Especially Hu Zuliu, after Fang Zhuo came in, he felt like he was being calculated without intention.
To a certain extent, the memorandum of understanding signed by Goldman Sachs and ICBC is a tacit commercial understanding between each other. It has completed a large framework. Even if there are objections, it will be modified within this framework.
At this time, Fang Zhuo's ability to gather people and march into the conference room sent a signal in itself.
Hu Zuliu knew Fang Zhuo and had heard some things about him. Like Professor Lang, although his position was different from his, they were both economists, so he was somewhat saddened by the death of the rabbit and the fox.
In addition, if Goldman Sachs and ICBC have a tacit business understanding, then... Fang Zhuo seems to be the best at breaking the tacit business understanding.
In the years since Hu Zuliu returned to China, he has frequently appeared at various forums and important economic conferences, and has gained extensive connections and influence at the administrative level. However, most of his speeches often make people forget his tenure at Goldman Sachs.
In Lang Xianping's words, "A lot of what he said was wrong, but the government especially listened to what he said."
Therefore, Hu Zuliu was the most sensitive and alert to administrative factors.
Just from a simple contact, he made the most direct judgment. There was no one in his own lineup who could match Fang Zhuo's influence. This man had to be personally handled by SS Paulson.
If economists are just blowing off the wind, how can they compare to the other party and the boss having a good time drinking and chatting?
Hu Zuliu was sitting in the conference room, his mind racing rapidly. While listening to the speeches of this patchwork consortium, he used this to judge their goals. At the same time, he was also writing and drawing in his notebook to analyze emergencies.
When Kong Yu from GA Fund, Zhang Hongli from Deutsche Bank, Gary from U.S. Bank, and Emily from Bank of Washington all talked about the areas that their respective institutions are good at, the final concluding words were still given by Fang Zhuo.
He enthusiastically promoted his consortium: "No one knows better than us or me the importance of a major bank like ICBC to domestic finance and people's livelihood."
"I have talked with the leaders several times and always insist that ICBC's joint-stock reform and market-oriented operations cannot ignore our local willingness to cooperate."
Except for the Mi GA Consortium, everyone here, including Governor Jiang and Wu Qian, couldn't help but mutter "the leaders have talked several times" over and over in their hearts.
Governor Jiang and Wu Qian were a little unsure. Was this referring to themselves?
Other leaders in ICBC were speculating in their minds, who are the leaders?
Hu Zuliu wrote a qualitative term "local school" in his notebook.
Fang Zhuo spoke passionately and eloquently for five minutes, and what he was talking about was a relatively sensitive part of public opinion.
Finally, he concluded with a smile: "So, it is time for ICBC to consider whether the Goldman Sachs consortium is the most suitable partner. I am sincere and willing to have an honest negotiation on the true value of the shares."
Target Goldman Sachs!
Raise the price!
Fagan, the vice president of Goldman Sachs, hesitated for a moment, but still indicated that Hu Zuliu would give the response. He respected professionals who were familiar with China's national conditions.
Hu Zuliu did not panic and simply raised three questions.
"Dear leaders, ICBC cannot ignore the bank's international reputation and whether it is appropriate to have today's big talk after having reached a memorandum with Goldman Sachs. I think this is an extremely serious incident."
He changed the topic: "However, let's put this aside, I still have doubts about whether the Mi GA fund has sufficient funds. Mr. Fang just said that he represented the local cooperation willingness, whether such funds are enough for the local people.
Woolen cloth?"
"Also, Goldman Sachs, Allianz, and American Express have negotiated sufficiently professional docking projects with ICBC with sufficient sincerity. Although MIGA Fund has united the three banks, is it too hasty?"
"The joint-stock reform of ICBC is imminent, and Goldman Sachs is also willing to serve as ICBC's underwriter. Next year is a key node for the listing. I am both confused and angry about everything that happened in this conference room today."
Hu Zuliu kept talking, but when he said the last word, he stood up to show his "angry" attitude.
Fei Gen stood up. Goldman Sachs always talked about "we" rather than "I". At this time, even when facing large clients, he believed in Hu Zuliu's judgment.
The Goldman Sachs team all stood up, packed up documents, and prepared to leave.
ICBC leaders were shocked.
Fang Zhuo criticized calmly: "Leaders, you see, Goldman Sachs is so unprofessional. They are far less professional than they boast."
Although Hu Zuliu turned around and whispered "ignore him, ignore him", most people at Goldman Sachs still turned around and glared. Even Fei Gen turned around seriously and said: "Mr. Fang, you should not be on this occasion."
