Rebirth Starts at 7 Million

Pinduoduo's series of small actions naturally cannot be hidden from these sharp-eyed capitalists.

In today's Internet field, there is almost no possibility of rising without financing.

This is not only because business expansion requires a lot of capital, but because capital has already controlled everything. When they are optimistic about a company, the company must give up some of its shares.

Because if you don’t allow it, the capital will help your competitors, or the capital will simply invest in a company of the same type.

Theoretically speaking, only when the speed develops very fast, a monopoly is formed when the capital does not react, and the business model matures quickly, and huge profits can be obtained, can it avoid being eroded by capital.

But in fact, this kind of thing is almost impossible to do. Even Google, which claims to hate Wall Street the most, cannot avoid the fate of working for capital.

But Pinduoduo broke this fate.

However, Pinduoduo's way of breaking this fate is a bit special. It is not that there is no capital behind it, but four big capitals. Otherwise, it is inevitable to introduce investment.

With the support of Xingyuan, Baidu, JD.com, and Rice, Pinduoduo's development speed is beyond everyone's and capital's perception.

Especially after the Spring Festival Gala was named, Pinduoduo has attracted hundreds of millions of ordinary people to notice this e-commerce platform that can provide high-quality and cost-effective products by virtue of its own particularity.

It took less than two years from its birth to its preparation for listing, but within two years, Pinduoduo had over 100 million users, its annual transaction volume reached 30 billion, and its valuation exceeded 15 billion yuan.

Looking at the entire domestic e-commerce platform, Taobao and JD.com are the only ones that can stabilize Pinduoduo in the e-commerce field.

Such a high-quality enterprise has naturally attracted the attention of many investors and shareholders.

After they confirmed the news that Pinduoduo was going public, they were very excited.

But soon, they realized something was wrong, because the market that Pinduoduo chose to list this time was not in Nasdaq in the United States, but in Hong Kong City, which made many people feel puzzled.

It stands to reason that the current financial environment in Hong Kong City is not good, and it is not a good decision for Pinduoduo to go to Hong Kong City.

As we all know, before and after the Asian economic crisis, a large number of domestic state-owned enterprises chose to go public in Hong Kong, and many state-owned enterprises have also become blue-chip stocks in Hong Kong.

However, the number of well-known domestic state-owned enterprises is limited, and only a small part of them can come to Hong Kong City. After the listing of state-owned enterprises, the entire Hong Kong City market has once again fallen into silence.

In addition to domestic companies listing in Hong Kong City, most of the listings in Hong Kong City from other countries are in the real estate industry, and the scale is not large.

Especially in recent years, the only popular technology stocks in the market are Penguin, which failed to be listed in the United States and moved to Hong Kong City, and Jinshan, which was "invited" by a certain bank.

Putting Penguins aside, Jinshan was already in the sunset when it was listed, and its scale was actually very average, without much limelight.

If it weren't for the support of penguins, Hong Kong City's technology stocks can be said to be gone.

This situation is really embarrassing and embarrassing.

Because of Hong Kong City's international financial status, although it is no better than Nasdaq, which is more popular with Internet companies, it does not mean that it is completely unable to guide domestic Internet or technology giants.

There will be such a situation, on the one hand, because of the ab shares, and on the other hand, the reason is that the capital monopoly of Hong Kong City is too serious.

Let’s talk about ab shares first. Hong Kong City’s financial strategy has been transformed into a conservative strategy since the 1980s, and ab shares have never passed.

As a result, Hong Kong City missed out on several domestic Internet giants with a market value of trillions. It was not until April 2018 that Hong Kong City allowed the existence of ab shares.

Then there is the issue of capital monopoly. Hong Kong City’s capital is too domineering, and companies that come to Hong Kong City to list must have “protection fees.” Unless they are companies that are big enough to ignore Hong Kong City’s capital, it is absolutely inevitable to give up some of their profits. of.

Pinduoduo also made concessions this time.

However, there are not many concessions, and even Pinduoduo can directly ignore this unspoken rule, but in line with the idea of ​​making money with harmony, Brother Dong still conceded some benefits.

However, this situation should not last for too long. Luo Fan remembered that after Hong Kong City opened ab shares in his previous life, his superiors also warned the capital of Hong Kong City.

In the original history, it was also because of this change that Ali and JD.com were listed in Hong Kong for the second time, while Meituan chose to list separately in Hong Kong.

But that's all for the future, and now, Hong Kong stocks, which are not welcomed by Internet giants, have ushered in the listing of Pinduoduo, which is naturally very popular.

Xingyuan submitted the listing application on April 20. In less than a month, on May 10, the Hong Kong Securities Regulatory Commission officially approved Pinduoduo's listing approval.

This marks that Pinduoduo has completed the last procedure to go public in Hong Kong.

Afterwards, under the discussion of Luo Fan and the others, the listing time was set on June 1st.

It is worth mentioning that the only underwriter responsible for Pinduoduo’s listing this time is Huaxia Bank.

