Chapter 725 Triangle (Two in One)

The roadshow of Bank of China in Hong Kong has attracted much attention. The schedule was announced long before the senior team came to Hong Kong, and the institutions and media were invited.

Most people are very interested in this roadshow.

However, on the afternoon of February 5, many institutions clearly stated that they would not be present, and the representatives of institutions, corporate executives, investors, and reporters who were present also had some excitement.

Whether to buy Bank of China when it goes public is another matter. Anyway, this is the scene today.

The conference hall was selected long ago. It is very spacious and can accommodate many guests. But at two o'clock in the afternoon, looking around, almost half of the seats were vacant, which looked quite deserted.

Some reporters were already filming the roadshow. The Hong Kong investors in the audience saw that some people from the roadshow team came forward to communicate with reporters, and they couldn't help but smile.

In today's situation, on the one hand, someone greeted them, and on the other hand, it was said that a certain shareholder sitting on the stage had a very bad attitude towards Hong Kong capital, and even said shamelessly that Hong Kong people need to see his face when they come to Shanghai.

How can this be tolerated?

I thought it was a rumor at first, but then I saw the media digging up the past conflict between someone and the Li family, which forced the usually good-tempered Li Chaoren to speak out in the interview. In the past few days, he has been quite united against the enemy.

At 2:20, the faces of the roadshow team were quite solemn.

President Li couldn't help asking President Fang: "Where are the people arranged by Goldman Sachs?"

"They are all sitting here." Fang Zhuo replied.

President Li frowned, it turned out that it was so deserted even after they were seated.

He asked again: "President Fang, where are the friends you invited? Are they sitting too?"

Fang Zhuo glanced at them: "They haven't arrived yet. I said three o'clock, it should be soon, maybe they came in a Mazda and were stuck in traffic."

President Li didn't appreciate President Fang's joke, and couldn't help frowning again when he saw the Hong Kong reporters clapping there.

He was about to speak when he suddenly heard President Fang's voice "Here comes one", so he turned back to look at the sign-in place.

It was indeed one.

A well-dressed middle-aged man came to greet the main person after signing in.

"Mr. Li, Mr. Fang, I am Li Ruide, the deputy general manager of Li Ning Group. I am on a business trip in Hong Kong and I am here to listen to our economic development." Li Ruide, the deputy general manager of Li Ning Group, shook hands enthusiastically.

Fang Zhuo greeted him and then led him to his seat. The Li Ning brand is discussing cooperation with the Rockets. This is how they are related.

President Li waited for Mr. Fang to come back and said helplessly: "Mr. Fang, did you find a clothes seller?"

Fang Zhuo answered seriously: "Li Ning is also a listed company in Hong Kong. Last year, no, it is already the year before last. It was listed here the year before last."

President Li sighed softly. He could guess what the Hong Kong media would write.

In fact, not only he, the main person, had a complicated mood, but the sharp investors in the audience recognized Li Ruide who had also come to Hong Kong for a roadshow, and said something similar - "This bank roadshow actually invites clothes sellers to come to see it? Hahaha."

After a while, another friend who had called and asked for permission from yesterday to this morning signed in to enter.

"Mr. Li, Mr. Fang, I am Sun Xiqiang, the vice chairman of Haier Holdings."

Sun Xiqiang of Haier Holdings shook hands with President Li and Mr. Fang.

Fang Zhuo also led the vice chairman of Haier Holdings to take a seat. Haier had a better relationship with him. They had worked side by side during the "Eight TV Heroes" and cooperated with Yiguo in e-commerce channels.

Seeing another mainlander coming, Yao Fei, the investment manager of Huilian Capital, said to his friend next to him with a smile: "Just now a clothes seller came, and now a TV and refrigerator seller came. Will there be another sofa seller later? Interesting, today is really interesting."

Soon, another guest disappointed her guess.

It was not a sofa seller, but a car seller.

A vice president of Geely who flew in temporarily from Guangzhou met Mr. Fang and was ushered in to take a seat.

Before Yao Fei made a comment, the IT Penguin and the pharmaceutical Luoxin Pharmaceutical executives came together.

She looked at the two people sitting down and said, "Are these all invited by Fang Zhuo? Internet people always give him face. Who is the one next to him? Is he also a senior executive of Penguin?"

The friend sitting on the right answered, "That is Liu Baoqi, the founder of Luoxin Pharmaceutical. It is a company in Shandong Province in the mainland. If I remember correctly, it came here to go public in December last year."

