Money, is not multipurpose. 钱,不是万能的。 Sometimes to Li Dong this situation, the net worth over 100 billion, actually discussed that money is very laughable. 到了李东这个地步,身家过千亿,有时候其实谈钱挺可笑的。 However, worked as the state head even if, has no alternative but to propose money. 然而,哪怕当了元首,也不能不提钱。 The state heads develop for the country, is the economic construction, needs to discuss money. 元首为国家发展,为经济建设,都需要谈钱。 Li Dong is not naturally short of money to use, but the development of enterprise needs money. 李东本人自然是不缺钱用的,可企业的发展还是需要钱的。 Now, to merge Gome, to develop online, to unfold logistics and post-sale channel, to open overseas market, to realize his big plan...... 如今,为了并购国美,为了发展线上,为了铺开物流和售后渠道,为了打开海外市场,为了实现他的大计划…… These without exception, need money. 这些无一例外,都需要钱。 The distant groups of 100 billion ranks, at this moment, appearing some were extremely weak. 千亿级别的远方集团,在此时此刻,显得有些太过薄弱了。 According to November's statistics, the distant group total assets are close to 200 billion, including debt and cash flow. 根据11月份的统计,远方集团总资产接近2000亿,包括负债和现金流。 And the debts in banks and other aspects, about 60 billion, lent the aspect also to be diverted by the distant place about 20 billion. 其中银行和其他方面的负债,将近600亿,货款方面也被远方挪用了将近200亿。 If according to this algorithm, the overall ratio of debt to net worth of distant group achieved 40. 如果按照这种算法,远方集团的总负债率就达到了40。 Makes the industry, the ratio of debt to net worth is so high, actually did not calculate lowly. 做实业,负债率这么高,其实不算低了。 Naturally, mainly the logistics and real estate two big industries, raised the ratio of debt to net worth of distant place. 当然,主要还是物流和地产两大行业,拉高了远方的负债率。 In brief, in the distant place, a few words that most often hears is: Did not have money! 总而言之,在远方,最常听到的一句话便是:没钱了！ Less than five years of time, expands again and again, expansion, expansion...... 五年不到的时间,一而再,再而三地扩张,扩张,扩张…… Started doing business from the first shop initially, the total assets 1 million, to the present total assets hundreds of billions, the span are not general big. 从当初第一家门店开业,总资产百万,到现在总资产数千亿,跨度不是一般的大。 Also because is just extremely fast, causing the fund of distant place unable to keep up with the rhythm repeatedly. 也正因为太过快速,导致远方的资金频频跟不上节奏。 Even if Li Dongsi locates to raise money, the loan, including financing, the fund cannot keep up with the footsteps as before. 哪怕李东四处筹钱,贷款,包括融资,资金依旧跟不上脚步。 Actually the current distant place, has been able to maintain the balanced revenues and expenditures reluctantly. 其实目前的远方,已经能勉强保持收支平衡。 The supermarket starts to gain, some logistics also profits, the Internet industry also starts to gain gradually...... 超市开始盈利,物流也有部分盈利,互联网产业也渐渐开始盈利…… These profits, invest into the operation of group, words that does not expand reluctantly also enough. 这些盈利,投入到集团的运营当中,不扩张的话勉强也够了。 Naturally, far Fangcheng planned also to miss many funds, but these money can be solved through the loan. 当然,远方城计划还差了不少资金,可这些钱可以通过贷款来解决。 According to Yuan Chengdao their ideas, receives arrives before the end of the year, everyone should not for the matter worry of money be right. 按照袁成道他们的想法,接下来到年底之前,大家不应该为钱的事烦恼才对。 No one has expected, Li Donggang came back, must do the important matter. 谁也没料到,李东刚回来,就要干大事了。 Acquires stakes in Gome! 入股国美！ If so, ten hundreds of millions funds, the distant place can actually push merely. 如果仅仅如此,十几亿的资金,远方其实还是能挤出来的。 Before Li Dong has not come back, Yuan Chengdao they actually knew the news, starts to prepare for this fund. 李东还没回来之前,袁成道他们其实就知道了消息,也开始为这笔资金做准备。 