Investors have a variety of questions, of course, not only Wang Ye answers the questions, but also company executives, including Xu Jing and Li Xin, will also answer related questions.

Just like an investor asked: "May I ask Mr. Xu, what do you think of the main business of Meigo.com, that is, the cosmetics category, which has saturated its share in the Chinese market and is unable to grow in the future." ”

In the field of domestic cosmetics e-commerce, Meigou has indeed achieved a near-monopoly position, which is certainly very exciting for investors, but it also brings concerns, that is, how to grow in the future.

For this issue, there have been many discussions within Meigou.com, so Xu Jingcheng is in the chest.

She smiled slightly and replied: "Please pay attention to one statistic, that is, the number of registered users of Meigo.com is only 150 million! The total number of women in China is as high as 650 million, of which the number of women between the ages of 15 and 65 is as high as 400 million. ”

"In other words, we still have at least 250 million potential users to tap!"

"Moreover, with the rapid economic growth of China, people's income and living standards are also improving, and the demand for cosmetics is also increasing year by year. ”

"Therefore, there is no need to worry too much about the growth of the cosmetics category. ”

This is the advantage of a large number of people, when everyone is generally poor, then naturally there is no consumption, once the economy grows, the income increases, then the market will burst out of extremely powerful energy.

Because of this, many domestic enterprises do not expand outward at all, and can make a lot of money just by relying on the domestic market.

1.4 billion people, accounting for almost 25% of the world's population, is not a joke!

As long as the per capita income of Chinese people reaches the global average, the Chinese market alone will occupy a quarter of the global market share!

A representative of an asset management company took a speech and asked: "I carefully checked the financial data provided by your company and found a very astonishing phenomenon, that is, the net profit of Meigou can reach more than 20 percent! How is this done? ”

This question was critical, and the scene immediately fell silent, and everyone was paying attention to how the executives of Meigou answered this question.

Xu Jing said confidently: "Let me first explain that if you look at it comprehensively, Meigou is actually not profitable, because the company's investment is also huge. However, it should also be noted that the business part of Meigou is indeed profitable. ”

Putting aside the investment in revenue, it is obviously playing hooligan, looking at the revenue report of Meigou alone, it is indeed very eye-catching, with a gross profit of more than 40% and a net profit of more than 20%.

However, what cannot be ignored is the continuous huge investment of the major shareholders of Meigou.com.

First of all, Weiye Jiahua Group invested 3 billion yuan, and the next internal shareholder capital increase was as high as 20 billion yuan!

From this point of view, Meigo.com is indeed a huge loss.

However, its bright revenue statement obscures this, so investors' eyes are attracted to the revenue data.

Xu Jing first singled out the company's huge investment, and then began to explain the company's business model: "The e-commerce model of Meigou is directly operated, that is, the merchants above are the operators of Meigou.com, that is, our company. ”

"Through large-scale purchases, Meigou has signed stable sales agreements with brand manufacturers to obtain relatively low-cost products. ”

"Then, put it on the shelves and sell it to consumers, you can actually think of Meigou as a huge online store. ”

Xu Jing smiled: "From this point of view, Mr. Buffett's statement that the model of the U.S. stock network is biased towards traditional industries is indeed accurate. ”

There was applause from the audience, and it was obvious that everyone was still very satisfied with Xu Jing's explanation.

Of course, investment is indispensable for Internet companies, but everyone is concerned about whether the company's main business can be profitable, even if it cannot be profitable at present, then there is no hope for profitability in the future.

In this regard, Meigou has taken the lead, its main business has done extremely well, and it has already achieved profitability.

From this point of view, it has thrown Amazon and Alibaba a few streets away, and as for JD.com, it is still a younger brother.

The investor meeting lasted for more than two hours, and judging from the expressions of everyone in the audience, everyone was quite satisfied.

At noon, Citibank, on behalf of Meigou.com, hosted a banquet to entertain the investors who came to attend the meeting.

At this time, it is the time for representatives of major asset management companies to pull the roadshow team for further communication.

Wang Ye divided the company's executives and shareholders into two teams to deal with the major asset management companies.

This is a critical moment, because afternoon and tomorrow are the time for asset managers to submit their share subscriptions.

In this IPO of Meigou.com, the level of the listed stock price depends on whether the willingness of each investor to subscribe is strong during the roadshow.

The ideal situation, of course, is this one in New York, where the number of subscriptions directly exceeds 350 million shares, so the next two roadshows will be much easier.

Moreover, the more investors who subscribe, then the listing price of the stock can be increased according to the situation.

