In August 994, Lenovo's management, Liu Lenovo and Yang Yuanqin, began to lobby in Shenzhen, Beijing and other places to help Lenovo Group be listed on the domestic A-share market faster.

Compared with other companies, it is still difficult to go public, but for Lenovo, it is not very difficult to go public. Because, the two major shareholders behind Lenovo are not simple.

Although the Department of New Entrepreneurship is nominally Hong Kong-funded, the top management in China does not regard the Department of New Entrepreneurship as an outsider. In the 80s, those in Hong Kong with small assets, billions of billionaires, could be treated as VIPs by the country's leaders. The main reason is that, at that time, China was still too poor and hungry for capital, as long as it could attract investment, even if it allowed the country's high-level bigwigs to come out and entertain businessmen in person, it was no problem.

At present, although China still attaches importance to attracting investment, it is ...... In the early days of reform and opening up, the high-level Corporal Lixian's efforts to attract overseas businessmen to invest were only the bones of a thousand gold in the early stage. The greater significance is not even the capital that is recruited, but more of domestic propaganda, and the policy has gradually transformed to focus on economic development, which is different from the past.

Of course, even now and even in the future, the business of the new business is so big that it is not only a business, but can even be said to have risen to a political level.

In addition, Lenovo also has a background in the Chinese Academy of Sciences, although at the beginning, the Chinese Academy of Sciences only gave an office and a few benches, and the salaries of more than 0 employees in the early days were paid by the Chinese Academy of Sciences, and many people were also from the Chinese Academy of Sciences at the beginning. At the beginning, the Chinese Academy of Sciences supported Lenovo's entrepreneurship, but the resources of the Chinese Academy of Sciences were limited, and everyone could not have serious scientific research projects to do. Some young people who have nothing to do are wasted, so the Chinese Academy of Sciences supports these idle people who have no projects to do to start their own businesses, and they can do whatever they want, the important thing is to make money to support themselves and not to increase the burden on the unit.

Basically, Lenovo should have exceeded the expectations of the Chinese Academy of Sciences, without burdening the unit, and after the business owner did large-scale, it also brought a real financial return on investment to the Chinese Academy of Sciences.

Later, the Chinese Academy of Sciences and scientific research-related universities preferred to engage in venture capital and use scientific research advantages to start businesses. To a greater extent, it is also because of the huge returns brought to the Chinese Academy of Sciences by the investment in Lenovo, so that not only the Chinese Academy of Sciences is still looking for the next Lenovo later, and actively incubating more small project teams. Moreover, many universities with scientific research backgrounds in China are also using their own advantages to turn R&D into an industry and become a venture capital field that cannot be ignored.

In later generations, many listed companies with a certain technical content even added the name of the school with the prefix. For example, the University of Science and Technology, at a glance, you can see that this company is a high-tech company incubated by the University of Science and Technology. Sichuan University, and obviously marked the relationship with Sichuan University. Zhongke, such a listed company, should be incubated by the University of Science and Technology.

These universities not only have a scientific research background, but also have a political background, and the projects they incubate, if they want to be listed, naturally have more advantages than similar enterprises.

Therefore, many people often say that the venture capital in the United States is as if there is no venture capital in China.

In fact, as long as they can make money by using their education and scientific research backgrounds to incubate, Chinese universities are not stupid at all. At a time when many capitals in China are very new to venture capital, many scientific research universities and units are already doing venture capital.

However, at the beginning, I didn't expect that the final way for venture capital to realize was to go public and cash out and reduce stocks, so as to realize the investment benefits more fairly.

If it is not listed, it will be very troublesome to deal with the transfer of the equity of the state-owned holding enterprise. Because, when it comes to the transfer of assets, there will always be a suspicion of causing the loss of state-owned assets.

After listing, there is no reason to blame for selling at the market price, because with the stock trading market, there is a fair market value, and the transfer of assets and shares at a fair market price is relatively speaking, there is no shady.

If, someone accuses, the transfer price is low...... Then you can justifiably refute, do you think it's low, why don't you buy it?

Under the escort of these two major shareholders, there is no obstacle to the listing of Lenovo Group, and now it is mainly to promote the faster listing of Lenovo Company.