Less than 2 billion funds, regardless of the far Fangcheng project or the supermarket, can move. 不到20亿的资金,无论从远方城项目或者超市这边,都能挪出来。 May wait for Li Dong to send others, leaves behind Yuan Chengdao several people of times, opens the mouth suddenly is: „First prepares 5 billion funds to me.” 可等李东打发走了其他人,留下袁成道几人的时候,陡然开口便是:“先给我准备50亿资金。” „5 billion!” “50亿！” Yuan Chengdao several people look at each other in blank dismay, suddenly is somewhat in a daze. 袁成道几人面面相觑,一时间都有些发愣。 After a while, Sun Tao said in a soft voice: „Li, prepares for Gome?” 过了一会,孙涛才轻声道:“李总,是为国美准备的吗？” Li Dong nods. 李东点头。 Sun Tao frowns slightly, said: „Your meaning is, 8 are not our bottom line, do we also want to continue to have?” 孙涛微微蹙眉,顿了顿才道:“那您的意思是,八不是我们的底线,我们还要继续持有？” Now, everyone no longer was beforehand shopkeeper manager. 如今,大家不再是以前的店长经理了。 Many of Sun Tao these year of experiences, hears Xianzhi the intent, then guessed correctly Li Dong goal quickly. 孙涛这些年经历的不少,闻弦知意,很快便猜到了李东的目的。 If only 8 stocks adds on the online channel of Gome, the total investment is less than 2 billion, according to white Su gives their plan, 1.8 billion enough. 如果只是八的股份加上国美的线上渠道,总投资不到20亿,按照白素给他们的方案,18亿就够了。 Now Li Dong makes them raise 5 billion funds, obviously not only for these. 现在李东让他们筹集50亿的资金,显然不仅仅是为了这些。 Before the group presidents and vices-president, some plans do not need to conceal, really must they be even untrustworthy, that group was almost impossible to revolve. 在集团总裁和副总裁面前,有些计划没必要隐瞒,真要连他们都信不过,那集团几乎无法运转了。 Li Dong extracts several cigarettes, a person handed over one, this said: „ I declared to the outside, we want the online channel, under the line turns over to everyone self-management, but that is relatively speaking. 李东抽出几根烟,一人递了一根,这才道:“我对外宣称,我们只要线上渠道,线下归大家自营,可那是相对而言。 Before I am very early, has said that the small and medium-sized enterprise can not need to pay attention, but the giant enterprise, cannot the ignores. 我很早之前就说过,中小企业可以不用理会,可巨头企业,绝不能放任。 Especially, we in the household appliances industry, no subsidiary company that takes acts. 尤其是,我们在家电行业,没有一家拿得出手的分公司。 The retail mainly is the general merchandise and electrical appliances, now, general merchandise, we achieve best, in addition gets online on, the lots can allow nature to take its course. 零售主要便是百货和家电,如今,百货方面,我们做到了拔尖,加上线上,很多东西都能顺其自然。 But the electrical appliances industry is not good, we at present even a shop that monopolizes the electrical appliances does not have. 可家电产业不行,我们目前甚至连一家专营家电的门店都没有。 Does such strength, by online, how possibly become the industry leader only? 这样的实力,单靠线上,怎么可能成为行业领袖？ Therefore, this aspect we must increase the control to be good. 所以,这方面我们必须加大掌控力才行。 To increase the control, we only have two roads to walk, constructs, merger and acquisition! 想加大掌控力,我们只有两条路可走,自建,并购！ But constructs...... ” 而自建……” Li Dong shakes the head to sigh: „ Constructed the shop time-consumingly is too strenuous, and did a thankless job. 李东摇头叹道:“自建门店太费时费力了,而且吃力不讨好。 Initially our supermarket choice constructed, matter that did not have the means that we lacked a foundation, can only manage. 当初我们超市选择自建,那是没办法的事,我们没根基,只能这么办。 But to complete national layout, our time-consuming five years, merged many enterprises in this period, including Carrefour. 可为了完成全国布局,我们耗时五年时间,期间还并购了多家企业,包括家乐福。 Even so, we in western and northern areas, have not achieved to cover as before completely. 就算如此,我们在西部和北部地区,依旧没有完全做到覆盖。 This is the supermarket, electrical appliances, if we also depend on ourselves, that is one five years! 