"Guess?" Jiang Zeyu was a little puzzled.

"Hmm."

Li Chuan nodded and didn't say anything more.

Although he knows very well what will happen in the next few years, he can't explain this kind of thing to Jiang Zeyu, so he can only use "guessing" as an excuse to fool around.

Jiang Zeyu sounded very uncomfortable.

He frowned slightly and said, "Guess, there must be a basis, you ......"

"There is no basis."

Li Chuan immediately interrupted: "This is the experience I have summed up after living in China for more than 20 years. ”

"I ......"

Jiang Zeyu wanted to open his mouth to argue, but was interrupted by Li Chuan again.

"Alright, don't talk so much."

Li Chuan didn't want to dwell on this topic, so he immediately clapped his head and said, "Just listen to me about this matter." ”

"This ......"

Jiang Zeyu originally wanted to say something more, but after thinking about it for a while, he finally chose to compromise.

"Alright, since you said that, let's assume it's true."

Jiang Zeyu shook his head a little helplessly, then turned around and asked again: "Have you already decided to seek listing in the near future?" ”

"Hmm." Li Chuan nodded with a straight face.

"When are you going to (go public)?"

"Preferably, before the end of the year."

"At the end of the year?"

"Hmm."

Jiang Zeyu frowned.

"What's wrong?"

Li Chuan asked, "Isn't there enough time?" ”

"It's not enough, it's just ......"

Jiang Zeyu organized his language a little and said: "There are still about seven months before the end of the year, seven months, although I am a little nervous, but if everything goes well, there is still hope to complete it."

However, this is only the ideal situation.

The review conditions for listing are very strict, and the process is very cumbersome, even a small problem may become a stumbling block, thereby delaying the time and rhythm of our listing.

Most companies will encounter various problems in the process of applying for listing, and companies that can successfully go public without any obstacles almost do not exist, and even if they do, they are limited to state-owned enterprises or central enterprises, which is not the same concept as private enterprises like us. ”

When Li Chuan heard this, he couldn't help frowning.

He paused and asked, "Then do you think it will take us to complete the listing if we start preparing now?" ”

"At least, two years."

"Two years?!"

"Hmm."

Jiang Zeyu explained: "We have been established for too short a time, there are deficiencies in many places, and it is not so easy to improve, and we still do live broadcasts.

Live streaming is an emerging industry in China.

Emerging industries have not been tested enough by the market, and in the eyes of many people, they are more prone to problems.

The China Securities Regulatory Commission (CSRC) focuses on stability and has very strict control over this aspect.

If we apply for listing, the review pressure will definitely be very high.

Audits are stressful and time-consuming.

From this point of view, two years is already a very desirable result.

Normally, we would have failed to go public.

Because the CSRC's capabilities are also limited, in many cases, they cannot accurately judge the impact of the listing of a company in an emerging industry on society or the overall economic situation.

Once they can't be sure, there is a high probability that they will reject our listing application directly.

I'd rather not do it than take a risk...... You should also know this style of behavior. ”

Jiang Zeyu spoke quite deeply about these words.

After Li Chuan listened, his brows furrowed even deeper.

He lowered his head and thought about it, and then said decisively: "No! We have limited time, we can't accept failure, we must be successful in the first listing! Two years, we can't wait, it's 2019, two years is 2021, at that time, everything was delayed, I ...... at most Only one year can be accepted. ”

"Then there's no other way to do it."

"What's the solution?"

Li Chuan's eyes rolled and said, "Backdoor listing? ”

"That's right."

Jiang Zeyu nodded and said, "If you want to complete the listing in the short term, there is basically only this one way." ”

Li Chuan fell into a deep groan.

"Backdoor listing" is a routine operation in the current financial market, and its approach is very simple, that is, to buy a listed company, and then put the company you want to list in, carry out business reorganization, and after the reorganization, it will become a listed company.

The biggest benefit of this is that it saves a lot of time.

Backdoor listing also requires review, but the review procedure is very simple, and the specifications are relatively relaxed, under normal circumstances, it only takes two or three months to complete, and it does not take more than half a year at most.

Moreover, it does not require the signature of the sponsor representative, and the cycle of restructuring and listing is also very short.

If the operation is good enough and there are no special circumstances, it can basically be completed in half a year.

Of course, backdoor listings also have certain drawbacks.

For example, the name is different.

Since it is a backdoor listing, the name of the stock must be shelled.

The name of the stock is different from the business entity, which will cause some confusion to investors.

