King of Capital

“I, we, are an indispensable part of the real economy. The healthy development of enterprises requires risk avoidance, and the stable growth of the economy requires liquidity. We take the initiative to take risks and inject liquidity into the market. Jingxing Group will continue to create value, find market prosperity, and embrace uncertainty for the future.”

Xie Jingxing opened his eyes sleepily, and the dream fragment in his mind froze, staying at the answer he gave to the chairman of the Social Security Fund a month ago.

Have you realized your ideas? Have your ideas changed? What do you want to do in the future?
The three questions were very broad, and he didn't know how his answers would score, but judging by the results he was quite satisfied.

After the Social Security Fund, several potential investors such as CITIC and China Development Bank came to conduct due diligence before investment, and CCB, an investor outside the plan, sent an invitation of intent...

"Lazy guy, do you want to take a nap?" Yu Nian looked down at him breathlessly and scolded.

Xie Jing Xing retracted his thoughts and sighed: "Can't you put something else in your mind?"

"Waste is shameful. I must make the most of what I consume!"

Yu Nian's smooth and round shoulders rose and fell with her long, soft hair fluttering in the wind, as if she was wearing a cloak and riding a horse on the battlefield, she was truly a heroic and extraordinary woman.

Xie Jingxing raised his eyes and looked towards the head of the bed. The corners of two red hundred-yuan bills were raised, shaking gently with the rhythm of the vibration.

He couldn't help laughing and reached out to press the remote control. The electric curtains slowly opened, and the sunlight poured in through the floor-to-ceiling windows, making the female knight's delicate body look even whiter, giving her an inexplicable sense of sacredness.

They didn't drink much at the celebratory lunch yesterday, but they had a crazy time at the group's internal team-building celebration in the evening. Xie Jingxing was forced to drink a lot of wine, and at this moment he was too lazy to move. He put his hands behind his head and let Yu Nian toss him around.

Until she was exhausted and leaned over to kiss her, the couple did not need to say anything, but changed positions tacitly and continued shamelessly.

Xie Jingxing originally planned to introduce three strategic shareholders to transfer 5000% of their shares at a valuation of 5 billion yuan, but due to an interview with the social security fund, he changed his plan to transfer a total of 5500% of the shares at a valuation of 10 billion yuan, introducing a total of nine state-owned strategic shareholders.

这意味着员工持股平台的2%股份，估值瞬间暴增至110亿，仅唐曼拥有的7年计4万股期权估值过10亿元。

Last night, cheers were deafening in the office building of the group's headquarters. She and Liu Qiming discussed treating all employees to a carnival at their own expense. They spent more than two million yuan on two dinner and singing shows. Xie Jingxing naturally couldn't let them spend that money.

But these two people were really excited. They had no desire to sleep after coming out of the nightclub. They split up and took the employees who were willing to play to the bathhouse and nightclub to have fun. They must have spent a lot of money.

This gave Xie Jingxing an excuse to stay out all night, and he went to the hotel with Yu Nian and spent the whole night together.

I can’t count how many times I’ve practiced in the early morning. Anyway, after finishing, we went into the bathroom to take a shower. His mind immediately became as clear as a saint. He put on his shorts and prepared to run away.

If I calculate the time and there is no traffic jam on the way home, I can still make it in time for breakfast. The Xi'an meatball spicy soup that the nanny at home has just learned to make is delicious!

"Are you just leaving like this?" Yu Nian tilted his head and rubbed his long hair, asking a soul-searching question.

Xie Jing Xing shamelessly picked up the two hundred yuan on the bedside table and waved it in a very cool manner: "Boss, it's time."

"I want to add an extra hour." Yu Nian seemed to be spending money like water.

Xie Jingxing felt a chill on his back and sternly refused: "Madam, please abide by the safety production guidelines. Driving while tired is strictly prohibited and everyone is responsible."

"Virtue."

Yu Nian rolled her eyes at Shi Shiran coquettishly and turned to walk towards the living room. He hurriedly grabbed his clothes and put them on. The saying that people are like wolves at thirty and tigers at forty is a true insight and comes from blood and tears experience.

Nowadays it’s really hard to tell who is the pervert.

