Ding Siyao brought a group of middle and senior managers from Yimin Wealth who had just flown to Singapore from the mainland to Barclays Singapore Wealth Management Company to prepare for completing the final acquisition and delivery procedures with the other party.
In addition to her own company staff, she was accompanied by a team of auditors from the Singapore branch of KPMG and a team of commercial lawyers from Singapore's Tse Kaiwen Law Firm.
Since the beginning of the new century, Chinese companies have gradually gone abroad and started mergers and acquisitions overseas.
During this period, I suffered a lot, paid a lot of tuition, and provided valuable experience to those who came after me.
In overseas mergers and acquisitions, in addition to due diligence on the company's own talents, equipment, technology, markets and other assets, it is also necessary to consider local laws, even the country's diplomatic relations with China, and a series of other circumstances.
Sun Yanjia and the Barclays employees greeted Ding Siyao and his party at the entrance of the company.
Seeing Ding Siyao arriving, Sun Yanjia made an invitation with a smile on her face, "Mr. Ding, please come in!"
Ding Siyao said thank you for your hard work, and then the group followed Sun Yanjia to the conference room.
Sun Yanjia ordered her men to bring a lot of things, including the company's official seal, main contracts, labor contracts, and legal person's private seals related to bank accounts, account books, statements, electronic banking user names, keys, check books, etc.
Objects and documents.
The audit team and law firm team hired by Yimin Wealth began working and reviewed every contract and bill.
The work process took a long time, so Sun Yanjia invited Ding Siyao to sit with him in the president's office.
The two came to the spacious and bright president's office and sat on the sofa. Sun Yanjia spoke first: "Mr. Ding is really amazing! When I was your age, I was still a customer service manager at Barclays Bank."
Ding Siyao smiled, "Singapore's economy is more developed than that of mainland China, but because of this, there are also fewer entrepreneurial opportunities."
Sun Yanjia nodded. She came to work at Barclays shortly after graduating from college, and it took her nearly twenty years to reach her current position.
She knew Ding Siyao before. She started starting a business with Zhang Yida in the second half of 2013 and became the CEO of a listed company in less than three years.
This makes her very envious! Although she is the vice president of Singapore, the second largest bank in the UK, with an annual salary of millions, she is still just a wage earner.
But the 25-year-old girl in front of her is a powerful CEO of a listed company. After the acquisition is completed, she may even have the word "multinational group" added to her name.
Not only that, she also owns a few percent of Yimin Wealth's shares, and is worth nearly US$100 million based on market value.
"Mr. Ding, I heard that you started a business with Mr. Zhang right after graduating from university?"
Ding Siyao shook his head, "It doesn't count! Before that, I worked as an intern at a small loan company for several months."
Sun Yanjia didn't know how to evaluate it, she must be so lucky!
An ordinary mainland university graduate became the CEO of a listed company within three years and was worth hundreds of millions.
Sometimes it is so cruel now, choice is greater than hard work!
Sun Yanjia is also thinking, if she had chosen to enter the mainland for development when she graduated from college, would it be better than now?
Both the Internet and the financial industry in mainland China have developed rapidly in the past two decades.
Didn’t my sister only hang out in the Hong Kong and Taiwan circles in her early years? In the end, she didn’t want to go to the mainland to make money.
What a pity! I didn’t seize this opportunity!
"Mr. Ding, after completing the delivery, is it time to pay the remaining balance of US$256 million to our company?"
"Of course," Ding Siyao said with a smile, "Just follow the procedures. Don't worry, Mr. Sun, we at Yimin Wealth are very particular about credibility and will never owe your company a penny of the purchase price."
"Haha, of course I believe in your company." Sun Yanjia said with a smile, "I saw on the Bloomberg terminal that Yimin Wealth's cash and short-term investments are more than 600 million and nearly 700 million US dollars. Your company has strong financial resources!
"
"We are a small company, so we can't compare with Barclays." Ding Siyao was modest. Yimin Wealth is definitely the dominant player in the third-party wealth management industry in China, but its size cannot be ranked internationally.
.
"Okay, let's not talk about this. In the next period of time, we at Barclays will definitely cooperate with Yimin Wealth to complete the delivery work.
In fact, I also want to end this matter as soon as possible."
Sun Yanjia seemed to have thought of something, and then said: "Mr. Ding, during the delivery process, if there is a loss of customers and employee team, please forgive me!
After all, Barclays Singapore has undergone such a big change, and it is normal for some fluctuations to occur."
Ding Siyao frowned and said, "Mr. Sun, we have signed a supplementary agreement.
If there is a loss of customers or employees during the delivery process, we have the right to re-evaluate the acquisition price."
"Of course," Sun Yanjia nodded, "on this point, we both have common interests.
You want to take on more client assets, and we at Barclays want to sell them at a better price."
