In recent years, newspapers, television, and the Internet have reported on Aida Electronics and Aida Group, but these omnipresent media cannot accurately or clearly describe the outline of Aida Group. Qin Gang can understand it at this time.

There are many overseas legal shareholders in the equity structure of Ida Group. I am afraid that the central government may not be able to obtain the financial information of these offshore registered private companies through diplomatic means. Moreover, Ida Group and its affiliated companies have cross-holding shares, and the equity relationship is extremely complex.

In short, Qin Gang can only know the asset scale of Ida Group and the basic financial status of the group from the documents at hand. He wants to know the real equity structure behind it but cannot.

When Du Fei just mentioned the word "Kumho Group", Qin Gang thought to himself: Behind the Kumho Economic Research Center and the name of the Economic Research Center are all from this. The so-called Century Kumho Real Estate Investment is just a way to cover up the people. So, the industrial scope of the Economic Research Center is at least concerned about the entire Kumho Group, including real estate, catering and entertainment, consumer electronics, paper industry, forest and paper integration, home appliance manufacturing and home appliance chain sales, steel, shipbuilding, shipping, minerals, Internet investment... This is not a private enterprise, it is simply an economic empire.

Qin Gang had never thought that the domestic private economy could grow to this extent. For example, Ida Group could no longer measure its business scale and value by its net assets.

In the document, the valuation of some of the domestic net assets of Ida Group is only 15 billion, which shows that it is far underestimating the brand value of Ida. Now Kewangdu claims that its brand value is 2 billion. Ida has such a great influence at home and abroad. It is humble to say that the brand value of 10 billion is just 10 billion. Excluding 10 billion of brand intangible assets, is it that the domestic fixed assets and technical assets of Ida Group only worth 5 billion?

In recent years, everyone has been accustomed to estimating the market value of enterprises in the form of capital securitization. The current average price-to-earnings ratio of new technology listed companies in Shanghai and Shenzhen is 40 times. There is probably no high-tech company in China that dares to stand up and say that it is better than the assets of Ida Group. The domestic part of Ida Group's domestic profit in 1998 was 4 billion yuan. With a price-to-earnings ratio of 40 times, the market value of some domestic assets of Ida Group is 160 billion yuan.

Qin Gang had previously joked with colleagues from the State Council on Business. Why did Ida Group not go public in China? At this time, I understood that in China, such a large pond in Shanghai and Shenzhen, how can I accommodate a private enterprise with a market value of 160 billion yuan? Moreover, Ida's performance in the domestic mobile phone market this year was particularly outstanding. After reading this document, Ida's sales exceeded 20 billion yuan this year and its net profit exceeded 6 billion yuan. Qin Gang would not feel any surprise. So wouldn't it say that the market value of some of the domestic assets of Ida Group will reach 240 billion yuan? They are all qualified to squeeze into the top 500 in the world.

No wonder Haizhou's local finance is so abundant. Most of the domestic tax payments of Ida Group are completed in Haizhou. The corporate income tax alone can retain nearly 400 million from Ida Group.

Qin Gang made a little estimate that the Jinhu Group's enterprises in Haizhou would contribute almost 1.2 billion to 1.5 billion to local finance. You should know that the local fiscal revenue of Jianye City in 1998 was only 12 billion after a sharp increase. Qin Gang probably remembered that the local fiscal revenue of Haizhou City in 1994 was only 14.5 billion in 1995. Haizhou City relied on the Jinhu Group to double the local fiscal revenue. It is not a big surprise that everyone said that Haizhou City is so fat.

This time, Chuangyu integrated into the Kumho Group and became a member of the Kumho Group. The cross-holding was calculated based on the 1998 financial audit benchmark of Ida Group to convert the asset value to about 28 billion yuan, which was about one-sixth of the 160 billion yuan. It was no wonder that Shi Xuebin was excited to exchange all the shares of Ida Group. It was simply paying for the cheap original shares of Ida Group. I wish I could exchange Chuangya for 260 million yuan in cash for the original shares of Ida Group.