这是超市,家电方面,我们如果还靠自己,那又是一个五年！ Therefore, we only have a road, the merger and acquisition! 所以,我们只剩下一条路,并购！ The merger and acquisition general enterprise is not good, now the domestic electrical appliances retailer, takes Su Ning, Gome, five-star, Best Buy and grand plan three compatriots these five as to revere. 并购一般的企业不行,如今国内的家电零售商,以苏宁、国美、五星、百思买、宏图三胞这五家为尊。 Following three, actually weak many, can have the influence truly, can vacillate and change the entire electrical appliances retail domain, only then Gome and Su Ning two. 后面三家,其实都弱了不少,真正能产生影响力,能动摇和改变整个家电零售领域的,只有国美和苏宁两家。 Several months ago, I actually do not have this plan. 几个月前,我其实没这个打算。 At the same time, we do not have this opportunity, another point, we do not have this strength. 一方面,我们没这个机会,另一点,我们也没这个实力。 Even that time that Huang Guangyu just went, I have not considered to merge Gome. 甚至黄光玉刚进去的那段时间,我都没考虑并购国美。 But a short time ago, I saw the opportunity! ” 可前不久,我看到了机会！” Li Dong aggravated the tone, before, actually his layout continuously in general merchandise industry. 李东加重了语气,之前,其实他的布局一直在百货行业。 Opportunity that he said that is the appearance of Cheng. 他说的机会,便是程家的出现。 Because knows that existence of Fukang, as well as Cheng Jia offended himself, Li Dongcai started to get the idea of Gome. 正因为知道富康的存在,以及程家得罪了自己,李东才开始打上了国美的主意。 Otherwise, Li Dong has not really been possible to look for Gome at this time. 要不然,李东还真不一定会在这时候找上国美。 The cooperation has the possibility, owns stocks the possibility, but Li Dong will not think of the holding the matter. 合作有可能,持股有可能,可李东不会想到控股的事。 8 stocks of Fukang, have a great influence. 富康的八股份,影响很大。 To a listed enterprise, 8 stocks change the lots sufficiently, including changing Li Dong decision. 对一家上市企业,八的股份足以改变很多东西,包括改变李东的决定。 Therefore, Li Dong before going to Capital City, after hearing Tan Yong mentioned regulation just matter, had the idea of merging Gome. 于是,李东在去京城之前,在听到谭勇说起程刚的事之后,就有了并购国美的想法。 Sometimes, decides often to make in that instantaneously. 有时候,决定往往就在那瞬间做出。 Merges Gome, not only not in Yuan Chengdao their plans, actually not in the Li eastern plan. 并购国美,不但不在袁成道他们的计划中,其实也不在李东的计划中。 Initially simultaneous/uniform Yunna said that the matter of electrical appliances, including Li Dong, all executives said slow one slow, slow one slow. 当初齐云娜说家电的事,包括李东在内,所有高管都说缓一缓,缓一缓。 May really wait to see the opportunity, does not hold, that was silly. 可真等看到了机会,不抓住,那就傻了。 Front slow one slow, does not have that opportunity, has to slow. 前面的缓一缓,是没那个机会,不得不缓。 Now had, if Li Dong naturally wants completely all means that to hold all these. 现在有了,李东当然要想尽一切办法,抓住这一切。 „Merges Gome?” “并购国美？” Sun Tao several people of pupils micro! 孙涛几人瞳孔微缩！ The hearsay they know, but they have worked as a joke. 外界的传闻他们都知道,可他们一直都当个笑话。 Distant place and Gome cooperation real, even they had also fantasized must swallow Gome. 远方和国美合作是真的,甚至他们也幻想过要吞了国美。 But everyone understands, now is impossible. 可所有人都明白,现在不可能。 When online presents the hearsay, the expert starts to analyze time, Sun Tao they actually works as a joke. 所以当网上出现传闻,专家开始分析的时候,孙涛他们其实都当个笑话。 These people, the time of saying things just to frighten people are not really weak, even we do not have this to plan, you did analyze us to annex Gome? 这些人,危言耸听的工夫真不弱,连我们都没这打算,你们就分析我们要吞并国美了？ They do not believe that obviously, the so-called expert, is actually also frightening others. 连他们都不相信,可见,所谓的专家,其实也就在吓唬吓唬其他人罢了。 Du Juanxin? 杜娟信吗？ Without a doubt, at least now does not believe. 毋庸置疑,起码现在是不相信的。 