Reinventing the Millennium

On December 3, Fang Zhuo took a flight and arrived in the international metropolis of Xiangjiang.

The Pearl of the Orient, the Four Asian Tigers, the international financial, trade and shipping center, this is Hong Kong at this time.

If Shanghai is gradually taking the shape of an international metropolis, then this is the completed metropolis.

It was Fang Zhuo's first time to come to Hong Kong, but he had already constructed an outline concept of Causeway Bay, Hong Kong movies, wealthy families, and financial giants from newspapers, the Internet, movies, and songs.

Of course, this outline concept was unreal, but the collision with the scene of Xiangjiang in front of him did give him an extremely novel feeling.

"Mr. Fang, is this your first time in Xiangjiang?"

Xu Kaiwei and Fang Zhuo took the same car to their hotel.

The IPO roadshow was arranged in a tight schedule. I arrived here at noon and held a salon at the Peninsula Hotel in the evening.

If the response is good, a second session will be arranged tomorrow.

If the results are mediocre, take a short break and fly to Singapore.

Hong Kong, Singapore, the United States, the most important ones are placed last.

"This is the first time, and it lives up to its reputation." Fang Zhuo looked at the city and praised it repeatedly, "It's so prosperous."

Xu Kaiwei smiled and said: "Mr. Fang, do you think Shencheng can catch up with Xiangjiang?"

"If we look at GDP alone, Shanghai City will definitely be able to catch up, but it may take a little longer." Fang Zhuo thought for a while, "Xiangjiang should still be twice as far away from China."

Xu Kaiwei replied: "Last year it was more than double, and Shanghai's GDP was less than 600 billion. This year, the gap may not be easy to close."

Fang Zhuo asked: "Does Mr. Xu think Shencheng can surpass Xiangjiang?"

Xu Kaiwei pondered for a moment: "Thirty years."

Fang Zhuo was stunned for a moment, then realized that the euphemistic expression of the CEO of Goldman Sachs in China was because he was embarrassed to give a negative answer in front of himself, the richest man in Shanghai.

He smiled slightly: "Mr. Xu, it seems that my confidence in Shen Cheng is more than twice that of yours. Let's not talk about this anymore. Mr. Xu should teach me how to do road shows."

Xu Kaiwei thought for a while: "Mr. Fang, just show your confidence in Yike tonight next to Victoria Harbor, just like your strong confidence in the development of Shanghai. In addition, answer the questions of these institutional customers." .”

He paused and added: "Everyone's questions are usually not too sharp, so Mr. Fang doesn't need to be nervous."

Fang Zhuo joked: "I'm afraid I'm too sharp."

Xu Kaiwei immediately said seriously: "Mr. Fang, please don't do this nonsense."

"You're kidding, Mr. Xu, I just like to use jokes to ease my mood when I'm nervous." Fang Zhuo reassured.

Xu Kaiwei breathed a sigh of relief.

Although Mr. Fang and I have known each other for a short time, the relationship between them has been quite deep. Sina, Yike, Bingxin...

Calculated in this way, Mr. Fang's key projects have contacts with Goldman Sachs, and they are mutually beneficial. Generally speaking, it is quite pleasant. However, I did learn some of Mr. Fang's decisive style, which is really impressive.

The atmosphere in the car became relaxed again. Xu Kaiwei often came to Xiangjiang to handle business, and talked about local attractions, food, and even some popular grievances between wealthy families.

Fang Zhuo didn't expect that Mr. Xu, who had a loyal and honest face, also had a heart for gossip. He didn't expect that in the salon at night, he would actually see a wealthy person being gossiped about by Mr. Xu.

Yike's listing roadshow invitations were distributed through Goldman Sachs, mainly to key institutional investors such as investment banks and funds.

The reason why Goldman Sachs previously set the United States as the main roadshow target is because the products supporting Yike's listing are deployed in the United States and Europe, and the hardware + software + music model is obviously more acceptable to the United States.

As for Xiangjiang, although many institutions were invited, some were not included in the consideration.

For example, PCCW and its chairman Li Zekai.

For example, Wu Zheng and Yang Lan from Sunshine Culture.

If Xu Kaiwei remembered correctly, these two companies were not notified of the road show in Xiangjiang, and seeing the lively chat between Wu Zheng and Fang Zhuo, he immediately knew who the other party was aiming for.

But Sunshine Culture has had close cooperation with Sina, and Wu Zheng has also served as a director of Sina's board of directors. So, do Superboy and Fang Zhuo have any friendship?

"Mr. Fang, I have long heard that a very powerful business figure has appeared in the mainland. When I saw him today, he certainly lived up to his reputation."

Li Zekai, Li Xiaochao and others arrived at the small conference hall of Xiangjiang Peninsula Hotel. They were welcomed as uninvited guests, and their greetings were quite polite, without the arrogance of a son of a wealthy family.

