Reinventing the Millennium.

Chapter 428
Deutsche Bank is here.

IDG is here.

Here comes the DCM.

Together with Goldman Sachs, which is here, this is the collection of Bingxin's old four companies in New York.

In the conference room, not only Riley, Francis, McGovern, and Peter were sitting, but also the allotropes of Zhang Hongli, Xiong Xiaoge, Connor, and Xu Kaiwei completed their victory meeting here.

However, Peter was obviously confused about the situation, especially when he saw the friends introduced by DCM Francis - Lehman Brothers, Bear Stearns, Blackstone Group, Warburg Pincus and other prestigious institutions.

The appearance of these people seemed to be DCM trying its best.

Although Peter didn't know the operation behind it, but after he got his posture right and looked at the smiling President Yi Kefang, he knew that this player understood some rules of the game.

Why is roadshow important?
Why do underwriters take very expensive fees?

Why do you have to show off so much during the road show?

It is because of the cumulative bidding inquiry system used in IPO pricing.

To put it simply, the underwriter, namely Goldman Sachs, first provides a price range, and investment institutions participating in the roadshow can declare the subscription quantity within this price range, and then the aggregated total subscription quantity will be allocated according to the rules.

At the same time, the issue price also mainly refers to the share purchase applications submitted by various institutions during the cumulative bidding period.

This is currently one of the most commonly used IPO pricing mechanisms in the world, in which underwriters and investment institutions all play an important role.

For example, Goldman Sachs has long-term cooperative investment institutions in Hong Kong, Singapore, New York, London and other financial centers around the world, so that they can come to support each road show and help improve the success rate of IPOs.

As for whether it will fall below the issue price after listing, that is a matter for the market and your company. What does it have to do with my underwriter?
Also, for example, the deep participation of investment institutions in this process, including financing, pricing, and distribution.

Fang Zhuo noticed this almost immediately when he studied the listing roadshow in detail. This kind of institutional participation and its impact on pricing are naturally...

The gentry's money was returned in full, and the common people's money was divided into accounts.

It is worth mentioning that the US SEC’s registration system is a formal review of the comprehensiveness, accuracy, authenticity and timeliness of the filing documents, without substantive review and value judgment of the issuer’s qualifications. market judgment.

That is, those who buy stocks should be careful.

Institutions under such a background have a strong influence on each other.

In a road show, big organizations raised questions, and the issuer answered them perfectly. Large organizations were rewarded and recognized, and participating organizations endorsed it one after another.

This is not to wait for the stock to go public before raising funds, but to place an order after the road show, wait for the allocation after the order is placed, and finally sell the obtained shares to small institutions or public investors in different regions.

Fang Zhuo liked this process very much.

Therefore, when he saw the old four family and the friends of the old four family, he was delighted from the bottom of his heart. This was different from the somewhat inexplicable road shows in Xiangjiang and Singapore. This was a planned scene.

The old four family has ice core considerations. The friends of the old four family can be influenced by the old four family, and they will spread this influence when the road show is on. This is as exciting as playing with leverage.

Who wants to call Sony for anything?
Who wants to take pictures with a group of investors constantly?
Those should be routine process stages, and they should be warm-up content for getting familiar with the road show scene.

New York is the core second half of the road show, and it is the test that conforms to the true meaning of this vocabulary.

Of course, the president of the company is not a liar, and Yike's business is also very good. It is this kind of real excellence that attracts the enthusiasm of investment institutions, and some off-site factors are just icing on the cake.

This is what Fang Zhuo said in his heart. He just habitually pursues better off-court.

On the morning of December 12, the morning meeting between Yike and Goldman Sachs was expanded into a small roadshow.

Chen Huiyao briefed the whole project sweating, and also reported the situation of the first two roadshows as concisely as possible.

When he sat down and saw the smiles on everyone's faces, he breathed a sigh of relief from the inside out. The people present here are really a good family who just closed their eyes and jumped to new jobs.

