After leaving Simon's office, Chen Qing and Lin Su headed directly to the headquarters of Cersei Capital, located in the same Rockefeller Center building at 1230 Avenue of the Americas.
Apollo Management, where they worked, was buzzing with activity, despite it being a Sunday. Employees moved busily between different departments.
Chen Qing knew that Apollo Management was in the process of acquiring UCAR International, a graphite electrode manufacturer, in a deal worth over $1 billion.
UCAR didn't produce graphite electrodes for batteries but rather for the steel industry, used for heating inside electric arc furnaces. Since these electrodes are exposed to molten steel at over 2,000 degrees Celsius, they require frequent replacement, making them a necessary consumable. Globally, only two companies produce such electrodes, the other being Germany's SGL Group.
In recent years, the global economic downturn led to a significant decline in demand for graphite electrodes as the steel industry slumped.
Apollo Management's acquisition of UCAR clearly reflected its confidence in the world's economic recovery.
Chen Qing suspected that China played a significant role in this investment.
China's rapid economic growth in recent years was undeniable, and with the country's focus on infrastructure development, its demand for steel continued to rise sharply.
During her trip to China earlier this year, Chen Qing had noticed that Australia's BHP Group had invested $500 million, in cash, technology, and equipment, to acquire a 30% stake in a large steel company in Jiangsu Province. BHP had also secured a deal to be the sole supplier of iron ore to this steel giant for the next ten years. Additionally, BHP had poured another $200 million into expanding the port facilities at Lianyungang, a major port in Jiangsu Province.
This $700 million investment, equivalent to around 6 billion RMB, demonstrated the Westeros system's confidence in the steel industry.
Apollo Management's acquisition of UCAR seemed to be an extension of this confidence.
Chen Qing had noticed that many companies within the Westeros system, though seemingly unrelated, were interconnected in subtle ways. For example, Apollo's investments in fashion, real estate, and technology all aligned with areas the Westeros system was deeply familiar with.
Moreover, due to the system's large-scale investments in China, during her trip back home, she and Lin Su had been approached by officials seeking to invite Simon for an official visit to China. It was clear that, if their boss agreed, a formal invitation from the Chinese government would immediately follow.
Unfortunately, Simon wasn't interested.
Back in their shared office at Apollo Management, Chen Qing quickly made a call to Leon Black, the CEO of Apollo. While her immediate supervisor was Jared Buckley, who oversaw China-related matters, it was better to deal directly with Leon regarding the acquisition of Sigma Designs, an American company.
Black's secretary informed her that he was in a meeting and wouldn't be available for another hour.
Chen Qing wasn't in a rush. She scheduled a meeting and then sat in the office she shared with Lin Su, reviewing documents related to the VCD industry and Sigma Designs.
When Chen Qing first joined Cersei Capital, she had been in awe of the Wall Street giant.
Although she had projected confidence at the time, it was mostly a facade. After all, she was just a graduate from China with a degree in English. Her understanding of Wall Street was limited to textbooks and hearsay, and she had been anxious about making mistakes.
However, after six months of acclimatization, Chen Qing had grown more comfortable.
She had gotten a few things right. Wall Street was indeed a fiercely competitive place, filled with some of the smartest people from around the world. The environment was ruthless, and if you didn't work hard enough, you could quickly be left behind.
This was evident from the fact that the office was bustling with activity even on a Sunday.
You could, of course, take your mandated rest, but when you returned, you might find your position gone.
On the other hand, Chen Qing had realized she had also been wrong about something. Wall Street wasn't exclusively for economics and finance graduates.
In fact, the entry barrier to this world was surprisingly low.
Many of the top Wall Street figures didn't have degrees in finance or economics. For example, BlackRock CEO Laurence Fink had majored in political science at USC, while Leon Black himself held a philosophy degree from Princeton. Then there was Michael Lewis, the author of Liar's Poker, who had studied art history. Yet Lewis had thrived at Solomon Brothers, one of Wall Street's most powerful firms, before becoming a bestselling financial author.