Fang Zhuo had a small encounter with Hutchison in Shencheng, but he had never seen this young rich man. In addition, he was really surprised when he saw Zhou Kaixuan accompanying Li Jiacheng before.

This Li Xiaochao will never stand up for Zhou Kaixuan, right? For his father, he wouldn't be so concerned that he would come over immediately upon hearing his name, right?

Fang Zhuo suppressed his surprise and exchanged polite greetings. He actually recognized the people following Li Xiaochao and guessed some possible factors.

Yike once sought financing for music copyright. In that round, Xiong Xiaoge came into contact with an institution in Xiangjiang, and eventually Universal Capital successfully took a stake.

At that time, another company in Xiangjiang that I had contact with was the investment department of Yingke, and I met the current Vice President Di Yan.

Fang Zhuo couldn't remember the time clearly, but he remembered that Mr. Di kept saying, "Yike can still invest if he focuses on the country, but if he has too much appetite and goes abroad, he won't dare to invest."

Now Mr. Di is very well-behaved when he is standing next to Li Xiaochao. As for the other one brought by the young rich man, looking at his exquisite appearance and friendly attitude, he is probably his confidante.

"Mr. Xu, who did you invite?"

Fang Zhuo changed his business cards and finally asked Xu Kaiwei.

"No, I thought you knew him." Xu Kaiwei gave the answer.

There is no need to think too much about things that are confusing.

After all, it’s just a roadshow promotion.

Fang Zhuo finally welcomed his own person from Xiangjiang in the conference hall, Liang Qihua, director of Xiangjiang Universal Capital, an institutional shareholder of Yike.

As of now, Universal Capital holds 4.77% of the shares, ranking sixth.

"Mr. Liang, I waited and waited and finally came to Yike's family in Xiangjiang. If you don't come, I don't even want to start this road show."

Fang Zhuo and Liang Qihua shook hands vigorously, fully expressing the company president's enthusiasm for his directors.

Liang Qihua also showed his enthusiasm. When he turned around, he found that the number of institutions present today exceeded his expectation, and there were also Li Xiaochao, Wu Zheng and others. He couldn't help but feel happy. The market for Yike's listing looked very good.

The two chatted for a while.

As Liang Qihua took his seat, Yike's road show in Hong Kong officially began.

Taking into account Mr. Fang’s experience, Goldman Sachs’ setting tonight was relatively relaxed, trying to let everyone get to know such a company president while laughing and joking.

The company's status is basically in the prospectus, but the performance of management during road shows can often affect investors' judgment.

"I am very happy to be here today to meet you all and prepare for the listing of our Yike."

"Yike was founded in 2001 and has only had less than 3 years of development so far. Thanks to the development of the Internet, key player hardware, and the music industry, all the colleagues of Yike and I have jointly created a business that spans Asia, European and American technology companies are committed to providing consumers with a more convenient music listening experience."

"From its establishment to now, Yike has only done one very simple thing, which is to make people listen to music better."

"The improvements in storage, appearance, and power of MP3 players are all for this goal. Similarly, the cooperation between our software iMusic and record companies is also for this goal."

"Now, Yike has achieved a phased result, but it is not enough."

"Externally, Sony's Walkman still has a certain degree of competitiveness. Internally, Apple's iPod has been competing fiercely with us. This IPO is to raise funds for better and faster development."

"Based on market feedback and our management's judgment, next year, that is, 2004, MP3 players will see massive growth in Europe and the United States."

"There are only two companies within this growth threshold that have already established a firm foothold. One is Apple, which has already been listed, and the other is Yike, which is about to go public."

"The copyright licensing of online music is a very strong moat, and it has won a lot of space for our development in the next few years."

"Since Apple released the iPod, its market value has climbed from less than 6 billion US dollars to more than 20 billion US dollars now. It is true that Apple also has personal computers and other businesses, but these parts do not account for much in its financial reports."

"The secondary market has already endorsed the future development of iPod with its feet, which also endorses the development of our company."

"Therefore, both I and Goldman Sachs are very optimistic about Yike's listing. The impact of the Internet on the music industry has made Sony's players teetering on the edge, and our development has become more and more prosperous."

In a small conference hall, Fang Zhuo had his back to Victoria Harbor in Hong Kong. He held a manuscript in his hand but almost didn't read it. He talked for fifteen minutes without any rush or slowness, his expression was calm and natural.

Whether it was Li Xiaochao, Wu Zheng who came unexpectedly, or various organizations who came by invitation, they all had to praise in their hearts that this young CEO was quite elegant in his conversation and laughter.

After President Yike's speech, Fang Zhuo directly transitioned the session to questions from the guests without the host having to say anything.

"Mr. Fang, do you think your Yike business model is sustainable?" a fund manager asked.

Fang Zhuo replied: "Why not? We sold nearly 700,000 players in the United States this year. Including Apple, the overall sales of MP3 players is almost 1.2 million."