In the middle of the shareholders and boards of directors of Gome, believe truly Li Donghui does that also on journey Gang. 国美的股东和董事会当中,真正相信李东会这么做的,也就程刚了。 Even Li Dong did not say, journey Gang has not thought. 甚至李东不说,程刚也没这么想过。 Now, the entire business circle, except for the fellow who these repeat ideas, really no one felt, Li Donghui raises to annex the thoughts of Gome at the present. 如今,整个商界,除了那些人云亦云的家伙,真没人觉得,李东会在现在升起吞并国美的心思。 Even has this thoughts, within 35 years, Li Dong not necessarily have this plan. 就算有这个心思,三五年之内,李东都不一定有这个打算。 But now, what Yuan did Chengdao they hear? 而现在,袁成道他们听到了什么？ Li Dong must merge Gome! 李东要并购了国美！ Not and questioned and veto initially same, for these years, Li Dong often not possibly melted is the possibility, everyone face was hit repeatedly, the people studies now intelligently. 没有和当初一样质疑和否决,这几年,李东往往化不可能为可能,大家脸被打了一遍又一遍,现在众人都学聪明了。 First ascertained, then said whether feasible. 先问清楚了,然后再说是否可行。 Have not asked, feels subconsciously not possible, then continues to hit the face, the hitting the face number of times were many, left to them. 别还没问,就下意识地觉得不可能,然后继续被打脸,打脸次数多了,也到了他们走人的时候了。 Sat Chen Langxi in surrounding smoke, this asked: „Li does, have confidence? The specific plan, have you made the plan?” 坐在外围的陈浪吸了一口烟,这才问道:“李总,有把握吗？具体方案,您做过规划吗？” Li Dong said with a smile: „ Gome, Du Juan and board of directors should approve our plans. 李东笑道:“国美这边,杜娟和董事会应该都会同意我们的方案。 Now Huang Jia has the Gome 38 equity shares, this time they sell 3, then is only left over 35. 如今黄家掌握国美38的股权,这次他们出让三,接下来只剩下35。 Remaining the five, are intended to transfer by several investment banks respectively, JP Morgan Chase and Morgan Stanley as owning stocks most two investment banks, sells 3, but also continues to own stocks 15. 剩下的五,由几家投行分别出手转让,其中摩根大通和摩根士丹利作为持股最多的两家投行,也出让三,还继续持股15。 Again then, is that side Fukang, owns stocks 8. 再接下来,便是富康那边,持股八。 After the plan achieves, we also own stocks 8. 方案达成之后,我们也持股八。 Our five, altogether own stocks 66, moreover Yunglo is that side, ownership percentage about 10, other every large or small investment banks and risk organizations, own stocks also about 10. 我们五家,总共持股66,另外永乐系那边,持股比例十左右,其他大大小小的投行和风险机构,持股也在十左右。 Is left over again, was the stock in present secondary market. 再剩下的,便是现在二级市场上的流通股了。 At present wants to surpass Huang, completes the holding power to transform, we must own stocks over 35 to be good at least. ” 目前想要超过黄家,完成控股权转换,我们起码要持股35以上才行。” The people nod, Yuan Chengdao bullet hit cigarette ash, while congealing eyebrow say/way: „ I think, Li you should project in several investment banks to be right the idea. 众人都点了点头,袁成道一边弹着烟灰,一边凝眉道:“我想,李总您应该把主意打到了几家投行身上才对。 JP Morgan Chase or Morgan Stanley, have the cooperation with us. 无论是摩根大通还是摩根士丹利,和我们都有合作。 Including Citigroup several, has the cooperation with us. 包括花旗几家,也和我们有合作。 If we are willing to give away part of benefits, wants to obtain the stocks in their hand, there is a possibility. 如果我们愿意让出一部分利益,想获得他们手中的股份,还是有可能的。 Many investment banks, in the hand hold the Gome over 25 stocks now at least. 众多的投行,现在手中起码持有国美25以上的股份。 Takes completely, I feel not possible, if pays some prices, about 18 are hopeful, Li, I said right? ” 全部拿下,我觉得不可能,如果付出一些代价的话,18左右还是有希望的,李总,我说的没错吧？” Li Dong said with a smile: „ Right, I am this plan. 李东笑道:“没错,我就是这个打算。 At least in current, invests the micro blog, compared with many that investing in Gome must make money, in this everyone heart have several. 起码在当前,投资微博,比投资国美要赚钱的多,这点大家心中都有数。 