Of course, Chuangyu must at least leave a certain amount of funds for business development. In addition, cross-holdings must also be distributed to various affiliated companies in a certain proportion, and it is impossible to concentrate on Aida Group.

Qin Gang read the cross-holding plan and found that Kumho Commercial was not included in this cross-holding plan. He thought that Kumho Commercial might have some commercial secrets that will not be disclosed to them for the time being.

In addition to Kumho Commercial, Qin Gang also knows that there are some overseas companies in the Kumho Group, which are not included in this cross-stock holding plan, such as ESS, which has been reported to the media recently.

At this time, Qin just learned that ESS is completely financially outside Aida Group, and Aida Group paid ESS a total of nearly 800 million yuan in patent licensing fees in 1998; some joint ventures with overseas companies such as Deyi and Scooper, such as Zhongjing Microchip, are not among the cross-stakeholder plans this time.

In Shi Xuebin's words, the documents they saw today were just diving twenty meters below the sea to learn about the Kumho system. They had no way of knowing what the Kumho system looked like below twenty meters above the sea.

Qin Gang thought to himself: The sea surface is below 20 meters, which is probably mainly the overseas expansion of the Kumho system?

In addition to cross-holding between Chuangyu and Kumho member companies, Qin Gang and others can also choose a certain proportion of personal holdings. Du Fei explained to them at the beginning: "In the personal holding part, you can choose to hold companies such as Xiangxuehai, Shengxin Electrical Appliances, Xinguang Paper and Century Kumho. When the time is ripe, the assets of these companies will be listed first. After the listing, the individual holdings will have the opportunity to cash out. The possibility of Ida Group going public in a short time is relatively small... If you think it doesn't matter whether you cash out or not, then choose Ida Group more, the future growth will be better. You choose first, Meng Le and I will share the rest."

Because the direct holdings of the management of the member companies of the Kumho Group must be controlled below 30%, he and Meng Le exchanged the equity held by Chuangyu with the member companies of the Kumho Group again. This time, it was mainly about Qin Gang, Ling Xiaoyan, Shi Xuebin, Dong Yuehua, Shi Xinfei and Xi Ruolin, and he and Du Fei did not participate.

In addition to Aida Group, Xiangxuehai, Shengxin Electrical Appliances, Xinguang Paper, and Century Kumho are all very high-quality assets. Before this afternoon, the few people here didn’t even know that Xiangxuehai, Shengxin Electrical Appliances, and Xinguang Paper were actually affiliated companies with Aida Group and were core members of the Kumho Group.

Shengxin Electric's Xinshijie flagship store has an annual net income of over 100 million yuan. Xiangxuehai is still the CCTV flagship company last year, and Xinguang Paper is the leading company in the East China paper market...

Well, compared to the cross-stock holding plan and the personal stock holding choice, Qin Gang was more curious at this time about Zhang Ke or the Zhang family behind Zhang Ke in the Jinhu Department. I believe Shi Xuebin, Shi Xinfei, Dong Yuehua and others would also have such a strong and irrepressible curiosity in their hearts at this time.

The entire Kumho Group has few domestic net assets (not counting the direct investment of Kumho Commercial in China), and its tangible and intangible net assets are about 30 billion yuan, with a low debt ratio and total assets of only about 434 billion yuan. The Kumho Group may not be qualified to take the lead in the private capital camp that has recently emerged in China, but its profitability is extremely amazing. In 1998, the Kumho Group made an domestic profit of 8 billion yuan, which is almost equivalent to the profit of China National Petroleum Corporation in the whole year of 1998. I believe that no private capital entity has such amazing profitability.

If the Kumho Group gradually splits and lists domestic assets, not to mention the 40-fold price-to-earnings ratio, even if the stock market is low, there will always be a 20-fold price-to-earnings ratio in emerging industries and 15-fold price-to-earnings ratio. It is appropriate to estimate the actual value of some domestic assets of the entire Kumho Group based on the range of 120 billion to 160 billion. How much does Zhang Ke personally or the Zhang family behind Zhang Ke occupy?

