Reinventing the Millennium.

Fang Zhuo had a lot of dealings with Goldman Sachs, so he was very familiar with its nature.

In other words, the style of large institutions such as Bridgewater and DT is not much worse, but Goldman Sachs is always more prominent.

Paulson has weight, can make decisions, and has common interests with each other. Fang Zhuo and him can communicate more smoothly and reach an initial agreement.

But it doesn't mean that you can talk to these few people in the conference room-especially at this moment.

In the two days after returning to China, Xu Kaiwei, Paulson, representatives of small and medium-sized institutions, and even Zheng Ge's human relationship that was blocked back, have said everything that should be said. Now Carlyle, Bridgewater, Deshang, and Insman continue to talk The reasons for this are nothing new.

It's nothing more than earnestness, sweet words, coercion, coercion, and both soft and hard.

These four families also suspected that Mr. Fang had completed some kind of deal with Goldman Sachs, but there is no evidence now, so they can only keep it in their hearts, not mentioning it for the time being.

"Mr. Fang, I can confirm that the SEC has received a large number of reports on Yike, you, and MIGA Fund."

"Once the SEC decides to investigate, all you can get is an unprecedented heavy fine."

"Even the person in charge of your fund may not be able to stay outside."

Ian, the director of Carlyle, had various thoughts flashing in his mind, with a serious expression on his face and a calm voice, emphatically mentioning the legal risks facing Yike.

When Fang Zhuo communicated with these VIP clients, he listened more than talked, but here he responded: "That's called MIGA Fund, not Fang Zhuo Fund."

The MIGA Fund is no longer what it was originally, and it pays special attention to protecting customer information. From the current legal perspective, it can be said that it is a person acting in concert with Fang Zhuo, and it is difficult to say that it belongs to Fang Zhuo.

Ian paused for a few seconds, then changed the topic: "There are many dignitaries in this fund, right? The SEC should also check this fund."

Fang Zhuo smiled naturally: "Isn't this normal? Welcome to investigate. Can I be afraid of the SEC's investigation while sitting here?"

Open and aboveboard, not afraid to do it.

When Ian saw this unthinking reaction, he was a little uncertain for a while.

He couldn't help but miss New York a little bit, if it was in New York...

Ian saw the bandage on Philip's head across the street again. If this was in New York, would Goldman Sachs be so angry?

"President Fang." Ian shook his head and said solemnly, "I think you still need to think about it, so you can think about it for two more days."

There are less than two days until the opening of the Nasdaq.

The meaning of this sentence...

Fang Zhuo glanced at the representatives of the five institutions present, and said, "Okay, then we'll see you at the opening on Monday."

Ian said seriously: "Yike's stock cannot be opened on Monday, Mr. Fang, you have time to think about it."

"Can't open the market?" Fang Zhuo asked with a smile, "Who said that?"

Ian put together the documents and said affirmatively, "The Carlyle Group said it."

Without waiting for Fang Zhuo to respond, Henry, the vice president of Bridgewater Fund, also said immediately: "This is also what Bridgewater means."

Grant, the director of the German Group, said in a deep voice: "Deer also thinks that we won't see Yike's stock on Monday."

Ackerman, the director of Yingshiman Group, nodded slightly, and said succinctly: "Inshiman."

The four organizations joined forces, and the atmosphere in the conference room was suddenly solemn.

This is indeed Huaxia Shencheng, it is indeed Hang Lung 23, and it is indeed the institutions who took the initiative to come here, but Yike is still a stock listed on Nasdaq.

No matter which one is speaking, the political resources are very deep, let alone four together.

Fang Zhuo narrowed his eyes.

At this moment, Philip from Goldman Sachs slowed down a bit, and said, "That's right, that's what Goldman Sachs meant."

The solemn atmosphere suddenly became a little strange.

Goldman Sachs, you just hold back your words.

Don't you know what you are like?

Is 4+1 greater than, equal to or less than 5?

What about the phone call before the negotiating meeting?
The four institutions all glanced at Goldman Sachs Philip.

Seeing this, Fang Zhuo didn't need to say anything, and said directly, "See you on Monday."

Talk over, see you Monday.

Fang Zhuo left the conference room straight away.

Five institutions, you look at me, I look at you.

This result is also expected, but it is still somewhat tricky.

Ian asked Philip: "Did Goldman Sachs run first?"

Philip touched the bandage on his forehead and said coldly, "How is that possible? We have already contacted the SEC's City Supervision Department. Yike definitely violated the "Securities Act of 1933." We will kill Fang Zhuo's spirit on Monday, and then It's easy to talk about."

The "Securities Act of 1933" is known as the law of truth in securities, and one of the key points is the financial and important information disclosure of listed companies.

Ian and Bridgewater's Henry changed their eyes worriedly. At this time, it is easy to have problems if they don't unite and exert pressure. Goldman Sachs was not only the sponsor of Yike's listing, but also invested in important companies under Fangzhuo.

