Steal the enemy's base at the start and build a technological empire.

Chapter 458 Morgan's Turn

When Winston called, Ling Yun was in the workshop of Xinghuo Electronics Factory looking at the StarPhone mass production line.

He didn't notice his phone vibrating several times in his pocket. The noise in the workshop was too loud, so he went outside to the corridor to answer it.

"Mr. Ling, this is Winston." The voice on the other end of the phone was very polite, almost unrealistically so. "Is it a convenient time to talk?"

"you say."

"I'd like to meet with you. You can choose the time and place."

Lingyun leaned against a concrete pillar in the corridor. Inside the workshop, the stamping machines hummed rhythmically.

"Mr. Winston, I recall that Morgan Stanley supported Anderson's proposal at the board meeting last month."

There was a two-second silence on the other end of the phone.

"Mr. Ling, that's my duty as a director," Winston said, his tone unchanged. "But business is business. I'm calling you today to discuss some new collaboration opportunities."

"What kind of cooperation?"

"It would be better to talk in person. I'm flying to Hong Kong this Wednesday, if it's convenient for you."

Ling Yun glanced at the robotic arms moving back and forth in the workshop. "Friday, I'll choose the location in Hong Kong."

"Okay, see you on Friday."

After hanging up the phone, Ling Yun twirled it in his hand a couple of times. Li Mo poked his head out from the workshop, "Brother Ling, the yield data is out, do you want to take a look?"

"They're here."

Friday, Central, Hong Kong, at the cigar bar of the Mandarin Oriental Hotel.

Winston arrived early. He sat in a booth by the window, a cup of black coffee in front of him, and a manila folder beside him. Outside the window, cargo ships in Victoria Harbour were slowly sailing westward.

When Ling Yun brought Zhao Hu in, Winston stood up and extended his hand.

"Mr. Ling, thank you for coming."

Ling Yun shook hands with him and sat down opposite him. The cigar bar was nearly empty, and the background music was jazz piano, played at a very low volume.

Zhao Hu sat down in the booth next to him and ordered a glass of soda.

"I won't beat around the bush." ​​Winston pushed the manila folder in front of Ling Yun. "Morgan wants to cooperate with Spark. We can provide Spark with a full range of financial services for its overseas business—IPO guidance, cross-border M&A financing, foreign exchange risk management, all of these are negotiable."

Ling Yun didn't look through the folder. "What are the conditions?"

"No conditions."

Ling Yun looked at Winston.

Winston picked up his coffee and took a sip. "Alright, on the condition that: the past is the past. What happened with Anderson has nothing to do with Morgan."

"It's alright?" Ling Yun smiled. "Mr. Winston, do you remember in January of the new millennium, at the Starry Sky board meeting, you sat next to Anderson and voted together to remove me as CEO?"

Winston put down his coffee cup. The bottom of the cup tapped on the saucer, making a soft sound.

“I remember,” he said. “That was my vote as a board member. But I’m here to see you today as a partner at Morgan.”

Ling Yun didn't speak. The jazz piano changed to a different piece, with a slower tempo.

"Mr. Ling, Goldman Sachs and Morgan Stanley are different." Winston leaned forward slightly. "We prefer to cooperate with strong companies. We only do what we're supposed to do. The StarPhone incident taught us that even the biggest benefits outside our expertise may only seem advantageous; we might not actually get them. We were used as a pawn by Microsoft, and the commission they gave us wasn't even half of our losses. Your market share in China has now surpassed Apple's, and StarPhone is selling better than Nokia's smartphones in Europe. StarPhone's next step is to enter North America, Southeast Asia, and expand globally. These places all need an ally who understands finance."

"Allies?" Ling Yun unbuttoned his suit jacket and leaned back in his chair. "That's what you told Anderson back in your days at StarCraft, right?"

Winston's expression didn't change, but the fingers he was twirling the coffee cup paused for a moment.

