After Li Mu's meeting at Makino Technology, Song Liang called excitedly to tell Li Mu the news he had been waiting for the whole morning.
Song Zhilei had signed the contract!
The equity transfer agreement took effect immediately, and Wanying also paid him 20 million RMB for the purchase. From this moment onwards, Juncheng Real Estate became 100% owned by Wanying.
In order to completely acquire a company with actual assets of more than 2 billion or even more, Li Mu's actual expenditure was only 20 million. As for the remaining 800 million, he would only pay Wei Lan three years later. 20 million for more than 2 billion, the leverage was more than 100 times!
Li Mu asked Song Liang, "Have you told Old Chen yet?"
"Not yet, I called you first to tell you the good news. I'll call him later."
Li Mu hurriedly said, "Brother Liang, call Old Chen later and ask him to urge Old Zhou and Zhao Haichao to hurry up with the process and release the fund in the shortest time possible!"
Song Liang smiled and said, "Don't worry, Old Zhou and Old Zhao are more attentive than you are."
Song Liang was right, Old Zhou and Old Zhao were indeed more attentive than he was.
From the birth of the dot-com bubble until now, Hua Xia's economic situation was not good. The lack of domestic demand was a big problem. In order to stimulate investment and increase consumption, the country cut interest rates eight times in the six years from 1996 to 2002, hoping that the people would withdraw their money from the bank to boost the domestic economy.
In this kind of environment where the overall economic situation stimulated the people to withdraw their money from the bank, it was a big problem for the bank to attract deposits. If it was a problem, the income would be greatly affected, so Old Zhou was also under pressure to perform well.
The fund that Li Mu wanted to promote had an annualized interest rate of 3%, which was already higher than the current interest rate of government bonds. They still had to fight for government bonds, so this kind of fund with a higher interest rate and guaranteed principal would be much easier for the bank to sell it on a commission basis.
At Old Zhou's level, a profit of tens of millions was not a big deal. However, if he brought this product to his bank, it was equivalent to giving his bank's employees a very good benefit. There was an unspoken rule in the banking system: It was very difficult to buy high-quality funds, because the priority was given to the bank's employees, their relatives, and friends. To the bank's employees, this fund was a small extra benefit.
To Old Zhou, it was more important to be tied to people like Chen Ze and Li Mu, so there would be endless benefits in the future.
Zhao Haichao also had the same request. With Juncheng Real Estate and Muye Technology, the two companies would have a total of three billion yuan. This fund would definitely not be risky, and there would be considerable profits. This was in line with his pursuit of profit. In addition, being able to take the opportunity to get to know Chen Ze and Li Mu was also a very important gain for him. He very much wanted to set up this fund in the shortest time possible and then throw it to Old Zhou to promote it. He would quickly help Li Mu get three billion yuan. This was equivalent to winning a favor from the two of them.
Chen Ze called Old Zhou, telling him that everything was ready, and Old Zhou immediately moved in sync with Zhao Haichao.
Zhao Haichao made a rough figure, the total size of the fund was 3 billion. To ensure sincerity, the fund company's commission was the same as the investors' principal and interest, which would be settled after 3 years. The bank's 60 million commission would be paid in advance by Wan Ying Real Estate.
Zhao Haichao didn't worry about any risks or the stagnation of profits. After all, he didn't have to pay for issuing the fund himself. He just needed to use the qualifications of his fund issuance and his relationship with the insurance company system. His fund company issued the fund, his old employer's insurance company underwrote the fund, and Li Mu backed him up. The fund was completely reasonable and legal. In this case, the stagnation of profits was not a big problem.
At noon, Zhao Haichao did not rest, and brought a team to quickly go through the fund process.
First, he went to Wan Ying Real Estate and verified that there was no mistake in the 100% ownership agreement between Wan Ying Real Estate and Jun Cheng Real Estate. Then, he got the legal representative, Song Liang, to sign the backing agreement. After that, he rushed to Makino Technology. In Li Mu's office, he signed the joint backing agreement between Makino Technology and Jun Cheng Real Estate with Li Mu, as well as all the details of the fund's issuance.
After going through all the paperwork, Zhao Haichao hurriedly said goodbye and said to Li Mu, "I'll go back and submit the documents for approval. Right now, the responsibility for the approval isn't completely clear. Actually, it's just going through the process, and the approval will be completed as soon as this afternoon."
Li Mu asked him, "Then when can we hand it over to the bank for the sales?"
Zhao Haichao said, "All the necessary documents are ready. Theoretically, after we get the approval this afternoon, we can directly connect the information to the bank and let them start the sales. We have a framework agreement with them, so we don't have to go through the process and directly put our fund management products on the shelves.
Li Mu was overjoyed and blurted out, "Then the sooner, the better. I'll wait for your news!"
Zhao Haichao returned to the company and began to go through the procedures as quickly as possible. This fund was named "Tonghai Real Estate Development." Tonghai was the abbreviation of Zhao Haichao's fund company, and real estate represented the field of the fund. As for the suffix behind it, it didn't matter.
