Chapter 2577 Talking about the conditions for listing
9 a.m., Hong Kong Stock Exchange Office Building.
Xiao Qi and Feng Kelun arrived at the conference room on time. In addition to the CEO of the Hong Kong Stock Exchange Zhou Wuyao, there were also three powerful people from the Hong Kong Stock Exchange: Vice President Rob, Chief Financial Officer Tan Jiachun, and Director Supervisor Zheng Yuhong representing the government.
In addition to Zhou Wuyao who is a professional manager, Rob is a member of the Luo family, the controlling shareholder of Hong Kong's largest securities company, Tan Jiachun is closely related to Hong Kong's second richest man, Uncle Li, and finally Zheng Yuhong is Zheng Yoga's nephew.
Seeing Xiao Qi and Feng Kelun come in, they naturally had smiles on their faces.
"Master Qi, please have a seat, Mr. Feng, please have a seat!"
Zhou Wuyao and the other four arranged for Xiao Qi and Feng Kelun to sit across from them. There were no people around to record the meeting and negotiations. Obviously, they did not want the outside world to know the terms of the negotiations this time.
In fact, in many listing activities, what the outside world knows is only what they want to know. The real inside information and exchange conditions will not be disclosed to the outside world.
For example, now, they want to list Meitu Sharing Company ahead of schedule. Although the capital has put pressure on Xiao Qi and made Xiao Qi agree, the specific operation still depends on Xiao Qi and the Hong Kong Stock Exchange.
Otherwise, if Xiao Qi randomly finds a few interfaces and procrastinates for a month, the capital will not be able to say anything.
But the situation is miserable for the Hong Kong Stock Exchange. It originally wanted to seize the opportunity to stabilize people's hearts. If you delay it for a month, who knows whether the Hang Seng Index will collapse to a new low?
Therefore, the Hong Kong Stock Exchange never thought that it would receive such huge benefits without paying anything.
And as long as Xiao Qi is willing to talk, that's a good thing.
"Mr. Feng and I are here today mainly to negotiate with Mr. Feng as the leader." Facing everyone's gaze, Xiao Qi said, "His opinions can represent my opinions."
Once he sets the tone like this, things will be easier to talk about.
In addition, everyone feels that Mr. Feng is young and does not understand the market, so he is easily fooled. As for Xiao Qi, who is younger than him, he certainly cannot be compared with ordinary people. Why don't you say that someone is young, but he is the richest man in the world?
It’s already been two years? And looking at this situation, it won’t be a problem to sit on the throne of the world’s richest man for 70 or 80 years.
Everyone who originally looked down upon Feng Kelen encountered difficulties at the beginning.
"First, cancel the requirement of 25% of outstanding shares! Second, cancel the requirement of one share, one vote! Third, the Hong Kong Stock Exchange must ensure that the stock of Meitu Sharing Company is not affected by violent fluctuations. Once any abnormal situation occurs,
Meitu Sharing Company has the right to request a suspension of trading at any time. Fourth, the number and amount of Meitu Sharing Company’s IPOs are decided by the company itself.”
All right.
Feng Kelun said these four prerequisites, which made the four giants of the Hong Kong Stock Exchange frown.
Although they had expected that Xiao Qi would definitely talk about one share, one vote, they did not expect that this time he would directly talk about 25% of the outstanding shares.
As for the third point, the suspension of trading, that is easy to discuss. Although Li Chaoren and Li Sishu's companies do not have such privileges, it is almost the same. When they call them about anything, the Hong Kong Stock Exchange does not say anything.
Nope.
The fourth point is even more exaggerated. Although the market value of an IPO is nominally decided by the company itself and then declared and discussed by everyone, the stock exchange actually has great negative power.
If they believe that the valuation of many companies is too high and are afraid of affecting issuance, they will lower the IPO price and the amount raised.
That's what Penguin was like in Hong Kong at the beginning, but Penguin itself followed suit and increased its value hundreds of times in one go, becoming the real number one Internet technology stock.
As for the first and second requirements, the Hong Kong Stock Exchange still has expectations, but they are not going to give in just like that. It is too easy to let the Meitu Sharing Company get it. So what will happen?
Don’t forget, there is a Fairy Guard behind the beautiful pictures that we have already talked about. This company is a direct descendant of the Fairy Company. If they ask for new treatment, who knows what conditions they will put forward.
Rob pondered and said: "Mr. Feng, the third point of your request is acceptable, but you have to go through a scene and call to inform us, otherwise it will be difficult for us to explain to the outside. But the rest
Each of the three points is related to the Hong Kong Stock Exchange’s foothold, and I’m afraid it’s not that easy to achieve.”
"If it's easy, can we raise it?" Feng Kelun said honestly and directly: "Meitu Sharing Company is an Internet company facing the world. If it is tied up by the bad regulations in a place like Hong Kong, how can it offer it to the world?
World development? So we should be in line with the rest of the world. Besides, we don’t make the request for no reason. The United States has implemented it for many years and the results are very good. Why can’t we do it?”
