside?" Zhang Ke whispered in Jingmeng's ear, and the tip of his tongue licked her crystal clear ear.

"Well," Sun Jingmeng was so soft that she almost collapsed in Zhang Ke's arms, put her hands around his neck, and said, "But you are not allowed to ......" The voice was delicate and sweet, making Zhang Ke's bones hard, and said, "If you want to rape me, others will see it, and I will help you ......"

"No, I want this," Zhang Ke Yaling bit Sun Jingmeng's ruddy lips and said unrelentingly.

"......" Sun Jingmeng's hand pinched him hard, but she didn't say she disagreed, so she hugged Zhang Ke into the wooden house......

lingered for a long time, until the sunset shone on the hot spring lake, Zhang Ke and Jingmeng took a boat back to the shore. On the barge, Zhang Ke gently hugged Jingmeng's soft waist, looked at the charming sunset at the top of the mountain, and asked softly in her ear: "When can I really do it?" ”

"If you really rape me just now, I don't have a problem," Jing Meng smiled slyly, and said meaningfully, "Then wait for later!" Later may be a long time later. ”

Zhang Ke pulled his hair and made a painful appearance of hitting his head on the bulwark, Jing Mengjiao smiled and ran away to stop caring about Zhang Ke.

At night, Zhang Ke asked Chen Feirong to accompany his parents to the mountains for dinner. At dinner, Sun Jingmeng talked about her idea of the talent show "Star Dream Factory" at the dinner table seriously, she has been thinking about this aspect for a long time, and her thoughts are relatively comprehensive, as if she and Zhang Ke were discussing this issue on the mountain in the afternoon, and did not do anything else.

Taiwan, Singapore and other overseas regions have a long history and tradition in the selection of programs, Sun Jingmeng came into contact with related program production after arriving in Singapore, compared with the stereotyped and lifeless artist training and growth route in China, she wanted to produce a long-term TV program in the mainland that integrates talent shows, dramas and reality shows......

"Although there are singing competition programs such as CCTV's Youth Singer Grand Prix in the mainland, the program unit is too single, and the entertainment, situationality, variety show, and fashion are far from enough to attract contemporary young people...... the design mode of the production unit, the performance venue that pays attention to lighting, the professional modeling design of the contestants, and the production details such as pre-rehearsal, post-editing, and orchestra accompaniment" Sun Jingmeng described her understanding and expectations for the talent show, and then turned her head and asked Zhang Ke, "What do you think?" ”

"My opinion is no opinion, Sister Sun's opinion?" Zhang Ke spread his hands and was noncommittal, so that this girl did not let herself succeed in the afternoon.

"Of course my sister supports me," Ms. Sun said, "but if I really want to operate, I have to hire experienced producers from Taiwan or Singapore, and I am afraid that the mainland will ...... censorship system."

"As long as variety shows don't involve politics, other aspects can be relaxed, don't worry about this ......pressure," Zhang Ke said, China is now trying to imitate overseas to do some entertaining variety shows, but the censorship system of domestic TV program production is too conservative, making it difficult for domestic variety shows to be as relaxed and lively as overseas, and some commercial variety shows are easy to go to the extreme of being too commercial, excessive vulgarization, in terms of censorship and profit, Zhang Ke believes that Century China Entertainment does not need to bear too much pressure, However, he is worried that the unprecedented expansion of the sense of ugliness in modern society will make some artists who are contrary to ordinary people's aesthetic concepts pop up, and he has not supported such artists to become popular at all. Century China Entertainment cooperates with mainland TV stations to produce variety show talent shows, mainly not to activate the mainland TV market, one is to expand the influence of Century China Entertainment through through show shows, and the other is to tap artists with development potential through talent shows.

"Is it okay to directly ask Kumho's member companies to be brand sponsors for program production?" Sun Jingmeng asked.

"You have to have the confidence to succeed, there is always no shortage of sponsorship funds - Aida has a domestic advertising budget of 1.5 billion yuan this year, and it is enough for you to carry it away from pulling out the hair from the thigh," Zhang Ke said with a shy smile, "There are also three brands of Xiangxuehai, Shengxin and Xinguang, depending on which company you have the confidence to cooperate with...... "Kumho's four brands operate, the advertising efforts and targets have different emphasis, and the sponsorship funds for variety show talent shows are also different, if you want to get the most sponsorship, Naturally, Aida is the brand sponsor, which of course also requires the influence of the variety show to reach the level required by Ida.

At present, Kumho's member companies carry out separate financial accounting, and the integration and utilization of resources is one thing, but it is also necessary to prevent excessive dependence on internal resources to weaken the competitiveness of the outside, especially after the group is getting larger, there will be a tendency to bureaucracy, Zhang Ke began to pay attention to advocating internal competition.