Xie Jingxing tightened his belt before he put his heart back in his stomach and carefully checked his image in the makeup mirror.

"Looks like a human being."

Yu Nian appeared in front of the mirror, holding a long, flat scroll-shaped wooden box in her hand. She picked up a long hair from his shoulder, and gently blew away her own hair with her plump red lips.

"What is it?" Xie Jingxing asked as he smoothed out the wrinkles on his collar.

Yu Nian waved the wooden box in the same way he waved the money just now, said something like "I'm going to the restaurant upstairs to eat later", and then went to the cloakroom with the wooden box.

Xie Jingxing didn't try to grab it, but nodded thoughtfully. Finally, he put on the cufflinks and went to the restaurant upstairs.

He found a window seat near the corner with a view and sat down. There were three young men and women at the table next to him. They recognized him and asked for a photo.

Yu Nian arrived about ten minutes after breakfast was served. She was not wearing any makeup and wore a pair of transparent-framed glasses to cover her bare face. Her long hair was tied into a low ponytail, and her white shirt was rolled up at the waist and paired with wide-leg trousers. She looked lazy, casual and cool, full of intellectual beauty.

"Sister, you are so beautiful and charming!"

The two little girls blinked their eyes and praised them. The remaining male companion, who probably had some social experience, pulled the two away awkwardly.

Yu Nian raised his eyebrows proudly, as if to say, I didn't mean to steal your limelight, but the public has sharp eyes. You don't cherish your sister's kindness, but there are many people who know how to appreciate it.

"boring."

Xie Jingxing pouted and complained that he had passed the stage of actively gaining public influence. He had hardly shown up in public this year, and his personal attention had decreased accordingly.

The group’s financing this time was intentionally low-key. If it weren’t for the disclosure obligations of shareholders such as the Social Security Fund, they wouldn’t even want to issue a brief announcement on the official website.

Financial media outlets in the industry forwarded the story, shocking their peers in the entire financial circle, but it did not cause any waves outside the industry. It was not as popular as the one in a TV series produced by LeTV where the male and female protagonists used the same couple's water cup to hype up their CP.

"This is the reasonable norm. The social status, reputation and strength are sufficient. It is beneficial to be low-key."

Yu Nian sipped half a bowl of porridge and made his comments calmly and seriously. He seemed to enjoy arguing with Xie Jingxing, but in fact he didn't want to let him suffer any injustice.

As he spoke, he picked up the long wooden box at hand and took out a scroll from it. He handed one end of the scroll to Xie Jingxing across the dining table and opened it, slowly revealing the vigorous calligraphy on it.

——Embrace the future and live up to expectations.

"Grandpa wrote it?"

Although the scroll was not signed, Xie Jingxing was still able to easily identify it at a glance. The old man's skills were really not that good. It was said that he seldom wrote for others, but he would occasionally write for his grandson-in-law.

"Last month, Grandpa heard about your recent busy life and was very pleased. He came home and wrote this calligraphy and asked me to bring it to you."

Yu Nian was not as lazy as him, and added, "I was specifically told to wait until you complete the financing before giving it to you."

"So what should I say? Please rest assured, Grandpa, I will definitely remember my original intention and never forget my mission." Xie Jingxing was not surprised by his self-deprecating tone.

It took the group only a month to complete the financing. Nine state-owned giants participated in the transaction, which set a record for a single round of financing in China by investing 50 billion yuan in cash.

Pre-investment due diligence, financing negotiations, and final financial due diligence, any slight change in any of them can delay the entire process by as little as three months or as long as half a year.

Therefore, there must be something special about a financing case that went so smoothly and doubled the original size. Whether it was an idea or a promise, he had to put his words into action and live up to the trust and responsibility.

"What are your plans, board of directors?" Yu Nian watched him put away the scroll and raised the key point in a low voice.

Xie Jingxing didn't care much: "Tang Man, Liu Qiming, I will take over the remaining seats temporarily."

"I may be transferred to another job in two years." Yu Nian reminded carefully.

"Good! Just think about yourself."

Xie Jingxing was slightly delighted and his eyes lit up. He made the plan clear: "The group has no plans for financing or listing in the next ten years. These state-owned shareholders do not have influence. I can handle it."

