A $30 billion IPO, let alone now, will set a new IPO financing record in another 30 years. In the 90s, it was able to raise more than $10 billion, which can be called a new IPO record.

Of course, the giants that can launch IPOs of more than 10 billion US dollars can be called top giants before they are listed, and most of them are sunrise industries that are favored by the capital market, so they can make such a handful of IPO listing financing.

For example, in 1996, Deutsche Telekom was listed on the New York Stock Exchange in the United States as one of Europe's top telecom operators, raising $13 billion in IPO financing. Another record-breaking IPO is Italy's national electricity company, which went public in the United States in 1999 and raised $16 billion.

In the future, the projects that can obtain tens of billions of dollars in financing are still rare. For example, in 2008, Visa set a new IPO record with a global share of the credit card market and raised $17.9 billion.

In 2014, China's Alibaba went public in the United States and raised $25 billion, also relying on its absolute strength to set a new record for IPO amount.

Of course, many tens of billions of IPOs listed in the United States have not made investors money, for example, Deutsche Telekom and Italian National Grid in Europe have basically been in a long-term downturn after the money has been circled, and then they are simply delisted. The cut American leeks are covered in scaly wounds.

In fact, a large number of top European giants and Fortune 500 companies have gone public in the United States, and they have made too much money to make money. The main reason for this is that the economic future of most European countries is stagnant, and the probability that European projects can bring good returns to investors is relatively low.

Comparatively speaking, Chinese companies are listed in the United States, although there are many pitfalls. However, overall, it is because of the quality of China's economic growth that cannot be compared with a second place in the world. As a result, on the whole, the listing of Chinese companies overseas generally allows overseas investors to share the growth dividends of China's economy.

Lin Qi is actually very dissatisfied with the fact that those very small enterprises go public in the United States and give Americans a hundred, thousand, ten, or several times the growth dividend. Most of the growth dividends of those companies are earned in the Chinese market, which is equivalent to making profits in the Chinese market and overseas investors getting huge returns.

Therefore, in order to balance, it is necessary to list some "high-tech" companies with huge market capitalization, no room for growth, which seem good now, but in fact have not so optimistic future prospects, to be listed in the United States.

Just like Pangu Computer, the current revenue and profit scale, even if it is not the peak level, in fact, in Lin Qi's opinion, it is about the same. It is no longer possible to grow by developing more new users and increasing product shipments. The price can only be increased steadily, and profits can be squeezed gradually through the improvement of product gross profit margin.

This kind of enterprise, which seems to have the highest rate of return right now, is actually going downhill. The ceiling of the market can already be seen, and there are more new technologies and industries that will impact the position of desktops and laptops in the future.

If it wasn't in the 90s, it would have been silly!

The current Pangu Computer Co., Ltd. seems to have a lot of patents and is very promising. But in fact, like Nokia and Motorola, this version is a god in the current version, and the next version will be cut very badly!

Just like in later generations, companies like Lenovo, HP, and Dell, even if they carved up the vast majority of the PC market share? PC sales are getting lower and lower year by year, and the main battlefield of the Internet has migrated from PC terminals to mobile terminals, and traditional computers are gradually becoming like old and yellow beauties. It is depreciating year by year, and this trend is irreversible.

It doesn't die all at once, but it's getting old a little bit. And, if you think about it, the irreplaceability of personal computers and operating systems on computers is only the inertia of a bygone era. In the new era, these irreplaceable moats will also become more and more users of the new platform, and more users' habits will be established from the new platform, and the old platform will become shallower and shallow as the average age of loyal users gets older and older.

The representatives of Goldman Sachs, after listening to Lin Qi's plan, subconsciously felt that - wocao, this is impossible, do you think that the US stock market is opened by your family? Even if it is opened by your family, it may not be possible to make such a large-scale IPO!

Lin Qi nodded and said, "Pangu Computer Co., Ltd. is not an ordinary computer company, but at this stage, the leader of technical standards in the global computer market. Since the 80s, we have applied for and held more than 40% of the patents in the computer category, and it may be difficult not only for the Pangu platform, but also for PCs and computers of any platform. At the same time, the current Pangu computer has the upper hand in the competition with the PC. At present, more than 55 percent of the world's users use computers of the Pangu system, not PCs! Among the new users, more than 65 percent of them choose to buy computers on the Pangu platform instead of the PC platform! Even if they encounter the discriminatory policies of some countries, which make PCs have an advantage in the procurement of sensitive fields such as the government and the military, the trend of the Pangu camp becoming the mainstream will not change, and it is not impossible for a single major player to dominate in the future!

