Syllable.

Tang Bao accurately threw the appraisal report drawn up by McGu Asset Appraisal Service Company into the trash can without looking at it again.

Let them die!

A fluttering sentence, but it revealed Tang Bao's infinite anger. He also decided to completely put this McGu asset appraisal service company into the cold. Any transaction with Phoenix Investment Group will not cooperate with them!

See here.

Horst also didn't say anything, in fact, he was also dissatisfied with the valuation of McGu's asset appraisal services, but he was not as angry as Tang Bao.

"Has the assessment fee been settled, if it is not settled, find a reason to deduct it!" Tang Bao, who calmed down, still felt puzzled, and said again.

Belch......

Horst was only slightly stunned, but quickly reacted, and couldn't help but show a sly smile on his face, and said: "Ha, boss, the assessment fee needs three million dollars, and we only paid a deposit of 100,000 dollars." The remaining land costs have not yet been settled......"

"All deducted, hum, 100,000 dollars, give them all blind, I'd rather throw this money to the beggars on the side of the road than be happy to give it to them!" Tang Bao said unhappily, there is no way, this cheating Maigu asset appraisal service company is really annoying. If their asset valuation was even a little more reliable, even if Tang Bao didn't approve of it, he wouldn't embarrass them.

Just a simple example. Or a ...... of the Venture Capital Department Phoenix Investment Group holds a 10% stake in East West Bank for an investment of $200 million. However, the special McGu Asset Appraisal Service company actually valued the assets of the entire venture capital department at only $150 million. Nima's, East West Bank's equity has not yet happened, and it has been directly assessed by them to shrink a lot.

"The owner...... If the assessment service fee is deducted, I am afraid that the other party will not give up, and may be sued by the other party, and it is easy to be criticized by the outside world. Horst said worriedly.

"You pig's head, how stupid or fake stupid. Won't you find a plausible reason? Pick on them or throw dirty water on them. Tang Bao said loudly with a little hatred. You said that you have been the president for so long, why do you have to do things with a dead eye.

Well?

"Oh, oh, yes, boss, I know what to do." Horst didn't care about being scolded by Tang Bao, and replied with a smile.

……

This little thing, Tang Bao said that it was over, and it was impossible for him to keep an eye on it. Unless the other party voluntarily bumps into the muzzle of the gun.

"Oh, boss, I also don't agree with the appraisal report of McGu Asset Appraisal Service Company, so the company has also re-made an asset valuation report internally. Look at ......" Seeing that Tang Bao's anger gradually subsided, Horst also regained his composure, and hurriedly handed over another folder.

Take it.

Tang Bao opened it casually, and it was similar to that of McGu Asset Appraisal Service Company, with a lot of verbose things and a thick pile of valuation reports. There are dozens of pages.

"Hmm."

When he saw the final valuation part, Tang Bao nodded while looking at it. Seeing this, Horst's anxious mood finally relaxed a little.

Nick, who was standing beside Tang Bao, couldn't help but tilt his head. Glancing at the valuation report in Tang Bao's hand, he also wanted to see how much Phoenix Investment Group could be worth.

Tang Bao was looking at the evaluation report, but the small movements of Nick and Horst did not escape his perception. But he didn't pay attention to it, just patiently looked at the valuation report.

The Equity Investment Division has assets of about $6 billion, considering that most of the stocks held have a lot of potential for appreciation. Most stocks will see a significant increase in price over the next period of time. Among them, there are many stocks of companies with unlimited potential, such as Microsoft Corporation and Wal-Mart, so the valuation has increased by 20%-30% on the original basis. The asset valuation is between $7.8 billion and $8.5 billion.

the assets of the Futures Investment Department, valued at $1 billion; The assets of the Bond Investment Department are valued at $1.5 billion. The valuation of these two parts of assets is very close to that of McGu's asset appraisal services.

Next.

For the asset valuation of the venture capital department and the asset management department, it is much more interesting, or rather Horst is very cautious.

Because the valuation of these two parts of assets is not evaluated by the company, but handed over to the department head. Of course, perhaps this can also reflect that Horst's control over these two departments is not so strong.

"Two billion dollars!"

Seeing the valuation of the head of the venture capital department, Tang Bao couldn't help but laugh silently, to be honest, according to the current value assessment, it is not worth two billion dollars at all, even one billion dollars is difficult. However, venture capital does not look at the value of the present, but the potential of the future. As long as the future potential of the invested company is limitless, then its value will skyrocket. The fact that Capuz dared to give a valuation of $2 billion was obviously a premium for calculating the company's future development potential.

"Heh, the head of the venture capital department, Cappus, is valued at two billion dollars. Horst, do you think this valuation is too high or too low? ”

"Still low? It must be inflated! Horst thought so in his heart, but he didn't say that, just smiled and said, "Boss." I'm not familiar with the venture capital business, and I rarely get involved, so I'm afraid it's hard to judge. But since Cappuz gave this estimate, there must be a reason for it. ”

Scold.

