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[Note: After all, the VIe agreement control zhì and IPO belong to professional knowledge, and the author is really a bit of a fog in the streets, just to check the information It took a night, "certain" and "seeming" without "hard injuries"...... If there are any mistakes or omissions, please forgive me! Please also correct, next time I will correct it! 】

[For the sake of such a poor part of the author, ask for a monthly pass! ] 】

Song Chen is indeed in the United States, and the US Securities and Exchange Commission has approved the listing of 8848, indicating that the 8848 spin-off to the NASDAQ listing has entered the final procedure.

There are two underwriters responsible for the listing of 8848 this time, namely Meisheng and Goldman Sachs. Especially the former, an acquaintance who took the initiative to send to the door, he is California Senator Alec? Gerald, who had a relationship with Song Chen at the charity dinner held by Gao You? Belu.

With Gerald? Beilu is a stepping stone, and Meisheng naturally became the sponsor of the 8848 listing, while Goldman Sachs simply "used despicable means" to blatantly snatch this identity from Credit Suisse and Morgan Stanley, the reason is that Loge, the CEO of paypaL? Filipe built a bridge because Goldman Sachs used the software he opened for Wall Street banks back then......

After registration, the rest of the country is to conduct a roadshow in important cities in the United States with the help of "Liangsheng" to show 8848's business plan, and the new executive Wang Juntao and his management team are the protagonists of this roadshow.

Zhai Yan and Tsai Chongxin, who stepped down as executive officers of Alibaba Group in March, and Tsai Chongxin, who are also chairman and director of Alibaba Group, respectively, did not show up, while He Yuntao was naturally promoted to the position of executive officer he had long been eyeing up.

As for Song Chen, since he was secretly photographed by American reporters at the end of last year and the beginning of this year when he took his mother and wife and concubine on vacation to Hawaii, the Western world, where feminism is quite active, has had mixed comments about him, so he tries to avoid appearing in public.

According to China's 1993 telecommunications regulations: prohibiting foreign investors from intervening in telecommunications operations and telecommunications value-added services [Note: there was no Internet in 1993], the policy guidance of the Ministry of Information Industry at that time was that foreign investors could not provide network information services (ICP), but they could provide technical services! And it is this policy that has allowed the elite who are well-versed in the law to find a workaround.

In order to meet the requirements of the law and overseas listing at the same time, 8848 discussed with the investment banking industry elite for more than a month, and finally came up with the world-famous "VIe agreement", the scientific name of which is "variable interest entity", which is later known as the "Sina model", and now called the "8848 model"

In November 1998, in order to tie in with the overseas listing plan, Alibaba Group registered Hong Kong 8848 and Bermuda 8848 E-Commerce Co., Ltd. in Hong Kong and Bermuda Islands respectively, and the former was placed in the shell company of the latter at a nominal price.

But it is clear that the steps of the VIe protocol are not yet complete. In the same month, Alibaba Group registered Cayman 8848 E-Commerce Co., Ltd. in the Cayman Islands, which will be listed on the NASDAQ as a listing entity. As a result, Cayman 8848 E-Commerce Co., Ltd. acquired Bermuda 8848 E-Commerce Co., Ltd. at a symbolic price, and through Guò Bermuda 8848, it holds 100% of Hong Kong 8848.

At the end of January 1998, the full name of the spin-off 8848 was China 8848 E-commerce Co., Ltd., which was the capital of 1oo mainland, and the shareholders Zhai Yan and Xu Xiaoying held 7O and 3O shares respectively. At the same time, this company also contains all the shares of Japan 8848!

At the same time, "China 8848 Technical Services Co., Ltd." was established in early November and merged into Hong Kong 8848 at a symbolic price of US$1.

There is a key step in this, all intellectual property rights, equipment, real estate and other properties of 8848 E-commerce Co., Ltd. are transferred to 8848 Technical Services Co., Ltd., and the former only has the right to use it based on the agreement! This step is to control shareholders Zhai Yan and Xu Xiaoying and reduce the autonomy of domestic investors!

In addition, Zhai Yan and Xu Xiaoying will pledge their equity to China 8848 Technology Service Company, which is wholly owned by Hong Kong 8848, to guarantee the profit transfer agreement signed between the domestic company and the foreign-invested company.

In other words, Zhai Yan and Xu Xiaoying are only nominal shareholders.

Cayman 8848 E-Commerce Co., Ltd., the listed entity, automatically copied the equity structure of Alibaba Group.

The reason for the establishment of two more companies (Bermuda and Hong Kong companies) between the listed entity and the mainland company is to facilitate the future changes in the specific operation or equity of the mainland company without affecting the stability of the listed company, and to play a buffer role.

At this point, the "VIe Agreement", also known as the "8848 model", with complex equity, has emerged, providing an excellent overseas listing model for Internet companies in Chinese mainland.

