Chapter 44 2. After repeated consideration, Du Linxiang decided to suspend the listing

Wistron's global roadshow officially debuted. The specific date for the start of the road show was selected by two Feng Shui masters from Hong Kong and Hezhou.On the same day, Du Linxiang led a group of executives from Wisdom to Hong Kong and appeared in front of international investors in an unusually high-profile manner.During the next 12-day road show tour, Wiston's team will also go to Zurich, Frankfurt, London, New York, Los Angeles, Singapore and other major international financial cities to communicate and interact with investors. The road show is called the last mile before going public.Through the promotion meeting on the way of the road show, the company will give investors a detailed introduction to the company's performance, products, development direction, etc., fully explain the investment value of the company to be listed, so that prospective investors can understand the specific situation in depth, and answer the concerns of institutional investors. The problem.In addition, the road show is also a time for investors from all walks of life to apply for shares.The more active investors are in purchasing and the higher the subscription price, the more promising the company's future prospects will be.

The protagonist of the roadshow is naturally the company to be listed, and the specific trader is the investment bank.As the sponsor of listed companies, the most important job of investment banks in the listing process is to determine the price range for issuing stocks, and then sell the stocks to customers through roadshows and other means. Investment banks around the world are actually similar.Generally speaking, in order to go public successfully, four departments within the investment bank will participate in the division of labor and cooperation, namely the investment banking department, pricing department, sales department, and research department.The investment banking department mainly cooperates with lawyers and accountants to conduct due diligence on the company, examines whether the company meets the statutory requirements of the regulatory authorities and exchanges in terms of compliance, and drafts the prospectus; the pricing department evaluates the company and determines the price of the stock issue. range; the sales department sells the company's stocks to investors such as funds; the research department writes stock rating research reports on the company's stock value for reference by stock buyers.

Investors located around the world may not be very familiar with listed companies, but they have long-term cooperative relationships with investment banks that specialize in stock underwriting.During the road show, the investment bank will calculate the cumulative subscription volume of all investors at various prices to obtain a series of total subscription volumes at different prices, and then negotiate a definite issue price with the company.Finally, all subscribers whose quotes are above the issue price are eligible to subscribe, and the number of shares allocated to the finalists is completely determined by the investment bank.

Under such a system design, investment banks have a great say in pricing and stock allocation.In this process, listed companies are basically led by the nose by investment banks. On the first day of Wisdom's performance, global stock markets generally fell.The Dow Jones Index in the United States and the Hang Seng Index in Hong Kong have fallen sharply.The investment bank in charge of Wistron's listing business called Zhuang Zhiqi that night, saying that in view of the global economic downturn, the stock issue price could only maintain the lower limit in the prospectus. According to Wistron's prospectus, the listing plans to sell about 1.7 billion new shares, the offering price is between 3 and 5 Hong Kong dollars, and the raised funds are 5.1 billion to 8.5 billion Hong Kong dollars.The issue price can only be maintained at the lower limit, which means that the amount of financing has shrunk by more than 3 billion Hong Kong dollars.After receiving the report, Du Linxiang was very unhappy, but he had to bear it.In his view, if the listing can bring back 5 billion Hong Kong dollars, Wisdom's financial difficulties will also be easily resolved.Although it is not a happy ending, it is acceptable after all.

However, after the promotion meeting in New York ended, Song Jinchi, the president of the investment bank, called Du Linxiang himself, saying that during the road show, investors were not enthusiastic about purchasing.According to the current situation, the stock issue price will be lowered. Du Linxiang asked angrily: "Mr. Song thinks, what is the reasonable issue price?" Song Jinchi paused and said: "This still needs to be calculated and analyzed accurately based on the current purchase situation." Du Linxiang asked again: "When can you tell me the result?"

Song Jinchi said: "It is nine o'clock in the morning in Hong Kong now, and it is estimated that the accurate number can be calculated at three or four in the afternoon. The time difference between Hong Kong and New York is twelve hours, and it happened to be the early morning in New York at that time. In order not to disturb President Du's rest, I Let the subordinates pass the numbers to you at eight o'clock tonight, which is eight o'clock in the morning in New York." "No." Du Linxiang said, "Pass it to me immediately. I can't sleep without seeing the numbers you calculated."

"Okay." Song Jinchi replied. In the high-end suite of the Hilton Hotel in the East Side of Manhattan, Du Linxiang has not closed his eyes.There was light snow outside the window, and Du Linxiang was sitting by the window, smoking one cigarette after another.At 3:30 in the morning, he received a message from Song Jinchi from Hong Kong.The issue price they finally calculated was HK$2.76. Seeing this number, Du Linxiang was immediately shrouded in an ominous feeling.He didn't care that it was early in the morning, so he called Zhuang Zhiqi to his room. A minute later, Zhuang Zhiqi in a suit and leather shoes walked into the smoky room.Du Linxiang looked at his attire and asked, "You haven't slept yet?"

