Chapter 422 [Promoting Pinduoduo to be listed in Big A? 】
Tiansheng Capital has been able to buck the trend this year and maintain rising prices of assets under management. Companies invested in the primary market have gone public one after another and cannot be underestimated, which has also contributed a lot of value-added returns.
For example, YaoMingkang, which was listed this month, had a market value of more than 20 billion at the beginning of its listing. After 15 consecutive market debuts, it now has a scale of more than 100 billion. This single stock alone has brought more than 20 billion in floating profits to Tiansheng Capital.
value added.
Among the new stocks listed in May, YaoMingkang is undoubtedly the most beautiful kid in the two cities.
In the next June, among the new stocks lined up for listing, 9 new stocks are expected to be issued, two of which are the key PE equity investment targets of Tiansheng Capital. One is Zhongxin Construction Investment, a securities company listed on the Shanghai Main Board.
, the other is the super key point among the key points, the Ningde era of listing on the Shenzhen Stock Exchange GEM.
Especially for the lithium battery giant Ningde Times, Tiansheng Capital spent a huge 13.5 billion in the primary market, gave the company a post-money valuation of 45 billion, and obtained 30% of the equity.
This company is not only a strategic financial investment for Tiansheng Capital, but also one of the core players in the "Tiansheng Series" new energy industry chain ecosystem.
In the second half of the year, there is another leading medical device company that will be listed on the GEM, and it is still in the queue. It is Marui Medical. Tiansheng Capital invested 17.5 billion yuan in venture capital and gave it a post-investment valuation of 50 billion yuan.
Obtained 35% of the equity in the primary market.
In the Ningde era, if industry leaders such as Marui Medical enter the GEM, they will be able to change their embarrassing situation.
Speaking of which, the GEM is indeed quite embarrassing right now. The stock with the largest market value is only over RMB 120 billion, so forget it. The most embarrassing thing is that this stock is for raising pigs. A pig company has become the number one company on the GEM.
Really embarrassing.
Before the Science and Technology Innovation Board came out, the GEM was prepared for technology companies. As a result, the number one market value was not technology stocks, but pig farms. Isn't that embarrassing?
When Ningde and Marui come up, the GEM will be considered a big ticket that can really control the market, and the GEM will be able to change the current situation of continuous decline and turn from a bear to a bull.
"Please come in!"
At this time, Lu Ming heard someone knocking on the door. He put down the materials in his hand and looked at the door. Han Qiulin walked in: "Chairman, the founder of Pinduoduo came to visit and said that he has something important to discuss and wants to interview you in person.
"
"Oh?" Lu Ming was quite surprised, and immediately stood up and came out of his desk, "Are you already at the company?"
"I just arrived. I'm in the reception room." Han Qiulin nodded.
"Let's go then." Lu Ming left the president's office and went to meet him. He was also quite curious about what made the other party come to Ningzhou in person.
Arriving at the reception room where Pinduoduo founder Huang Zheng was staying, the door was not closed. Lu Ming came to the door and knocked. Huang Zheng, who was sitting in the room, cast his gaze and stood up when he saw the founder of Tiansheng Capital.
"Mr. Lu..."
"Old Huang, we're separated." Lu Ming walked over slowly with a smile and stretched out his hand: "Please sit down."
Huang Zheng sat down again and said with a smile: "Coming here uninvited this time is really asking for mercy."
Lu Ming sat down on the opposite sofa, crossed his legs and smiled: "It's not about asking for mercy, it's not about asking for mercy."
Han Qiulin made a cup of tea for the two of them, and Lu Ming smiled again: "2018 is an explosive year for Pinduoduo, a year of more flowers, a year of 'lucky to let go of the child, unable to trap the wolf'
, it was also a year of spending money desperately... Lao Huang, are you short of money? If you are short of money, just call me, why bother to go all the way in person."
Pinduoduo has exploded since 2018. Both Jingdong and Alibaba have been unable to sleep. The valuation has also increased, and the schedule for listing in the United States is getting closer.
This year's Pinduoduo seems determined to be gold-plated, to conquer higher-level consumers, and is crazy about its presence. If you are a regular TV watcher, you will definitely notice that Pinduoduo's appearance is almost as high as that of mobile phones.
The two brothers, blue and green, are not short of money.
