At nine o'clock in the morning, yin and yang alternate, and you feel refreshed.
Gu Yun covered the lower abdomen of Kong Yixuan who was still sleeping soundly with a towel. After washing, he came to the company.
"You go and inform all the middle-level and above leaders of the group and arrive in the conference room in half an hour to prepare for a group meeting."
"OK."
He Xuan nodded.
Meetings of this scale are held only a few times a year. Looking at Gu Yun's expression, it means that some decision is about to happen.
After the video conferences from various places were connected, the local leaders and backbones of Jiangcheng took their seats one after another, and the Paradise Group meeting officially began.
"Let me briefly talk about the recent strategic direction."
Gu Yun cleared his throat and spoke.
"The group needs a large amount of funds to inject blood into its car-making business, so within half a year, I plan to list Pinyuan Park independently."
"Listen to everyone's opinions first."
The audience was silent for a long time, and no one spoke first.
People who are senior executives of private enterprises have more or less knowledge about listing, restructuring and IPO.
What's more, many of the executives here have accompanied Gu Yun from scratch. If a book "How to Start a Business to an IPO" was written, these people would have a say.
The important thing is whether to take that step or not.
Everyone has a plan to go public. Choosing whether to IPO is actually an economic decision.
"I don't think it's appropriate."
Huang Mingyuan, the oldest counselor in charge of the park, was the first to express his opinion.
"This matter needs to be viewed dialectically. If we don't have enough money to build a car, we can go to the market to raise funds. There are a lot of investment institutions willing to give us money."
"We definitely meet the conditions, but is it really necessary to go public?"
The domestic listing conditions are the main board, GEM, and New Third Board.
1. Main board, cumulative profit of 30 million in 3 years, cash flow requirements.
2. GEM, cumulative profit of 10 million in 3 years, no cash flow requirements.
3. The New Third Board has no profit requirements and emphasizes specialization and innovation.
There are three conditions for listing on Nasdaq.
1. Prerequisites: Operating biochemical, pharmaceutical, technology and other companies, with an economic active period of more than one year;
2. Negative conditions: The net value of tangible assets reaches more than 5 million US dollars, or the pre-tax net profit in the past year reaches more than 750,000 US dollars, or the pre-tax income in two of the past three years reaches more than 750,000 US dollars.
, or the company’s capital market value reaches more than 50 million US dollars;
3. Positive conditions: SEC and NASD approval and 300 people holding shares.
No matter where you want to list it, you can get the tickets for Pinyuan.
"I think it would be a good choice for Pinyuan to go public."
Huang Mingyuan's opinion was agreed by many people. At this time, Huang Zheng, the person in charge of Pinyuan Park, had a different opinion.
Since joining the company, he has always had a strong interest in going public.
"The group has so many branches. If one of them is listed, the valuations of other companies will also take off."
"Compared with other fields, Pinyuan focuses on e-commerce, and its regulatory scope and policy standards are relatively relaxed, so it is definitely the most suitable."
E-commerce has always been the most secretive arena on the Internet. Not only does the super giant Alibaba firmly hold the throne, there are also quasi-giants like JD.com.
For all e-commerce entrepreneurs, Alibaba, JD.com seems to be the top of their sky and cannot be surpassed. However, the sudden rise of Pinyuan has made the industry believe again that there are still entrepreneurial miracles in the e-commerce field.
Unlike Huang Mingyuan, who seeks stability, Huang Zheng can't wait to let the market see how much Pinyuan Park can be valued after settling for so long.
By the time he reaches this well-informed position, starting a business has become a fixed process and usually goes through several stages:
S1, in the start-up stage, a few partners set up a stall and occasionally received payment from seed customers, but it was unstable.
s2, commercialization, product and service models have gained a foothold in the industry chain, and the company has begun to have sustainable income.
s3, systematization, running a company is like writing a programmer. Once the system is running smoothly and there is traffic, how can we systematically ensure revenue? What if growth is strengthened? The system may need to be strengthened or restructured to provide a better framework and details.
Use better technology.
s4, three-dimensionalization, this process is very interesting.
Some companies take the diversification route, some companies take the industrialization route, some companies take the leapfrog route, and some companies take the down-harvest route...it's called "three-dimensionalization."
s5, lonely. A strong man in his twilight years will either die or take the second curve.
In fact, in the life cycle of a company, going public is just a choice, a financial choice.
As far as Huang Zheng is concerned, it is a very romantic thing to go through the entire process of running a company.
But many people are different from him, because not everyone accepts this life cycle, and most people are afraid of risks.
Generally, companies start to make continuous profits after entering the S2 stage.
When entering the sustained profit stage, the company will still reach stages 2-5. If the company does well in S3, generally speaking, it will have a life cycle of 10-20 years.
Therefore, it is better to enter the stock market at this time, which can meet the investment cycle of investors of no less than 10 years and is also suitable for large-scale PE operations.
But does it have to be an IPO?
The answer is not necessarily.
Except for companies that start a business just for the purpose of going public to make money, this kind of company must go public, because this kind of company has planned the entire capital plan before it is founded, and the purpose of starting a business is to exit through IPO.
Other companies account for a very high proportion of the market. There are hundreds of millions of companies in China with a scale of more than 400,000. Many companies have not considered listing.
The reason why Huang Mingyuan and most senior executives are unwilling to go public is mainly due to several factors.
The first is that they don’t know how to operate, the second is that they roughly know what is going on but have no way out, the third is that the startup stage is relatively chaotic, the financial foundation is poor, and the cost of transformation is high, the fourth is that if you want to go private, you will never go public, and the fifth is that you are very good at operations and there are other
choose.
Paradise Group clearly belongs to the fourth and fifth categories. As early as the early days of the business, the team with huge cash flow had reached a consensus that going public may not be a good choice, and there are many ways to achieve progressive growth.
“If it doesn’t go public, how can we prove that the company is great?”
Many securities firms have told Gu Yun about the benefits of going public, and there are many.
For example, compliance, such as building a brand, in fact, listing is just a point.
Many companies use listing as a channel for self-certification. IPO is considered awesome, so IPO is the standard for evaluating everything.
But there are many other dimensions that prove a company is good, such as.
The values faced with the complex world, the harmonious and friendly corporate culture, the boss's deep understanding, or the endogenous space in the management system...
These are related to inheritance, crossing cycles, and are the endogenous force that continues the life of an enterprise.
They are all endogenous corporate values other than artifacts.
The executives present discussed for more than half an hour, each expressing his or her own opinion, but no one could convince anyone.
Gu Yun raised his hand to signal everyone to be quiet.
"I have heard everyone's opinions, some support it and some do not. Most of them focus on the lack of professional talents, cash flow problems that can be financed, the unclear future of new energy and the lack of necessity for blood transfusions, etc. They are all very good."
"But the listing is finalized. Now I will talk about the personnel adjustments."
"Wen Jue was transferred from Xiaojushu to Pinyuan and served as the company's CFO. He was responsible for the formulation of the company's financial strategy, financial management and internal control, and promoted the listing of Pinyuan."
