At 9 a.m. the next day, the board meeting room on the 18th floor of the headquarters building of Yewang Group.

Before returning to China, I have asked Li Hua to inform all the senior executives of the group, the heads of various professional subsidiaries and the chief financial officer to come to the headquarters this morning to hold the group's annual budget discussion meeting.

2016 is coming, the group's business companies have submitted their work plans, revenue plans and capital expenditure budgets for next year according to the requirements of the group's financial management department before December 15.

Mr. Dong has submitted a summary to me, and the gap in next year's capital budget is not small.

According to the current plans and budgets of the professional companies, the total funding gap of the entire group next year will exceed 16 billion yuan.

The meeting was presided over by Dong Jinping, CFO and general manager of the financial management department of the group.

He reported on the consolidated capital budget of the group, and asked the subsidiaries to further revise the budget, reduce capital expenditure, and increase their own financing plans for next year.

If the company has no way to significantly increase revenue in the short term, there are only two ways to solve the funding gap: one is open source and financing; The second is to throttle expenditure and cut expenditures.

"Ladies and gentlemen, Mr. Dong has just reported to you the current capital situation of the group, and there is a big gap and great pressure in the coming year. You can't just spend money, no matter how much money you make! If this continues, the group's capital chain will not be able to withstand it! ”

After Mr. Dong finished speaking, I requested:

"Your budget must be adjusted in detail, and you must increase revenue and reduce expenditure, and live within your means. Companies must strive to solve the financing problem on their own. The group's strategic project next year is smart cars, and the automobile project has just been launched, and the group needs to give priority to supporting the automotive sector. ”

I glanced around the attendees and stayed on Liu Hongjun's face for a moment, his eyes showing gratitude.

Everyone's eyes were on Liu Hongjun, and the bosses of the following subsidiaries were dissatisfied.

"Mr. Zeng, now the group's funds are not abundant, and next year may be even tighter, mobile phones are still losing money, and the TV sector is only marginally profitable. Can the investment in the automotive sector be controlled a little? At this time, Zhang Qiang, president of the group, said slowly:

"Now most of the group's revenue is contributed by listed companies, and the group also borrows billions of funds from listed companies. Other major shareholders of the listed company have been urging me to return the funds borrowed by the group, and the cultural and sports sectors of the listed company will also need to be invested next year. ”

Zhang Qiang is also the CEO of Yewang Technology, a listed company.

He was an executive from a Fortune 500 company after the listing of Ambition Technology, and I gave him a lot of stock options for Ambition Technology at that time in order to strengthen corporate governance and system process construction.

The stock price of a listed company has fallen by more than 30% this year, and his paper wealth should have shrunk a lot.

Hearing Zhang Qiang say this, Liu Hongjun's face darkened.

He wanted to retort, but held back.

After all, it was the president of the group who spoke, and among the executives present, he was the last to enter the company.

"Yes, Mr. Zeng, you can't be partial! Our sports company has developed rapidly this year, and its revenue has rushed to the top three in the industry, and the brand of Yewang Sports has also started. We also need the support of the group! We can't cut our investment budget next year! ”

At this time, Wei Hong, the general manager of Yewang Sports, shouted.

"You kid is still yelling, you spend the most money this year! The market price of the right to broadcast live sports events has been inflated by you! Billions of dollars have been spent, and how much revenue and profit have been generated this year? What is the ROI? Does it meet the Group's return on investment criteria? ”

I deliberately knocked Wei Hong.

This guy is really a bit arrogant, and he has offended many people within the group.

"Boss, you can't say that, can you! The copyrights I bought are all perpetual, the live broadcast rights are exclusive, these are all assets, although the first year's expenditure is a little larger, but it can generate a stable income every year after that! Wei Hong argued.

"Okay, you'd better settle the scores. Next year, I ask you to strictly control your content procurement expenditure, focusing on content distribution and operating income! The specific indicators will be determined with you by Mr. Zhang and I. ”

I don't want to get too big with him at the meeting and come back and have a good time with him.

At today's meeting, I mainly want to grasp the overall operation plan and funding situation of the group in the coming year, and find a way to solve the financial problem of Yewang Automobile.

"Mr. Zhang, Mr. Dong: Can listed companies engage in additional issuance? Raise a 5,06 billion fund? I turned to Zhang Qiang and Dong Jinping and asked.

"But the auto sector is not in the system of listed companies? The use of funds ......" Mr. Dong said embarrassedly: "The CSRC may not be able to approve it!" ”

He knew my thinking, and the listed company tried to find a way to raise additional funds, and then lend it to the group. We lent part of the previous additional issuance to a mobile phone company, and the CSRC also sent us a letter of inquiry.

"What about issuing bonds? Loan? It's already December, what is the financing plan of the financial management department now? I asked Mr. Dong.

"This ...... Shall I report back to you separately in a moment? Mr. Dong said with a little embarrassment.

Everyone stopped talking.

"In this case, each business company will go back to revise the budget, reduce the capital expenditure for next year, at least 40%, and please come up with their own financing plan and submit it to the group financial management department within a week. Why don't you do this today, Mr. Zeng? Seeing this, Zhang Qiang concluded.

I nodded.

After the meeting ended, I called Mr. Zhang and Mr. Dong to my office for tea.

My office is on the top floor of the headquarters building of Yewang Group, and I have a bird's-eye view of the entire capital.

I like to drink tea, so I put a tea table made of Fujian yew in the southeast corner of the office to make it convenient for myself to drink tea and entertain guests.

