Jiang Hui and others played on the plateau for half a month, and the executives of the Guanghui Group asked when they would return to the company every once in a while.

"Mr. Jiang, why do you look like you've come back from Africa?", Zhou Benqiang came to Jiang Hui's office to report on the Meituan online market, and Jiang Hui, who saw that his skin had darkened, said with a smile.

Speaking of which, Jiang Hui was still forced by Bai Xue to apply some sunscreen, but the whole person still darkened a lot.

"Haha, men are not afraid of being dark, they look healthy", Jiang Hui said self-deprecatingly.

The two exchanged pleasantries for a while and began to get to the point.

"Mr. Jiang, our preparations for the listing of Meituan have reached the last moment, and if everything goes well, it will be listed on the NASDAQ in October."

"You're communicating well with Goldman Sachs' advisory team, right?"

The final listing of a company in the United States is often the result of the successful operation of an effective IPO advisory team. In addition to the company itself, especially the company's management, which requires a lot of time and energy, the company must form a team of listing consultants including investment banks, legal advisers, and accountants. The investment bank will take the lead in leading the entire transaction and underwriting process. After careful consideration of the investment bank that helped Meituan go public, Jiang Hui chose Goldman Sachs.

Founded in 1869, Goldman Sachs Group Inc. is one of the world's oldest and largest investment banks, headquartered in New York, with offices in Tokyo, London and Hong Kong, and 41 offices in 23 countries.

In the 1970s, Goldman Sachs seized a big business opportunity and made a name for itself in investment banking. At that time, there was a rise of "hostile takeovers" in the capital market, and the emergence of hostile takeovers completely broke the traditional pattern of the investment industry and gave rise to a new industry order. Goldman Sachs has pioneered the banner of "anti-takeover advisors" to help companies that have suffered hostile takeovers to engage friendly bidders to bid, inflate the purchase price, or pursue antitrust lawsuits to snipe at hostile takeovers. Goldman Sachs suddenly became an angel from a hostile takeover.

Goldman Sachs has long regarded the Celestial Empire as an important market, and since the early nineties of the twentieth century, it has regarded the Celestial Empire as a key region for global business development.

In 1984, Goldman Sachs set up its Asia-Pacific headquarters in Hong Kong and Hong Kong, and in 1994, it opened representative offices in the imperial capital and Shanghai respectively, officially entering the mainland market of the Celestial Empire. Since then, Goldman Sachs has gradually established a strong international investment banking branch in the Celestial Empire, providing a full range of financial services to the Celestial Government and large domestic industry leaders.

Goldman Sachs has established a very strong business network in the equity and debt capital markets of the Celestial Empire, and has played an active role in the Celestial Empire's entry into the international capital markets and participation in international capital market transactions. Over the past decade, Goldman Sachs has been a leader in helping Chinese companies with overseas stock offerings, with landmark deals including IPOs of major companies such as China Mobile, PetroChina, and Bank of China.

Considering these factors, Jiang Hui chose Goldman Sachs as the investment bank for Meituan's listing.

"It's relatively smooth, we were the first to go public on Meituan.com, followed by the intranet on campus, and then there were other companies. Goldman Sachs also wants to keep close contact with us, so they are still easy to talk to."

"When dealing with them, we should insist on what we should insist on dealing with them on the premise of maintaining reasonableness and moderation."

"Understand that when it comes to due diligence, for some projects, we just stick to our own opinions, and we are not completely led by the nose by the consultant team."

Generally speaking, before listing, the company will conduct comprehensive and in-depth due diligence on the company's management, operation, financial and legal affairs with the assistance of the listing advisory team. Due diligence will lay the foundation for the company to draft the registration prospectus, prospectus, roadshow promotion, etc.

In order to better grasp and understand the business situation of the issuing company in order to facilitate the drafting of accurate and attractive prospectuses, the lead underwriter, the legal counsel of the lead underwriter and the legal counsel of the issuing company will conduct an extensive review of the property of the issuing company and related contractual agreements, including all loan agreements, important contracts and government permits, etc.

In this process, there will definitely be some disagreements between the advisory team and the management team of Meituan, but fortunately, everyone has the same goal.

"How many more processes do we have to go through before we go public?".

"It's already being registered and awaiting approval. U.S. securities laws require securities to be registered with the SEC prior to public offerings, and a detailed prospectus is provided to public investors. Registration and approval can be said to be the core stage of listing."

"Nothing wrong, right?".

"Our legal counsel team is very good, and we expect it to be approved in August."

The company's selected legal counsel and independent auditor will work together to prepare the first draft of the registration statement, so that the legal counsel's competence and experience will be fully utilized at this stage.

The registration statement should consist of two parts: the first part contains the prospectus, and the second part contains supplementary information, signatures, and attachments.

The prospectus has the following characteristics: first, it must meet the requirements of the SEC and must truthfully disclose the information required by the relevant forms. Generally, the disclosure requirements for foreign companies are the same as those for domestic companies, including the company's business in the past five years, risk factors, financial position, management's compensation and shareholdings, major shareholders, related party transactions, use of funds, and financial audit reports. In addition, the prospectus is also a promotional brochure, and the prospectus must describe the "highlights" of the issuing company in order to attract investors.

"After approval, is it a roadshow, and then wait for the listing?"

A roadshow is a series of presentations made by a securities issuer to potential investors, analysts or money managers to stimulate investment interest, usually lasting one to two weeks. At that time, the company's management, under the arrangement of the investment bank, traveled to various places to make speeches and present its business plan.

Management's performance at the roadshow is also crucial to the success of the securities offering. In the U.S., important roadshow cities include New York, San Francisco, Boston, Chicago, and Los Angeles. As an international financial center, London and Harbour are also often included in the itinerary of roadshows.

Once the roadshow is over, the final prospectus will be issued to investors and the company's management will determine the final issue price and quantity with the assistance of the investment bank. Investment banks often propose a recommended price based on investor demand and market conditions.

"Yes".

"What is the initial valuation given by the underwriters?".

(End of chapter)