Chapter 425 [Downgrade the credit rating, directly on the bad review]
A large number of domestic secondary concept stocks have gone overseas to list on U.S. stocks. Pinduoduo was originally one of them, and it attracted attention because it only took three years from the establishment of this company to the time it went public in the United States.
Time, this speed is rare.
But at this juncture, Pinduoduo suddenly announced today that it has terminated its plan to list in the United States. That's okay. The real hot button issue is that Huang Zheng expressed his intention to list Pinduoduo in the A-share market.
This directly pushed Pinduoduo to the forefront of capital, attracting various interpretations from the market.
For overseas investors who are struggling, especially Wall Street capital, receiving this news is like having ten thousand horses galloping past.
Listed on A-shares under the principle of "same shares, same rights"?
This means that Pinduoduo's existing ownership structure needs to undergo structural reform, from the current AB shareholding system to equal shares and equal rights. Either Huang Zheng gives up absolute control of the company, or someone has to leave the company.
A card table is used as an audience.
But no matter which one, investors don’t want to see it. If the founder gives up control of the company, the future of the company will basically be full of instability, and the risk factor will rise linearly, which is also quite serious for financial investors.
Not friendly.
The world is such a nonsense. On the one hand, capital always wants to control the company, but on the other hand, it is afraid that the founders of the company will not have control over the company.
In fact, it is not a strange thing. The former who want to control the capital of a company often hope to quickly squeeze out the remaining value of the company and then walk away. The latter is because the value of the company has not been fully released, and the capital requires the founder team to work day and night to turn the company around.
Build it, then sell it at a high price and cash out.
No matter how much Pinduoduo is ridiculed and looked down upon by the public, it cannot hide the fact that its current valuation is a serious underestimate of its potential future business value. There are too many stories to tell here. What the capital market likes most is imagination.
Power this thing.
…
Not long after the news about Pinduoduo came out, capital with a keen sense of smell had already begun to move. At this moment, Lu Ming was on the phone with Wang Yue of Wanxiang Group. The other party was calling about Pinduoduo.
of.
Wang Yue on the phone asked: "Brother Lu, what do you think about Pinduoduo?"
Lu Ming smiled and said: "This is a good thing. Mr. Huang wants Pinduoduo to be listed on the A-share market, and Tiansheng Capital will fully support it."
Express your attitude directly.
Lao Wang immediately complained and said: "Brother, you know I'm not asking this. If Pinduoduo is going to be listed on the A-share market, what will happen to the foreign capital in it?"
Hearing this, Lu Ming smiled knowingly. Lao Wang wanted to get into Pinduoduo's car, and Hu wanted to intercept foreign investment, so he had to say it openly.
Lu Mingyan replied concisely and concisely: "There is nothing to say, foreign capital will definitely be out."
When the news came out that Pinduoduo would be listed on the A-share market, the outside world began to speculate on which sector of the two cities it would be listed on. Many people agreed that if Pinduoduo were to be listed on the A-share market, it would definitely be listed on the Shenzhen Stock Exchange GEM.
It just so happens that the GEM also lacks a large-scale company. Pinduoduo is currently valued at more than 20 billion U.S. dollars, equivalent to RMB 135 billion. The future valuation will definitely continue to rise. If it is actually listed on the GEM, it is possible that it will directly occupy the top position in the GEM market value.
.
The current "number one" on the GEM is Zhuchang Wenshi Co., Ltd., but it is worth mentioning that on Monday, two days ago, Ningde Times was listed on the GEM. Its current market value exceeds 50 billion. This is
The key investment target of Tiansheng Capital is one of the core players in the "Tiansheng Series" new energy industry chain. It has attracted widespread attention once it was listed and has high hopes from the market. It is one of the candidates to surpass the "pig farm".