It's hard not to think of a behind-the-scenes deal in this relationship.

Institutions that are good at behind-the-scenes transactions are also afraid of the behind-the-scenes.

"It's better to be like this." Ian stood up and warned, "The New York Times has obtained the testimony of the Copper Fund that Goldman Sachs asked to seal up, and the SEC is watching you."

The Copper Fund is still those things that make money illegally, and it sued Goldman Sachs for breach of contract and illegality.

However, Goldman has denied the allegations and asked the judge in the case to seal all documents, arguing that if they were made public, relevant trade secrets would be revealed.

Four well-known media outlets, including the New York Times, have paid attention to this situation and have applied to the court for the disclosure of these documents.

The influence of public opinion brought about by the outbreak of the financial crisis last year should not be underestimated, and many businesses of Goldman Sachs have been restrained.

Philip said firmly: "We must stand together. Even if Goldman Sachs wants to reach an agreement with Yike, it will be after Monday."

Don't worry, even if you want to sell, it won't be at this moment.

Ackman, the director of Man Group, nodded, believing that Goldman Sachs made a wise choice. As long as everyone puts pressure together, the SEC and Nasdaq will take action, and the negotiations after Monday can significantly reduce the difficulty.

Ian stopped talking, and reached out to touch the phone subconsciously, but found nothing.

He picked up the file and was the first to walk out of the conference room cursing.

The two of them, Dexie and Yingshiman, also left one after another.

Henry from Bridgewater looked at Philip and asked, "Why don't you go?"

Philip pointed to his head: "Headache."

Henry said with concern: "I'll have someone take you to the hospital for another look."

Philip didn't wait for a text message from Emperor Paulson, nor a phone call, and he was really not sure if something happened.

Although I was sure that Goldman Sachs would not run away at this time before coming here, but... who knows.

Philip took a breath and asked, "Is the bandage no longer bleeding?"

Henry observed carefully, as if there was still a little more.

He decided to personally accompany the vice president of Goldman Sachs to the hospital, showing his concern for his colleagues in a foreign country.

……

Talk broke down!
Five large institutions joined forces to discuss such a result.

This undoubtedly disappointed the representatives of small and medium-sized institutions waiting in the Yike lounge.

But this also means that Yike will inevitably usher in the counterattack of large institutions, which does not seem to be the worst case.

Ian, a director of the Carlyle Group, personally stated that Yike violated the regulations and will inevitably be investigated by the SEC. The stock cannot be opened on Monday. This matter will be properly resolved in the end.

At the same time, he also tactfully urged the representatives of the institutions present that the United States should step up efforts, but since he came to Huaxia, he must abide by the rules here. After all, it was the big guys who first came to short Yike.

It's all here, it's time to apologize!

The big organization helps you mediate, and you also have to help the big organization to calm Mr. Fang!

Even if the market does not open on Monday, this matter may still need to be resolved through negotiations.

After Ian gave such an attitude, he left Hang Lung 23. Subsequently, the other four organizations also expressed similar attitudes.

The five major organizations all left, and the small and medium-sized organizations could neither see Mr. Fang in the president's office nor get more information from the large organizations, so they could only continue to linger in the Yike lounge, waiting for further news.

The talk on Huaxia's side collapsed, and the public opinion in the United States, which had been floating for a day and a night, immediately had a more substantive reaction.

——Goldman Sachs warns: The sharp rebound of Yike stock may damage the trading system of hedge funds!

——Bridgewater Fund: Yike Company violated multiple securities regulations and will be severely investigated!
——Nasdaq: The review process for YIKE stock has started!
——SEC: Received a report on Yike Company, or quickly launched a related investigation.

Just as Fang Zhuo was on his way home from get off work at night, he received a call from the Nasdaq Exchange, asking Yike to submit a more detailed explanation and operational disclosure tomorrow.

Fang Zhuo handed over this work to Kong Yu as a matter of course.

In addition to such a step-by-step notification, Nasdaq also mentioned that the CEO of the exchange, Robert, is about to take a flight to Shanghai, hoping to resolve the Yike incident smoothly.

Fang Zhuo expressed a polite welcome.

When he got home, he received a call from the U.S. Securities and Exchange Commission, requesting to go to the U.S. as soon as possible to help explain the company's situation.

"I will receive Robert from the exchange tomorrow, and institutions such as Goldman Sachs and Bridgewater will also need to deal with it tomorrow. All the information that the SEC wants to know can be obtained from Yu Hong, President of Yike America, Kong Yu, President of MIGA Fund, and the legal team. Know."

"I will fly to Washington as soon as possible after I finish handling the matter here in Shencheng."

The headquarters of the Securities and Exchange Commission is in Washington.

On the phone is the BOSS Brandon of the SEC City Inspection Department. He asked to define the time: "When is this 'as soon as possible'?"

Fang Zhuo replied, "Go to America next week."

Brandon got a reluctant answer, but still warned: "If we can't get the information immediately, it is likely to initiate a formal investigation of Yike."

