Chapter 685: Shocking Reversal

"Every shareholder is here, so let's get started."

As the chairman and CEO of Yongle Home Appliances, Chen Xiao sat in the middle of the shareholders' meeting.

Next are representatives of Universal Technology, Chen Yu and Zhang Jianming, and representatives of Beth Capital.

Of course, several small shareholders also took their seats.

It's just that the shares of other small shareholders are very small, almost negligible.

Whether they vote or not has no effect on the resolution of this shareholders' meeting.

"As you all know, since Yonglezhi established its first store in Shanghai, the scale has now grown 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 China Magnesium are our main competitors. Besides them, there are also local home appliance brands in various provinces and regions.”

"We know that home appliances are a capital-intensive industry, and it needs huge capital to occupy every market. Among them, if we rely on our family alone, it may be difficult for us to compete in the future market. So, I came up with the idea of ​​joint development with other home appliance companies. Everyone knows what happened next."

"Last week, we officially received an offer from China Magnesium for us. The price is 10 billion yuan, which is 20% higher than the market price. This also reflects China Magnesium's sincerity and attention to our Yongle. , although on the surface it seems that this is an acquisition of Yongle by Guomei. But in fact, I prefer to think of it as a cooperation. After Guomei and Yongle join hands, Yongle will continue to maintain independent development and own Yongle. brand."

Chen Xiao introduced the acquisition of Yongle by China Magnesium to the shareholders at the scene.

"I believe that this time with China Magnesium, on the one hand, it can expand the scale between the two, and on the other hand, it can better integrate the resources of the two brands and enhance the competitiveness of the enterprise. Of course, all of this is my own. Thought, since it is a general meeting of shareholders, I would also like to hear the opinions of other shareholders.”

After speaking, Chen Xiao looked at Chen Yu.

Chen Yu shook his head and said, "Mr. Chen, I have nothing to say. Let's make a statement."

Shareholders' meeting to express opinions, it is purely superfluous.

Who will listen to you?

It's not a debate competition, no matter how good you debate, I'm sorry, how should I vote or how should I vote.

"In this case, in order to respect the rights and interests of all shareholders, we will now begin to vote on the agenda of Mr. Chen Xiao, chairman and general manager of Yongle, whether to accept the acquisition of Guomei Electric. Please raise your hand if you agree."

The deputy general manager, as the host, started the voting ceremony of the general meeting of shareholders.

After speaking, Chen Xiao was the first to raise his hand.

In addition to the small, several other small shareholders also raised their hands.

These minority shareholders are the 47 employee representatives who founded Yongle Electric together with Chen Xiao.

Their stake is about 1%.

Chen Xiao himself holds 42% of the shares, and with these employee shares, the approval vote reaches 43%.

As for Chen Yu's side, of course it was impossible to agree, so he didn't raise his hand.

Chen Xiao didn't care about this.

He never thought that Chen Yu would agree.

But it doesn't matter if Chen Yu doesn't agree, he has discussed with Beth Capital before holding this shareholders meeting.

As long as Bain Capital supports him, even if Chen Yu doesn't agree, it doesn't matter.

Later, Chen Xiao turned to Bain Capital.

To Chen Xiao's surprise, the representative of Bain Capital did not raise his hand.

"Bain Capital representative, is there anything you don't know?"

Seeing that Bain Capital's representative China President John was sitting there motionless, just for a moment, Chen Xiaobian panicked.

If Bain Capital disagrees, his founder will be useless.

He really wanted to ask directly, what's going on, didn't he agree with it?

What are you doing now, you don't even raise your hand.

"Chen Dong, we don't have any clues."

Bain Capital said with a slight smile.

"Then you don't agree with this acquisition?"

"no."

"Then who are you?"

"We at Bain Capital are not clear about the prospect of this acquisition, so we abstain."

In fact, the abstention itself also has a vote.

According to the process, the host will raise your hand if you agree with it, and then will say if you disagree, please raise your hand.

Finally, those who abstain, please raise your hand.

There are three voting processes.

But now, the latter two processes need not be mentioned.

Bain Capital has made its position clear, and they abstained.