Huang Zheng shook his head repeatedly: "It's not because of lack of money, Mr. Lu. To be honest, I came to see you this time because the company's listing in the United States was blocked."
Lu Ming was slightly surprised, and then said with a curious tone: "Hindered? What's the reason?"
Huang Zheng did not mince words and said bluntly: "The reason lies in Pinduoduo's capital structure. Tiansheng Capital is its major shareholder. The Securities and Exchange Commission of Magnesium requires Tiansheng Capital to withdraw before allowing Pinduoduo to be listed.
"
Lu Ming's first VC venture capital project in the primary market was Pinduoduo, which was also Pinduoduo's Series A financing. Tiansheng Capital currently holds 30% of Pinduoduo's equity.
After hearing what Huang Zheng said, Lu Ming also nodded suddenly, which was both unexpected and reasonable.
Tiansheng Capital is now at odds with Wall Street, and the commander-in-chief, Pharaoh, is even more angry and tweets wildly about it. Everyone in the industry knows about this.
Pinduoduo was going to be listed in the United States. When Lao Mei saw that Tiansheng Capital held 30% of the equity, he immediately became interested. It was fine at first, and the prospectus had been sent out, but at this critical moment, Pinduoduo was asked to
The management must let Lu Ming withdraw his capital and let Wall Street take over his equity, and sell it at a certain discount.
The reason is that Tiansheng Capital is currently blocked globally, and Pinduoduo must make a choice.
Lu Ming looked at Huang Zheng and said, "What do you think?"
Huang Zheng also smiled helplessly when he heard this: "To be honest, this matter is really a dilemma. Without your full support, the company's development momentum may not be as fast as it is today, and Wall Street's demands are really unreasonable..."
To offend Lu Ming, this is definitely something Huang Zheng doesn't want to do.
At this time, Lu Ming suddenly said: "Old Huang, have you ever considered letting Pinduoduo be listed on the domestic A-share market?"
Huang Zheng was stunned for a while when he said this. After he reacted, he immediately spread his hands and said: "Listing on the A-share market? Mr. Lu, you know that Pinduoduo's equity design plan is an AB share system. The A-share market does not support different rights for the same shares.
It’s institutional, how can it be listed on the A-share market?”
Different rights for the same shares, that is, special voting rights system, "AB share" structure, refers to a system that allows companies to issue shares with different voting rights, giving some shares a greater number of voting rights than other shares.
Because this system enables shareholders holding special voting rights to achieve absolute control over listed companies even if their equity ratio is low, this system cannot be listed on the A-share market because it violates the principle of "same shares, same rights".
When he learned that Pinduoduo was blocked from going public in the United States, and Wall Street wanted to kick out Tiansheng Capital before allowing Pinduoduo to go public, Lu Ming suddenly had a bold idea, and simply pushed for Pinduoduo to be listed in Big A, and
It’s to get it on the Science and Technology Innovation Board.
No matter how bad Pinduoduo's reputation is in the future, its commercial value and the fact that it is a high-quality asset cannot be denied.
At the end, Lu Ming stared at Huang Zheng and said: "Old Huang, you just need to tell me, if the same stock with different rights is allowed to be listed on the A-share market, can you give up Pinduoduo's listing in the United States and instead list it domestically?
?If you agree, I will do my best to advance this work."
Big A is not static either. Lu Ming vaguely remembers that in his last life, Big A was the first company to support different rights for the same shares and was listed on the Science and Technology Innovation Board.
It was on January 20, 2020, that Ucade Technology Co., Ltd. (688158) was officially listed on the Shanghai Stock Exchange and became the 75th listed company on the Science and Technology Innovation Board. The most eye-catching thing about it is its participation in the Science and Technology Innovation Board system and
Under the framework of the rules, the first-ever differential arrangement design for share voting rights, namely "AB shares", made it the first listed company in the A-share market to have an equity structure with different rights for the same share in the true sense, creating a market precedent.
At present, the outside world does not know that Big A has a science and technology innovation board, but Lu Ming believes that the upper management must have begun preparations. If Huang Zheng nods, Lu Ming will be very happy to use his influence and resources to actively promote it.
Discuss this matter with the village chief, and try our best to make Big A the first listed company to support different rights for the same stock to appear in advance, and let Pinduoduo win this title.
