President's Office, Kia Motors Headquarters, Busan, South Korea

"It sounds beautiful, I must say, Mr.Ye the blueprint you depicted is very imaginative, and it is an unparalleled and tempting plan, but the Li family currently holds only 25% of the shares, and the major shareholder is the Korea Machinery Industry Investment Group, which holds shares on behalf of the South Korean government. In addition, I have to regret to tell you, my dear chairman, that the Li family is now unable to come up with a huge amount of $250 million to subscribe for the additional shares......"

The head of the Kia Group spread his hands while speaking, and his face was extremely regretful, as for saying that the big and small shareholders have opinions are all smoke-bomb, which will make it difficult for everyone to move forward in the recession of the automobile industry, if the showdown to the public shareholders for the sake of financing may cause investors to frantically sell Kia Motors shares, Now Saturn Motors, a young Wall Street genius, is tantamount to sending $250 million to Kia Motors, provided that the Li family also comes up with $250 million to participate in the subscription of additional shares, which is a bit difficult to do......

"President Li, I'm afraid you are a little misunderstood, the South Korean stock market is certainly not easy to raise enough funds for the stocks of the auto sector, as a veteran of Merrill Lynch, I can be sure that with the sponsorship of Merrill Lynch, other cars can issue additional shares in the form of IPO on the New York Stock Exchange, and issue 100 million shares of US stock market depositary receipts, the issue price of 5 US dollars should be quite an attractive price, which is a lot higher than the issue price of Saturn Automobile......" Jiang Yelin said this, Li Jinhuan was full of slander in his heart, Nima Saturn Auto's net worth per share is only 1 dollar.

The net assets of Kia Motors are now about 800 million US dollars, and the 120 million shares listed on the Seoul Stock Exchange in South Korea are added to the 100 million shares that are ready to be listed and issued in the United States, and the total share capital will be 220 million shares, and the diluted net assets per share will be 3.6363 US dollars, and the issue price of 5 US dollars is only a premium of 1.37 US dollars, which is still a big difference from the issue price of Saturn Motors with a premium of 2 US dollars!

Of course, the average ex-factory price of a single car is only 8235 US dollars, Kia Motors from the quality and asset quality, compared with the noble and cold General Motors' youngest and most energetic brand Saturn Motors, the average ex-factory price of a bicycle is 28,000 US dollars, Kia Motors is now in terms of technology research and development is still in the stage of copycat Ford, Fiat and Mazda, and the Saturn Motors R&D Department that concentrates countless technical elites of General Motors is really two centuries away.

General Motors can become the world's No. 1 car manufacturer, that is not comparable to Ford, which started from cheap cars, although Kia Motors takes the route of civilian cars and national cars, but Li Jinhuan, who graduated from business school and obtained a correspondence undergraduate diploma in mechanical engineering through self-study and spare time, has never given up the ambition of making Kia Motors one day the world's first-rate car brand, and only a manufacturer like General Motors that can produce a full range of cars belongs to the real industry leaderOf course, the starting point of Kia cars is a bit low, and the small car takes the low-cost civilian route, and the advantage is that it is short, flat, fast, two sofas, four wheels, plus an engine, and a tin cover car becomes......

The disadvantage is that the technology is inferior to people in research and development, the input is less and the output is less, and the new model should be tall and tall from the beginning of the design, which can not compare with others, such as digging the designers of the best-selling brands of those big factories to Kia Motors, President Li thinks so every year, but he can't pull out the budget of millions of dollars every year, and the money alone can't make the Italians, the French, the Americans, and the Germans admit it, the East has always been a mysterious place, and not everyone can be willing to press their home to the cold Chaoxian Peninsula......

In addition, automobile design and R&D talents are also a hot and scarce variety in the industry, and those who are really willing to develop in Asia are also the first to be cut off by the two major manufacturers of Toyota and Nissan, the island countries with a warmer and wetter climate in the south, and the allure of Western experts in Tokyo's luxurious Ginza and the streets full of unexpectedness is much more attractive than the karaoke roadside shops on the streets of Seoul and Busan...... Nima's talent and technology competition may have lost from the beginning in the customs industry, which is not as good as that of the island nation.

"Your Excellency Chairman, didn't you say a private placement? If you want to go public in the U.S., at least 25% of the shares have to be recruited from the public, right? And it can't all be achieved through private placement, and now Kia Motors' cash flow is also very tight, and the Li family really can't scrape together 250 million US dollars to subscribe for the additional shares...... "Li Jinhuan rubbed his hands and sweated in his head, this situation is a bit like the kind of anxiety that you can see delicious but can't eat!"