Chen Qing had asked some of her colleagues about this. During a company holiday party last Christmas, her immediate supervisor, Jared Buckley, had put it best: "This world demands intelligence and hard work. Specialized knowledge is secondary, because if you're smart and driven enough, you can learn whatever you need on the job."
With this realization, Chen Qing let go of her initial anxiety.
She knew she had both intelligence and determination. While she didn't have a photographic memory, she could retain important information after two or three reviews. She also took pride in her work ethic, believing she could outwork most of her peers. And though no one had told her this directly, she had come to understand the value of connections—Simon Westeros, in particular, was her most significant advantage, one that easily surpassed everyone else in the building.
When the time for her meeting came, Chen Qing got up and gathered her materials. Lin Su noticed her leave but, after a brief pause, didn't follow. Deep down, she lacked the kind of ambition Chen Qing had.
She had been daydreaming earlier.
Wondering if that man would maintain his restraint tonight.
That would be ideal.
Or perhaps… not so ideal.
In Leon Black's office, the two of them got straight to business. After handing over some documents, Chen Qing briefly summarized the project and recounted the results of her meeting with Simon.
In 1994, China's VCD sales were under 20,000 units.
However, just in January of this year, as VCD technology became more widely known, the number had already surpassed 30,000 units in the first month alone. It was projected that by the end of 1995, sales would exceed 500,000 units.
Based on professional market research, both Chen Qing and the BBK team were confident that this was just the beginning.
To provide context, by the end of 1994, the total number of VCRs in China was around 7 million units. This was a key benchmark.
VCRs in China sold for at least 3,000 RMB, with premium brands going for much more. But that wasn't the main issue. The real problem was the cost of videotapes, which ranged from 20 to 40 RMB, even for pirated copies. This was far beyond what the average family could afford. As a result, many people who bought VCRs used them to run video halls as a business.
Despite this, VCR ownership in China had reached 7 million units.
Now consider VCD. Although the current price in China was still over 4,000 RMB, once market demand increased and mass production ramped up, the price of core components would surely drop, making a VCD priced at 2,000 RMB a realistic possibility.
And VCD discs were far cheaper.
Compared to the exorbitant cost of videotapes, VCD discs sold for less than 10 RMB.
Of course, that referred to pirated discs.
Everyone understood that piracy was an integral part of the Chinese market at this stage. Chinese consumers couldn't yet afford the high prices of legitimate audio-visual content. VCD's rise would inevitably rely on the cheap piracy-driven content industry.
Chen Qing had mentioned this in the materials she submitted to Simon, and she hadn't heard any objections from her boss, who owned a vast empire in Hollywood.
It was tacit approval.
Given the advantages over VCRs, coupled with China's rapid economic growth and rising consumer spending power, Chen Qing was confident that VCD would become an unstoppable trend in China, with a market size far exceeding that of VCRs.
As it approached noon, Leon Black skimmed through the documents while listening to Chen Qing's explanation. After about 15 minutes, he looked up and asked, "Chen, I'm quite busy lately. I don't have the time to help you oversee this deal. How do you plan to handle it?"
Chen Qing handed him a sheet of A4 paper with a few names listed on it. "I understand, Leon. I've already done a lot of the preliminary work. All I need is for you to approve these people for me to form an acquisition team."
Leon glanced at the list. "Christopher Doray… I was planning to promote him as my assistant soon. Then there's Emmanuel Brandt, that aggressive Frenchwoman from Thomas' team. You know, at the last weekend party, she almost caused a scene with Chris. And here we have Nick Mendelson, Lloyd McIntyre, and Carla Hills."
He shook his head. "Chen, Simon appointed you as Jared's deputy, and I've already approved the two assistants you and Lin hired. Now you want to assemble your own team?"
Chen Qing, adopting a demeanor akin to a child asking their parent for allowance, said, "Leon, our company has over 200 employees. I'm only asking for five."
Leon Black kept shaking his head. "But you're asking for five of the brightest young talents we have, and you know that."
