In the morning, it was past eight-thirty and not yet nine o'clock. All the other guests attending Ali Baba's listing ceremony on the Hong Kong Stock Exchange had arrived, except for Gu Kun.
After all, the bell-ringing ceremony must be completed before the market opens at 9 o'clock, usually around 8:50. Sometimes, in extremely rare circumstances, if more than one company is listed on the same day at the same time, it will have to be staggered by a few minutes.
Ensure that all new shares can be traded normally after the market opens.
After everyone else had arrived for a while, Gu Kun belatedly took his private helicopter and landed directly on the roof of the Hong Kong Stock Exchange, where he was greeted by people in the row below.
"Mr. Gu, we're waiting for you over here." The people led by Ma Feng and Cai Chongxin immediately took a few steps forward. They didn't care that the helicopter's rotor had not completely stopped yet. The strong wind caused by the rotation blew everyone's eyes away.
The hair is almost blown out, especially for IT people like Ma Feng and Cai Chongxin who don’t have much hair.
"Hey, everyone is here so early. It seems that I almost missed the boat." Seeing the sincerity of the other party who came to join the helicopter for a haircut despite his small hair, Gu Kun had to act like a polite corporal.
While Ma Feng shook hands enthusiastically, he praised: "Don't miss things, don't miss things. Punctuality is a virtue, but those of us who have never seen the world are too impatient and come early."
Gu Kun accepted it calmly: "Brother Ma is so humble. You just talk about having no experience in the world in front of me. If it were any other Chinese businessman, who would dare to say that Brother Ma has no experience."
The group went off the roof in a harmonious atmosphere and went straight to the trading floor.
Ma Feng was on Gu Kun's left side, and Cai Chongxin was on his right. In order to prevent a cold moment, Ma Feng also jokingly asked: "Isn't this the first time that Brother Gu has participated in ringing the bell for the IPO? During the depression period in the past few years, you
We are not the only successful bidder."
Cai Chongxin, who was working in finance on the side, was quite familiar with these details and historical information, and quickly explained: "Old Ma, you take it for granted. Our Ali Baba has a big hand this time - Gu Sheng has not given the company before
The IPO bell has just ringed. Ding Sanshi’s Huang Yi only raised money after it fell below the issue price after it went public. When Zhonglian Games went public half a year ago, he didn’t even go there.”
Ma Feng was slightly startled, and he was quite flattered. He secretly thought that it was all his fault that he had been busy with the company's listing recently and had not paid attention to the news of his peers.
It turns out that when Zhonglian Games was launched, Gu Kun didn't even support it. This was really Ali Baba's glory. Obviously, Gu Kun only had a mentality of taking advantage of those game companies after all, and used them to make money.
Just throw it away.
While chatting, several people had already walked to the trading hall. In the center of the hall, there was an imposing mahogany shelf covered with red silk. A gong larger than the person's size was hung on it. On a table next to it, there was a gong with a head wrapped in red.
Silk drum hammer.
After a process that needs no elaboration, Ma Feng, who was the chairman of the company's board of directors, walked up to the podium in high spirits, waved to the left and right in high spirits, and gave an impassioned and short speech to the cameras, announcing that Ali Baba
Officially launched from today.
Then, Gu Kun followed the other four people and took a drum hammer and swung it on the gong. The lingering sound was deafening and intoxicating.
A few minutes later, as soon as 9 o'clock passed, the electronic screen began to refresh the price.
Except for Gu Kun, the other four people traveling with him were still a little nervous.
"The issue price is 15 yuan. I hope it will get off to a good start and make the market more confident." Ma Feng thought quietly.
"Don't worry, I took one last look at the pre-market subscription purchase order. This is a subscription ratio of 26 times. There is absolutely no problem with a surge of 20% to 30% at the opening of the market. It is not impossible to go up to 50%." Cai Chongxin is indeed a financial professional, and he is even better at it.
Let’s look at some data. I just took a glance and I already have an idea.
The so-called 26 times subscription ratio means that before nine o'clock, among the backlog of orders that will be effective as soon as the market opens at nine o'clock, the total expected trading volume of Ali Baba's purchase orders will reach Ali Baba's original price.
26 times the issuance amount.
For example, Ali issued 750 million shares at an issue price of 15 Hong Kong dollars per share. However, the number of purchase orders is about 20 billion shares, which can lead to a subscription ratio of 26 times.
Those who don’t understand Hong Kong stocks, but only know A-shares, may be surprised when they see this data - if they want to buy so many times more than they can sell, then it won’t just go up to the sky?
There is no need to worry about this, because there is a big difference between Hong Kong stocks and mainland A-shares, that is, almost all buy orders have a fixed price that is promised to be delivered. Almost no one piles up like buying all the current prices when buying and selling stocks in the mainland.
/Sell All" operation.
This is because mainland A-shares have price limits. Even if you "buy at all costs" next time, the transaction will be at most 10% higher than yesterday's closing price, and you will not lose more money. Similarly, if you "buy at all costs"
If you "sell at the price", you will lose up to 10% of yesterday's closing price at most. After the price limit is sealed, you will not be able to sell it no matter how much you want to sell it.
If Hong Kong stocks do not have price limits, almost all buy orders will be marked with the additional condition "I will only buy below the price limit."