In case, after three roadshows, the subscription situation is very unsatisfactory, it will be troublesome.

At that time, it may be necessary to continue to arrange roadshows, or even lower stock prices to attract investors.

This situation has not happened before, and two very extreme examples are Alibaba and Xiaomi.

During Alibaba's pre-IPO roadshow, the first one was unprecedented, with the number of subscriptions directly exceeding the number of offering, and as a result, the stock price was significantly raised when it went public.

And Xiaomi, at the beginning, shouted that its market value was 100 billion US dollars, even exceeding Alibaba's market value when it was listed, that is, 150 billion US dollars.

As a result, investors do not recognize Xiaomi's valuation at all, do not recognize its status as a high-tech enterprise, and think that Xiaomi is just an assembly factory.

The willingness of investors is fully reflected in the stock price, and the market value of Xiaomi when it was listed was only $46.5 billion!

This value is much less than the expected $150 billion!

……

However, Wang Ye is not worried about a bad situation at all, and now Buffett's Berkshire has directly pocketed 100 million shares!

With this "stock god" coming forward to stand on the platform, are you still afraid that the asset management companies in the United States will not rush to subscribe?

Therefore, after lunch, Wang Ye did not attend the private meeting in the afternoon.

He instructed the company's executives and the three major underwriters to form a team to meet with the large investment management company alone, and he himself went back to his room to take a nap.

In the evening, Wang Ye called Liu Ruomei leisurely and went downstairs to have dinner.

At ten o'clock, Xu Jing, Li Xin, Zhou Da, Pete, Milner and others came to Wang Ye's suite and reported on today's purchase.

"The results are very good! The number of subscriptions has now reached 320 million shares, and it is expected to exceed 350 million tomorrow morning!" Milner said excitedly.

He certainly has reason to be excited, and as a representative of Citibank, the lead underwriter, he has a lot of responsibility.

If the New York roadshow is a success, it means that most of the work at Citibank has been successfully completed.

Moreover, the higher the online listing price of Meigou, the higher the handling fee that several underwriters can share.

"Yes, in addition to Berkshire's subscription of 100 million shares, Fidelity Investment also subscribed for 60 million shares, Lumis Investment subscribed for 50 million shares, and Wells Fargo Fund subscribed for 40 million shares!" Zhou Da quoted the subscription shares of several large asset management companies.

Just these four asset management companies subscribed for 250 million shares, which is indeed a large sum.

Of course, this is also because in the past year or two, there are indeed very few high-quality companies listed, and asset management companies have been waiting for a long time.

Now I finally met such a company that everyone is optimistic about, such a sweet and delicious cake, who doesn't want to cut a piece of it.

"So can we consider raising the stock price?" Wang Ye asked leisurely as he sat on the sofa.

My advice is to raise it to $60 and not too much, otherwise it may affect the mood of these subscribers so far. Milner said cautiously.

If it is listed at a price of $60, then the 350 million shares issued in this IPO will raise $21 billion!

This amount is also the largest IPO on the NASDAQ in recent years.

Wang Ye nodded slightly, 21 billion US dollars, almost enough.

He said decisively: "Then raise it to $60, Milner, you provide a supplementary material to the NASDAQ Securities and Exchange Commission as soon as possible, and the stock price is set at between $60 and $65."

Milner nodded in agreement.

This price will also be officially announced tomorrow.

……

On the morning of June 13, 2012, Meigou officially submitted a supplementary document to the prospectus, and the stock price range was set between $60 and $65.

This price is basically the price listed on the online market.

Wall Street, Red Bull Asset Management, Bruce and Bull are discussing a purchase of U.S. shares.

"Bruce, is $65 a bit too much?" Bull hesitated.

"Alright, Bull, it's not a matter of price, it's a question of whether we'll be able to buy it then!" said Bruce disdainfully.

Through yesterday's meeting, Bruce is very firmly optimistic about Meigou.com, and he has inquired that now the big asset management companies in the United States are mobilizing funds and preparing to buy shares in Meigo.com.

By the time the U.S. online market arrives, it must have been bloody again, and now this guy is still too expensive!

Bruce's concern was whether he would be able to grab the stock then.

"Let's collect all our funds back, Meigou has only arranged three roadshows this time, and it should be listed soon. We are ready to make a big deal when the time comes! I have a hunch in the future that our company's performance growth this year will all depend on the stock of Meigou.com. ”

Bruce said excitedly that he decided to bet on the U.S. shopping network, and he saw if the stock could surprise him at the end of the year.

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