Chapter 429 The Squire's Money Is Returned in Full

Deutsche Bank is here.

IDG is here.

DCM is here.

With Goldman Sachs here, these are the four big companies of Bingxin that have gathered in New York.

In the conference room, not only Riley, Francis, McGovern, and Peter are sitting, but also Zhang Hongli, Xiong Xiaoge, Connor, and Xu Kaiwei's allotropes have completed a victorious meeting here.

However, Peter is obviously a little confused about the situation, especially when he sees the friends introduced by DCM Francis - Lehman Brothers, Bear Stearns, Blackstone Group, Warburg Pincus and other famous institutions.

The appearance of these people seems to be DCM's best efforts.

Although Peter does not know the operation behind the scenes, after adjusting his posture and looking at the smiling President Yi Kefang, he knows that this person has understood some of the rules of the game.

Why is the roadshow important?

Why do underwriters get very expensive fees?

Why do they have to show off so much during the roadshow?

It is because of the cumulative bidding inquiry system adopted for IPO pricing.

Simply put, the underwriter, that is, Goldman Sachs, will first give a preliminary price range, and the investment institutions participating in the roadshow can declare the subscription quantity within this price range, and then the total subscription volume will be allocated according to the rules.

At the same time, the issue price is also mainly based on the share purchase applications submitted by various institutions during the cumulative bidding period.

This is one of the most commonly used IPO pricing mechanisms in the world, and underwriters and investment institutions play a very important role in it.

For example, Goldman Sachs has long-term cooperative investment institutions in financial centers around the world such as Hong Kong, Singapore, New York, and London, which is convenient for them to come to support every roadshow and help improve the success rate of IPO issuance.

As for whether the price will fall below the issue price after listing, that is the market's business and your company's business. What does it have to do with me, the underwriter?

For example, the deep participation of investment institutions in this process, including subscription, pricing, and distribution.

Fang Zhuo almost immediately noticed this when he studied the listing roadshow in detail. The participation of such institutions and their influence on pricing are naturally...

The money of the gentry will be returned in full, and the money of the people will be divided into 30% and 70%.

It is worth mentioning that the registration system of the US SEC is a formal review of the comprehensiveness, accuracy, authenticity and timeliness of the application documents, but does not conduct substantive review and value judgment on the qualifications of the issuer. The quality of the stock is entirely left to the market to judge.

That is, those who buy stocks should be careful.

In such a context, the institutions have a strong influence on each other.

In a roadshow, large institutions raised questions, the issuer answered perfectly, the large institutions appreciated and recognized, and the participating institutions pledged to raise funds.

This is not waiting for the stock to be listed before pledging funds, but placing an order after the roadshow, waiting for the allotment after placing the order, and finally selling the shares to small institutions or public investors in different regions.

Fang Zhuo likes this process very much.

So, when he saw Lao Sijia and Lao Sijia’s friends, he was delighted from the bottom of his heart. This is different from the previous roadshows in Hong Kong and Singapore, which were a bit inexplicable. This is a scene that is within the plan.

The fourth family has Bingxin's considerations, and the friends of the fourth family can be influenced by the fourth family. When the roadshow comes, they will spread this influence. This is just as exciting as playing with leverage.

Who is willing to make a phone call to Sony?

Who is willing to take photos with a group of investors?

Those should be routine process stages, and they should be warm-up contents to get familiar with the roadshow site.

New York is the core of the roadshow, and it is the test that conforms to the true meaning of this word.

Of course, the company's president is not a liar, and Yi Ke's business is also excellent. It is this kind of solid excellence that attracts the enthusiasm of investment institutions. Some off-site factors are just icing on the cake.

This is Fang Zhuo's inner thoughts. He just habitually pursues better off-site.

On the morning of December 13, Yi Ke and Goldman Sachs' morning meeting was expanded into a small roadshow.

Chen Huiyao was sweating as he briefly described the entire project, and also tried to be concise and concise to report the situation of the first two stops of the roadshow.