Yao Fei nodded, still smiling, "A pharmaceutical company."

However, as time approached three o'clock in the afternoon, more and more executives of mainland companies listed in Hong Kong arrived, making Yao Fei and investors who were in a similar mood to watch the fun a little restless.

A company selling clothes would be fine, and a company selling TVs would be fine, but these more and more recognizable mainland company executives were arranged to sit one by one by Fang Zhuo, as if... as if there was an invisible force that made the entire conference room solemn.

Penguin Holdings, listed in Hong Kong in June 2004.

Li Ning Group, listed in Hong Kong in June 2004.

ZTE, listed in Hong Kong in December 2004.

Geely Group was listed in Hong Kong in May 2005.

Bank of Communications was listed in Hong Kong in June 2005.

China Shenhua was listed in Hong Kong in June 2005.

One, two, three, four, five, six, seven, eight.

Nine, ten, eleven, flying into Hong Kong, you can see them.

As Fang Zhuo shook hands, greeted, and invited people to sit down more and more frequently, the weird, frivolous, and exciting atmosphere in the conference room had long disappeared, and investors like Yao Fei also unconsciously became serious.

Yes, these companies are very iconic. They are all listed in Hong Kong from the mainland. Among them, there are those that sell clothes, shoes, cars, energy, and communication solutions...

Some look very ordinary, some seem to have a lot of background, some struggled for two years before they were successfully listed, and some first came to mainland A shares and then to Hong Kong H shares.

It is appropriate to say that it is uneven, but it is even more uneven. When the conference hall gradually filled up, everyone witnessed the rise of a mainland economic force, and no one could ignore this power.

The way it is presented with real corporate executives is particularly vivid and shocking.

President Li had a bright smile on his face. When it was about to officially start, he couldn't help but said to Mr. Fang: "Mr. Fang, the momentum is too big, too big. Didn't you just say that it's just a few friends? This is too overwhelming. ”

Fang Zhuo nodded: "Yeah, I just have a few friends, and the others I called and said, our bank is going to be listed, can you give me some face to play with? And then it is like this now, it's not me who has a big face, it's the Bank of China It’s Mr. Li who has a lot of face.”

President Li knew that this was not the case, but he still couldn't help but laugh.

"Today's situation, leader, I will mention it temporarily when you give your speech later." Fang Zhuo reminded, "Banks are closely related to economic development, and they are also consistent with the development trend of enterprises. The fundamentals of Bank of China are the take-off of the mainland economy. This kind of interaction between take-off and business is the same for both mainland companies and Hong Kong companies here. Don’t just talk about mainland companies.”

President Li nodded solemnly. He also felt a vigorous force, and even his mood gradually became excited.

Fang Zhuo remained calm and continued: "I checked the figures of the Hong Kong stock market last year. Last year in 2005, a total of 37 mainland companies came to Hong Kong for listing, accounting for 55% of the total number of new listings of Hong Kong stocks throughout the year. The amount of funds raised by listing last year was the highest. The 10 companies are all from the mainland.”

"As of last year, there were a total of 335 mainland companies in the Hong Kong stock market, accounting for 30% of the Hong Kong stock market."

"The total market value of Hong Kong stocks was 8.26 trillion last year, and the total market value of mainland companies was close to 3.2 trillion, accounting for nearly 40%."

"This is as much a stock market phenomenon as it is an economic phenomenon."

Manager Li listened to the numbers coming out of Mr. Fang's mouth, and said in a hurry: "Wait a minute, wait a minute, I'll write it down, and this sentence, stock market phenomenon, economic phenomenon."

Fang Zhuo concentrated his attention and recounted the numbers again. These were more convincing when combined with the companies on site.

"Young people are really smart." Manager Li sighed and asked, "Mr. Fang, is there anything else worth saying? Please teach me some more."

Fang Zhuo was not humble at this time and taught earnestly: "President Li, if you don't treat the people below as human beings, you won't be nervous."

President Li finally sorted out the manuscript and nodded deeply.

At three o'clock in the afternoon, the road show officially started.

The Bank of China team members were introduced one by one, and Fang Zhuo sat next to President Li. He was introduced this time as a director of the Bank of China.

After the introduction of the members, President Li picked up the microphone and delivered a speech.

When people are on stage, they can have an unobstructed view of people off stage.

President Li was very satisfied to see that everyone was serious, which was completely different from the scene in the afternoon.

I have long been familiar with the speech manuscript, and now I start with a eloquent conversation. I only occasionally lower my head to turn the page and glance at it, and it is basically unscripted.