"However, 90% of the Pangu computers in the North American market are local brands, and most of the computer hardware is assembled locally. "AMD makes 80 percent of the CPU market in the U.S. market. In terms of market share, Dell, HP and other local manufacturers in the United States produce Pangu system computers, accounting for the mainstream, in the United States market, Pangu Computer Co., Ltd.'s market share is actually only 10 percent! Users may become fans of the Pangu camp because of the experience and software ecology of the Pangu system, but this is only the victory of the free Pangu operating system, not Pangu Computer Co., Ltd. Even, the Pangu operating system is not within the scope of the assets of Pangu Computer Co., Ltd.!"

"But we can charge royalties!" Lin Qi smiled, "Pangu Computer Co., Ltd. holds more than 18,000 core patents, so that even if you don't do anything, you can earn 10~3 billion US dollars in intellectual property income a year." These patent portfolios alone are conservatively estimated to be worth no less than $20 billion. Moreover, when old patents expire and new patent portfolios are constantly being built, users use them habitually, and computer manufacturers have to accumulate savings to buy new patent licenses. The income from intellectual property rights will increase year by year in the future!"

"That's not enough!"

"Yes, the income from royalties alone is really not enough. However, I need to point out that Pangu Computer Co., Ltd. has a stronger brand appeal than all computers in the market. With each new generation of products on the market, there is room for price increases while performance is improved. Even if Pangu Computer Co., Ltd.'s future computer shipments do not grow, or even decline, the profit can continue to increase. Lin Qi pointed out and said, "In more than 10 years, hundreds of millions of Pangu computer users, the moat built can let us eat dividends for a long time! In 94, Pangu Computer Co., Ltd.'s revenue of 84.7 billion US dollars, but its net profit increased strongly to 16.7 billion US dollars! In 95 years, with the weakness of PC sales, incremental users are more inclined to the Pangu computer camp, as the flagship leader of the Pangu camp, Pangu Computer Co., Ltd., even if the revenue does not grow, it is not too difficult for this year's profit to increase to 20 billion US dollars. It's not just the traditional personal computer, the Internet, do you know the Internet? Now any programmer who makes a website can quickly obtain a valuation of millions and hundreds of millions of dollars, and after going public, the valuation will be further expanded by ten times and hundreds of times. Pangu Computer provides a package of technical services such as hardware, software, and databases to industry-leading Internet companies, Internet banking, securities, games, e-commerce, portals, forums, blogs, music, reading, and any kind of Internet company, which has a revenue of more than $8 billion a year, and the growth rate can now be 100%, and in the future, even if the speed is reduced, it will not be less than 50% within ten years. The personal computer business has reached a certain scale, and we continue to do the Internet to provide services to many entrepreneurs and large customers, and the growth prospects of this market are broader than those of the personal consumption market, and there is almost no upper limit in sight! Regardless of growth, consider the present, it is expected that Pangu can achieve a profit of 20 billion US dollars a year and a market value of 200 billion US dollars in 95 years, is this too much?"

"Well, I understand what you mean!" Paulson thought for a moment, "$200 billion in market capitalization, and $30 billion in funding, although it's a big challenge. However, if it can bring excess profits, Goldman Sachs will do everything in its power to complete this big business. What I mean by this is that not only are we underwriting the issuance of shares, but before going public, Goldman Sachs needs to buy the original shares before the IPO price at a greater discount than the IPO price, and then Goldman Sachs will be ten times more motivated to do this project!"

Lin Qi nodded and said: "Yes, as a warm-up before listing, Goldman Sachs and other capitals will become venture capital, take the first step to build momentum, and let the market know that Pangu Computer Co., Ltd. has IPO intentions!"

In the first round, Goldman Sachs led the investment, with a valuation of $50 billion, and Goldman Sachs invested $1 billion to obtain a 2% stake. After that, we further hype the results to make the market feel that the price is too cheap. "In the second round, the valuation was raised to $100 billion, and Goldman Sachs used client resources to use client funds to order a mutual fund to buy $4 billion, which is also 4% equity, Goldman Sachs itself invested 1% equity, and the remaining 3% was the client's capital." Before the listing, it has reached 100 billion US dollars, and gradually discloses the results, releasing high profits and high growth, and the prospect is unlimited. Finally, before going public, a part of the venture capital will be introduced in the $150 billion or so segment. Finally, there is the IPO link, which attracts countless investors in the market who are optimistic but are not qualified to participate in several rounds of financing before the listing. Your own qualifications, with our operational hype, as long as you don't encounter a big bear market, or the bubble of the technology network concept bursts, you should be able to succeed!"

"Okay! I hope we can work together happily!" Lin Qi said with a smile.