Hearing Shirakawa Kaede's answer, Ichiro Watanabe nodded. He took a document from the assistant beside him and handed it to the former.

"The first section of the Orient Stock Exchange requires more than 2,000 shareholders and more than 20,000 outstanding shares.

The market value of the outstanding stock market is more than 2 billion yen, and the proportion of outstanding shares is more than 35%.

The company has a total market value of more than 50 billion yen and has been in continuous operation for more than 3 years.

Net assets of 2 billion yen or more, total profit: 1 billion yen or more in the past two fiscal years.

Of course, if the total profit is not reached, the total market value exceeds 100 billion yen or the sales amount reaches 25 billion yen.

However, there is no doubt that all the above conditions are met by Shirakawa Electric. ”

This is where Shirakawa Feng's confidence lies in wanting Shirakawa Electric to be listed on the first section of the Orient Stock Exchange in one step.

Although even if the second section of the Tokyo Stock Exchange is listed now, it can be transferred to the first section of the Tokyo Stock Exchange in the future.

However, not to mention that the forced grid has dropped a notch out of thin air, and the market liquidity of the second department of the Orient Stock Exchange is also relatively poor.

The stock market is low and has a great impact on the market value of the company.

Especially for new entrants, a sharp increase in stock prices is almost unlikely.

Then as vested interests, Shirakawa Kaede's wealth growth is also limited.

But this is not the case with the first section of the Orient Stock Exchange, after all, all the listed companies of Neon, more than 96% of their total market capitalization are here.

With such a large volume, there is naturally no shortage of transactions.

In the impression of later generations, even though Neon has the world's top volume, it seems that the stock market has never had a sense of existence.

Indeed, in the 20s after the turn of the millennium, many neon people bought stock certificates that could be kept for twenty or thirty years.

This is almost equivalent to treating stocks as pension products in financial management, and there is no one who can play the stock market like this in a small day.

But in the final analysis, the long-term sluggish activity of the stock market is actually due to the sequelae of the bursting of the bubble.

But it's only the early 80s, and it's on the cusp of a neon economy.

In particular, since the 70s, the Ministry of Finance has encouraged companies to issue bonds, stocks and other securities, and relaxed the issuance standards.

This provided a policy basis for the activity of the stock market, and the capital account began to gradually open up to the outside world.

Relaxation of the exchange quota for foreign residents in yen and the relaxation of restrictions on the amount of neon securities purchased by foreign residents.

The liberalization of investment trusts for foreign residents will be implemented, and an additional batch of general investors will be able to purchase foreign securities freely.

These measures have greatly stimulated the prosperity of the capital market and the stock market.

However, the landmark event of neon's liberalization of capital was in December 80, when the government comprehensively revised the Foreign Exchange Law.

The law stipulates that, in principle, foreign exchange controls will be abolished and free convertibility under the capital account will be realized.

Stimulated by various policies, not only neon citizens are keen on the stock market, but also attract a lot of international capital and enter the neon financial market.

Therefore, the current neon stock market has been regarded as having an initial prosperity.

In the current environment, Shirakawa Electric is not worried about its own stocks and no one pays attention to them.

Those professional shareholders and professional investment institutions, when they saw a new club listed, were like sharks that smelled blood, and they flocked to it.

Needless to say, the first section of the Orient Stock Exchange is definitely the best choice for Baichuan Electric to go public.

According to the information just submitted by Shirakawa Electric, both Daiichi Quanyin and Nomura Securities are full of confidence in the final results of its listing.

Because of the size of Shirakawa Electric, it exceeds the listing requirements of the first section of the Tokyo Stock Exchange.

The listed sector, several parties present have no opinions, Watanabe Ichiro once again confirmed the next detailed rules.

"So do you have any thoughts on the outstanding shares? What is the specific share ratio? ”

"35%." Without much thought, Arai Yu gave the answer.

This is the minimum circulating share required by the first section of the Orient Stock Exchange, and it cannot be more, and no more Shirakawa Holdings may not be able to have absolute control over Shirakawa Electric.

If it is 25% of the second department of the Orient Stock Exchange, then Shirakawa Kaede will definitely choose the lowest share.

As for his answer, First Persuasion Bank and Nomura Securities were not surprised.

This is the choice of most newly listed companies, and it is still necessary to retain an absolute controlling stake at this time.

Only by maintaining the independence of a young club can we consolidate our foundation and continue to develop.

"If it's 35%," Ichiro Watanabe took out a pen and painted, "Shirakawa Holdings also holds 77%*(1-35%)=50.05% of the shares."

Similarly, Daiichi Bank was diluted to 6.5%, Nomura Securities was diluted to 5.2%, and Beidu Bank was 3.25%. ”

That's a wonderful number, Ichiro Watanabe looked at the data on the paper and raised his eyebrows.

It seems that Shirakawa Holdings only has 50.05% left, which is a little short of an absolute controlling stake of 51%.

But don't forget who owns the Beidu Bank, 50.05% + 3.25% when necessary, that is, 53%.

Although it has been changed in a different way, it is still an absolute control.

Presumably, this is the handiwork of Arai Sana again, and the purpose of this is to hide people's eyes and ears.

At the same time, it can greatly stimulate the development of the Beidu Bank, it seems that Shirakawa-san has high hopes for the Beidu Bank, and he didn't forget to pull it at this time.

Although muttering in his heart, Ichiro Watanabe's calculation did not stop.

"The total share capital is 586.5 billion yen, and 35% of it is 205.2 billion yen."

Ichiro Watanabe put down his pen, his eyes flashing with the light of money.

