…

Time flies.

In the blink of an eye, three years have passed.

In the past three years, Xu Kai has lived a very fulfilling life.

Three years ago, after Xu Kai sold the follow-up copyright of "Detective Chinatown" for 5 billion, he shifted his focus to Hollywood, preparing to use Hollywood's strong influence to turn himself into an international superstar and spread Chinese culture to the world.

I don't want to, Xu Kai is careless, and he takes too big a step.

In the past three years, Xu Kai has starred in and starred in "Rush Hour 2", "Rush Hour 3", "Shang-Chi", "Shang-Chi 2", "Iron Man 2", "Captain 2", "Thor 2", "Hulk 2", "Avengers" and many other Hollywood movies.

Xu Kai's "Rush Hour 2" and "Rush Hour 3" and the previous "Rush Hour" are actually the key to Xu Kai's entry into Hollywood.

These three "Rush Hour" let Europeans and Americans really know that there is a Chinese superstar named "Yu Qingyun" in this world.

Moreover, each of these three "Rush Hour" has a global box office of more than 400 million beautiful gold, and all of them have entered the top 100 of the global box office market.

However, although the "Rush Hour" series has a high global box office, its box office mainly comes from North America and China, and its audience in European countries and regions is relatively limited.

The audience for Rush Hour is relatively old, and their image of the Chinese is deeply ingrained.

In other words, although these people like Xu Kai's "Rush Hour", they can't become Xu Kai's avid fans, let alone change the image of Chinese people in their eyes.

What really makes those young audiences like Xu Kai is Shangqi, a Chinese superhero, and the Marvel superhero movies that have been launched in the past three years.

It is Shang-Chi and many Marvel superhero movies that have made Xu Kai a world superstar in the countries and regions that Marvel superheroes can radiate.

In addition to making Xu Kai a household name, the Marvel series of movies also made Xu Kai make countless money - even the two independent films "Shangqi" and "Shangqi 2", which Xu Kai thought would lose money, made Xu Kai make a lot of money.

Let's put it this way, just by making a few Marvel movies, Xu Kai easily paid off the 10 billion he borrowed from Minxin Bank.

After becoming famous, Xu Kai starred in several movies tailored for him by other Hollywood studios and Hollywood directors, such as "Lover's First Kiss 2" (starring Xu Kai and Sophie March), "Mr. and Mrs. Smith" (this is a script contributed by Xu Kai, starring Xu Kai and Nicol Johnson), "Booming General" (a movie similar to the death squad, starring Xu Kai and Johnson) and so on......

Xu Kai has also starred in many movies in the form of friendly cameos, such as "Hacker Mission", like "Autobot 3", like "Wizard 5", like dubbing characters in several Hollywood anime, etc......

In short, in the past three years, Xu Kai has been very active in Hollywood.

The key is that Xu Kai not only acts in movies by himself, but also directs movies himself as a director.

Seriously, Xu Kai is actually more successful as a director than him as an actor.

Because Xu Kai directed "Forrest Gump", "The Shawshank Redemption", "Truman's World", "When Happiness Knocks on the Door", "Schindler's List", "The Godfather", "Life is Beautiful" and other award-winning films, and also directed "Inception", "Avatar", "Titanic", "Jurassic World" and other films that dominate the world box office list.

When Xu Kai first started working as a director in Hollywood, he actually just wanted to make more money to ensure that his Marvel superhero movies could be filmed smoothly.

But with the explosion of "Forrest Gump", after Xu Kai gained fame and fortune, Xu Kai felt that this fame and fortune should not be in vain, so he produced "The Shawshank Redemption", "Truman's World", "When Happiness Knocks on the Door", "Schindler's List", "The Godfather", "Beautiful Life" and other movies at a super high production rate of four or five films a year.

In the past year or so, Xu Kai has become more and more confident in his fame and strength, so he wrote, directed and acted in "Inception", "Avatar", "Titanic", and "Jurassic World", preparing to reap a wave of box office before leaving Hollywood.

Actually-

In addition to wanting to get some more wool, Xu Kai wrote, directed and acted in the four movies "Inception", "Avatar", "Titanic", and "Jurassic World".

For example, Xu Kai filmed "Titanic", because Sophie March always wanted to star in an artistic love movie, so Xu Kai wrote, directed and acted in "Titanic" for her.

And Nicole Johnson saw that Xu Kai was interested in making a movie for Sophie March, and there was no reason not to make a movie for her, after all, she had been serving Xu Kai with all her heart for more than two years, and gave birth to a son to Xu Kai.

Therefore, Xu Kai, who didn't want to favor one over the other, filmed "Avatar" for Nicole Johnson.

As for "Inception" and "Jurassic World", Xu Kai filmed for Zhu Bing, Zhang Zhiwei and Zhang Xiaosu.

