Chapter 1166 National Chinese Financial Association
After the car arrived at AXA Center, Xu Liang got out of the car and took a special look at the 54-story building in front of him.
In a previous life in 2019, this building was hit by a helicopter. Thick smoke billowed from the scene, which scared the Americans so much that they thought it was another 911 incident.
Even the governor of New York himself admitted: As long as you are a New Yorker, you will have some PTSD (post-traumatic stress disorder) from the 9/11 incident. When you hear that a plane is crashing into a building, the scene from that year immediately comes to mind.
The 13th annual meeting of the National Chinese Financial Association to be held today is quite grand. Xu Liang noticed that the sign-in table was already full of people.
They are all financial elites in suits and ties. Most of them have yellow skin, but there are also a few white faces.
He didn't notify anyone when he came this time, so no one greeted him.
Seeing a few acquaintances, Xu Liang walked over.
"Crack!"
Duan Yongping felt someone suddenly slapped him from behind and immediately turned around to check.
"Mr. Xu, why are you here?"
After saying that, Duan Yongping realized that his question was a bit redundant.
Hanhua is now a top prince in the global financial world. Small institutions like ‘H&H Investment’ have been invited to participate in the conference. How could the organizers miss Hanhua.
"I'm here to meet the world, see if I can make some new friends, and raise two new funds."
As soon as Xu Liang finished speaking, Lin Junrui and Chu Gang behind him chuckled.
As the heads of Hanhua's Silicon Valley office and New York office, they are leaders in the Chinese financial community in the United States, and they have also received invitations.
Comes with the big boss.
Duan Yongping smiled and understood that the other party was joking.
Given Hanhua's reputation in the private equity field, it does not require the big boss to come forward to raise funds.
As soon as the news is released, countless institutions will rush to send money.
"Are these two...?"
"Let me introduce." Duan Yongping half-turned around, "This is Deng Feng, not only the founder of 'Northern Lights Venture Capital Fund', but also the founder of 'NetScreen Technology Company'.
In 2004, NetScreen was acquired by Juniper Networks for US$4.2 billion. ”
Xu Liang was suddenly stunned. Looking at the other party's elegant temperament and appearance, the memory of his previous life suddenly appeared in his mind.
"It turns out to be Mr. Deng, whose name I have heard for a long time."
"Mr. Xu, you're welcome. In front of you, my fame is nothing."
Duan Yongping turned his body at an angle and let the middle-aged man on the other side who looked like an old farmer come over.
"This is Zhu Min, the founder of Cybernaut."
This one is also a great guy.
Founded Netcom in 1996. After going public in 2000, its market value quickly exceeded one billion US dollars.
In 2003, Netcom was named by Forbes as one of the 25 fastest-growing IT companies in five years.
Netcom's technology was called by IT analysts as a technology that "completely changed our concept of communication" and was included in the "Top Ten Stocks that Can Change the Future of the World."
IDC, a well-known IT consulting company, calls Netcom a "revolution in the history of communications."
Just this year, Netcom was acquired by Cisco for US$3.2 billion.
What really impressed Xu Liang was the Cybernaut company founded by the other party. The total management capital of the other party in 11 years exceeded 100 billion, with a maximum return rate of 300 times.
When his education and training company was raising funds, Cybernaut was one of the investors he negotiated with.
So I know it better.
In addition to understanding, there is also some envy.
The other party has a good wife.
Not only did they send him to Zhejiang University and Stanford, but they also trained their son to become the youngest student in the junior class of HKUST and Stanford.
Father and son went to the same school, and it became a good story for a while!
"I have known that Mr. Zhu is a great talent. In 2005, Hanhua strongly invited Mr. Zhu to join the company, but unfortunately it failed in the end."
Xu Liang smiled.
"It's an honor for me to be valued by Mr. Xu." Zhu Min said quickly.
At that time, he had decided to set up his own investment company, and of course he would not agree to Hanhua's office again.
After everyone said hello, Xu Liang introduced Lin Junrui and Chu Gang to them.
There were many Chinese and white people around who came to attend the meeting and recognized Xu Liang, but after seeing a group of people sign in and then go inside, they didn't come up to show their familiarity.
"Why did you come here to attend this annual meeting?" Xu Liang asked as he walked.
"Like you, come here to meet some new friends, raise some funds, and wait for the rice to fall into the pot." Duan Yongping said with a smile.