However, the outside world's predictions about Pinduoduo's listing on the GEM are obviously wrong, because Lu Ming is going all out to promote Pinduoduo's future listing on the Science and Technology Innovation Board, and the Science and Technology Innovation Board will not include foreign capital inflows and outflows in the short term.
stock exchange.
Wang Yue on the other end of the phone said: "Brother, I won't beat around the bush in front of you. Sequoia Capital holds about 7% of Pinduoduo's shares. I want to take over half of it. You have to help me."
Lu Ming smiled and said: "It's easy to talk. But this matter can't be rushed. Some of them are just talking. But I think you still have to see Mr. Huang and have an interview with him. At this time, Mr. Huang is the key. Our domestic capital has
By standing up and shouting for him, he will have the confidence to confront foreign capital."
Lao Wang immediately laughed and said: "To be honest, brother Lu, I am already on my way there. Isn't this just a phone call to say hello to you?"
Hearing this, Lu Ming couldn't help but recognize it for a while, and suddenly burst into laughter. Lao Wang was indeed good at playing, and he was a thief of capital. It had only been less than two hours since the news came out, and some media hadn't even had time to report it.
Lao Wang here actually set off after hearing the news.
Going to Huang Zheng at this time, even if it is not a timely help, is still very critical for Pinduoduo. With more domestic capital supporting Pinduoduo, Huang Zheng will be more confident to fall out with Wall Street capital.
…
After ending the call with Wang Yue, Lu Ming returned to his desk and sat down, picking up a document report placed on the table.
The market has closed now. Today, Big A once again fell below 3100 points. The market plunged in the afternoon, falling by nearly 1 percentage point. The reason was the report picked up by Lu Ming.
This is the "Notice on Strengthening the Management of External Access to Information Systems of Securities Companies" issued by the China Securities Regulatory Commission today. The capital allocation field is in turmoil. The market seems to be able to stabilize at 3,000 points, but Lu Ming is very aware of the big scene of the "6.19" thousand-share limit drop.
It's right in front of you.
This round of bull market has spawned countless online and offline stock financing platforms, P2P companies, guarantee companies, small loan companies and even some underground banks, etc., all of which have entered this field to compete for the market cake.
In the early days, the leverage in the industry was generally above 1:5. In order to attract business, some financing companies even enlarged the leverage to above 1:10. Under such a leverage ratio, if a financing client holds a single stock, once it encounters a price limit,
That is, if it reaches the warning line set by the capital allocation company and the stock price continues to fall, the position will be forced to be liquidated.
Lu Ming typed on the computer keyboard and looked at the screen. Today's government bond reverse repurchase interest rate has reached the highest point this year, and liquidity is tightening. The reason is that the central government is controlling liquidity.
For the capital market, the most feared thing is the liquidity problem. As soon as the central government turns off the faucet, here we are still cracking down on the allocation of funds. Where do the liquidity funds that drive the market upward come from?
…
The next day, an even more explosive news once again caused shock in the capital market. The head of Sequoia Capital in Greater China blasted on his social media that Pinduoduo is a garbage company that does not keep its promises and severely criticized its founder.
A person who does not have the basic principles of business integrity is a scoundrel.
The fierceness of the words made outside observers who did not know the truth a little confused. How stimulated was this? How much of a gangster could he be so excited after being fooled?
Subsequently, the news went viral on the Internet that Pinduoduo held an internal board meeting on the same day. At the meeting, the founder and his second largest shareholder Tiansheng Capital put pressure on overseas investors represented by Sequoia Capital, forcing them to withdraw their capital and leave.
Huang Zheng alone owns more than 80% of the voting rights, and Tiansheng Capital is a concerted actor on his platform. The board of directors is firmly controlled by Huang Zheng, who acts like a rogue and votes for the 7.2% shareholding ratio.
Sequoia, which holds only 1.4% of the shares, said it could not resist.
On the night after the incident, several major credit rating agencies on Wall Street across the ocean gave Pinduoduo negative ratings and downgraded it directly to a D grade.
