Winner Takes It All, Resurrection 2009

Just as Pinxixi’s group buying business was preparing for its listing in the United States.

Yida Group's main body Yida Commercial Management Group and Yongchuang Real Estate Group also submitted listing applications to the Lijiaopo Stock Exchange and were approved in the preliminary review.

At the same time, BYD shares, a leading two-wheeled electric vehicle company, is also queuing up to apply. The last problem restricting their listing on the exchange is the stamp duty revenue distribution model.

After ten months of arduous negotiations, Qingyun and Temasek finally reached several agreements and sent them to Yanjing for final approval, but they have not yet been approved.

Wang Jianning was very anxious. In addition, his son Wang Sicong's Panda Interactive Entertainment in Shanghai had recently been targeted, so he did not hesitate to come to Shanghai in person to meet Li Zehua.

"It shouldn't take too long, right?"

Li Zehua is very confident, "Lijiapo has agreed to add a new Chinese concept stock sector to the exchange business and open a channel for purchasing RMB.

Not only that, it was also agreed that three to five domestic companies would hold 49% of the shares of the exchange's Chinese concept stocks sector and participate in daily operations and management. The original target was Zhongxin.

One is China Resources and the other is CICC International. Whether Qingyun can be included in the final list remains to be discussed, but there is a high possibility that it will be released by Yanjing.

After all, it is a new channel to go overseas and a new attempt to attract foreign investment. It is fundamentally different from opening an exchange in Hong Kong to attract global hot money to participate, because the rules of the game are jointly formulated by both parties.

It’s an extra layer of protection.”

Lijiaopo Exchange has gone a long way this time, not only giving up certain daily management rights, but also agreeing to use RMB to directly participate in transactions (no need to exchange currency, the settlement unit for buying and selling is RMB).

It also made self-restrictions, namely agreeing to allow domestic enterprises listed on the Lijiaopo Trading Market to apply for simultaneous listing on domestic exchanges at the same time in the form of share deposit.

As long as the company has business operations outside the mainland, Yida and Yongchuang would not meet the relevant requirements because their overseas revenue accounts for a very small proportion of the group's revenue.

Fortunately, with the help of Qingyun Group, the two groups were able to pass the preliminary review smoothly, and BYD shares did not matter because they helped earn enough carbon neutrality points.

The factory was approved by the higher authorities to set an annual production target of more than 400 million fuel motorcycles. Due to the ban on motorcycles in major cities across the country, most of the factory's products.

The products will be exported to overseas regions such as Southeast Asia through export mode. In addition, with the help of Qingyun Group, it has established overseas factory businesses (semi-finished product assembly) in Chiang Mai, Siam and Jakarta, Indonesia.

This has exceeded the Lijiaopo Exchange's requirement that no less than 10% of the group's revenue come from overseas.

Unfortunately, the higher-ups are facing the issue of whether or not to open a loophole to allow Qingyun Group to enter the market, and whether or not to allow Zhongxin, China Resources, CICC International and other three companies to open special channels in the country.

No consensus has been reached yet, especially on whether direct participation in the buying and selling of Chinese stocks with RMB will actually lead to currency outflow (mainly a channel supervision issue).

If we look at the results of the negotiations between Qingyun and Temasek (in fact, the State-owned Assets Supervision and Administration Commission and the China Securities Regulatory Commission participated in and guided the negotiations throughout the process), special securities trading accounts were opened in the country through three to five companies.

In theory, there is no problem in trading Chinese stocks with RMB, because you get RMB when you sell. However, there is a very practical problem: funds are deposited after the transaction.

This will result in the Lijiaopo Stock Exchange actually holding a large amount of RMB funds, because it is not an internal settlement system of the same country, and it cannot be just a simple change in the numbers of the settlement account.

As the company that carries the heavy responsibility of Qingyun Group's overseas expansion, Minsheng Financial Holdings will serve as an important bridge for communication between the two parties. Among the first three banks to participate in the settlement business, the Bank of China Lijiaopo Branch is included.

The task allocation between Minsheng Financial Holdings and the Lijiaopo Branch of Industrial Bank is very interesting. Zhongxin has its own bank, but has no access to settlement business and has to cooperate with Bank of China International.

China Resources does not have any big banks under its name, so its settlement tasks are handled by ICBC International (HSBC is also involved), while CICC International cooperates directly with DBS Bank in Lisbon.

