Lin Feng looked regretful, raised his glass and said with a smile: "Paul, you also know that Fengxing is the equity structure of AB shares, dualsharelass, and the Hong Kong Stock Exchange requires the same shares and the same rights, and there are still some differences between the two sides on this point, in fact, I really want to be listed in Hong Kong." ．”

Zhou Wenyao, the chief executive of the Hong Kong Stock Exchange, who was sitting opposite, said with a smile: "Rihard, you have more than 50% shares, even if you are listed normally, you are the largest shareholder, do you have to be so conservative as AB shares?"

Lin Feng shook his head: "You also know that Fengxing is very important to me, and I don't want any risks...... Or, Paul, why don't you be accommodating this time? The two-tier equity structure of AB shares has been on the NASDAQ for many years, in fact, the development is good, and it has not harmed the interests of investors.

Zhou Wenyao hesitated for a moment when he heard this, and then said with a wry smile: "I need to ask for the opinions of other directors on this, and I can't answer you for the time being." ”

Lin Feng smiled and raised his glass: "It's okay, I'm not in a hurry, Paul, come, have a drink." ”

This is a gathering organized by the Hong Kong Bankers Club, Lin Feng, as a wealthy man in the city, was naturally invited to attend, and Zhou Wenyao just took this opportunity to communicate with Lin Feng about the topic of Fengxing's listing in Hong Kong.

In the distance, a few bankers sitting on another sofa seemed to see the end of their conversation, and walked over with wine glasses and smiling.

"Paul, rihard, is there anything that has exploded?" asked a middle-aged man with silver-rimmed glasses and an elegant appearance, sitting on the sofa next to him, smiling.

Zhou Wenyao shook his head and smiled bitterly: "vi, if you can have a good idea, Lin Sheng will insist on double-tier equity, it seems that there are many obstacles if you want to invite Fengxing to Hong Kong." There was still some unhappiness in his tone.

After all, the rules of the Hong Kong Stock Exchange for many years have been the same shares and equal rights, and the dual share structure is not allowed. If it accepts the popular AB-share structure, it means that the Hong Kong Stock Exchange has abandoned its own principles, which will be discredited by the people. deliberately gave the green light to the popularity of the family, Zhou Wenyao didn't have to go to a meeting to discuss, and he knew that this road would definitely not work.

The middle-aged man known as VI is a well-known banker in Hong Kong, Cheng Hoi-chuen, chairman of HSBC Asia Pacific, who is also the first Chinese to hold this position in the 139-year history of the HSBC Group, and the highest-ranking Chinese in the HSBC Group. He was called "the most powerful person in Hong Kong's financial circles" by the Hong Kong media.

Zheng Haiquan nodded when he heard this, and looked at Lin Feng: "Rihard, if you say so, that popularity can only be listed in the United States, and our Hong Kong and London stock exchanges do not support the AB share structure." ”

As the largest stock exchange in Europe, the London Stock Exchange has also been fiercely competing for the listing of Chinese companies in recent years, but the Chinese companies listed on the London Stock Exchange are basically concentrated in the traditional mining, energy and other aspects, and there are fewer IT companies.

Lin Feng smiled silently, in fact, Zhu Xiaojian, president of the Asia-Pacific region of the London Stock Exchange, had made a special trip to visit Lin Feng, and even revealed in his words that he could consider supporting the AB share structure of Fengxing, but for Lin Feng, the London Stock Exchange had never been within his consideration......

Zeng Jingxuan, president of Standard Chartered Bank China, who was sitting next to Zheng Haiquan, another heavyweight in Hong Kong's financial circles, interjected with a smile: "Rihard, in fact, it doesn't matter whether it is listed in Hong Kong, London or New York, as long as we have stocks to buy!"

She wears a Chanel white

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Professional dress, short hair, with a pearl necklace around her neck, she looks shrewd and elegant, she is well maintained, although she is nearly 50 years old, she looks like a 40-year-old elite woman in the workplace.

Zhou Wenyao shouted: "Katherine, do you have any principles and positions, and don't help me persuade Rihard to stay in Hong Kong!"

Zeng Jingxuan smiled and ignored him.

As the younger sister of the newly ascended Chief Executive Donald Tsang, her status in Hong Kong's financial circles is now in full swing.

She asked Lin Feng curiously: "Rihard, if you go public in the United States, are you going to choose the New York Stock Exchange or continue to list on the NASDAQ?"

Lin Feng said with a smile: "In fact, including the Hong Kong Stock Exchange, it is one of our choices, but now there are more issues involved, and we are still in the process of contacting many parties, and we have not yet decided on it." ”

This is the truth, I still have a lot of respect for Zeng Jingxuan and Lin Feng, after all, I am now mixing in Hong Kong, and I want to give the Zeng family face.

The reason why these bankers are more concerned about the listing of Fengxing is that, on the one hand, they naturally hold the loans of Fengxing, and the loans will naturally not have any risks after the listing of Fengxing, and on the other hand, there are many funds and investment institutions that are closely related to these banks, so they can have news in advance, which is also convenient for them to allocate funds.

………………

is also listed, compared to the nervousness when Menglong was listed for the first time, this time it is popular, and Lin Feng has a bit of a meaning of sitting firmly in Diaoyutai.