It was also seeing these smiles that Chen Huiyao suddenly felt something wrong. The scene seemed a little big, and Mr. Fang's connections seemed to be beyond imagination!
With the end of Chen Huiyao's report, Fang Zhuo said a few more words politely, and then it was meal time.

At this time, the advantages of choosing the location in the Time Warner Center are revealed. It is magnificent enough to support the scrutiny of any organization. Compared with the story of global business layout told by an oriental bumpkin, it is obviously still a capitalist in popular perception. The image is more popular with institutions.

The atmosphere of the lunch was quite relaxed and harmonious. Even Peter, the vice president of Goldman Sachs, put down his posture very naturally, and explained to Mr. Yi Kefang how bad the traffic in New York was in the morning and how anxious he was sitting in the car.

Fang Zhuo still likes Peter's rebellious appearance before, but from a commercial standpoint, such a wise handling is of course the maximization of mutual interests.

Although this is Fang Zhuo's first listing, it's not like he has something to chat with everyone.

When he talked about the SEC’s scrutiny of the acquisition of Sina, and when he talked about the MIGA Fund’s early closure of oil futures due to caution, several institutions listened with gusto, feeling more and more that this young Oriental has a similar aura.

At the end of the lunch, Goldman Sachs also decided to start the roadshow in New York tonight. One afternoon is enough time for large institutions to notify more small and medium-sized institutions.

In the afternoon, the short meeting in the morning was continued. Members of the Goldman Sachs and Yike teams made speeches, and first introduced more detailed information to the large institutions.

Among them, Hongkong and Singapore caused strong reactions because of the president's personal charm, which made many people nod secretly. A person like Mr. Fang who plays with the rules and is capable is the best collaborator.

The afternoon meeting ended at 03:30, and the president, chief economist, and vice president all needed a good rest in order to work overtime at night.

Fang Zhuo sent them off one by one, and everyone had a long or short exchange before letting them go.

Afterwards, he was not idle, and called the domestic allotrope to chat, asking what kind of effect their communication at that level had achieved.

To say that DCM's Connor is still a real person, he was the first to invest in it, and now DCM is calling friends and inviting many well-known institutions, which is heartwarming.

In the evening, Fang Zhuo was reminded by his assistant that he briefly reviewed Changhong's report in Sichuan Province, and made a preliminary judgment on Ni Runfeng who was seeking legal help. Anyway, the Anliang Chamber of Commerce has been silently paying attention to APEX and its chairman. Let's wait for old Ni Neng to come to talk about it.

Until the start of the road show at [-] o'clock in the evening, Fang Zhuo hardly stopped to prepare for the first stop in the United States.

It's just that when he actually started this paragraph, everything was simpler than expected.

Fang Zhuo: Echo not only provides electronic consumer products, but also provides the best music solutions in the world. Echo is a technology company.

Deutsche Bank: Yes!
Fang Zhuo: Our business is not only in the United States, but also has a broad space in China. In particular, China's online music consumption has yet to be developed, and our competitors are still unable to compete.

DCM: Yes!
Fang Zhuo: Electronic consumer products will be in a period of rapid growth in the next few years, and Echo will enjoy the most dividends.

IDG: Oye!
Fang Zhuo: The funds raised by our Yike listing will immediately help the development of the European market, which will greatly increase our revenue. Our stock will be a high-quality stock, and there is still room for growth in the current price range.

Agencies: buy it!
A New York roadshow promotion meeting with a warm atmosphere, excellent effect and unexpected difficulty has come to an end.

Standing on the stage, Fang Zhuo couldn't tell how many of them were his own people, and he was worried about how many institutions would be willing to subscribe for stocks. After all, even he felt that the atmosphere was a little too fake.

However, Goldman Sachs gave a very good evaluation feedback, that is, the institutions are really buying and serious!

Fang Zhuo stood on the border of New York, learning the face of capital, and suddenly had a kind of integration of East and West.

What is this called?
This is called kungfu beyond poetry!

(End of this chapter)