Chapter 2577 Talking About the Conditions for Listing

At 9 a.m., the office building of the Hong Kong Stock Exchange.

Xiao Qi and Feng Kelun arrived at the conference room on time. In addition to Zhou Wuyao, the CEO of the Hong Kong Stock Exchange, there are three powerful people of the Hong Kong Stock Exchange: Vice President Rob, Chief Financial Officer Tan Jiachun, and the director and supervisor Zheng Yuhong representing the government.

In addition to Zhou Wuyao being a professional manager, Rob is a member of the Luo family, the controlling shareholder of Hong Kong's largest securities company, Tan Jiachun is closely related to Uncle Li, the second richest man in Hong Kong, and the last Zheng Yuhong is Zheng Yoga's nephew.

Seeing Xiao Qi and Feng Kelun come in, they naturally smiled.

"Young Master Qi, please take a seat, President Feng, please take a seat!"

Zhou Wuyao and the other four arranged for Xiao Qi and Feng Kelun to sit opposite them, and there were no people around who recorded the negotiation at the meeting. Obviously, they did not want the outside world to know the conditions of this negotiation.

In fact, for many listing activities, the outside world only wants to let them know. The real insider information and exchange conditions will not be disclosed to the public.

For example, now, they want to let Meitu Sharing Company go public in advance. Although the capital has put pressure on Xiao Qi and let Xiao Qi agree, how to do it depends on Xiao Qi and the Hong Kong Stock Exchange to discuss.

Otherwise, Xiao Qi just found a few interfaces and dragged it for a month, and the capital couldn't say anything.

But the Hong Kong Stock Exchange is miserable. Originally, it wanted to seize the opportunity to stabilize people's hearts. If you delay for a month, who knows if the Hang Seng Index will collapse to a new low?

Therefore, the HKEx never thought that it would get such a big benefit without paying anything.

And as long as Xiao Qi can talk about it, that's a good thing.

"Today, Mr. Feng and I came to negotiate mainly with Mr. Feng." Facing everyone's eyes, Xiao Qi said, "His opinion can represent my opinion."

With him setting the tone, things would be easy to talk about.

In addition, everyone thinks that Mr. Feng is young and does not know the market, so it is easy to be fooled - as for Xiao Qi, who is younger than him, he must not be compared with ordinary people, why don't you say that he is young. But it has been two years since he was the world's richest man? And looking at this posture, sitting on the throne of the world's richest man for seventy or eighty years is not a problem.

People who despised Feng Kelun. There were difficulties at the beginning.

"First, cancel the 25% tradable share rule! Second, cancel the one-share-one-vote rule! Third, the Hong Kong Stock Exchange must ensure that Meitu Shares' shares are not affected by drastic fluctuations. Meitu Sharing Company has the right to request suspension of trading at any time. Fourth, the number and amount of IPOs of Meitu Sharing Company. It is up to the company to decide.”

All right.

Feng Kelun said these four prerequisites, which made the four giants of the Hong Kong Stock Exchange frown.

Although they had expected that Xiao Qi would definitely talk about the matter of one share, one vote, they did not expect to directly talk about 25% of the outstanding shares this time.

As for the suspension of trading on the third point, it is easy to discuss. Although Li Chaoren and Li Sishu and their companies do not have such privileges, they are actually almost the same. When they call about anything, the Hong Kong Stock Exchange does not say anything. No way.

The fourth point is even more extreme. Although the market value of the IPO is nominally determined by the company itself, and then declared, it is negotiated by everyone. But the stock exchange actually has a lot of negative power.

If they think that the valuation of many companies is too high, they are afraid of affecting the issuance. This will drive down the IPO price and amount raised.

That's what Penguin was in Hong Kong at the beginning, but Penguin himself also strived for it later, increasing the value by hundreds of times in one breath, and becoming the first real network technology company.

Regarding the first and second requirements, the Hong Kong Stock Exchange still has expectations, but they do not intend to just give in, and it is too easy to let Meitu Sharing Company get it. How can it be done?

Don't forget, there is a fairy guard who has been talking about the same long after the Meitu sharing. This company is even a direct descendant of the Fairy Company, if they ask for new treatment. Knowing that day what conditions they would make.

Rob pondered: "Mr. Feng, the third point of your request is ok, but you have to go to a scene and call to let us know, otherwise we will not be able to explain it outside. But the rest Three points, each of which is related to the foothold of the Hong Kong Stock Exchange, I am afraid it is not so easy to achieve."

"If it's easy, can we bring it up?" Feng Kelun also said honestly and directly: "Meitu Sharing Company is an Internet company facing the whole world. If it is bound by the poor regulations in a place like Hong Kong, how can it be reported to the whole world? World development? So we should be in line with the world. Besides, we are not asking for nothing. The United States has implemented it for many years, and the effect is very good. Why can't we?"

