King of Capital

"Today is the only time that no one applauded when I came into the shareholders' meeting. I think everyone may have different thoughts when attending the meeting, but I want to say that if you don't trust Gree, you can sell your shares."

"Gree has not treated you unfairly. I am not exaggerating. We have distributed 180 billion yuan in dividends to you in two years. Can you find any other listed company that will distribute so much in dividends?"

"I haven't distributed dividends for five years. What can you do to me? Gree has grown from a company with 1 million yuan and a profit of less than 1% or even losses to an annual profit of 13% today. Is it because of you? The more I give you, the more fucking proud you are and the more you talk!"

The lighting angle of the video was dim, but it did not affect Ms. Dong's powerful tone at all.

As they looked around, no matter it was the coal boss who drove a Land Cruiser all the way from Inner Mongolia to Zhuhai, or the overseas Chinese who took a flight back to China from Singapore, all the representatives of small and medium shareholders lowered their heads and their calves trembled. Such power was truly that women were no less powerful than men.

Zou Jingyi was terrified through the computer screen. She dared to let the security guard kick Mr. Dong out, purely because she was scolded so badly by Yu Nian that she was desperate and her universe exploded. If it happened again after watching this video, she would feel a little uneasy.

"Go find out the source of the news." Xie Jingxing turned off the video calmly.

Three days ago, he personally attended Gree's shareholders' meeting. Dong Mingzhu did scold the representatives of small and medium shareholders like she was scolding her own children, but afterwards she played the emotional card like a resentful woman who had been abandoned by her husband.

——Until now, I have always been alone when I go out. Others ask why such a big company can't hire two people to help you wash clothes. I say that is a waste, it costs tickets and accommodation, and if I am away for 10 days, I will have 10 days of extra travel expenses.

The meaning of Dong Mingzhu's two sentences is very straightforward. She felt that she had worked hard for the development of the company, but a group of small shareholders sitting in the shareholders' meeting were so arrogant that they barked and refused to applaud her with ulterior motives!
Then why are the coal bosses in Inner Mongolia, overseas Chinese in Singapore, and dozens of retail shareholder representatives so united and unwilling to do even a little superficial work even when they are being criticized and spitted on?

The answer is a package of real cash and silver assets worth 230 billion yuan.

There is a company in Zhuhai called "Yinlong" that researches and produces new energy vehicle batteries. Perhaps because of its good name, Ms. Dong was quite impressed by it. In February this year, she suspended trading of Gree shares and announced that a major fundraising and M&A plan was under study.

As a result, it took a full six months from February to August to produce more than 100 resumption of trading announcements. To sum it up in one sentence: a targeted share issuance raised 130 billion yuan, and Yinlong was acquired for billion yuan.

The 100 billion yuan of funds raised will be used to issue shares to Dong Mingzhu personally and Gree Group, while the 130 billion yuan will be converted into shares and issued to all owners of Yinlong.

In other words, she did not pay a penny, and the entire cost of 230 billion yuan was borne by the company's shareholders.

According to a rough calculation based on Gree's current total share capital, these two targeted share issuances are equivalent to about 25% of the shares. Retail investors were fully expecting to buy 5000 shares, but their shares were reduced by a quarter, which was a bolt from the blue.

Therefore, we really couldn't applaud at the shareholders' meeting. The guy who came in a Land Cruiser didn't jump onto the conference table and sing a piece of Inner Mongolian hip-hop, which was already very polite.

An elderly overseas Chinese in Singapore made a passionate speech: I started buying domestic stocks in the 90s. Chunlan Air Conditioner’s cross-border car manufacturing in the s failed, Aux’s cross-border car manufacturing in the millennium also failed, and He Hengjian’s cross-border car manufacturing in was so bad that he couldn’t even cover his losses!
Do you, who make home appliances, have bigger hipbones than normal people? Do you feel itchy under your crotch if you don't make cars?
Sister Dong respected the old man and didn't argue with him. She smiled slightly and calmed down her anger.

Then some young people jumped out to question you guys for selling 100 million smartphones. What’s the difference between the usability of the gadgets you made and the old phones? And I don’t even want to mention it, which bootlicker used your photo as the phone startup screen animation…

This really hit Dong Mingzhu in the chest, and she almost carried him and his chair out of the conference room through the window on the 12th floor.

If the matter continued, someone might die, so a total of 17 package proposals for the acquisition of Yinlong were rejected on the spot.

Xie Jingxing watched the whole process coldly, and thought that Dong Mingzhu and Zhuhai state-owned assets were on the same side. However, this video that was quickly exposed and taken out of context was very intriguing.

The timing of Gree Electric's launch of its M&A and fundraising plan in February is very telling. Yao Zhenhua has the upper hand in the fierce battle with Wang Shi in the market, and Jingxing Group, a financial investment institution in the company, holds a 7% stake.

The two targeted share issuances to acquire Yinlong diluted Xie Jingxing's shareholding internally and increased capital hunting costs externally.

