Chapter 1177

The weather in Xinwu is cool in summer, and it is still cool to swim in the open-air swimming pool in the city. Except that the hot spring lake on Tianyun mountain is not suitable for swimming in winter, it is almost constant at the most appropriate water temperature in spring, summer and autumn.

Zhang Ke and sun Jingmeng came to the mountain, bought a swimsuit and took a boat to the lake island. They wanted to change clothes in the same room with sun Jingmeng, but they were kicked out by a dozen.

Zhang Ke first changed his swimming trunks and sat on the water table waiting for sun Jingmeng to come out. His feet swayed in the warm lake. In the distance, many people were swimming near the hot spring lake. The water surface was vast, and a few people were trying to cross the whole lake. Sun Jingmeng came out wrapped in a big bath towel. Her figure is not very tall. At least among the dancing girls, she is petite. The legs exposed under the bath towel are long and round. Her legs are combined without any gap, and her skin is snow-white like fat. Zhang Ke squinted. He felt that except for her delicate face like a demon, her legs were charming.

"Can't see blind your eyes, still see?" sun Jingmeng glared at Zhang Ke slightly, next to his body to sit down, but fiercely pushed Zhang Ke into the water.

Zhang Ke was too cold to prevent. He choked in the water and his head came out of the water. He looked at sun Jingmeng standing on the water table and smiled happily.

At four o'clock in the afternoon, the sun was not strong. The lake water seemed to be dyed with thick emerald. The light of the lake was shining on his face. Zhang Ke swam around the lake. He saw that sun Jingmeng didn't come into the water yet. He swam to her side, put his hands on her legs and asked her, "why don't you go into the water?"

"It's good to watch you swim..." sun Jingmeng playfully put his legs on Zhang Ke's shoulder, clamped his neck and rubbed his heels on his waist.

Zhang Ke put his cheek on her leg and looked up.

"What are you looking at?" sun Jingmeng tightened the bath towel and clamped his legs to press Zhang Ke's shoulders down. He wanted him to be honest. He didn't stare at her chest. Unexpectedly, this action pressed Zhang Ke's nose tip directly on his soft abdomen. He felt very comfortable and didn't get out of the way. He pulled Zhang Ke's ears and wanted to pull his head out, Zhang Ke hugged her waist and didn't loosen it. Sun Jingmeng was reluctant to pull his ears, holding his head and pouring it into the water.

Zhang Ke was caught off guard. His neck was clamped by sun Jingmeng's legs. The whole person was pressed in the water. He couldn't close his breath for a long time, so he struggled to get his head out of the water. At this time, sun Jingmeng had swam away like a mermaid. Zhang Ke climbed to the water platform and sat down to rest. He watched Jing Meng swim in the clear lake. His hips were full and elastic, his waist was soft, and his slender legs were holding water, She has beautiful movements and charming posture. When she swam to a distance, she stopped in the water. She stepped on the water with her feet and shouted to Zhang Ke: "swim around the island. If you swim past me, you will promise you everything..."

"Really?" Zhang Ke stood up and asked.

"It's just the two of us here. I want to lie to you?" sun Jingmeng waved his head in the water.

"Lie to me and rape you." Zhang Ke, regardless of whether it's true or not, a fierce son plunged into the water. Sun Jingmeng smiled and said, "you scoundrel, I haven't started yet..." he smiled and scolded, and his body swam like a mermaid, still a large section in front of Zhang Ke.

The island is not big. The sprint tour around the island is also very tired. The key is that Zhang Ke is tired like a dog and climbs up the water table. Sun Jingmeng has stood on the water table, wiped his hair with a towel, laughed at him and said, "you still have strength?"

Zhang Kemeng grabbed Jing Meng's wrist, put her petite and charming body in her arms, pressed her arms to make her powerless to resist, kissed her soft lips, kissed her beautiful chin and crystal jade neck, and kissed her panting.

