Gu Mojie was reluctant to talk too deeply at the dinner table, and Fei Liluo's defense made him choose to be silent for the time being and think quietly. Pen? Interesting? Pavilion wWw. ｂiquge。 info Until the maid removed the food and replaced it with tea, he also finished the draft.

"This matter is divided into two steps, you go back and discuss with Mr. Ye and them, and come up with a way to relatively reduce the capital reserve ratio in Hatsune's wallet, and try to stabilize the withdrawal of that piece, which can be regarded as throttling. Brother Yong, you are keeping an eye on the institutions that are currently willing to give us private convertible bonds, which can be regarded as open source. ”

Hatsune Network Technology is not a public company and cannot circulate shares. Under this premise, the first way that people with a little business common sense think of is to push the second social capital financing channel, which is corporate bonds.

However, the conditions for the issuance of corporate bonds are also very strict, and generally speaking, enterprises with relatively good profitability can issue bonds with a maximum of 30% of the company's assets. And those with bad profits, such as high-tech companies and Internet companies, can make 20% of the difference.

If it is a listed company, it can be issued to the public when it issues bonds, that is, in the face of the whole society's floating capital, even those who only have 501,000 million pocket money can buy a little. With this kind of issuance, the yield of the bond itself can be set a little lower, which is nothing more than because the store is bullying customers.

However, non-listed companies have no way to casually issue bonds to the people who do not know the truth in the open market, and often have to underwrite them through securities firms in the bond market, and use the credit of these specialized financial institutions to guarantee corporate bonds. Moreover, the rate of return that enterprises need to offer will be higher than that of direct public offering -- the difference in price will naturally be given to those brokerages with guarantee responsibilities as risk profits.

Hatsune Network Technology is not only not a listed company, but also happens to be a high-tech company that the bond market hates in terms of business scope, and there are no tangible assets to pledge. At this time, only by choosing the mode of issuing convertible bonds will there be a brokerage firm.

The so-called convertible-bond is no stranger to those who have experienced the QE and asset securitization frenzy in later generations. The junk bonds packaged by Goldman Sachs and Deutsche Bank are mainly convertible bonds.

This type of bond is not secured by physical property, but rather by the equity of the business, which is difficult to enforce. The interest rate is higher than that of ordinary corporate bonds with enforceable property collateral, and in the case of non-default, 15% per annum interest is possible. However, if it is trapped and the bond issuing company cannot pay it back, it can only convert the convertible bonds into the company's equity, and the debt relationship will be eliminated.

This is the case when you buy bonds and buy shareholders.

However, not all convertible bonds are junk bonds, and not all sources of junk bonds are convertible bonds. The key is to see whether the main body of the bond issuance is reliable.

For example, during the European debt crisis that lasted for several years, Deutsche Bank collected trillions of euros of junk debts from Italians, and finally Deutsche Bank found that the bad debts were as high as 400 billion euros when they bottomed out in 2013.

When the Italians borrowed junk debts, it was not that they did not give mortgaged property, but 400 billion yuan was government office buildings, city roads, military ports, military camps, military airports and other facilities, and Deutsche Bank could not enforce the realization at all.

Assets are junk, and collateral will also become junk debts.

The assets are of high quality, and they are not garbage without collateral.

The two are not necessarily linked.

With the current upward momentum of Hatsune Network Technology, if you go to the market and shout to borrow money, you will take stock collateral if you don't pay the money, at least thousands of people will rush to lend it.

The key difficulty lies in the valuation of the mortgaged equity.

When a listed company encounters a convertible bond, it is easy to deal with it, and it can be directly pledged according to the trading price of the company's shares. For example, if you borrow 100 million yuan and the current stock price is 100 yuan per share, then when you sign the convertible bond contract, it is directly stated that the debt is backed by 1 million shares.

Non-listed companies do not have a socially recognized stock price, so they can only do one thing at a time, and negotiate separately with brokers.

General Gu Yong has already done his homework and contacted a group of old friends in the capital circle. After Gu Mojie gave the order, he explained his plan and inventory.

"So far, I've found several brokerages to do this, and those who are willing to make a move have asked to convert the stock price of Hatsune Network Technology according to the valuation on the list released by Forbes in March. I've agreed to this algorithm for now, and if you don't have any objections, I'll do it according to this valuation. ”

"Whatever, valuation, it's not important if it's a little worse, the key is the size of the fundraising." Gu Mojie is not entangled in this.

If a brokerage tries to calculate his company based on the valuation analyzed in the Forbes rankings, it will certainly make him lose out because Forbes is based on the 2010 year-end financial report.

Now that four months have passed in 2011, Hatsune Network Technology has developed a lot, and the valuation is definitely higher.

However, as long as the money is ensured to be repaid in the end, there is no possibility of being implemented by the "debt-to-equity swap". In this case, if you underestimate that 10%, Gu Mojie doesn't matter.

"At present, CITIC, China Merchants, and Cathay Pacific all have my old friends, each with a minimum of 10 billion yuan and a maximum of 20 billion yuan -- I'm talking about RMB. No matter how much they want, they have to watch the wind release the water. Generally, this kind of thing, the brokerage can find up to three, and no matter how much it is, it will be messy, but it will be a bad thing. ”

Gu Mojie took a sip of the cup, and raised his eyebrows: "Be careful, look at the rumors." ”

"The main thing is to see if there are any policy risks in our recent actions."

