According to the requirements of the China Securities Regulatory Commission, no more than two securities companies in which the actual controller holds shares, and no more than one securities company in which the actual controller holds shares, and securities companies that do not meet the requirements cannot apply for listing. Modu Securities and Guotai Junan are both subsidiaries of Modu International Group, and at least 51% of the shares of these two brokerages belong to Modu International Group.

Needless to say, Guotai Junan is the first echelon in the brokerage camp in terms of asset scale, profitability indicators, innovation ability, number of business departments and other indicators. However, Guotai Junan's listing has been delayed due to the failure to meet the regulatory requirements of "one participation and one control". In fact, in 07, Modu Securities had a communication with Cathay Pacific, and from now on, that communication was fruitless. But it seems a little strange that they chose this time to sell their shares in Modu Securities. The financial crisis is about to end, and Zhou Shi is busy buying the bottom, but they are busy transferring assets, which is really strange. In a history that Zhou Shi didn't know, Cathay later acquired Modu Securities in 2014 and then completed the listing. They chose to shoot now, it is definitely not because of the financial crisis, there is no money, as a large state-owned enterprise in Modu, Modu International Group will not fall to the point of lack of money. He couldn't guess what the reason was, anyway, it was impossible for Zhou Shi to take the initiative to spit out the meat that was about to reach his mouth.

With Modu Securities as the center and Yanjing, Shenzhen, Chongqing, Jinling, Bianliang and other developed cities as the main business network, Modu Securities is one of the securities companies with the most complete business qualifications in China. Last year, the total assets of Modu Securities reached 10.2 billion, the net assets were 3 billion, the operating income was 820 million, and the net profit was 110 million. If you calculate according to the price-earnings ratio, at most 2.5 billion, if you want 3 billion according to net assets, of course, the real acquisition is not so simple, and no one will sell it to you at this price. Moreover, Modu International Group will only sell 51% of its shares to Zhou Shi. However, this is also a reasonable thing, and the person in charge of the Four Elephants Fund was also called to the magic capital by Zhou Shi.

Sixiang Fund was originally in charge of Ma Chen, but at that time it was mainly engaged in stock futures financial derivatives trading, but Zhou Shi reduced high-risk financial operations, and now the main responsibility of the fund is to build a stock position, and acquire the stocks of well-known companies after ten years, such as Midea, Gree, Moutai, Baiyao, and some cyclical copper, iron, gold companies, construction machinery and the like can also buy a little. According to Zhou Shi's thoughts, his operations were the safest, but unfortunately Ma Chen was carried away by the victory at that time, and when he saw Zhou Shi's conservative strategy, he resolutely chose to resign. It is said that a private equity firm has now been established, which has a great reputation in Xiangjiang and Shenzhen. In a short period of time, a lot of investment has been pulled.

The current person in charge of the Sixiang Fund is Xu Shouwu, who did not leave with Ma Chen like another companion and chose to stay in the Sixiang Fund. At the same time, with the assistance of Tianhe Securities and Galaxy Capital, the framework of Sixiang Fund has been gradually enriched. The main person in charge is Tianhe Securities, but three-quarters of the funds have been determined to be dead and have bought stocks. There are less than 10 billion soft girl coins left for them to use. Zhou Shi didn't know if his operation was regarded as an invasion of foreign capital into the Huaxia financial market, or if Huaxia Company was using global intellectual capital? Xu Shouwu was now more of a nominal person in charge, but he was also constantly fighting for his nominal rights. are all within the rules of the game, Zhou Shi gave him this opportunity.

Xu Shouwu's team negotiated the acquisition with Modu International Group, which was just the right time to hand over the listing of Oriental Wealth to Modu Securities. Therefore, when Lang had a concubine in mind, everyone chose a flash marriage.

Oriental Fortune also adjusted the Pre-IPO plan, according to the valuation of 5 billion soft sister coins, and gave up 15% of the shares, of which 10% was given to Modu International to subscribe, including Chen Hong. Oriental Fortune has an operating income of 210 million, and the net profit is only about 80 million, and according to the 100 times price-earnings ratio of the GEM, the market value of Dongcai is only 8 billion. Dongcai's valuation of 6 billion soft sister coins actually made all the people involved in the Pre-IPO shout Zhou Shi's righteousness. The madness of the future of the GEM can be seen (this situation is a bit exaggerated, in fact, it should be after the first batch of companies are listed, it will be so popular).

Fortunately, Dongcai's operation specifications have been listed at the beginning, which has saved a lot of trouble, and all kinds of financial data can be done quickly, as for the adjustment and calculation of the data, that is another matter, which is why listed companies should hire accounting firms. It is important to know that accounting firms are responsible for listed companies, not shareholders.

The acquisition of Modu Securities has been carried out quite smoothly, and the general conditions have been negotiated, and the Sixiang Fund will acquire according to the price-to-book ratio of about twice that of Modu Securities, that is to say, 3 billion soft sister coins, and purchase 51% of the equity in the hands of Modu International Group. According to the price-to-book ratio of securities companies in the stock market at this stage, which is basically close to 1 times, or even more below 1 times, Zhou Shi acquired according to the price-to-book ratio of 2 times, which can be described as a conscience price. And there is no hidden danger of the loss of state-owned assets, and the review of the pot committee should be relatively easy, but Zhou Shi also does not see the rabbit and does not scatter the eagle, and before the magic capital securities arrives, he will never sign with those private placements to avoid unnecessary financial losses if he is deceived.

In addition to Dongcai, Zhou Shi's company wants to go public, and iFLYTEK, which has a close relationship with Time Company, also wants to go public. At that time, Zhou Shi wanted to acquire Kodak iFLYTEK as a whole, but after talking for a while, the founder team of iFLYTEK repented and finally only became the major shareholder of Kodak iFLYTEK, accounting for 35% of the shares, and the rest were owned by the University of Science and Technology of China and the founder shareholders. Due to the investment of time and technical support, they did not go public last year as they did historically. Up to now, they have been selected as the first batch of high-tech listed companies on the GEM and listed together with Huayi Brothers. Unlike the listing of Oriental Wealth, it will take a while to wait, and it is likely to be delayed until next year.

"Simon, Liu Qingfeng of HKUST wants to buy back part of our equity, what should we do?" Lei Jun communicated with Zhou Shi on the phone.

"Why did they do this? Don't we contribute much to the development of iFLYTEK?" Zhou Shi thought, he has always been friendly to his partners, and rarely directly criticizes.

"Maybe it's out of interest!" Lei Jun guessed

"Then we don't agree, we can increase their equity incentives. "Zhou Shi

"What if they're worried that we have too much equity?"

"In this way, we promise that after the company goes public, we will reduce a certain amount of shares every year and withdraw from the board of directors of iFLYTEK within ten years. Zhou Shi did not hesitate

"Quitting iFLYTEK, but their technology has great potential!"

"No matter how great the potential is, it must be applied, and the technical difficulty is difficult to improve to a certain extent. We have time to catch up, and we have an absolute advantage in the field of application. "Zhou Shi

"Okay, I got it!"

(End of chapter)