In this round of financing, the social security fund finally got a valuation discount. It invested 153 billion yuan and acquired 5% of the shares, becoming the largest single external shareholder, which is equivalent to about % to % off.

The remaining eight state-owned shareholders invested a total of 347 billion yuan to divide up 5% of the shares. If the shares are evenly divided, each company holds about 0.6% of the shares, and basically has no say in the group's operations. This is reflected in the 11 seats on the board of directors, with the Social Security Fund occupying two seats, China Merchants Financial Investment occupying one seat, and Taihe Family Office occupying two seats. The remaining six seats are owned by the group's management, that is, Liu Qiming and Tang Man each have one seat, and Xie Jingxing acts as a proxy for four seats.

It seems like there are quite a lot of people. If Yu Nian is transferred to another job, the votes of external directors of China Merchants Capital will be unstable and the actual control of the company may be at risk. In fact, this is not the case at all.

Xie Jingxing holds 90% of the shares. Even if he suddenly becomes paralyzed in bed, as long as his remaining power before his death is still there, no one in the management dares to rebel. You can adjust the board of directors however you want. The current framework structure is entirely for fairness and decency.

After all, it is not easy to say whether the state-owned assets are dictated by the dictatorship...

Moreover, after the company completes this round of financing, it will have nearly 100 billion in cash flow. There is still an expectation of a downward macroeconomic trend in a few years. Adding these two together, there is no need for further financing to dilute equity for a long time in the future.

In short, investing in shares does not mean incorporation, Jingxing Group is still his empire alone!
"Where do you want to be transferred to?"

Compared to his own problems, Xie Jingxing was obviously more concerned about Yu Nian. After dinner, he was not in a hurry to run away. He happily went back to the suite downstairs with her to discuss the details.

"I haven't thought about it yet. I need to wait for the right opportunity."

Yu Nian sat in front of the dressing table and chased people away: "Don't block the light."

“If you don’t get out of the financial sector, your options are really limited.”

Xie Jingxing obediently moved aside, half of his buttocks resting on the corner of the table, his hands folded across his chest as he fell into deep thought.

Yu Nian couldn't tell whether it was because of her arrogance or her coquettishness that she was being servile. She was so happy that she pretended to be reserved and ignored him, concentrating on looking left and right in front of the mirror while drawing her eyebrows and eyes.

Xie Jingxing had been in trouble for many years, but in return, he had benefited a lot from the financial performance returns of investments in projects such as Xinda E and Didi, as well as from stock market rescue, semiconductor and new energy investment industry guidance and accumulation, and had accumulated enough achievements.

Unfortunately, she often felt old when fooling around with younger men, while her superiors thought she was too young.

Take the Wanbao dispute as an example. Wu Xiangdong, who was 35 years old at the time and served as the general manager of China Resources Shenzhen Branch, built the Shenzhen MixC. To this day, people still talk about him and praise his youth and potential.

Now at the age of 49, he is in the prime of his life and controls China Resources Land, with the intention of moving up a level and taking over Vanke.

At the age of 35, she is already the general manager of China Merchants Capital Investment, which is comparable to China Resources Land. If she moves further, she will be at the same level as Vanke...

"It's resentment."

Yu Nian looked at herself in the mirror and sighed silently in her heart. In the next five years, she would get married, have children, and grow up to be nearly 40 years old. It was the perfect script that her relatives and friends expected of her.

"Wang Shi is a very annoying person." She suddenly frowned.

"what?"

"I don't like Wang Shi. He who is old and still alive is a thief!" Yu Nian became more and more harsh as he spoke.

Xie Jingxing was stunned for a moment, thinking that she wanted the group to take sides, and objected, analyzing: "There are many people watching me, and Wang Shi's biggest bargaining chip is public opinion. My involvement in the alliance with Baoneng and China Resources is suspected of bullying the weak. Moreover, Wu Xiangdong does not have that much affection for our family, and your father will definitely not agree."

"Wow."

The jewelry box fell over and various necklaces fell out. Yu Nian stood up and turned away with a cold face.

She couldn't vent her complicated feelings to Xie Jingxing, so she took her anger out on the weird old man from yesterday. Wang Shi teased the pretty boy for listening to his wife, which was exactly the dream she had been dreaming about late at night when she couldn't sleep and tossed and turned.