Honestly –

In the past three or four years in Hollywood, Xu Kai's biggest achievement is not in movies, but in soundtracks and music.

In the past few years, Xu Kai has scored dozens of Hollywood movies, and he has brushed up on the achievements of major music in the world in just one year, and has released many songs that have been praised and sung by Europeans and Americans.

Moreover, Xu Kai has also found time to go to many states in beautiful countries and many European countries to hold solo concerts, and the Big Bird Band has become the world's most famous band with Xu Kai's unprecedented achievements in the field of music.

Therefore, seriously speaking, Xu Kai's achievements in the field of music may be even higher than his achievements in the field of film.

Actually-

The reason why Xu Kai is willing to work tirelessly to score other people's movies, including making cameo appearances in other people's movies, is mainly because he wants to exchange favors for the opportunity for Chinese actors to appear in Hollywood movies.

is not only someone else's movie, but also Xu Kai's own movie, Xu Kai is also a Chinese actor in Riga as much as possible.

Of course, provided that it does not affect the quality of the film too much.

Unlike other Hollywood filmmakers who like to use squinting Chinese actors, Xu Kai's Chinese actors are all handsome men and beautiful women, and rarely give them the image role of absolute villains, so that they can bring out a positive influence on the Chinese people in the new era.

Thanks to Xu Kai's efforts, many Chinese actors have been able to go to Hollywood for a long time, and even come to Hollywood for development.

In the past three or four years, the Chinese have also completed the largest cultural export in modern history.

At the same time, Xu's Capital has also completed further expansion because Xu Kai has made a lot of money in the film market in the past three or four years.

There is a word that is often heard in the capital market - "betting".

As long as you pay attention to the domestic capital market, you will definitely find that the word "gambling" appears very frequently.

Because of the betting, some people laughed and laughed in the end, some people fell to the bottom, some people went bankrupt, and some people even went to prison.

It gives people the feeling that many bigwigs in China have to go through several baptisms of gambling before they can complete the upgrade of fighting monsters and become big bosses.

So, what is a VAM?

As the name suggests, it is actually a bet agreement, that is, between the financing company and the investor, they have to make a bet, generally when we are financing, we have to set an index for the company, if the company completes the target as required, even if the financing company wins, if the index is not completed, the investor wins, and then the losing party has to pay some things to the winning party, such as money, equity, and the like.

This is the VAM.

When the gambling agreement in this life developed, Xu Kai didn't know - maybe it was more than ten years when he was in prison.

What Xu Kai is clear about is that the first relatively public case of gambling in the last life was Mengniu.

In the early 2000s, Yili was the absolute leader in the milk market, with a market share of more than 30%.

This is also normal, after all, Yili was listed on the A-share market in 96.

But halfway through, a Mengniu was killed.

Under the leadership of Niu Gensheng, the founder of Mengniu, Mengniu was really a breakthrough in those years.

Piggybacking on Niu Gensheng, the founder of Mengniu.

In fact, Niu Gensheng was originally working in Yili.

During his time in Yili, Niu Gensheng was also really capable, and he became the vice president all the way by strength, and the team he led in Yili could achieve 80% of the performance.

Later, it was rumored that there was some power struggle within Yili, and anyway, Niu Gensheng went it alone and founded Mengniu.

As a result, after Niu Gensheng was born, nine executives in Yili gave up Yili's high salary and followed Niu Gensheng to start a business.

Then, one after another, hundreds of Yili employees also rushed to Niu Gensheng.

Mengniu suddenly has an experienced entrepreneurial team.

However, even so, Mengniu's revenue in the first year of going it alone was only more than 37 million.

But just four years later, by the end of 2003, that number had become 4 billion, a doubling of more than 100 times.

After that, some people even called Niu Gensheng the "father of the dairy industry" because of Mengniu's achievements.

The dairy industry is a kind of economy of scale, which is that you have to get all these cattle right in the beginning and get the supply chain right.

In any case, the initial input cost of the dairy industry is very high, and then the marginal cost is very small.

For this kind of industry, as long as the market still has potential, it means that the more you expand, the more you will earn.

Therefore, for Niu Gensheng, as long as the market capacity is still large enough, then if he wants to make more money, he needs to expand and expand again.

So what does it take to expand?

Money, of course.

Then the problem came that for Mengniu, a private enterprise that was not well known at that time, it was impossible for him to borrow a large amount of money from the bank.

said that Niu Gensheng is very good at making products and marketing, and there is no problem, but once it comes to the capital market, Niu Gensheng is blind, so he was very anxious at that time.

Fortunately, Mengniu, who was in urgent need of money at that time, made the capital Morgan Stanley targeted.

At that time, China had just joined the WTO, and the living standards of the Chinese people were improving rapidly, so although the dairy industry had not yet developed vigorously at that time, the market potential was huge.