Sun Jingmeng just grabbed his swimsuit and didn't let Zhang Ke's animal hair pick it off. There were others swimming in the lake. Although it was far away, if the swimsuit was picked off, it would still go away.

"Shall we go in?" Zhang Ke murmured in Jingmeng's ear, licking her crystal clear auricle with the tip of his tongue.

"Well," sun Jingmeng was so soft that she almost collapsed in Zhang Ke's arms, put her hands around his neck and said, "but don't you..." her voice was soft and sweet, which made Zhang Ke hard, and said, "if you want to rape me, others will see it, and I'll help you..."

"No, I want this," Zhang Ke Ya Ling said, biting sun Jingmeng's rosy lips.

"..." sun Jingmeng pinched him with her hand, but didn't say no, so she held Zhang Ke into the wooden house

Lingering for a long time, until the sunset shone on the hot spring lake, Zhang Ke took a boat back to the shore with Jingmeng. On the barge, Zhang Ke gently hugged Jingmeng's soft waist, looked at the charming evening sunshine on the mountain tip, and asked softly in her ear, "when can we really do it again?"

"If you really raped me just now, I don't mind," Jing Meng smiled cunningly and said meaningfully, "then wait later! It may be a long time later."

Zhang Ke grabbed his hair and made a painful look of bumping his head against the fender. Jing Mengjiao smiled and ran away from Zhang Ke.

At night, Zhang Ke asked Chen feirong to accompany his parents to the mountain for dinner. At dinner, sun Jingmeng talked about her idea of the talent show "star DreamWorks" at the dinner table. She has considered this aspect for a long time and has a comprehensive idea. It seems that she and Zhang Ke were discussing this issue on the mountain in the afternoon and didn't do anything else.

Taiwan, Singapore and other overseas regions have a long historical tradition in the selection program. After sun Jingmeng came to Singapore, she came into contact with relevant program production. Compared with the rigid and lifeless artist training and growth route in China, she wanted to produce a long-cycle TV program integrating selection show, drama and reality show in the Mainland

"Although there are singing competition programs such as CCTV's youth singer Grand Prix in the mainland, the program unit setting system is too single, and the entertainment, situational, variety and fashion are far from enough to attract contemporary young people. The design mode of the production unit pays attention to the lighting performance venue, professional modeling design of contestants, pre rehearsal, post editing, orchestra accompaniment and so on The details are not satisfactory... "Sun Jingmeng described her understanding and expectation of the talent show, and then turned to ask Zhang Ke," what do you think? "

"My opinion is no opinion, sister sun's opinion?" Zhang Ke stalled, noncommittal, so that she didn't let herself succeed this afternoon.

"Of course my sister supports me," said Sun Jingmeng. "I just really want to operate and hire experienced producers from Taiwan or Singapore. I'm afraid of the program censorship system in the Mainland..."

"As long as the variety show does not involve politics, other aspects can be relaxed. Don't worry about this pressure..." Zhang Ke said. At present, China is also trying to imitate overseas to make some entertainment variety shows. However, the censorship system of domestic TV program production is too conservative, which makes it difficult for domestic variety shows to be relaxed and lively overseas, Some commercial variety shows tend to be too commercial and too vulgar. In terms of review and profit, Zhang Ke believes that Century Entertainment does not need to bear too much pressure. However, he is worried that the unprecedented expansion of the consciousness of judging ugliness in modern society will lead to the sudden emergence of some artists contrary to ordinary people's aesthetic ideas. He did not support such artists to make a great success at all. Century Entertainment cooperates with mainland TV stations to produce variety shows, which mainly does not activate the mainland TV market. First, it can expand the influence of Century Entertainment through through show shows, and then it can tap potential artists through show shows.

"Can the program production directly invite the member enterprises of Jinhu to be brand sponsors?" sun Jingmeng asked.