Sun Yanjia added: “Because it involves company changes, all clients’ asset management contracts need to be re-signed.
Therefore, Barclays will cooperate with Yimin Wealth to invite customers to meetings and re-sign new contracts to ensure a smooth transition of the business."
"That's no problem. Yimin Wealth would rather spend more on the acquisition, but we also want to ensure that we don't lose customers as much as possible."
…
"Mr. Sun, we invited customers to come to Singapore to re-sign the asset management contract with Yimin Wealth, but many customers refused..."
A subordinate reported something to Sun Yanjia that made her very upset. She asked, "What's the specific reason?"
The subordinate, who is also a Singaporean Chinese, said flatly: "The client said that he entrusted us with asset management because he valued us as the second largest bank in the British Empire.
But now that it is being managed by mainlanders, they are worried and feel that mainlanders are not good at finance."
"What kind of lame excuse is this? If you don't manage finance well, can you become a New York Stock Exchange-listed company with a market value of more than US$2 billion?"
Sun Yanjia was very angry. Every time a customer was lost, it meant that Barclays' business price dropped by one point.
If things get serious and the impact on the purchase price is serious, the group may push someone to take the blame.
Anyway, the person taking the blame cannot be CEO Cliff, because he is British.
On the contrary, as a Singaporean, the possibility is very high! Moreover, Cliff has been hiding behind and not coming forward. He may have expected this day, just to avoid responsibility.
"How many customers are willing to come to the meeting?" Sun Yanjia asked.
"Less than 70% of people."
Hearing this number, Sun Yanjia, who has good temperament and rest, couldn't help but curse.
Although she also considered the loss of customers, she thought that at most one or two would make a big difference.
However, reality gave her a heavy blow!
"How does their team of financial planners promote their clients? Even if they change their owners now, their financial planners still have to rely on the clients they have to make a living.
Now that all the customers have been lost, will they go to the northwest in the future?"
Facing the angry boss, the subordinate smiled bitterly and replied: "The team of financial planners also tried their best! Many of them flew to Hong Kong and other parts of Southeast Asia in person to try to persuade customers.
Then all efforts failed! Many people did not believe that mainlanders could manage their assets well.
In their view, Yimin Fortune was just lucky enough to be listed on the New York Stock Exchange thanks to the system and some insider trading.
Judging from its foundation, it is difficult for a company that has been established for less than three years to convince customers."
Sun Yanjia is also a Singaporean herself, so she naturally understands that some people in the Chinese community look down on mainland China, and they also look down on mainland companies.
From a logical explanation, it is probably not difficult to understand why so many customers have quit.
Sun Yanjia added: "Has the introduction of Yimin Wealth been done well to customers?"
The subordinate shook his head and smiled bitterly, "I told you! Including the cooperation between Yimin Fortune and Ruixiang Industrial Fund, the relationship between Ruixiang Industrial Fund and Hong Leong Group, Sinar Mas Group and other top chaebols in Southeast Asia, and even the relationship between Zhang Yida, Ruixiang and Yimin Fortune
relationship.
But this doesn’t work! It’s not attractive enough! Zhang Yida is indeed a very powerful young man who has built many well-known Internet companies.
But what's the matter? He's not Buffett, he has a world-renowned reputation as an investment guru."
Sun Yanjia frowned, not knowing what she was thinking. After a while, she sighed:
"Yimin Wealth is an LP of Ruixiang Industrial Fund. It has invested in dozens of unicorn companies in mainland China, Southeast Asia, and even South Korea, India and other countries. It has made great achievements in the primary market!
Isn’t this attractive enough?”
“These companies are not yet listed. Although they are called unicorns, it is hard to say what will happen in the future.
What if there is an Internet bubble?
Yimin Wealth's book returns do look good, but because you have been established for such a short time, there are currently very few projects that pay dividends.
Moreover, a wealth management company, no matter how powerful it is in the field of equity investment, can only walk on one leg.
If Yimin Wealth can once again prove its vision in foreign exchange, futures, securities investment and other fields, I believe the situation will be much better."
The analysis of her subordinates was still very objective, and Sun Yanjia also felt that it made some sense. She said: "If Yimin Wealth could make some achievements in every field, it would not be as big as it is now.
It’s not the turn of “pseudo-rich people” like them to be picky here.”
No matter how pseudo-rich you are, your per capita assets are tens of millions of dollars!
The subordinates were full of complaints and could only follow Sun Yanjia's words and said: "It is true. The top Chinese chaebols are investing in Ruixiang Industrial Fund. I don't understand what these people are thinking?"
"I think they are still too arrogant and very prejudiced against everything in mainland China!"
The subordinates nodded in agreement and asked, "Then what should we do now?"
"That's it for now! Invite as many customers as possible, and I'll go to President Cliff to discuss it."