Chen Zier is not messy, he has to figure things out first.

"Tell me, be careful. ”

Shi Yangqing said: "Most of the customers of second-rate underwriters are retail investors, and retail investors may sell their stocks as long as they are slightly profitable, which means that the stock price of China.com will be very unstable." In fact, you are used to seeing too much, this is an experience: once the company's internal stock ban is lifted, the stock price will plummet, as long as this kind of thing happens, investor confidence will be hit one after another, and the embarrassment for you is that people have no confidence, and you can sell it at that time......"

Chen Zier understood, "At that time, no matter how much it rose in the previous half a year, it would fall back in a few days." ”

"It probably won't take a few days. Shi Yangqing hit him again, "That's why I said that it may be yellow, in fact, I could have chosen to hold it for a long time, and if it is managed properly, the stock price will slowly rise." But you just said that..."

"I don't have time to wait for it to come up." ”

In March next year, when the Nasdaq market is pouring, the ban period is as long as 180 days, and this is still floating, I am afraid that I will drown in the water.

That's not right.

Chen Zier said: "Won't all listed companies have to face this loss? Once the ban period is over, there will inevitably be many people who sell it." ”

Shi Yangqing shook his head and explained: "It can't be said that there are exceptions to everything, if the company chooses a first-class underwriter at the time of the IPO, it can avoid the stock price drop at that special point in time to the greatest extent." Investment banks like Morgan Stanley, Goldman Sachs, and Credit Zurich are strong, and their clients are mostly large institutions, funds, and wealthy families. ”

It's easy to understand. The fund has a lot of funds, strong professionalism, tends to hold for a long time, and almost will not short-term stock arbitrage, such as Goldman Sachs, their customers do not even have small institutions, that is to say, after the company is listed, there will be almost no stock circulation on the market, which is the difference with second-rate underwriters: there will be no retail investors to buy the company's shares within half a year. In this case, there is no sell order, the company does not have major problems, in the NASDAQ environment, the stock price of China.com will definitely be bullish, and retail investors will inevitably scratch their hair and want to get the stocks in your hands, so that they are actually more than you want the lifting period to pass, and then buy stocks from investors and employees. ”

"And at this time, the transaction price is not a problem at all, the market is like this, you have an advantage, and you can naturally sell at a good price. ”

"So that's ......" but Chen Zier thought of another question, "Then since there are so many benefits, why choose a second-rate underwriter?"

"All sorts of reasons are possible. Generally speaking, Morgan Stanley and Goldman Sachs require higher commissions, and the high I am talking about is not one or two dollars more, but tens of millions of dollars to hundreds of millions of dollars in commissions, depending on whether you are willing to give it or not, and at the same time, they make a lower stock price. This kind of contract is generally underwritten, but they can't guarantee 100% that your stock is recognized by the capital market, so a lower stock price naturally reduces the difficulty of the underwriter's sales, and the second-rate investment bank may cater to the listed company to give a relatively higher stock price to obtain the project. ”

"For example, when Goldman Sachs set $30 a share for China.com, Union Bank of Switzerland may give $40 a share, but before the market verifies the results, no one can say which is better...... Let's put it this way, the role of a foreign underwriter is in' Sales', just like the Oriental Group's daily products are sold with the help of pudding convenience stores, when the contract is negotiated, it must be that they want to raise the price, we want to lower the price, if the price is too low, the market response is good, then we make a lot of money, put in the IPO action, China.com is the Oriental Group, Goldman Sachs is the pudding, the product is replaced by the company's stocks, and the company's market value is how much, the capital market will give the answer, so the price is too low, the stock price is easy to rise too hard, this is not a good thing, because the total amount is certain, the rise is too much, Goldman Sachs will make more, so of course, China.com has lost this part of the wealth, but Goldman Sachs is a first-class investment bankJust like we will do big in the future, we can also ask suppliers to reduce prices, and it is normal to not be able to negotiate in this process. ”