Song Chen didn't know that the early appearance of VIe seven or eight months had an immeasurable impact on Chinese Internet companies, and with the help of the 8848 model, China.com, Sohu, NetEase, and Sina, which had just merged this year, caught up with the last capital feast before the Internet stock market crash came and the Nasdaq closed the window. [Note: Historically, Sina was listed against the market in the Internet stock market crash 6, while Sohu NetEase simply fell below the market price as soon as it was listed, falling below a dollar!] 】

In March 1999, the stock price of Amazon, an American e-commerce company, had already exceeded $100, and with Amazon, the "jewel in front", Wang Juntao's roadshow in the United States achieved unprecedented success. Wang Juntao enthusiastically introduces the prospects of 8848 in the English he has trained in a short period of time, boasting about 8848's position in China and imaginatively using the word "monopoly".

In fact, he did not lie and deceive, 8848 has almost no competitors at any level in the Chinese B2c market. Even if there is, it is crushed in the corner and struggling, such as Dangdang.com, which appeared at the end of last year; For example, if you want to engage in differentiated competition, Jingdong.com, which uses Chenxing Home Express to engage in brand computer sales, is all crushed in the horizontal expansion of 8848 Thunder means.

"Amazon is undoubtedly the Amazon of the United States, but in China, we at 8848 have more abundant resources to obtain the income that e-commerce can obtain! …… The year hasn't passed yet, but we have nothing to win (the VAM deal), but the investors are cheering us because we will achieve a more important and imaginative position than Amazon in the United States! We 8848 will basically enjoy the potential market dividend of 1.3 billion people, 8848 belongs to China, but it also belongs to the world and belongs to you! ”

Wang Juntao stretched out his arms and waved his hand vigorously, scolding Fang Xuan's fierce flying colors made potential investors under the stage stand up and applaud wildly, New York, San Francisco, Boston, Chicago, Los Angeles...... Flowers and applause endured, Wang Juntao and his management team led the "Liangsheng" consultants to the roadshow in major cities to achieve unprecedented success, 8848 final prospectus although more detailed description of the potential risks of the "VIe agreement" as a new thing, but still all shareholders are obsessed.

The market capitalization of 8848 accounts for about 7o of Alibaba Group, so 8848 is valued at $240 million, with a total share capital of 240 million shares and an original share of $1! In this IPO, Alibaba Group bargained with "Liangsheng" on the price, and finally set it at US$8, 6ooo shares of American Depositary Receipts, and raised more than US$300 million.

Compared with two years ago, when Amazon was overvalued by underwriters by $12-14 and finally set at $18, "Liangsheng" made a more cautious choice!

Their caution proved unnecessary in the face of the Nasdaq's frenzy to climb to the top step by step, and if Amazon's success story made investors full of confidence in profits, then Wang Juntao's imaginative hints successfully ignited investors' enthusiasm!

On April 8, 1999, 8848 boarded the NASDAQ in the United States, with a market price of $8, and closed at $17.3 on the same day, a daily increase of 73! After 1 week, the price stabilized between $15-$18! After deducting more than 560,000 yuan in bank expenses, 8848 financing is as high as 600 million US dollars, far more than the conservative estimate of 3-400 million US dollars by Wang Juntao and investment banks, as a "concept stock" of China's "red-chip listing", 8848 up to 4.5 billion US dollars in market value not only makes the NASDAQ and even the United States set off a wave of fanaticism, but also makes China in an uproar, unbelievable!

Under the magic of the NASDAQ capital feast, any real estate and monopoly state-owned enterprises have been weakened.

Although Song Chen's Cayman 8848 e-commerce equity has been diluted from 52.5 to 42 by IPO, its value has risen sharply by nearly $1.9 billion! Previously, Forbes valued him at $1o a few months ago, and now, relying only on 8848's equity, he has become the youngest of the world's richest people under the age of 4O!

Not only that, relying on the option award plan, 8848 has created seven billionaires, thirteen multimillionaires and dozens of millionaires in large quantities [Note: RMB, not USD!] These are the core executives and key employees of 8848, so they suddenly became the first batch of millionaires in China's Internet industry to manufacture in batches.

"The Nasdaq's wealth-making campaign is dizzying, so who will be China's next miracle?" -- The Wall Street Journal

It's hard to understand why Song Chen derided himself as a clown in Forbes, relying on his current achievements, he deserves to be China's entrepreneurial hero! What's even more exciting is that there are many high-quality companies in China Holdings and US Holdings! It is hard to imagine how much Song Chen's wealth will swell after these companies are listed one by one -- "China Network News".

……

The media reports did not affect Song Chen in the slightest, he has 126 million shares of 8848 shares on hand, and after thinking twice, he slowly sold about 20 million shares in batches between $13 and $16, making a profit of $300 million as strategic funds.

Then, he began to prepare for the next step - the listing of Ctrip.com! (To be continued.) If you like this work, you are welcome to subscribe (Biquge), reward, your support is my biggest motivation. )

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