When he sat down and saw the smiles on everyone's faces, he was relieved from head to toe. The people present were really the best ones to change jobs with their eyes closed.

It was when he saw these smiles that Chen Huiyao suddenly felt something was wrong. This scene seemed a bit big, and Mr. Fang's connections seemed to be beyond imagination!

As Chen Huiyao finished his report, Fang Zhuo said a few more polite words, and then it was time for lunch.

At this time, the benefits of choosing the location in the Time Warner Center were revealed. It was grand enough to support the scrutiny of any institution. Compared with the story of the global business layout told by an oriental country bumpkin, the image of capitalists in popular cognition was obviously more popular with institutions.

The atmosphere of the lunch was quite relaxed and harmonious. Even Peter, the vice president of Goldman Sachs, naturally put down his posture and whispered to Mr. Fang of Yike to explain how bad the New York traffic was in the morning and how anxious he was sitting in the car.

Fang Zhuo still likes Peter's previous rebellious look, but from a business standpoint, such a sensible handling is of course the maximization of mutual interests.

Although this is Fang Zhuo's first time going public, he is not without topics to talk about with everyone.

When he talked about the SEC's review of the acquisition of Sina, and when he talked about the MIGA fund's early withdrawal from oil futures due to caution, several institutions listened with great interest, and felt more and more that this young Oriental had a similar aura.

At the end of lunch, Goldman Sachs decided to start the roadshow in New York tonight. An afternoon was enough time for large institutions to notify more small and medium-sized institutions.

In the afternoon, the brief meeting in the morning was continued. Members of the Goldman Sachs and Yike teams spoke and introduced more detailed situations to large institutions first.

Among them, the strong response in Hong Kong and Singapore caused by the personal charm of the president made many people nod secretly. Mr. Fang, who plays with the rules and has the ability, is the best partner.

The afternoon meeting ended only at 3:30. The president, chief economist, and vice president all needed a good rest before they could work overtime in the evening.

Fang Zhuo sent them off one by one, and each of them had a long or short exchange before letting them leave.

Afterwards, he was not idle. He called the domestic allotropes to chat and asked them what effect the communication at that level had achieved.

It should be said that Connor of DCM is a real person. He was the first to invest in it, and now DCM has invited many well-known institutions to come. This is really heartwarming.

In the evening, Fang Zhuo was reminded by his assistant to simply look over Changhong’s report in Sichuan Province and made a preliminary judgment on Ni Runfeng who was seeking legal help. Anyway, Anliang Chamber of Commerce has been quietly paying attention to APEX and its chairman. Other things will be discussed after Lao Ni can come.

Until 7 o'clock in the evening before the roadshow started, Fang Zhuo almost didn't stop to prepare for the first stop in the United States.

However, when he really started this section, everything was simpler than expected.

Fang Zhuo: Yike not only provides electronic consumer products, but also provides the best music solutions in the world. Yike is a technology company.

Deutsche Bank: Yes!

Fang Zhuo: Our business has broad space not only in the United States, but also in China, especially in China's online music consumption, which needs to be developed and our competitors are still unable to compete.

DCM: Great!

Fang Zhuo: Electronic consumer products will be in a period of rapid growth in the next few years, and Yike will enjoy the most dividends.

IDG: Yeah!

Fang Zhuo: The funds raised from Yike's listing will immediately help develop the European market, which will greatly increase our revenue. Our stock will be a high-quality stock, and the current price range still has room for growth.

Institutions: Buy it!

A New York roadshow with a warm atmosphere, excellent results and unexpected difficulty has ended.

Fang Zhuo stood on the stage and couldn't tell how many of his own people were there. He was also worried about how many institutions would be willing to subscribe to the stock. After all, even he felt that the atmosphere was a bit too fake.

However, Goldman Sachs gave a good evaluation feedback, that is, the institutions really bought, really paid and really recognized it!

Fang Zhuo stood in the territory of New York, learning the face of capital, and suddenly felt a kind of integration of the East and the West.

What do you call this?

This is called the effort outside of poetry!