Shi Yangqing took a sip of tea and continued: "Of course, because there is a commission in it, the price is too low, and the commission is also low, so people like Goldman Sachs and Morgan Stanley will not reduce the price too low, and in addition to the reasons I said above, which investment bank to choose also involves the relationship between the company and capital." In fact, I read the report that Ye Keyong of China.com has always had a good relationship with Lehman Brothers, and their underwriter should be Lehman... Lehman is the fourth largest investment bank on Wall Street, and it is also very good, and it makes no sense for this to happen, it is possible to make money by being in charge of Lehman on the China Online Market, which is basically a business without capital... Merrill Lynch, even if it is, why does it have the face of the Union Bank of Switzerland? It's really too much worse than them. ”

The ghost knows what's going on, Chen Zier didn't know much about the broken settlement of the Internet in his previous life, and the underwriter's information was too detailed, he didn't pay attention to it at all, as for what twists and turns are in the middle, hehe, he may have to let him wear it back to Baidu.

But now is not the time to complain, it is not his style to sit back and wait for death, Chen Zier immediately asked: "Is there any way?"

"In fact, the solution is to let China.com choose to cooperate with strong investment banks, although the commission paid is higher, but the stock price will be relatively stable, otherwise the gods will not be able to control the choice of thousands of retail investors. Speaking of this, Shi Yangqing shook his head, "But this is not something you and I can influence." ”

The relationship between China.com and capital is absolutely super complicated, and you can't figure out the head of the line here except Ye Keyong, if the final result is a second-rate underwriter, this must also be the product of multi-party wrestling, with the current strength of the two of them, where does the right to speak come from, how to re-coordinate?

It's two or three billion dollars at stake, which is also too thrilling.

"But I don't think it's very likely that China.com and Lehman will part ways. Shi Yangqing gave his own judgment, "Ye Keyong is an expert in capital operation, he has a clear conscience in his heart, he needs Lehman, and Lehman will also make profits from this IPO, which is obviously a pattern of you having me and me and you, and it is beneficial to each other." ”

"Even if they have a bad idea, but in a place like Wall Street, where profits are at the moment, killing their father's revenge is not a problem, and they don't do a profitable business? Lehman's board of directors will make the fund manager in charge of this a catastrophe. ”

She sat down and asked Chen Zier, "Where did you get this news?"

"But ......" Chen Zier just said a word and paused, is Ning Ya reliable?

Shi Yangqing sighed, "The reports of the people below are often brainless, and it is up to us to judge whether they are true or false." ”

"If this incident really has that big impact, the fake should also be taken as true. ”

Shi Yangqing nodded, "That's right." ”

The two were chatting, and Chen Zier's mobile phone rang again, it was the previous call to Hangzhou, and this reply was more than two hours late.

At that time, he was making this call with a half-serious and half-joking attitude, and now that this happened, he was not very interested, so when he picked it up, his tone was a little flat, "Hey, hello." ”

Master Ma himself forgot the email, in the past two days, he led the eighteen bronze people who were willing to follow him to clean up a house in the lakeside garden, raised 500,000 yuan, and Alibaba was established, and he spoke for more than two hours that day.

Haibo Translation Agency is yellow, and the Chinese Yellow Pages are also yellow, but he is on the road again.

This call was missed because he was too busy, and he just had a normal mentality when he called back, and after the call, he instructed his partner to install the computer he got and said: "Hello, I'm Jack Ma, who are you?"

Chen Zier thought to himself that Alibaba was not as promising as Google, and no matter how awesome it was, it would be a few years later, mainly because he had the heart to think about it now, so he simply said: "I, Chen Zier, you sent me an email, remember?"

Ma Yun was the one who was excited, he was stunned and thought for a while, when did he send an email, he didn't remember it, but he remembered the name Chen Zier, and then immediately said: "Hey, Mr. Chen, hello, hello, I sent an email to your company." ”

The timbre of that voice, Chen Zier is still familiar, he hasn't met many celebrities since he was reborn, this is a relatively familiar one, if it weren't for the bad things of China.com, he would definitely be in a good mood.

