One of Gu Mojie's best qualities is that no matter how big his family is and how rich his experience is, he has to encounter specific problems and analyze them in detail. Absolutely do not engage in any empiricism and listen to the wind and rain.

At the beginning, on the question of "whether the headquarters of the group should be registered in the Cayman Islands", Ye Weilun gave Gu Mojie a lesson - Lao Ma, Lao Li, and Lao Ding need to put the group in the Cayman Islands, which does not mean that you Gu Mojie also have to follow the trend and put it in the Cayman Islands. The Hatsune Group has its own uniqueness, and it should be learned, borrowed, digested, and turned into something suitable for oneself in the "take-it-or-leave-it" doctrine, and then used again.

If there is no such process, it will become Mr. Lu Xun's "sending-ism": foreigners throw away foreign garbage and swallow it in one go.

Today, it is clear that Gu Yong will teach him another lesson: other Internet companies have to go public on the NASDAQ, and you have more and more flexible options.

Anyone who can do C-X-O under Gu Mojie really has to have a few brushes.

He's basically been moved.

"But—"

The key point that Gu Yong is about to say is obviously not over yet. As a gourmand who has been in the investment circle for more than ten years, Gu Yongjiang's grasp of the psychological rhythm is wonderful.

Let's make sure you're tempted by what you're talking about, and then talk about the issues that might shake you. And if these big truths are thrown out at the beginning, maybe the business will not be discussed directly.

"Don't procrastinate, just finish the rest of your 'but' in one go." Gu Mojie smiled and punched the shoulder of the ancient warrior.

"But if you decide to list on the A-shares, there are a couple of minor problems. First of all, at present, there is no exit mechanism for China's securities market, and if it is listed, it will be listed forever. So many junk stocks with ST prefix rectification will be reduced to PT at most, but they will never be liquidated. ”

Gu Mojie didn't want to interrupt the other party, but when he heard Gu Yongjiang's words, he couldn't help but laugh: "What does this have to do with us?" Do you think that after Hatsune Entertainment goes public in the future, there is still the possibility of bankruptcy and liquidation due to poor management? ”

"Of course there is no such possibility, but delisting is not only the case, you hear me out." Gu Yong will continue, "The poor management and bankruptcy liquidation just mentioned are passive delisting. However, in the U.S. stock market and other stock markets, there is also a mechanism called voluntary delisting, which means that after the company's major shareholders have been operating for several years, they are no longer short of money, and they can take the initiative to buy back all the shares of the company circulating in the market and implement the privatization of the company, which is also a kind of delisting. And China doesn't even have such a mechanism at the moment. ”

What does the listing stand for in the Americans? On behalf of a company operating to a historical stage, or because of the problem of capital chain turnover, or because of the speed of expansion, temporarily short of money, so listed to find money - since the lack of money can come to find money, when there is no shortage of money, it can also be delisted to repay the money. As long as the price given by both parties is reasonable, they can come and go freely.

In China, this kind of market behavior, which was originally "harmony leads to harmony and disharmony is divided", has become an extremely "sacred" one-shot deal: if you come in, don't think about going out, as long as you are short of money, the Securities and Regulatory Commission will default to your lack of money for a lifetime. Even if you want to say that we will not be short of money in the future, we can't return it, and we will stuff it to you.

This is simply a loan that cannot be returned.

"So terrible? In other words, as long as I let Hatsune Entertainment go public, even if I have so much money that I have no place to invest in the next few years, and I want to take back the company, I can't get it back? ”

"I can't say that to death, but in terms of the current policy, it is like this. In the future, it can only be said that there is little hope for changing this policy during the current government-government period. If...... Six years from now, who knows. ”

In other words, this policy will not change for at least 6 years.

Gu Mojie heard this condition, and was obviously shaken: "Then I can't bet so much, you think about it, is there a way to do it immediately this year, split Hatsune Entertainment again, and separate part of the business to go public." Eggs can't all be put in one basket. ”

Gu Yong hurriedly said: "That's what I originally meant!" You interrupted me and didn't let me finish. My plan is to separate the content production business of film and television and animation in the future, and continue to be controlled by your personal privatization. Then repackage the rest of the games, video sites, and music businesses, and go public with the shell of Hatsune Entertainment.

The biggest advantage of this is that first of all, video websites and music are easy to lose money, and if they are tied to the profitable game industry and listed, it happens that the money earned from the game subsidizes music and video, and it also avoids related party transactions being poured out and stared at by the Securities Regulatory Commission.

It is possible for companies such as animation, film and television, and even today's concerts to make profits on their own, and there is no need to put them in listed companies and make more profits from listed companies. More importantly, because the product pricing of these content providers is very casual, and there is a lack of price comparison reference with channel providers, even if there are related party transactions with listed companies in the future, they cannot be found at the level of China's securities regulatory commission. Or stuff a few red envelopes, they don't bother to check. ”

Gu Mojie was suddenly a little curious: "How do you say this?" ”

Gu Yong spread his hands: "Isn't this easy to understand?" For example, the channel drainage of Chuyin video and Chuyin video, how much should be paid and how much advertising fee should be charged, this is very transparent. If Hatsune Entertainment asks our own company to buy 1 cent 5 a play after it goes public, the CSRC will be able to jump out to check our related party transactions and say whether we have laundered out the profits of listed companies and laundered them to private companies.

