Because the Hong Kong Stock Exchange has made a special case for the IPO of the Oriental Research Institute, there is no need to lock in the funds required for the IPO in advance, which is equivalent to canceling the threshold for the IPO, so that more than 700,000 investment accounts have participated in the IPO of the Oriental Research Institute.

According to the allocation strategy of the Hong Kong Stock Exchange, each account can be allocated at least one lot of stocks. Previously, the Oriental Research Institute stipulated that the company's stock board lot was 200 shares, which means that the shares were calculated according to the opening price, and shareholders could get 5,000 Hong Kong dollars of value-added income if they won a lot of shares.

If investors can seize the intraday high of 131.3 yuan to sell, the profit per lot can reach more than 6,000 Hong Kong dollars.

However, the preferential allocation strategy of the Hong Kong Stock Exchange, one account and one signature, has also led to the very diversification of new shares of the Oriental Research Institute. The closing price of the company's stock on the first trading day did not increase much compared with the opening price, largely because there were too many individual investors.

Most investors have never even touched stocks before, and this time it is for one reason or another that they have been fooled into the stock market to make new moves. Most of these people have the heart of fighting luck, and once they win the lottery, they will immediately choose to sell, so that the profits will be in their pockets!

This led to a very high turnover rate of the stock on the first day of the Oriental Research Institute's listing. A large number of individual investors quickly sold out of the market, putting very strong downward pressure on stock prices. This is also the reason why brokerages are willing to give priority to selling shares to institutional investors when underwriting new shares. This is because institutional investors usually prefer to hold for the long term when it comes to high-performing stocks.

Oriental Research Institute's stock is no exception, on the first trading day, most institutional investors not only did not sell their own shares, but continued to buy.

You must know that because the subscription multiple of the Oriental Research Institute is as high as 107 times, this makes Asia Sun Hung Kai Securities, which is responsible for stock underwriting, have to call back half of the new shares to ordinary investors who participate in the lottery, so that the needs of institutional investors are far from being met.

Institutional investors who did not receive a new share placement, or did not achieve the desired number of placements, can only increase their holdings by buying in the open market. This is also the reason why the stock price of Oriental Research Institute is still very strong despite the withdrawal of a large number of retail investors.

In addition to those ordinary shareholders who were hit by the rain of red envelopes, the main beneficiaries of the listing of the Oriental Research Institute are actually the employees and management of the Oriental Research Institute. According to the information provided by Oriental Research Institute to the Hong Kong Stock Exchange, the total number of shares held by management and ordinary employees is about 125 million shares, accounting for 4.5% of the company's total share capital.

Even at the opening price of the first day, the market capitalization of these stocks reached a staggering HK$15.5 billion. Although there is a lock-up period of 3 months to 2 years for this part of the stock, according to the degree of pursuit of the shares of the Oriental Research Institute by institutional investors, the stock price in the later period is also unanimously optimistic.

According to the Hong Kong Economic Journal, the listing of the Oriental Institute in Hong Kong alone has created more than 3,000 millionaires, more than 120 multimillionaires, and 11 billionaires. Excluding multimillionaires and billionaires, the average wealth of the rest of the staff of the Oriental Research Institute has increased by more than 300,000 Hong Kong dollars.

On the contrary, Li Xuan's wealth growth did not cause much public opinion. You must know that the shares of the Oriental Research Institute he holds, even if the opening price is calculated, it is as high as 280 billion Hong Kong dollars. This is actually a very exaggerated figure, Li Xuan can firmly rank at the top of the world's rich list with this part of the assets alone.

However, Hong Kong people are no longer as fuss about the wealth of the "God of Wealth Lee" as they were at the beginning! There is a saying that once the sea was difficult to turn into water, and after experiencing it many times, there is no sense of freshness.

After all, in the annual Forbes list of the world's richest people, Li Xuan has to brush his eyeballs once a year. In addition, there is also the annual list of Chinese billionaires in Hong Kong Economic Daily, and Li Xuan is always at the top. Hong Kong people have watched it more times, and they have already become aesthetically fatigued.

So much so that the editors of Hong Kong newspapers, who pursue newspaper sales, are now too lazy to arrange a special page for the wealth figures of "God of Wealth Lee", but only intersperse them with other reports!

Not to mention what kind of wealth carnival the listing of the Oriental Research Institute brought to Hong Kong, it at least injected the most powerful boost into the big bull market in Hong Kong stock market in 1992.

Driven by the overall market, the IPO process of the first batch of 6 stocks listed on the Hong Kong Growth Enterprise Market (GEM), which opened on May 2, was very smooth, and none of the stock prices fell below the issue price.

Of the six newly listed companies, only four are Hong Kong companies, while the other two are from the Mainland's deep-sea special zone and one from Japan.

It can also be seen from this point that the ambition of the GEM from the beginning is not small. Its goal is to become the NASDAQ of Asia, not just a corner of Hong Kong.

