A VAM has nothing to do with gambling, but is actually a valuation adjustment mechanism, which is an agreement between the investor and the financier on the uncertain future when they reach a financing agreement.

If the agreed conditions arise, the financier may exercise a right; If the agreed conditions do not appear, the investor exercises a right.

Eight years ago, Morgan Stanley and Mengniu signed a VAM agreement. This also made Yu Jiguang eager to try.

British Union, Morgan Stanley, Goldman Sachs and others invested US$73 million in Yu's Enterprise Venture Capital and signed a VAM agreement: in the first three years after the capital injection, if the company's performance increases by more than 50%, the other party's equity can be reduced; Otherwise, Yu Jiguang will lose his controlling stake.

The VAM agreement is not gambling, but Yu Jiguang has been using the means of a gambler to run Yu's enterprise.

Yu Jiguang has been gambling that in the past, in order to introduce competition, break the monopoly of state-owned enterprises, and give private companies, foreign-funded companies or individuals a chance to compete, some state-owned enterprises were privatized. Yu Jiguang used the money borrowed from the bank to empty the glove mine.

After returning to the transformation of the enterprise, Yu Jiguang borrowed 200,000 yuan to pay the bidding registration fee of the mouthpiece media, and became the bid king with 88.88 million. Soon signed a large order of 800 million.

Over the years, it has spent billions of dollars to establish a huge base and sales network across the country. Sales have been doubling.

Yu Jiguang tasted the sweetness and happiness, and felt that he would always win, This is the mentality of a gambler.

With this money, the five major production and R&D bases have been operating in an orderly manner. Dealers also have confidence. The staff is even more motivated. Being favored by foreign banks indicates that the enterprise has potential and has the value of being invested.

No one wants a crisis to emerge.

The first problem that arises is the shortage of milk: the cows are no longer producing milk!

Natural disasters have caused a shortage of forage for dairy cows, and transportation costs have increased significantly. Many factors have caused the price of milk to rise and run out of stock.

Jia Dong has also been looking for milk sources recently. Talking about the recent situation in the milk market, the person in charge of a supermarket in Chengdu complained repeatedly: "Now the ex-factory price of milk has not only risen, but the suppliers continue to say that the milk supply is insufficient, and often cannot meet our order demand." ”

He complained: "For an order of 100 pieces placed in the store, only 20 or 30 pieces are often delivered to the store. ”

Yu Jiguang has been focusing on the rapid expansion of production and R&D bases and advanced equipment. Who would have thought that one day there would be no milk supply.

A certain li, a certain cow and even a certain deer have their own cooperative raw milk base.

The milk production base of a certain Li in Dingzhou is an important chess piece laid by a certain Li in the north. Dingzhou's agriculture is relatively developed and the forage is sufficient, so the supply of milk is relatively in place.

However, only 3 tons of raw milk can be purchased in Dingzhou with a daily volume of up to 1,200 tons, and the Dingzhou factory decided not to produce it on the same day and the next day.

With the tension of milk source, another dairy giant "a certain cow" introduced in Baoding area has been stationed, and the battle for milk source between a certain profit and a certain deer has reached a white heat.

Yu Jiguang has just signed a gambling agreement, but there is no raw milk, how can he complete the gambling contract?

Yu's enterprise wants to see the stitches, and the head is squeezed and wants to share the leftovers.

A battle for raw milk is a test for Yu's. As soon as Jia Dong returned to Beijing, he was sent out to find the milk source before he was hot. Jia Dong began to worry about his father, it was difficult for a good woman to cook without rice, without raw milk, what kind of production to take, and how to complete sales growth?

It's been a messy year.

Jia Dong ran around and bought raw milk at high prices from various milk stations.

For the damp dairy industry, it seems like winter has suddenly begun.

Presciently, apart from the increase in the price of raw milk, the milk source will not be greatly affected. For example, dairy farmers in Northeast China and Inner Mongolia have already signed contracts with major foreign-funded and large domestic enterprises, such as a certain nest, a certain profit, a certain cow and a certain mountain, etc., and the milk source has been bought out in advance.

Some dairy farmers and milk stations in the Central Plains who have not signed contracts have become the target of competition for enterprises.

Wen Qianqian's father, Wen Tao, as the deputy director of Guangshan High-tech Industrial Development Zone, recently had a hot fight with Yu Jiguang. Yu's prosperity is closely related to him.

Wen Tao, 53 years old. Unlike ordinary officials, he is of moderate stature, he is not too tall, because his facial features are very thoughtful, even if his eyes are a little small, he does not look bad, and he wears a pair of amber glasses, which is more polite.

When he was in college, Wen Tao studied at a teacher college in central China. Perhaps it was the shrewdness of the locals that changed this bookish boy from Guangshan, and Wen Tao's emotional intelligence gradually improved, becoming a key card in his life.

After graduation and assigned to Guangshan No. 4 Middle School, Wen Tao listened to his father's words, married a wife and had children when he was young, and Wen Tao found a teacher from the same school. After settling down in the rear first, and after the family settles down, Wen Tao can make a career.

He worked his way up from a middle school teacher to the Education Bureau, then worked in the Municipal Party Committee, and finally became the deputy head of Fangyuan District in Guangshan City.

The whole country is engaged in development zones, and Fangyuan District is easy to renovate on a large scale because of its good geographical location and developed transportation, and there are not too many urban residents. With the efforts of Wen Tao, Guangshan Development Zone settled in Fangyuan District. Wen Tao also became the deputy director of the development zone and the chairman of the Guangke Group, which is in charge of the development zone project.

Wen Tao took the initiative to ask Yu Jiguang to use his years of relationships to connect with some places in the Central Plains to find raw milk.

Wen Tao used to do education work, and he has been honing in the municipal party committee for nearly 20 years, and his emotional intelligence is higher. In his work, he has good exchanges and contacts with districts and counties all over the Central Plains.

Yu Jiguang likes this local official with a scholarly temperament very much. Approachable and charcoal in the snow.

"When our company is in difficulty, the government comes to help, and it is still the love of our hometown." Yu Jiguang thanked Wen Tao.

He asked Wen Tao to take Yu Jiadong to help contact some milk source channels in the Central Plains. also took the opportunity to match this pair of sons-in-law.

Wentao has received some help from the Central Plains XUchang City, and has reached a cooperation with the local high-quality dairy industry.

Wen Tao sincerely ran for Yu Jiguang, and in the busy process, Wen Tao's already smart mind was more transparent to the dairy industry.

Jia Dong also has a different opinion of Wen Tao. He liked this approachable official, like a gracious father, a mentor in life. He has a sense of dependence on Wen Tao, and asks Wen Tao's opinion on big and small things.

In the eyes of others, Jiadong and Wen Tao have a harmonious relationship like a son-in-law and an old father-in-law.

Jia Dong is always with Wen Tao, so naturally he has more contact with Wen Qianqian.

Wen Qianqian admires Jiadong very much in her heart, and what she shows is that her vision is always inseparable from Jiadong. With a pair of looking at her husband's eyes, she only has Jia Dong in her eyes, and she can't see anyone else.

Men are easily impressed by women who adore themselves. Wen Qianqian looked like a good girl. looks like a small jasper, her eyes are always inseparable from Jiadong, and she is like leaving Jiadong, as if she is saying: "The little girl of the jasper family dare not climb the virtues." Feeling the golden meaning of the man, I am ashamed of the city. ”

Jia Dong also swayed his mind about Wen Qianqian.

The two of them are getting closer and closer.