Of course, the three companies can also open settlement accounts at Minsheng Financial Holdings.

Among the list of major shareholders of CICC International, there are Temasek Holdings, Tsing Yun Holdings and DBS Bank. In theory, this channel is still in the hands of Tsing Yun.

This is where the problem lies, because it involves a massive amount of funds going overseas, which will eventually be remitted into Lijiaopo's international financial settlement system. At the beginning, it was not too bad, as the number of listed companies was not large.

Perhaps the funds of the parties involved are only tens of billions or hundreds of billions, but according to the results of the negotiations between Qingyun and Temasek, in the future only companies under the Qingyun system will be able to trade in the Lijiaopo market.

When the market value reaches trillions, no one can guarantee how large the amount of funds deposited will be.

Of course, Lijiabao agreed to the agreement with all his heart, because after the Chinese stocks are listed, in theory, it will add international financial endorsement to the Singapore dollar in addition to its energy (Lijiabao has sufficient oil refining capacity) and trade (Malacca Strait) attributes.

The University of Tokyo also agreed in principle, but there are still many issues to be resolved and no consensus can be reached for the time being.

For example, one line that made Wang Jianning look worried: "I asked someone to find out, and I also made a phone call to consult myself. Someone on the other side said that they were worried that some people in the country would use this channel.

As a tool for transferring assets, I think it is quite possible. We don’t even have to deal with the foreign exchange settlement system directly. We can just settle directly with RMB.

RMB is useless to others, but it is very useful in your hands!

Not to mention the hundreds of billions of dollars of foreign guarantees and domestic loans you have obtained through the Bank of China and the Industrial and Commercial Bank of China, you can accomplish a lot with just one account as collateral.

After Lijiaopo succeeded in this move, he must have a lot of RMB in his hands, and he doesn't care about having more. Anyway, relying on the trade system of Dongda University, many domestic products are competitive in Southeast Asia.

In addition, you can use Pinxixi under your name to participate in international trade settlements, whether you exchange them directly or simply settle them in RMB, and finally everything can be digested internally.

In this way, there will no longer be any talk of domestic guarantees for foreign loans and exchange. If anyone wants to make money out in the future, they can directly open a domestic account with Minsheng Financial Holdings and bind it to CICC’s securities account.

After he gets out, he can exchange the RMB for US dollars or Singapore dollars in Lijiaopo, and then Minsheng Financial Holdings will confiscate his pledged RMB assets in China.

In a round trip, your transaction is cheaper than bulk exchange and much more concealed."

"Nonsense, it's just 250 bucks. If you really want to leave, who can stop you? These are just excuses."

Li Zehua said disdainfully, "Who among those who have renounced their citizenship does not have a one-time exchange quota? As long as it is legally earned, millions or even tens of millions of dollars can be exchanged.

Funds that can be transferred into the Minsheng Financial Holdings account must first be supervised by the central bank’s settlement system. If there are problems with the funds, the central bank itself will be held responsible.

Don't put everything on me.

Also, since we need to export RMB and participate in international trade settlements, isn’t it normal for others to keep an appropriate amount of RMB in their hands?

It is also obvious that RMB can be used to directly purchase domestic industrial products. Otherwise, who would use a pile of waste paper with no actual purchasing power? "

"You and I admit it, but the higher-ups have a lot of concerns. Why don't we ask Team Leader Qiao? Isn't he in the Magic City?"

Wang Jianning appears to be calm but he is anxious inside, because since the cooperation with Qingyun, Yida Commercial Management has launched 40 commercial plaza construction projects in one go, including the Magic City, Star City, Chengdu City, Jinling and Pengcheng projects with investments of tens of billions of yuan.

His capital chain has been used to the extreme. If it were not for the continuous transfusion from Qingyun, the interest alone would have crushed him. This time he applied to go public in Lijiaopo and raised US$16 billion in one go.

In addition, after the successful listing, financial institutions led by Qingyun Micropayment Southeast Asia Branch agreed to accept mortgage loans of no more than US$25 billion for Yida Commercial Management's shares.

The two funds will total more than US$40 billion, which will be used as working capital to supplement Yida Commercial Management and will effectively reduce operating risks.

If it was delayed any further, Wang Jianning was worried that Qingyun would swallow up Yida in one gulp. Even if Li Zehua had no such intention, the reality did not allow Wang Jianning to delay any further.

