Hints at GL - Chapter 15

Chapter 15

14:30, UBS London.

Sitting around the oval conference table were over a dozen investment banking employees of various backgrounds. UBS hadn’t seen this much movement in recent months: 3 to 4 Associates, 4 to 5 Analysts, plus three VPs, including Jing Han and Ruan Mu, and one MD.

The MD was a tall British woman. In her late thirties, she still looked radiant and full of energy; as the senior management primarily responsible for client communication, it was only natural for her to preside over the meeting.

“Thank you, Machal, for the introduction to Royal Mail,” she said, nodding elegantly toward him.

“For this discussion, we first want to hear everyone’s perspectives on this project.” She paused, making a humorous remark, “Of course, this isn’t school. No need to be formal or speak in a specific order. Please, feel free.”

That was the sentiment, but everyone knew that “feeling free” was impossible in a meeting like this. Everyone was clearly well-prepared.

A few junior analysts led the charge. Unsurprisingly, they spoke briefly from different angles without much systemic depth. Most focused on share price model construction and offered their own insights—Machal, in particular, had even prepared a simple PPT to assist his explanation.

Before long, the room’s attention shifted to the VPs.

Jing Han straightened the materials in her hand. She was the second VP to speak. “I’ll discuss the Royal Mail IPO within the context of the new era…”

“As you all know, many years ago under the Labour government, plans to privatize Royal Mail were proposed but ended up stillborn due to fierce opposition in Parliament. So, why has the privatization finally been put on the agenda now?”

Jing Han’s calm gaze swept across the room. She paused for a few seconds. “It can be summarized by the following points. First, the government’s fiscal weakness.”

“By 2012, government debt had reached £1 trillion. The Chancellor proposed selling Royal Mail assets. This valuation can be compared to the £3 billion IPO scale of Railtrack’s privatization in 1996; it could alleviate some of the pressure on the government’s finances…”

“Second, this is also an opportunity to revitalize Royal Mail. Impacted by the rise of the Internet of Things, such as email, and logistics competition from industry rivals, its revenue has suffered for consecutive years…”

Jing Han spoke neither fast nor slow, covering everything from the background of Royal Mail’s initial IPO to the significance of UBS’s involvement. Her exquisite face maintained a look of meticulous focus throughout.

Finally, the cool voice came to a stop as she provided a brief conclusion. “This IPO is another attempt following Railtrack, and it is the best opportunity for Royal Mail to use the occasion to restructure its business hierarchy.”

Ruan Mu tapped her fingertips against the tabletop in a rhythmic beat. Her slightly curved eyes remained fixed on Jing Han.

Suddenly, her phone vibrated. It was a text from Su Yuan: “Call me when you’re free, I have something to tell you — Anna.” Ruan Mu looked at the message thoughtfully, only realizing it was her turn to speak after a moment.

She paused for only a few seconds before setting her phone aside. “I’ll add a few brief points.”

Ruan Mu pursed her crimson lips; it was hard to tell if she had actually been listening just now. “What Suet and everyone else said just now was already very comprehensive.”

“In my opinion, the core of this Royal Mail IPO lies in the control of its pricing. How do we accurately predict the future trend of Royal Mail’s stock price? Of course, the client has already proposed specific valuation figures, and I believe my colleagues can achieve the best results.”

“But I want to remind everyone that UBS will also be participating as an investor this time, with a shareholding potentially approaching 26%.” She paused, scanning the room. “With an entity as massive as Royal Mail, how do we ensure our interests are maximized? Ideally, as executive leads, we VPs should handle the top-level design, but I hope all colleagues will also think deeply about this question.”

The MD nodded at Ruan Mu and added, “That’s correct. Barclays and J.P. Morgan are competing with us. Although they didn’t manage to sign the Royal Mail contract in the end, I’ve heard that Royal Mail intends to hand its future strategic planning to one of us. In this situation, the VPs should deliberate among themselves on how to set the pricing.”

At this point, the meeting had clearly reached its conclusion.

The British woman tapped her papers against the table and said unhurriedly, “Now, regarding the arrangements.”

“First, those who have seen the contract likely know our timeline is three months, as the Christmas holidays are coming up…” She paused, noting that everyone present couldn’t help but smile.

“…” At the mention of Christmas, Ruan Mu instinctively glanced at Jing Han, but the cold woman took no notice of her.

“Okay, I know you’re excited. Any thrilling plans?” the MD teased humorously.

“Oh, my wife and I have booked tickets to Iceland. How does that sound?” Machal laughed loudly.

“That sounds wonderful, Machal,” the MD smiled at him, then turned to Ruan Mu, Jing Han, and the others to give instructions. “Back to business. Regarding the subsequent work arrangements and project progress, I ask the three VPs to deliberate and arrange the workload and division of labor reasonably. Submit a detailed work plan within this week.”

