Reborn Entrepreneurial Giant.

Chapter 287 Xiangyun’s listing plan

Multiple entities under Charlie Lee control 29% of PCCW shares, of which PCCW Development holds the largest share of 22.86%. Vision Investment acquired this part of the stock, and Charlie Lee will retain the remaining 6% of the shares.

In addition, mainland China Netcom, a state-owned enterprise, holds approximately 19.84% of PCCW's shares, making it the second largest shareholder. This is another big trouble.

PCCW's current price is around HK$2. It is 100% unfeasible to acquire it at this price. Qu Li finally paid HK$3.1, a premium of about 55%.The acquisition of PCCW Expansion holds 15.48 billion shares of PCCW, accounting for approximately 22.86%. The total purchase price is approximately HK$48 billion and US$6.15 million, and is within an acceptable range within HK$50 billion.

If the acquisition by Vision Investment fails, Charlie Lee needs to compensate HK$3 million, which is regarded as the reward for acquiring Pinebridge. The two parties quickly signed a simple contract to assist Charlie Lee in acquiring Pinebridge first, and the acquisition of PCCW will take its time.

The two parties reached a preliminary agreement, signed the contract soon, and then designed a plan, such as Vision Investment giving up a majority of Pinebridge's equity and completing the final delivery after acquiring PCCW. If Charlie Li went back on his word, Vision Investment could minimize the loss.

"After completing this matter, you will spin off Vision's overseas Internet, semiconductor and Xiangcai Securities assets, and then start an equity incentive plan." Qu Li told Sun Jianhe, talking about the previous things, he will One day, he completely gave up control of Vision Investment and transferred his wealth to the family fund.

The assessment index of Vision Investment's equity incentives is not simply based on the ability to make money, but on its comprehensive ability. For example, Du Jiuming, who can promote the establishment of Changjiang Storage like a cocoon, will get more points.If Changjiang Storage can succeed, Du Jiuming will continue to benefit.

It’s not that long-term investment is not important. His investment in these industries is considered strategic level. If it fails, forget it. If it succeeds, he will indirectly hold part of the control. Sooner or later, he will be punished. If you don’t believe it, you have already surrendered.

Of course, Qu Li cannot stop eating because of choking, and his worries are unfounded. The most important thing now is to ensure the success of these enterprises, but Qu Li's personal energy is limited. If you really want to monopolize all the interests by yourself, who is willing to play with you?Top talents need ideals and beliefs, and more importantly, a material foundation as a basic guarantee, and profit sharing is a must.

I won’t talk about the specific adjustments of Vision Investment in the future. He and Sun Jianhe’s team will become partners in the future rather than a superior-subordinate relationship.

Charlie Li and Sun Jianhe left Beijin, and Qu Li and Chen Danni went to watch "The Founding of the People's Republic of China". As Wang Fei's song "Ruishi" became popular on the Internet, the movie received a lot of attention, and celebrities from all walks of life appeared in an endless stream. The film effect is just like that.

"It's not good-looking at all." Chen Danni complained to him, "It's not as impressive as "Red Cliff"."

The national box office of Red Cliff is 4.6 million, setting a new record. Many people say that this movie is very unfavorable to Chen Kaige. More people are discussing the famous scenes in the movie, including the burning of Red Cliff at the end of the Battle of Red Cliff, and the warships that cover the sky. Ignite, with Jane Zhang soprano’s Victory as the background, the scene is awesome.

The film clips of the two fight songs Nijamena and Victory were uploaded to YouTube and have been viewed an astonishingly 5000 million times.In comparison, "The Founding of the People's Republic of China" really doesn't have much appeal, even if the inflation situation in the areas ruled by the Fruit Party is added.

But it doesn’t matter. Governments, institutions and primary and secondary schools across the country have reserved the theater. It’s not difficult to have a box office of over 4 million.

Qu Li didn't care about the success or failure of one or two movies. The leaders of the Film Bureau put forward some suggestions to the superiors, such as encouraging private capital to invest in cinemas, especially digital cinemas.Taking advantage of the launch of Siwanyi, there was money everywhere but no place to spend it. Then it was the turn of the film industry and the movie theaters.