This call is over.

Su Wei, who was listening to the foreign voice, asked, "Are you flying to the United States next week? Is it safe there now?"

"I will definitely not be able to go there next week, and the company's press conference will also be changed to an online press conference." Fang Zhuo pondered, "The more I am here, there is nothing going on there, so let's wait for the SEC to come out with a result. "

He also talked about today's negotiations and the call with Goldman Sachs Paulson.

"What price will Goldman Sachs offer for this 0.5%?" Su Wei asked.

"It depends on how far the stock price can rise. This 2% is safe money, and it is very legal." Fang Zhuo thought about it and said, "This 2% is not enough to fill the room for a run, but it is just for Goldman Sachs to operate. Regardless of the reduction of MIGA funds or the delivery of options, it is still profitable."

The MIGA fund is stuck on the line of reducing its holdings and does not need to disclose information. This will be a huge sum of money, and a large part of it is road money.

The 2% of Fang Zhuo's major shareholder's reduction is ordinary money.

What Yi Ke is facing now is not only Nokia's fierce pursuit, but also giants such as Microsoft. The former's blade sticking to his throat does not mean that the latter's gun has no bullets.

All things need to be resolved, just to open up some room for Yike to continue to develop this time.

Fang Zhuo chatted about this idea, and said: "Several American companies, including Microsoft, are only mutual licensing with Yike this time, and it does not involve Google and Android companies, nor does it involve the Pro Alliance."

This time, Yike solved some of the problems, not the Android camp.

Fang Zhuo didn't think he should help Samsung and wait for the opponent to get the authorization before continuing to poke the knife from behind.

"Well, Goldman Sachs bought the stock at a high price this time." Su Wei thought of another closely related matter smoothly, "It won't come back to short next time..."

The ICO squeeze is distracting everyone, but the ITC's final verdict is still up in the air.

Wait until the dust settles this time...

Fang Zhuo sighed: "I was thinking about this on the way back. I hope Goldman Sachs isn't so bad."

Don't be bad, if you are bad, you will probably spit it out after eating it.

Su Wei's expression became subtle.

Fang Zhuo sighed again for Goldman Sachs: "If this is the case, then Goldman Sachs can't blame me next time."

The next initiative is completely out of Yi Ke's hands.

This time, I have done good deeds and delivered the stock to you with a large transaction. If you insist on continuing to short short maliciously, who can be blamed?

……

China time, Sunday morning.

After Fang Zhuo woke up, he was not in a hurry to go to the company. He turned on the TV, ate breakfast, and thought about whether there were any omissions this time.

It just so happened that CCTV's financial channel was on TV, and it was also talking about the Yike incident.

Observer Tao Ye talked about the latest news from the United States.

"The SEC is closely discussing the treatment of Yike, which is a very red flag."

"It is said that some operations from Yike's affiliated institutions last year have been traced."

"The current Yike company has disclosed their disposable equity, and before that, they used a very complicated transaction method for better concealment purposes."

"In November last year, this fund called DC made a set of option portfolios on Yike Company. The total delta was roughly 11. According to the contract at that time, the total net exposure was 0.55 million U.S. dollars."

"This means that if the DC fund associated with Yike chooses not to hedge the Delta exposure, the market maker trading with it will directly sell options equivalent to 3.6 million US dollars in the market to cover the market maker's own exposure. Mouth is hedged."

"Therefore, in order to avoid a direct impact on the market to a certain extent, in addition to this transaction, DC also bought another option contract as part of the transaction, and the delta of this contract is very close to 1."

"The delta of this transaction coincides with the delta of the previously traded short call option + put spread option combination, which is why we can speculate that it is actually a delta hedging transaction of Yike Company."

"This is called supply delta in the jargon, which means that Yike's affiliated fund provides delta in this option transaction, and there is no need to go to other places to do delta hedging."

"However, whether such a complex operation complies with the relevant regulations of the SEC, I am afraid that it still needs detailed review and discussion, and it is also one of the risks that Yike is facing now."

Observer Tao Ye shared some of MIGA director Kong Yu's operations, combined with the news he got, and euphemistically sighed.

"It's really an institution vs. institution showdown."

"Behind it is a fierce game of interests."

"It's also a..."

Tao Ye's expression was a bit strange: "Bloody struggle."

I heard that there was a bloody incident at Hang Lung 23 yesterday.

I heard that yesterday at Hang Lung 23 there were tickets for sitting, standing, hanging, and bouncing.

I heard that the head of Yike has already flown to New York urgently.

I heard... too much news is flying all over the sky.

In the midst of the chaos, there was finally heavy news—the SEC launched an investigation into Yike Company!

informal!

At five o'clock on Sunday afternoon, US time, the SEC launched an informal investigation into Yike.

The media weighs heavily.

Carlyles: ...

At this time, Ian suddenly realized that he could not contact Fang Zhuo.

Youyou Shencheng, the vast Huaxia, he is not in the company, and he cannot be reached by phone, how can he be found...