Chen Qing knew exactly what she was asking for. She had carefully observed these individuals over the past few months. All five were under 30 and showed enormous potential. If nothing went wrong, they were likely to become key figures in the company. Chen Qing understood her strengths and weaknesses.
She was intelligent and hardworking but lacked the years of experience in this field. These five people would complement her weaknesses.
Still, she remained poised in her response. "Leon, I believe we have plenty of talent in this company. They're just five individuals, and this is something Simon has approved."
Leon immediately retorted, "Simon approved your leadership of the acquisition, but he didn't approve you pulling these five to form your own team."
Chen Qing took out her sleek Nokia phone, waving it at him. "Shall I call him right now?"
Leon Black, seeing her press the buttons, wasn't entirely sure how much Simon might support her. His boss's indulgence toward the women around him was well-known.
Moreover, he didn't want to escalate the issue unnecessarily. After all, in the six months Chen had been at Apollo, she had proven herself capable, not just another decorative presence benefiting from Simon's favoritism. Leon respected her competence, and he knew Simon valued it as well.
Bringing such a small matter to Simon's attention might make it seem like Leon was deliberately obstructing her, which could backfire.
He had witnessed what happened with the recent BlackRock acquisition of State Street's asset management division. On the surface, it looked like a massive expansion for BlackRock, but Leon knew it was also a calculated move to curb Laurence Fink's influence. He didn't want to experience a similar "warning."
Finally, Leon relented, "Alright, Chen. I'll assign you a few people. How about Christopher's team? That includes the Frenchwoman."
Chen, seeing his softened stance, began dialing again. "I think I'll still call Simon, just to be sure."
Leon hesitated for a moment, watching her fingers on the phone, and finally gave in. "Fine, fine. But you only have one day. You need to convince them yourself. If they don't want to join, you can't force them."
Chen promptly put the phone away and smiled. "Deal."
Leon blinked, quickly realizing that she had likely already spoken to these five and secured their agreement. His final stipulation was meaningless. He chuckled helplessly. "Alright, you win. I have a lunch meeting soon."
Chen Qing stood up, still smiling. "I won't keep you, Leon. Goodbye."
Having already arranged everything in advance, Chen Qing quickly gathered her chosen team. All five were in the office today, eager and ambitious young professionals. They knew well enough who was backing Chen Qing and Lin Su. Associating with them would undoubtedly catch the attention of Simon himself, offering a fast track to career advancement. It didn't take much persuasion for Chen Qing to get their agreement.
In fact, she had her eye on several other rising talents as well. However, she was aware that forming a small team at this stage wouldn't provoke too much backlash from her superiors or the company's leadership.
Otherwise, even Simon might reject the idea if Leon Black escalated the issue.
Still, this "small" team wasn't exactly insignificant.
Aside from Chen Qing, Lin Su, and the five new recruits, Chen had recently hired two top graduates as their assistants—one from MIT and the other from Princeton—both with degrees in finance and economics. These hires helped compensate for the two women's lack of formal training in the field.
Additionally, Simon had assigned two female aides and two female bodyguards to Chen and Lin. Over the past few months, these four had become trusted assistants as well. During the Chinese New Year trip, Chen had even brought them along.
In total, Chen Qing now had a 13-person team.
Many of Wall Street's financial giants didn't start with teams of this size.
Moreover, Chen Qing had even established an office of her own in China, staffed by six employees and located in Shanghai. This office handled communications between China and the U.S. and was paid for out of the women's own pockets. Lin Su hadn't donated her entire advance salary during her trip back home because of the expenses required to maintain this office.
Chen had offered to cover the office's costs entirely on her own. Given their salaries, converted to RMB, supporting a 60-person team in China would have been no issue, let alone just six people. But Lin Su, unwilling to let Chen take full control, had insisted on making it a joint venture.
After a brief lunch to introduce everyone, the team immediately began preparing for the acquisition of Sigma Designs.
As evening approached, Chen and Lin remembered Simon's instructions and were preparing to leave at 5 p.m. to head home and get ready for the evening. But just as they were about to clock out, they received a call from A-Girl, informing them that dinner had been canceled.