With tens of billions of dollars invested, even if he only put in half of that, with dozens of projects going on at the same time, that would take half his life. He is very short of money.

There is a lot of capital in society, but the problem is that the projects operated by Yida Commercial Management have very high returns, and no one is willing to give up the old hen that makes a fortune every day.

"Qiao Guannan? There's no point in looking for him. For a matter of this magnitude, a decision must be made in Yanjing."

The Qiao Guannan the two were talking about was the person in charge of the Securities Regulatory Commission's Monetary Authority, and the actual representative in charge of the negotiations with the Lijiapo Stock Exchange and Temasek. "Just call and ask. I'm here now, so if I don't find out the truth, wouldn't it be a waste of my trip?"

Wang Jianning couldn't help but urge, "After all, he is an insider and has more information than us."

"Okay, okay, I'll ask for you."

Li Zehua kept smiling, but he felt a little strange in his heart. It was said that after the Taishan faction was defeated, no one had made any plans to target Yida Commercial Management. Why were they in such a hurry?
Little did he know that, precisely because the external threat to Yida Commercial Management had disappeared, and with the strong assistance of Qingyun Group, it was expanding and growing at an almost crazy pace in the southern region.

This caused some people inside the company to feel a sense of crisis, especially in the Northeast region where the project started. Many people were eager to rush in and get a piece of the pie. The Jilin Province resort project had been dormant for a long time.

With the strong support of local authorities, the project has expanded from an initial scale of 200 to 300 million to a scale of nearly 10 billion today (with a total historical investment of over 20 to 30 billion). It can only be said that this project is popular among everyone.

When Wang Jianning started his business, people helped him a lot. Now they just asked him to pay some money to build a resort to enjoy himself. How could he dare to refuse?
He was already in a difficult situation. He absolutely could not afford 10 billion in cash. If he used his personal shares as collateral, he was afraid that it would affect the listing process, and the other party was pressing him too hard.

He really had no choice but to hope every day that the listing plan would be approved as soon as possible, so that he would have external channels and future expectations.

By discussing mortgage project financing guarantees with Qingyun, he could take the initiative without being blamed by Li Zehua.

Fortunately, Qiao Guannan gave an ideal answer. After talking about the above opinions, he smiled and said, "Director Wang is here too? How about we make an appointment to sit down in the evening?"

Team Leader Qiao is very enthusiastic about Yida and Qingyun because during his tenure, he will be able to take the lead in developing a Chinese concept stock model with shared management rights overseas, which will provide great help to his future development.

If it is successful, it may leave a deep mark in the domestic financial history in the future, and gain both fame and fortune.

"Okay, I'll come over with Director Wang to bother you later."

Li Zehua glanced at Wang Jianning who was eavesdropping nearby, and after hanging up the phone, he couldn't help laughing, "Are you so anxious? People say that the emperor doesn't lack hungry soldiers."

"Hasn't the benefit I owe you enough?"

Wang Jianning glared at him and said, "You got more than me in terms of pre-IPO stock option rewards. You haven't been to Yida Commercial Management's office for even a single day, and yet you get 650 million yuan in salary every year.

You took away 30% of the mall property management rights in one go, what else do you want?!"

"Stop, stop, stop."

Li Zehua couldn't withstand the extreme pulling force thrown at him. Those who didn't know him would think he was taking advantage of the situation and getting a great advantage.

He quickly changed the subject and said, “Your listing bid document said that you plan to build Yida Plazas in 200 cities across the country in the next five years.

And landing in major cities in Southeast Asia in 2012/13, isn’t that a bit too hasty?

With Yida's model, land acquisition is very cheap because local people are begging Yida to go there. With its current mature business model, whenever Yida acquires a location, it contributes over 100 million yuan in consumption tax every year after the construction is completed.

The larger Yida Plaza, including the businesses attracted by investment, can easily provide thousands or tens of thousands of jobs. With the temptation of real benefits, the land is not worth mentioning.

They are often the most prosperous areas in the local area, and various loans and policy incentives are also very generous. These favorable conditions, in turn, make the Yida model highly sought after by investors.

The public offering information document alone has triggered a wave of pursuit in many parts of Southeast Asia, and many financial institutions are waving their money and actively subscribing to the to-be-issued Yida shares.

Yida plans to raise US$16 billion and received over US$40 billion in subscriptions in Singapore, Kuala Lumpur, Bangkok and other places alone.