At this point in time in 2007, Fengxing was indeed a predator in China's Internet industry in terms of volume, and even in the scope of the global Internet, it was also famous.

It is precisely because of this that the popular listing has caused many exchanges including the NASDAQ and the New York Stock Exchange to compete.

Indeed, as Zheng Haiquan, Zeng Jingxuan and others speculated, Lin Feng has basically determined that Fengxing will go public in the United States.

As for whether it is on the NASDAQ or the New York Stock Exchange, Lin Feng wants to wait a little longer to see the conditions given by both parties.

As the NASDAQ exchange that Lin Feng is more familiar with, although it has always been extremely favored by Fengxing, the New York Stock Exchange is also a very heavyweight listing choice.

Generally speaking, the New York Stock Exchange, founded in 1792, is equivalent to the main board market in the United States, while the NASDAQ exchange, founded in 1971, is equivalent to the small and medium-sized board or the Growth Enterprise Market.

However, with the business adjustment and mergers and acquisitions of the two exchanges, the boundaries between the main board and the small and medium-sized board or the growth enterprise board are becoming increasingly blurred.

Since its inception, NASDAQ has been known for electronic trading. Initially, it was more of an alternative option for technology companies that were preparing to go public. However, with the rapid development of the global high-tech industry, it has shown a stronger momentum of expansion, and the limelight once overshadowed the New York Stock Exchange, the world's largest exchange. Technology and internet giants such as Apple, Microsoft, Google, Amazon, etc., are listed here, and the exchange is seen as the preferred listing place for technology companies.

The majority of companies listed on the New York Stock Exchange are financial giants like JPMorgan Chase, which has a long history and a more prestigious reputation than the Nasdaq. Of course, technology companies such as IBM are also listed here.

In recent years, in order to resist and suppress the upward trend of NASDAQ and maintain its position as the world's largest trading market,

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The New York Stock Exchange has made a series of efforts, including the acquisition of an all-electronic stock exchange, the merger with Euronext to form the New York Stock Exchange-Euronext Corporation, etc., and is also actively competing for emerging technology companies to list on the New York Stock Exchange to compete for listed companies and trading shares.

For Fengxing, the competition between exchanges obviously gives Fengxing more room to negotiate, allowing Fengxing to negotiate more preferential terms and higher valuations and financing amounts.

What is not clear to the outside world is that Robert Grayfield, president of NASDAQ, has personally called Lin Feng, and he proposed that he can discount the fees of the popular listing, and increase exposure and other preferential conditions in publicity and promotion.

It even promised that if Fengxing is listed on the NASDAQ, it will ensure that Fengxing will be included in the NASDAQ 100 index by the end of this year, knowing that all funds that follow this index must buy it, and Fengxing may sell $2 billion worth of stocks without much effort!

It can be said that the Nasdaq has indeed shown great sincerity.

Lin Feng is also a little undecided, you know, he has always preferred to change the popular listing on the New York Stock Exchange before.

After all, the New York Stock Exchange, as the world's No. 1 trading market, has a long history and more reputation, and the listing standards and regulations are a little stricter than those of the New York Stock Exchange, and the New York Stock Exchange gives ordinary investors the feeling that the threshold is relatively higher, and the subtext is: companies listed here are more trustworthy.

If you choose to list on the New York Stock Exchange, it is also a subtle hint to the company brand of Fengxing: Fengxing is already a "big" company.

The conditions given by the New York Stock Exchange are also not inferior to those of the NASDAQ, and there are also concessions in terms of fees and publicity.

Although it cannot be included in the S&P 500 index because of its popular "Chinese nationality" status, the New York Stock Exchange and S&P Dow Jones Indices said that Fengxing can become a constituent stock of the S&P Dow Jones Global Benchmark Index, which will also attract many funds around the world to buy Fengxing stocks.

The most important thing is that the New York Stock Exchange proposed another preferential condition, which completely impressed Lin Feng: Fengxing can be listed on the New York Stock Exchange without meeting some of the corporate governance standards that American companies need to meet. For example, there is no need to form a board of directors composed of a majority of independent directors, nor does it need to form a corporate governance committee composed of only independent directors!

In this way, Lin Feng has greater control over the board of directors of Fengxing, and does not need to ensure a majority of independent directors like when Menglong was listed on the NASDAQ!

After comprehensively considering the conditions of both parties, Lin Feng called Li Dong and Li Mengyuan to Hong Kong, and the three of them held a meeting to discuss the relevant issues of listing in detail.

Including the determination of underwriters, the determination of other constituent institutions of the listing team, the selection of listed exchanges, etc.

On March 22, 2007, Fengxing Group filed a prospectus with the U.S. Securities and Exchange Commission after market hours on Wednesday. According to the prospectus, Fengxing Group plans to raise $1 billion through IPO transactions, and intends to list on the New York Stock Exchange or the Nasdaq Global Market.

In the prospectus, Fengxing Group stated that the maximum size of the financing was US$1 billion, but analysts believe that this is likely to be just a figure for the purpose of calculating the registration fee. Previously, the market estimated that the size of the financing should be $5 billion to $8 billion.

However, Fengxing Group has not disclosed the specific details of the issuance of share capital in this prospectus, so the actual financing amount cannot be determined.