As of 994 months, Lenovo Group Co., Ltd. had assets of 2.7 billion yuan, net assets of 800 million yuan, and a total share capital of 000 million shares. The controlling shareholder, Xinchuang Electronics Group, holds 47.5 billion shares, the second shareholder, the State-owned Assets Management Company of the Chinese Academy of Sciences and the Chinese Academy of Sciences, holds 42.5 billion shares, and the management and employee equity fund of Lenovo Group hold 100 million employee shares......"

In 993, Lenovo achieved a revenue scale of 3.8 billion yuan and a net profit of 2.5 billion yuan. In the first half of 994, after the merger and acquisition of the Pangu learning computer brand and assets under Pangu Computer Co., Ltd., and the merger of its business into the statement, Lenovo achieved a revenue of 3 billion yuan and a semi-annual profit of 4.2 billion yuan in the first half of 994. At present, Lenovo Group has merged the Pangu learning computer brand and assets, and its asset scale and market share have surged, becoming the second largest computer brand in the Pangu compatible machine camp. Including the PC market of P and Pangu as a whole, Lenovo ranks among the top five in terms of shipments......"

"According to market analysis, the global battle for personal computer technology standards has stabilized, and it is basically dominated by the two mainstream standards of Pangu computer and P computer. Among them, the core technology of P standard is controlled in Silicon Valley and other developed countries in the United States, and if domestic manufacturers are engaged in P manufacturing, there is a disadvantage that the core technology is controlled by people and cost. It is precisely for this reason that the founding team of our company has paid more attention to the development of Pangu computer from the beginning, and has gradually developed from the largest agent and distributor of Pangu computer in the domestic market to an independent brand manufacturer of Pangu compatible machine. At present, the global computer market is still in the popularization stage, a large number of users who have never used a computer, the first entry, pay more attention to cost performance, therefore, the current Pangu learning model, accurate card position, for the beginner computer users, to provide cheap and easy-to-use computers, small profits and quick turnover. ”

“…… With the excellent management level of the company's team, as well as the deep cultivation of the entry-level market, and the company has a stable and good cooperative relationship with the manufacturers who master the core technology and parts supply, so that the company can obtain the supply of parts at a better price, therefore, our products, although the pricing is lower than the market average, is still profitable. Maintaining low prices is mainly due to the strategic maintenance of market share. At the same time, Lenovo is not satisfied with the market share of low-end products, and at present, the company is actively planning to have a higher unit price of high-end compatible machines and laptops in the market. Form a low-end impulse, low-cost and high-quality learning computer, develop entry-level users, and wait until the entry-level user configuration is not enough, it is possible to choose our mainstream configuration and high-end configuration products......"

"Lenovo urgently needs to go public, mainly because, in order to merge and acquire the Pangu learning brand, our company will form debt repayment pressure in the next few years, especially in 95 years. After the financing solves some of the capital problems, the company will enter a period of rapid development. On the basis of consolidating more than 70 billion revenue a year, profits will be gradually released!"

"If the financing is successfully listed, Lenovo's profit in 94 years will not be less than 500 million yuan, the profit margin in 95 years will not be less than 700 million, and it is expected to obtain a net profit of more than 000 million yuan in 9 years......"

With Lenovo's continuous roadshow and introduction to management institutions and financial institutions, the listing was officially approved. Moreover, because Lenovo is a scarce computer concept in the market, the issuer has given a relatively high valuation.

Before listing, Lenovo Group had a share capital of 000 million shares and net assets of 08 yuan per share. However, the institution gave an issue price of 3 yuan per share and issued 2.5 billion new shares. The financing scale is 7.5 billion yuan.

After the IP, Lenovo's market capitalization will reach 375 yuan.

This is obviously much higher than the original history, when Lenovo Group was listed in Hong Kong, raising more than 200 million Hong Kong dollars, and its market value was more than 900 million Hong Kong dollars after listing.

Both the market value and the scale of financing are much higher.

After the roadshow went smoothly and it was confirmed that it would go public in September, Lenovo's management team not only cheered excitedly. Because...... The management of Lenovo Group still holds 100 million shares through the joint establishment of a fund. After going public, Lenovo's management team can get tens of millions of yuan at most, and hundreds of thousands more can be returned by a relatively small amount.