422 Listing on the Hong Kong Stock Exchange is an honor for the Hong Kong Stock Exchange
"On March 13, the Hong Kong Securities Regulatory Commission held a board meeting to discuss the issue of Penguin's listing. Chairman Wei Yili said: The first major thing I did when I took office was to try my best to ensure that Penguin was listed in Hong Kong."
"..."
"Recently, there are rumors in the market that Penguin Group has hired Goldman Sachs as a listing sponsor and submitted a listing application to the Hong Kong Stock Exchange. Penguin spokesman Liu Chiping responded today that the group has not yet decided to hire an investment bank, the listing time and listing location.
None are determined.”
"Perhaps the largest IPO in the history of Chinese Internet companies, who will win? Hong Kong stocks are going to the left, US stocks are going to the right, where will Penguin go?"
Penguin's listing has become a top priority for the financial sector and the technology sector, and rumors, true and false, are emerging one after another in the industry.
Not only the eyes of the whole country, but also the capital of Wall Street are all focused on the Penguins in Pengcheng.
"Mr. Lu, this is the list of visitors for this Hong Kong Legislative Council's Pearl River Delta study tour."
Lu Huateng and Zeng Liqing sat on the left and right sides of Lu Fei, their eyes falling on his face as flat as a lake.
"Oh, the ostentation is quite big!"
Lu Fei glanced at him and raised a smile at the corner of his mouth.
The leader of the inspection team is Zhang Huafeng, a member of the financial services sector, and Chen Xiaowen, senior vice president of the Hong Kong Stock Exchange, serves as the deputy leader. The team members are either from the Hong Kong financial community or finance-related lawyers.
"Yes, this lobbying team is the only one among mainland companies. Even the provincial leaders are alarmed. Deputy Governor Wang and Secretary G said that he will also accompany him when the time comes."
Zeng Liqing smacked his lips: "It seems that he is determined to invite us to go public on Penguin."
"Oh, I hope I don't do any nonsense."
Lu Fei couldn't arouse any interest: "At least give me a sure letter. As long as you agree to 'ab shares' and 'partnership', I will immediately make a decision and submit the IPO prospectus to the Hong Kong Stock Exchange."
"Mr. Lu, what if this road to the Hong Kong Stock Exchange doesn't work?"
Zeng Liqing asked experimentally.
"The only option is to go to the US stock market. 'AB shares' and the 'partnership system' are the foundation of Penguin and cannot be shaken no matter what."
As soon as Lu Fei said this, Lu Huateng and Zeng Liqing looked at each other and almost agreed in unison.
After all, although nine penguin partners have been developed, there are only three permanent partners present.
Liu Shui's partners, an iron-clad trio!
"It depends on whether the Hong Kong Stock Exchange will grant a special exception."
Lu Fei raised his neck and drank the tea in one gulp.
In fact, it is not only for Penguin, but also to use Penguin’s hand to promote the reform of the Hong Kong Stock Exchange, because the first choice for subsequent flying purchases is to be listed in Hong Kong.
The same text and the same genre make the stories easier to understand, and Xiangjiang will not be picky about some of Feigou's weaknesses, such as fakes and imitations. In the final analysis, we must give face to the big brother in the mainland.
"Mr. Lu, there is no problem with Nasdaq."
Lu Huateng took the initiative to pour tea and said: "The New York Stock Exchange will not give an answer until after the merger of institutions, but the question is not big. Which one does Mr. Lu prefer?"
Lu Fei asked: "What advice did Mr. Liu and the others give?"
Zeng Liqing directly said that the "New York Stock Exchange" does not need to form a board of directors composed of a majority of independent directors, nor does it need to form a corporate governance committee composed only of independent directors. It is the perfect soil for a "partnership system".
"The key is, the launch efficiency is very fast."
Lu Huateng held out five fingers and said, "The fastest is 5 months."
Lu Fei raised his eyebrows in surprise, but then he thought about it. Ali, who was also listed on the New York Stock Exchange in his previous life, released an IPO prospectus in April and May, and got the green light all the way, and it will be listed in September.
Then he stood up, went to the table, picked up a red-headed document, handed it to Zeng Liqing, and ordered it to be communicated internally, and the paper should be distributed to the middle and senior management, and the electronic version should be distributed to the employee community.
Zeng Liqing and Lu Huateng came over and took a closer look. The big words on the cover clearly read——
"The company will fully implement the 'partnership' system after listing."
"Dear Penguins:
Recently, you must have heard a lot of reports from media channels about the Penguin partnership system and post-IPO control rights. On the occasion of planning for the IPO, I would like to report to you on the status of the partners...
What kind of institutional innovation can realize our dreams?
Starting in 2003, the group began to pilot a 'partner' system within the management team, selecting new partners to join every year.
Partners, as the company's operators, business builders, cultural inheritors, and shareholders, are most likely to adhere to the company's mission and long-term interests and create long-term value for customers, employees and shareholders..."
