Chapter 1448 Tactical Guidance

   After attending the banquet of the Rockefeller family, Christina returned to Silicon Valley with her children, while Xia Jingxing returned to New York alone.

   After receiving an urgent call from Xia Jingxing, Blankfein and Mai Jinxiu both put down their work and rushed to the 40th Wall Street Building.

   As soon as the two of them sat down, before they even had time to take a sip of coffee, they heard Xia Jingxing straight to the point and said, "The two main reasons for informing the two of you to come here are two things.

  The first one is about to start the listing of Facebook, which needs the full support of the two of you.

  The second item, split the Facebook shares I hold. "

  Mai Jinhuo and Blankfein looked at each other and asked in unison, "Have you made up your mind?"

   "Yes, I decided to follow the advice of the two of you, not to leave any hidden dangers to Facebook, nor to cause trouble to shareholders."

   The proposal to split the shares actually came from the two old men in front of him.

  The two people are well versed in the national conditions of the United States, and the suggestions they put forward are very targeted. They can be divided into three ways by transferring the equity to Kristina, transferring it to Xia Zerui, and injecting the equity into the Rockefeller family joint office.

   Once the plan is reached, Xia Jingxing will no longer directly hold the equity of Facebook, but will indirectly hold the equity.

   Although there will be some losses in doing so, it also guarantees Xia Jingxing's long-term opportunity to share the development dividend of Facebook.

   At the same time, it also strengthened Christina’s shareholding ratio and her right to speak in Facebook, so as not to lose power.

   Xia Jingxing did not fully follow the suggestions of the two, but only adopted some of the suggestions. He had his own ideas, but these ideas were not enough for outsiders.

   “Need a loan from Goldman Sachs?”

   Blankfein responded quickly and found business opportunities immediately.

   Kristina did not have enough cash to eat the equity transferred by Xia Jingxing, so she still had to take the old method she had used in the past, equity pledge loan.

Although Mack's reaction was a step slower, he still showed his concern for this matter and said solemnly: "Daren, as long as there is a need, you can bring it up at any time, Morgan Stanley will always treat you and Christina offers the best loan terms."

  Xia Jingxing smiled, "This equity transfer is worth more than 10 billion US dollars, of course, the help of the two of you is indispensable."

   Blankfein and Mai Jinhe felt relieved when they heard this.

   From time to time, in the past, Xia Jingxing and Kristina paid the price of being a listed underwriter in order to get the loan smoothly. Goldman Sachs, the lender, was a strong party.

   Now that Facebook is about to go public, it is definitely a very high-quality mortgage asset. There is no need to ask for help. Xia Jingxing and Kristina have the dominance of the loan. They can do the loan business to whoever they want.

A large order of ten billion US dollars, even if the two investment banks are divided equally, each investment bank can charge more than 100 million US dollars in interest every year, and the interest spread can be tens of millions of dollars, which is equivalent to a single large IPO business. profit level.

   And according to the temperament of Xia Jingxing and Kristina, the loan term is definitely not short, for example, the loan amounting to 1.025 billion US dollars five years ago has not yet been repaid, and the total principal and interest are about to roll over to 1.2 billion US dollars.

   This is a very high-quality loan business. Even if Blankfein and Mai Jinzheng are already big bosses and the ceiling of Wall Street professional managers, they can easily take the business into their own arms with a few words.

  Xia Jing's jargon suddenly changed, "However, you need to settle Kristina's previous loan first, and then take out this second loan."

  Blankvan frowned and quickly relaxed, "Daren, are you considering the pledge rate?"

   "That's right, the previous $1.025 billion loan pledged two-thirds of Christina's stake.

   Now that Facebook’s valuation has moved dramatically, everything should be recalculated. "

   Blankfein agreed: "It's a small matter, just do it together."

  Xia Jingxing nodded lightly, this matter was basically done.

   After accepting the 10% stake he transferred, Christina's shareholding in Facebook will reach 22.58%, becoming the largest shareholder of Facebook.

   At the same time, it will also bear two equity pledge loans totaling about US$11.2 billion.

   According to the valuation corresponding to 22.58% equity of more than 20 billion US dollars, it is more than enough to cover this loan exposure.

   "Let's talk about the listing of Facebook. Marvel Studios has invested in a biographical film called "The Social Network", which tells the story of Facebook's entrepreneurship..."

  Xia Jingxing exchanged his views on the movie "The Social Network" with the two, and then shared his marketing plan.

After listening to   , Blankfein said full of praise: "Daren, this is a genius idea!