"If you have the confidence to succeed, there is always a need for sponsorship Funds - IDA has an advertising budget of 1.5 billion in China this year, and pulling a hair from your thigh is enough for you to carry away," Zhang Ke said with a smile. "There are three brands, xiangxuehai, Shengxin and Xinguang. It depends on which enterprise you are confident to cooperate with..." Jinhu operates four brands, Advertising efforts and targets have different emphases, and the sponsorship funds for variety shows are also different. If you want to get the most sponsorship money, it is natural for IDA to be a brand sponsor. Of course, it also needs that the influence of variety shows can reach the level required by IDA.

Now, all member enterprises of Jinhu carry out separate financial accounting, and the integration and utilization of resources is one thing, but it is also necessary to prevent excessive dependence on internal resources, so as to weaken the competitiveness to the outside. Especially after the group is becoming larger and larger, there will be a tendency of bureaucracy. Zhang Ke began to pay attention to advocating internal competition.

Sun Jingmeng sniffed his nose disdainfully and said, "when I take out the planning book, you will know who is asking for whom!"

Zhang Zhixing and Liang Gezhen laughed but didn't speak. After Zhang Ke and sun Jingmeng finished fighting, Chen feirong mentioned that Tang Jing's mother Gu Jianping had a cold. Tang Jing wanted to stay in Jinshan with her mother and go to Hong Kong the day after tomorrow.

Tang Jing couldn't come to Xinwu, but sun Jingmeng didn't give Zhang Ke a chance to contact alone. When he came to Hong Kong to attend the celebration reception for the successful listing of Xinguang paper, Zhang Ke was watched by Tang Jing. Besides, sun Jingmeng lived at home when he returned to Hong Kong, and he couldn't find a chance to be a thief.

Affected by the Internet bubble crisis, the Hongkong stock exchange market has also fallen into a slump, but the listing of the Xinguang paper industry has not been much affected. The closing price on the day of the public offering has risen by about 15% compared to the issue price. It has become one of the few highlights of Hongkong's stock market.

Through the acquisition of Jinshan paper mill and a series of other assets and market integration operations in 1998, the annual output of Xinguang paper industry is expected to exceed 3 million tons this year, the annual sales volume will exceed 16 billion, the annual net profit will reach 1.5 billion and the total number of employees will exceed 18000. It is worthy to become a leading enterprise in the domestic paper industry, The annual output, annual sales and annual net profit exceed the sum of the second and third places. However, compared with the global paper giants, the strength of Xinguang paper is still very weak. The annual output and sales are only one-third of Huihao company, the world's tenth Paper Group.

Through the listing of Xinguang paper, the direct capital of HK $6.6 billion was injected into Xinguang forestry. In addition to HK $1.6 billion, the remaining HK $5.6 billion was borrowed from the National Development Bank, issued 2 billion yuan of corporate bonds to Jinhu commercial, and made up 9 billion to start the pulping project, which is also the largest paddle making project invested by the mainland so far, After completion, it will produce one million tons of high-quality wood pulp per year.

The construction period of the pulping project is three years. At that time, the first batch of fast-growing forests of Xinguang forestry will also reach the mature stage of rotation cutting.

The fast-growing forest area of Xinguang forestry has reached 7 million mu. According to the rotation cycle, it can be used for 2 million ton pulping projects every year. This year, Xinguang paper will import 2 million tons of wood pulp in addition to a large amount of waste pulp, so as to fill the gap between upstream and downstream, After the first pulping project is completed, it is necessary to immediately start the second million ton pulping project in Jinshan, and the required capital is 10 billion.

The afforestation area of Xinguang forestry has reached 7 million mu, and the comprehensive costs of afforestation, forest land rent and personnel salary are as high as one billion yuan per year. The investment of HK $1.6 billion in Xinguang forestry is only enough for daily maintenance. If you want to expand further, you need to invest more money; Or we have to wait until the fast-growing forest enters the mature stage and has a profit before we can carry out the next expansion.