Needless to say, Dong Mingzhu gained a lot of benefits from this, consolidating her actual control over the company and getting some cheap shares from the additional issuance.

The situation of Zhuhai state-owned assets is a little more complicated. While increasing its shareholding ratio, Yinlong is a typical player who relies on policy subsidies to lose money and expand its scale and then obtain more subsidies, thus climbing to the sky with one foot.

The company's patented technology is not worthy of CATL's ass. Financial investment institutions such as Jingxing Group value it at around 50 billion yuan, and it is generally recognized that it is worth this much at most.

Gree Electric Appliances paid several times the premium to acquire a company that is supported by local administrative key training and survives entirely on policy subsidies...

All we can say is that 130 billion can create 130 billionaires. It seems that the benefits have been distributed clearly, and we are all waiting for the plan to be implemented.

Xie Jingxing therefore concluded that last month Dong Mingzhu stepped down as the chairman of Gree Group and was replaced by the leader of Zhuhai State-owned Assets. The two sides worked together tacitly to resolve the two incidents between him and Yao Zhenhua and put the plan back on track.

However, a turning point occurred. Sister Dong took the initiative to come to his house and scolded him face to face, saying crazy things like he was not a human being but was better than some people.

Subsequently, the proposal for additional share purchase at the shareholders' meeting was completely rejected. The brutal invasion of Jingxing Group and Baoneng Group had not yet been made public, but Dong Mingzhu had already scolded small and medium shareholders and became a hot topic.

The most bizarre thing is that three days ago at the shareholders' meeting, the new chairman of Gree Group voted against the proposal to increase capital to acquire Yinlong.

"It was you who brought the imperial army in?"

Xie Jingxing quickly flipped through the details of the Gree-Yinlong acquisition plan, and the more he read, the more he couldn't help laughing.

"Boss, I found out that this video was recorded by a small shareholder who was present that day. He later went home and sent it to his good friends to complain about it. I don't know how it got exposed."

Zou Jingyi came back to report after a while: "He told me the situation on the phone, and then sent me the chat records between him and his friends."

"I told him I would pay him some money for business consulting and hoped to meet him to confirm things. He was quite resistant and said that his normal life had been affected by the media reporters recently." She explained the process in detail.

Xie Jingxing didn't care: "It's okay, he has the time and energy to come to the meeting, whether he is instructed by someone or not, it's not easy to deal with him."

"I looked through his WeChat circle of friends. This person is a Gree distributor in Hebei Province and seems to be quite powerful in the local area." Zou Jingyi's flattery skills are a little immature.

Xie Jingxing nodded in understanding, the memory of classmate Zou imitating Dong Mingzhu's blocking of the door last month still lingered in his mind.

ZH City is still not giving up even though it has failed to introduce foreign capital to take actual control of Gree. Naturally, she is not an easy person to deal with either. With the prestige of a salesperson accumulated over decades, the dealers are willing to support her with just a wave of her hand.

Mainly in Henan and Hebei, and supplemented by many places in Beijing and Tianjin, many strong dealers jointly invested to establish a company, acquired about 9% of Gree's shares for long-term holding, and provided mutual protection for Dong Mingzhu.

This was the core confidence behind her years of dealings with Zhuhai state-owned assets, but now the plan of targeted share issuance to acquire Yinlong harms the interests of existing shareholders and is tantamount to self-destruction of the foundation.

Xie Jingxing had no idea about the details, but judging from the current situation, Sister Dong was miserably played by Zhuhai State-owned Assets.

She has lost the support of the people. Being temporarily removed from her position as the chairman of Gree Group is just the beginning. If Baoneng Group takes over, she will be dismissed from all her positions in Gree Electric Appliances in an instant, and the actual control of the company that has been exerted by her personal prestige for decades will change hands in an instant. "Let's make an appointment with Dong Mingzhu." Xie Jingxing threw down the fixed increase plan in his hand and made a decision.

Zou Jingyi confirmed: "Uh, when is the appointment?"

"Right now, right now, let her come to see me."

Xie Jing Xing gave the order lightly, paused for a moment, thought for a moment, and asked, "Have you adapted to your time in Zhuhai?"

"It's good. I feel like I've found my working state." Zou Jingyi was confused.

"Good. Keep up the hard work. Go ask Chen Xi for a half-year bonus and get a clothing expense reimbursement."

Seeing her anxious look, Xie Jing Xing smiled and explained, "My wife is four months pregnant. The doctor said it was a boy during the prenatal checkup yesterday. I'm going to be a father soon."

Happiness is worth sharing. Zou Jingyi heaved a sigh of relief and calculated with peace of mind that her half-year bonus was more than 100,000 yuan. The clothing expenses should not be less than that. The boss is very generous!

Xie Jingxing watched her happily leave the office, stretched leisurely, raised his wrist and stared at the time on his watch, wondering how quickly Dong Mingzhu would appear in front of him.

If classmate Xiao Zou had not stopped her that day, she probably would not have had the opportunity to calmly see the situation clearly.

