Rebirth: The Financial Giant

Tiansheng Capital has been able to maintain the price of assets under management against the trend this year, and the companies invested in the primary market have not been underestimated, and they have also contributed a lot of value-added returns.

For example, Yaomingkang, which was listed this month, had a market value of more than 20 billion at the beginning of its listing. After going out of the 15th board, it is now more than 100 billion. This stock alone has brought a floating profit of more than 20 billion to Tiansheng Capital. Added value.

Among the new stocks listed in May, Yaomingkang is undoubtedly the most beautiful in the two cities.

In the next June, among the new shares lined up for listing, it is expected to issue 9 new shares, of which two are the key PE equity investment targets of Tiansheng Capital, and one is Zhongxin Construction Investment, a securities company listed on the main board of the Shanghai Stock Exchange. , and the other is the super key in the key, the Ningde era when the Shenzhen GEM was listed.

Especially for the lithium battery giant Ningde era, Tiansheng Capital smashed a huge amount of 13.5 billion in the primary market, gave the company a post-investment valuation of 45 billion, and obtained a 30% stake.

For Tiansheng Capital, this company is not only a strategic financial investment, but also one of the core players in the Tiansheng Department new energy industry chain ecosystem.

In the second half of the year, there is another leading medical device company that is going to be listed on the Growth Enterprise Market. It is still in the queue. It is Mai Rui Medical. Tiansheng Capital invested 17.5 billion yuan in venture capital and gave a post-investment valuation of 50 billion yuan. Got a 35% stake in the primary market.

When industry leaders such as Ningde Times and Mai Rui Medical enter the GEM, their embarrassing situation can be changed.

Speaking of the GEM, it is really embarrassing now. The stock with the largest market value is only more than 120 billion yuan. That’s okay. The most embarrassing thing is that this stock is still raising pigs. Really embarrassing.

Before the Science and Technology Innovation Board came out, the Growth Enterprise Market was prepared for technology companies. As a result, the first market capitalization was not technology stocks, but pig farms. Could it be embarrassing?

When Ningde and Mai Rui come up, the GEM will be considered as a real big ticket, and the GEM will be able to change the current situation of falling and falling, from bear to bull.

Please come in!

At this time, Lu Ming heard someone knock on the door, put down the materials in his hand and looked at the door, Han Qiulin walked in: Chairman, the founder of Pinduoduo came to visit and said that there is something important to discuss, and I want to interview you in person.

Oh? Lu Ming was quite surprised, and immediately got up and came out of his desk, Already at the company?

Just arrived, in the reception room. Han Qiulin nodded.

Let's go then. Lu Ming left the president's office to meet, and was quite curious about what caused the other party to come to Ningzhou in person.

When he came to the reception room where Huang Zheng, the founder of Pinduoduo, was located, the door was not closed. Lu Ming knocked on the door. Huang Zheng, who was sitting in the room, cast his eyes and got up when he saw the founder of Tiansheng Capital.

Mr. Lu...

Old Huang, it's a good thing. Lu Ming walked slowly with a smile and stretched out his hand: Please sit down.

Huang Zheng sat down again and said with a smile: This time I came uninvited to beg for mercy.

Lu Ming sat down on the opposite sofa with Erlang's legs crossed and smiled, I can't talk about begging for mercy, I can't talk about begging for mercy.

Han Qiulin made a cup of tea for the two of them, and Lu Ming smiled again: 2018 is a year of outbreaks for Pinduoduo, a year of more blooming, a year of 'reluctant children to be trapped by wolves' , is also a year of desperately spending money... Lao Huang, is this a lack of money? If you are short of money, just call me, why do you need to travel all the way in person.

Pinduoduo began to explode in 2018. The entire Jingdong and Ali could not sleep, the valuation also rose, and the schedule for listing in the United States was getting closer.

This year's Pinduoduo seems to be determined to be gilded, to conquer higher-level consumers, and to have a crazy sense of presence. If you are a frequent TV watcher, you will definitely notice that Pinduoduo's face is almost as high as a mobile phone. The blue and green brothers who are not bad for money are now.