“Second, keep an eye on the reporting schedule. Royal Mail has requested a discussion meeting on January 15th, where some preliminary results will likely need to be submitted. Third, VPs should communicate with me promptly if they encounter problems; you can apply for additional personnel if necessary.”

She stood up. “That’s all. Meeting adjourned.”

There were two light knocks on the door.

Jing Han was still busy reading through her materials. She frowned, and before she could even react, someone pushed the door open. She looked up, and as expected, it was that woman. Her fine brows knit even tighter.

“Can’t you wait a few more seconds at the door?” Every time she saw Ruan Mu acting so presumptuously, she got a headache.

“Naturally, I could wait quite a bit longer,” Ruan Mu said, gently closing the door behind her and walking to the desk with a smile. “But I made a reservation at Ramsay’s, and if I wait any longer, we won’t make it.”

Jing Han looked at her and gave a light sigh. “Work is over now. If there’s something urgent, you can tell me tomorrow.”

Ruan Mu leaned her hands against the desk, and a refreshing fragrance wafted toward Jing Han. She curled her lips. “That won’t do. You haven’t finished work yet.”

Jing Han startled slightly, frowning. “Does my being at work have anything to do with you?”

Ruan Mu’s alluring eyes roamed over her face, a smile on her lips. “Naturally, it does. Ramsay’s was booked specifically for you. You mentioned before that you really liked the taste there. I’m treating you to dinner.”

A flash of surprise crossed Jing Han’s eyes, but she quickly gave her reply. “I’m sorry, but I don’t really want to go.”

Ruan Mu seemed to have expected this answer. She suggested with a smile, “The VPs need to discuss their respective work plans tomorrow. Don’t you think we should have a discussion beforehand?”

Jing Han looked up at her and said calmly, “I’m sorry, but my sister is arriving shortly.”

Ruan Mu stared at her for a while, a hint of playfulness sliding into her eyes. “Suet, ‘not wanting to go’ or ‘already having plans’—which excuse are you actually trying to use?”

Faced with such blatant teasing, Jing Han seemed already accustomed to it.

“Both, naturally,” she said, her cool eyes lifting slightly as she organized her materials and set them aside. “Business can be discussed tomorrow. I have many arrangements with my sister over the next few days.”

“So, you won’t be coming with me to the W this weekend either, right?” Ruan Mu looked at her.

“…” Jing Han did not respond.

The indifferent response left Ruan Mu silent for a good while. Eventually, her thin lips moved. “So, after three years of not seeing each other, we’ve actually reached this point.”

“I didn’t mean it that way,” Jing Han said, frowning.

Ruan Mu narrowed her eyes, her voice dropping slightly. “Then what did you mean? I’m sorry, but I fail to understand.”

Having known this woman for five years, Jing Han naturally heard the undertone in her words. She sighed softly. “Ruan Mu, I’m the same with everyone. I’m not targeting you.”

Jing Han looked at her watch again and said, “It’s getting late. You can call someone else.” She looked at Ruan Mu calmly, her eyes showing not a single ripple of emotion. “I know that as long as you make a call, you can find plenty of people to join you… I appreciate the sentiment, but I wish you a pleasant meal.”

“Is that meant to be a compliment?” Ruan Mu arched an eyebrow.

“Of course, you can take it as a compliment,” Jing Han followed her lead.

“Fine. Then I won’t disturb you further.” Finally, Ruan Mu gave her a deep look, turned, and left.

Jing Han had a bit of a headache. She never quite understood why Ruan Mu was so obsessed with pestering her; it had been like this since the first time they met. She didn’t want to accept the attention, thinking Ruan Mu would give up over time, but before she knew it, years had passed.

She stared at her computer screen for a moment in a daze. Suddenly, her phone rang. “Hello, Jing Yang? Have you arrived?…”

Jing Han looked at the time, about to say something, when her office phone rang in response. “Wait a second, wait downstairs for a bit. I’ll take this call and come down immediately.”

Downstairs at UBS

Stepping into nearly 10cm high heels, Ruan Mu prepared to hurry out of the building.

Out of the corner of her eye, she seemed to spot an Asian face. The girl was wearing a light-colored dress with a thin coat over it. Although she was wearing sunglasses, her facial contours were vaguely recognizable. “Hmm?”

If this wasn’t Jing Han’s sister, then she must be blind.

A thought struck Ruan Mu, and she suddenly became interested.

“Are you Jing Yang?” She put on a friendly smile and stepped forward to strike up a conversation.

Jing Yang was clearly a bit surprised. She gently took off her sunglasses to look at the person. “Yes, I am.” She was curious; she didn’t recall meeting this beautiful, mixed-race woman before. “…And you are?”

Observing the face that bore a slight resemblance to Jing Han’s, Ruan Mu’s smile deepened. “A pleasure to meet you. I am your sister’s colleague.”