"Well, that's what you said, I was negligent on this point, but it's not a big problem, the size of the U.S. IPO can be increased to 120 million shares, of which 20 million shares are available for public investors to subscribe to, and the remaining 100 million shares, the Li family subscribes for 50 million shares, and Saturn Motors subscribes for 50 million shares, in that case, the total financing of 600 million US dollars is just used to jointly acquire the three factories of Daewoo Motors with Saturn Motors......" Jiang Yelin answered the other party's questions with a smile.

"Boss, President Li seems to be troubled not only by the proportion of shares subscribed by the public, but also by the fact that he can't take out $250 million of real money to subscribe for the additional ......shares at once," Jessica Abel, a blonde and blue-eyed assistant, couldn't stand the way her boss teased President Li, and couldn't help but remind.

"Yes, yes, if you want to say, the South Korean government will not lightly reach out and throw money into the car companies at this time, and of course they will ask for shares for free, and don't even think about the $5 per share subscription...... As the president, for the sake of the future and future of Kia Motors, he said that he would also gamble on his net worth to match this great thing for the benefit of the country and the people, but he could make up 25 million US dollars, maybe there was a way to think about it, and 250 million US dollars was really ......no way at all, "Li Jinhuan spread his hands and cried to death.

"So, apart from the Korea Machinery Industry Investment Group, which is the major shareholder, will other shareholders be willing to subscribe for additional shares?" Jiang Yelin tricked President Li step by step, Li Jinhuan shook his head with a wry smile and said, "It's definitely no fun, although Ford, Mazda and Fiat hold 20% of the shares together, but they can let their representative directors on the board of directors pass the proposal of issuing additional shares, which is already the biggest support I can think of from these shareholders for Kia Motors, and then invest money in it, especially the acquisition of Daewoo Motors, I think it will be absolutely useless......

"What? Could it be that these three shareholders are not optimistic about the future of Kia Motors? So why did it become an antique for Kia cars? 10% and 8% shareholding ratios are not less! Jiang Yelin didn't understand for a while, and couldn't help but ask.

"In fact, at the beginning of these shares, these three companies did not really inject funds, but with the right to use the brand and production authorization and technology transfer fees, patent licensing fees and other discounted shares, these years of dividends have already earned back the original cost, the original was not willing to invest money, and now will not agree to invest money, not to mention that in addition to Mazda, Ford and Fiat have also continued to lose money in the past three years, and they themselves are short of money!" President Li of Kia Motors rubbed his hands and looked at Jiang Yelin with a look of hope.

"President Li, can my boss understand that one hundred members of the Li family are willing to subscribe for the shares of Kia Motors listed in the United States with Saturn Motors, but they can't muster together $250 million in funds?" Jessica spoke his heart for Li Jinhuan, that is to say, the shares are wanted, but my Li family can't do anything about the funds, you Saturn car sent Buddha to the West Heaven, and simply solve the financial problem for me, and this matter will be easy to do.

"Miss Abel is right, it is indeed too difficult to finance, the automotive industry is not like a few years ago when the scenery was booming, funds are pouring to come to the door to invest, and now even Daewoo Group is going to sell the factory to withdraw from this industry, to be honest, my Kia car is also a bumpy cash flow is very tight, once the debt repayment of principal and interest is in question, it may go bankrupt and liquidate at any time!" In fact, the automobile industry is indeed a place of high-debt operation, with 800 million net assets but total assets of 2 billion, and 3-4 billion dollars per month to maintain daily operations, and the annual financing interest is 1-2 billion US dollars......

"President Li, if I'm not mistaken, your family holds 25% of the current 120 million shares of Kia Motors, and if you get an 83% discount at the current stock price of $10, you can almost cash out about $250 million, won't this fund be revitalized......" The words naturally said this Cheng Dù, Jessica listened to it on the side and was full of slander, just now the boss also said that he did not plan to buy Kia Motors, and in a blink of an eye, he circled around for President Li to beat the idea to 25% of the current holdings It's too cunning! I like it!

"I don't understand what you mean, and you asked me to sell my 25% stake and cash out to subscribe for the new shares? What kind of logic is this? Then I simply don't want to participate in the additional issuance, and the shareholding is not much less than after the additional issuance...... "Li Jinhuan said this, it is really a lot less, now his Li family holds 30 million shares accounting for 25%, if the additional issuance of 120 million, he subscribes for 50 million shares, that is 20 million more shares than now, of course, the shareholding ratio will drop to 20.8%, but the number of shares held by Saturn Motors is also 50 million shares, what is there to worry about?

If the Li family does not sell the previous shares, then after the additional issuance, they will hold 80 million shares, accounting for 33.33% of the total share capital, which is a well-deserved major shareholder...... Fish and bear paws seem to be incompatible, but the white wolf with empty gloves must not work, right? The negotiation was a bit deadlocked, Li Jinhuan patted his forehead gently, and the heavens and men were at war in his heart.