The goals of several big investment banks are to make money, without the truth does not comply. 几大投行的目的就是为了赚钱,没道理不答应。 Naturally, according to them with the agreement that Gome signs, the stocks in Gome authorization buy-back their hand. 当然,按照他们和国美签订的协议,国美有权回购他们手中的股份。 But now, is a rare opportunity, Gome does not have money exactly, Huang cannot plan so many money to come in a short time. 而现在,恰好是个难得的机会,国美没钱,黄家短时间内也筹不出这么多钱来。 Using this time difference, we can rapidly complete the stock transfer. 利用这个时间差,我们可以迅速完成股份转让。 If can attain about 18 stocks, in addition we have, that was 26 stocks. 要是能拿到18左右的股份,加上我们现有的,那就是26的股份了。 But I following, but can also take 10 stocks again, at this time, my ownership percentage reached as high as 36, surpassed Huang! ” 而我接下来,还能再拿到手十的股份,这时候,我持股比例就高达36了,超过了黄家！” Several people of complexions change, 10 are not a small number, at present Gome suspends, the secondary market is unable to trade temporarily, in other words, Li Dong does not purchase from the secondary market. 几人脸色微变,十不是个小数字,目前国美停牌,二级市场暂时无法交易,也就是说,李东不是从二级市场收购。 That Li Dong wants to obtain so many stocks at present, only two choices! 那目前李东想要获得这么多的股份,唯有两个选择！ First, Yunglo is! 第一,永乐系！ Second, Fukang! 第二,富康！ Yunglo is not a person, journey Xiao, although is Yunglo is leader, but Li Dongzhen must with Yunglo be person negotiations, the person are too many, the not possible wind sound/rumor not to have. 永乐系不是一个人,程晓虽然是永乐系的领头人,可李东真要和永乐系的人谈判,人太多,不可能一点风声都没。 In other words, Li Dong and Fukang reached the agreement! 那就是说,李东和富康达成了协议！ Thinks of this, Chen wave look fine motion said: „Li did, really have confidence?” 想到这,陈浪眼神微动道:“李总,真有把握？” Li Dong said with a smile: „ Calculates matter that is settled! 李东笑道:“算板上钉钉的事！ However these 10, altogether want 2.1 billion funds, in addition that side Gome also wants 1.8 billion, this was 3.9 billion. 不过这十,总共要21亿的资金,加上国美那边还要18亿,这就是39亿了。 But at this time, we also owned stocks 36, Huang were slightly many are so little, Yunglo was the attitude was worth discussing. 而这时候,我们也才持股36,稍微比黄家多那么一点点,永乐系的态度值得商榷。 Moreover to this moment, Huang might choose the remaining un- listing shops very much pours into the listing part. 而且到了这关头,黄家很有可能选择将剩下的未上市门店注入上市部分。 If so, the stock will be diluted. 一旦如此,股份会被稀释。 According to my estimate, once these industries poured into Gome listing part, the stockholder's rights in our hand must dilute about 20 at least. 按照我的估算,一旦这些产业被注入国美上市部分,我们手中的股权最少要稀释20左右。 When the time comes, our 36, only had about 29. 到时候,我们的36,只剩下了29左右。 But That side Huang, new 20 capital stocks, as well as before , the diluted part, the ownership percentage in 48, almost can control stock probably. 而黄家那边,新增20的股本,以及之前被稀释的部分,持股比例大概在48,差一点就能控股。 Moreover we do not have the means to prevent them to pour into, after all Gome is a body, once does not permit, was separated by them, that the value of Gome sells at a discount greatly, the layout also had the loophole. 而且我们没办法阻止他们注入,毕竟国美是一体的,一旦不允许,被他们脱离了,那国美的价值大打折扣,布局也出现了漏洞。 Not only cannot prevent, but must urge them to pour into is good. 所以非但不能阻止,还要促使他们注入才行。 Like this gets down, we and opposite party disparity expands again, differs many. 这样下来,我们和对方差距再次扩大,相差甚多。 Can offset this change only, then before is Gome , that batch of distributing may the convertible bond. 唯一能抵消这种变化的,便是国美之前发行的那批可转换债券。 Huang injects un- listing asset, if we take this batch of bonds, simultaneously transforms, the two sides value differs not in a big way. 黄家注入未上市资产,我们如果拿下这批债券,同时进行转换,两边价值相差不大。 