Originally, according to the opinions of Hong Kong City, Pinduoduo’s listing scale is very large, and there should be at least 2 underwriters for joint distribution.

For this suggestion, Dong Ge used his feet to know that the Hong Kong government was recommending a certain bank.

After Brother Dong informed everyone of this situation, Luo Fan was the first to express his position, directly rejecting the intervention of a certain bank.

This is not the period of the Manchu Qing Dynasty, a certain Feng Bank still wants to cut leeks, and he also deserves it?

The empire on which the sun never sets is getting old and is about to die. A dog in the empire on which the sun never sets still wants to eat meat.

Putting aside these national sentiments, although a certain bank has influence in Hong Kong City, Huaguo Bank is behind Huaxia, let alone him.

So after Luo Fan expressed his refusal, Mr. Li from Baidu and Mr. Lei from Rice also expressed their refusal.

Although Hong Kong City is unwilling, there is no good way.

And Huaxia Bank was also very happy to hear the news. They reciprocated and opened the business of buying Pinduoduo stocks in domestic branches.

Domestic customers can directly buy Pinduoduo’s virtual stocks, and Huaxia Bank will use the same funds to buy Pinduoduo’s stocks in the future, and then exchange them into equivalent RMB and return them to customers after the delivery time.

Another week later, Pinduoduo, which is about to go public, completed the conversion of the vie structure.

The so-called vie structure is to register a company overseas, and then put all the net profit of Pinduoduo into it, while the main equity of Pinduoduo is still all in China.

This is because the domestic law expressly stipulates that domestic Internet companies have the legal restriction of "foreign investment is prohibited", which restricts domestic companies from going public in the United States.

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However, there are policies and countermeasures. Sina invented the vie structure, and the country has also adopted a default attitude towards this method.

Subsequently, many listed companies, including some state-owned enterprises, have used this method.

After the vie structure conversion is completed, it marks that the final preparations for Pinduoduo have also been completed.

When everything is ready, the next step is naturally a large-scale publicity to let more people know that Pinduoduo is about to go public in order to attract more funds.

If Pinduoduo is listed in the United States, then various roadshows may have already begun, and professional teams will go to the stock markets of New York, Los Angeles, San Francisco and other cities to promote it.

But Hong Kong City is another matter. Such a small city can be advertised in a few days.

Even without the need for Pinduoduo's deliberate promotion, Gangcheng will help Pinduoduo to create original products.

After all, Pinduoduo's entry into the Hong Kong stock market is of great significance to Hong Kong City.

Compared with Hong Kong City, the real big head of this promotion is actually in China.

Although there are many restrictions on buying Hong Kong stocks in China, and ordinary people do not have direct channels to buy them, it is a different matter for rich people. In addition to the "convenience" provided by the Huaxia Bank account this time, all of these have already Not a problem anymore.

Not to mention other unknown fields, there are also many people who have shown their talents and bought enough foreign exchange, ready to make a fortune when Pinduoduo is listed.

However, when Pinduoduo goes public, Luo Fan doesn't want to let these people eat meat, and ordinary shareholders also have to drink some soup!

So Luo Fan asked Xingyuan's major apps to start a large-scale promotion of Pinduoduo's listing, and even Xingchat also started to push news about this.

Unknowingly, the time has come to June 1, 2017, and today is the day when Pinduoduo is officially listed.

On the day Pinduoduo landed on the Hong Kong Stock Exchange, the issue price was 50 Hong Kong dollars, which was the result of many negotiations.

If the issue price of a listed company is set too low, the results of the company's listing and financing will be reduced, and the meaning of listing will be lost. If it is set too high, the number of willing buyers will decrease, which will also affect financing.

However, Pinduoduo's popularity is very high. When too many people are optimistic about it, setting the issue price a little higher is more conducive to financing.

Hong Kong stocks do not have a daily limit or a daily limit. With the active capital of all parties, Pinduoduo’s share price has risen all the way to HK$78, a daily increase of 64.1%.

In just one day, Pinduoduo's total market capitalization exceeded 150 billion Hong Kong dollars, and it became the top 20 companies in the entire Hong Kong city. It is only a matter of time before it becomes a blue chip stock in Hong Kong.

After Brother Dong heard the news, he immediately announced the good news to Luo Fan, Mr. Li, and Mr. Lei.

For this result, everyone is actually not surprised. Before Pinduoduo was listed, everyone had already expected it.

But even so, there will be such a high increase is still very happy.

Luo Fan also took this opportunity to tell Mr. Lei another good news: "Mr. Lei, I asked Shuai Cao to tell my superiors that you have a place in the next batch of chip alliances."

"Ah? Can our rice join the chip alliance? We don't have enough size, do we?"

"Just take it as a back door! Don't ask any more questions."

After listening to Luo Fan's words, Mr. Lei was silent for a moment and then said: "I see, thank you Mr. Luo!"