After leaving Hanhua to establish his own investment fund, he has gradually become famous in the Chinese venture capital circle in the United States in the past two years.
Zhu Min is very talkative and does not become inhibited because of the first meeting.
"We actually joined the National Chinese Financial Association very early. This organization was founded by overseas students from Mainland China in the 1990s. At first, its headquarters was at Stanford, and its influence was limited to the academic world. Later, the association moved to New York, and its influence began to penetrate into the industry. …”
After listening to his introduction, Xu Liang smiled and nodded.
The National Chinese Financial Association still has some weight. It is the largest Chinese financial association in the United States, with as many as 7,000 individual members.
Including Chinese researchers and managers from major investment banks, fund management companies, and financial consulting services companies in the world, as well as Chinese professors and students from major academic research institutions. Corporate members and sponsors include Hua Xia Bank, CICC, Harvest Fund, etc. wait.
Among the more than 20 rotating presidents of TCFA, most have chosen to return to China for development and have held important leadership positions in the People's Bank of China, the China Securities Regulatory Commission and other units.
It is also quite influential in China. Governor Sichuan of the People's Bank of China and Governor Gang of the Central Bank have both attended TCFA's domestic meetings.
Economist Wu Jinglian has been a loyal reader of TCFA’s financial newsletter since the 1990s. Many domestic financial institutions have also recruited many talents working in overseas financial institutions through this association.
To sum it up, it is probably an exchange meeting in the financial field, which has built a bridge for the flow of talents and business in the financial field between China and the United States.
At the same time, it also provides career and life help to young people studying in the United States, such as regularly holding stock trading competitions for students, job fairs, career sharing forums, etc.
"Brother Zhu, why did you sell the company?" Lin Junrui interrupted and asked.
Some time ago, Cisco acquired WebEx, an online conferencing and network communication service provider co-founded by Zhu Min and Indian partners, in a cash transaction of US$3.2 billion.
"It's good to sell it! It will save trouble if you sell it!"
Zhu Min said with a smile, and there didn't seem to be any negative emotions on his face.
"NetEx's revenue last year was US$380 million and net profit was US$49 million. Cisco's acquisition price gave a price-to-earnings ratio of more than 60 times, which was a 23% premium over the closing price of the stock that day."
Lin Junrui still felt a little pity in his heart. He was very optimistic about Netcom and was preparing to make an additional investment to acquire more equity when preparing for the C round.
Now that the company is sold, it has added too much uncertainty, and he doesn’t want to invest anymore.
"That's good! With so much money, Big Brother can also enjoy happiness."
"That won't work."
Zhu Min shook his head violently, looked at Xu Liang, and said in a tentative tone.
"Mr. Xu, when will your Qinglong Fund raise funds? I also want to invest some."
As soon as these words came out, Duan Yongping and Deng Feng also looked over.
Hanhua's Qinglong Fund is the absolute king in the field of private equity, ranking first in the return rankings of major funds for four consecutive years.
An absolute superstar.
It’s easy to get fund shares.
"Qinglong Fund has no fundraising plans in the near future. If you are interested, I will give you priority when the new fund is raised."
The Qinglong Fund, which raised US$100 billion at the beginning of the year, is already full.
"Haha, then I'll be waiting for your call."
Zhu Min smiled.
"Haha, don't worry."
After getting past this topic, everyone continued chatting.
People you know well naturally chat more.
Lin Junrui asked: "Brother Zhu, where is Eric? Where has he gone?"
"Oh, you're talking about Yuan Zheng. He joined Cisco as part of the deal and served as vice president of engineering, responsible for Cisco's collaborative software development. Why are you asking about him?"
Lin Junrui smiled and said: "It's nothing, I just think he is quite suitable for starting a business."
Zhu Min nodded seriously: "That's a good seedling to start a business. It's a life-threatening job. If he starts a business, I will invest in him."
"Don't eat alone. Leave a portion for us, Hanhua." "Haha, we are all friends, and we can make money together."
Xu Liang raised his eyebrows. He didn't know Eric, but he was no stranger to Yuan Zheng.
This person is the founder of the video conferencing software Zoom.
During the epidemic, the company's peak market value reached more than 100 billion US dollars.
It is not only popular in the United States, but also a sensation in the Chinese venture capital circle.