But Zhang Ke was embarrassed to talk directly in the conference room. Seeing Ye Xiaotong answering a call, pulling Zhang Ke, Du Fei out, Dong Yuehua turned his head and said to Qin Gang: "That guy named Hurun has ranked the rich list for Chinese rich people. It is estimated that the wealth of the Rong family of China's richest people is 12 billion. Do you think Hurun is too shallow and has such a bad experience? He was wrong about such a big fish in the East China Sea!"

Qin Gang smiled. The Zhang family held only 10% of the equity in the entire Jinhu system. Even if the domestic assets of the Jinhu system are calculated, the Zhang family's wealth will exceed 12 billion.

Shi Xinfei is usually taciturn. He looked at Meng Le sitting behind Xi Ruolin's back with her legs crossed, and asked, "Old Meng, come and have a look with us, otherwise it would be too depressing..."

"Go, I'm also signing a confidentiality agreement..." Meng Le curled his lips and ignored Shi Xinfei, pressing her chin on Xi Ruolin's shoulder to guide her how to make up personal shares.

Seeing Meng Le's stubbornness, Shi Xuebin teased him and said, "Old Meng, you have also said that the principle of robbing the rich to help the poor. Rich men should marry beautiful poor women. Rich women should marry talented poor men. You and Senior Sister Xi will get together to eliminate at least two opportunities to get rid of poverty by getting married. I'll tell you two..." Without saying a word, he hit Xi Ruolin's pen thrown over in the head. With a "oh" sound, he saw that Meng Le couldn't speak, so he turned to look at Ling Xiaoyan, "Sister Ling..."

"I know as much as you, don't call me senior sister!" Ling Xiaoyan hurriedly blocked his mouth with words. Shi Xuebin was nagging and said a few more words to him, maybe he could fool him. She had known Zhang Ke for a long time. When she met Zhang Ke, the Ida Group was far from the scale it is today. Zhang Ke wanted to trick Dai'er into being an advertising model for Ida Group. More than four years have passed, and it feels so fast. Four years ago, Ida was still Ida, Sheng Xin was still Sheng Xin, and Ling Xiaoyan did not expect that Ida and Sheng Xin have merged into one now. From Zhu Xiaojun, she knew a little about the Ye family's status in the domestic politics.

The Ye family's far-reaching influence cannot be achieved by a provincial party secretary or minister. I think Shengxin Electric Appliances was almost created by the Ye family. Since Shengxin Electric Appliances has also been integrated into Jinhu, the Ye family's rights and interests in the Jinhu Group should not be too small. Let Xiaoyan guess that Zhang Ke has dominated the development of Ida Group from beginning to end and the creation of the entire Jinhu Group economic empire. These can be seen from Zhang Ke's daily interactions with other core figures of the Jinhu Group, but she really can't guess or guess well, and there seems to be nothing wrong with it.

Shi Xuebin blocked Xiaoyan from letting him speak, smiled and asked Meng Le: "After cross-holding, my shares are almost as high as the management of other members of the Jinhu Group..."

"Absolutely manager, deputy manager," Meng Le said, "In fact, this is hard to say, and it is impossible to say. The Kumho member companies are developing rapidly, with the same level and performance contribution. There is a big difference between the options obtained one year in advance and the options obtained one year after another. In any company, old employees always have to take advantage of it...what do you care about this?"

"When he was old, he was considering how to accurately describe his net worth and social status to others when seducing girls from the Conservatory of Music..." Dong Yuehua said.

Meng Le laughed and urged everyone to finish the work.

