Chapter 1603 Capping

The road show on the 26th is mainly to accept subscriptions from investment institutions.

When a company goes public, the stock for sale is generally divided into two parts, the international placement part and the public sale part.

The international placement part is actually prepared for investment institutions.

The public offering of shares is for retail investors.

This time, Teng Xun International placed part of 680 million shares, planning to raise 34 billion Hong Kong dollars.

The public offering of 300 million shares plans to raise 15 billion Hong Kong dollars.

In the over-allotment part, Teng Xun actually has a small proportion, only 20 million shares, and plans to raise 1 billion Hong Kong dollars.

Because the currency exchange rate is constantly changing, the exchange rate ratio between the U.S. dollar and the Hong Kong dollar is close to 1:8. In fact, the scale of Teng Xun’s financing this time is less than 6.5 billion U.S. dollars. According to the current exchange rate, it is close to 6.3 billion U.S. dollars.

The international placement part, including the oversubscription part, has a total of 700 million shares, 35 billion Hong Kong dollars, close to 4.4 billion US dollars.

For Teng Xun executives and Yuanfang executives, the minimum expectation set by everyone for the on-site subscription funds on the first day is 500 million U.S. dollars, and if it reaches 1 billion U.S. dollars, it will be considered a complete success.

After all, there are still many days left for the subscription period of international allotment stocks, and the oversubscription ratio generally does not count the international part, but only the retail part.

Therefore, as long as the subscription funds of investment institutions reach 4.4 billion US dollars, the impact on the subsequent listing will not be too great.

The panic buying by retail investors actually attracted the attention of outsiders.

...

Yuanfang's own executives all feel that it is a success to reach 1 billion US dollars on the first day.

However, when Li Dong made a promise at the road show, the next scene made everyone dumbfounded.

Since investment institutions have come to the road show, they are already optimistic about Teng Xun.

Even if Li Dong didn't say anything on the spot, the subscription amount would not be too low.

This is a risky thing, not to mention that Teng Xun's risk is not too big, and the future can be expected.

At this time, Li Dong lowered the risk of investment institutions again, and did not subscribe at this time.

When are you waiting?

...

When Li Dong stepped off the stage and Liu Hong announced that he could accept the subscription and signed the letter of intent, a group of investment managers rushed to the front almost instantly.

These institutions do not have as much capital as big investment banks, nor do they have the capital to bargain.

While the big institutions are still thinking about it, they should act first, lest Teng Xun's subscription amount be capped. In the end, other big institutions will have the opportunity to make Teng Xun over-allocate again, but they don't have this chance.

The others rushed to Liu Hong's side, while Liu Qin squeezed for a while, squeezed in front of Li Dong, and opened her mouth and said, "Li... ahem, Goldman Sachs subscribed for 200 million U.S. dollars, Legend Holdings subscribed for 100 million U.S. dollars, my father this time I didn't come, but I called and asked me to give my full support to Yuanfang and Teng Xun!

This time, on behalf of Goldman Sachs and Legend Holdings, I subscribed for a total of 300 million US dollars..."

Liuqin was going to call Mr. Li, but when she saw Li Dong grinning at her, Mr. Li insisted on holding back, but she really couldn't call him Uncle Li.

After she finished speaking, Li Dong said with a smile: "What's the use of asking me for subscription? I'm just here to stand on the stage, you can find someone else.

What's more, Goldman Sachs is one of the underwriters. As long as you follow the rules, you can subscribe as much as you want.

Why, Goldman Sachs thinks that 50 Hong Kong dollars is not high? "

If these underwriters feel that the pricing is still high, they will not subscribe at this time.

The advantage of underwriters is that they have a lot of autonomy, even in the end, they can participate.

Now Liuqin represents Goldman Sachs, and subscribed for 200 million US dollars on the first day. Obviously, Goldman Sachs thinks that the price of 50 Hong Kong dollars is acceptable.

They were a little worried before, but when Li Dong said today, the on-site subscription gave some promises and guarantees. If you don’t hurry up at this time, Li Dong didn’t say promises and guarantees at the end of the subscription.

Liuqin didn't care about his teasing, and said with a smile on her face, "I am not in the same department as them, and the two parties have nothing to do with each other. I represent the investment department."

Goldman Sachs Group has many industries and departments, and the underwriting team and the investment team can indeed be viewed separately.

But if the underwriting team feels bad, the investment department will not throw money randomly, and even if they want to, the headquarters will not agree.