It's just that he didn't expect that this later big boss is still an employee of 'Net News'?
Fortunately, what reassured him was that Lin Junrui had already seized the opportunity.
Hanhua can at least get a share of the fat meat of zoom.
However, he vaguely remembered that in addition to Yuan Zheng, there were many successful entrepreneurs who came out of Netcom.
As founders, these people have participated in the establishment of a number of Chinese and American listed technology companies such as Shengwang, YY Duowan, Zuora, and Getui (Daily Interactive), as well as more than a dozen M&A and exit projects.
Please...you...collect 6...9...books...!
Therefore, in the past, industry insiders compiled the "Ten Gentlemen of Netcom" and "Network Entrepreneurial Gangsters" to describe Netcom's abundant talents.
Zhu Min is indeed very discerning in selecting talents.
Just when Xu Liang opened his mouth to talk.
"Mr. Xu, are you here too?"
A person suddenly jumped out from the side, startling Xu Liang.
Taking a closer look, there was already a young man in his thirties standing in front of him, grinning widely and showing his big white teeth.
"Lao Zhang, are you coming to the meeting too?"
Zhang Lei smiled and said, "I have nothing to do, so I just came over to take a look and learn."
When Hillhouse Capital was first established, Xu Liang acquired 30% of its equity through Hanhua, and then invested US$50 million as a GP.
Later, Hanhua invested in several funds established by Gao Ling.
All of them add up to about 200 million US dollars.
Zhang Lei also lived up to his trust. Within two years of its establishment, Gaoling's growth more than doubled.
Because of this connection, the relationship has always been close.
Hillhouse is also one of the Hanhua peripheral funds carefully selected by Xu Liang.
After chatting with a smile, Xu Liang introduced him to a few people around him.
There is no doubt that everyone here is better than him.
Therefore, the capital bosses in the future can only stand around like minions now.
A group of people walked into the venue talking and laughing, but because the seats were not arranged together, they separated.
Xu Liang, Lin Junrui, and Chu Gang walked to the seats in the first row under the gaze of thousands of pairs of eyes at the venue.
"It's Golden Caesar, he's here!"
"Xu Liang is here!"......
Seeing him come in, there was an instant commotion in the hall.
Although Xu Liang is young, his years of success have made him the most watched and powerful figure in the global financial world!
No matter where you go, you will be the center of attention.
The movement behind naturally attracted the attention of the big guys in the first few rows.
East West Bank CEO Wu Jianmin, First Securities CEO Liu Jinhang, Cathay Bank Chairman Zheng Jiafa, National Treasure Bank Chairman Sun Qicheng and many other Chinese American bankers quickly stood up to say hello to the global financial giant.
If they can attract corporate customers of Hanhua's level to open accounts in their bank, it can directly increase the scale of their bank-related business.
But then again, the strong will always join forces with the strong. If Hanhua asks for a loan of billions of dollars, it can directly empty their bank.
Therefore, it is almost impossible for Hanhua to come to their bank to open an account.
But most people still want to try it, what if it works?
Even opening a branch account has endless benefits.
Xu Liang returned gifts to all the bankers one by one, and especially looked at Sun Qicheng, chairman of Guobao Bank.
The name of this bank is quite special, it’s called Guobao.
The other party did indeed grow up in the hometown of national treasures. During the Anti-Japanese War, he fled with his family from Shanghai to Yuzhou to escape the war. As a big entrepreneur at the time, his father also established a large orphanage in Yuzhou and took in thousands of children. Tens of thousands of orphans who lost their parents and became homeless due to the bombing are highly respected in Yuzhou.
Before liberation, his family immigrated to Hong Kong and later to the United States. Sun Qicheng founded Guobao Bank in Chinatown, New York. The bank was very small, with only six branches, and mainly served the Chinese community.
Why Xu Liang remembers it so clearly is mainly because Sun Qicheng and his National Treasure Bank became famous after the subprime mortgage crisis.
A director also filmed a documentary "National Treasure Bank: Small enough to go to jail" based on their family's experiences. This film also received an Oscar nomination.
During the subprime mortgage crisis, loans were issued indiscriminately. Banks packaged subprime loans and sold them to Fannie Mae, who then processed them into CDOs and then sold them down the chain, creating pitfalls one after another.
National Treasure Bank is no exception and follows the trend.
Then, something bizarre happened.