Zhuang Zhiqi nodded: "I won't be able to sleep until Song Jinchi's letter of approval!" "Their acceptance letter is here, 2.76 Hong Kong dollars." Du Linxiang said coldly. "2.76 Hong Kong dollars?" Zhuang Zhiqi was a little surprised. "Too close, too close!" Du Linxiang shook his head in pain, "Why this number? Could it be..." "Yeah, it's too close." Zhuang Zhiqi looked serious, "Compared to 2.74 Hong Kong dollars, it's only two cents away." The mood of the two became more and more heavy. 2.74 Hong Kong dollars is another sensitive figure that they have repeatedly calculated before!

In the cooperation agreement signed with Lai Jingdong, the two parties agreed that Lai Jingdong's final shareholding ratio should be tied to the stock issue price.The lower the issue price, the higher Lai Jingdong's shareholding.Later, under Du Linxiang's repeated insistence, another article was included in the contract. In order to ensure Du Linxiang's controlling position, Lai Jingdong's shareholding ratio could not exceed Du Linxiang's.According to these two clauses, when the stock issue price falls below a certain price, Lai Jingdong's shareholding ratio will no longer increase automatically as the stock price falls.

Before the road show, Du Linxiang and Zhuang Zhiqi calculated repeatedly.That critical critical point is 2.74 Hong Kong dollars.As long as the stock price remains above HK$2.74, the lower the stock price, the higher Lai Jingdong's shareholding.If the stock price is lower than 2.74 Hong Kong dollars, Lai Jingdong's shareholding ratio will not increase. The night in New York was dark and snowflakes were flying, but Du Linxiang was extremely excited.He stood up and shouted loudly: "There is a difference of two cents, maybe people are asking for auspiciousness. Compared with four or six, it is much more auspicious. Song Jinchi raised this issue price, so I have to doubt that he and Lai Jingdong Already hooked up."