"Next year, I am confident that the number of 1.2 million will grow to 3.6 million. In other words, the entire industry has great growth potential. We will gradually spread across the United States following Sony players."

"At the same time, the European market and the domestic market are also very vast. Why is this incremental expectation not sustainable?"

The fund manager asked again: "1.2 million to 3.6 million, where does this growth expectation come from?"

"Of course it's from myself. Of course, I also have Steve Jobs' number on my phone. Maybe I can call him and ask for his opinion." Fang Zhuo added, "If he is willing to answer."

Seeing the confused expressions on everyone's face, Fang Zhuo explained: "Apple once wanted to acquire Yike. We had just completed a round of financing at that time. The internal valuation was more than 80 million US dollars, and Apple offered a price of 200 million US dollars."

"Originally, we were all sitting at the negotiating table, but after thinking about it, I still thought we could give it another try, so I changed my mind and rejected Jobs. I saw that he was very angry at the time, so the call may not go through."

Fang Zhuo's relaxed tone made everyone laugh.

When everyone's laughter subsided, Fang Zhuo added: "However, if he calls me, I don't want to answer it, because Yike has encountered many lawsuits in the United States. Some are fair and some are unfair. I Quite angry too.”

"If one day Yike's market value exceeds Apple's, I will have to make a special call to inform him."

These words brought smiles to many people's faces. Difficult moments in the past were mentioned easily and with small emotional complaints, which not only made people find it interesting, but also made people understand the difficulty of certain stages of development.

"Mr. Fang, I have a question."

At this time, Yang Lan, the director of Sunshine Culture and Wu Zheng’s wife, suddenly raised her hand and spoke.

Fang Zhuo frowned and immediately relaxed his brows. To be honest, he was a little unclear about the couple's intention. The cooperation between Sunshine Culture and Sina had ended, but there were many twists and turns in the original battle for control. Wu Zheng's departure was reasonable. He said he should be satisfied, but it’s unclear what he thinks.

He glanced at Yang Lan lightly, and then glanced at Wu Zheng. For a moment, the hearts of the two people jumped.

Wu Zheng instantly recalled the ups and downs of Mr. Fang's conspiracy at Sina, and the time when he, the director, was dominated.

Because Yang Lan cooperated with Shanghai TV on "Interview with Yang Lan", I have heard about this vague background in Shanghai for quite some time, especially after stealing someone else's front foot, the family business remained as if nothing had happened.

But the couple is also on the Forbes list, and their expressions have not changed.

Fang Zhuo's displeasure disappeared in an instant, and a smile appeared: "Excuse me, Mr. Yang."

"Yike's business is so extensive, how does the company manage it? Where does it focus? And how does it weigh the market conditions of different countries?" Yang Lan asked the question.

Fang Zhuo answered simply and honestly: "We focus on making money. Whichever side makes more money will have higher priority. The American market is not only the United States, but also related to Europe. Therefore, Yike's marketing director is very I have been working hard in the United States for a long time.”

"Yike's most important market channel, which I personally monitored in New York in the early and mid-term, is now on the right track. It may be a bit rough in management, but with the expectation of rapid growth, our first priority is to meet the growth. Only when the speed slows down Only then will we switch to more refined management.”

Yang Lan nodded and asked again: "Mr. Fang, can you be invited to participate in my interview? I'm in Shanghai. You can do it whenever you have time."

Fang Zhuo smiled at her: "That only takes time. I will be very busy for quite some time."

"Mr. Fang, I heard you describe a lot, but why do I think Yike's model is equivalent to the distribution of record companies?"

Di Yan, the vice president of Yingke who was sitting next to Li Xiaochao, suddenly spoke.

She continued: "It is this iMusic and online music sales that Mr. Fang calls a moat. Isn't this a distribution company for record companies? It seems to be included in the record sales channel."

Fang Zhuo explained: "We are reshaping the system of the music industry, and it has a far-reaching impact."

Di Yan did not accept this statement: "Mr. Fang, with all due respect, Yike is positioned more like a subsidiary distribution company of Sony. Of course, the concept can be said to be lofty, but the actual situation seems to be very limited."

Fang Zhuo thought for two seconds and saw some fund managers talking among themselves. He said: "The difference between the two positionings of subsidiary distribution companies and cooperative companies is very obvious."

"It just so happens that Yike has a company called Cooperator in Japan, which is actually an OEM distribution company. I can call the president of this company, Tanaka Mito, on the spot."

Di Yan was confused: "What does this prove?"

"Mr. Di is always impatient. I haven't finished speaking yet." Fang Zhuo nodded first and continued, "Since Mr. Di thinks Yike is a subordinate distributor of Sony, then I will call Stringer, the president of Sony Music. .”

He shrugged: "If you compare each other's attitudes, the treatment of partners and distribution channel companies will indeed be different. This is more intuitive than my own explanation."

Di Yan couldn't help but look at her boss Li Xiaochao, the president of Sony Music? Really? Is this okay?