At that time, Yili, the industry leader, was actually a state-owned asset and had been listed for three years, and for Morgan Stanley, it couldn't be squeezed in at all.

So Morgan Stanley hit the idea on Mengniu, which was developing well at that time.

So, when Mengniu was most short of money, Morgan Stanley united CDH and British Union to find Niu Gensheng.

On the one hand, there is a lack of money for high-quality companies, and on the other hand, there is a shortage of high-quality companies for money, and the two sides hit it off.

In 2002, Morgan Stanley invested $26 million in Mengniu.

In the following year, Mengniu grew rapidly, and then lacked money.

So, Niu Gensheng found Morgan Stanley again and asked Morgan Stanley to invest again.

Morgan Stanley definitely has money, but he is afraid that Mengniu will not be able to go on the market in the end, so they will not be able to make money.

In order to protect their own interests, Morgan Stanley told Niu Gensheng, we are very optimistic about Mengniu, but the Chinese market is full of variables, so it is okay to invest money, we are willing to invest another 35.23 million US dollars in Mengniu, but we have one condition - let's set a goal, if in the next three years, the compound growth rate of Mengniu's revenue is more than 50%, our capital will give you another 78.3 million shares (about 6% of Mengniu's shares at that time), in turn, you Mengniu will have to give us 78.3 million shares.

Morgan Stanley thinks very beautifully, if Mengniu's performance soars, the annual increase can exceed 50%, then it can be easily listed, even if I give some rewards to the management, it is also reasonable, in case it does not rise to that high, it doesn't matter, I can still get some shares as compensation, in short, I will not lose anything.

Niu Gensheng is first facing the pressure of lack of money, and secondly, he is also confident in Mengniu, and the key is that Niu Gensheng can't raise money through other channels.

Therefore, the VAM agreement between the two parties was reached and the VAM was opened.

It may be that Niu Gensheng is really capable, or it may be that the times create heroes, or it may be Mengniu's good luck, anyway, Mengniu, which got the investment, developed rapidly, and was listed on the Hong Kong Stock Exchange in less than three years, and in 2005, it doubled its marketing performance by relying on the phenomenon of supergirl, and in 2006, it surpassed Yili to become the leader of the domestic dairy industry, and easily won the VAM agreement.

Mengniu won the VAM agreement, the management got more than 60 million shares, and directly cashed out billions of Hong Kong dollars, although Morgan Stanley lost the VAM, but Mengniu went public, and the stock price has been rising, so it directly cashed out 2.6 billion Hong Kong dollars in the secondary market, and the return rate on Mengniu directly exceeded 550%.

Both sides have achieved a win-win situation.

From this example, the so-called VAM is actually some overlord clauses added by the investor in order to avoid some uncertainties in the future during financing.

Some people may say, which overlord is this, didn't Mengniu win?

That's right.

Mengniu is winning.

But the problem is, you don't know what happens if you lose.

Take South Beauty as an example.

Some people may not be familiar with the brand "South Beauty", but if you want to talk about Da S and her husband Wang Xiaofei, one of the four young people in Beijing, there may be no one who doesn't know.

South Beauty is a high-end chain restaurant brand founded by Wang Xiaofei's mother Zhang Lan, and it was extremely brilliant in 08/09/10 years.

Zhang Lan claims to create a LV in the Chinese food industry.

Since its establishment in 2000, South Beauty has overcome obstacles all the way.

By 2008, South Beauty had become the only Chinese food provider for the Olympic Games, with 70 stores across the country, with a net profit of 2 million yuan per day and a valuation of 2 billion yuan.

Zhang Lan claimed that in the future, where there is LV, there will be South Beauty, and we will be among the world's top 500 in the next ten years, and the top three of the top 500 in the next ten years.

Zhang Lan's business is so smooth sailing, Zhang Lan naturally thought of going public.

Before going public, Zhang Lan wanted to work hard to raise some money.

At this time, CDH Capital came again.

CDH may have eaten the benefits of betting, and here in South Beauty, he played gambling again.

What to bet on?

bet that South Beauty will be listed in 4 years.

If it is successful, then it is a successful listing, and there is no reward.

If you fail, I'm sorry, Ms. Zhang Lan, you have to pay me back all the previous investment, and you have to add a "reasonable" rate of return, that is, an annualized rate of 20%.

Moreover, CDH also took precautions against the worst-case scenario, that is, it also added additional terms, that is, what if Zhang Lan couldn't get the money out at that time?

That's okay, I CDH can take Zhang Lan's shares and sell them for money.

Anyway, it is to ensure that CDH makes a steady profit and does not lose money.

It is said that Zhang Lan should not agree to such harsh conditions.

After all, in the catering industry, the risk is not very large, and the cash flow is so stable, she makes money slowly and steadily.