It was obviously an internal email from Penguin, but it was accidentally leaked just when the inspection team arrived in Pengcheng.
It just so happens that this is Penguin's first semi-public disclosure.
"It was intentional. That Mr. Lu definitely did it on purpose."
Zhang Huafeng said helplessly: "Xiaowen, he is trying to intimidate us."
"You can't say that. You should get a vaccination."
Chen Xiaowen put down the copy of "The Company Will Fully Operate the Partnership System After Listing" and smiled: "Before coming here, I really didn't understand the purpose of this partnership system. Now I have a clue."
"Oh, it seems you agree very much?" Zhang Huafeng said in surprise.
"It's useless if I agree. It also depends on the attitude of colleagues at the Hong Kong Stock Exchange and the regulatory authorities."
Chen Xiaowen shrugged: "I have already faxed it back to the headquarters."
"However, Mr. Lu's attitude is very clear. If he dares to issue such a document, he will not let go of the AB shares and partnership system."
Zhang Huafeng pinched the Qingming point on the bridge of his nose.
"Tomorrow, there will be a fierce battle."
Chen Xiaowen's heart sank and he looked out the window at the night sky.
The cold sky was dark and heavy, as if smeared with endless thick ink. The bright full moon hung obliquely, and the few scattered stars were dim and dull, let alone compete with the moon for brilliance.
The next day, it became cloudy and overcast, and there was no sun.
The Legislative Council inspection team arrived at the entrance of Penguin Building early in the morning, and Lu Fei rarely led the team to receive them in person.
The two sides talked politely and did things in a formal manner. The inspection group gave it a grand show and Penguin gave it a face. They spent a whole morning and worked hard. When the provincial leader finished his farewell and left, the inspection group finally came to a conclusion.
Zhang Huafeng got straight to the point and asked about Penguin's listing plan.
"The first thing I did when I went public was to get the money to build a penguin's own building. It's almost its 7th anniversary, and I have to have a nest of my own."
Lu Fei pretended to be ignorant while still knowing.
Chen Xiaowen said with a smile: "What do Mr. Lu think of Xiangjiang?"
Lu Fei said: "That's right, but the land price is too expensive. Pengcheng is better. The roots of Penguin are here."
Zhang Huafeng said bluntly: "What if it is listed in Xiangjiang?"
Lu Fei raised his feet, crossed his legs, and said that he liked Xiangjiang very much, and his tone revealed that "it seems that it is a pity not to be listed in Xiangjiang."
Chen Xiaowen was full of enthusiasm and spoke highly of the good things about Xiangjiang.
"We will definitely seriously consider the market in Xiangjiang."
Lu Fei just refused to tell the truth, with a smile on his face.
"Mr. Lu, what are you thinking about? Together we will participate in the creation of Xiangjiang's financial market and make it the second largest financial center in the world after New York."
Zhang Huafeng said: "Penguin's listing on the Hong Kong Stock Exchange will be a crucial step."
"Mr. Chen should understand what Penguin is thinking about?"
Lu Fei looked at Chen Xiaowen with a smile, but did not speak himself, but let them speak out on their own initiative.
"Ahem, Mr. Lu."
Chen Xiaowen cleared his throat, "The Hong Kong Stock Exchange was established in 2000, almost five years ago. 'Same shares, same rights' is a principle that has always been maintained, which is to ensure that all shareholders receive equal treatment. The 'partnership system' is unheard of."
"
"Rules are dead, people are alive."
Lu Fei waved his hand, "Rules are for people to break. Have AB shares ever existed before? A few companies also implemented the partnership system. Why can't we start with Penguin?"
Chen Xiaowen persuaded him kindly: "Mr. Lu, I understand very well that you do this to maintain your control.
But I have studied the equity structure of Penguin. If you have 58.5% of the equity, even if it is diluted by a few percent, even if there is no AB shares and a partnership system, Penguin can still develop very well."
"Whether it is used or not is one thing, and whether it is used or not is another matter. If you two are trying to persuade us to give up these reasonable demands, I think there is no need to continue the discussion."
Lu Fei put down his crossed legs with a serious face.
"Wait a minute, Mr. Lu, you misunderstood me."
Chen Xiaowen hurriedly explained that it was not a refusal.
Chinese people like compromise and harmony.
Penguin, whether it is an AB share or a partnership, is the first of its kind on the Hong Kong Stock Exchange. We will definitely not allow it. However, if we firmly insist that non-double insurance is not possible, the Hong Kong Stock Exchange may agree to open a special case for AB shares.
Lu Fei suddenly said: "To advance is to retreat."
"That's right! To be honest with Mr. Lu, I also think that the current listing standards of the Hong Kong Stock Exchange are too outdated and pedantic. We should actively embrace the global new economic development trend, especially the Internet."
Chen Xiaowen spoke sincerely and extended an olive branch.
"Thank you, Mr. Chen, for your kindness, but I refuse."
Lu Fei declined directly. Are you kidding? The Penguin partnership is known both inside and outside, and you still want him to take it back?
You have no joke!