I soaked a pot of Jin Junmei from Wuyi Mountain, poured one for the two of them, and then asked Mr. Dong:

"Lao Dong, if you compress the capital expenditure budget by 40%, how are you going to solve the funding gap of about 10 billion next year?"

Mr. Dong took a sip of tea silently, and then said contemplatively:

"Listed companies are expected to have operating income of about 60 billion next year, although dragged down by the loss of the cultural and sports content sector, there should still be about 3 billion positive cash flow, and it is estimated that the capital expenditure of the platform, culture, sports and other business sectors in the listing system can almost be solved by themselves."

"Yes, I have also calculated that if you don't lend money to the group, the capital chain of the listed company should not be a big problem."

Zhang Qiang agreed.

"The problem of the unlisted business sector is relatively big," Dong continued: "Except for the TV company, the self-hematopoietic ability of the other business sectors is very poor. There will be a funding gap of at least about 7 billion next year. ”

"Well, how to solve the 7 billion?"

"It's nothing more than two forms: equity and debt." Mr. Dong replied:

"In terms of equity, it depends on whether the three hardware product companies can find investors on their own, or find a big investor to invest directly in Yewang Group Company. Television companies and mobile phone companies can use factories and equipment as collateral to see if they can borrow a little money from the bank. A car company is just starting out and it can be a bit difficult. But you can also find a way to find a way with the local government, after all, we have built such a big factory over there. ”

"How much do you think you can get from the loans?" Zhang Qiang asked.

"Television companies and mobile phone companies already have some mortgages, and I want to check what other assets are not mortgaged. I estimate that the three companies will be able to borrow another 2 billion in total, which is the most. There's a problem here, though. Mr. Dong paused, looked at me and said:

"Mr. Zeng, the 2 billion yuan you pledged your listed company shares to Huazhou Securities in January this year will expire next month, and if you can't renew it, you need to return the 2 billion to them."

"Oh, I borrowed the 20000000000000000000000000000000000000000000000000000000000000 Can I renew my loan? ”

"It's hard to say, Huazhou Securities seems to be a little worried," Mr. Dong said worriedly: "They know the situation of our automobile company, and they have also heard about you going to the United States to engage in rockets." Their vice president Wang had already called me last week and said that it was better to return the 2 billion to them according to the contract, and then re-sign the loan contract. ”

"Oh, as for it?" I said contemptuously: "The shares I pledged to them are worth more than 4 billion!" ”

"It's probably only worth more than 2 billion now." Zhang Qiang reminded me, "Since the beginning of this year, the stock price of Yewang Technology has fallen by almost 30%. ”

"No wonder they're worried! This stock price is down a bit much. "I think.

"Don't worry too much, Mr. Dong," I added tea to Dong Jinping and said, "You talk to them again, it's a big deal that I'll add pledged shares!" It's best to do the extension directly, otherwise you have to find money to cross the bridge, and everyone is tight at the end of the year! ”

"Okay." Mr. Dong asked again: "The 600 million capital and equipment payment of the automobile company will be paid next month, how to solve it?" ”

"Can you find another brokerage or bank and borrow some more money with my stock pledge?" I asked Mr. Dong.

"This may be possible, but the time may not be so fast, I don't know if it will be in time!"

"When is the payment time?" I asked.

"January 12th."

There are only about three weeks left, and there is a New Year's holiday in between.

The fund of 600 million is not a small number, not to mention that it is about to reach the end of the year.

"Also, Mr. Zeng, before the Spring Festival at the end of January, supplier settlement, short-term loan repayment, employee benefits and year-end bonuses, etc., I estimate that it will take 890 million cash to get by."

"Are you saying that a total of 1.5 billion is needed before the Spring Festival holiday?" I looked at Mr. Dong a little annoyed and thought, "What do you do as a CFO?"

"Yes, yes," Mr. Dong was a little nervous, explaining: "You have been out of the country in recent months, and you can't make a decision if you don't show up for many things......"

I know what he means, many funders don't see the boss of the company, and the financing contract will not be signed.

"Mr. Zeng, why don't you ask Mr. Peng to see if he can save an emergency?"

At this time, Zhang Qiang reminded me.

Seeing off Zhang Qiang and Lao Dong, I sat alone on the chair by the tea table in a daze, thinking about how to open my mouth to Mr. Peng.

Mr. Peng's Jinghai Fund was one of the earliest investment institutions to invest in Yewang Technology, and it has always supported me before.

A few years ago, when we encountered capital turnover problems, we asked him for help, and he was relatively happy.

But since I decided to start a cell phone business, he has become cautious. He was even more vocal in his opposition to the car project.

Since then, I've not been as close to him. I haven't had a phone call with him in the past few months in the United States.

Now I'm looking for him to help me with this, will he help?

I also blame myself for focusing on the Kuang-Chi project and not taking the time to maintain a good relationship with these key shareholders......

I was pondering Mr. Peng when someone knocked on the office door.

"Please come in!" I say.

It's my secretary Xiao Min, "Mr. Zeng, Mr. Guo Furong Guo is here, saying that I want to see you for something." ”

I just remembered that Guo Furong called me once last week and asked me if I would return to China at the end of the year?

She said at the time that she had something important to report to me, and it was inconvenient to say it on the phone.

"Let her in!" I said to Xiao Min.

"What the hell is going on?"

I felt a little uneasy in my heart.