Li Fuzhao of the Far Eastern Exchange is very enthusiastic about the listing of new start-up publishing companies, because the exchange is like a large casino. The stock trading of listed companies listed in its market is able to draw money from it, although the percentage of the margin is very small, but compared with the operating costs of the exchange, it can also be called a windfall profit. And it is precisely because of the high gross profit that Hong Kong has set up four exchanges, and the major exchanges are all hoping to strive for more high-quality listed companies to be listed in their markets, so that they can get more trading margins.

Of course, the exchange is only a platform and cannot do all the business, so the general IPO business needs to be done by an investment bank. Professional investment banks, who understand all the processes in the IPO process, can provide one-stop services to enable compliant companies to realize their dreams of listing.

The Far East Exchange is currently the largest exchange in Hong Kong, so it naturally cooperates with mainstream investment banks. Li Fuzhao mainly recommended large investment banks in the United States rather than local investment banks in Hong Kong.

Because, relatively speaking, American-funded investment banks are not only stronger, but also more professional, and the process is more standardized than that of Hong Kong's local investment banks, and Hong Kong's local highly educated financial and legal elites certainly give priority to foreign investment banks to seek careers, so the investment banking business is mainly monopolized by multinational investment banks. Hong Kong's local securities companies mainly do some brokerage business and earn commissions from retail investors, and these businesses do not require highly educated elites.

Lin Qi doesn't have a good impression of investment banks, and he doesn't want to deal with them if it's not necessary.

But for the IPO of the new start-up publishing company, he had to pinch his nose and get in touch with these guys who opened casinos, sold gambling games, and abstigated gambling.

Moreover, he still chose the investment bank among the investment banks - Goldman Sachs.

If there is a choice, Lin Qi would prefer to take care of Chinese-funded investment banks, but now the problem is that there are no Chinese-funded investment banks!

Since most of the listed companies in Hong Kong are Chinese enterprises, more than 80% of Hong Kong's investment banking business has been taken over by China's local investment banks, after all, local financial institutions are more familiar with Chinese companies preparing for IPO listing. Moreover, local investment banks have a huge advantage, which can help companies to list on the domestic A-share market, but also choose to list in the Hong Kong stock market, and even help companies to list in the US market.

It is precisely because of the rise of China's economy that China's financial institutions can already obtain a business scale second only to that of US investment banks just by eating the IPO and refinancing business of domestic enterprises.

And if the U.S. investment banks are dedicated to serving U.S. companies, they may not be as large as the Chinese investment banks that come later.

Because the United States has a high degree of capitalization, many local high-quality projects should have been listed long ago, and the annual growth of the market cake is extremely limited. However, the U.S. investment bank can obtain a position that far exceeds the status of other investment banks in the world, because the U.S. investment bank extends its tentacles to all parts of the world, whether it is a Hong Kong company, a Japanese company, a European company, whether the customer wants to be listed in Hong Kong, Tokyo, New York, London, Singapore or any region, the American investment bank can have rich experience and contacts to help customers realize their dreams of listing.

Of course...... Even large investment banks in the United States can only say that the probability of helping customers go public and raise funds is higher than that of other investment banks. However, whether it can be listed or not depends on whether the company's own qualifications meet the requirements, as well as the market capital situation that is ready to be listed, as well as the policy.

"Mr. Lin, are you planning to list a start-up publishing company in Hong Kong?" asked Huang Yongwei, a young business manager of Goldman Sachs in Hong Kong, excitedly.

"Yes!" Lin Qi confirmed.

"Why don't you choose a company that is more optimistic about the market to go public?" Huang Yongwei, who is in his thirties, is not a great figure in the Goldman Sachs empire, because tens of thousands of employees in the entire Goldman Sachs empire are busy all over the world, and Goldman Sachs mainly provides a platform, without Goldman Sachs, they are not qualified to contact all kinds of lucrative businesses.

However, those project leaders of the Goldman Sachs empire are also superior and inferior, simply put, whoever can make more money for the Goldman Sachs empire can get a higher commission, otherwise, not only will the income not be very decent, but also the danger of being eliminated by the Goldman Sachs empire at any time.

The current Hong Kong pattern is completely different from the later Hong Kong, and later after Hong Kong entered the informatization of the world financial market and Internet trading became the mainstream. At the same time, a large number of high-quality Chinese enterprises have been listed in Hong Kong, further supporting the scale of Hong Kong's stock market to the status of the world's mainstream financial market. To put it simply, in the Hong Kong stock market in the future, local investors in Hong Kong no longer occupy the mainstream, and it is mainly a competitive arena between world and Chinese capital.