Zhang Huafeng persuaded him: "
Mr. Lu, I think Mr. Chen’s proposal is a win-win for Penguin and the Hong Kong Stock Exchange, so why make a fuss that would hurt both sides?”
"That's wrong, Senator Zhang. The only one hurt is the Hong Kong Stock Exchange."
Lu Fei raised his lips and said confidently: "Penguins are indispensable to the Hong Kong Stock Exchange, not penguins to the Hong Kong Stock Exchange."
"Mr. Lu, you are serious! For Xiangjiang, even if it loses a listed company like Penguin, it is not a big deal."
Chen Xiaowen had a sullen face and did not accept the threat at all.
"Yes, the Hong Kong Stock Exchange has a big business, so the loss of one or two listed companies is not a big deal."
Lu Fei stretched out his fingers and counted them one by one: "But I still have Sogou, Line, and Feigou. Can Xiangjiang accept missing one penguin or a group of penguins?
Can you accept missing out on an entire generation of innovative technology companies?
Can you accept missing out on almost the entire Internet dividend?”
"This this……"
Zhang Huafeng's eyes widened and he was speechless for a long time.
And Chen Xiaowen felt that it made sense, and was speechless for a moment.
"We don't care where we list, we care where we list, and we must support this culture of openness, innovation, responsibility and long-term development."
Lu Fei looked at it coldly. It doesn't matter who is in favor of or against the Hong Kong Stock Exchange regarding partnership and AB shares. If you agree, you have to agree, and if you don't agree, you have to agree.
After saying that, Huo Di stood up, which undoubtedly meant that he was being kicked out.
Chen Xiaowen's face turned blue and white. The Hong Kong Stock Exchange, which he was usually proud of, was like an ant in front of Mr. Lu and his Internet empire.
"Mr. Chen, some people are honored to win the Nobel Prize, and some people are honored to win the Nobel Prize. Do you understand this?"
Lu Fei showed a harmless smile and patted his shoulder gently.
"I, I understand, I understand."
Chen Xiaowen felt a chill on his spine. This kind of overbearing aura had only been seen in the heads of the four major families in Hong Kong, the Lisboa Gambling King and others.
This boy is so terrifying!
…………
The inspection team found nothing and returned to the hotel in embarrassment.
Chen Xiaowen wiped his face fiercely and reported to the Hong Kong Stock Exchange truthfully, deliberately omitting Mr. Lu's arrogant side.
"'Some people are honored to win the Nobel Prize, and some people are honored to win the Nobel Prize.' What does Lu Fei mean by this sentence?"
As a conservative, Xu Yingcai participated in this video conference. When he heard Lu Fei's contempt for the Hong Kong Stock Exchange, he became furious:
"Mainland entrepreneurs are so rude! Even Lianxiang's Liu Chuanzhi doesn't dare to make such a big statement!"
"Okay, okay, now is not the time to argue about this, let's think about what to do next?"
Zhou Wenyao was in a state of panic. How could Liu Chuanzhi, a "trade, industrial and skilled" person, be able to compete with Mr. Lu? He was not worthy at all!
"What else can we do? He gave us a multiple-choice question, either for or against."
Xu Yingcai said bluntly: "I firmly oppose it! Compromising and bowing to Lu Fei will lose the face of Xiangjiang. Xiangjiang must stick to its principles and raise its proud head."
Zhou Wenyao asked: "Xiaowen, what about you?"
Chen Xiaowen was speechless for a moment. Even Nasdaq and the New York Stock Exchange were licking Master Lu's feet. Our Hong Kong Stock Exchange is still pretending to be nm!
"What Mr. Lu said does not make sense. It is easy to lose an Internet giant, but what we have lost is more than just one giant. It is a series of Internet dividends brought by the giant.
Think about Feigou, think about Sogou, and then think about Baidu, Focus Media and other companies in which Mr. Lu still holds shares, Xiangjiang should not be complacent and lower its arrogant head to Mr. Lu, there is no shame!"
"Shameful, so shameful!"
Xu Yingcai cursed and said: "Hong Kong is a society governed by the rule of law. We cannot trample our laws just because of one person. The dignity of Hong Kong's financial community cannot sacrifice long-term principles for short-term interests!"
"Adhere to principles, not to adhere to an immutable system. The Hong Kong Stock Exchange must innovate and keep up with the wave of Internet dividends, otherwise it will regret buying nothing when the time comes."
Chen Xiaowen said quickly: "Mr. Zhou, we can't wait any longer. Now, Credit Suisse, Deutsche Bank, Goldman Sachs, ****, Morgan Stanley, Citigroup and more than a dozen Wall Street investment banks want to invite Penguin to list in the United States..."
“Penguins are a must-see!”
Zhou Wenyao was in a dilemma and sighed: "However, the partnership system and the AB shares cannot fully agree. Let's ask the leaders of Xiangjiang and East Guangdong to persuade Mr. Lu.
He doesn’t have to give our face, but the leader’s face must be given to us, right?”