Li Dong listened to what Liuqin said, but he didn't take it too seriously. He nodded with a smile and said, "Then you are free, but you represent Legend Holdings? Why, do you want to go back to take over?"

Although Liuqin and Liuchuanzhi are father and daughter, they represent different big companies outside.

At this time, Legend Holdings entrusted Liuqin to represent them. In Li Dong's view, it was a bit deep.

Liuqin immediately shook her head and said, "I don't have such an idea, and I don't have such a thought. Besides, there is no talk of succession on the joint control side."

Outside, everyone thinks that Yanagawa Zhi is the boss of Lenovo, the absolute controlling shareholder.

In fact, Lenovo has a large proportion of state-owned assets. In fact, it is difficult for this kind of enterprise to have a second-generation succession. Generally, professional managers will be selected to succeed.

It's not perfunctory for Liu Qin to say that.

Li Dong didn't ask any more questions, and simply chatted with Liu Qin, and then started chatting with some investors.

The investment managers of small and medium-sized institutions have all gone to subscribe. Large institutions can still calm down a little. As the host, Li Dong still needs to receive them.

What's more, this time it's not just these investment banks, including some private equity funds in China, and private equity funds of some tycoons in Hong Kong. In fact, many of them have come.

These people have a lot of cash flow on hand.

In Li Dong's view, Teng Xun's financing this time is not the only time in the distance. Next, there will be more opportunities for everyone to deal with each other.

...

When Li Dong was chatting with the investor, Ma Yun and the others did not bother.

This time, they are destined to be just spectators.

However, when they saw such a hot scene at the scene, everyone still felt a little emotional.

Ding Lei looked at it for a while, and sighed a little: "Li Dapao shouldn't be called Li Dapao, but Li Dabao.

The global financial crisis has not yet completely passed. Where did he get the confidence?

If Ali had promised so much back then, he would have lost everything this year. "

If Ma Yun dared to say that at the beginning, the price of this privatization would have to be doubled, and it would cost billions of dollars more. With so much extra expenditure, Ali himself could not hold on to collapse.

Not only Ding Lei sighed, but also several giants abroad also felt emotional.

This guy Li Dong is not so courageous!

In 2009, the impact of the financial crisis in mainland China was not too great, but internationally, especially in the financial securities sector, the crisis has not yet completely ended.

At this time, it is normal for the stock price to soar the day before and plummet the next day.

When Li Dong was on the road show, he dared to tell others that it was such a large-scale financing plan. I have to say that almost no one present dared to make such a promise.

Meg stared at Li Dong in the crowd with interest for a while, and finally greeted everyone, and left early with her assistant and translator.

As soon as she left, Ma Huateng raised his eyebrows and said, "Isn't this person really moved?"

Meg suddenly came to Xiangjiang this time, and participated in Teng Xun's promotion meeting. It was an accident, but now she seems to be interested in Li Dongting, and Ma Huateng has to suspect that she has the intention of joining a distant place.

On the other hand, Li Yanhong said softly, "What people are looking at may not be far away, maybe it's Weibo? Election campaigns also need the support of the media.

Weibo, in fact, has a strong influence in Europe and the United States.

Of course, Li Dong might not agree. "

Everyone knows this. In foreign countries, social media, especially Chinese social media, is best not to get involved in politics.

Those who support it can say that if they win, once they fail, they will be in big trouble.

Of course, this is also an investment. Once the other party wins, it will be rewarded in the future.

For politicians in Europe and the United States, rewarding supporters is an established rule, not even an unspoken rule.

Once they renege on their debts after taking office, all the supporters will choose to betray. For so many years, almost no one has breached the contract with their supporters.

When Li Yanhong said that, the others thought about it.

It can be seen from this that the influence of Weibo may be greater than they imagined, otherwise, American politicians would not come to China to seek support.

But Li Dong may have noticed it. They didn't think much about it before, but now that they think about it, when Li Dong poached people, he opened his mouth and said that he lost the election. In fact, this has already shown his attitude.

Regardless of whether Meg came to seek support or not, Li Dong is not optimistic about her campaign, and will not let Weibo get into trouble.

Thinking about it now, Li Dong has always had a vicious vision, maybe Meg will really fail.

Everyone didn't say much about it, Lei Jun looked at Ma Yun and said with a smile: "Old Ma, how much do you think the intention funds signed on the spot can reach in today's scene?"

"More than $3 billion."

Without ambiguity, Ma Yun directly gave his prediction.