Since Xinguang forestry is listed in Hong Kong, the problem of funds should be raised through the open market as much as possible.

The successful listing of Xinguang paper is the masterpiece of Zeng Zihui, vice president of Goldman Sachs Asia. In the banquet hall on the top floor of the Peninsula Hotel, Zeng Zihui, dressed in a neat shirt and holding a red wine cup, traveled around with the chairman and President of the board of directors of Xinguang paper, and Guo Songyan, the director of Xinguang paper and the president of Malaysia Yunyuan group, surrounded by stars like the moon. The lights were blurred and the wine glass was red. The three of them saw Zhang Ke and Tang Jing coming in, They hurriedly separated and welcomed the crowd.

"President Zeng and I discussed that if Xinguang paper industry wants to have a great development, it still needs 20 billion yuan." Zhou you said to Zhang Ke with a smile, "President Zeng also designed an approximate financing way to solve the 20 billion fund problem: Xinguang paper was successfully listed this time. Xinguang forestry can be completely transformed into a wholly-owned branch of the listed company by purchasing the equity of Xinguang forestry in the form of directional issuance of new shares to each holding company, and then publicly raise funds through additional issuance of new shares in the securities market - holding company The company reduced the shares of Xinguang paper through the stock market to raise funds for investment in its field... "

"President Zeng's ideas always make people feel suddenly enlightened. You should consider President Zeng's suggestions." Zhang Ke said to you at will. He brought two glasses of red wine from the waiter who passed by, shared one glass with Tang Jing, and offered a toast to Zeng Zihui and Guo Songyan.

Xinguang paper has separately raised HK $6.6 billion through the securities market and wants to further raise a huge amount of HK $20 billion. It is not a task that can be completed in one or two years. It can only be used as a capital strategic direction of Xinguang paper, and can not completely place its hope on it.

When the pulping project is completed, even if the integrated layout of forestry and paper is preliminarily completed, the more complete and mature the industrial model and development, the less resistance to financing. China is a large country of national savings, and the national savings rate is surprisingly high. In three or five years, after the domestic capital is abundant, like the enterprises with stable profits and mature industrial model in Xinguang paper industry, there is no need to worry about the source of Funds - at this time However, it is unable to compete with state-owned enterprises for financial resources in China.

Although Malaysia's economy has begun to recover in the past two years, its development speed and market potential are still incomparable with the mainland. Guo Songyan also wants to significantly increase investment in the mainland.

The two core enterprises of Jinhu's Aida group and Jinhu commercial company have little crack on them, but the companies such as Xinguang paper, Xinguang forestry, xiangxuehai, century Jinhu, Shengxin electric appliance and Shengxin Telecom have been trying to seek public listing, so there will not be much restriction on the cooperative investment of Southeast Asian Chinese businessmen such as Guo Songyan.

Guo's cooperation with Jinhu in recent years has been quite pleasant. In recent years, he has injected a total of 1.5 billion yuan of capital and fixed assets into Xinguang paper. After listing, he holds 20% equity of Xinguang paper, with a market value of up to HK $5 billion.

The core business of Yunyuan group is pulp and paper. Of course, Guo Songyan knows how valuable Xinguang paper's initiative in the integration of forestry and paper in the mainland is. He has won at least four to five years more than other paper giants in the Chinese market. Instead of reducing his stake in Xinguang paper to make profits, he plans to continue to increase investment.

Isn't Xinguang paper short of funds? Yunyuan group can always draw out $100 million or $200 million a year.

Guo Songyan had private exchanges with Zhang Ke and sun Shangyi about these things, but would not mention them again in front of Zeng Zihui. He smiled and said to Zhang Ke: "Jinhu commercial has three listed companies. When will there be the fourth and fifth?"

"It depends on how Zeng always arranges the work progress." Zhang Ke said with a smile.