"Others are too optimistic, but I don't like to sell!" Lin Qi said indifferently.

"......" Huang Yongwei thinks about it, some companies don't need to go public to make a big profit, so why go public?

Of course, as a financial donor, Huang Yongwei said with a smile: "If you have other companies that want to go public in the future, you can contact them more." At present, the quality of the new venture publishing company itself should be relatively good, although a considerable part of the foreign exchange income in last year's performance ......"

Seeing that the exchange income reached HK $108 million, which was equivalent to the net profit of the main business of HK $113 million, Huang Yongwei couldn't be calm.

This is clearly an additional gain from the volatility of the Hong Kong dollar last year, and Goldman Sachs ...... In Hong Kong dollar speculation, because the capital invested is not very large, and the operation is too conservative, it only earned tens of millions of yuan and missed this feast. Of course, this is also related to the fact that Goldman Sachs' business tentacles are scattered around the world, and the business in Hong Kong is not the focus of Goldman Sachs, so naturally there will not be much manpower and material investment.

Just compared to the financial investment business in Hong Kong, Goldman Sachs Hong Kong Branch must be willing to bow down.

The performance of the newly started publishing company is obviously a mockery of Goldman Sachs! A professional financial institution might as well make more money by speculating in foreign exchange by a publishing company that does not do its job properly.

Of course, in addition to the short-term exchange income, the performance of the new venture publishing company itself is also very strong, and the performance has shown explosive growth within a few years of its establishment, from an annual profit of less than 10 million yuan, gradually growing to a miracle of deducting short-term speculative income, and the main business profit is still breaking 100 million yuan. The development of four years is equivalent to the development of Ming Pao Newspaper Group in 30 years.

At present, in the publishing market, it almost monopolizes 80% of the market share of Hong Kong's publishing industry, and comic publishing also occupies more than 50% of the market share. At the same time, it has more than 100 self-operated bookstores throughout Hong Kong. In addition, Chinese mainland has established a branch, and the Shenzhen Special Economic Zone has now obtained the qualification of publishing and distribution. In Beijing, Shanghai and other places, branch editorial departments have been set up to collect high-quality comics and submissions at a lower price than in Hong Kong.

The printing business has also been completely moved to Shenzhen, which has a lower cost advantage than the local printing plants in Hong Kong. Although the Hong Kong dollar depreciated last year and the renminbi passively appreciated, the cost advantage of mainland printing plants over Hong Kong printing plants is still very obvious.

"Cost advantage, content game, channel advantage ......," Huang Yongwei said with bright eyes, "These are the three major advantages of New Venture Press, and they are also the three major selling points." These selling points, combined with solid performance, are there any hopes for being packaged as a star company! However, after going public, is it still a different concept?"

In fact, if it weren't for the fact that the Hong Kong market is too small and so many advantages are combined, it will either attract an anti-monopoly lawsuit or become a super publishing giant!

"Concept?" Lin Qi thought for a while and said, "Copyright adaptation, its original copyright, can be authorized to adapt video games, film and television, animation, etc." At the same time, it will also obtain the rights to adapt and distribute the spin-off publications of popular games and animations......"

"These are not enough!" Huang Yongwei shook his head, "To draw a big pie to ensure that there is unlimited growth space in the future, otherwise, if you can only earn 200 million yuan a year, the current market situation, the price of 2 billion Hong Kong dollars has come to an end, presumably Boss Lin's goal is not only to sell the company for 2 billion yuan, right?"

Lin Qi said noncommittally: "2 billion is enough! Friend, if the price is too high, it is not a good thing to overdraft future growth...... On the contrary, if the price of a company is not too high, it will grow dozens of times in the future. Then, in the future, whether it is refinancing or the listing of other enterprises under the same boss, I am afraid it will be more popular! Just like some active investment fund brands, they have set up a bunch of funds, but they usually concentrate resources to make a fund manager popular, so that a certain fund under his management becomes a star fund, and in the past investors have earned ten times or even dozens of times the profit, and after that, the fund company will be more likely to get a large number of investors to pay for it if it wants to issue a new fund!"