After a pause, Feng Kelun said, "Believe it or not, you don't have to wait for next year. I will be listed on Nasdaq this year. The conditions they will give me will definitely be better than yours! I am serving major companies instead of treating the company as a company."
Be the subject of jurisdiction!”
Chief Financial Officer Tan Jiachun frowned. Just as he was about to say something, his feet hurt. He turned around and saw Zheng Yuhong, who was sitting on his right, pretending to write something with a pen. It seemed that he was not the one who kicked Tan Jiachun just now.
Tan Jiachun came back to his senses, looked at Xiao Qi who was silent, sighed, and stuffed all the words he wanted to say back into his stomach.
"Haha, Mr. Feng, what you said is a bit biased. How do they foreigners know how to take care of Chinese companies? It's better for us in Hong Kong. We are all our own people, so we will naturally cooperate happily." Zhou Wuyao tried to smooth things over,
"Hong Kong's Hong Kong Stock Exchange is also preparing to issue an announcement in the past two days, which is about one share, one vote. However, we feel that the three-tier stock structure in the United States is too exaggerated, and the two-tier stock structure seems to be more feasible.
.”
The three-level stock structure divides stocks into three types: A, B, and C. Class A stocks may have one vote per share, Class B stocks may have two votes per share, and Class C stocks may have ten votes per share.
The secondary stock structure is simply divided into two structures: a and b. The specific shares occupy the voting share are determined according to specific company regulations.
Generally speaking, secondary stock structures are the more popular approach.
The Hong Kong Stock Exchange is afraid that Feng Kelun will use a three-tier stock structure to explain things. In this way, it is obvious that only 10% of the stocks can express 80% of the equity. This is too exaggerated.
For a secondary stock structure, even a ratio of one to two or one to three is barely acceptable.
"The secondary stock structure is also fine!" Feng Kelen nodded. He came here to achieve his purpose, not to quarrel. "What about the 25% of circulating shares?"
"I think we have to take our time on this." Rob shook his head and said, "This regulation has been implemented for many years, and there are similar regulations in Europe and the United States. If it is to be reformed, it is impossible to completely abolish it. At most, it will be changed to
20%. If we are given some time, I think we should be able to introduce an interim measure within a year to reduce this amount to 12%-15%."
Feng Kelun was a little hesitant. Zheng Yuhong here smiled and said, "Mr. Feng, any reform process is step-by-step. If it is too fast, it will be bad. Please believe in our sincerity. We will not use this kind of thing.
It’s a joke.”
Before coming, Xiao Qi told Feng Kelun that he would decide everything about sharing beautiful pictures, and Xiao Qi would not give him any suggestions, so Feng Kelun thought about it for a long time and nodded slowly.
"The remaining fourth point is that it's troublesome even if it's troublesome, and it's not troublesome even if it's not troublesome." Zhou Wuyao said, "But I can ask, what is the IPO valuation of Meitu Sharing Company? How much funds are you planning to raise?"
“As of August, Meitu Sharing has more than 2.5 billion registered users and more than 1.8 billion monthly active online users, making it truly the world’s largest photo website.” Feng Kelun said, “A few months ago, we only had 100 million people.
When there were active users, foreign investment banks gave it a valuation of US$3 billion.”
"I know everything you said, but what do you mean?" Zhou Wuyao felt that he was a little afraid when he heard Feng Kelun report an astronomical figure.
"10 billion U.S. dollars." Feng Kelun said word for word.
Somehow, the four giants, including Tan Jiachun, felt relieved after hearing this number.
When they heard Feng Kelen's conditions, they thought that at least Feng Kelen would propose an IPO valuation of US$12 billion, but they didn't expect that it was actually a little less.
"In addition, the total shares we use to raise funds are 50%, including the shares given to shareholders of various joint-stock companies, underwriters and market circulation." Feng Kelun said, "But as our management, there is also the largest shareholder
Mr. Xiao Qi, the stocks we hold will be worth 15 votes per share. If we sell them, they will automatically be converted into ordinary stocks and we will no longer be eligible for 15 votes."
"So many!" Tan Jiachun couldn't help but sigh.
I originally thought that they would be polite if they could give out 30%, but I didn't expect that they were willing to give up 50% of the shares.
Zhou Wuyao glanced at him, then smiled and said to Feng Kelun: "The price is a bit high, and the shares released are also a bit more. But I think people with insight in Hong Kong will definitely actively buy it! I personally welcome it
Mr. Feng’s decision, and the opinions you just put forward. We will hold a meeting when we return and will give you the answer to Mr. Feng soon!”
In fact, after talking for so long, the other party's bottom line is basically known, and the bargaining is almost complete.
What Zhou Wuyao is thinking now is, once the news that Meitu Sharing Company is willing to sell 50% to other companies and that it will be listed and circulated gets out, how many people will be crazy about it?
No one can buy too many shares of a company as popular as Meitu Sharing Company! (To be continued...)