Chapter 396

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Protagonist:

Chen Yi

The Jiangnan Shipyard debt restructuring plan scheduled for release in three days was actually completed in just one day. The officials worked a rare full 8 hours for this, and voluntarily put in 5 hours of overtime, basically fulfilling this year's total free overtime quota; any future overtime for leadership inspections will count as arduous struggle for the country and the people.

Sun Maoxin couldn't get a hand in on the Jiangnan Shipyard debt, and He Fuhan decided to give up, letting the Japanese and the Chen family fight it out like dogs. So the divisional leader Fang Zhennan seriously led the SASAC leaders, driving them to work hard with a small whip...

Bureaucratic society is actually like a slave society, especially for the bureaucrats who have become public servants; their work achievements do not belong to themselves, but to their masters. Precisely because of this, the public servants become lazy and negligent, waste production materials and tools, flee, and occasionally even resist their masters — in terms of numbers, their resistance is sometimes quite fierce. The most effective way to deal with them is still the overseer; usually, overseers drawn from the public servants themselves are the most valuable.

Precisely because of this, when Chen Yi got hold of the plan, Yan Qi Masayoshi and Hirose Kurea were still discussing various profit-sharing issues. Their thinking mode is actually quite close to Chen Yi's; confident of victory and not caring much about anything else, on one hand, while Qiao Shan would also leak information to them.

Under normal circumstances, even if SASAC independently researched the plan, they would solicit Jiangnan Shipyard's opinion before the plan was about to be released. But this time, under Chen Yi's deliberate instructions, they did not follow convention, and Qiao Shan consequently had no information to pass on.

However, as a member of the "leaky spoon," this news was only delayed by 8 hours; when the municipal government members got off work the next day, they automatically and consciously passed the Jiangnan Shipyard plan to Qiao Shan's ears during idle chat.

Hearing it was 20 portions of debt, Qiao Shan immediately grew anxious.

He knew the Japanese's purpose very well, but just like the SASAC gentlemen, Qiao Shan did not care about Jiangnan Shipyard's future — regardless of whether it had one.

If 20 portions of debt were put up for bidding, one thing was beyond doubt: Mitsubishi Group could not possibly win it all in one fell swoop — although this would increase his own bargaining chips, what Qiao Shan wanted most right now was to leave. Go to another country, live anonymously as a wealthy man. He was about to retire, and really didn't want to end up collecting his pension in prison years later because of some account book problems.

"Damn it." Qiao Shan sat in his office for 10 minutes, finished his kuding tea, and only then notified Yan Qi Masayoshi.

The latter did not respond for a long time.

Qiao Shan knew this was a manifestation of anger.

If Yan Qi Masayoshi didn't need something from him, he would certainly have vented his anger.

However, Qiao Shan seemed to have become even more important now, so Yan Qi Masayoshi could only forcibly endure it, which made his anger even greater.

Hirose Kurea couldn't help asking: "What happened?"

"The Chinese government's restructuring plan has been released; they agreed to the debt-to-equity swap and the 10% interest debt plan, but require the debt to be divided into 20 portions and sold separately."

This was like the "I have good news and bad news" story; Hirose Kurea's face fell instantly, and he said: "I said so, we should have invested more in persuading the Chinese government officials; we should have invested more in their mayor. Now it's troublesome."

No one likes Monday-morning quarterbacking comments, especially when directed at themselves.

Yan Qi Masayoshi lowered his eyelids, not wanting to look at Hirose Kurea at all.

The next two days were the announcement period; although it sounded like two days, in reality, those without prior preparation could not participate at all. They had no time to assess the shipyard's assets, no time to assess the shipyard's management, most companies didn't even have time to raise cash. Unless they sold stocks, securities, and real estate regardless of cost, how many people could scrape together 200 million in two days?

As for the full 4 billion, that was a figure even Chen Yi would have to expend considerable effort to manage.

If sold as a single package, Mitsubishi could win the bid relying solely on its capital advantage, saving a huge amount of effort and aftermath costs.

Luo Xiaoshan, representing Jinsheng Securities, appeared in the municipal government's small conference hall. He wore a not-so-formal jacket, his chubby calves propped on the chair like Jinhua hams, chewing gum in his mouth, looking every bit the street hoodlum. Fang Zhong accompanied him, wearing a suit and tie, the absolute picture of a sycophant.

Director Qian, responsible for tidying the venue, smiled at the sight and came over: "You two are people of status now; why so loud and boisterous today?"

Fang Zhong had met him before, and deliberately laughed in a low voice: "When talking money you can't mention status, otherwise people think you're easy to bully."

Luo Xiaoshan deeply agreed, raised his emerald-green archery ring, and said: "I heard little Japanese were coming to bid, so I specially changed clothes to come take a look."

"Listen to you two; the bidding starts soon, you sit first, the bid documents have been submitted, right?" Director Qian felt trouble brewing from their words; he spoke while already striding away.

Luo Xiaoshan and Fang Zhong exchanged a smile and sat in the front row, dead center.

After a while, the conference room, about the size of a classroom, was packed. However, SASAC conference rooms mostly look like classrooms anyway; on the rostrum above sat a row of officials, and the seats below were divided among four or five factions.

Luo Xiaoshan turned left to look at the suited men, turned right to smile at the professional women, then said to Fang Zhong: "I recognize everyone who came; two are real estate companies, needless to say, just here to make up numbers. Another is Old Liang Family's industry; don't know who summoned them."

The remaining one was naturally Mitsubishi Group. They sent four people, led by Hirose Kurea, but to the fatty and Fang Zhong they were all unfamiliar Japanese.