The bond about 5 billion, they have not gone on the market some values probably also in this number. 债券将近50亿,他们未上市部分价值大概也在这个数。 According to the Gome current market value, probably in 20 billion this appearances. 按照国美目前的市值,大概在200亿这个样子。 After injecting the transformation completely, the market value reaches as high as 30 billion, twice dilutes, we by the bond part, with the original 36 stocks, can obtain 40 after dilution probably. 全部注入转换之后,市值就高达300亿,两次稀释,我们以债券部分,和原有的36股份,大概能获得稀释后的40。 That side Huang, almost also in this proportion. 黄家那边,差不多也在这个比例。 After Yunglo is the investment bank that side remaining stocks were diluted, probably occupies 10, again remaining was the part of circulation. 永乐系和投行那边剩下的股份被稀释之后,大概占据十,再剩下的便是流通的部分了。 At this time circulated the part too few, we can choose to issue additionally the new stock, so long as won Huang in the secondary market, we even can go to the situation of absolute holding! 这时候流通部分过少,我们可以选择增发新股,只要在二级市场赢了黄家,我们甚至能达到绝对控股的地步！ The overall calculates, front 3.9 billion, in addition the bond part about 5 billion, need to be close to 9 billion funds. 总体算下来,前面的39亿,再加上债券部分将近50亿,需要接近90亿的资金。 In addition the secondary market we want some buy-back stockholder's rights, least must prepare fund of 2 billion to be good to 3 billion. 再加上二级市场我们要回购部分股权,最少也得准备20亿到30亿之间的资金才行。 Dependable, 3 billion most appropriate, in other words, the total investment 12 billion, we are hopeful, controls stock to Gome that the buy-back may the convertible bond and injects un- listing asset. 把稳一点,30亿最合适,也就是说,总投资120亿,我们就有希望,对回购了可转换债券和注入未上市资产的国美进行控股。 This business is absolutely cost-effective, Gome that the buy-back the bond and injected some industries, the total assets can reach as high as over 30 billion absolutely, that is defers to the current value to calculate. 这笔买卖绝对是划算的,回购了债券和注入部分产业的国美,总资产绝对能高达300亿以上,那还是按照目前的价值来算。 Actually, Gome whole pours into completely, later can get up, 50 billion that is the absolute value. ” 其实,国美整体全部注入,后期能起来,500亿那是绝对值的。” Sun Tao qing coughs a sound said: „ Li, is not 12 billion, that side investment bank 18 have not calculated that wants to eat the person not to spit from these fellow hand of bone to take so many stockholder's rights. 孙涛轻咳一声道:“李总,不是120亿,投行那边的18还没算呢,想要从这些吃人不吐骨头的家伙手中拿下这么多股权。 Least, we must receive in exchange with about 4 billion micro blog stocks are good. 最少,咱们也得用40亿左右的微博股份换取才行。 Calculates, investment over 16 billion. 算下来,投资就超过160亿了。 But even so, can win the holding power also in the border line. 而就算如此,能不能获得控股权还在两可之间。 In my opinion, finally even can control stock, investment probably still about 18 billion. 在我看来,最后就算能控股,投资大概也将近180亿了。 Naturally, really must be able to control stock, these money are worth. 当然,真要能控股,这些钱是值得的。 Less than 20 billion funds, controlled stock Gome, including their un- listing industries, I have the approval opinion. 不到200亿的资金,控股了国美,包括他们的未上市产业,我是持赞同意见的。 Now I am worried has two points, first, we are not necessarily able to succeed, the risk is very very big, this Li should also have several. 现在我担心的有两点,第一,我们未必能成功,其中风险很大很大,这点李总自己应该也有数。 Second, even succeeded, Huang Jia ownership percentage is too high, even the slightest misstep, may be overturned. 第二,就算成功了,黄家持股比例太高,稍有不慎,就有可能被翻盘。 That side the investment bank and secondary market first did not say, Yunglo is actually is also a trouble. 投行和二级市场那边先不说,永乐系其实也是个麻烦。 The best way, being Yunglo is the person kicks to be eliminated, obtains the stockholder's rights in their hand, as the matter stands, Huang wants to overturn again, is not simple. 