The most important part of this game against Century Peak is Netflix's valuation. Century Peak Group is worth 50 billion, and its subsidiary Netflix has the highest valuation, close to 30 billion.

Netflix is ​​an Internet company, and the valuation bubble of Internet companies is severe, and a storm can make the company's valuation plummet. In the last life of 2010, Netflix's stock price once reached US$305. However, due to the increase in monthly subscription fees and the company's plan to split its online business and mailing business, Netflix's stock price plummeted from US$305 to US$52 in half a year, and the company's total market value fell by more than 70%.

This time Netflix has similar situations, and the problem lies in the price increase. Before September last year, Netflix users paid $10 a month and could enjoy both services: mailing DVDs and watching videos online. After September, Netflix stipulated that users pay $8 a month and choose to enjoy one of the two services; if both are chosen, they will have to pay $15. Many users do not understand and think that this is a disguised price increase of 50%!

Netflix is ​​helpless to do this. Now Apple and Google are starting to do streaming media, and their joining has led to a significant increase in copyright fees for film and television dramas. Netflix is ​​expanding overseas and entering the South American market in a large amount of money, investing a lot of money; in addition, Netflix is ​​also planning a transformation and preparing to launch high-quality self-made dramas, which also requires a lot of investment. There is no way to increase the price.

Goldman Sachs has worked with Century Peak many times and holds a large number of bonds from Century Peak and Netflix. In June last year, they knew that Netflix would raise prices and transform into self-made dramas. However, Goldman Sachs is not optimistic about Netflix's plan and thinks that the company's valuation will plummet. It is precisely because of this that they feel that they can take advantage of it. Century Peak's market value is 50 billion and has 10 billion debt. In addition, it acquired Prada at the end of the year, launched the Century Cinema project, and the theme park project being promoted. The debt of Century Peak is as high as US$30 billion.

Netflix's valuation would have fallen. If Goldman Sachs was behind the scenes, Netflix's valuation would have plummeted from 30 billion to 5 billion. At the same time, the valuation of other subsidiaries of Century Peak will inevitably fall with each other, and the valuation of the entire Century Peak will inevitably plummet to within 20 billion, or even lower.

A company's assets are valued at less than 20 billion yuan, but its debt is as high as 30 billion yuan. This is insolvent and there is a risk of bankruptcy. In this case, shareholders holding Century Peak shares, as well as banks and funds holding Century Peak bonds, may sell their shares and bonds.

At this time, Goldman Sachs can eat these shares and bonds at a low price. If Century Peak really goes bankrupt, then Goldman Sachs, who holds a large amount of bonds, is a big creditor, and can reorganize the company and pull the stock price back; if Century Peak survives it and successfully overcomes the storm, Goldman Sachs can eat a large amount of Century Peak shares and bonds at a low price, and it is also a big profit; therefore, no matter which ends, Goldman Sachs is a big winner.

In these two outcomes, Goldman Sachs is more inclined to go bankrupt. As long as they can bankrupt Century Peak, they can transform into major shareholders after Century Peak reorganization, thereby obtaining long-term returns.

Of course, a company's market value is lower than debt does not mean that it will go bankrupt. The key is the company's operating conditions and cash flow. Century Peak's overall operation is good, with more than 3 billion US dollars in cash in hand, while this year Century Peak's loans and bonds due are US$2.5 billion, which can be easily paid.

If you want Century Peak to go bankrupt, there is only one way, which is to ask banks and funds to force Century Peak to repay in advance. If you spend billions of extra debts to make Century Peak repay, they will definitely not be able to take it out, and the entire company will inevitably go bankrupt.

When Shi Yuzhu's Giant Group went bankrupt, it was actually because it was not that it was not that it had no money. At that time, the 300 million yuan payment was not in place, and the Giant Group only needed 20 million yuan to pass the test. As long as a 20 million yuan payment was in place, the Giant Group would not die. Unfortunately, the Giant Group could not pay 20 million yuan, so it could only watch the company die.

However, Goldman Sachs knew that Century Peak had a good relationship with the government. If the government wanted to protect them, things would be troublesome. Therefore, they had to find an insider in China, someone who could speak in the government or bank, to fuel the entire plan. Bona was seeking overseas listing and had a strong background. He was undoubtedly the ideal partner of Goldman Sachs. The two sides hit it off and agreed that as long as Century Peak went bankrupt, Goldman Sachs would take over Century Peak's business abroad; while Bona took over Century Peak's business in China, and jointly divided the big cake of Century Peak, and later they pulled Wanda in.

This is a very powerful situation. At the beginning, "One Man's Lights and Decoration" was a battle for the New Year's Eve between two movies, but in fact it was sending a signal that there might be something wrong with the Century Peak, otherwise Bona would not dare to provoke the Century Peak, which holds the largest theater chain. After the rumors that Zhang Ran was banned from leaving the country were released, many people suddenly realized that something happened to Zhang Ran. No wonder Bona dared to fight against the Century Peak. At this time, Zhang Ran made a big mistake and did not clarify the matter of being directly restricted from leaving the country, resulting in rumors flying everywhere.

After Netflix's financial report came out on the 25th, Goldman Sachs immediately promoted its influence in the United States. There was a problem with Netflix's strategy and Zhang Ran was involved in the corruption case again. The future direction of the peak of the century was unknown.

Immediately afterwards, Bona and Wanda released their killer weapon through the forces behind them, and issued a notice through the China Banking Regulatory Commission, requiring all banks to urgently investigate the risks of Century Peak's credit and overseas financing, especially for mergers and acquisitions, domestic guarantees and foreign loans and other businesses. Some short-term financing began to require Century Peak to repay in advance.