After a pause, Feng Kelun said, "Believe it or not, you don't have to wait for next year, just this year I will go public on Nasdaq, and the conditions they give are definitely better than yours! People are serving major companies, not treating companies as be the subject of jurisdiction!"

Chief Financial Officer Tan Jiachun frowned. He was about to say something, but his feet hurt. He turned his head and saw Zheng Yuhong, who was sitting on his right, pretending to write something with a pen. It seemed that he was not the one who kicked Tan Jiachun just now.

Tan Jiachun, who came back to his senses, looked at Xiao Qi, who was silent, and sighed. Everything he wanted to say just now was stuffed back into his stomach.

"Hehe, Mr. Feng, you are a bit biased. How can they foreigners know how to take care of Huaguo's company? It's better for us in Hong Kong. We are all our own people. Naturally, we will cooperate happily." Zhou Wuyao was on the side. "The Hong Kong Stock Exchange in Hong Kong has also prepared to issue an announcement in the past two days, which is about one share, one vote, but we think the three-tier stock structure in the United States is too exaggerated, and the second-tier stock structure seems to be more feasible. Some."

The three-level stock structure is to divide stocks into three types: A, B, and C. It may be one share for one class A stock, two votes for one share for class B stock, and ten votes for one share for class C stock.

The secondary stock structure is simply divided into two structures, A and B. The specific shares occupying the voting share are determined according to the specific company regulations.

In general, secondary stock structures are the more popular practice.

The Hong Kong Stock Exchange is afraid that Feng Kelun will use a three-tier stock structure to talk about things, so that only 10% of the stock can express 80% of the rights and interests, which is too exaggerated.

Like a secondary stock structure, even the ratio of one to two and one to three is barely acceptable.

"Secondary stock structure also works!" Feng Kelun nodded. He came here to achieve his purpose, not to quarrel, "Then what about 25% of the outstanding shares?"

"I think we have to take it slow." Rob shook his head and said, "This regulation has been implemented for many years, and there are similar regulations in Europe and the United States. If it is to be reformed, it cannot be completely abolished, at most now it will be Change it to 20%, and if we can give us a little time, I think we should be able to introduce a temporary measure in a year's time to reduce this amount to 12%-15%."

Feng Kelun was a little hesitant, Zheng Yuhong here smiled and said, "President Feng, any reform process is gradual, if it is fast, it will not be good. Please believe in our sincerity, we will not take this kind of thing. Come to joke and deceive people."

Before he came, Xiao Qi told Feng Kelun that he had decided all the things that Meitu shared, and Xiao Qi would not give him any advice, so Feng Kelun thought about it for a long time and nodded slowly.

"The remaining fourth point is that it is troublesome to say it is troublesome, and it is not troublesome to say it is not troublesome." Zhou Wuyao said, "But I can ask, what is the IPO valuation of Meitu Sharing Company? How much are you going to raise?"

"As of August, Meitu has more than 250 million registered users and more than 180 million monthly active users. It is already the world's largest photo website." Feng Kelun said, "A few months ago, we only had 100 million. When there are active users, foreign investment banks have given a valuation of 3 billion US dollars.”

"I know what you said, but what do you mean?" Zhou Wuyao felt a little scared to hear Feng Kelun report an astronomical figure.

"$10 billion." Feng Kelun said word by word.

Somehow, the four giants, including Tan Jiachun, felt relieved when they heard this number.

When they heard Feng Kelun's conditions, they thought that at least Feng Kelun would also propose an IPO valuation of US$12 billion, but they didn't expect it to be less.

"In addition to this, the total shares we raised to raise funds are 50%, including the shares for shareholders, underwriters and market circulation of various joint-stock companies." Feng Kelun said, "But as our management, there is also the largest shareholder. Mr. Xiao Qi, the stock we hold will be 1.5 votes per share, and if we sell it, it will be automatically converted into ordinary stock and will no longer be eligible for 1.5 votes."

"So many!" Tan Jiachun couldn't help sighing.

Originally thought that they were polite if they could take out 30%, but they were willing to release 50% of the shares.

Zhou Wuyao glanced at him, then smiled and said to Feng Kelun: "The price is a little higher, and the shares released are a little more. But I think people of insight in Hong Kong will definitely buy it actively! I personally welcome it. President Feng's decision, and your opinion just now. We will hold a meeting after we go back, and we will give you the answer to President Feng soon!"

In fact, after talking for so long, basically the bottom line of the other party is almost known, and they are almost negotiated.

What Zhou Wuyao is thinking now is that when Meitu Sharing Company is willing to sell 50% of it to other companies, and the news of its listing and circulation spreads, how many people will be crazy about it?

No one would think too much of being able to buy shares in such a popular company as Meitu Sharing! (To be continued ~^~)