Ruixiang chose the listing time on October 8, 2019, which is also the sixth anniversary of Ruixiang's official registration, which is a very profound milestone.

The day before the official listing, Zhang Yida and other management communicated with CICC, Goldman Sachs, Morgan Stanley and other investment banks on the final pricing.

"Mr. Zhang, Ruixiang has raised the amount of funds raised to 30 billion US dollars, there is no need to raise the issue price again."

In a conference room at the Peninsula Hotel in Hong Kong, Robert and several other major investment bankers are persuading Zhang Yida.

They are really worried that the ball raised $30 billion, plus the green shoe placement of the 15, raised as much as $34.5 billion

This figure is nearly $10 billion higher than the listing of Ahri, the largest IPO in the world.

With such a big IPO, they are also honored to participate in it, and they really don't want to "break" or "not move".

Ruixiang's fundamentals are indeed good, and it is predicted that this year's revenue will reach 300 billion, and it is still profitable.

However, the issue price is too high, and shareholders feel that there is no profit or room for growth, which will hit these people's confidence in stock trading.

Without waiting for Zhang Yida to speak, Lan Lan took the lead and said, "Why not raise the international placement part of our international placement and get 85 times oversubscribed, with a total subscription of more than 1,657.5 billion US dollars;

The public offering was 50 times oversubscribed, with a frozen capital of US$25 billion, equivalent to about HK$196 billion.

The market is so fanatical about Ruixiang stocks, I can't think of a reason to lower the issue price of Ruixiang. ”

International placement and public offering are actually both ways of placing new shares, and the relationship between the two is similar to wholesale and retail.

The international placement is open to investors with strong global strength, usually institutional investors and professional investors, and the subscription funds are very large and can be purchased in large quantities.

The public placement is more for retail investors, and the amount of funds is small, which is commonly known as "playing new".

Ruixiang plans to issue 1 billion new shares in Hong Kong stocks at an issue price of US$30 per share, equivalent to HK$23,529 shares, which does not include the green shoe plan.

Among them, the international placement part is 97.5 billion shares, and the public placement part is only 02.5 billion shares.

In view of the relatively high subscription sentiment of retail investors, it was decided to launch a clawback mechanism and increase the public placement to 100 million shares, so that more retail investors can succeed in the IPO.

There is no objection to this.

What really makes Robert and others a little difficult is the issue of the issue price, and Ruixiang has raised the IPO issue price twice.

Robert didn't look at Lan Lan, but looked at the real principal, Zhang Yida, and asked, "Mr. Zhang, what is your opinion?"

Zhang Yida said with a smile, "Lan Lan's opinion is my opinion, don't be so bold, if it really breaks, we will recognize it." ”

Robert looked at the complacent Zhang Yida, sighed, and stopped persuading, but just reminded: "If it breaks, the $4.5 billion raised by the green shoe placement will only be yellow." ”

Zhang Yida nodded, he rang the bell three times, and he was very clear about these basic rules for listing.

The "greenshoe mechanism" is simply the "disk protection mechanism", that is, while underwriting the IPO, one or more underwriters will act as a market stabilizer to maintain the stability of the stock price after listing.

After a company goes public, stock prices fluctuate for a variety of reasons, such as unexpected events, irrational retail sell-offs, hedge fund arbitrage, and downward inertia due to continuous declines.

Once the stock price falls, it is necessary for the market stabilizer to take action.

Market stabilizers can boldly buy the company's shares, because they can return the shares to the company at the IPO price for arbitrage, so as to artificially create buying orders, pull up the stock price, and achieve the effect of "protecting the disk".

If the stock price does not break, there is no need to protect the disk, and the market stabilizer does not need to return the stock, and the company can exercise the "over-allotment" in full normally and raise an additional amount of funds.

The market stabilizer's "disk protection" behavior is actually suspected of market manipulation, but mainstream exchanges, including the Hong Kong Stock Exchange and the New York Stock Exchange, have taken a tacit attitude.

"Okay, then we'll see the real chapter tomorrow"

After saying that, Robert and his party simply left neatly.

"Mr. Zhang, don't worry, I think Robert's gang is too alarmist. ”

After Robert and the others left, Lan Lan comforted Zhang Yida.

Zhang Yida waved his hand and said with a smile, "I'm not worried, what am I worried about?"

After chatting for a while, Zhang Yida called Lin Zhenyang in the mainland again and asked about the situation on their side.

In this AH share listing, Ruixiang will issue 500 million shares on the Science and Technology Innovation Board, and the issue price is the same as that of the Hong Kong stock market, which is also 30 US dollars shares, equivalent to 21,397 yuan shares.

The STAR Market has selected several securities companies such as CICC, Bank of China, China Merchants, CITIC, and its own Hanzhou Securities as issuers.

According to the relevant regulations of the Science and Technology Innovation Board, since the amount of funds raised is higher than 5 billion, the underwriters are required to follow up and subscribe for 2 issued shares with their own funds, with a cap of RMB 1 billion.

Counting the green shoes, Ruixiang raised as much as 11.5 billion US dollars on the Science and Technology Innovation Board, which is naturally the top treatment, and the brokerage needs to subscribe for new shares worth 1 billion yuan, and the lock-up period is not short, up to 24 months.

However, this is not difficult for several major brokerages, they are still very confident in the long-term growth of Ruixiang's stock price, and they have divided the 1 billion yuan share according to the proportion.

Lin Zhenyang mainly reported these preparations to Zhang Yida at this time, and when he was officially listed tomorrow, he would ring the bell in the magic capital, and Zhang Yida would be listed in Hong Kong and both places at the same time.

"Guess what's going to be like tomorrow?"

On the other end of the phone, Lin Zhenyang's voice came, and it could be heard that the other party was more excited at the moment.

After six years of longing, I finally looked forward to today.

Zhang Yida was too lazy to guess, but asked about the visit of the bell-ringing guests.

"It's all here, and I arranged to live near the magic capital today, and I will join us tomorrow to witness the company's listing.

There are farmers who fight hard, as well as short video bloggers and gamers."

Zhang Yida nodded, the arrangement is okay, in addition to employees and shareholders, users must not forget, even if they make a gesture, they must go through this process, in order to show that they pay attention to users.

Hong Kong has also invited a group of ICAY short video bloggers from Europe, America, Southeast Asia, Africa and other parts of the world.

Ball enterprises, all kinds of people to appear there, just like the United Nations conference.

This kind of publicity is more direct than the financial report.

The blacks still have to be invited, and Zhang Yida has already arranged it, and tomorrow there will be a reporter who will write a special book, and then take it to the United States to publicize.

Black Americans are a large group in the United States, and Zhang Yida does not want to be found by competitors, such as Zuckerberg, to accuse himself of racism.