But if it's a trade in animation, film and television, and romance technology, the price is very empty, and no one can say that you buy it expensive - if the game company asks the animation company to buy the game adaptation rights of an animation IP, should it give 1 million? Or give 5 million? This is a matter of public justification and mother-in-law saying that mother-in-law is reasonable, and there is no place for horizontal price comparison. Even if it is really expensive, in the end, it will be a matter of 'making mistakes in decision-making and market evaluation' to fool the past. Especially after you buy expensive, as long as your listed company is still profitable, absolutely no one can say that you are laundering money.

You haven't seen so many calligraphy written by officials, but there are collectors who insist on saying that this character is worth a million, and they have to buy it home and hang it for collection. After all, 'art is priceless'. ”

Gu Mojie's blood boiled when he heard it.

He has always adhered to the values of simple opportunism and personal struggle. What he appreciates is working hard to earn money, earning money by technology monopolies, rather than working for capital.

One of the reasons why he has not been listed is that he feels that "compared with other listed companies in China, Hatsune Group is too good", and there is no need to let those who take hot money share too much profit from their hands.

However, Gu Yong's plan today can obviously achieve "making Hatsune only slightly better than the best performing stocks on the market" -- Gu Yong will have a way to wash them out and take them back.

It's perfect.

How can a cheap dog like a coal boss deserve to make too much money. If the money is left in the hands of that kind of person, it will not contribute to social progress at all, and it is better to contribute to the high-tech industry.

"This matter is decided, you are fully responsible, and the layout is laid out first. After the splitting plan is detailed, I will make a decision. After the split, the listed one is still called Hatsune Entertainment; The content creation department that was spun off was renamed Hatsune Films. ”

"Yes, then I'll start working this month. According to the securities law, after the split, Hatsune Entertainment must take out at least 15% of the total share capital as the first IPO, and of course it can also take out 25% or more - what do you think is the appropriate ratio? ”

"Let's do an IPO with 15% first. The cost of just one future agency in World of Warcraft will be more than 2 billion yuan, and the market value will definitely increase several times. plus other businesses such as video companies, the valuation is also nearly 10 billion (it cost 1 billion to buy Youku Tudou).

If we can operate the split Hatsune Entertainment to a market value of about 17 billion yuan and account for 85% of the shares before going public next year, and then put the remaining 15% on the stock market for an IPO, then we can sell 3 billion yuan just after the IPO - not counting the subsequent stock price rise. That's enough money for the company for two years. If I really want to expand the sale, I am not in a hurry to IPO, and when the stock price goes up, I will directly lift the ban on 'big and small' selling. ”

In 2007, China's stock market was still in the stage where new stocks were bound to rise. Even the Shanghai Pudong Development Bank's advertisement on CCTV for the business of "SMS and Instant Language" was selected as "Winning the lottery for new shares?" This line situation, in exchange for the resonance of people's hearts, it can be seen that all shareholders, everyone knows that "playing new stocks" is bound to earn.

In 2015, in addition to the main board of A-shares, there were GEM, New Third Board, and N multi-version...... 's listing channel, Baofeng Technology has staged a miracle of 7 yuan listing, more than a month of continuous price limit, and a stock price increase of more than 20 times.

Hatsune Entertainment's disk is naturally much larger than the storm technology of later generations, and the operation of capital events like storm is originally unavoidable. However, even if it is only according to the comparison of high-performing stocks in the same period, there is still a precedent to follow for the increase of seven or eight times after listing. Even if the high-level trading volume is insufficient (after the price is inflated, most of the trading volume is not completed around this stage, so when cashing out, it will actually lose several times the false profit), it can still make more than 10 billion hot money for Gu Mojie.

After the ban is lifted, it is even more unbelievable.

General Gu Yong helped him think about it, and felt that there was no problem with this plan, so he was ready to leave and prepare on his own. Before leaving, he suddenly remembered a question, and turned back and instructed:

"Listed companies require more than 1,000 shareholders before listing, this thing is easy to do, I will help you operate is to give each employee an equity incentive of 180,000 yuan. However, in order to give shareholders hope of influencing the company's decision-making, it is best not to concentrate too much equity on the surface. You should find someone close to you who you can trust, and spread some equity on the surface. ”

Gu Mojie was stunned for a moment, and immediately understood: investors also hope to influence the company's decision-making, if the largest shareholder of a company already accounts for 80% of the shares, even if others buy all the shares, there is no hope of shaking the absolute decision-making power of the largest shareholder, then their enthusiasm to grab stocks will naturally decline. (Under the new company law after 2006, minority shareholders can theoretically use centralized voting to decide some corporate affairs by combining 30% of the shares)

Therefore, it is necessary to give the orangutans waiting under the fruit tree the hope that "it is still possible to reach it if you jump", and they will actively jump. Otherwise, don't bother to jump.

The fruit should not be placed on a fixed branch, but should be found on a tree and hung with a fishing rod. Usually it looks like it's within reach, but when the orangutan does jump, he throws the rod - that's the right way to open the market.

"I know that." (To be continued.) )