Among the loans packaged and sold by Guobao Bank to Fannie Mae, a considerable portion of the loan procedures and documents were suspected of being forged.
Prosecutors interpreted this as disguising non-performing loans as high-quality assets, indirectly causing losses to investors and constituting nearly 200 charges including theft.
Big fish like Lehman and AIG, which had dug holes worth hundreds of billions of dollars, were fine. However, National Treasure Bank, a small bank with only 6 branches, was sued, becoming the only bank in the United States to be sued during the subprime mortgage crisis.
To put it bluntly, this is just picking on the weaklings, looking for a scapegoat for the financial crisis. It is a national treasure bank founded by Chinese and a small bank, so it is suitable to be used as a punishment!
But Sun Qicheng refused to plead guilty. His four daughters resigned and fought the lawsuit with their father for five years. After spending tens of millions of dollars in legal fees, they finally won the lawsuit and cleared all charges.
This incident can be called a slap in the face to American democracy, and it also exposed the deep-rooted discrimination against Chinese people in American society.
After casually chatting with the bankers, Xu Liang, Chu Gang, and Lin Junrui sat next to each other, quietly waiting for the meeting to begin.
At nine o'clock, the host began to speak on stage and announced that the theme of the annual meeting was:
“Global Financial Markets: Challenges and Opportunities.”
Then, Tang Xiaodong, the rotating president of TCFA, gave an opening speech.
Xu Liang sat in the audience and listened carefully. He had some impressions of Tang Xiaodong, who returned to China and served as deputy director of the International Department of the China Securities Regulatory Commission, general manager of China Asset Management, vice president of GF Securities, and head of BlackRock China.
It seems that the situation is getting worse and worse, and the position is getting lower and lower, but this is not the case. BlackRock is the world's largest asset management institution, with an asset management scale that has almost reached 10 trillion U.S. dollars, and it has also become China's first foreign investor. Sole proprietorship of public funds.
Prior to this, all public funds with foreign participation were joint venture funds, and their names were unconventional, such as Shanghai Investment Morgan, Bank of Communications Schroders...
After Tang Xiaodong, it was the turn of Jeffrey Schaeffer, former U.S. Deputy Treasury Secretary and Vice President of Citigroup, to speak.
He first highly praised the rapid development achievements of China's financial industry in recent years.
Then he expressed the hope that China's financial industry can seriously learn from the experience and lessons learned by the United States in the development of its financial industry, and strengthen the supervision and control of the financial industry to minimize financial risks.
Xu Liang felt drowsy after listening to all the scene talk.
However, he also understood that Citibank was courting China's major financial institutions and regulatory agencies for convenience.
This year, many leaders from domestic banks, securities firms, funds, China Securities Regulatory Commission and China Banking Regulatory Commission came to the scene.
Then, Chinese senior executives from world-renowned financial companies such as Moody's Credit Rating Company, Deutsche Bank, Citibank, Credit Suisse Group, and Morgan Stanley spoke in turn.
Time gradually passed, and by the time all these people finished speaking, it was almost noon.
Originally, the organizer arranged for Xu Liang to speak at the finale of the main venue in the morning, but Xu Liang declined, so Chu Gang was replaced to speak on his behalf.
"Now, let us invite Mr. Chu Gang, a partner of Hanhua Group, to deliver a special speech - Winter is coming."
Amid warm applause, Chu Gang walked onto the stage.
He picked up the microphone, looked at the dark crowd in the audience, and said loudly:
"Wall Street has always been regarded as a holy place by investors around the world, but I am here today to remind all investors: stay vigilant about Wall Street!"
As soon as he finished speaking, the venue of thousands of people, which was a little noisy just now, immediately became quiet, and you could hear the drop of a pin.
Xu Liang looked at the stage with a smile. Lin Junrui came to him and asked softly: "Is there any problem?"
"What could be the problem?"
Xu Lianghun said nonchalantly: "For forums, you can just speak freely. As a large financial institution, we at Hanhua still need to make our voice heard in the market.
Look at other institutions, they are jumping so high day by day, and they regard themselves as opinion leaders.
However, they are doing the right thing. They still have to fight for the right to speak in the market and use their efforts to stir up the market. ”
Lin Junrui nodded and said no more. Anyway, it was not the boss who was going to end the situation himself. The senior executives would take the lead and have more than enough room to advance and retreat.
(End of chapter)