I was reborn and stayed in school to lie down. I really don’t want to roll anymore!

After the listing of two companies, Jiangyu Coffee and Dibao Technology.

This Su Hande did not disappoint Jiang Hao, and Haijing's listing went smoothly without any accidents.

At this moment, Jiang Hao was once again confirming all the process details and dates with President Su in front of him.

Compared with the previous companies, Jiang Hao’s attitude is completely different.

Even though you are financially free now, your mentality should be much better than when Totoro Technology went public.

But in reality, Jiang Hao was much more nervous than the first time he had Totoro.

When Totoro Technology went public, Jiang Hao had very low psychological expectations.

He thought that as long as the company was either listed or delisted, his goal would be achieved if he could cash out the shares he held.

No matter what the final stock price is, or whether it collapses or not, as long as he can cash out, it will be an unimaginable fortune for him!

Now that Haijing has gone public, Jiang Hao has long stopped pursuing wealth.

It's more of an illusory confidence.

The expectations for sea whales are also more specific and higher.

Jiang Hao was thinking about all the specific details of the work.

Only after I had a clear idea of ​​everything did I pick up the prospectus handed to me by President Su.

This report has undergone preliminary review by the China Securities Regulatory Commission and has not yet been formally submitted to the Hong Kong Stock Exchange.

According to Mr. Su’s plan, after Jiang Hao confirms it today, it will be submitted in the afternoon.

"The letter of intent is mostly a document that specifies the name of the stock exchange, the stock name and the ticker symbol."

"The law firm hired, the main underwriter..."

And all the detailed information.

Even though he knew that employees from both companies had already reviewed and confirmed it, Jiang Hao still checked it again carefully.

There are indeed no problems or objections to the information.

The only thing that Jiang Hao was concerned about was the several uncertain contents in the letter of intent.

"For the company's final issue price per share, what is your company's estimate, Mr. Su?"

In the letter of intent, whenever the number of shares is involved, whether it is the number of shares subscribed by institutions or the public, it is filled in as undetermined.

Several key items, including the stock's face value, expected financing share and amount raised, are left blank.

"I can't give you an estimated range. It depends on how many shares you want to sell, Mr. Jiang, and your expected market value of Haijing Technology after its listing."

"These are the issues I want to finalize with you, Mr. Jiang, today."

"Otherwise, it will be difficult to move forward with the institutional underwriting."

Several large capital institutions that we have contacted have expressed interest, but are still weighing the options.

At the same time, Haijing’s specific share capital and listed stock information have not been disclosed, so neither party can confirm the specific subscription shares.

"My bottom line for Haijing is that its market value after listing should not be less than 1800 billion RMB."

Jiang Hao's initial expectation for Haijing's listing was actually 1500 billion yuan, which was equivalent to the valuation in the last round of financing.

But recently, Haijing has made big moves, acquiring Totoro, and the platform data continues to grow rapidly.

His conservative estimate is 1800 billion Euros. Regardless of whether the market ultimately approves it or not, at least his listing price will not be lower than the bottom line.

"Hoo~!"

Su Hande breathed a sigh of relief when he heard this, and his face looked much more relaxed.

"Mr. Jiang, your estimate is indeed a bit conservative."

"My team's estimate is between 1900 billion and 2500 billion euros, and the recommended price is 2000 billion euros."

"But I have confirmed with BlackRock, and they should be able to accept anything under 2200 billion."

After all, BlackRock Asset Management Group is one of the shareholders of Haijing, and Goldman Sachs is the D-round investor of Haijing.

The communication between the two parties regarding the valuation of Haijing was relatively transparent.

As an investor, Goldman Sachs was the main force in taking over at a high price in the last round. Now it is the turn of the important IPO round. In fact, it is more aggressive than Jiang Hao in pricing.

Suhande personally wanted to open it higher, but the 2200 billion yuan on the BlackRock Asset Management side was already a line in the sand.

When a company of this size goes public, it is ultimately important to be cautious.

"I personally feel that 2300-2500 billion is acceptable to the market and can be absorbed, but it is a bit risky."

"Below 2200 billion yuan, major institutions will take over, and the pressure of raising funds from the public will be very small."

In the end, a truly mature stock market is dominated by institutions.

Whether it is the amount of funds, insider information or opportunities, institutions dominate.

The Hong Kong Stock Exchange is no exception and occupies an important position in Asia-Pacific finance.

Global financial institutions all hold stakes in Hong Kong stocks.

With the huge size of Haijing, only this group of institutions can take it up in advance, so that it can be listed smoothly.

"Then let's go with the target of 2000 billion USD, and be conservative for now."

...

"If it's 2000 billion US dollars, the company's total share capital is currently 140 billion shares, which is about 110 Hong Kong dollars per share."

As expected, the size of Haijing is different. Even if its total share capital is already 10 billion, its stock price must be over 100.

Of course, these are just their recruitment plans at the moment, and no one can predict the actual stock price.

"Mr. Jiang, what percentage of shares do you plan to release when the stock is listed?"

"About 25%."

Jiang Hao has considered the share ratio carefully.

In fact, the company currently implements the AB share model. The decrease in equity ratio after listing does not affect Jiang Hao's absolute control over the company.

In his personal opinion, the highest IPO fundraising ratio he can accept is 40%.

However, given the size of the company, if we sell 40% of the shares at one time, we are really worried that no one will take over.

It is better to choose to be safe and put 25% in the market and institutions.

"no problem!"

"I will re-fill in the contents of this letter of intent now."

"Don't worry, the stock price will fluctuate up or down by 10%, and the proportion of shares and funds raised will not be completely fixed."

"Before the actual listing approval comes down, if you have any opinions, you can make changes."

The stock market is still very humane in this regard, and the Hong Kong Stock Exchange can even fill in "uncertain" for these contents before approving them.

As long as the final round of review before listing can complete the content, it will be fine.

President Su is a man of swift and decisive actions. He has already stood up and left the meeting room to complete the report.

Jiang Hao looked at Su Qingqing, who was sitting opposite him, had put down her phone, frowned, and was typing away on the computer, and couldn't help but ask.

"Su Qingqing, will you return to Songjiang soon?"

Su Qingqing currently arranges all her work by herself. Unless Jiang Hao has work to arrange for her, he will not be able to see Su Qingqing most of the time.

"Lately? I'll go back once in two weeks."

"After that, I probably won't go back until the company goes public."

"Yesterday was just the first road show, which was equivalent to an announcement."

"Next, there are seven roadshows that I have confirmed with President Su, and there are also several more that I have personally invited and arranged."

"Boss Jiang, do you have a task for me?"

Su Qingqing stared at the computer while talking. Jiang Hao felt nervous listening to the work that was going to happen next, not to mention herself.

"I'm just asking, but you don't have to schedule your roadshow so tightly. It's okay to have fewer shows."

"I'll ask Xiao Xu to come and help you then."