A viewer wanted to buy the shares of Miki Network, but when he opened the trading software, he could not find the stock information of Miki Network, because the stock name of Miki Network is not "Miki Network" at all, but a name that has nothing to do with Miki Network.

This kind of thing, if not done well, may lose a lot of investors.

Of course, it has a way around it.

Backdoor listed companies can carry out some publicity before restructuring and listing, and after the publicity, most investors will know about it.

In fact, all backdoor companies operate in this way in the early stage.

Later, they will seek to change their name.

The name of the stock can be changed, but it is more cumbersome and usually takes several months to complete.

In addition, there are some disadvantages of backdoor listing, such as the inability to withdraw funds in time, and there may be some risks in shell resources.

However, these shortcomings can be circumvented, and as long as they are done properly, they basically have no effect.

On the whole, a backdoor listing is indeed a particularly good option.

Li Chuan thought of this and immediately made up his mind.

He looked up at Jiang Zeyu and asked, "Is there a suitable shell?" ”

"There should be, but we need to look for it."

After Jiang Zeyu finished speaking, he asked again: "Where are you going to go public?" ”

"This ...... I haven't thought about it, don't you think? Where is it better? ”

"A shares or H shares."

Jiang Zeyu replied: "U.S. stocks, we definitely don't consider it."

In recent years, the relationship has deteriorated very rapidly, and many companies that have gone public in the United States have begun to move to China, and in this case, we must not swim against the current.

Therefore, U.S. stocks should be excluded first.

Excluding U.S. stocks, there are only A shares and H shares, plus an S share.

S shares have been on an upward trend recently, but they have not yet been fully active, and the situation in Singapore is not clear enough, and the investment risk is still relatively large.

For us, the best option is A-shares or H-shares.

A-shares are the local market, the most familiar with our business, the investment propensity is very high, and the volume is large enough, the liquidity is also strong, there are inefficiencies and large swing opportunities.

However, A-shares have more restrictions, the degree of freedom is not high, and it is more troublesome to operate, which is its disadvantage.

H-shares are also familiar with our business in Hong Kong, and the investment propensity may be a little lower, but not much worse.

Moreover, H-shares have an international market with a very high degree of freedom, and the conditions are better for private companies.

However, the size of H-shares is relatively small and the liquidity is not strong, especially now that the large-scale drawdown of listed companies in the United States is very worrying. ”

"Then do you think we should choose A shares or H shares?"

"I think...... Let's choose H shares. ”

Jiang Zeyu hesitated for a moment and said: "Although the liquidity of H-shares is worrying, we are a private company after all, and we have relatively high requirements for freedom...... Another point is that there are more shells of H-shares, and the price is relatively cheaper, and compared with A-shares, it is more cost-effective to list on H-shares by backdoor. ”

Li Chuan thought for a while and asked again: "Can it be listed on A-shares and H-shares together?" ”

"Yes, but it's troublesome...... At present, there are many companies listed in A-shares and H-shares at the same time, but shell resources are very scarce, if we engage in this, there is almost no room for choice, and even if we find a shell resource, its price will definitely be very high, from the perspective of cost performance, it is not cost-effective. ”

"What then?"

Li Chuan was a little unhappy and said, "Can you only choose one?" ”

"My suggestion is to list on H-shares first, and on the A-share side, you can take your time and follow the regular procedures, so that there will be no delay."

"Well, that's fine!"

Li Chuan agreed very much: "Just do as you say, this matter will be handed over to you, you used to be an investment banker, you know more about this area, I won't say more, you go to find a shell first, talk to them, the sooner the better." ”

"Okay."

Jiang Zeyu nodded in response, paused slightly, and then said, "What about those investment letters?" Do we go public, or do we raise a round of capital before going public? ”

"This ...... What do you think? Li Chuan couldn't make up his mind for a while.

"I think it's best to raise a round of capital before going public."

"Oh? Why? ”

"The main thing is that Douyin can't refuse...... The purpose of Douyin's investment in us is to occupy a certain voice within the 'Miki system'.

In this case, they will definitely ask for a board seat.

If it is a listing and then a shareholding, it is difficult for them to make such a request, even if we open up the net and directly invite them to join the board of directors, it is only symbolic and has no right to speak.

If they don't have a voice in the board seats, they will definitely not be satisfied, so we should raise a round of capital just to satisfy Douyin before going public.

In addition to Douyin, we also need to take into account the interests of other aspects.