"Mr. Ling, I admit there have been some unpleasant things in the past. But you need Morgan now—not because you're short of money, but because you need an assistant who knows how to deal with Wall Street." He opened a folder and pushed a page towards him. "Take a look at this. It's a listing guidance plan for the European market. Xinghuo's subsidiary, Nebula Technology, has a conservative valuation of $15 billion. Morgan can be the sole underwriter, and we can offer fees one-third lower than the market rate."

Ling Yun glanced at the paper but didn't pick it up.

"I will consider listing in Europe. But there's one thing I need to make clear first."

"Please speak."

"The intellectual property rights of the core technologies of all of Xinghuo's overseas operations cannot be separated from the main body of the Chinese company. No matter how your financing plan is designed, this line cannot be crossed."

Winston thought for a moment, "That works. I'll go back and have the legal department design the structure. We can use a VIE structure, with the core technology company located domestically, and the overseas listed entity only receiving the revenue rights."

"There's one more condition."

"Please speak."

"How are Morgan's connections at Qualcomm?"

Winston's eyes twitched slightly. "There's a connection."

"Qualcomm recently joined forces with several allies at the 3GPP standards meeting to exclude Spark's proposal." Ling Yun looked into Winston's eyes. "If Morgan can get Qualcomm to compromise on the standards issue, everything we just discussed can be pushed back."

Winston picked up his coffee, glancing at the coffee stains at the bottom of the cup before taking a sip. He then put the cup down.

"Mr. Ling, the Qualcomm issue isn't easy. But it's not entirely hopeless." He paused, "I need time."

Ling Yun stood up. "Give me an answer by Friday."

Winston stood up and extended his hand. "Whatever the outcome, I hope this is just the beginning."

Ling Yun shook hands with him and turned to leave. Zhao Hu followed, and as they walked through the lobby, Fiona called.

"Mr. Ling, I just found out some information," Fiona said in a low voice. "Winston reduced his holdings in Starry Sky shares, which were jointly owned by Goldman Sachs and Morgan Stanley, last quarter. He had already cleared out his position before you met with him."

Lingyun stopped in his tracks.

"How much did he clear?"

"Nearly 40%. It was released gradually over four quarters starting at the end of last year, and the market was completely unaware of it."

Lingyun switched the phone to her other ear. The piano in the lobby was playing a Chopin Nocturne, the bass notes in the left hand were very deep.

This can only mean—

"This means he had already predicted Goldman Sachs would lose at least six months ago." He paused, "but he waited until Goldman Sachs had completely lost money before coming to you. He had Anderson scout things out for him and see your hand."

The crystal chandelier in the lobby dazzled him.

"Fiona, keep a close eye on Morgan's movements. Report to me any action they take in Europe, no matter how small."

"clear."

After hanging up the phone, Ling Yun walked to the hotel entrance. Hong Kong summers are humid and stifling, with heat rising from the ground. Zhao Hu opened the car door.

"He knows I'm different from Goldman Sachs." Ling Yun sat in the back seat, seemingly talking to Zhao Hu, yet also to himself, "Goldman Sachs is a knife, Morgan Stanley is water. You can block the knife when it strikes, but you can't stop the water from seeping in."

He leaned back in his seat. "But water has its advantages—it can smooth stones."

Zhao Hu started the car. "Where to?"

"Let's go to the airport first."

The car drove onto Connaught Road, the surface of Victoria Harbour shimmering outside the window. Ling Yun glanced down and sent Sophia a text message: Morgan contacted me. Winston is smarter than we expected. Check his trading records on Starry Sky over the past six months; I want to know exactly how much he liquidated.

The phone vibrated quickly: Received. There's one more thing: Anderson submitted his formal resignation to the Goldman Sachs board today.

Ling Yun stared at the words and hovered his thumb over the screen for a moment.

He typed three words: "I understand."

The sea outside the window shone brightly in the afternoon sun. Ling Yun looked up from his phone and gazed at the cargo ships slowly moving across the distant sea.

"Zhao Hu, fly to Jinan tomorrow. When you get back, please arrange for Mr. Ni to come to his office. I need to hear about the progress of the lithography machine."

"it is good."