"Policy risk? Afraid that the state will not support it? ”

"It's not that the state doesn't support it. The policy risk is nothing more than two aspects, on the one hand, the domestic, afraid that the enterprises that compete with Hatsune will lose too much state-owned assets because of Hatsune's expansion. On the other hand, we are afraid that our acquisition will not be successful because of the obstruction of foreign policies -- how many big businesses of one or two billion dollars can there be on the earth in a year? Brokers are also afraid. ”

When General Gu Yong said this, he didn't say much, and the words that followed, standing in his position, were really difficult to speak.

After all, he knew that Gu Mojie was a very unruly guy and had always looked down on state-owned capital.

Sure enough, Gu Mojie drank tea quietly without saying a word, until he refilled the water and broke the stuffy gourd.

"I'm afraid that MIH's people won't be able to withdraw their money. What is there to dare to say, I understand. ”

When he said this, Gu Mojie's heart was a little sad, but it also revealed the determination of compromise.

Become a big thing, don't get tangled. The business is so big, even Uncle Zhu and Jiang Gongzi can't stop them from entering the market, can they still stop the state-owned consortium.

"That's for the best if you think so." General Gu Yong also breathed a sigh of relief, "It is said that you just have a holiday with Ma Huateng, why bother to be involved with the major shareholders behind him." ”

Gu Mojie nodded: "Of the three brokerages you just mentioned, which one can pat the chest the least?" ”

General Gu Yong thought for a while: "Cathay Pacific, it is estimated to be more than 10 billion." ”

Gu Mojie waved his hand: "Then don't look for them, 10 billion, wipe P shares." Take Cathay Pacific, leave CITIC, China Merchants, and squeeze the quota. Then, pull ICBC International in and allow them to contribute 30 billion, and we will give him the right to subscribe at sight - however, I ask ICBC International to convert the shares according to a separate real-time valuation when the money comes in. ”

Gu Yong got up from the sofa and twisted his neck crampedly: "With the right to subscribe?" Only 30 billion can be sold? ”

Gu Mojie gritted his teeth: "Look at their appetite, you try to talk about it first." ”

……

Gu Mojie is so generous, which can be regarded as untying a dead knot for General Gu Yong, which saves him a lot of worry when preparing for the follow-up.

It seems to be a happy relationship, and when the two of them discussed "how to make Hatsune wallet users generally save more money and reduce the wallet reserve ratio", Gu Yong will kindly help Gu Mo with an idea

"Applejack, I personally think that we can consider giving the balance of the user in Hatsune's wallet and settling the interest on the interest rate of the bank's current deposit to them - Alipay does not pay interest at the moment. If we give interest, we will definitely be able to absorb some of the money. ”

Gu Mojie's eyes lit up: "Wallet interest?" This idea is probably a bit tricky, can it raise the interest rate a little more? Anyway, it's all spent on the knife edge, as long as it's lower than a commercial loan, it's a good deal for us. ”

Gu Yongjiang has reservations about this: "No matter how high the interest rate is, the money is still a trivial matter, but we don't have a financial industry license, and we were caught and said that it was illegal fundraising, which is not a trivial matter." If you don't think the user experience has improved significantly, it is better to change this current interest to daily automatic settlement, so that customers can see that the money in the account is rising every day, and it looks a little better. ”

"That's right...... That's probably not much use, it's too easy to copy. We will introduce it for a month or two at most, and Alipay and WeChat wallets will definitely copy it. And Alipay has more financial licenses than us, which is a hard injury. ”

Forget it, the matter of the license is not something that can be solved overnight. For problems that can't be solved, Gu Mojie is used to not dwelling on them.

Sending off General Gu Yong, only Feliro was left in the living room to accompany Gu Mojie.

"Brother Yong just said that the brokerage relationship, what kind of dumb riddle are you two playing? Forced Cathay Pacific out, but had to get an ICBC International in, isn't this an endless toss? They also added a call right clause to their convertible bonds. I didn't understand the festival behind me. ”

"It's not surprising that you didn't pay attention to the shareholding structure of your competitors - ICBC is the majority shareholder of MIH, and MIH is the majority shareholder of Teng Xun. It is estimated that if they look at our acquisition again this year, Teng Xun will be * into a corner, so the major shareholder behind Ma Huateng wants to put J eggs in different baskets. Otherwise, I'm not stupid, why only give their convertible bonds with subscription rights. ”

Feliro suddenly realized: "The original backstage, no wonder." In this way, even if Fuji Xun's market value plummets in the future, ICBC will directly hold a part of the shares of Hatsune Network Technology...... But is it possible for them to stop us from destroying Fuji Xun? ”

"It's definitely going to be blocked, and you've seen investors who invest money on both sides of the market, who want their companies to lose both, and they must want us to reconcile.

But fortunately, I didn't plan to kill Ma Huateng completely. QQ and WeChat are such a big plate, killing is not killing, can make it * to a pure bubble artifact, in the future, only the next three indiscriminate people will use it, that is, the limit. ”

In this world, there will always be a need for Momo, since there is no Momo in this time and space, let WeChat degenerate to be Momo. (~^~)