"What's wrong with you?"

Xie Jingxing didn't understand why Wang Shi was involved in the job transfer, and his emotions suddenly exploded.

"You're right, I'm fine."

Yu Nian went back and forth with her suitcase to pack her things for her flight back to Beijing in the afternoon.

Xie Jingxing was very confused: "What are you talking about? What is right or wrong?"

"I'm just angry that Wang Shi defamed us in public yesterday." Yu Nianyan's voice was sour. He lowered his head to hide his expression and haphazardly put things into the suitcase.

"..."

Xie Jing Xing was speechless and touched. He stretched out his hands and held her shoulders: "Alright, there's no need to get angry with a dying person. Wang Shi has gone insane."

"He's almost dying, but he's still alive and kicking and has the time to provoke us!" Yu Nian shrugged vigorously.

Xie Jing Xing hugged her tightly to prevent her from moving, and coaxed her in a tone like coaxing a daughter: "You hold a grudge so hard, then do you remember the warning I gave him yesterday?"

"Ah."

"What does 'hmm' mean, I don't remember?"

"You said that Vanke has an independent director from Blackstone. Ask him to think twice before acting, and tell Yao Zhenhua by the way." Yu Nian repeated with a hum.

"That's right. Use your smart brain and think about it. What kind of organization is Blackstone Group? It is the world's top dollar alternative investment giant. It has had a special liking for the real estate industry since it entered China."

Xie Jingxing rested his chin on her shoulder and said slowly, "Wang Shi has hired Blackstone Group executives as independent directors of Vanke for several years. They have a long-standing friendship and a foundation of trust."

"So when his attempt to use Vanke Logistics as a bargaining chip in exchange for my support was rejected, would he learn from this and sell Vanke's assets to Blackstone at a low price in exchange for Blackstone's investment in Vanke so that he can keep his position as chairman?" He explained it clearly.

Yu Nian regained his composure and leaned into the warm embrace, gradually relaxing: "He took the initiative to offer Vanke to foreign capital. How could he think of doing that? He is really courting death."

"more than."

Xie Jingxing joked, "Yao Zhenhua is also courting death. He used the public funds absorbed by the insurance companies under the Baoneng Group to leverage more than 20 billion yuan of leveraged funds to buy Vanke shares. Once Vanke's stock price falls and breaks through the leverage liquidation line, he will die without a burial place."

"The problem is that he has bought 23% of Vanke shares, and the lock-up period for holding the shares is as long as one year. The stock price fell and broke through the liquidation line, but he was unable to sell his stock holdings." He let out a breath.

Yu Nian felt the wet warmth coming from his earlobe and shuddered all over: "Where did he find the lever?"

"Banks are the capital of the people in Jiangsu and Zhejiang."

"Systemic risk." Yu Nian's pupils dilated and he murmured unconsciously in shock.

As Vanke's share price fell, Baoneng's stock holdings triggered the leveraged funds risk control liquidation line. During the restricted period, he was unable to close his positions and sell his stocks. Yao Zhenhua watched his position go bankrupt and die without a burial place.

Then the banks watched helplessly as the leveraged funds they provided to the Baoneng Group suffered losses until the platform's own risk control line was triggered. Cash flow crisis caused other businesses to be unable to operate normally, and the cash flow of other businesses came under pressure and suffered explosive losses.

It creates greater risks within the bank and negatively impacts all external partners.

A risk spiral effect is formed, and small and medium-sized partners with little risk pressure go bankrupt, causing a chain reaction of increased risk pressure.

Banks and insurance, the two sources of leveraged funds used by Yao Zhenhua, are both public funds!

How much money can a small business owner in Jiangsu and Zhejiang who opens an e-commerce company on Taobao have? If his 500,000 yuan bank deposit is wiped out in one day, how will his e-commerce company pay the suppliers next month?
What is the risk-bearing capacity of the merchants who supply it?
This is where the so-called systemic risk comes from.

Yao Zhenhua would not only die without a burial place, he would drag countless people along with him to be buried with him...

"So you're going to hit the nuclear button and shoot them both to death?"

Yu Nian was stunned for a long time, looking up at the man who was as clear as a fire and stood still. (End of this chapter)