Reinventing the Millennium

Deutsche Bank is here.

IDG is here.

DCM is coming.

Including Goldman Sachs, which is here, these are the four oldest companies of Bingxin that have completed their gathering in New York.

Sitting in the conference room were not only Riley, Francis, McGovern, and Peter, but also the allotropes of Zhang Hongli, Xiong Xiaoge, Connor, and Xu Kaiwei who completed the victory meeting here.

However, Peter was obviously confused about the situation, especially when he saw the friends introduced by DCM Francis - Lehman Brothers, Bear Stearns, Blackstone Group, Warburg Pincus and other prestigious institutions.

The appearance of these people seems to be the result of DCM trying its best.

Although Peter didn't know the operation behind it, after arranging his posture and looking at the smiling Mr. Yi Kefang, he knew that this somewhat experienced player understood some of the rules of the game.

Why are roadshows important?

Why do underwriters charge so high fees?

Why are there so many ostentatious displays during road shows?

This is because of the cumulative bidding inquiry system used in IPO pricing.

To put it simply, the underwriter, namely Goldman Sachs, first gives a preliminary price range. Investment institutions participating in the road show can declare the subscription amount within this price range, and then the total subscription amount summarized will be placed according to the rules.

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

This is currently one of the most commonly used IPO pricing mechanisms in the world, in which underwriters and investment institutions all play an important role.

For example, Goldman Sachs has long-term cooperation with investment institutions in Hong Kong, Singapore, New York, London and other financial centers around the world. It is convenient to come and support every road show and help improve the success rate of IPO issuance.

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

For example, investment institutions are deeply involved in this process, including fundraising, pricing, and distribution.

Fang Zhuo noticed this almost immediately when he studied the listing road show in detail. The impact of this kind of institutional participation on pricing is naturally...

The squire's money was returned in full, and the common people's money was divided into 30-70 accounts.

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

In other words, be careful when buying stocks.

Institutions under such a background have a strong influence on each other.

In a road show, big institutions raised questions, the issuers gave perfect answers, big institutions enthusiastically recognized them, and participating institutions pledged their funding.

This is either to wait for the stock to be listed and then subscribe for funds, or to place an order immediately after the road show, wait for the allotment after placing the order, and finally sell the obtained shares to small institutions or public investors in different regions.

Fang Zhuo likes this process very much.

Therefore, when he saw Lao Si's family and his friends, he was genuinely happy. This was different from the inexplicable road shows in Hong Kong and Singapore. This was a planned scene.

Laosijia has ice core considerations. Friends of Laosijia can be influenced by Laosijia, and this influence will spread out when the road show comes. This is as exciting as playing with leverage.

Who wants to call Sony for anything?

Who wants to constantly take photos with a group of investors?

Those should be routine process stages and should be a warm-up to familiarize yourself with the road show scene.

New York is the core of the second half of the road show, and it is the test that meets the true meaning of this word.

Of course, the company president is not a liar, and Yike's business is also very good. It is this real excellence that attracts the enthusiasm of investment institutions. Some off-market factors are just the icing on the cake.

This is Fang Zhuo's innermost thoughts. He just habitually pursues being better off the court.

On the morning of December 13, the morning meeting between Yike and Goldman Sachs was expanded into a small road show.

Chen Huiyao briefly described the entire project without breaking a sweat, and also reported the first two roadshows as concisely and comprehensively as possible.

When he sat down and saw the smiles on everyone's faces, he breathed a sigh of relief from the inside out. The people present were really an excellent family to jump into with their eyes closed.

It was precisely 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's report ended, Fang Zhuo said a few more polite words, and then it was time for dinner.

At this time, the advantages of choosing the location in the Time Warner Center are revealed. The place is grand enough to support the scrutiny of any organization. Compared with the story of global business layout told by an Eastern bumpkin, it is obviously still a capitalist in popular perception. The image is more popular with institutions.

The atmosphere at lunch was quite relaxed and harmonious. Even Peter, the vice president of Goldman Sachs, put down his posture very naturally and softly explained to Mr. Yi Kefang how bad the traffic in New York was in the morning and how anxious he was sitting in the car.

Fang Zhuo still likes Peter's unruly demeanor before, but from a business standpoint, such a sensible handling is of course to maximize the interests of both parties.

Although this is Fang Zhuo's first time on the market, he still has something 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 closing of oil futures due to caution, several institutions listened with interest, and they increasingly felt that this young Easterner had a similar aura.

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

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

Among them, the strong response caused by the CEO's personal charm in Hong Kong and Singapore made many people secretly nod. Someone like Mr. Fang who plays with rules and is capable is the best collaborator.

The afternoon meeting only ended 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 bid farewell one by one, and everyone had a long or short exchange before letting them go.

Later, he was not idle and called the allotropes in China to chat, asking them what kind of results their communication at that level had achieved.

To say that DCM's Connor is a real person, he was the first to invest in it, and now DCM is calling on friends and inviting many well-known institutions, which is simply heartwarming.

In the evening, Fang Zhuo was reminded by his assistant that he briefly reviewed Changhong's reports in Sichuan Province and made a preliminary judgment on Ni Runfeng who was seeking legal help. Anyway, the Anliang Chamber of Commerce has been silently paying attention to APEX Company and its chairman. Others Let's wait until Lao Ni can come to talk about it.

Until the road show started at 7 o'clock in the evening, Fang Zhuo hardly stopped 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. In particular, China’s online music consumption needs to be developed, and our opponents are still unable to compete.

DCM: Yeah!

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

IDG: Oh yeah!

Fang Zhuo: The funds raised by our Yike listing will immediately help develop the European market, which will significantly increase our revenue. Our stock will be a high-quality stock, and there is still room for growth in the current price range.

Institutions: Buy it!

A New York road show promotion meeting that was enthusiastic, effective and difficult beyond expectations came to an end.

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

However, Goldman Sachs gave a very good evaluation feedback, that is, the institutions are really serious about buying it!

Fang Zhuo stood on the edge of New York, studying the face of capital, and suddenly felt a fusion of Eastern and Western methods.

What is this called?

This is called time spent outside poetry!