His cross-holding plan with Du Fei, Kumho Commercial and other overseas companies in Kumho are within the range of options. Only by being able to access the financial data of Kumho Commercial and ESS can you receive Kumho’s core business secrets. Meng Le generally knows the distribution of equity within the Kumho Group—

The Ye family directly created Shengxin Electrical Appliances and Shengxin Telecom, represented by Ye Jianbin, Ye Xiaotong and Shao Xinwen, for the Jinhu Group, two member companies, which held about 14% of the equity in Kumho; Sun Shangyi and his wife held more than HK$2 billion in 1997, providing strong financial support for the development of the Kumho Group in the past two years and holding about 10% of the equity in Kumho; Xie Wanqing can be said to be the woman behind Kumho. Without Xie Wanqing's support, Kumho's start would never be so smooth, but she has gradually withdrawn from Kumho in the past two years.

In the operation of Haiyu International Private School, her personal rights and interests in Jinhu are less than 5%; Shao Zhigang, Sheng Qing, Zhang Ke's uncle Zhang Zhifei and others have created some careers and then integrated into the Jinhu system, holding almost 7% of the interests; the huge management team holds about 14% of the interests (Su Jindong and Ding Xi have the largest interests, and they account for about 5% of the interests); Southeast Asian Chinese businessmen include Ge Family (Ge Mingde), Chen Family (Chen Wencong), He Family (He Zhaokui), Ma Family (Ma Wenqu), etc., holding about 5% of the interests...

If one by one is excluded, it is not difficult to calculate the rights and interests that Zhang Ke personally holds in the Jinhu system: slightly less than 45%, and slightly more than 44%.

If the Kumho Group's domestic and foreign assets are worth 100 billion yuan, then Zhang Ke's personal wealth will be 44 billion yuan. If the Kumho Group's domestic and foreign assets are worth 200 billion yuan, then Zhang Ke's personal wealth will be 88 billion yuan.

If we have to calculate it based on actual assets... in fact, the assets of Kumho at this time are the most difficult to estimate. What value does the intangible assets contained in the four major trademarks, such as Aida, Shengxin, Xiangxuehai, and Xinguang, use to calculate it appropriately? What value does the technical assets formed by thousands of invention patents cost?

Meng Le is sure that Kumho lost his heart and transferred all the invention patents covered by the DPM-iplayer patent pool, which can at least be exchanged for more than one billion US dollars in cash.

The invention patents covered by the NAND flash memory chip patent pool are only Kumho and Samsung Electronics from Toshiba, and Kumho has obtained licenses that are more thorough than Samsung Electronics. If Kumho loses his heart and transfers the NAND flash memory technology related licenses, it can be exchanged for more than one billion US dollars in cash.

Mengle does not have enough understanding of other private capital forces hidden in the sea in China. It is hard to say whether Zhang Ke can become the richest man in China based on his personal assets. However, the rich list of the guy named Hurun ranked Chinese rich can only be discussed after dinner, and he really can't be considered real.

Meng Le has had many core secrets and has deep communication with Zhang Ke in private. He knows that Zhang Ke has long been no longer interested in the specific personal assets.

This year, the total domestic and overseas income of the Kumho Group is expected to exceed 12 billion yuan. If it is allocated to Zhang Ke’s personal name, it can enjoy more than 5 billion yuan of net income. Meng Le thought about it. If personal wealth increases by billions every year, there is really no need to care about how much personal wealth is. Kumho’s equity relationship is complex and the asset system is complex. It is still an extremely troublesome thing to calculate personal assets from the beginning.

Qin Gang, Shi Xuebin and the others were chatting and interrupting. It was almost five o'clock before the completion of the matter. Ye Xiaotong answered a call and pulled Zhang Ke and Du Fei out. He never came back for a long time.

The matter here ended, and a staff member came to take away the documents and materials.

After sitting in the conference room for a long time, he felt a little sore in his waist and back. Qin Gang pulled Shi Xuebin to find a place to smoke. He saw the door of the small conference room at the top of the corner corridor open, Zhang Ke and the others inside. Qin Gang looked inside. In addition to Du Fei and Ye Xiaotong with a belly erect, Shao Zhigang, the CEO of Century Jinhu, was also there, Wang Weijun, Secretary of the Party Working Committee of the High-tech Zone, and Yao Wensheng, Director of the Investment Promotion Bureau, were also there. I don’t know what they were talking about.