The cinema chain jointly established by Xiangcai and Xiaoma has begun construction across the country, but the plan has changed. Five large cinemas with IMAX theaters with an investment scale of 5 to 3000 million have been built in Beijing, Shanghai, Guangzhou, Shenzhen and Chengdu, and more than a dozen more A digital cinema with an investment scale of around RMB 5000 million.As always, Qu Li, as always, "strength can produce miracles".

However, not everything went smoothly. The Securities Exchange Commission officially announced that it would hold the first GEM issuance review meeting on September 9, and Xiangyun officially entered the listing process.Qu Li went south to Yangcheng because things had changed.

Xiangyun has a total share capital of 5.5 million and plans to issue 1.5 million shares, including 5000 million new shares, and the total share capital will increase to 6 million shares.Riyue Fenghua sold 1 million old shares, and its shareholding dropped to 4 million, with a shareholding ratio of approximately 66.67%.

按照2009年上半年净利润3.5亿，全年7亿净利润计算，创业板IPO最低市盈率可能达到40倍，祥云市值约280亿，融资规模可能达到70亿。要知道历史中首批28家创业板上市企业的融资规模在155亿左右。

If calculated based on the net profit of about 2008 million in sales of 11 billion in 3, even with a price-earnings ratio of 60 times, Xiangyun's market value is only 180 billion, and the financing scale is reduced to 45 billion, which is greatly underestimated.

"The Securities Exchange Commission said that Xiangyun's market value is only about 400 billion, and the market value of its subsidiaries cannot exceed 300 billion..." said the person in charge of the IPO from CICC.

"It seems to make sense..." Qu Li said involuntarily

Based on Anta's net profit of RMB 09 million in the first half of 6 and its market value of approximately HK$260 billion, Xiangyun's market value may only be HK$150 billion.Now because of the two major concepts of clothing e-commerce and international brands, there is such a high price-to-earnings ratio and premium.

"Let Xiangyun become the company listed on the GEM with the highest price-to-earnings ratio..." Although he felt that the Securities and Exchange Commission's view was reasonable, Qu Li suddenly became unhappy when he saw the other coquettish bitches on the GEM and forcefully stated his request.

Qu Li is so confident that the growth potential of clothing e-commerce is really not as good as that of some high-quality companies, such as Aier Ophthalmology and Yiwei Lithium Energy.

The communication with relevant departments was not very smooth, and in the end a lot of adjustments were made, such as reducing the scale of financing, issuing 5000 million new shares and transferring 2500 million old shares.

按照08年的3亿元的净利润80倍左右的静态市盈率计算，发行市值240亿，股价最低40元融资约30亿，其中20亿是祥云公司的，10亿是日月风华的。

Xiangyun’s 20 billion is mainly used to develop the market and establish offline sales channels.The comprehensive expenses for this IPO are about 6000 million, which is already quite high.

The GEM issuance review department is under great pressure. Xiangyun is well-known at home and abroad. If such a company does not meet the standards, what other company will meet the standards?Of course, the relevant departments will most likely not consider these issues. They are more concerned about maintaining their own authority.In the end, Xiangyun's adjusted plan was approved, and the listed company code was assigned No. 3.

Let’s not talk about the company’s internal equity incentive plan. Sun and Moon Fenghua’s shareholding ratio in Xiangyun exceeds 79%, and 4% will be given up for equity incentives. It cannot be cashed out within three years. Jumei will probably not need to cash out Xiangyun after three years. The shares were financed.

Fortunately, after Xiangyun went public, Jumei could cash out through mortgage loans if it really needed money.

When the GEM was the most relaxed, listing on A-shares was much more troublesome than listing on Nasdaq, and financing costs were not low.

Qu Li accompanied Chen Danlin back and forth between Yangcheng and Pengcheng. He met all kinds of "big people" and felt his own insignificance. Qu Li, who was a powerful figure in the Internet technology industry, turned out to be nothing more than that. Fortunately, he witnessed Chen Danlin's tenacity. .