Weizhi Search is preparing to go public in the United States, and according to the rules, it is necessary to find an investment bank as the lead underwriter.

Fang Dagang is the person in charge of the listing of Weizhi Search in the United States, and after studying the case of Chinese stocks going public in the United States, he was worried, and always felt that the big boss was treating the Yankees as an idiot.

The reason is simple.

The total share capital of Weizhishou is 300 million, and the issuance of 40 million American depositary receipts in the United States is only equivalent to 13% of the total share capital, but the funds to be raised are not less than 2 billion US dollars, and the price-earnings ratio is as high as 1,000 times, which means that according to the current financial data, it will take 1,000 years for investors to buy shares to be able to return to their capital.

But in fact, Fang Dagang was taken aback, after the invitation letter was issued, the teams of Goldman Sachs, Merrill Lynch, Credit Suisse First Boston, Citigroup, and Deutsche Bank were all the world's top investment banks.

Headquarters building, medium-sized meeting room.

Fang Dagang sat upright, facing the investment bank representatives on both sides of the long table, and the projection screen behind him showed the plan to go public in the United States.

Each of the 40 million American Depositary Receipts is equivalent to one share of ordinary A shares in China, and the 20 million B shares held through the VIE structure, each of which has 10 times the voting rights of ordinary shares, cannot be shaken as long as these shares are not sold by shareholders.

"There are only seven seats on the board of directors, and there are no observer seats for the search, so doesn't that mean that the holders of depositary receipts only have the right to make recommendations but not the right to veto?"

A question from a representative of an investment bank caused some noise in the conference room, and Ran Ying stood up and said. "Weizhi Search adopts a two-tier shareholding structure, which is to prevent foreign shareholders from interfering and hindering the company's operation because they do not understand the mainland market......

The representative of Deutsche Bank stood up angrily. "If that's the case, we'll have no choice but to withdraw! Such outrageous conditions are unheard of, this is not inviting the main seller, this is looking for a wrongdoer!"

Ran Ying glanced at the door of the conference room. Then he looked at the other party and said. "There can only be two main sales of Weizhi Search, and the withdrawal of either party will bring convenience to the subsequent screening, thank you for coming......"

The representative of Deutsche Bank was stunned, and when he saw that the other investment bank representatives present were all indifferent, and even seemed a little happy about his withdrawal, he shrugged his shoulders with a red face. "Deutsche Bank still has a lot of influence in Europe, but there is a saying in the investment community that it is far more profitable to be a big man than to be a smart person, please continue to ......"

"It's Christmas in three days, I'm really sorry to invite you here at this time, and we don't want to negotiate for too long, resulting in people not being able to spend Christmas with their families, so to make a long story short, the major shareholders of Weizhi Search can provide double insurance for this IPO plan, if the development rate of Weizhi Search in the next three years is lower than expected, and the return on investment is less than 20%, Weizhi Technology promises to carry out share repurchase at an annual appreciation rate of 8%, if you are willing to give up this right, After three years, they can get 3% of the non-voting preferred shares from the majority shareholders at a 7% discount of the average monthly price, but this quota is only one ......"

A total of 40 million shares need to be issued, the issue price is 50 US dollars per share, and the price-to-earnings ratio is as high as 1,000 times, and the representatives sent by the investment bank are not satisfied, but when Ran Ying announced the situation of the pre-orderers, the atmosphere in the conference room suddenly became weird.

Allen, the former founder of Microsoft, booked two million shares.

The DreamWorks Triumvirate, each booked 500,000 shares.

LVMH Group, France's richest man, booked three million shares.

Luxury goods giant [Pan-French Investment Holding Company] has two million shares booked.

Count Alexander, general manager of Digin Winery, reserved 500,000 shares.

Roman, the former richest man in Russia and the current chairman of the Chelsea Football Club, is scheduled for 5 million shares......

The three-page list of bookers and the number of purchases made the investment bankers present speechless.

If this list is true and valid, then the plan of Weizhi Search to go public in the United States can actually have nothing to do with investment banks, and the number of shares that the buyers hope to obtain is as high as more than 60 million shares, but Weizhi Search only issued 40 million depositary receipts this time.

I understand what you are thinking, the plan of Weizhi Search to go public in the United States is not to tease everyone, Mr. Fu, the founder of Weizhi Technology, is the richest man in the world, and the listing of Weizhi Search, a subsidiary of Weizhi Technology, is not a problem for him personally, but the procedure must be taken, so the significance of the existence of lead underwriting is to promote Weizhi Search to be recognized worldwide, and the purpose of stock listing is not because Weizhi Search is short of money. However, Weizhi Search needs to further improve its international influence, enhance its corporate image, and bring more lucrative investment returns to shareholders, so it ......"

"We at Goldman Sachs are willing to become the lead seller of Weizhi Search's listing in the United States, and the cost can be reduced by 10......"

"We at Deutsche Bank want to get lead underwriter status, reduce fees by 20 percent, provide a market-making fund of no more than 200 million euros, and reduce the interest rate by 1 percentage point......

"Our Merrill Lynch experience in market-making is beyond doubt, the issuance fee can be reduced by 30%, the market-making funds can be provided by 300 million US dollars, and the interest rate can be reduced by one and a half percentage points......"

The investment banking team that reacted entered the quarrel mode, although it was not enough to scold the street, but it made Fang Dagang, who had never had the opportunity to speak, completely stunned, and the simultaneous translator on his side was even more because he had no time to translate everyone's speeches to him, so he had to pick up a pen and paper and record the conditions of the investment banks.

Seeing Fang Dagang's stunned look, Ran Ying sat down and said. "Mr. Fang, this matter is done. The rest is a matter of eligibility......"

Fang Dagang's face was incredulous. "Is that really the decision?"

"yes, that's it. In fact, if it weren't for the fact that there must be a lead underwriter to go public in the United States, whether or not these investment banks are involved, it is really dispensable, and Mr. Fu's financial acumen must not be doubted......"