A bit disappointed but unsure of the reason, they decided to stay late and continue working.
Meanwhile, Simon received a call from Grace just as he was about to finish work. She asked if he was free for dinner and suggested they meet around 9 p.m. Feeling her cautious hopefulness in her tone, Simon couldn't refuse.
They arranged to meet at Simon's Fifth Avenue apartment.
When Simon returned home, Grace arrived with Bryce Leveson. Simon had heard about Bryce's situation; since the incident last year, she and her husband had been living apart. Francis Leveson remained in Miami, managing business affairs, while Bryce stayed in New York, ostensibly to look after their son's schooling.
Bryce followed Grace inside, seemingly confident in her reason for being there, and made it clear that her excuse wasn't just a pretense.
Simon got the message.
The three of them prepared dinner together—or rather, Simon and Grace did. Bryce, who had been pampered her whole life, couldn't tell salt from sugar. She even volunteered to light the candles for a "romantic dinner," which prompted Simon to send Grace with her to ensure she didn't burn the house down.
It was a quirky candlelit dinner.
But overall, it was warm and pleasant.
They casually chatted about recent events, and before they knew it, it was after 7 p.m.
Simon's personal phone suddenly rang.
When he answered, the unexpected voice on the other end belonged to Aerin Lauder. Speaking formally, she asked if Simon would attend a costume party being held at a bar in Midtown.
Simon politely declined.
At the dinner table, Bryce gave Simon a curious look as he hung up the phone, but Simon offered no explanation.
Grace, on the other hand, had overheard the name "Aerin" and recalled the Lauder family's party from the previous night. Her curiosity piqued, she looked at Simon and teasingly asked, "I've been wondering, what can a man and a woman accomplish in just ten minutes?"
Bryce was completely lost.
But Simon immediately understood, remembering last night's impulsive behavior. Of course, he wouldn't confess anything to Grace and simply replied, "Actually, five minutes is enough. I'll show you later."
Bryce glanced between the two of them, noticing Grace's increasingly flushed cheeks in the candlelight. Sensing the mood, she asked, "Are you two telling dirty jokes that I don't get?"
Simon nodded. "Yeah, very dirty, very violent."
Grace's face grew even redder.
Bryce pressed for more details, but Simon didn't explain further, at least not until after dinner.
At 9 p.m., Grace declined Simon's invitation to stay and left on time. The other woman, however, had no intention of getting up from the bed, accusing Simon of "murdering" her with exhaustion.
Thinking that would be the end of the night, Simon was surprised when his phone rang again around 10 p.m.
It was Aerin Lauder once more.
Her voice was a little slurred, and she admitted that she was drunk. She told Simon that if he didn't come to pick her up, she'd let anyone take her home. She warned him not to inform her family, threatening to run away if he did—insisting she wasn't joking.
Reluctantly, Simon went to the Midtown bar to pick her up.
The costume party was still in full swing.
Wearing a mask to blend in, Simon easily found Aerin in a corner. Although she had clearly had a lot to drink, she wasn't actually drunk and seemed quite sober. Simon recalled her telling him that, because of her family's status, she attended over 200 parties a year, so her tolerance for alcohol was quite high.
Still, she refused to walk on her own and insisted that Simon carry her out.
With no other choice, Simon complied.
Cuddled in his arms, Aerin began to vent her frustrations, accusing Simon of being a devil for turning her from a devout Jewish girl into a "bad woman" in just ten minutes. She demanded compensation.
And she didn't want to wait. Tonight would suffice. She wanted to be compensated in "kind."
She refused to let Simon take her home.
And Simon couldn't take her back to his Fifth Avenue apartment either.
Bryce, with her temperamental personality, might get into a fight with Grace, who had been more accepting of the situation.
Simon owned several properties in Manhattan, but most of them weren't ready to be used at a moment's notice. In the end, he called for a helicopter to take them both to his estate in Greenwich, north of the city.
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