It's time to harvest.

…………

Forty-five minutes.

Xie Jingxing took off his watch, smiled at Dong Mingzhu who walked into the office, and said straight to the point: "What do you think now, President Dong?"

"I find you're really a bit uneducated."

Dong Mingzhu expressionlessly raised a finger and pointed at him in the air, then turned and left.

Xie Jing Xing asked casually: "Is it because of my age?"

"What do you want to say?"

"I think if I were sitting here when I was 40, you wouldn't be offended."

Xie Jing Xing said after careful consideration: "It's a pity that I'm 25 years old this year. I always give some people the wrong impression that they can play some tricks on me like a teacher."

"In fact, no one is qualified to do this. I have defeated Wang Xing and Alibaba. Now it's your turn." He stood up seriously, holding the desk.

Dong Mingzhu stopped and looked back for a long time, then walked to the desk and sat opposite him, making a gesture of invitation without saying a word.

Compared with cashing out Yinlong, regaining actual control of Gree Electric Appliances is what Zhuhai State-owned Assets dreams of more, and they have been thinking about it for more than ten years.

Yao Zhenhua's forced entry disrupted the rhythm and gave state-owned assets hope. They stabbed her in the back without hesitation, first taking back the position of chairman of Gree Group and then opposing the private placement and acquisition plan.

If either the Baoneng Group or the Jingxing Group holds a 15% stake, Zhuhai State-owned Assets, which holds a 13% stake, will be invincible, and she will be completely out.

During last year's stock market crash, Yao Zhenhua took the opportunity to enter Vanke, and Xie Jingxing raised his stake in Gree. In February this year, Gree suspended trading and planned to acquire Yinlong. Then to the current situation, the dynamic development of the whole thing has driven everyone forward in a chain reaction.

Dong Mingzhu cannot be sure that it was the state-owned assets that brought in the Baoneng Group, but the latter has actually played the role of China Resources in Vanke. State-owned enterprises still have direct superiors to supervise and enforce orders, otherwise who can forcibly restrain the power of one place?
As the situation changed several times, the situation she faced was even worse than Wang Shi's, and even public opinion was disrupted by a shareholders' meeting.

On the one hand, the company's main business has been sluggish in the past two years and its smartphone business has failed, resulting in anxiety about finding new business growth points. On the other hand, there is endless pressure from internal and external troubles at the equity level.

As long as the acquisition of Yinlong through a private placement, the dilemma will be solved. Therefore, Dong Mingzhu was particularly angry and aggrieved when faced with the ignorant accusations from small shareholders that Gree had hundreds of billions of cash on its books and why it didn't just acquire Yinlong with money if it was so optimistic about it.

If you put yourself in other people's shoes, Xie Jingxing's mood wouldn't get any better.

Director Wang in Zhuhai also did him a big disservice. At first glance, he seemed to be wholeheartedly working for Gree and was impeccable, but in fact, he was afraid that he would stand idly by and did not want him to cooperate with Gree's management, so he raised the banner of justice and public opinion to take the initiative to deteriorate the relationship.

There is also pressure from Shenzhen and Yao Zhenhua's close adherence to him, which is like a thorn in the flesh.

Either they reach a tacit understanding and choose one of the two, or he cooperates with Gree Group and takes over Gree Electric Appliances.

It can be said that Xie Jingxing was pushed by them to the edge of a cliff where he had to bear the infamy of capital doing evil in order to escape unscathed.

Dong Mingzhu gradually felt that something was wrong after Director Wang adopted delaying tactics and repeatedly prevented her from mobilizing public opinion to make public the situation of Yao and Xie's increased stake in Gree shares.

It was not until the moment when Zhuhai State-owned Assets took away the position of Chairman of Gree Group and Xie Jingxing and other external stakeholders made a misjudgment based on the Yinlong acquisition case without knowing the truth that she finally determined her position.

Between two evils, he chose the lesser evil and made a decisive decision to break into the Meizu Technology headquarters in an emergency in order to resolve the information gap and seek cooperation.

She never expected that a little girl would ruin the whole thing, and she failed to deal with Xie Jingxing in the first place. All that was left for Dong Mingzhu was an agonizing wait.

By the time the shareholders' meeting comes, her true colors will be revealed and she will have to buy out her shares. Her counterattack of forcing a capital increase to dilute the equity will fail, and she has already lost all initiative.

"Don't move yet. I will raise the sign twice before the end of the month. If Yao Zhenhua likes it, let him eat more." Xie Jingxing was resolute and unquestionable.

Just as he said to Yu Nian, Gree is an excellent investment target and its performance in the capital market is far better than that of Vanke, so just drive up the stock price and kill Yao Zhenhua.

Dong Mingzhu stood up and held out her hand: "My money will be here soon. I wish our cooperation will be successful."

“I haven’t failed yet.”

Xie Jingxing refused to shake hands. This was not cooperation, but a choice he made. (End of this chapter)