"Now that all the shareholders are here, let's begin."
As the chairman and CEO of Wing Music Home Appliances, Chen Xiao sat in the middle of the shareholders' meeting.
Next to him were the representatives of Huanyu Technologies, Chen Yu, Zhang Jianming, and Beth Capital.
Of course, there were also a few small shareholders who were seated.
However, the other small shareholders held very little shares that were almost negligible.
Whether they voted or not did not affect the decision of the shareholders' meeting.
"As everyone knows, ever since Wing Music opened our first store in Shanghai, we have now expanded to 301 stores. It can be said that we have achieved great success. However, the competition in the offline market is extremely fierce. Suning, Dazhong, and Magnesium are all our main competitors. Other than them, there are also local home appliance brands from all over the country.
"As we all know, the home appliance industry is a capital-intensive industry. Every market they occupy requires a huge amount of capital. If we only rely on our own strength, it may be difficult for us to compete in the future market. Therefore, I came up with the idea of cooperating with other home appliance companies. Everyone knows what happened after that. "
"Last week, Wing Music officially received an offer from Magnesium for 10 billion yuan. This price is 20% higher than the market price. This also shows Magnesium's sincerity and importance to Wing Music. "Also, although on the surface it looks like Magnesium is acquiring Wing Music. In fact, I prefer to think of it as cooperation. After Magnesium joins hands with Wing Music, Wing Music will continue to develop independently and have its own brand. "
Chen Xiao introduced the acquisition of Yong Le by Magnesium to the shareholders.
"I believe that this cooperation with Magnesium can expand the scale of the two companies. On the other hand, it can better integrate the resources of the two brands and enhance the competitiveness of the company. Of course, this is all my personal opinion. Since this is a shareholders' meeting, I would like to hear the opinions of the other shareholders. "
Then, Chen Xiao looked at Chen Yu.
Chen Yu shook his head and said, "Boss Chen, I have no opinion. Everyone, please state your opinion."
It was unnecessary to say anything at the shareholders' meeting.
Who would listen to your opinion?
This is not a debate. No matter how well you debate, I'm sorry, I'll still vote as I should.
"In that case, in order to respect the rights and interests of the shareholders, we will now vote on the agenda of Mr. Chen Xiao, Chairman and General Manager of Wing Music. Do we accept the acquisition of Magnesium Electric Appliances? Please raise your hands if you agree."
The deputy general manager acted as the host and started the shareholders' meeting voting ceremony.
After that, Chen Xiao was the first to raise his hand.
Other than the small shareholders, the other small shareholders also raised their hands.
These minority shareholders were the representatives of the 47 employees who had founded Yongle Electrical Appliances with Chen Xiao.
Their shares were about 1%.
Chen Xiao himself held 42% of the shares, and with the shares of the employees, the votes in favor reached 43%.
As for Chen Yu's side, of course, it was impossible for him to agree, so he did not raise his hand.
Chen Xiao was not bothered by this.
He never thought that Chen Yu would agree.
However, it didn't matter if Chen Yu disagreed. He had already discussed it with Beth Capital before the shareholders' meeting.
As long as Bain Capital supported him, it would be useless even if Chen Yu disagreed.
Then, Chen Xiao looked at the representative of Bain Capital.
But to Chen Xiao's surprise, the representative of Bain Capital did not raise his hand.
"The representative of Bain Capital, is there anything you don't know?"
Seeing the representative of Bain Capital in China, John, sitting there motionless, Chen Xiao panicked for a moment.
If Bain Capital did not agree, as the founder, it would be useless.
He really wanted to ask directly, what's going on, didn't you agree?
What are you doing now? Why aren't you raising your hand?
"President Chen, there is nothing we don't know."
The representative of Bain Capital said with a smile.
"Then you don't agree with this acquisition?"
"No."
"Then you are?"
"We at Bain Capital can't see the prospects of this acquisition, so we abstain."
In fact, there was a vote for abstention.
According to the process, the host would raise his hand after he finished speaking, and then he would say that those who disagreed would raise their hand.