Although the abstention is not against Chen Xiao, but in fact abstaining now, he has the same effect as the opposition.

Bain Capital holds about 24% of Yongle's shares.

As Chen Xiao's side, only 42% of the votes in favor, not more than 50%, this time the motion will not pass.

"Mr. John, I think it is necessary for me to tell you about the cooperation with China Magnesium this time."

Chen Xiao couldn't think of anything.

At a critical moment, Bain Capital chose to abstain.

But he knew he would have to enlist the support of Bain Capital.

Otherwise, this acquisition will go bankrupt.

You must know that the acquisition of China Magnesium is not only at a premium of more than 20%, but Huang Guangyu also agreed to let Chen Xiao be the CEO of China Magnesium Electric. Although this seems to be the acquisition of Yongle by Guomei, in fact, everything is managed by itself. It's just that the head office has returned to China.

"Mr. Chen, Bain Capital has already voted, do you need them to vote again?"

At this time, Chen Yu finally spoke.

Yes.

That's right.

The reason why Chen Yu is confident is that he has already reached a cooperation with Bain Capital.

In fact, after becoming a shareholder in Yongle, Chen Yu got in touch with Bain Capital.

As for this time Bain Capital will abstain from voting, on the one hand, it is optimistic about Huanyu Technology, and on the other hand, it is also because Chen Yu agreed to a condition of Bain Capital to become a shareholder in Friends.com.

Yes.

Chen Yu asked Wang Chang to set up a social network friend network in the United States. According to the book of opening and hanging by Chen Yu, although it cannot be said to be on an equal footing with Facebook at present, it also shows great potential. For this website, major investment companies are very concerned about it. And when you know that Friends.com is still a subsidiary of Huanyu Technology in China, a group of investment companies are even more interested.

Among them, Bain Capital is a capital that has always wanted to invest in Friends.

Of course, for Friends.com, Chen Yu is not short of funds for the time being. The reason for accepting Bain Capital's investment is on the one hand for this shareholders meeting, on the other hand for the future development of Friends.com. As for the reason, it's normal. If you open a website in a country like the United States without any capital in the United States, it is very dangerous.

Of course, Chen Yu had long considered this.

In the future, he will always compete with a series of giants in the United States, and Friends.com is the twisted belt that is closely linked with the capital of all parties.

He will promote the listing of Friends.com in the United States and absorb countless capitals from all over the world.

Through these capitals, Chen Yu can relieve many pressures brought by the United States.

Even if it is a matter of choking, as long as Chen Yu is closely connected with these capitals, these capitals can make huge profits under Chen Yu's circle. Then, these capitals can change everything you can't imagine.

Of course, this is a very difficult thing, but if you take this step, you may be successful.

obviously.

In the eyes of Bain Capital, Yongle Home Appliances is naturally no better than Friends, and even less than Universal Technology.

That's why Bain Capital abstained.

"It turns out that President Chen has been waiting for me here."

Seeing that Chen Yu seemed to have long expected, Chen Xiao suddenly woke up.

He understood that Chen Yu must have reached a cooperation with Bain Capital, so he played a show for him at today's shareholders meeting.

"Okay, you are amazing, this time you won."

Putting down the harsh words, Chen Xiao felt that he should wash the cold water to calm himself down.

He has to reflect on it carefully, in which link he made a mistake.

"Wait, Mr. Chen, don't rush to leave."

Seeing that Chen Xiao was about to leave, Chen Yu said quickly.

"Mr. Chen, is there anything else?"

"There is one more small matter. After this small matter is dealt with first, it will not be too late for President Chen to leave."

"What's the matter, Mr. Chen, just say it directly."

Coldly, Chen Xiao sat back to his original position.

At this time, Zhang Jianming stood up and said: "Director Chen Yu of Huanyu Technology Co., Ltd., the major shareholder of Yongle Home Appliances, submitted the second agenda of the shareholders' meeting to revoke Mr. Chen Xiao's position as the chairman of Yongle Home Appliances, and at the same time revoke Mr. Chen Xiao's The position of the CEO of Musical Appliances…”