"President Qin, allow me to introduce you. This is Mr. David Rubenstein, founder and chairman of The Carlyle Group. Carlyle plans to invest at least $2 billion in China over the next few years, primarily in the heavy machinery sector."
The scene unfolded in the banquet hall of a Manhattan hotel.
It was the evening of December 19, and a celebratory gala was being held to mark the successful listing of China Telecom on NASDAQ.
Chen Qing introduced David Rubenstein to a senior executive from China Telecom. As she translated and patiently facilitated their conversation, a thought occurred to her, and she asked, "David, regarding Ukraine, has Carlyle made any progress on that matter?"
David Rubenstein nodded. "I just sent Simon a file on this earlier this afternoon."
Chen Qing paused, refraining from further questions, already planning to request the document from her boss later.
After a bit more polite conversation, Rubenstein excused himself, and Chen Qing turned to President Qin to explain, "I was just inquiring about Carlyle's efforts to facilitate technology transfers from Ukraine to China. I hope you don't mind." Then, lowering her voice slightly, she added, "You're aware, President Qin, that Ukraine's Black Sea Shipyard has an aircraft carrier, and there's interest in acquiring it, though the resistance is substantial. Carlyle has significant connections in Washington, and if they assist, the chances of success will greatly improve."
President Qin, who had initially been somewhat displeased with Chen Qing's earlier private conversation in English with Rubenstein, immediately stiffened at her words. His demeanor shifted, and he quickly shook his head, lowering his voice instinctively. "Of course not. This is a very significant matter."
Chen Qing offered a faint smile and gestured toward a figure nearby. "President Qin, that's Mr. Helton, President of Nokia's U.S. division. Shall I introduce you?"
"Of course. I've recently come across some insights about Mr. Westeros and Motorola's history. With China Telecom about to embark on significant expansion, to express our gratitude for Mr. Westeros' support for this IPO, we will certainly increase our collaboration with Nokia and reduce our procurement from Motorola."
"That's wonderful news. I'll inform Simon right away—he'll be very pleased to hear it."
Chen Qing continued networking until well past 11 p.m., when the gala finally concluded. She and Lin Su returned to their residence on the Upper West Side together.
Despite a long day of work, Chen Qing's spirits remained high.
After showering, she calculated the time difference—still not yet 9 p.m. on the West Coast—and decided to try calling her boss. She hadn't been overly optimistic about reaching him, but to her surprise, Simon answered. After a brief chat, she learned he was attending an afterparty for the premiere of Charlie's Angels.
Chen Qing, who kept tabs on Hollywood, recalled the connection once Simon mentioned it.
That was as far as her curiosity went, though.
She had too many priorities to linger on Hollywood matters. Confirming that Simon wasn't in a rush to hang up, she updated him on China Telecom's successful IPO.
As the precursor to China Mobile, China Telecom (Hong Kong) Limited had planned dual listings in Hong Kong and New York. However, the NASDAQ listing had been scheduled a day earlier, with Hong Kong's listing following the next day. Accounting for time zone differences, the gap between the two was effectively just 12 hours, and by the time Chen Qing and Simon were speaking, Hong Kong's market was about to open.
Overall, the IPO had been a resounding success.
Backed by the full force of the Westeros System, coupled with positive feedback during the global roadshow, China Telecom's IPO price on NASDAQ was set at $5.35 per share. With 500 million shares issued in North America, the company raised $2.675 billion, mirroring the scale of its Hong Kong listing.
In total, China Telecom's dual listing raised over $5.3 billion.
While a portion of this capital went to cornerstone investors—including major Hong Kong conglomerates and Westeros Company, which had purchased discounted shares ahead of the IPO—the achievement of a $5 billion-plus fundraising round was a monumental success.
On its NASDAQ debut, China Telecom's stock surged 27%, closing the day with a market capitalization of $26.9 billion.
The Westeros Company and its Hong Kong partners, having acted as cornerstone investors to stabilize the IPO, had collectively invested $500 million to acquire a significant portion of the stock at a discounted rate. Thanks to the 27% first-day surge, this stake appreciated nearly 50% in a single day, yielding substantial paper profits.
Of course, for Simon, profits were secondary.
The $500 million gain from this IPO was a drop in the ocean. What truly mattered was the solid groundwork this successful IPO had laid for future collaborations.
In any case, the IPO's outcome was far brighter than in the original timeline. Back then, China Telecom's attempt to go public had nearly been derailed by the Asian financial crisis, and even after salvaging the listing, the stock had infamously dropped below its offering price on day one. This time, the proceeds exceeded the original timeline by nearly $1 billion, a highly satisfying result.
After a while, Chen Qing brought up Carlyle and Ukraine. Simon, who hadn't yet reviewed the file sent by Rubenstein, promised to have A-girl forward her a copy.
At an afterparty near Hollywood's Chinese Theatre.