"Do you think I'm not trying my best?" Zeng Zihui asked with a smile.

Both xiangxuehai and Shengxin electric appliances are ready for public listing. Zeng Zihui even knew that Jinhu had contact with the domestic securities department some time ago and wanted Shengxin electric appliances to be listed in China. Unfortunately, the securities department only agreed to split some of the assets of Shengxin electric appliances to be listed on the small and medium-sized board, with a market value of less than 5 billion and a financing amount of no more than 10 billion 500 million.

Zeng Zihui smiled. Jinhu probably didn't want to fight for this 1.5 billion yuan.

Zhang Ke schematically raised his cup: "no matter how hard President Zeng tried, we still feel that it is not enough. Who makes us like fish jumping ashore? Capital hunger and thirst is difficult to cure..." He thought that overseas capital was sufficient, but when it was listed overseas, it was necessary to cut a knife for investment institutions such as Goldman Sachs. As the first enterprise in China to complete the preliminary layout of forest paper integration, Xinguang paper only calculated the issue price according to the P / E ratio of 15 times. This was the preference obtained after Jinhu and Goldman Sachs conducted dark trading on Kunteng online. During the initial negotiation , Goldman Sachs and HSBC even pressed the P / E ratio of the issue price to 12 times and refused to give in.

Now it's a win-win situation. Zeng Zihui sees that Zhang Ke is also full of spring breeze. In the great rebound of Kunteng online after mid May, the share price once rebounded to a high of $40 per share. Goldman Sachs, Walden and other venture funds have successfully reduced and cashed out most of the shares of Kunteng online held by them. At this time, the ups and downs of the NASDAQ index can't hurt them On the other hand, due to the retreat of Goldman Sachs, Xinguang paper obtained a relatively good issuance price, at least 1.3 billion more funds.

Before contacting Jinhu, Zeng Zihui would not believe that there would be such a young consortium. He did not know much about the finance of Aida group. Jinhu was more secretive about the finance of Aida group. As Jinhu's financing platform in Hong Kong, Jinhu commercial must provide reliable and verifiable financial reports to the financing objects. Zeng Zihui knew the finance of Jinhu commercial like the back of his hand.

After the listing of Xinguang paper, based on the closing price on the first day, the market value is as high as 25.3 billion Hong Kong dollars. Jinhu holds 49% of the equity of Xinguang paper, with a market value of about 12.5 billion Hong Kong dollars. In order to facilitate the financing of Jinhu commercial, the equity of Xinguang paper with a market value of nearly 10 billion is concentrated under the name of Jinhu commercial.

In addition to Xinguang paper industry, Kumho business also directly held the 45% stake in Aida electronics. Although AI electronics has been seriously affected by the destruction of the Internet bubble, the stock price has fallen by 20% compared with the highest point, and its market value is more than HK $thirty billion.

Century Jinhu acquired Jiaxin real estate, a listed company, and backdoor put some commercial real estate into the listed company. About 20% of the shares are directly held by Jinhu commercial. Because century Jinhu only put a small part of commercial assets into the listed company, the market value of this part of equity is relatively low, only HK $1 billion.

Even if other factors are not considered, the market value of equity assets of listed companies owned by Jinhu commercial has exceeded HK $25 billion. Although the amount of liabilities exceeds US $3 billion, at least from the book point of view, Jinhu commercial's finance has stabilized, and international investment institutions such as HSBC and Goldman Sachs have raised their financial evaluation of Jinhu commercial one after another, Even if this time Jinhu commercial can smoothly use the equity of Xinguang paper as collateral, and then HSBC lends 8 billion Hong Kong dollars, it will almost raise the debt level of Jinhu commercial to 4 billion US dollars. Of course, it will also pay a financial cost of 2.3 billion US dollars for the 4 billion US dollars of creditor's rights every year.

At this time, if the enterprises of large consortia in Asia are ranked, Jinhu should be eligible to appear in the list.

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