"President, we have just been listed on the Tokyo Stock Exchange No. 2, is it a little early to consider listing on the main board now?" a middle-aged man with a ****** drew a few circles on the map, "These stores are all considered good by the development department, President, you can choose them." ”

Liu Jing is looking at the map attentively: "There is a saying in Huaxia, it is called to take precautions, and it is always beneficial to do work in front." Ah, Sugihara, this shop is in a good location, where is this?

Sugihara pushed his black-rimmed glasses, "Ah, it's Harajuku, it's with Shibuya Yoyogi, it's hard to tell the difference." ”

Yanai thought for a moment, "I see, let's go over and take a look now." ”

Sugihara has been with Yanai for nearly ten years, and it is clear that this little old man, who does not look amazing, has been able to lead the Fast Retailing Group in thirteen years, from a grocery store in the countryside to a listed company listed on the Tokyo Stock Exchange No. 2, relying on his own diligence and perseverance.

Yanai Masashi did not have the shelf of a listed company chairman at all, and he did not even have his own office in Tokyo, and the Tokyo branch was only an office space of several tens of square meters, and several employees were transferred from the Yamaguchi Prefecture headquarters to be responsible for the preparation of the Tokyo store.

Yanai had already planned that after the opening of the Tokyo store, he would move the headquarters of Fast Retailing to Tokyo. Tokyo is the heart of Toei, and only when it has a firm foothold in Tokyo can Fast Retailing and Uniqlo take the first step towards world domination.

If you want to gain a foothold in Tokyo, it is easier said than done, and in addition to having excellent products, you also need to get support from all sides. Yanai insists on wanting to be listed on the main board of the Tokyo Stock Exchange in order to increase the soft power behind Uniqlo.

But at the same time, he also has to be prepared not to be listed on the Tokyo Stock Exchange for a short time.

After the war, Toei established eight stock exchanges across the country, including Tokyo, Osaka, Nagoya, Kyoto, Niigata, Hiroshima, Fukuoka, and Sapporo, and Fast Retailing was listed on the Hiroshima Stock Exchange for the first time.

However, Toei's largest stock exchange market is the Tokyo Stock Exchange, which accounts for more than 93 percent of the national securities market, and the other stock exchanges together are only a fraction of the Tokyo Stock Exchange.

The size of the stock exchange is a prerequisite for how much money a listed company can raise in the market. The larger the stock exchange, the stronger the ability to pool capital, and the more opportunities listed companies have to raise funds from the secondary market at a lower cost and difficulty.

The Tokyo Stock Exchange is divided into two parts, one equivalent to the main board and the other equivalent to the Growth Enterprise Market, and Fast Retailing's second listing is on the second section of the Tokyo Stock Exchange.

Yanai is very talented and knows that if Fast Retailing, which is dominated by Uniqlo, wants to achieve rapid development, it is obviously not enough to be listed on the GEM, and when the time comes, it is necessary to hit a main board.

But what if the impact is not successful? The requirements for listing on the first section of the Tokyo Stock Exchange are very high, and there are many large companies that have not been in line for 10 years, and Yanai Masashi is not completely sure that he will be able to hit the success. Therefore, he also has to leave a way back for himself.

If you can't be listed on the main board of the Tokyo Stock Exchange, then turn to the U.S. stock market, NASDAQ or NYSE to save the country.

Therefore, when he met Sanatanu in the bar and heard about Zhang Chen from Sanatanu, his mind turned away.

On the one hand, Dongying is very dependent on the United States economically, and is essentially an economic colony of the United States. However, few of Dongying's companies were listed on the U.S. stock market, and it wasn't until a decade later that a large number of Dongying companies went public in the United States.

On the other hand, there is unexpectedly little cooperation between Dongying startups and the United States. This is also because the economic level of the whole country is monopolized by the big chaebol, and if small and medium-sized enterprises want to break through this barrier and contact with the outside world, they must either become part of the big chaebol and become an affiliate of the other party, or they must have strong innovation and irreplaceability.