"Mr. Lin understands finance very well. Huang Yongwei smiled awkwardly, although he is not in the fund department, but many fund brands of those signature funds are only raised funds, and soon stopped selling, only allowed to redeem funds, and no longer allow investors to subscribe. Because, this kind of signature fund is a kind of goods, always only make money and not lose, the core meaning is that other products of the same fund company will be the receiver of this fund product, once there is a loss, the loss will be transferred to other products through this benefit transfer. Always ensure the profitability and brilliance of the flagship signature products, when promoting, always with its signature products how many times the profit, almost every year to outperform the market, bull and bear markets are profitable, high stability is amazing...... Investors can always buy other products issued by the same fund company recommended by the fund company, and even the fund manager and the manager of the star fund are the same person, and the constituent stocks held by the fund manager are similar, but ...... Why is its performance so different?

"Not sharing dividends with investors, just wanting to sell things to investors at the most expensive price, this is a long-term step. Lin Qi smiled and said, "Be willing to share, let everyone make money, and put a long line to catch big fish, is the king!"

As the first listed company, the new venture publishing company does not need to raise too much capital and does not need to set the issue price too high, its main purpose is to tell everyone a story of continuous growth.

Just like Cheung Kong, the continuous growth has made investors trust Li Ka-shing's other companies, so he is invincible in the market, whether it is issuing bonds or issuing new shares to raise funds. This is the long-term benefit of a listed company with a return rate of more than 1,000 times - everyone believes in his business ability, so they are rushing to invest their money in him.

In a sense, goodwill is also a property that can bring huge returns in the long run.

Lin Qi is ready to cast a long line to catch big fish, so he naturally has to manage his reputation in the capital market.

……

The new venture publishing company currently has total assets of 650 million yuan and net assets of 360 million yuan after deducting liabilities. Before the listing, the total share capital was 100 million shares, and Lin Qi was the largest shareholder, currently holding 43% of the shares, in addition, Zhang Dahai was the second largest shareholder with 36% of the shares, and Zhang Ru's third largest shareholder held 6.5% of the shares.

The other shareholders are mainly employees and writers of the company, and Ma Rongcheng's shareholding has increased to 0.8% at most.

Basically, the shareholders who bought the original shares have received huge returns. Even if the company is not listed, they have fully enjoyed the growth dividend.

However, Lin Qi is still rapidly promoting the listing of new start-up publishing companies, mainly to streamline the non-core assets in his hands and make its management more formal and independent through listing.

At the same time, the use of the capital market as a financing platform brings higher efficiency to its enterprises.

It is important to know that post-IPO financing is not limited to the funds obtained from the initial IPO, and it is still possible to continue to refinance in the future. In addition, options can also be issued, and options can be used to motivate its employees, and only if the company's performance is good and the stock price is recognized by the market, the options will have the value of cashing.

In addition, after listing, the shares can also be pledged to financial institutions at a higher value to obtain loans.

For example, before the listing of enterprises to apply for mortgage loans, often with assets as collateral, at least according to the fair value of the discount. For example, a property with a market price of 100 million yuan as collateral can be loaned up to 80 million yuan, which is obviously unfair, but there is no better market valuation.

However, after the listing, the company with a net asset of 360 million yuan had a market value of 2 billion. Even if the mortgage is discounted, it is enough to borrow 1 billion yuan. Far more than the value of several times the net worth.

To put it simply, the market price of a company after listing is measured by the market value of the stock market. If the market is optimistic about giving a higher premium, which is much higher than the valuation of net assets, then the high premium can also be realized through financial means into real benefits of nearly 10 billion. For example, the issuance of new shares at a high premium, equity pledge loans, or even direct selling arbitrage......

Of course, if the market is not optimistic about a company, even after going public, it may be valued at a lower value than its fair net worth. For example, the stocks of Hong Kong real estate companies are now far below their net assets. From real estate companies are regarded as gold mines, to companies that are involved in real estate are not optimistic, and many companies are in a bull market, and their stock prices are more than five or six times their net assets. In the bear market, it plummeted by 90%, and stock prices were inverted with net worth.

Goldman Sachs will do the distribution, and naturally the market value of the new venture publishing will not be so low, because the issue price is linked to Goldman Sachs' commission. According to the signed contract, Goldman Sachs, as the issuer, can receive a 5% commission for the new shares listed and issued. But if it can't issue new shares, Goldman Sachs must also pay for it itself to ensure a smooth issuance.