"It's very possible!" Zhuang Zhiqi also lit a cigarette, "According to this issue price, our financing amount will be greatly reduced, but Lai Jingdong's shareholding will increase. After the listing, Lai Jingdong and Song Jinchi will join hands to stir up the stock price , they really want to make a lot of money." Du Linxiang calmed down, sat back on the sofa and said, "You said before that there are standards to measure whether a listing is successful." "That's right." Zhuang Zhiqi said, "Whenever a company is listed on the stock exchange, the media will say it's a successful listing—that's just for laymen to watch the excitement! In my opinion, even if the stock is listed for trading, it cannot be said that it is a success. Listing. There are two criteria to measure success, the first is the price-to-earnings ratio, and the second is the volatility of the stock within three months after listing.” Zhuang Zhiqi went on to explain: "The so-called price-earnings ratio is the ratio of stock price to earnings per share. Different industries have very different price-earnings ratios. The price-earnings ratio of high-tech industries is generally higher, while that of traditional industries is lower. Generally speaking, we will Compare different companies in the same industry. For example, Wistron is a real estate company. If other real estate companies generally have a price-earnings ratio of six to seven times, but our price-earnings ratio is only about four times, it proves that our issue price is low. As for the fluctuation range, I think that no matter whether it goes up or down within three months after listing, as long as it exceeds 30%, it means that the listing process is flawed. A drop of more than 30% means that the company is looked down upon by shareholders and has no prospects; a rise of more than 30% means that The stock price was undervalued at the time of listing, and the company could have raised more funds, but it failed.” Du Linxiang took a deep breath: "If you accept Song Jinchi's price, then Wittone's listing will not be considered a success." "I'm afraid so." Zhuang Zhiqi sighed, "According to the issue price of 2.76 Hong Kong dollars, only more than 4 billion funds can be raised. It is a lot less than the previous estimate." "A bunch of bastards!" Du Linxiang cursed bitterly. It's winter in New York, and it's cold outside.Because of heating needs, the doors and windows of the hotel are tightly closed.The smell of cigarettes in the room was a bit choking, but Du Linxiang continued to smoke another cigarette: "Can we accept this price?" Zhuang Zhiqi paused and said: "We must be at a disadvantage when we go public at this price. But if we can really raise more than 4 billion yuan, it can solve Weitong's urgent need. The company's capital chain is too tight. With these 400 million More than one billion, I dare not say that we have fought a beautiful turnaround, at least we can breathe a sigh of relief." "You mean to accept their terms?" Du Linxiang asked. "No!" Zhuang Zhiqi said, "I'm just analyzing the current situation, and the final decision must be made by Mr. Du." Du Linxiang took a sip of tea: "Over the years, I, Du, have suffered enough losses. I really can get back more than 4 billion life-saving money, and I don't care about suffering another loss. Lai Jingdong and Song Jinchi also saw Weitong's urgent needs. It takes money to dare to be so arrogant. Lai Jingdong may have already judged that in order to take care of the overall situation of the listing, I will swallow this bitter pill." "It doesn't matter if you suffer a small loss. But, have you thought about it?" Du Linxiang changed the subject, "Is listed at 2.76 Hong Kong dollars, and Lai Jingdong's shareholding ratio will increase greatly. Although there is a contract, his shareholding is not as large as mine, but The two sides are already very close. Song Jinchi has stock options, and after the listing, he will also have the shares of Weitong. This time, the two are working together. If they join hands after the listing..." Zhuang Zhiqi said: "I did some calculations. Even if their shares together are 1.5% less than yours, you are still the controlling shareholder." Du Linxiang stared at the ceiling: "1.5%, this is by no means an insurance value. In the future, in the secondary market, with a little manipulation, Lai Jingdong may become the largest shareholder." "Mr. Du's worry is not unreasonable." Zhuang Zhiqi said, "With their financial resources, if they make acquisitions in the secondary market, the consequences will be difficult to predict." Du Linxiang slapped the coffee table with a slap: "Weitong is my family business that I worked so hard to build! He Lai Jingdong wants to take it away, but there is no way!" Zhuang Zhiqi put his left hand on his chest and rested his chin with his right hand: "Things may not be as bad as we thought. Maybe Lai Jingdong is just determined that Weitong urgently needs listing financing, so he deliberately suppressed the stock price to force us to submit. In the future, if the stock price goes up, he Then cash out and sell. It stands to reason that an investment institution is in the business of making money from money, so it doesn't make sense to care so much about controlling rights." "It also makes sense." Du Linxiang nodded, but his face darkened in an instant, "How can we guess what Lai Jingdong is thinking. When it comes to that time, if he does something unreasonable, he will be a knife and a fish for me." .” Zhuang Zhiqi lowered his head and remained silent.He knew that Du Linxiang would not back down on the issue of Weitong's controlling stake. After a long silence, Du Linxiang said: "This condition must not be accepted." His voice was not loud, but his tone was extremely firm. Zhuang Zhiqi said: "I will communicate with Song Jinchi tomorrow and try to increase the issue price." Du Linxiang said blankly: "What if he refuses to budge an inch?" Zhuang Zhiqi was at a loss for words for a moment, he really didn't know how to resolve this deadlock.Du Linxiang said: "If he refuses to make concessions, we will suspend the listing immediately." Zhuang Zhiqi was stunned: "Stop listing?" "Yes." Du Linxiang said firmly. Zhuang Zhiqi said: "The suspension of the listing, the shock is too great. Without the financing in the stock market, how can Weitong survive? Also, we did not go public within the prescribed time limit. We have to compensate Lai Jingdong for several of our projects." Du Linxiang said: "I don't want to go to this point either, it's because they are deceiving people too much." Zhuang Zhiqi asked again: "Mr. Du, have you really decided? This is a major event related to the fate of Weitong!" Du Linxiang wanted to give an affirmative answer