The whole incident, as Goldman Sachs expected, ignited the debt problem at the peak of the century, step by step!

The situation set up by Goldman Sachs is closely linked and meticulous. If others have reached this point, they may have to be killed and cannot come up with any good solutions.

Unfortunately, Zhang Ran is not an ordinary person. As a rebirth, the price increase will cause Netflix's valuation to fall sharply. He knew that the price increase would cause Netflix's valuation to fall sharply, Zhang Ran still dared to do this because he was confident that he would regain Netflix's valuation within a few months.

After thinking about fully understanding the whole story, Zhang Ran laughed. Since you want to play, I will play with you!

On the morning of February 1, it started to snow in Peking. The snowflakes flying all over the sky fell down softly, hanging on the trees and on the roof, and the whole world was covered in white.

Zhang Ran held a cup of hot water and stood in front of the floor-to-ceiling window of the Century Peak Conference Room. Looking at the snowflakes flying like catkins, he sighed that there has been no such snow in Peking for several years.

Behind Zhang Ran, there were already many people sitting, including Qiu Yuanxu, President of Jiahe Films, Gao Jun, President of Jiahe Cinemas, and other domestic bosses, as well as heads of overseas companies such as Netflix CEO Antioko, and Tingfeng Entertainment CEO Freman. Today is the day of the annual senior management meeting of Century CEO, and the company's senior management and subsidiaries' managers gathered together.

Although Century Peak has encountered some trouble recently, everyone is still confident about the company's future, especially the young boss standing in front of the window. Therefore, everyone seems very relaxed. The three of them sit together and talk in a low voice, and cheerful laughter sounds from time to time in the conference room.

At this moment, someone suddenly called Zhang Ran's name in English behind him. He turned around and saw that it was the Prada and his wife. He quickly put down his cup and walked towards the two. Half a month ago, Century Peak and Prada Italy signed an equity delivery agreement and completed the acquisition of Prada. Now Prada has become a member of Century Peak, and it is the first time that the Prada and his wife attended the Century Peak high-level meeting.

Zhang Ran originally said to give a gift to Prada and his wife, but he didn't expect the other party's hand to come first. Zhang Ran shook hands with them, exchanged greetings, and then pulled them to introduce them to everyone, saying, "Come on, I'll introduce you to you!"

"This is Netflix's ceo Antioco!"

"This is the ceo Freman of Peak Entertainment!"

"This one is..."

Zhang Ran pulled Prada and his wife to introduce him enthusiastically. Even if he wanted to make efforts in the derivatives of the movie, he hoped that everyone could cooperate sincerely.

After a brief meeting, the Prada and his wife started chatting with Freman. Temperature Entertainment's "Twilight" is currently the most popular teenager movie in the world. The brand of Wang Daren became popular around the world with this movie. Three years ago, Prada wanted to implant Prada's girl brand miumiu in "Twilight", but was rejected by Zhang Ran. Now that everyone has become a family, there is no obstacle to cooperation.

It was almost nine o'clock. Zhang Ran saw everyone there, so he sat in his seat and said directly: "Now we are officially in the meeting! Today's meeting is an annual summary meeting, which mainly summarizes the work this year and makes arrangements for next year's work. Today's meeting has a lot of content, so I won't say much, let's go directly to the topic."

Zhang Ran said a few opening remarks, opened the folder on the desktop, looked at the topic arrangement, and said, "The first item of the meeting is the work report of each company, let's listen to the achievements of each company last year." After that, Zhang Ran smiled at Gao Jun: "Old Gao, you come first!"

"I'll take the lead and make a summary first!" Gao Jun waved to the meeting secretary and handed over a stack of documents to her. The secretary took the documents and began to distribute them to the people present one by one. Everyone had a detailed data about Jiahe. Since there were many foreigners in the company's management, the whole was divided into two versions: Chinese and English.

When everyone got the documents, Gao Jun began to summarize: "Hello everyone, everyone: Time flies, and before we know it, the curtain of 2009 has quietly closed. Standing at the end of 2009, traveling through the corridors of time and space, looking back on all aspects of the past year, I feel a lot of emotion. In this year, with the joint efforts of Jiahe management and all employees, the results were very gratifying. Jiahe Cinema opened 15 new cinemas last year, with a total of 853 screens, the largest in Asia; its revenue was 2.52 billion yuan, an increase of 39.4% year-on-year, accounting for 19.1% of the country.

Market share. Market share did not increase, falling by a percentage point, but the revenue per screen under Century Peak is 1.5 times the industry average, and the net profit is twice the industry average. Among the top 100 cinemas in the country, Jiahe occupies 34, ranking first; Jiahe occupies four seats; among which Shenzhen Jiahe Cinemas has 79.35 million yuan in the country; Magic City Wujiaochang Cinemas is 75.43 million yuan, the second in the country; Guangzhou Baiyun Cinemas was a newly opened cinema last year, with revenue reaching 68.4 million yuan in the year of opening, ranking fifth, setting a record for the revenue of newly opened cinemas in the world..."

While Gao Jun was giving a report, Zhang Ran slowly looked at Jiahe's data. Last year, Jiahe Cinema's net profit was 460 million yuan, of which 150 million yuan were sold. Among these 160 million, popcorn accounted for 100 million yuan. Derivatives have increased compared with last year, but the proportion is still very low. Derivative development is really a long-term and arduous task.

Five minutes later, Gao Jun completed the work report of Jiahe Cinema. As soon as Gao Jun finished speaking, Zhang Ran was the first to applaud, and then there was a lot of applause in the entire conference room. 21089
Chapter completed!