There is no doubt that this is a huge amount of money, much more than the money they have made to buy a stake in Shirakawa.

However, this is the financing fund, which cannot be moved casually, and it will be used for the future development of Shirakawa Electric.

But it doesn't matter, the first persuasion is that there are ways to use them to make money.

"The circulating market value of 205.2 billion is a huge financing plan, so the value of each plant corresponding to it should be carefully considered.

Based on past experience and the performance of similar companies in the stock market, we recommend that the stock price should be within 1,000 yen per strain. ”

Soon, based on the circulating market capitalization, Ichiro Watanabe immediately gave a recommendation for single-share pricing here.

This pricing is based on the comparison method, and the value of a single Sony share is around 1,500 yen at this time.

The price of a single share of Panasonic is 1,600 yen, and the stock prices of other companies such as Sanyo and Pioneer are also around 1,200~1,300.

These are the stock prices of companies with a high degree of similarity to Shirakawa Electric's business, and their single-plant pricing has a certain reference role for Shirakawa Electric.

As a newly listed company, Shirakawa Electric should be a little lower than them, which is conducive to attracting investors to invest and activating the stock market.

As for the pricing of other similar companies, some are not indicative.

Nintendo, for example, is now trading at 149 yen

The shame of the proper electronics industry is completely meaningless.

This is also the reason why Shirakawa Electric did not refer to it in its valuation before, and in the final analysis, it is the huge debt that has dragged down its market value.

However, there are low and high ones, such as Sharp and Fujitsu, whose single share price is as high as more than 10,000 yen per plant.

Why? Because neon at this time is undergoing a revolution in home appliances, larger TVs, more advanced refrigerators, air conditioners, etc. are all being upgraded.

Sharp and Fujitsu, which are the main body of the home appliance business, have seen the most significant business growth.

From the 70s to the 80s, the market value of these two companies increased five- or six-fold in 10 years, which is higher than the current market value of Sony and Panasonic.

This is a doubling of the market value after listing, not a doubling of the valuation of the initial listing, which shows how ferocious their business expansion is.

Although Sony also has a home appliance business, the only thing that can support it is television.

Refrigerators, washing machines, and air conditioners have to be determined by Sharp and Fujitsu.

However, because their stock price is over-invested, it is not of reference significance for Shirakawa Electric.

Around 1,000 yen, it is the most suitable range for the new issue price of Shirakawa Electric.

Regarding the suggestion of the first persuasion of silver, Shirakawa Kaede bowed his head and communicated with Arai Yu and agreed to such a price.

The other party is a professional organization and is also a shareholder of Shirakawa Electric, and Shirakawa Kaede trusts their judgment.

Seeing that Shirakawa Kaede had no opinion, Watanabe Ichiro began to calculate again.

"With 1,000 yen as the dividing line, in order to stimulate the investment enthusiasm of shareholders, the issue price can be slightly lower.

If it is 700 yen per plant, then the market value of 205.2 billion yuan in circulation corresponds to 293 million shares. ”

Yes, Ichiro Watanabe put down his pen and nodded in satisfaction. The stock price is reasonable, and the number of plants issued is also reasonable.

If it is set too high, it is easy to break. If it is set too low, it is easy for investors to mistakenly believe that Shirakawa Electric has no confidence in its own operation.

700 is a very appropriate number, I believe that when they see the financial report announced by Shirakawa Electric, they will be fiercely moved in the face of such pricing.

As the saying goes, it's better to act than to move. If there is action, there is trading, so isn't the stock market active?

As for the number of plants issued, it is even less of a problem.

Many clubs have just been listed and issued hundreds of millions of shares, but Sony's outstanding shares at this time are as many as more than one billion.

Shirakawa Electric issued less than 300 million plants, which is definitely a drizzle.

And the people of Shirakawa Kaede and Nomura Securities looked at Ichiro Watanabe's plan, and they all nodded in approval.

The determination of such data is very professional and scientific, and it is not something that can be imagined at will.

This is also the reason why companies should look for professional institutions to go public.

There is a specialization in the art industry, and having their help will save a lot of trouble.

"Since everyone has no opinion, let's talk about the underwriting of tradable shares."

When it comes to this topic, whether it is Ichiro Watanabe as the moderator of the meeting, Takashi Yanagitani of Nomura Securities, or Yuhiro Arai of Hokuto Bank, their eyes are shining.

Why? Because this is the first round of returns for their participation in the listing of Shirakawa Electric.

Enterprises need to issue shares to obtain the funds needed for development.

So through what means do these stocks flow into the primary trading market?

Well, a few of you here are the stock issuance window.

Whether it is Daiichi Quanyin, Nomura Securities, or even the fledgling Beidu Bank, they all have subsidiaries that operate securities business under their clubs.

That's right, Beidu Bank just established Beidu Securities this year, isn't it the day when Baichuan Electric is listed?

Why did Shirakawa Kaede let Beidu Bank participate in the listing and financing of Shirakawa Electric, investment is one of the purposes.

It is also one of the purposes to let Beidu Securities act as the stock underwriter of Shirakawa Electric, which is a good time for Beidu Bank to participate in the stock market and participate in the bond business.

In order to make Beidu Bank a complex of financial business, Shirakawa Kaede also took great pains and spent all his thoughts.

But he knows it's all worth it. In a few years' time, Beidu Bank will definitely become a veritable big bank.

However, for the time being, the listing of Shirakawa Electric is the top priority.

So as a stock underwriter, what benefits can First Persuasion Bank, Nomura Securities, and Beidu Bank get?

(End of chapter)