Simon stood in a corner of the hall, speaking with Chen Qing on the phone. When she mentioned that the Vogue magazine team in China had responded positively to their proposal, Simon said, "I'll speak with Semel tomorrow. The rest is up to you... China? You know I don't have time for that right now... Alright, talk soon... Yes, goodbye."
Ending the call, Simon set the phone down, handing it to A-girl. Just as she passed him a glass of champagne, a group of girls, led by Elizabeth Jagger, swarmed toward him, much to Kate Beckinsale's visible frustration as she hesitated nearby.
Ruffling Elizabeth's hair, Simon feigned pain as he teased, "You girls keep flying over to attend these premieres, always in a group. The expenses are starting to add up. What should we do about this?"
Elizabeth shook her head indignantly, brushing his hand away. With mock righteousness, she declared, "I call you Daddy now, isn't that enough?"
"…"
Elizabeth's eyes darted mischievously as she grabbed Nicky Hilton nearby. "Nicky, you too—quick, call him Daddy."
Nicky Hilton, who had been staring at Simon with bright eyes, immediately shook her head at the suggestion. "I won't."
Elizabeth, unbothered, said boldly, "You like my Daddy, don't you? Well, let me tell you, men love being called Daddy—it's very exciting."
Nicky, though no innocent, blushed deeply, stealing a shy glance at Simon.
Simon delivered a light flick to Elizabeth's forehead. Watching her clutch her head in mock pain, he warned, "Alright, any more antics, and I'll have you thrown out."
Elizabeth quickly dialed back her expressions, offering a half-hearted apology. "Dad, are you free this weekend?"
"I am, but it's for work. Even if I weren't, you wouldn't be my first choice," Simon replied, waving his hand. "Go enjoy yourselves. You're only allowed to stay here for another half-hour. Be back at your place by 10."
"You're so heartless and naggy."
Simon turned to A-girl. "A, arrange a car for them."
Elizabeth covered her ears theatrically, pretending not to hear, as she and her group playfully scattered into the crowd.
The evening's attention quickly shifted to Barbara Broccoli, the producer behind the James Bond series, who approached Simon with a toast. "Simon, I must admit, this film is exceptional."
Simon smiled. "Does this mean you're ready to greenlight a crossover between Charlie's Angels and James Bond?"
Barbara Broccoli sighed, half-jokingly lamenting, "Do I even have a choice?"
"Unfortunately, no. And, as Spectre has proven, my approach is the wise one."
Though she didn't explicitly agree, Barbara Broccoli inwardly conceded Simon's point.
The summer release of Spectre had grossed over $750 million globally—a record for the franchise, even when adjusted for inflation. Previously, the most successful Bond film, Thunderball, had a global box office equivalent to $680 million in 1996 dollars.
After watching Charlie's Angels tonight, and reflecting on the success of the DC and Conjuring cinematic universes, Barbara felt genuinely optimistic about building an equally ambitious spy-film universe.
And Charlie's Angels had proven itself a worthy cornerstone.
The three leads—Kate Beckinsale, Mädchen Amick, and Catherine Zeta-Jones—had exceeded expectations. Each brought unique qualities to their roles, shattering the perception of the Angels as mere eye candy. Beckinsale's martial arts skills, Amick's precision marksmanship, and Zeta-Jones' intelligence and agility made for standout performances.
Meanwhile, the film's high-concept story, which saw the Angels dismantling a massive human trafficking network linked to Spectre, offered fresh and innovative action sequences. Highlights included Beckinsale's restaurant brawl, Amick's sharpshooting, and Zeta-Jones navigating a laser grid.
Moreover, the ending tied perfectly into the larger spy universe. The trafficking network was revealed as part of Spectre,
setting up future conflicts. Even "Charlie" himself seemed to have ambiguous ties to the organization, leaving audiences eagerly anticipating the next chapter.
On December 20, Charlie's Angels opened on 3,136 screens across North America to widespread acclaim. Its critical reception, with an 8.2 average score, slightly outshone last week's Jumanji.
Meanwhile, the first-week holiday box office numbers were in.
Unsurprisingly, Jumanji topped the charts, grossing $63.35 million in its opening week. With its $82 million production budget and $35 million marketing spend, the film was on track to exceed $200 million domestically, securing profitability.
In second place, Wonder Woman 2 continued its strong run, grossing $38.81 million in its fourth week, bringing its total to $353.11 million.
Third place went to Good Will Hunting, which expanded to 1,746 screens, earning $23.92 million—a small-scale triumph. After two weeks, the film had grossed $29.35 million, recouping its $20 million budget.
In contrast, Jingle All the Way and The Preacher's Wife floundered in fourth and fifth places, with underwhelming openings of $12.17 million and $9.69 million, respectively. Both films faced bleak prospects.
As the new week began, the spotlight was firmly on Charlie's Angels, joined by a few smaller releases, including the animated Beavis and Butt-Head Do America and Madonna's Evita, which continued its awards-focused limited rollout.
The box office competition remained fierce, but Charlie's Angels was poised to soar.
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