Manager Li was a little nervous at first, but he felt much better after he stopped treating the people below as human beings.

When he mentioned the temporarily added data, he noticed that the expressions in the audience, especially the investors in Xiangjiang, became a little complicated.

"This is as much a stock market phenomenon as it is an economic phenomenon."

"I believe that the Hong Kong stock market that set a record last year will have even more amazing growth. I also believe that the Bank of Communications and China Construction Bank, the current Bank of China, and the listing of banks such as ICBC and Agricultural Bank of China in the future will be a win-win situation."

"Thank you everyone, I hope you will support me a lot."

After the president's speech, the audience applauded warmly.

The reporter's camera recorded this scene.

President Li was very satisfied with the applause.

As soon as he put down the phone, he suddenly saw someone among the investors raising their hands.

Logically speaking, it was not yet time for questions and exchanges, but considering that the procedure did not need to be so rigid, President Li still motioned to Xiangjiang's investors to ask questions.

"I would like to ask Mr. Li, your bank has changed its partners three times. What is the reason?"

The question is not a friendly one.

But President Li had long expected that this was not his fault. It was Temasek's problem, the Royal Bank of Scotland's problem, and Merrill Lynch's problem.

He explained the situation in a clear and logical manner, making the questioner nod in conviction.

However, when such a question was asked, others raised their hands.

President Li looked at the guests who became enthusiastic and said with a smile: "It seems that our communication session will be moved forward."

The question was answered.

However, at the beginning, the questions were limited to Bank of China's shareholding reform and business development, but later they gradually spread, and the topic of questions basically stopped talking about banks but the economy.

Manager Li had a vague feeling that the people below him didn't regard himself as a human being, so he tried to answer the questions calmly.

However, different people are good at different situations. He is good at turning the tide, but he is a little worse at adapting to the situation. Moreover, some questions are not suitable for him to answer.

As Mr. Li paused and thought longer, he showed no intention of stopping when asking questions.

"I heard that some economists in the Mainland believe that the GDP of cities like Shanghai, Yangcheng and Pengcheng is expected to exceed that of Xiangjiang in the future. What do you think? How do you think the value of Xiangjiang is reflected? Do you think Xiangjiang faces the threat of industrial hollowing out?"

Yao Fei, an investment manager at Huilian Capital, asked a broader question.

President Li pondered how to answer better.

Fang Zhuo, who was sitting next to him, noticed that the leader's forehead was already sweating. He hesitated for two seconds, turned on the microphone, coughed, and took the initiative to ask the question: "This is another good question, but you keep asking the right questions." Question, I feel like my voice is getting hoarse when I listen to Mr. Li.”

Manager Li breathed a sigh of relief. Questions came one after another, making his nerves tense.

He quickly took a sip of tea and motioned to the others to wait and advance.

"The value of Xiangjiang." Fang Zhuo pondered, wanting to answer this question first.

He pondered like this for ten seconds without speaking, and stretched out his hand to draw a triangle in the air.

Manager Li was startled, wondering what Mr. Fang was up to.

He glanced down and found that although most of the people in the audience were as confused as him, there were actually some people who smiled knowingly.

What's this?

After Fang Zhuo finished drawing the triangle, he waited for a while, drew the same triangle again, and then clicked on the top corner.

President Li noticed that there seemed to be more smiling people in the audience.

This time, people who understood it spontaneously explained to the confused people next to them: "It's Mundell's triangle."

Many people present are investment experts, and they suddenly understood when they heard this.

Fang Zhuo said with a smile at this time: "This is very important. This is a core value of Xiangjiang. The free flow of capital is also the foundation of Xiangjiang's current prosperity."

Mundell's triangle theory, simply put, can only choose two of them: monetary policy independence, free capital flow and exchange rate stability.

This is a theory proposed by economist Mundell, known as the father of the euro, and refined by other economists in recent years in conjunction with the financial crisis.

Following Mr. Fang's words and his pause, applause broke out.

Manager Li next to him applauded. Although he was in this position, he didn't pay much attention to the emerging theories. Mr. Fang didn't teach him this just now...

Fang Zhuo waited until the applause stopped before continuing: "Well, I know this applause is not for me, but for Mondale and Krugman."

There was laughter at the scene, and the applause just now was partly due to the fact that he was unexpectedly speaking out this theory. After all, it was only in 1999 that American economist Paul Krugman drew a triangle to show the "Monday theory." The inner principle of "Er triangle".