It is a despicable way to evaluate a well-known institution with a long history like this."
Fang Zhuo sat, holding the tea cup, and took a sip of tea before saying: "Is it because it is Goldman Sachs that I have worked with before, so I am shocked that you are so unprofessional?"
Fei Gen frowned, and Hu Zuliu turned around silently.
Fang Zhuo spread his hands: "It is international practice. Underwriters must maintain their independence in order to convince investors. Now, Goldman Sachs wants to be a strategic investor and just said it is willing to be an underwriter. The identities of these two are obvious."
are in conflict with each other.”
"I highly doubt that a well-known institution with a long history would be unaware of such practices."
"But what if it is clear that Goldman Sachs has been willing to give up the reputation you have created throughout your long history for the benefit of your role as an underwriter?"
Fang Zhuo sincerely suggested: "I don't know who is promoting the cooperation with ICBC at Goldman Sachs this time, but I suggest that you should balance your interests and independence, and don't let greed destroy Goldman Sachs."
Fagan was quite speechless.
Hu Zuliu stepped forward and retorted: "Mr. Fang, when it comes to reputation, when you are like this..."
Fang Zhuo interrupted directly: "And you, I don't know whether I should call you Professor Hu or Mr. Hu, or Economist Hu? Are you sure you want to talk to me about word-of-mouth issues? I also sincerely wish you
Make a suggestion."
"You can't, at least, not be talking about all kinds of economics from the independent position of chief economist at Goldman Sachs. That seems weird."
Fang Zhuo said regretfully: "I have read your "Five Myths About China and the World". This is one of the highest-level investment banking economic research reports I have ever read. You should delve more into academics.
"
Hu Zuliu was silent for a moment, feeling more and more like he was being calculated deliberately and unintentionally, but he felt that he should give a graceful response to this kind of praise: "Thank you, Mr. Fang, for your appreciation, but academics need to be combined with practice.
Shining brightly.”
Fang Zhuo smiled at him and waved his hand: "That's it, go ahead."
To go or not to go, that is the question.
Hu Zuliu was silent and left the ICBC conference room with Fei Gen and others.
Goldman Sachs is out.
President Jiang and Wu Qian looked at each other. Mr. Fang seemed a little too fierce...
Moreover, the subject of underwriters has not been discussed before.
Fang Zhuo did not show any abnormal behavior because of his opponent's departure. He was neither disappointed nor excited. He just continued to talk about the conditions he could provide. Most of the funds on the surface came from the Mi GA Fund, and the project experience came from three banks.
to bear.
Among them, Deutsche Bank, which is the most powerful, can carry out the most cooperation.
Deutsche Bank mainly has a problem, whether it competes with ICBC in its main business.
As the president of China Region, Zhang Hongli can answer this question very effectively.
After another ten minutes of talking, Fang Zhuo also said goodbye. Today's trip needs to leave buffer time for both ICBC leaders and Goldman Sachs.
"Whose car should I take? Take mine. Rolls-Royce tastes really good." Zhang Hongli said, walking next to Mr. Fang.
"The A8L is not bad. It mainly has these four circles. No one knows what the people sitting inside are doing." Fang Zhuo said with a smile.
A group of people left the ICBC building.
However, the Goldman Sachs team who left the conference room did not leave yet and were waiting in the parking lot.
Fagan saw Fang Zhuo and others coming out and walked over quickly.
Fang Zhuo quickened his pace and took two steps forward.
Both sides shook hands politely before starting to accuse each other.
"Mr. Fang, why did you launch a surprise attack on us?" Feigen knew Mr. Fang, and he also knew that he was the underwriter of Yike's listing, and he also knew about Goldman Sachs' investment in Bingxin.
With such a background, he always appears to have intellectual understanding and emotional disagreement with the other party.
Fagan believes that this natural disapproval can be used as a bargaining chip for criticism.
"It was Mr. Zhang who took the lead." Fang Zhuo pushed Zhang Hongli out, "Deutsche Bank thinks it can provide competitiveness. They want to eat meat, so let's give it a try."
He smiled and said: "What's wrong with you at Goldman Sachs? Life is too rough."
Feigen was dissatisfied. Moreover, Zhang Hongli also came from Goldman Sachs, but he still could not effectively refute that this matter was promoted by Hu Zuliu.
Hu Zuliu could give a reason. International practices are international practices, and unique national conditions are unique national conditions. He felt that it would be best to get the role of underwriter, and it would not be a problem if he could not get it. However, he did not expect that Mr. Fang would take the risk.
