Longhua wants to ipo, Weibo prepares ipo, and Teng Xun prepares to resume trading.

In the past five years, none of Li Dong's industries went public, and there was even no idea of ​​going public.

Five years have ended, and now it’s finally time to gain.

Although Longhua is not a distant industry, Li Dong currently holds 20% of the shares, which is relatively not a low proportion.

Just as Li Dong was taking a vacation, he made some fine adjustments again in the distance.

Teng Xun’s Weibo’s industry, including some technical patents, was obtained by Li Dong for 2 billion yuan in cash. Teng Xun’s Weibo will inevitably be incorporated into the Yuanfang Weibo system. Other technologies and patents, Yuanfang also chose to share with Weibo.

The 10% stake in the mall was not actually considered financing at the beginning, but Li Dong personally sold the shares.

So you don't need to share this money with others.

This time, the equity of Weibo has also undergone some minor changes. According to the method of increasing capital and expanding shares, Weibo issued an additional 20 million shares.

Originally, Weibo's share capital was 300 million shares, but now it has expanded to 320 million shares.

Li Dong personally, the share capital he holds has increased from 14 million shares to 120 million shares this time.

The other 4 million shares were once again treated as rewards on the eve of IPO and chose to be distributed to employees.

The last equity reward was already last year.

Weibo has expanded rapidly this year, and its personnel have also expanded a lot, including some foreign executives joining the company, and 4 million shares are used as a reward, which can be accepted by major institutions.

At this point, Li Dong's personal shareholding ratio has expanded from the original 34.67% to 37.5%.

The share capital held by Weibo and Yuanfang has changed from 10 million shares to 14 million now, with a proportion rising to 4.375%.

On Yuanfang Holdings, Li Dong and senior management hold a total shareholding ratio of nearly 42%.

In fact, according to the valuation after the C round of financing, Weibo's share price is US$25, with a share capital of 20 million, which is US$500 million.

Not counting the 4 million shares awarded, Li Dong's 16 million shares increased by $400 million, which is much more valuable than Teng Xun's Weibo.

Although Li Dong exchanged 2 billion yuan for Teng Xun's Weibo, it actually added a lot of technology and patents.

However, the long-distance shared the technology and patents that Teng Xun received with Weibo.

Moreover, on the eve of Weibo's upcoming iPo, major shareholders and managers also have the right and obligation to make some equity structure adjustments.

Li Dong did not choose to repurchase the capital in other institutions, but chose to increase capital and expand shares. A little value difference is acceptable to everyone.

What's more, Teng Xun's single list of Weibo may not be of high value.

But Teng Xun also has a group of loyal fans on Weibo, including some technical research and development, which also complements Yuanfang Weibo.

At this time, the value is slightly higher. As long as it is not too excessive, some capital institutions have chosen to default.

After the capital increase, Weibo has a total value of more than US$8 billion, and it actually does not include the expansion after the C round.

At this time, before Weibo, the final equity structure was completely settled.

The total share capital is 320 million shares, Li Dong holds 120 million, Yuanfang and Weibo management and employees hold 14 million shares, state-owned financial institutions hold 39 million shares, Baidu holds 10 million shares, and other private funds such as Victoria Harbor Fund or other small and medium-sized investment institutions in China occupy a total of 7 million shares.

In other words, Yuanfang and national investors, including domestic capital parties, account for a total of 190 million yuan in equity.

And these foreign institutions account for a total of 130 million shares.

...

Just when Longhua officially started to travel for iPo, the distance also began to travel for iPo on Weibo.

Compared to Teng Xun, Teng Xun only resumed trading, and was still on Hong Kong stocks. In fact, the process is much simpler.

This is also the reason why many companies choose to go public through backdoor listing. The key is the time period, the process is not complicated, and approval is also easy.

Weibo has introduced too many foreign institutions, and Weibo is a global social platform. If it is still listed in China, it will not be in the interests of some countries.

Based on this, Weibo decided at the beginning to go to Nasdaq to go public.

In fact, if it hadn't been defeated by Teng Xun, and Teng Xun's shell was perfect, maybe the PP would have chosen to go to Nasdaq.

Of course, with Teng Xun's foundation here, it would be a pity that Teng Xun gave up at this time.

In addition, pp and other instant messaging software are mainly popular in China and have long been occupied by giants such as msn abroad. In fact, the instant messaging system is still dominated by China.

PP is listed on the Hong Kong stock market, but this has not been opposed by many people. If Weibo also chose Hong Kong stocks, there would definitely be many oppositions.