Sun Jingmeng sniffed her nose disdainfully and said, "When I take out the planning book, you will know who is asking whom!" ”

Zhang Zhixing and Liang Gezhen laughed on the side without saying a word, and after Zhang Ke and Sun Jingmeng finished fighting, Chen Feirong said that Tang Jing and her mother Gu Jianping had a cold, and Tang Jing wanted to stay in Jinshan to accompany her mother, and then go to Hong Kong together the day after tomorrow.

Tang Jing couldn't come to Xinwu, but Sun Jingmeng didn't give Zhang Ke a chance to contact alone, and went to Hong Kong to participate in the celebration of the successful listing of Shin Kong Paper.

Affected by the Internet bubble crisis, the Hong Kong stock exchange market has also fallen into a slump in recent days, but Shin Kong Paper's listing has not been greatly affected, and the closing price on the day of public listing has risen by about 15% compared with the issue price, becoming one of the few bright spots in the Hong Kong securities market on the day.

Through the acquisition of Jinshan Paper Mill and a series of assets and market integration operations in the past nine or eight years, Xinguang Paper's annual output of papermaking is expected to exceed 3 million tons this year, annual sales of more than 16 billion, annual net profit of 1.5 billion, and a total of more than 18,000 employees. Sales are only one-third of those of the world's 10th largest paper group, Weyerhaeon.

Through the listing of Shin Kong Paper, the direct capital of 6.6 billion Hong Kong dollars, in addition to the 1.6 billion Hong Kong dollars injected into Shin Kong Forestry, the remaining 5.6 billion Hong Kong dollars, and then borrowed 2 billion yuan from the China Development Bank, issued 2 billion yuan of corporate bonds to Kumho Corporation, and raised 9 billion yuan to start the pulp project, which is also the largest investment in the mainland so far in the paddle project, after completion, it will produce 1 million tons of high-quality wood pulp per year.

The construction period of the pulping project is three years, when the first batch of fast-growing forests of Xinguang Forestry will also reach the maturity stage of rotation.

Xinguang Forestry fast-growing forest afforestation area has been as much as 7 million acres, according to the rotation cycle, can be used for two million tons of pulp projects every year, and Xinguang Paper this year in addition to using a large number of waste pulp, will also import two million tons of wood pulp, to fill the gap in the upstream and downstream, the first pulp project needs to be completed immediately after the start of the second million tons of pulp project in Jinshan, the required funds are 10 billion.

Xinguang Forestry's afforestation area has reached 7 million mu, and the comprehensive costs of afforestation, forest land rent, and personnel salaries are as high as 1 billion yuan every year. If you want to expand further, you need to invest a lot of money; Either you have to wait until the fast-growing forest enters the maturity stage and has a profit before the next step of expansion can be carried out.

Since Shin Kong Forestry is listed in Hong Kong, the issue of funds should be raised through the open market as much as possible.

The successful listing of Shin Kong Paper can be regarded as the proud work of Zeng Zihui, vice president of Goldman Sachs Asia. In the banquet hall on the top floor of the Peninsula Hotel, Zeng Zihui wore a neat shirt and held a red wine glass, and Zhou You, chairman and president of Shin Kong Paper, and Guo Songyan, director of Shin Kong Paper and president of Malaysia Yunyuan Group, surrounded the crowd like a starry moon.

"I discussed with Mr. Zeng that if Xinguang Paper wants to have great development, it still needs 20 billion funds." Zhou You smiled and said to Zhang Ke, "Mr. Zeng also designed a general financing method to solve the problem of 20 billion funds: this time Xinguang Paper was successfully listed, and it can acquire the equity of Xinguang Forestry in the form of directional issuance of new shares to various holding companies, and completely turn Xinguang Forestry into a wholly-owned branch of a listed company, but then publicly raise funds through the issuance of new shares in the securities market - the holding company reduces its holdings of Xinguang Paper's shares through the securities market and raises funds for investment in its field......"

"Mr. Zeng's ideas always make people feel enlightened, you have to think about Mr. Zeng's suggestions." Zhang Ke casually said to Zhou You, took two glasses of red wine from the waiter passing by, gave one to Tang Jing, and toasted with Zeng Zihui and Guo Songyan.

Shin Kong Paper has already raised 6.6 billion Hong Kong dollars through the securities market, and wants to further raise 20 billion yuan, which is not a task that can be completed in one year or two years, and can only be used as a capital strategic direction of Shin Kong Paper to work hard, and cannot completely pin its hopes on it.

After the completion of the pulping project, even if the integrated layout of forest and paper is preliminarily completed, the more complete and mature the industrial model and development, the less resistance to financing. China is a big country with a large national savings rate, and the national savings rate is surprisingly high, and in another three to five years, after the domestic capital is abundant, enterprises like Shin Kong Paper, which has stable profitability and a mature industrial model, do not have to worry too much about the source of funds -- at this time, they will not be able to compete with state-owned enterprises for financial resources at home.

Although Malaysia's economy has begun to recover in the past two years, the development speed and market potential are still not comparable with those of the mainland.