Finally, those who abstained would raise their hand.
These were the three voting processes.
But now, the last two processes were unnecessary.
Bain Capital had made their stance clear. They abstained.
Although abstaining wasn't against Chen Xiao, in fact, abstaining now had the same effect as opposing.
Bain Capital held about 24% of Yongle's shares.
As for Chen Xiao's side, only 42% of the votes were in favor, not more than 50%. This proposal would not pass.
"Mr. John, I think I need to tell you more about our cooperation with Magnesium."
Chen Xiao didn't expect.
At the critical moment, Bain Capital chose to abstain.
But he knew that he had to get Bain Capital's support.
Otherwise, this acquisition would go bankrupt.
Not only did the acquisition of Magnesium have a premium of more than 20%, but Huang Guangyu also agreed to let Chen Xiao be the CEO of Magnesium. Although this seemed to be the acquisition of Yongle by Magnesium, everything was still managed by them. It was just that the head office returned to Magnesium.
"Boss Chen, Bain Capital has voted. Do you want them to vote again?"
At this time, Chen Yu finally spoke.
Yes.
That's right.
The reason why Chen Yu was confident was that he had already reached an agreement with Bain Capital.
In fact, after investing in Yongle, Chen Yu contacted Bain Capital.
As for why Bain Capital abstained this time, on one hand, they were optimistic about Huanyu Technologies. On the other hand, it was also because Chen Yu agreed to a condition of Bain Capital to invest in WeChat.
Yes.
Chen Yu asked Wang Chang to set up WeChat in the US. According to Chen Yu's cheat book, WeChat wasn't on the same level as Facebook, but it showed great potential. All the major investment companies paid close attention to this website. And when they found out that WeChat was a subsidiary of Huanyu Technologies in China, they became even more interested.
Among them, Bain Capital was one of the companies that wanted to invest in WeChat.
Of course, Chen Yu didn't lack funds for WeChat for the time being. The reason why he accepted Bain Capital's investment was partly for the shareholders' meeting, and partly for the future development of WeChat. As for the reason, it was normal. If he opened a website in a country like the US without any US capital, it would be very dangerous.
Of course, Chen Yu had already considered this point.
In the future, he would always compete with a series of giants in the US, and WeChat would be his tie to the capital of all parties.
He would promote WeChat to be listed in the US and attract countless capitals from around the world.
With these capitals, Chen Yu could relieve a lot of pressure from the US.
Even if it was a matter of choking, as long as Chen Yu was close enough to these capitals, these capitals could make huge profits under Chen Yu's circle. Then, this little bit of capital can change everything that you can't imagine.
Of course, this was a very difficult thing to do. But if he went in this direction, he might succeed.
Obviously.
In the eyes of Bain Capital, Yongle Home Appliances couldn't compare to WeChat and Huanyu Technologies.
That was why Bain Capital abstained.
"It turns out that Boss Chen has been waiting for me here."
Seeing that Chen Yu seemed to have expected this, Chen Xiao suddenly realized.
He understood that Chen Yu must have reached a cooperation with Bain Capital, which was why he put on a show for him at today's shareholders' meeting.
"Okay, you're good, you win this time."
After saying this, Chen Xiao felt like he should take a cold shower to calm himself down.
He needed to reflect on where he had made a mistake.
"Wait, Boss Chen, don't leave in such a hurry."
Seeing that Chen Xiao was about to leave, Chen Yu quickly said.
"Boss Chen, is there anything else?"
"There is a small matter. Let's deal with this first, Boss Chen can leave."
"What is it, Boss Chen? Just say it."
Coldly, Chen Xiao sat back in his original seat.
At this time, Zhang Jianming stood up and said, "Director Chen Yu, the major shareholder of Yongle Home Appliances, Huanyu Technologies, submitted the second agenda of the shareholders' meeting to remove Mr. Chen Xiao as the chairman of Yongle Home Appliances and also remove Mr. Chen Xiao as the CEO of Yongle Home Appliances …"
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