At 3: 30 in the afternoon, all the procedures, including the approval and underwriting, were completed. The reason why it was so fast was also due to the current imperfect management system of the fund industry.
Haitong Real Estate Development had a total issuance of 3 billion yuan, which was issued by Haitong Fund, underwritten by Shoukang Insurance, backed by Juncheng Real Estate and Makino Technology, and sold by commercial banks. The fund was a guaranteed and interest-guaranteed fixed-amount investment fund, subscribed in units of 10000 yuan, and the subscription period was unified for three years. After three years, the principal and interest would be paid in a lump sum. If there was a large-scale run on the fund, the insurance company would be responsible for the run, and Li Mu would pay the insurance company according to the interest rate given to the subscribers. If after three years, both Juncheng Real Estate and Makino Technology could not pay the fund, then the insurance company would pay the subscribers on their behalf, and then Juncheng Real Estate and Makino Technology would fulfill the creditor's rights with the insurance company.
In short, within the three-year period, Li Mu did not have any financial pressure to take the 3 billion yuan, and if there was a problem in the middle, the insurance company would take care of it. After three years, Li Mu only needed to pay the 3.5 billion yuan according to the contract. This agreement was no pressure for Li Mu.
After the "Haitong Real Estate Development" completed the approval and underwriting process, Lao Zhou convened a meeting of the middle and senior executives of his bank who were in charge of the fund sales system. At the meeting, Lao Zhou went to Juncheng Real Estate, Wanying Real Estate, and Makino Technology. He just told them that an investment fund issued by Haitong and underwritten by Shoukang would be issued through their own bank. The fund would have a three-year term with an annual interest rate of 3%, and the insurance company would underwrite it to guarantee the principal and interest.
As soon as this news was announced, the directors who were in charge of the fund business of the various branches at the conference table were shocked.
After eight interest rate cuts in six years, the bank interest rate was already so low that it was outrageous. The interest rate on treasury bonds was slightly higher, but the amount was limited. Most funds took the opportunity to appear, but most of them did not guarantee the principal and interest. At most, they could only promise to guarantee the principal and interest. Such financial products were not attractive to users.
Three billion yuan with an annual interest rate of 3% and guaranteed the principal and interest. The quality of this fund surpassed all the other fund products in their hands.
Therefore, everyone asked Lao Zhou one thing. "Three billion yuan, how much can you leave for your internal employees?"
Lao Zhou waved his hand. "Haitong is now riding on their coattails, which is why they dare to promote this kind of fund. In order to give Haitong confidence, naturally, the faster we sell it, the better. Therefore, I only have one request for you this time: the faster, the better. If the internal employees and their family members can subscribe within a day, then let them subscribe. If they can't, then let your account manager contact the big clients in the financial management business and directly recommend them. Use the fastest speed to sell this three billion yuan, and let Haitong see us in a new light!"
Lao Zhou did not tell the truth. He did not want Haitong to see him in a new light, but he wanted Li Mu and Chen Ze to see him in a new light.
The group of fund managers under Lao Zhou were also very happy. This kind of good financial management fund was an internal benefit for the banking system. Even if they and their family members could not subscribe to that much, they could still introduce it to their friends and classmates. It was a kind of favor, so why not? There were often outsiders who asked the bank's internal employees to help them buy high-quality funds. Many young men in the bank even used this to get their partners and mothers-in-law. This kind of benefit could not be better.
Commercial banks in Beijing had more than a hundred branches and more than four thousand employees. It should not be a big problem for them to digest three billion yuan internally. Even if they could not digest it within a day, their big clients could help them digest it within a day. Three billion might seem like a lot, but in the eyes of the banking system, it was just a drop in the bucket.
Therefore, Lao Zhou ended the meeting early and asked everyone to hurry back to their respective posts. He also told everyone in the branches that they managed to manage to calculate the number of internal subscriptions before ten o 'clock that night.
Because Lao Zhou and his subordinates were in place, the more than four thousand employees in the Beijing branch of the commercial bank received the good news before they got off work. When the internal employees of the bank saw the three key points of Haitong's issuance, Taikang's underwriting, and the guarantee of principal and interest, they knew that this fund was definitely a high-quality fund. It was absolutely impossible for them to lose money. The interest rate was also high, much better than national bonds. Therefore, the employees who were interested in financial management were basically calculating how much they could subscribe to. Then, they called their loved ones and family members to discuss how much they could subscribe to.
Because it was the opening sale of Taobao's summer brand, Li Mu had to go to Taobao to accompany the team. Therefore, he went back to the apartment near the company in the afternoon to rest for a while and catch up on sleep. He set the alarm clock for eleven o 'clock, but he did not expect to be woken up by Chen Ze's call at ten o' clock.
The first thing Chen Ze said on the phone was, "Lao Zhou has already pre-sold all of the three billion yuan fund."
Li Mu was still sleepy. When he heard this, he immediately turned over and said, "What? All of them have been pre-sold? "
Chen Ze grunted and could not hold back his excitement as he said, "They were all sold out. All of them were f * cking subscribed by the internal employees and family members of the commercial bank. There's not a single cent left …"
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