Tang Bao couldn't help but smile. Sighing, it seems that Horst's control over the venture capital department is really weak. But it's even better!

Speak from the heart.

In addition to the stock investment department, Tang Bao's most important asset is the venture capital department, where each investment seems to be very small, as little as hundreds of thousands, and as much as millions...... However, there are some very promising companies hidden here, waiting for the time to launch the market. These tens of millions of investments will get hundreds of thousands of times the investment returns! For example, the Venture Capital Department invested $4 million in Cisco Systems and acquired a 65% stake. In a few years, Cisco will go public, and its market value will expand rapidly, and if memory serves, Cisco will become a high-tech enterprise with a market value of hundreds of billions of dollars in the late 90s. This also means that the venture capital department only needs to hold on to these shares and wait patiently. It only takes about ten years to get hundreds of billions of dollars in investment returns.

In the venture capital department, in addition to Cisco, there are many companies with endless potential, and to be honest, these are hidden treasures.

Just ask.

When he saw that the venture capital department he valued was only valued at $150 million, how could Tang Bao not be angry.

……

Asset Management Department.

Li Xiaofeng gave a valuation of $300 million, and the assets under management are all investors', not the money of Phoenix Investment Group itself. However, this does not mean that the asset management department is worthless. On the contrary, there is a lot of value in the asset management department. Its business, its team, the fame of the Phoenix Pioneer Fund, etc., are all huge assets. Overall, a valuation of $300 million is reasonable.

Sum up.

The valuation of assets within Phoenix Investment Group is between $12.6 billion and $13.3 billion. Much higher than the valuation of McGue Asset Appraisal Services!

Call.

Tang Bao slowly closed the folder, leaned back in the swivel chair, and closed his eyes slightly.

"Boss, do you think the valuation of this asset is reasonable?" Horst looked at Tang Bao, who was silent. Cautiously asked.

$12.6 billion to $13.3 billion......

Tang Bao repeated these two numbers in a low voice, and did not rush to give Horst a positive answer, as if he was also embarrassed and entangled.

"Hoo ......"

After thinking for a long time, Tang Bao took a deep breath. Looking at Horst again, he said, "Well, I think the valuation of $13 billion is reasonable after the divestment of the venture capital department. No, $15 billion dollars. Horst, you go and revise the valuation report. Excluding the assets of the venture capital department, the valuation is $15 billion. As for how to value the assets of the venture capital department and how to deal with it. I still need to talk to the investors before I can decide! ”

"$15 billion?!"

Horst looked at Tang Bao in great surprise, this ...... He was so shocked that he couldn't speak. I couldn't help but remind: "Boss, this valuation is far beyond the normal range. Some of the proposals I've received from investors have also valued Phoenix Investment Group, but even the highest estimate is only $11 billion. ”

"$11 billion? Hmph, if it's all at this valuation, then there's no need to talk to them and kick them out directly. Tang Bao sneered.

"Uh......"

Horst was stunned for a moment, but did not say anything more. He is only a professional manager, and he does not have the equity of Phoenix Investment Group, and when it comes to the issue of equity change, his right to speak is very limited, and he does not interfere too much sensibly. He just needs to carry out the order.

……

Soon.

Horst returned all the proposals he had received, and informed the other party that he would not be able to continue negotiations due to serious disagreements over the valuation of Phoenix Investment Group.

"What. There is a disagreement in valuation, and the Rice fund is valued at a whopping $11 billion, and has already given a premium of up to 20%, which is less than ...... "Rice was surprised to receive the proposal for the withdrawal, but he was not angry. It's just that he is curious about what the valuation of Phoenix Investment Group is.

It didn't take long.

Horst fulfilled Rice's wish and cleared his doubts. At the behest of Tang Bao, Horst revealed that the assets of Phoenix Investment Group are valued at $15 billion, which does not include the assets of the venture capital department. It is only on the basis of the recognition of the valuation of this asset that there is a possibility of negotiation. Phoenix Investment Group will not make any compromises or concessions on valuation......

$15 billion!

Suddenly, there was an exclamation, and he secretly said, could it be that Tang is crazy. Even if Phoenix Investment Group is in full swing, it is not worth the price.

Recently, due to the news of Phoenix Investment Group's share expansion and financing, many analysts and industry experts have made asset estimates for Phoenix Investment Group. The assessments all range between $9 billion and $100. At the moment, Phoenix Investment Group's valuation is more than 50% higher than expected. This made many investment institutions that originally planned to take advantage of the opportunity to make a fortune suddenly become dumb.

Not everyone has the courage to invest with a premium of more than 50%! (To be continued......)