On the other hand, Ma Huateng squinted his eyes and said: "3 billion US dollars can't be won. Just now, Goldman Sachs, Morgan Stanley and Morgan Stanley have all entered the battle directly. Also, domestic financial institutions such as ICBC and Bank of China are also in Lidong. Wandering around.

In addition, Heung Kong and some private equity funds in the mainland have actually negotiated a long time ago, and the subscription amount will not be less than 500 million US dollars.

Even if the scene fails to meet expectations today, these people will make a move.

There are still many people in Li Dong in China who trust him very much. It depends on whether these institutions will increase the subscription amount again today. "

For IPO companies, it is inevitable to determine some subscribers in advance.

The situation cannot really be calmed down. Even if no one cares about it today, someone will eventually make a move, including some domestic tycoons and private equity funds.

Looking at the current scene and what Li Dong said just now, these institutions should also conduct on-site subscription today.

Seeing that the scene is so hot, 3 billion US dollars may not be able to stop it.

Ma Yun was refuted, but he didn't care, he smiled and said: "Let's go, Teng Xun's promotion meeting is very popular, in fact, it is a good thing for us.

But even if it's a good thing, if we stay, we won't be in a good mood. "

As soon as these words came out, everyone nodded.

Teng Xun's popularity is actually a good thing for IT companies.

But the more popular it is, the more careful Li Dong's poisonous tongue is, especially Ma Yun, if he doesn't leave, he will be stabbed by Li Dong later.

Taking advantage of Li Dong's lack of time to come over now, it's better to go first. As for the subscription funds, they don't ask, and Teng Xun will disclose it to the outside world.

...

Ma Yun and the others left, although Li Dong saw it, but at this moment, he really couldn't get away.

Li Dong felt a little regretful, these guys haven't waited until the end of their subscription.

At least, you have to wait until you know the intended funds on site before leaving!

...

at the same time.

East Park.

Cao Fang looked at the screen in front of her and said worriedly, "Qiqian, is it good or bad now?"

With a smile on her face, Shen Qian nodded and said, "Mom, don't worry, the effect is very good!"

Shen Xuehua, who just came from the capital, frowned and said, "Qiqian, turn around and persuade Li Dong, this kind of thing must never happen again!"

What she said was Li Dong's promise!

Dare to make such a promise, Li Dong must be crazy!

If it were her, she heard that Li Dong had the bottom line, no matter how big the risk was, she had 1 billion funds, so she had to buy at least 800 million.

Can this kind of promise be said casually?

The stock market is risky, and children know it.

No one can guarantee that the next step will be good all the way.

How popular was Ali’s listing at the beginning, but what happened?

In 2008, it fell below the issue price several times, making everyone dumbfounded.

Although Teng Xun looks good now, who can be sure that there will be no problems in the next two years?

Shen Qian still smiled and said: "Mom, since he said it, it means he has this confidence, don't you think he was very domineering when he said that just now?

The investment managers in the audience were stunned. This kind of words could only be heard from Li Dong. "

Shen Xuehua rolled her eyes, what's wrong!

My daughter is being led astray by Li Dong now, yes, of course only Li Dong can say such things, because Li Dong is a lunatic.

In the end, his daughter was still proud of her. Could it be that the one who is close to Mo Zhehei?

Shen Xuehua didn't say anything, and said with some regret after a while: "If I change someone else, I have to subscribe a little bit at this time."

In her opinion, this business must be profitable, and it would be a pity not to participate this time.

Shen Qian didn't care about this, but said with a smile: "Mom, do you still have money on hand?"

Shen Xuehua gave her a blank look, she was a wolf's thing, the old lady didn't save any pension money in her hands, and with the hard work of the two couples, maybe when they got old, they would really have to live on Lao Du's pension.

Now she feels that she is not wise enough. If she had known that the two could make such a fuss, she should not have given the company to her daughter in advance.

But it's too late to regret it now, I just hope that guy Li Dong can be a little quieter when the child is born next time.

...

The family is paying attention, and the outside world is also paying attention.

The original two-hour promotion meeting was still not over at 3 pm.

Waves of on-site subscriptions followed one after another.

Even some investment institutions that did not show up at the scene began to contact by phone at this time.

What Li Dong said is that the investors who subscribed on the spot are guaranteed. Everyone believes this. Whether Li Dong will say that in the next roadshow is a possibility.

What's more, according to their understanding, Li Dong will only attend the road show in Shanghai.

If you miss this time and subscribe later, you will take a greater risk than others.

It wasn't until 4 o'clock in the afternoon that the atmosphere at the promotion meeting gradually eased. At this time, all those who should sign the letter of intent signed.