What's more, the Hong Kong stock market is not big after all, and it's almost enough to support Teng Xun. It's also difficult to cultivate a second Weibo with a market value of tens of billions of dollars.

Only when Nasdaq brings greater benefits to people.

...

distance.

Li Dong really hasn't come to the company these days. His wedding date is approaching and he has no time to decorate his new house. He is wandering around with Shen Qian these days.

Before there was a major change in the distance, Yuan Chengdao and others did not want to find Li Dong.

At this time, when something happens, they call Li Dong, which proves their incompetence.

Not long ago, the board of directors made adjustments, and the power of several executive directors of Yuan Chengdao increased greatly. This is the time to consolidate power, and it is best if Li Dong is not there.

In fact, Li Dong set the board of directors the day before he left the company. Perhaps it was because of these things that he gave them space to display.

...

In the conference room.

Yuan Chengdao convened the first official board meeting when Li Dong was not in the company.

This time, Sun Tao and Wang Yue did not come back, but Liu Hong rushed back.

Wang Xin from Weibo also attended the board of directors in particular.

This time, the discussion is about the issue of Weibo listing.

Wang Xin took the document and reported: "In May and June, in the past two months, we have made final preparations, including integrating and digesting Teng Xun's Weibo industry.

At the end of June, we will submit an iPo application to the Securities and Exchange Commission (Sec).

In terms of underwriters, six companies including Big and Big Motorcycle, Goldman Sachs, Citigroup, Credit Suisse and Deutsche Bank have been identified.

In July, when the SEC application is approved, we will release the detailed data to the public.

If everything goes well, we will have hope of listing and trading around September.

Of course, the premise is that everything goes well, including the adoption of the plan.

In fact, the efficiency may be a little slower, but the several underwriters selected this time are all world-renowned financial giants. With their help, the efficiency will be much faster.

This time we plan to issue 80 million American depositary shares, and several underwriters have given us a rough issue price range.

Based on the value of the total share capital of 400 million shares, including the valuation after the Series C financing, and our revenue situation, the range gap given by several companies is not large, ranging from $35 to $40 per share.

If it can reach US$40 per share, this listing plan will raise US$3.2 billion.

In addition, we have also given several major underwriters an oversubscription right of 20 million American depositary shares. If the market conditions are good, this part of the oversubscription right should be used.

Also, in terms of commission, the current 1.5% financing ratio is set, plus other expenses, which will cost about $50 million in total…”

When Wang Xin said this, Yuan Chengdao frowned and said, "1.5% is high. In addition, we have given the other party an oversubscribe right of 20 million shares, which is also a lot!

We only plan to issue 80 million shares in total, giving the other party so much oversubscription rights, so Mr. Li alone cannot pass it.

It can be up to 10 million shares, and it also uses commissions, $50 million, to grab money!

In fact, if it weren’t for the agreement between Mozambi and Mr. Li that big and small, we wouldn’t have found so many.

Moreover, according to the current real market, with the popularity of Weibo and their pricing range, the maximum price is $40, and the issuance is not too difficult.

The cost of this IPo is up to 40 million US dollars. This is the limit. You can talk about it later.

Also, for all shareholders, we should not add too much new capital. If we include oversubscription, the new capital will reach 90 million shares.

If the total share capital is 410 million shares, Mr. Li's shares will be diluted below 30%, which is not in line with Mr. Li's expectations.

For major shareholders, they must set a minimum of 10 million shares, add 70 million shares, and collect 400 million shares. Only after they go public can Mr. Li maintain a 30% share ratio.

This is because Mr. Li did not reduce his holdings when he went public, so he could only be less than this, not more than this.

This is the plan for the time being. Let’s make a detailed plan for me in the future.

In addition, the highest price in the issuance range is only US$40, which is actually not in line with Weibo's current status.

However, the specific issue price depends on the situation, and you will know the situation during the roadshow.

If the oversubscription meets expectations, temporary adjustments will be made at that time.

Also, this time it will be a global allocation. After the SEC review is approved, the roadshow time and location will be arranged. Then I will ask Mr. Li to see his schedule."

On Weibo roadshow, it’s impossible for Li Dong to go.

With Li Dong here, that is the greatest capital.

If Li Dong doesn't go, no one else goes to the roadshow, he will not meet that expectation.

With a capital of 400 million, a financing of US$3.2 billion, the market value of the issue price is as high as US$16 billion. This is also the largest financing scale of Internet companies in the world.

Before that, Google raised US$1.9 billion in 2003, and Alibaba raised US$1.7 billion in 2007, not even higher than Weibo.
To be continued...