Mr. Ma was very proactive, and began to introduce himself without waiting for Chen Zier's reaction, he said: "I came into contact with the Internet in the United States a few years ago, and I was engaged in e-commerce. ”

Chen Zier wants to get along with people well, and he will definitely not slap people in the face, so he said: "I know, that's it, Mr. Ma, I have something to do here, you said that you want to come to Zhonghai to see me, it's no problem, this is my phone, if you go to Zhonghai, just call me, okay?"

Teacher Ma's mouth just warmed up, but he couldn't help it, so he had to nod, "Okay, I'll definitely visit you!"

The phone hung up, and the colleague next to him saw that he was pondering and cared, "What call?

Poor couples mourn everything, in fact, they are not only husband and wife, but any team is very fragile when they are poor, Mr. Ma's serious expression makes them very worried, but don't be unlucky.

However, Mr. Ma gave them a huge ugly smile, "It's not a bad thing, it's a good thing, I tried my luck on the Internet to send an email to Shengshi Investment, but I didn't expect their boss to call me." ”

"Oh, I know this, it's the one who successfully invested in Home Credit, right?" the man was happy, and then he thought, "No, that's a multi-millionaire, calling you?

Teacher Ma smiled indifferently: "It's possible, but it doesn't matter, what do we have to fool?"

As for how can someone like that call him......

Mr. Ma said: "In 95, we went to visit Zhang Shuxin of Yinghaiwei, and they still met us because they were industry leaders? ”

"Then you're going to Zhonghai?"

He thought for a moment with a pen in his mouth, "In a few days, he said on the phone that he was very busy, and he estimated that it would be better in a while." ”

As soon as he heard the words 'very busy' on the phone, the colleague suddenly lost hope, "It's all this kind of rhetoric, in fact, I just don't want to see it, I think it's better to forget it." ”

Mr. Ma was unmoved, "He is almost the first batch of investors in China to realize the value of the portal, and his first investment tasted the sweetness...... In addition to exchanging ideas about the Internet with him, he is also an investor who has both investment willingness and investment strength. ”

……

……

On the other side, Chen Zier and Shi Yangqing discussed carefully and then called Ning Ya to ask about the details of this matter.

According to Shi Yangqing's words, this matter is a bit distorted, both sides have interests and need each other, and they will not break up under normal circumstances, and even if they do, now at this juncture, the capital market is extremely touting the stocks of Internet companies, Ye Keyong has good goods in his hands, high-quality goods, how can he find second-rate investment banks like Merrill Lynch and UBS?

Illogical.

But Ning Ya's phone was on the phone.

At this time, she was staying in the hotel, just sat down and started to call, she said into the phone: "My previous guess is generally correct, I said that he likes the stock of China.com, Mr. Chen did not deny it, we have a chance, but I don't really understand the replacement of second-rate underwriters, he doesn't seem to care very much." ”

On the phone, he said, "Don't you care? Isn't it a little too risky, will you have an accident if you play tricks with rich people?" Let's not be too greedy. ”

Ning Ya held the card that Chen Zier gave her in her hand, and said in a firm tone: "This listing of China.com is a once-in-a-lifetime opportunity, whether we can turn a pheasant into a phoenix depends on this time, after so many years of fighting, and so many years of poverty...... I'm poor enough, and it's not a risk, it's supposed to be a win-win situation. ”

"But if you tell the truth, he will be angry. ”

Ning Ya laughed, "That's because you don't know these people too well, and the mood of a businessman depends on how much profit there is." ”

Then he added, "Actually, we are too, no matter how the boss scolds you, he really gives you a raise, and everything becomes good." ”

Chen Zier made a third call, and the phone was always on the phone.

This look of going to have an accident made Shi Yangqing believe in her judgment even more, she said: "You should think about whether it is possible that this person lied to you, in fact, China.com and Lehman Brothers did not have an accident." ”