最好的办法,莫过于将永乐系的人踢出局,获得他们手中的股权,这样一来,黄家再想翻盘,就没那么简单了。 Naturally, this is my opinion, after all journey Xiao helps the person operate for a long time, is very difficult to kick out of the way them. ” 当然,这是我个人的意见,毕竟程晓一帮人经营已久,很难踢开他们。” Yuan Chengdao knocked the table gently, said: „ To be honest, I have not thought that before Li has achieved this situation. 袁成道轻轻敲了敲桌子,接话道:“说实话,我之前没想到李总已经做到了这个地步。 This current, outside Huang in sorrow contracts, indeed is an opportunity. 这当前,黄家外忧内患,的确是个机会。 Issues additionally the new stock the words, they are also very difficult to raise the fund to conduct the buy-back, the probability that we win is very big. 增发新股的话,他们也很难筹集资金进行回购,我们获胜的概率还是很大的。 I fear feared, some midway people will help to Huang. 我怕就怕,中途有人会对黄家施以援手。 After all, we want to control stock Gome, not only relates to Gome. 毕竟,我们想控股国美,不单单关系到国美。 Changes into others to act, there is nothing actually, changes a master, the common matter, everyone will not care. 换成其他人出手,那倒是没什么,换一个东家而已,业内常有的事,大家都不会在意。 We are different! 我们不同！ We in general merchandise domain, even if at present is not first, differs with hundred associations is not big, in addition gets online on, that is deserves first. 我们在百货领域,目前就算不是第一,和百联相差也不大,加上线上,那就是当之无愧的第一。 If achieves first in the electrical appliances domain again, even I feel fearful, let alone others. 如果在家电领域再做到第一,连我都觉得可怕,何况其他人。 Su Ning these enterprises, do not visit us to control stock helplessly Gome, once starts to support Huang, the fund that or simply the straight-in-approach and our internecine strife, we need to consume are more. 苏宁这些企业,不会眼睁睁地看着我们控股国美的,一旦开始支援黄家,或者干脆直接进场和我们火拼,我们需要耗费的资金更多。 Generally speaking, we must guarantee at least, the fund that on can utilize on hand is close to 20 billion. 总体上来说,我们起码要保证,手头上能动用的资金接近200亿。 Naturally, several investment banks that 4 billion put, in other words, least must prepare 16 billion funds to be good. ” 当然,几家投行的那40亿放一放,也就是说,最少也得准备160亿资金才行。” Others nod in abundance, Li Dong said: „, Have not a little forgotten, the bondholder, is almost the investment bank, actually can also consider that trades with the micro blog stock. 其他人纷纷点头,李东却道:“还有一点,你们别忘了,债券持有者,几乎都是投行,其实也可以考虑拿微博股份来换。 As the matter stands, 10 billion nods enough. ” 这样一来,100亿出点头就够了。” Yuan Chengdao smiles bitterly saying: „ Perhaps as the matter stands, we lost the holding power of micro blog. 袁成道苦笑道:“可这样一来,我们恐怕就丢了微博的控股权。 Acted about 9 billion micro blog stocks, we in micro blog ownership percentage, even if in addition last time potential shares , more than 65 point. 前后出手了将近90亿的微博股份,我们在微博持股比例,哪怕加上期权股,也才65多点。 According to estimate value that two rounds finance, even if now is higher, after making a move, our ownership percentage perhaps also about 30. 按照二轮融资的估值,哪怕现在更高一点,出手后,我们持股比例恐怕也就30左右了。 In the future will conduct C rounds of financing, goes on the market to conduct the dilution again...... ” 日后再进行c轮融资,再上市进行稀释……” Yuan Chengdao could not be justified, as the matter stands, finally micro blog big master distant place, possibly ownership percentage also about 20. 袁成道说不下去了,这样一来,最后微博的大东家远方,可能持股比例也就在20左右。 With the micro blog, changes Gome, cost-effective? 拿微博,换国美,划算吗？ Naturally, did not say that the distant place totally gave up the micro blog, owns stocks 20, perhaps is the biggest shareholder, may have risk that eventually changes the master. 当然,也不是说远方彻底放弃了微博,持股20,也许还是最大的股东,可终究有换东家的风险。 Now, looked how Li Dong think. 现在,就看李东自己怎么想的了。