The funds will not arrive today, but if the subscription is confirmed within three days, the money will be frozen in the account.

Several underwriters were still busy at this time, but Liu Hong happily walked up to Li Dong and said excitedly, "Mr. Li, it's beyond imagination!"

Li Dong didn't leave all this time, at this moment he shook his head slightly and said: "Whenever you don't need me to say that, there will be such a scene, that is the real success, now, it is not counted."

As soon as these words came out, the faces of everyone around him changed a little.

Indeed, if Li Dong hadn't said those few words, would the current situation still exist?

The current rush to buy is actually not because of the company itself, but because of Li Dong. There is still a difference between the two.

Liu Hong nodded lightly, then said firmly: "Teng Xun is the first time, there will be no next time!

Weibo went public, Teng Xun made a good start, next, I think the effect will not be worse than Teng Xun!

By the way, let me tell you about the current statistical results. Up to now, 164 letters of intent for subscription have been signed on the spot.

The signed subscription intention funds are as high as 7.2 billion US dollars! "

"7.2 billion dollars!"

"It has exceeded the international placement financing quota!"

"This is only the first day, so many?"

"..."

As soon as Liu Hong's words came out, the surrounding people became commotion.

Although I knew it would not be too little, 7.2 billion US dollars is still too much.

Li Dong frowned again, and said after a long while, "Didn't it reach 10 billion US dollars today?"

It's not that he is greedy, but after he made the promise, it still didn't reach 10 billion US dollars, which is actually not too much.

Liu Hong hurriedly said: "Today is not over yet, and some investors have not come, but now many institutions have called, hoping to extend today's subscription time.

Next, there will be some institutions involved.

10 billion US dollars, there is still hope. "

"Well, let's extend the time. It is best to reach 10 billion US dollars today. Then I don't have to go to the international road show. If it doesn't reach 10 billion US dollars, then I have to go to a few more."

After all, Li Dong said again: "Xiangjiang's subscription is capped at US$10 billion.

Arrival today, capped off today!

Next, Xiangjiang no longer accepts subscriptions.

On the Shanghai stock market, since the road show is confirmed, the subscription has to be started, with a cap of 5 billion US dollars, when will it come, and when will it stop.

For the international part, there are no restrictions.

In addition, the subscription of retail investors will start on August 1st, and trading will officially resume on August 18th! "

"Okay, so the final issue price still needs to be re-drawn?"

"No, just 50 Hong Kong dollars, no need to add more."

Li Dong shook his head. It's not that he really doesn't understand at all. If he really wants to add more, the profits of investors will be compressed. Even if he is really optimistic, the market's popularity will decrease in the future.

Giving investors a certain profit margin is actually for greater returns in the future, and there is no need to worry about short-term returns.

As soon as Li Dong said this, some of the investment managers next to him breathed a sigh of relief, and it was fine not to add it. It seems that Teng Xun has decided to use 50 Hong Kong dollars as the issue price.

Otherwise, with today's situation, everyone can understand even if it is really added.

If we don’t add it now, everyone’s rate of return will also increase.

...

Li Dong didn't wait until the end for Xiangjiang's subscription.

The on-the-spot subscription amount of more than 7 billion US dollars has reached his expected goal, and Li Dong will not be greatly shaken in the future.

However, on the 26th, as of 8:00 p.m., the subscription ended, and the final intention amount still made Li Dong much happier.

Some international investment institutions previously planned to wait for foreign roadshows before participating, but now many institutions have participated in advance.

According to their plan of intent, a letter of intent worth about US$12 billion can actually be signed that day.

However, Li Dong said first that the cap was capped at 10 billion US dollars, and some investors later wanted to subscribe. Instead, Teng Xun did not accept it and asked the other party to wait for the next opportunity.

Even on the Shanghai stock market, some institutions wanted to book in advance, but they were rejected.

Before Li Dong said that Hong Kong and Shanghai stock market would be capped at US$10 billion, but now Hong Kong has exceeded expectations for one game, and the quota of US$5 billion given to Shanghai stock market is actually to take care of some institutions in the mainland.

This hunger marketing method has also made many organizations helpless.

In their opinion, the amount limited by Yuanfang is too low. They haven't seen any IPO companies yet, and they don't like the ones with too much subscription funds. Which one isn't running higher.

But now, if Li Dongfei wanted to do this, they couldn't help it.

Fortunately, there is no limit to the international subscription part opened in August, so we can only participate at that time.