During the same period, Yongchuang Group planned to raise US$11 billion, but because the added value of the real estate after completion was taken away by Qingyun Real Estate, it did not enjoy a high premium, and the response was mediocre.

However, according to the plan, it should not be a problem to complete the subscription quota by the end of June.

Fortunately, the above actions were also very quick. Taking advantage of the favorable opportunity of frequent economic and trade exchanges with the West and relatively pleasant cooperation between the two sides in various fields, they actively promoted the RMB's overseas expansion strategy.

When I talked about this with Qiao Guannan in the evening, the latter's attitude was also very positive, "In principle, most of the terms have been approved by the higher-ups, but you still need to work harder, Mr. Li.

Whether Qingyun Group can join in is crucial to its future development. If Minsheng Holdings Securities can successfully become the fourth underwriter.

Just a channel license is enough to make a living for a lifetime. People outside are now crazy about this channel. Some people are even willing to pay 5 million to become the distributor of those three companies. "

"Is it that exaggerated?"

Li Zehua does not know much about professional finance. In daily operations, he is the one who points out the general direction, and then the various professional teams under him are responsible for checking for omissions and specific implementation.

“I don’t know yet, a certain securities firm of ours even went straight to Yan Jing and threatened to give preferential treatment and care, and they were just short of throwing a tantrum on the spot.

Everyone knows that once you get this sea-going channel license, you just have to sit back and wait to collect the money.”

Wang Jianning didn’t understand at first how the trading rights of the Lijiaopo Chinese concept stocks sector could have such great magic until he was enlightened by someone with ulterior motives.

The problem lies in the consignment model and dual listing. As long as the overseas business accounts for more than 10%, it can be listed in the Mainland and Lijiaopo at the same time, although the domestic channel can only be settled in RMB.

However, the company's stocks and bonds deposited in the Lijiaopo Exchange can be taken out separately for US dollar financing and bond issuance!

Which listed company in China would not be jealous of the channel to make money in US dollars?

In the past, if you wanted to issue bonds, you had to go through a lot of approval procedures, and you had to go through all the links and share the profits before you could get permission.

But once a new opening is created, as long as it passes a third-party audit, domestic listed companies can directly issue US dollar bonds to global investors in Lijiaopo.

This alone is enough to make everyone break their heads and compete.

The right to recommend listing at the Lijiaopo Exchange is concentrated in the hands of three to five domestic securities firms. Of course, those with channels can also directly seek underwriting from local financial investment banks in Lijiaopo.

Who cares about your problem?
Therefore, domestic securities firms with licenses became popular for a while. The reason why Qingyun Group was slow to be approved to become the fourth one was also due to delays in competition from various parties.

With the thought in mind that if I couldn't get it, Qingyun wouldn't be able to take advantage of me, the matter was delayed for the time being.

Fortunately, Temasek helped to make introductions and smooth out various links. Finally, a big shot said jokingly at the meeting: "Since ancient times, people have never forgotten the matchmaker when they get married, and Qingyun Group is not a matchmaker.

It’s a real bride.”

That's right. No matter what, the reason why the Lijiaopo Stock Exchange launched Chinese stocks is to ensure that the entire Qingyun system can go overseas smoothly in the future.

Without the original owner, how can we get back the funds raised and resources controlled by Southeast Asian Internet finance?
Now, isn't it a huge joke to block Qingyun Group from becoming the fourth underwriter in the country?

Li Zehua is neither running nor moving. To put it bluntly, he is just sitting back and not afraid of having his share of benefits taken away by others.

What is he anxious about?
The RMB has encountered setbacks in its overseas expansion into other regions. All parties need a new direction. How many people are waiting to share this pie?

If Qingyun is not given a copy, who can guarantee that nothing unexpected will happen?
However, even so, it took several months for the China Securities Regulatory Commission, the State-owned Assets Supervision and Administration Commission, and the People's Bank of China to approve the release, and the approval was not given until early April.

After getting the permission, Yida immediately took action. For a time, the attention of the financial circle was focused on this. Everyone wanted to see whether the so-called new overseas channel could be successfully built.

Fortunately, domestic Internet finance has attracted most of the attention of Yutai Capital, and Xiangjiang Capital has also obtained part of the profits and has not jumped out to cause trouble.

Only then can the plan proceed smoothly step by step... (End of this chapter)