Huang Zheng shook his head again and again: It's not because of lack of money, Mr. Lu, to be honest, I came to see you this time because the company's listing in the United States was blocked.

Lu Ming was slightly surprised, and immediately said in a curious tone, Blocked? What's the reason?

Huang Zheng did not beat around the bush, and said bluntly: The reason lies in the share capital structure of Pinduoduo, Tiansheng Capital is its major shareholder, and the Securities and Exchange Commission of Magnesium requires Tiansheng Capital to withdraw before allowing Pinduoduo to go public.

Lu Ming's first VC venture capital project in the primary market was Pinduoduo, which was also the A-round financing of Pinduoduo. Currently, Tiansheng Capital holds a 30% stake in Pinduoduo.

After hearing what Huang Zheng said, Lu Ming nodded suddenly, which was both unexpected and reasonable.

Tiansheng Capital is now arguing with Wall Street, and the pharaoh, the pharaoh who is angry, has a lot of tweets. This fact is known to everyone in the industry.

Pinduoduo was going to go public in the United States. When Laomei saw that Tiansheng Capital held 30% of the shares, she was immediately moved. The management had to let Lu Ming withdraw his capital and let Wall Street take over the equity he held, and at a certain discount.

The reason is that Tiansheng Capital is currently blocked by the world, and Pinduoduo must make a choice.

Lu Ming looked at Huang Zheng and said, What do you think?

Huang Zheng also smiled helplessly when he heard it: To be honest, this matter is really in a dilemma. Without your full support, the company's development might not be as fast as it is today, and the demands of Wall Street are really unreasonable...

To offend Lu Ming, this is definitely something Huang Zheng doesn't want to do.

At this time, Lu Ming suddenly said: Old Huang, have you considered letting Pinduoduo be listed on the domestic A-share market?

This remark made Huang Zheng stunned for a while, and after reacting, he immediately spread his hands and said, Listed in A shares? Mr. Lu, do you know that Pinduoduo's shareholding design plan is the AB share system, and the A share market does not support different rights for the same share. How can it be listed on the A-share market?”

The same share with different rights, that is, the special voting rights system, the AB share structure, refers to a system that allows companies to issue shares with different voting rights, and grants some shares to enjoy a larger number of voting rights than other shares.

Because this system enables shareholders with special voting rights to achieve absolute control over the listed company even if the shareholding ratio is relatively low, this system cannot be listed on the A-share market because it violates the principle of same share, same rights.

Knowing that Pinduoduo's listing in the United States was blocked, and Wall Street wanted to kick out Tiansheng Capital to let Pinduoduo go public, Lu Ming suddenly had a bold idea, and simply pushed Pinduoduo to be listed in Big A. It is to get it into the Science and Technology Innovation Board.

No matter how bad the reputation of Pinduoduo is in the future, it cannot deny its commercial value and the fact that it is a high-quality asset.

At the end, Lu Ming stared at Huang Zheng and said, Old Huang, you just need to tell me, if the same share with different rights can also be listed on the A-share market, can you give up the listing of Pinduoduo in the United States and instead list in China? ? If you will, I will do my best to advance this work.

Big A is not the same. Lu Ming vaguely remembered that in the memory of his last life, the first big A company to support the same share with different rights was listed on the Science and Technology Innovation Board.

It was on January 20, 2020, when Ukeda Technology Co., Ltd. (688158) was officially listed on the Shanghai Stock Exchange, becoming the 75th listed company on the Science and Technology Innovation Board. Under the framework of the rules, the pioneering design of differential arrangement of share voting rights, namely AB shares, this design makes it the first listed company in the A-share market with a true shareholding structure with different rights of the same share, creating a market precedent.

Now the outside world doesn't know that Big A has a science and technology board, but Lu Ming believes that the upper management must have already started preparations. If Huang Zheng nods, Lu Ming is very happy to use his influence and resources to actively promote it. Talking about this matter with the village chief, I tried my best to make the first listed company of Big A support the same share with different rights to appear in advance, and let Pinduoduo win this title.

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