All round car designer

Chapter 657 Discuss Details
Spin-off listing and collective listing are two different options for companies to go public, each with its own advantages and disadvantages. They are very common all over the world, and it cannot be said which listing solution is the best.

Spin-off listing means that a parent company legally and organizationally separates the operation of the subsidiary from the operation of the parent company by distributing the shares it owns in the subsidiary to the shareholders of the existing parent company in proportion a way of

That is to say, once Tesla is spun off and listed, it has been separated from Feichi Group in operation, but Feichi Group, as the parent company, still enjoys control and ownership.

The opposite of spin-off listing is the overall listing.This was also Zhou Fei's original idea, which was to let Feichi Group go public as a whole, but the situation at that time was that Feichi Group's business scope was all concentrated on the manufacturing and production of traditional cars, and did not involve other businesses such as electric vehicles.

But it is different now. In addition to several productive subsidiaries, Feichi Group also owns two emerging auto industry companies, Tesla and Feichi Travel. There are big differences in the rest of the companies. Zhou Fei feels that it is not appropriate to bundle these two companies with other companies and go public as a whole.

So after thinking about it, Zhou Fei still felt that it would be better to spin off and go public, which is why he came up with the idea of ​​letting Tesla go public first.

That is to say, according to Zhou Fei's current thinking, Tesla and Mercedes-Benz Travel will be listed separately first, and then other companies under the group will be packaged together and listed as a whole, which is also conducive to the integration of the group's current business.

"What Mr. Zhou means is, do you want to adopt the method of splitting and listing?" Hong Tianguang, one of the external directors, asked immediately. This external director is a professor at Shencheng University of Finance and Economics, and his research direction is corporate finance. Can understand Zhou Fei's meaning.

"You can think of it this way. I want to spin off Tesla first, then spin off Mercedes-Benz, and finally put the rest of the companies together and go public as a whole. What does Professor Hong think?" Zhou Fei laughed. nodded.

"Judging from the current business of Feichi Group, the spin-off listing is indeed better than the overall listing. Now the group focuses on the four modernizations of automobiles, and Tesla and Feichi Travel are the two most important companies in the development of the four modernizations. In other words, these two companies are the core assets of the group at present, and the spin-off and listing will be more conducive to highlighting the advantages of the assets and maximizing the interests of the group." Hong Tianguang replied.

"But haven't the four modernizations of automobiles been fully carried out within the group? Splitting these two companies means that we have to go public three times, and the various expenses at that time may be astronomical. ’ was quickly countered.

However, Hong Tianguang shook his head, "It is true that the four modernizations of automobiles are promoted in the entire group, but Tesla and Mercedes-Benz are still very different from other companies in the group. Not to mention anything else, as far as Mercedes-Benz travel is concerned, it has broken away from the traditional automobile industry and is a company similar to the nature of car services. Don’t you find it strange that such a company will be listed together with companies like Audi and BMW? ?”

"As for the various service fees for listing, it is actually the same thing. Investment companies charge service fees based on the size of the IPO, not the number of times. Therefore, the service fees for split listings and overall listings are basically the same. It's about the same." Hong Tianguang immediately added.

In this way, the other several directors who held an opposing attitude did not know what to say.

"Professor Hong just said, everyone must have heard it, then we will follow the idea of ​​spin-off and listing, and put Tesla's listing on the agenda first. I have already talked to Tesla's horse two days ago. Mr. Ma has already talked about this matter, and Mr. Ma has already prepared Tesla's financial statements and forecast statements for the next five years, and then we will discuss the specific details."

Zhou Fei paused, and then continued, "Now the first thing to determine is where to choose the listing location, is it in China, or in the United States?"

Different places have different requirements for listed companies. Zhou Fei needs to prepare corresponding materials according to the requirements.

"I think the NYSE or Nasdaq is more suitable."

"Nasdaq. Although Tesla is also an automobile company, it can also be counted as a technology company. Nasdaq should be the most suitable."

Zhou Fei nodded. On the issue of the listing location, several directors agreed with him, but Zhou Fei did not express his opinion in a hurry, but looked at Hong Tianguang, "What does Professor Hong think?" ?”

"I also agree with listing on NASDAQ in the United States. Domestic A-shares have too strict requirements for listed companies, and the approval process is very long. Therefore, if you want to list in China, you can only choose the Science and Technology Innovation Board. Compared with Nasdaq, the board is inferior in terms of scale and system, so I think Nasdaq is our best choice, and we can also refer to Nasdaq to prepare for subsequent speeding trips.” Hong Tianguang immediately replied.

"My thoughts coincide with everyone's. I also think that Tesla is listed on Nasdaq. Then we will prepare relevant application materials according to Nasdaq's requirements." Zhou Fei laughed said.

In the following time, Zhou Fei emphasized several points on Tesla's listing work, and at the same time arranged related preparations.

"For the specific listing plan, we will wait for President Ma to prepare all the materials before we study it. When you go back, please prepare the work arranged by me first. In addition, you must do a good job of confidentiality. I don't want to During this period of time, I heard the outside world discussing the news of our Tesla going public.”

After saying these words, the board meeting this time came to an end.

"Professor Hong, after the information on our side is sorted out, I would like to ask the professor to help analyze the specific data and give some suggestions for our listing plan. Does the professor have time?" After the meeting, Zhou Fei followed Hong Tianguang asked beside him.

Although Hong Tianguang is an external director of the group and does not participate in the company's management, the listing is a big deal after all, and Zhou Fei still wants to ask for more opinions and listen to the suggestions of professionals.

"Yes, Mr. Zhou will send me the information when the time comes. After I do the relevant analysis, I will make suggestions in the form of a report." Hong Tianguang nodded. His research direction includes IPO, like Tesla Such a case, if you can personally participate in it, must be a good topic.

"Then thank Professor Hong first." Zhou Fei quickly replied gratefully.

(End of this chapter)