Fang Zhong used to be a high-level white-collar eating government rice too, but he wasn't on the same line as these real estate companies. At this point he asked Luo Xiaoshan: "Old Liang Family, is it our Jiangning's Liang Family?"

"Yes, Liang Yu's family industry, a string of English-named holding companies; they seem to play overseas investment. Wait, I'll ask." Luo Xiaoshan finished speaking, took out his mobile phone, and sent a text message.

"Testing sound, testing sound." An old bald man entered the conference hall with four people, sat on the rostrum, glanced at his watch, wooden-faced, and said: "I'm our bureau's executive deputy, Liu Xiuqing. Liu of Liu Xiu, Qing of green mountains and clear waters. The bidding matter will be handled by me. No objections? Then let's begin."

Although Chen Yi didn't require help during the bidding, this Deputy Director Liu Xiuqing still found Jinsheng Securities' name, stared into Luo Xiaoshan's eyes, and said in a businesslike tone: "The bidding has two rounds total; the first round is subscription. If the quantity is less than or equal to 20 portions, subscribers get the debt portion quantity they want, and bidding ends. If more than 20 portions, a second round of subscription follows, portion by portion, open bidding with quoted prices. Ahem, let's begin then, first round subscription..."

"20 portions!" Luo Xiaoshan raised his hand with a swipe, a small mobile phone still clenched in his palm, like a monkey gripping a Japanese person's ***.

Liu Xiuqing coughed lightly: "Sealed bid."

"Oh, I thought the first round was open bidding too." Luo Xiaoshan laughed it off, but his face showed no apology; he even straightened his back and looked around in a circle, like a fat wolf declaring sovereignty.

"Luo Shan-kun." Hirose Kurea read his name in Chinese, then said in Japanese: "According to regulations, your communication device should be turned off."

The translator gabbled in Chinese; Luo Xiaoshan looked like he understood, pocketed his phone, but said: "My name is Luo Xiaoshan, not Luo Shan; the 'Xiao' can't be dropped, otherwise I'll get fat again."

The room burst into laughter; whether they were there to make up numbers or Old Liang Family's people, none had any relationship with Mitsubishi Group. With no conflict of interest, everyone is a patriot; mocking others is simply an innate instinct.

Liu Xiuqing had to tap his cup and say "Quiet" several times.

Hirose Kurea seized the chance: "Deputy Director, Jinsheng Securities should be expelled; their behavior lacks financial ethics..."

"Our purpose is to solve Jiangnan Shipyard's debt problem." Liu Xiuqing rejected his request without hesitation, then turned to Luo Xiaoshan with feigned sincerity: "Observe the rules."

Hirose Kurea was both helpless and furious.

Back in Japan, when had he ever suffered such unfair treatment?

It was always they who conducted unfair bidding.

Mitsubishi Group's Japanese military-industrial attribute destined them to only deeply influence Japan's domestic bureaucratic groups, and made it hard to buy loyal lackeys within China. Apart from SOE executives like Qiao Shan, people like Sun Maoxin and He Fuhan could only help to a limited extent. Liu Xiuqing's superior was Fang Zhennan, so naturally he wholeheartedly helped Jinsheng Securities.

【52】 Seeing Luo Xiaoshan's attitude, apart from Old Liang Family's CMM Investment Holding Company still bidding, the other two real estate companies voluntarily withdrew. No need to offend higher-level companies just to help someone else.

【53】 Liu Xiuqing took one look and decisively said: "First round ends. Second round begins... First debt portion: 200 million RMB, 10% annual interest, 2-year term, convertible to 1.5% equity. Transferable within 2 years. Now quoting 200 million?"

Seeing Luo Xiaoshan's attitude, besides the Liang Family's CMM Investment Holding Company still bidding, the other two Real Estate Companies actively withdrew. No need to offend a higher-level company just to do someone else a favor.

Liu Xiuqing took one look and said decisively: "First round ends. Second round begins... First Portion of debt is 200 Million RMB, 10% annual Interest Rate, 2-year term, Convertible shares 1.5%. Transferable within 2 years. Now quoting 200 Million RMB?"

This equaled losing the first year's interest.

Seeing the scene before him, he had already torn off all pretense and launched a direct attack on the equity. This debt portion's value lay in the convertible 1.5% equity; to get Jiangning City's approval, Qiao Shan had used almost every trick, and also undervalued Jiangnan Shipyard's worth; he couldn't let others get it cheap.

So, companies without at least half a month's advance preparation truly dare not bid; who knows what Jiangnan Shipyard is really worth, how much debt it really has...

Seeing the scene before him, he had torn away all pretense and launched a direct attack on the equity. The value of this creditor's rights lay in its convertibility to 1.5% equity, and to secure Jiangning City's approval, Qiao Shan had used every means at his disposal, undervaluing Jiangnan Shipyard—but he could not let others benefit from it.

So, a company that had not prepared half a month in advance truly dared not tender; who knew what Jiangnan Shipyard was truly worth, or how much debt it carried…

Luo Xiaoshan was among the Prepared; he gave Hirose Kurea a contemptuous glance and said, "240 million."

This time, two years' interest was entirely padded in, naturally also aiming for the interest.

Hirose Kurea had just heard the Translator and still wanted to bid, but Liu Xiuqing clapped her hands and said, "240 million is the Maximum price; the First Place debt portion goes to Jinsheng Securities."

"Unfair!" Before Hirose Kurea could Oppose, his subordinate jumped out first.

……(Unfinished. If you like this work, Welcome to Qidian (qidian. com) to Push Recommendation Tickets, Monthly Tickets; your support is my Maximum Motivation.)