Zhang Yida's face was calm, and he didn't seem to be happy at all about the upcoming wealth feast.
This made Li Xiaojia secretly amazed. This is the material for doing great things, and his emotions and anger are invisible.
“What is the expected size of the IPO?”
Li Xiaojia took a sip of tea and asked lightly.
This issue is related to the revenue of the Hong Kong Stock Exchange and its influence in the global trading market, and he attaches great importance to it.
The Hong Kong Stock Exchange is both an exchange and a listed company. It is a profit-making institution that mainly makes money.
In addition to charging listed companies initial listing fees ranging from hundreds of thousands to millions of Hong Kong dollars, listed companies will also be charged annual fees every year, which range from hundreds of thousands to millions of Hong Kong dollars for each company, depending on the company's issuance of shares.
scale.
Of course, the biggest source of income is securities transaction fees, which are not high, only 5/100,000.
Taking Penguin as an example, the daily trading volume of 3 billion to 4 billion Hong Kong dollars can bring 150,000 to 200,000 Hong Kong dollars in revenue to the Hong Kong Stock Exchange every day.
Sixty or seventy million a year may not seem like a lot, but this is tolls!
Harvesting it every day, year after year, isn’t it fragrant?
Although Ruixiang is not as large as Penguin, the Hong Kong Stock Exchange has internally evaluated that it can reach at least half of Penguin's trading volume, and it may also attract new investment from other regions around the world to trade stocks on the Hong Kong Stock Exchange.
It is equivalent to a good company being listed on the Hong Kong Stock Exchange and attracting new customers to the Hong Kong Stock Exchange.
In addition, benchmark Internet companies like Ruixiang are listed on the Hong Kong Stock Exchange, which will also attract technology companies from the mainland and even other countries to list on the Hong Kong Stock Exchange, which will set an important example.
In addition to these, the Hong Kong Stock Exchange also has some additional ways to make money, such as number selection.
For example, Penguin's stock code is 00700, and Ali's stock code was 01688 when it was previously listed on the Hong Kong Stock Exchange. These codes are all Geely numbers that you pay extra to buy.
If you are unwilling to pay, the system will allocate one, which you may not like.
But for large companies, especially domestic companies, who doesn’t want to choose a good number?
After all, going public is a major event that creates billionaires, so what's the point of spending an extra few million to choose an account?
This is the same as matching a luxury car with a good license plate. What you want is face.
The Hong Kong Stock Exchange’s own code is also an auspicious number, 00388.
Zhang Yida replied with a smile, "It is estimated to be 26 billion to 28 billion US dollars!"
Li Xiaojia was stunned for a while, then recovered and asked: "Mr. Zhang, are you serious?"
Zhang Yida spread his hands and laughed: "Do you think I'm joking?"
"Then this is the largest IPO in the history of the world."
Li Xiaojia's tone was not very calm, he was going to shock the whole world!
Zhang Yida waved his hand, "We can at most overpower Ali. Isn't there also Saudi Aramco? If it goes public with a market value of US$2 trillion, it will need to raise at least US$30-50 billion."
Li Xiaojia shook his head, "The scale is too big and the market can't bear it."
Shen Beipeng interjected at this time, "Are you talking about Saudi Aramco or Ruixiang."
Li Xiaojia looked at Shen Beipeng and said sincerely, "I can't eat either.
Last year, the total amount of IPO financing in the Hong Kong market reached US$36.563 billion, making it the largest market in the world in terms of financing.
Ruixiang wants to raise US$26 billion to US$28 billion on the Hong Kong Stock Exchange, but there are some difficulties.
Unless we control the issue price and leave some room for imagination, we can attract as many investors as possible."
Shen Beipeng felt happy and troubled at the moment. How should he choose? He turned to look at Zhang Yida, wanting to hear the latter's opinion.
"Ruixiang is China's most successful Internet company in globalization. This alone is enough to attract investors."
Li Xiaojia nodded, "I admit that, but considering geopolitical issues, Ruixiang actually has a lot of hidden worries.
I can see this, and so can some institutional investors.
If the price is too high, it will easily discourage their investment enthusiasm.
And if we only look at Ruixiang’s basic market, it is the second financial technology company, the second e-commerce company, and the second largest entertainment company.
Leaving aside Musical.ly, Ruixiang is only the second-largest stock in the country in every sector and is not considered a leading stock.”
Although this statement was straightforward, Zhang Yida had to admit that it was the truth.
Ahri, Penguin's business fundamentals that have been in business for 20 years are not easy to break.
"Everything has two sides. We have e-commerce that Penguin wants to own but has been unable to do so, and we have a large entertainment sector that Ahri has burned tens of billions of dollars and failed to succeed.
These two swords in our hands have brought unprecedented threats to the two giants.
Today, their two giants are ahead of us, but in the future, three years from now, five years from now, that may not be the case.”
Li Xiaojia smiled, "Mr. Zhang, there is no need to explain too much. Ruixiang is a good company, there is no doubt about it.
In order to ensure the normal listing of Ruixiang and achieve the ideal fundraising, we should return to the topic.
The amount of funds raised and the pricing, one of them must be discarded.”
“What if the Science and Technology Innovation Board is allowed to undertake part of the fundraising?”
Zhang Yida suddenly remembered, wouldn’t a company be officially listed on the Science and Technology Innovation Board at the end of the month?
If large A-shares share some of the pressure, the pressure on Hong Kong stock fundraising will be smaller!
"A+H shares are listed..."
Li Xiaojia was a little hesitant. From the bottom of his heart, he definitely wanted to keep Ruixiang on the Hong Kong Stock Exchange.
But this stuff is so big that I really can’t eat it.
However, Li Xiaojia also raised his own question appropriately: "No company has been officially listed on the Science and Technology Innovation Board yet, so it's hard to say what the future will be like?"
Zhang Yida didn’t think much of it and replied with a smile, “Look, the Science and Technology Innovation Board is also implementing a registration system and allowing different rights for the same shares.
There is no upper limit on the increase or decrease in the first five trading days, and the limit on the increase or decrease after the five trading days is 20%.
Compared with the original situation, we are actually making progress.”
Li Xiaojia said with a smile: "It's too early to talk about this now. We won't know the financing level until the gate is officially opened."
After a pause, Li Xiaojia persuaded again: "Also, does the Science and Technology Innovation Board allow A+H shares to be listed? I haven't heard of any companies planning IPOs doing this?"
"Then we will be the first to eat crabs!"
Zhang Yida said with a smile on his face, "I will contact the supervisors when I get back. They should welcome Rui Xiang to support him."
Seeing that Zhang Yida insisted on this, Li Xiaojia stopped trying to persuade him.
Instead, he emphasized, “In terms of equity weight, we should put more H shares, right?
Our market is more mature and we should have no problem raising US$20 billion."
Zhang Yida nodded, he recognized these words.
If we really want to raise more than 200 billion yuan at a time from the Science and Technology Innovation Board, it will definitely be difficult.
After all, this trading market is just emerging, and investors and securities firms are all waiting and watching.
Choosing to list in two places not only solves the problem of fundraising, but also diversifies the risks caused by fluctuations in a single capital market.
In addition, the stock exchanges in Hong Kong and the Mainland have their own investor groups. Listing in both places can quickly expand the shareholder base, improve share liquidity, and enhance financing capabilities.
The most important thing is that the valuation of the Science and Technology Innovation Board is high!