Chapter 384: 35 Billion Euro In Net Worth (Part One)
After pushing up his glasses, Mr. Zhang continued, “The next one is a network company. The founder, Mr. Jiang, established this company in 2007 and received Senior Sister Lan’s investment in return for 30% of the company’s shares. Right now, the company has the third largest portal web in the country and has a first-class gaming platform and development abilities. The company is in its 9th year running, and it has been profitable for the past 5 years, experiencing a 15% or more growth in revenue every subsequent year. In 2012, it went public, and with annual revenue of 7 billion, its market valuation has surged to 80.5 billion RMB. You hold 30% of the company, so that’s about 24.1 billion RMB.”
24.1 was already about 3.4 billion euros…
Holy crap, plus the real estate company, right now just two of the companies under Xu Cheng’s mother’s name were already worth 24 billion euros!
24 billion was already enough to be ranked among the top 30 in the world’s public richest list. Of course, that was just the list of wealthy individuals that were known to the public, which was just the tip of the iceberg, and it didn’t include the hidden ones. The assets under the behemoth families in Huaxia were truly enormous. After all, they belonged to the nation with the largest economy on the continent with the longest history.
Auntie Lan didn’t give Lin Chuxue the chance to talk and just told the lawyer, “Continue, just spill them all at once and stop taking breaks.”
Attorney Zhang nodded. “Yongxi Coal Mine Co., ranked 15th in the industry in the country and not publicly traded. However, the valuation value is at least over a hundred billion. With Mrs. Ye’s 39% holding, that’s the equivalent of 45 billion RMB; Weimei Apparel & Design Company, it takes on the domestic mid-to-high-end fashion market and has storefronts all over the country. The company has a market value of 28 billion; Night Entertainment Media Company, founded in 2002 during the rise of the domestic film market and now one of the 3 largest entertainment companies in the country, with a market value of 39 billion RMB; the last one is one of the three largest e-commerce companies in the country with a 10% holding, valuing at 6.6 billion US dollars.”
Then, Mr. Zhang summarized, “The total market capitalization of the six companies equates to 311.1 billion. Senior Sister Lan, do you want to transfer all that to this Miss’s name? According to the tax laws, transfer of equity is taxed at 20%, which is equivalent to 60 billion.”
“60 billion?!” Lin Chuxue was dumbfounded. Even for someone who was able to maintain her cool at most times, she couldn’t sit still anymore. 60 billion RMB in just tax, that was already a dozen billion in US dollars!
“Let’s forget about it, Auntie Lan, it’s not worth it… Transferring them to my name will shrink the assets immediately by 20%, where would we get that much cash to pay the taxes? Even if I want these assets, I physically can’t…” Lin Chuxue bitterly smiled. She completely didn’t expect the companies managed by Auntie Lan to be worth this much. If she knew it earlier, she definitely wouldn’t have taken Auntie Lan up on her offer.
Auntie Lan said, “It’s fine, transfer them all to her name, I will pay the tax.”
Lin Chuxue looked directly at Auntie Lan in shock. “Auntie Lan, you…”
Auntie Lan smiled. “The money Madam saved up abroad for Young Master is just enough to pay this tax. Mr. Zhang, let’s go through with the procedure.”
“No!” Lin Chuxue directly interrupted. “Right now, I’m still not capable enough and cannot accept and manage this many companies at once. Auntie Lan, please give me more time to consider it again.”(read on noodletowntranslated dot com to support the actual translators)
“Too late.” Auntie Lan smiled. She said to the managing partner of the firm, “Mr. Zhang, please go and take care of it now.”(read on noodletowntranslated dot com to support the actual translators)
Mr. Zhang nodded and left with his team.(read on noodletowntranslated dot com to support the actual translators)
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