But Zhang Lan went too smoothly at that time, and her self-confidence was bursting, she saw that catering companies like Quanjude and Hunan and Hubei were all listed, and the development momentum was good, and she was itching.

In addition, CDH has the capital and the experience of listing, so the listing is not a sure thing for South Beauty.

Zhang Lan thought again, take 10,000 steps back, this gambling is nothing more than some money, even if I don't achieve my goal, it's a big deal that I will lose you some money.

So, Zhang Lan happily agreed to the VAM agreement.

Zhang Lan, who got the investment, was also in the limelight, giving speeches everywhere, as if she had become the most bullish female entrepreneur in China, and Wang Xiaofei also married a big S in a high-profile manner.

South Beauty also submitted an application for listing on A-shares in 2011.

However, in January 2012, the relevant authorities announced the list of terminated IPOs.

This includes a lot of companies in the catering industry, and South Beauty is on the list.

The reason given at that time was because the catering industry, its procurement and sales end, had a lot of cash transactions, so there was no way to guarantee the authenticity of the financial report.

Zhang Lan was stunned all of a sudden.

At that time, there were only 8 months left before the final effective deadline of the VAM agreement.

Zhang Lan could only rush to Hong Kong to be listed in a hurry.

As a result, Zhang Lan encountered a global stock market crash, so there was a time when Chinese private enterprises were not allowed to be listed overseas.

This is actually a decree to protect Chinese companies.

Of course, there are also rumors that South Beauty is actually unable to go public because of its financial problems.

Anyway, the Hong Kong listing was not successful.

Both IPOs failed.

As a result, the repurchase agreement in the VAM agreement is triggered.

But South Beauty was hit by the impact of the financial crisis in those two years, and Zhang Lan had no money in her hands, and she couldn't come up with the money to buy back the shares in CDH's hands.

This further triggers the second layer of the VAM agreement, which is called the right to sell and the priority of liquidation.

Capital is the most ruthless, and CDH directly and honestly found a private equity brother in Europe, CVC, and sold 82.7% of the shares of South Beauty in the hands of CDH and Zhang Lan at a price of 300 million US dollars.

CDH left the scene with the money.

Later, CVC went east and west, trying to save South Beauty, but in the end, I don't know if it was because of my ability or what, anyway, I couldn't get South Beauty up.

And the founder Zhang Lan left the scene gloomily, the scenery was not there, and the affairs at home became a chicken feather.

Actually-

There are very few examples of gambling like Mengniu, and in the world of capital, there are more examples like South Beauty.

What most capital likes to do the most is to rely on the fact that he is the father of the gold owner, and he does not bet with you on any performance development, but bets with you on whether you can make money for me, if you can, I will support you, and if you can, I will ruin you, without hesitation.

That is, if you go public, I will withdraw with money in the secondary market, and it doesn't matter if you can't go public, I will sell your company, and you will carry the debt, and I will still make money and leave.

The most important thing is that most of the VAM agreements are signed at the personal level of the founder, which leads to unlimited connections and even bankruptcy.

Therefore, the VAM seems to be fair, but it is not.

As long as the VAM agreement is signed, the investor will definitely make money together, lose money, go bankrupt, go to prison, it is all the financier, all the founder's, the investor is zero risk, even if the company loses money, the investor will also make a lot of money.

Therefore, this seemingly fair bet actually greatly reduces the risk of the investor, and all the risks are thrown to the financier and all to the founder.

Moreover, some capitals are even so arrogant that there is no reward at all for winning, and there will be a big penalty for losing, and the VAM agreement has become a penalty clause.

And because of Xu Kai, a person with great foresight, and because Xu Kai himself is not a qualified capitalist, Xu's Capital rarely signs any VAM agreements with the financing party, and generally does not kill the financing party, let alone easily abandon the financing party, and they will definitely take a hand if they can save it.

The key is that Xu Kai never ran away after making money - many times, he stood with the founder until the end.

The key point is that Xu Kai has never interfered in the operation of the founder team, and has always been an extremely reliable major shareholder.

Therefore, Xu's Capital is also usually called the most conscientious capital by entrepreneurs, and Xu Kai is also known as a great benevolent person in the capital industry.

The most important thing is that Xu Kai, who has made countless money in the entertainment industry, always has a lot of liquidity in his hands.

This also leads to the fact that those entrepreneurs, once they are short of money, will first look for Xu's Capital for financing.

Xu Kai, on the other hand, will use his advanced vision and insight to pick out projects with development vision and invest in them.

After coming and going, Xu Kai invested in hundreds of companies.

Most of the companies invested by Xu Kaitou are very competitive, and some of their market capitalizations are exploding geometrically.

As a result, in just a few years, Xu Kai has become the richest man in the world, and his total assets are dozens of times that of the second place......

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