When Li Xuan first saw the name of this Japanese high-tech company listed in Hong Kong and the name of its founder, he still had a deep sense of time and space. The name of the Japanese company is Software Banking, and its founder is named Masayoshi Son.

That's right, the Korean-Japanese who successfully invested in Yahoo and Alibaba!

Masayoshi Son is a very shrewd scholar, and was admitted to the University of Berkeley in the United States at the age of sixteen. And the first pot of gold in his life is very related to the game. At the time, the arcade game Space Invaders was taking Japan by storm, so Son took advantage of the situation and introduced it from Japan to American campuses, where it was a huge success.

So by the time Son graduated from college, he was already a millionaire. It was the early 80s and the global computer industry was booming. So Son used the capital he had accumulated in the early stage to start a software banking company, hoping to become an intermediate wholesaler between software writers and sellers throughout Japan.

Although Son succeeded in convincing Toshiba and Fujitsu to join his business plan, the project did not succeed. So he turned to the publishing industry and began to publish and distribute magazines, which also failed miserably.

In another time and space, Masayoshi Son succeeded again, and it was not until 1991 that he successfully won the Japanese agent sales business of Baolan, a well-known software development tool company in the United States. He then went on to win the rights to represent Novell and Cisco's Japanese operations, and became a billionaire in just a few years.

But in this time and space, Son's life trajectory has obviously undergone a considerable deflection. After two consecutive entrepreneurial failures, he also turned his attention back to the software industry. However, this time, he first paid attention to the Oriental Game Company in Hong Kong, rather than the American software company.

At that time, Oriental Games was gradually reducing its investment in the arcade field, shifting its research and development focus to emerging computer games, and successively developed large-scale computer games such as "Lord of the Rings 1" and "The Sims 1987".

Son stumbled upon these two computer games and was immediately attracted by their high playability, and decided to market them in the Japanese market.

The Japanese market has always been the second largest export market within Oriental Games after the U.S. market, and the arcades, home game consoles, and handheld consoles developed by the company have always been very popular with Japanese gamers.

Computer games seem to be an exception, and although "The Lord of the Rings 1" and "The Sims 1987" were popular in Europe and the United States as soon as they were released, they were tepid in Japan. When the Dongfang Game Company, which was poor in donkey skills, met Masayoshi Son, who took the initiative to help, it naturally hit it off, and happily handed over the game agency in the Japanese market to the other party.

After Son got the agency, he immediately set out to analyze the reasons for the cold reception of computer games in the Japanese market. One of the most important things is that most Japanese people only think of computers as a tool for getting to work, not as a toy for playing games.

It's rare for a Japanese person to buy a new computer just to play a game, and a high-quality game like "Lord of the Rings 1" was originally developed to push players to upgrade their computer hardware, and the computer before ABC-6 couldn't run this game at all.

Therefore, if you want to open up the Japanese market for new games, the most important thing is to push them in front of people with high-end computers. Although Son's software company did not become the largest software wholesaler in Japan, it at least left a deep network in the Japanese software industry.

Software engineers can't do their jobs without a high-performance computer. So they're actually the biggest potential users of games like Lord of the Rings 1 and The Sims 1987. Masayoshi Son successfully found a sales outlet, and "Lord of the Rings 1" and "The Sims 1987" also brought him huge sales returns with their excellent quality.

With the success of the test sales of "Lord of the Rings 1" and "The Sims 1987", Son's SoftBank Company not only became an important partner of Oriental Games Company in Japan, but also quickly established business contacts with Oriental System Software Company and Oriental Business Software Company, which are also Oriental departments.

The Japanese market is actually a very closed and exclusive market, and the best way for foreign companies to gain a foothold here is to choose a local partner. Although the Oriental Group has been deeply involved in the Japanese market for many years, when an excellent partner like SoftBank appears, it is also willing to sacrifice a small part of its interests and pull the other party into its camp.

In addition to acting as an agent for the promotion and sales of many software products of the Oriental system in Japan, SoftBank has recently begun to cooperate with AOL, hoping to introduce the community and portal model of AOL to Japan and establish a Japanese online website.

Compared with Japanese electronics companies that continue to increase investment in semiconductors and computers, Japan's Internet industry has not attracted as much attention. The biggest purpose of SoftBank's IPO is to raise enough funds for the development of the newly established Japanese online website.

The Tokyo stock market is obviously not as recognizant of the Internet concept as the Hong Kong capital market. Therefore, in order to obtain a higher valuation for the software, Son simply chose to list on the Hong Kong Growth Enterprise Market!

And Hong Kong investors did not disappoint him, SoftBank successfully issued 16 million new shares on the Hong Kong Growth Enterprise Market at an issue price of 55 Hong Kong dollars per share, raising 880 million Hong Kong dollars, becoming the largest company in the first batch of six listed companies.

History is still very interesting, and Son may no longer have founded Yahoo Japan, but he did start Japan Online. I just don't know if he will enter the venture capital field in the future like in another time and space? I wonder if he will be able to meet another Ali at that time?

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