For example, the issue price of Ali Baba is 15 Hong Kong dollars. Among the 26 times the buy orders, there are about 20 times the scale and volume. They only say "if it is less than 18 yuan, buy all". And when it reaches 20 yuan,
The quantity may be less than 3 times of the issuance. When the market finally opens, those orders hanging at the bottom to make up the numbers actually have no chance to be delivered. The one with the highest price will be divided among the people above.
Therefore, the high subscription ratio seen on Hong Kong stocks does not mean that the stock price will definitely rise wildly, unlike the subscription ratio in the mainland, which has reached at least one daily limit.
"Pa", as the first wave of numbers popped up on the electronic screen, Ma Feng's heart also contracted violently.
"The opening price is directly 21 Hong Kong dollars? This means that out of the 26 times subscription ratio, at least 1 times of the orders were placed above 21 Hong Kong dollars before the opening!" After Ma Feng's mood was agitated for a while, he soon relaxed and said:
He took a breath.
This is not the final result, everything has just begun.
Many people place a low price before the market opens just to get a shot if there are jujubes or no jujubes. What if they pick up a leak? Even if they don't pick up a leak, the transaction will not be completed, and there will be no taxes or fees if they hang in vain, so if you don't hang, it will be a waste.
The key depends on how many people will continue to follow the trend after the market refreshes.
No, just five minutes later, there were more than three or four times the issuance of orders, and the price was set again. When I saw the opening, it jumped to 21, a jump of 40%, and only a few orders were left.
If you dare, you will only pay 22 yuan, and more people will start directly at 24/25 yuan.
There was a flurry of excitement, and a few people who were fast in and out quickly changed hands. By 9:30, the price had risen to 24.7 yuan.
"Phew, it's only been half an hour since the market opened, and it's already increased by 60% of the issue price. It's a great success. You can enjoy a celebratory drink at noon."
…
In the end, Ali Baba's stock price on the first day of trading reached 27.9 yuan before the lunch break, and finally closed at 32.2 yuan in the afternoon.
On the first day of issuance, the price more than doubled.
Everyone drank very happily at the celebration banquet and had a good night's sleep in Gu Kun's yacht club villa.
When I woke up the next day, I saw that the market continued to rise, and then fluctuated slightly. It took about a week of trading before it stabilized and reached a high level.
At its peak, each share fetched an instant high price of 47 Hong Kong dollars, which is equivalent to the temporary market value of the company Ali Baba, which at its peak was close to 50 billion U.S. dollars - of course, this is only an instant value, except for that moment.
, the remaining stable highs are around 43 yuan, corresponding to the company’s total market value of less than 45 billion US dollars.
When the market opened, the market capitalization was only US$15 billion, which has nearly tripled.
All the retail investors who rushed in on the day of issuance made a lot of money.
Even people like Gu Kun who know the history can't help but want to throw away a little bit and cash out. Unfortunately, he is the original major shareholder and there is a lock-up period, which is similar to the domestic ban on large and small non-profits, so he can only give up for the time being.
He knew that in history, Ali Baba was listed on the Hong Kong stock market for the first time, and then it went up and down. When it finally went back to privatization, the price was exactly the same as the original listing price——
Of course, there are macro factors involved. Historically, Ali’s Hong Kong stock listing took place in 2007, which was when the global economy was at its hottest. Mainland A-shares were also in 2006 and 2007.
Generally, it has grown three to four times. And Ali’s delisting occurred in 2011, which was already two years after the outbreak of the subprime mortgage crisis. The foreign economic situation was not good, and China’s foreign trade was also weak, resulting in industries related to foreign trade and B2B.
They are all consolidating.
But no matter what, Gu Kun also knows that in the second year of the Internet winter (which ended in 2004), the market is definitely not calm, and it is easy to overestimate Internet companies. Even if Ali will definitely rise in the future, this will
The existence of Ahri Bubble at this moment cannot be denied.
Gu Kun estimated that if there was no significant change in the future subprime mortgage crisis, he would still consider reducing his holdings generally before the subprime mortgage crisis occurred, and it would not necessarily be just reducing his holdings in Ali Baba.
Everyone will be treated equally.
In other words, before the subprime crisis, the online game he owned, the Huangyi Portal, was also likely to be adjusted. If it really had a future, it would be better to regain some of its status after the subprime crisis passed. However, Zhonglian and the like
After cashing out the online game company in the future, he probably won't buy it again. After all, it is just a tool stock, which Gu Kun uses to clean up the domestic game industry and guide the development direction of the industry.
There's nothing wrong with catching it and walking away.
…
"I feel like I didn't do anything. I just drank and slept. After a week of sleep, I gained another 15 billion U.S. dollars, and the 8 billion Ali shares became 23 billion. These days are getting more and more decadent.
Already."
After staying in Xiangjiang for a week, Gu Kun accidentally opened his stock account to settle accounts, and Gu Kun couldn't help but express his feelings about life.
We can no longer be so decadent. Although money will come in by the billions even if we just lie down and sleep, we should still find something to do for ourselves.
When the summer vacation is over, we will return to Lanfang to start work.
Counting the days, after six years of construction, the Lanfang Tower is finally officially completed.