   Putting the premiere of the movie one week before the IPO, maybe people who have finished watching the movie will come to buy Facebook shares. This is very topical and will help Facebook to go public. "

  Xia Jingxing smiled, "It's just a trick, in the final analysis, it still needs excellent performance to provide long-term support for the stock price."

  Mak Jin Heung said: "This plan sounds good, but it needs to be well coordinated. Is the movie determined when it will premiere?"

  Xia Jingxing shook his head, "It has not been decided yet, but it has already entered the final production. Once the time is confirmed, I will inform you as soon as possible."

  Mak Jin-truss smiled and said: "Then you have to hurry up, Facebook needs to submit a prospectus after completing the last series of dazzling equity transfers, and then roadshow to determine the IPO pricing and the official IPO time.

   Facebook is a huge project that may set a new IPO record for global internet technology stocks.

   Being able to participate in such a super project is very exciting and stressful at the same time, because escorting it to market is not an easy task.

   It is conceivable that once the IPO pricing, which starts with a valuation of hundreds of billions of dollars, is announced, it is bound to set off a storm. "

  Xia Jingxing smiled slightly, "Facebook is the Internet company with the most users in the world, and it has real profits. These two points are enough."

   Blankfein said with a smile: "Yes, I am very much looking forward to what kind of answer Facebook will hand over."

  Speaking of this, the old man picked up the coffee and gave Xia Jingxing a respect, "Congratulations, Darren, you have created another brilliant victory!"

  Xia Jingxing also picked up the coffee, returned Blankfein and Mai Jinzheng, and corrected: "It should be said that it is a glorious victory for all shareholders."

   Blankfein and Michael Mack both laughed. With the brilliant listing of Facebook, Goldman Sachs and Morgan Stanley can also make a lot of money.

  The two investment banks each invested $500 million in Facebook four years ago, when Facebook was valued at $25 billion.

This investment has encountered considerable resistance within the two major investment banks. Many partners feel that it is too risky. Facebook’s valuation is too high, even higher than the market value of many listed companies. Even if it grows in the future, the room for growth is limited. , it is not worth using the own funds of the two major investment banks to invest in such inferior projects.

   Goldman Sachs and Morgan Stanley have internal funds for partners, and the investment targets are the best among the best.

   The projects that are inferior are all thrown to the externally raised funds for investment.

  High-quality projects selected from a bunch of projects, only open to internal funds.

   The LP of the internal fund is the hundreds of partners of the two major investment banks.

  You put one million dollars in, and I put two million dollars into a small fund raised in this way.

   Although the size of the fund is small, it invests in good projects, so the rate of return is very impressive.

   This is also a benefit offered by the two major investment banks to partners.

  The two CEOs also subscribed to internal funds, so they indirectly held a small stake in Facebook.

  ’s investment in Facebook was driven by the two of them under considerable internal pressure.

   Now that the future of Facebook is getting brighter, the two can breathe a sigh of relief.

"Oh, Darren, we have also set up a special investment fund with a scale of up to 1.5 billion US dollars. LPs are all high-net-worth clients who open accounts with Goldman Sachs and have assets of more than 10 million US dollars. Do you have to perform this? The original agreement?"

  Xia Jingxing looked at the smiling Blankefan, and couldn't help but scold in his heart, Nima was too greedy.

   At the beginning, he did have an agreement with Blankfein to open a certain amount of Facebook equity subscription to Goldman Sachs.

   Goldman Sachs holds these Facebook equity quotas that ordinary people cannot buy, and can be used to sell some Goldman Sachs junk bonds or other junk products that are not easy to sell, and truly maximize the benefits.

  Mai Jinhe also looked at Xia Jingxing with a smile, naturally he had the same idea.

   "It's too late, Facebook is about to submit its prospectus, and there's not that much time and space.

  Let's do this, the IPO placement quota is tilted a little more to Goldman Sachs and Morgan Stanley.

   I think this should be able to cross, right?

  General high net worth clients cannot subscribe for Facebook shares during the roadshow. "

   Blankfein was still a little unsatisfied, but considering the good cooperation relationship with Xia Jingxing in the past, he nodded and suffered the loss.

  Mak Jin-truss also nodded, not wanting to offend Xia Jingxing, a big client, because of such trivial matters. Vision Capital contributes hundreds of millions of dollars in profits to Morgan Stanley every year, and it is not easy to offend.

Xia Jingxing saw that neither of them meant too much entanglement, so he changed the subject and said, "I have now got the exact news that someone is going to snipe Facebook's listing, you two are both seniors and big men who will shake Wall Street three times when you stomp your feet. , can you give some guidance? Or tactical guidance?"

   (end of this chapter)