Come out and grab this.
"Normal competition, no harm to harmony." Fang Zhuo shook Fei Gen's hand again, and then shook hands with Professor Hu politely.
While shaking hands, Hu Zuliu reiterated his choice: "Mr. Fang, my view on the economy is objective and fair, because with the data from Goldman Sachs, I can make a clearer judgment."
Fang Zhuo sighed: "Professor Hu, it's like this. Don't talk about independent personality when you are being adopted. Everyone will be embarrassed. Don't mention it in the future, okay?"
The anger on Hu Zuliu's face was fleeting, but he did not lose his composure. Goldman Sachs waited here because he proposed it, and he was absolutely unwilling to damage Goldman Sachs' overall interests at this time.
"Mr. Fang, you have a misunderstanding about Professor Hu." Fei Gen frowned and spoke for himself, "Moreover, you were too abrupt this time. ICBC is at a critical time, and chaos will only cause damage to several parties."
"Who says it's not?" Fang Zhuo also agreed, "So, Goldman Sachs should give way to the more suitable Deutsche Bank and let the situation of ICBC stabilize as soon as possible."
Fagan shook his head. This was the end of the contact. ICBC's choice could not come to a hasty result. He had already informed Boss Bo that he would lead his team to fly to the capital as soon as possible. By then, he would no longer be responsible for handling matters.
The Goldman Sachs team left in a car.
Fang Zhuo and Zhang Hongli got into Rolls-Royce.
"What will Goldman Sachs do?" Zhang Hongli lit a cigarette, "I think the response from ICBC today was very good."
"I don't know, but there shouldn't be any big problems this time." Fang Zhuo still made this judgment. After all, it was the person in charge of ICBC who came to him.
Goldman Sachs seems to be both a player and a referee, and so is ICBC this time.
While the two were talking, Fang Zhuo's cell phone rang.
It’s Kaiwei Xu of Goldman Sachs.
Fang Zhuo turned on the phone.
"Mr. Fang, what's going on?" Xu Kaiwei's voice was a little helpless. Although he was not responsible for the business, he was called on the phone.
Before Fang Zhuo spoke, Zhang Hongli's voice sounded: "Mr. Xu, it's okay. I'll treat you to a drink after this."
Xu Kaiwei was furious, this dirty boss!
I said that Mr. Fang is not that bad, it must have been Mr. Dirty’s instigation!
…
The two parties, the Goldman Sachs Consortium and the MIGA Consortium, left the conference room, but the ICBC meeting did not end.
The incident happened suddenly, and someone was vaguely involved, so everyone was silent.
Manager Jiang asked slowly: "What do you think?"
No one spoke.
Those who read documents read documents, and those who drink tea drink tea.
Seeing this, Wu Qian nodded and said, "Mr. Fang's willingness to cooperate is very strong."
Manager Jiang nodded slightly without comment.
At this time, Pan Gongsheng, the general manager of the planning and finance department, observed the atmosphere in the conference room and came to the conclusion that everyone was not well prepared for Fang Zhuo's entry, and they did not approve of the consortium's acquisition.
Pan Gongsheng has a half-Harvard background and is related to Hu Zuliu. He was the translator of "Five Myths About China and the World" mentioned by Fang Zhuo.
"After all, we have been in contact with Goldman Sachs for so long." Pan Gongsheng is not only the general manager of finance, but also the director of the office of share reform. "Now that this fan GA fund is coming in, I reserve my opinion in principle."
When Wu Qian heard this, he smiled and said: "I think it would be a good thing to have a strong enough competitor."
Pan Gongsheng questioned: "Can this emerging fund have the competitiveness to match Goldman Sachs?"
Wu Qian insisted: "I think there is, because it is not just one bank, but three banks."
Pan Gongsheng observed the performance in the conference room again, and then said: "Okay, let's vote. What do you think? Can this fund have the same competitive qualifications as Goldman Sachs?"
He was the first to raise his hand: "I don't think so."
Another deputy director spoke up: "There is money, Deutsche Bank, United Bank, and the Bank of Washington, and Fang Zhuo is from the mainland. This can completely replace Goldman Sachs. I won't raise my hand."
Take a vote.
There were very few hands raised in the conference room.
Pan Gongsheng's heart sank, he was bad, his judgment was wrong.
The eyes of Mr. Jiang and Wu Qian crossed each other, and their hearts sank. Damn it, the effect was so good.