Doing business in China pays attention to a balance, and only in this way can we do it in the long run.

As far as we are concerned, we should absorb official forces, local forces, and some capital forces with relatively large energy to form a community of interests with them to ensure our subsequent development. ”

"Hmm."

Li Chuan felt that it made sense, nodded immediately, and then asked, "How to melt?" Do you have an idea? ”

"Let Douyin lead a group of capital to lead the investment, and at the same time let the official forces and local forces participate, but do not mix them together, and the three parties invest independently."

"What capital does Douyin lead?"

"We don't have to worry about that."

Jiang Zeyu waved his hand and said, "We just need to tell Douyin the news, and they can bring whichever one they want, as long as the conditions are suitable, we all agree." ”

"How many shares are you going to give them?"

"It can't exceed 20%, specifically, depending on the situation, if there are more capital parties involved, we will give more; If the capital involved is smaller, we will give less...... The upper limit is 20%, the lower limit is 10%, and it is basically the same if it is maintained within this range. ”

"Well, what about the official forces and the local forces?"

"It's all the same, it's 10 to 20 percent."

"Two combined?"

"Yes, I think that with our current situation, releasing 30% of the shares in one breath is enough to express our sincerity, and any more, there is no need."

"Hmm."

Li Chuan nodded in agreement, and then continued: "How to choose between the official forces and the local forces?" We have a choice of local forces, Fosun Group is a good choice, but the official forces are ...... In the investment letter sent this time, it seems that there is no official force, right? ”

"No, no."

"So where do we look for it?"

"Our company has it."

"Huh?"

Li Chuan was stunned for two seconds, then reacted and said, "You mean...... Qin Sheng?! ”

"Yes." Jiang Zeyu smiled and nodded.

"How did I forget her!"

Li Chuan patted his head and said, "What level is Qin Sheng's family?" ”

"I don't know very well, but I heard some rumors when I was in college, at that time, Qin Sheng's uncle, now, should have retired, however, Qin Sheng also has an uncle, who is now working in the General Staff of the Army, and the specific position is not clear, but as far as I know, Qin Sheng's mother's surname is Zhang ......"

"I see!"

Li Chuan raised his hand to interrupt, then took out his mobile phone directly from his pocket and said, "I'll call her now." ”

The phone rang five times and was connected.

Qin Sheng: "Hey, Mr. Sen." ”

Li Chuan: "Huh? Where are you? Why is it so noisy? ”

Qin Sheng: "I'm here at ALS. ”

Li Chuan: "What are you examining?" ”

Qin Sheng: "Hope Primary School, I told you before, have you forgotten?" ”

Li Chuan: "Oh~~, I remembered...... When did you pass? ”

Qin Sheng: "I just arrived yesterday, and today is the first day of inspection...... By the way, the secretary of the alliance leader is next to me now, do you want to talk to him? ”

Li Chuan: "No need, I'm looking for you, I have something else." ”

Qin Sheng: "What's the matter?" ”

Li Chuan: "That's right, the company plans to do a round of financing recently......"

Qin Sheng: "Financing? ”

Li Chuan: "Hmm. ”

Qin Sheng: "So suddenly? ”

Li Chuan: "It's not sudden, we've been discussing it for a while, and we've considered it very maturely." ”

Qin Sheng: "Oh, do you need me to do anything?" ”

Li Chuan: "I don't need you to do anything, I just want you to ask, are your father and your brother interested in getting involved?" ”

Qin Sheng: "Huh? ”

Li Chuan: "That's right, the scale of our financing this time is a bit large, and we need many companies to digest it together, I thought, aren't your father and your brother also in business, if they are interested, we can meet and talk." ”

Qin Sheng was silent.

Li Chuan waited for a moment, but did not receive a reply, and said with some apprehension in his heart: "That...... The company's current development is very good, and the future potential is also very large, this, you should be clear, we ......"

Qin Sheng: "Mr. Sen, I understand what you mean, but the family's business is not under my control, I can't be the master, I can only tell my father and my brother about this matter, as for whether they agree or not, I can't guarantee it, I can help persuade at most." ”

Li Chuan: "Okay, okay, that's it!" You ask first, there is news, notify me in time. ”

Qin Sheng: "Okay, I'll call and ask when I have time later." ”

Li Chuan: "Okay, I'll wait for your news." ”

“……”

Half a minute later, the phone hung up.

"How?" Jiang Zeyu asked.

"Wait for news."

Li Chuan said, putting away his mobile phone.

(End of chapter)