Kumho's two core enterprises, Aida Group and Kumho Corporation, have opened very small doors to them, but Shin Kong Paper, Shin Kong Forestry, Xiangxuehai, Century Kumho, Shengxin Electric, and Shengxin Telecom have been working hard to seek public listing, so there will naturally be no restrictions on the cooperative investment of Guo Songyan and other Southeast Asian Chinese businessmen.

In recent years, Kwok has injected a total of 1.5 billion yuan in capital and fixed assets into Shin Kong Paper, and holds 20% of the equity of Shin Kong Paper after listing, with a market value of 5 billion Hong Kong dollars.

The core business of Yunyuan Group is pulp and paper, Guo Songyan of course knows how high the value of Shin Kong Paper's initiative in the integration of forest and paper in the mainland, at least four to five years longer than other paper giants in the Chinese market, he not only did not reduce his holdings of Shin Kong Paper shares to make a profit, but also had the intention of continuing to invest more.

Isn't Shin Kong Paper short of funds? Yunyuan Group can always draw out one or two hundred million dollars of funds every year.

Guo Songyan had private exchanges with Zhang Ke and Sun Shangyi about these things, but he would not mention them again in front of Zeng Zihui, and said with a smile to Zhang Ke: "Kumho Commercial already has three listed companies, when will there be a fourth or fifth?" ”

"It depends on how Mr. Zeng arranges the progress of the work." Zhang Ke said with a smile.

"Do you think I'm not doing my best?" Zeng Zihui asked with a smile.

Zeng Zihui even knew that Kumho had contact with the domestic securities department some time ago, and wanted Shengxin Electric to be listed in China, but unfortunately the securities department only agreed to part of the assets of Shengxin Electric Appliances to be listed on the small and medium-sized board, and the market value was limited to 5 billion, and the financing amount did not exceed 1.5 billion.

Zeng Zihui smiled slightly, Kumho was probably unwilling to fight for this 1.5 billion.

Zhang Ke raised his glass demonstratively: "No matter how hard Zeng always works, we also feel that it is far from enough, who makes us like fish jumping ashore, capital hunger is difficult to cure......" He thought that overseas capital is sufficient, but in the overseas listing, it is necessary to give Goldman Sachs these investment institutions a knife from it, Xinguang Paper as the first domestic enterprise to complete the initial layout of forest and paper integration, the issue price is only calculated according to 15 times the price-earnings ratio, This is also the preferential treatment that Kumho and Goldman Sachs received after trading in the grey market after the issue of Quantum Online, and during the initial negotiations, Goldman Sachs and HSBC even pushed the price-to-earnings ratio of the issue price to 12 times and refused to budge.

Now it is a win-win situation, Zeng Zihui saw that Zhang Ke was also full of spring breeze. In the big rebound after mid-May, the stock price once rebounded to a high of $40 per share, and venture funds such as Goldman Sachs and Walden successfully reduced most of the shares held by Quantum Online and cashed out, and obtained a lot of money. On the other hand, due to the retreat of Goldman Sachs, Shin Kong Paper went public and got a relatively good issue price, not to mention 1.3 billion more funds.

Before coming into contact with Kumho, Zeng Zihui would not believe that such a young consortium existed, he did not know much about the finances of Aida Group, and Kumho was more hidden from the finances of Aida Group, but Kumho Commercial, as Kumho's financing platform in Hong Kong, must provide credible and verifiable financial reports to the financing targets, and Tsang Zihui knew Kumho Commercial's finances well.

After the listing of Shin Kong Paper, the market value of Shin Kong Paper was as high as 25.3 billion Hong Kong dollars based on the closing price on the first day, and Kumho held 49% of the equity of Shin Kong Paper, with a market value of about HK$12.5 billion.

In addition to Shin Kong Paper, Kumho Corporation, which also directly holds a 45% stake in Aida Electronics, which has been severely affected by the dot-com bubble crisis, with its share price falling 20% from its peak and a market value of more than HK$30 billion.

Century Kumho acquired the listed company Schwab Real Estate, and put part of the commercial real estate into the listed company by backdoor, about 20% of the shares were directly held by Kumho Corporation, because Century Kumho only put a small part of the commercial assets into the listed company, the market value of this part of the equity is relatively low, only HK$1 billion.

Even if we do not consider anything else, the market value of the equity assets of listed companies owned by Kumho Commercial exceeds HK$25 billion, and although the amount of liabilities exceeds US$3 billion, at least from the book point of view, Kumho Commercial's finances have stabilized, and international investment institutions such as HSBC and Goldman Sachs have also raised their financial assessments of Kumho Commercial. It will almost raise Kumho Corporation's debt level to US$4 billion, and of course we will have to pay a financial cost of US$200 million or 300 million a year for these US$4 billion debt.

If you were to rank the largest Asian conglomerates at this time, Kumho would be eligible to appear on the list.