immediately, but hesitated for a while.Zhuang Zhiqi is right, this is a major decision related to the fate of Weitong, once you step out, there is no turning back!Should we be more cautious?He loosened his clenched fist and said slowly: "Let me think about it again. I will definitely make a final decision within today." Zhuang Zhiqi nodded, and said, "Then I'll go out first?" "Okay. I also want to be alone." Du Linxiang replied. Zhuang Zhiqi turned around knowingly and left.After following Du Linxiang for many years, he has already understood the temper of the boss. The more trivial things are, the more Du Linxiang likes to find a group of people to listen to their opinions; Outline dogmatic. Winter in New York is freezing.I don't know if it's because the heating in the room is too high, or because he is too preoccupied, but Du Linxiang's back is constantly sweating.With bloodshot eyes, seeing the piles of cigarette butts piled up in the ashtray made her feel even more irritable.After a whole night of sleepless nights, the sky had already revealed a touch of light. Du Linxiang simply wrapped up his winter clothes and walked out of the hotel, strolling in Manhattan in the early morning. The snowflakes that fell at night covered the world's financial capital in white.The snow in New York is not as graceful as an oriental lady, but as capricious and unrestrained as a gypsy girl.Because he was walking against the wind, large flakes of snow fell on him, almost making Du Linxiang unable to open his eyes.Not to mention being in Hezhou, even in Beijing, he had never seen such heavy snowfall. Stepping on the snow, Lai Jingdong's figure kept appearing in Du Linxiang's mind—plain Shaanxi accent, with a gentle, courteous and thrifty face, but an unstoppable ambition lurking in his body.Du Linxiang once admired him, but now he is full of wariness and distrust.What on earth is he trying to do?Do you just want to make a huge profit from Wistron's stock, or do you want to take a controlling stake in the company?Du Linxiang was really uncertain. Accept Song Jinchi's offer for more than four billion Hong Kong dollars at your fingertips?Zhuang Zhiqi's analysis is not entirely unreasonable. Lai Jingdong is in the business of making money, so he has no reason to care too much about the controlling stake in a company.How beneficial is it to Lai Jingdong to be the largest shareholder of Shangweitong?Du Linxiang repeatedly weighed in his heart. The snow fell more and more, and the snowflakes even got into the scarf and neckline, making Du Linxiang's temples and neck wet.Regarding the thought just now, Du Linxiang subconsciously shook his head.You must not shrink back, let alone accept such an alliance under the city!Even based on rational analysis, the possibility of Lai Jingdong wanting to make a huge profit is as high as 99%, and the possibility of coveting a controlling stake is only 1%. Du Linxiang still dare not take such a risk.Because the bet this time is the control of Weitong, which he has devoted his whole life to, and it is something Du Linxiang absolutely cannot afford to lose. Can Zhuang Zhiqi persuade Song Jinchi, or can Lai Jingdong, who is behind Song Jinchi, give in?Du Linxiang was not sure.This opponent of mine is too strong!From the beginning of the cooperation, it seems that they have been manipulated by others, and the occasional resistance and struggle are also so weak and powerless.I have also tried my best. For example, the investment bank recommended by Chen Yuanxiong was rejected outright.What Du Linxiang is worried about is that the investment bank and Lai Jingdong will collude.Unexpectedly, Song Jinchi and Lai Jingdong finally join hands and point their guns at themselves! While Du Linxiang sighed, he also set his sights on the longer-term future.If it is forced to go public, Lai Jingdong will be the second largest shareholder in justifiable name.This person not only has the true talent and knowledge of leading a group of people, but also has the courage to play big plots, big tricks, kill decisively, and dare to act.Sitting next to such a person, I don't know when he will make a move. As a major shareholder, I am also worried and can't sleep or eat. Stores and residents who got up early have already started to clear the snow in front of their doors.This is not because Americans are very conscious, but New York has a law that if someone slips and falls in front of a certain house and is injured, all medical expenses will be borne by that family.In the United States, where medical expenses are extremely high, there is really no mobilization order for snow plowing that is more effective than this law.The cheerful snow-sweeping scene did not make Du Linxiang feel a little relaxed.He was thinking in his mind, once the listing was suspended, what should he do next? Du Linxiang is not without confidence.In recent years, Weitong has fought south and north, winning one beautiful battle after another.The company's current land reserve, real estate quality, and brand effect make its competitors dare not underestimate it.Even if it is to borrow money to expand, it is a great skill to be able to do such a beautiful job and have such a big stall!At this time, Du Linxiang was somewhat grateful to An Youqi.This iron lady-like figure is the number one hero of Weitong's expansion to the whole country. Besides, Du Linxiang still has a trump card in his hand.Once this weapon is sacrificed, Lai Jingdong must also be afraid of it.Thinking of this, Du Linxiang finally revealed a rare smile. Suspending listing is by no means stopping listing, but dormant for a period of time, waiting for a better opportunity.It is conceivable that as soon as the news of the suspension of listing comes out, pressure from all parties will definitely follow.What Du Linxiang had to do urgently at that time was to find another sum of money.With this money, we can survive the most difficult days and survive until the moment of re-listing.Where can I find money, can I find it?Du Linxiang already has some ideas in his mind, but it is far from sure that he will win. Du Linxiang took out another cigarette, but it was a pity that the wind in the streets of New York was too strong, and the lighter never ignited.He had no choice but to squat down on the corner of the street, pressed it a few times, and finally lit the cigarette.After taking a few deep breaths, Du Linxiang realized that he was about to start another big gamble.If the money cannot be found as soon as possible, the enterprise can only fall in a pool of blood. Back at the hotel, Du Linxiang called Zhuang Zhiqi again: "I have made up my mind. You tell Song Jinchi that if the issue price cannot be raised significantly, we will suspend the listing immediately."