Yanai had communicated with some PEs in Dongying's country before, but as long as he talked about going public in the United States, these PEs politely declined, and after a long time, Yanai Masashi understood that these PEs were the private property of Mitsubishi, Mitsui, Sanwa, Sumitomo, Quanyin, Fuji and other big chaebols. Going public in the United States is troublesome and easy to get listed companies out of control, and for these big chaebols, the gains outweigh the losses.

Since Solomon Smith is an American company, if we can contact them, there will at least be no unnecessary obstacles to going public in the United States, right?

Yanai is definitely a strange person, and in his early years, he could be regarded as a rich second generation with a small property. His father started as a tailor, and the Showa miracle of Toei also gave Yanai Masa's father a chance to develop, and his business continued to expand. Although it was still a small company, it also hired twenty or thirty employees, but the workshop-style tailor shop of those days was not the same.

Yanai has two older sisters and a younger sister, is the only son in the family and the only heir of the Yanai family. Yanai Masa's father, Yanai and others, had high expectations and strict requirements for him, which only aroused his rebellious mentality.

Yanai Masashi was talented and intelligent, and was admitted to Waseda, but during his college years, he was a poor student and did not study well, so he barely mixed up a graduation certificate. After graduation, he didn't go home, but found a job outside, and said to his father that I won't rely on you for the rest of my life, so I don't know your stinky money.

As a result, after four months of work, this guy couldn't hold on and went home.

Under the education of reality, Yanai Masashi has become a dead house, and in addition to working in the supermarket at home every day, he is nesting in his own kennel to play games (at that time, those who could afford game consoles were also rich).

After staying at home for a few years, his father's business is getting bigger and bigger, and he can't look down on the family's grocery store business. So he left the store to Yanai Masashi to manage, and went to set up a construction company himself, intent on making a big business.

Yanai is stupid at this time,, what can I do, if I mess up the store, won't I even have money for food in the future, this guy has to start studying store management for the first time in his life.

With his outstanding talent, Yanai really led him to study a lot of problems, whether it was the layout of the store or the placement of goods, he found a lot of improvements.

Moreover, he has also shown considerable leadership. Since participating in the management, he drove out seven of the eight old ministers left over from his father's era, completely changing the trading company and entering the Yanai Masashi era.

In this way, with step-by-step management, Yanai Masashi led the small trading company to where it is today, becoming a listed company on the Tokyo Growth Enterprise Market, but he fulfilled his father's unfulfilled wish.

"Yanai-san, I see what you mean. But I must remind you that the average P/E ratio of the current Dongying securities market is 170, while the average P/E ratio of the US stock market is only 34 even on the NASDAQ, and the difference between the two is very large, which will adversely affect your stock price valuation in the short term. Zhang Chen listened to Liu Jingzheng's needs and said slowly.

To put it simply, the P/E ratio refers to the profitability of each stock, for example, the price of a stock is 100 yuan per share, and the profit of this company is evenly spread to two yuan per share, and the P/E ratio is 50 by dividing 100 by 2.

The lower the P/E ratio, the more it indicates that the value of the company is closer to rationality. The Nasdaq now averages a price-to-earnings ratio of 34, which is already considered high on many established stock exchanges.

The average price-to-earnings ratio of 170 on the Tokyo Stock Exchange is simply unthinkable.

This is also the after-effect of the bubble economy.

The reason why Dongying has not been able to get out of the bubble crisis for a long time is really because it has not fallen to the bottom. It has been seven years since the bubble burst crisis, and the Nikkei has remained around 20,000 points for a long time, with an average price-earnings ratio of more than 170, which is several times higher than the world average price-earnings ratio. It shows that the Dongying economy is still full of large bubbles, and these bubbles are still slowly bursting.

In this case, if Dongying's economy wants to recover, then there is a ghost.

Liu Jingzheng didn't have any expression, he wanted to talk about other companies when he talked about his own company, and his tone was also very flat, very in the style of a president with facial paralysis: "Zhang Sang, I know what you said very well, and we have done a lot of work before." Being able to list on the main board in Tokyo is of course the first option, but if the Tokyo Stock Exchange still does not allow Fast Retailing to list on the main board within two years, Fast Retailing must start the US stock listing process. No, it should be said that during these two years, the listing of the main board of Tokyo and the NASDAQ will operate at the same time, double insurance. ”

(End of chapter)