At this time, Zhang Ke turned his head and saw Qin Gang and Shi Xuebin, and stood in the small conference room and asked, "Have you done your business?"

"Well, I sat there for a long time and came out to breathe." Seeing that Zhang Ke had no intention of refusing them to go in, Qin Gang walked into the small conference room with Shi Xuebin. The dark red conference table covered most of the architectural drawings. Wang Weijun, Shao Zhigang and others looked up at Qin Gang and Shi Xuebin, and said nothing, and continued to discuss the drawings. Everyone stood and spoke, only Ye Xiaotong was a pregnant woman, so she was naturally sitting there listening.

Qin Gang and Shi Xuebin stood behind, looking at the drawings while listening to their discussions. After a moment, they realized that they were discussing the design plan of a super high-rise building. During the discussion, no one raised the specific height and floor. Qin Gang stood a little higher and could not see the marks on the drawings clearly. Shi Xuebin pushed his waist and whispered: "Fifty-two floors..."

This guy was actually interested in standing behind counting the floors on the renderings. Qin Gang was really shocked. In addition to those single-tower TV tower buildings that were not very meaningful, the tallest building in Jianye is only 148 meters, and it is the landmark building of Xinshi Street, the International Trade Center. Since the secretary of the Party Working Committee of the High-tech Zone came to participate in the discussion of the design plan, would it be said that Hudong would build a super high-rise building of more than 200 meters?

At this time, Meng Le and the others also packed up the documents and materials, walked over and squeezed to the door to look around. Shao Zhigang turned around and said to Meng Le and the others, "Come on, come on, come on, let's give some suggestions together, let's refer to..."

"Don't," Zhang Ke said, "The more opinions, the more complex the design, the higher the construction cost. I think it's good according to the square design..."

Wang Weijun shook his head and smiled, stood with Yao Wensheng, giving up more space for Meng Le, and Qin Gang and the others squeezed to the conference table to see the drawings clearly.

Du Fei and Meng Le and others explained: "This building is to be built on the northwest corner of Yanyuan. The main part must reach 200 meters, and a high top that is dozens of meters high... Now it is just a discussion of the draft. Now this draft is too simple, and the naming has not been confirmed..."

"Haha, Xiao Du also supports my point of view," Wang Weijun laughed, "I hope that the first super-high-rise building built here in Kumho can lead the city's charm... I discussed with Secretary Luo Jun that it is impossible for Kumho to relax its budget and invite famous overseas designers to participate in design competition. This opportunity can not only expand the urban influence of Jianye, but also expand the influence of Kumho..."

Since Wang Weijun said so, he also conveyed Luo Jun’s meaning. Zhang Ke curled his lips and said, “Then design according to the standard of 1.2 billion, deducting 60 million from the design fee. You should be able to invite the world’s top design institute to participate in the design bidding…”

"Ah..." Everyone was stunned. Wang Weijun opened his mouth and said after a while: "You are still crying poor! You are called poor!"

"Didn't you just want to increase the influence of the city or the influence of Kumho?" Zhang Ke smiled.

Qin Gang just subconsciously felt that the design fee of 60 million was a bit too much. After all, he was not an insider and didn’t know how much the design fee should be at a reasonable level.

Shao Zhigang shook his head and sighed: "Domestic ultra-high-rise design, forty or fifty per square meter are considered high. This project is only 100,000 square meters. The design fee of 10 million is enough to make the best design institutes in China snatch the top; the normal quotation of the top international design firms is about 25 and 6 million - now 60 million is enough to make the top international design firms fight for the top international design firms."

"A building that is more than 200 meters high will not have any impact when placed in Asia..." Zhang Ke said with a smile, "You can also invite more domestic design institutes to participate in the bidding. The moon abroad may not be rounder than China."
Chapter completed!