The 30% stake held by Tiansheng Capital in Pinduoduo is definitely a Class B stock with 1 vote and 1 voting right. After all, it is an institutional shareholder, and Lu Ming has no interest in controlling Pinduoduo.
Only Mr. Huang, as the founder, enjoys special voting rights. According to Lu Ming's suggestion, Mr. Huang holds Class A shares with 1 vote and 5 voting rights.
Lu Ming took a sip of tea and added: "However, the different rights for the same shares piloted on the Science and Technology Innovation Board still has more restrictions than your current AB shareholding structure. One is not the other."
"It's an unexpected surprise to be able to implement the trial version of the AB share system, so be satisfied." Mr. Huang couldn't help but smile, but after a while, Mr. Huang couldn't help but ask more: "Mr. Lu, what is the specific situation? What are the restrictions?
"
He firmly believed that Lu Ming must know more, and what he told him was definitely just the tip of the iceberg of what the other party knew.
Hearing this, Lu Ming did not hide anything: "The document instructions I received set up some measures to protect the interests of small and medium-sized shareholders. One is to strictly limit the scope of voting matters for Class A shares; the other is to hold shares unless agreed and stipulated.
Class A shareholders are not allowed to issue additional Class A shares; third, Class A shareholders are not allowed to reduce their direct or indirect holdings of such shares at will; fourth, they are not allowed to require the company to repurchase Class A shares; fifth, they are not allowed to trade in the secondary market.
Class shares; the sixth requirement is that the deliberations and voting procedures should be extensive, prudent and autonomous at the shareholder level; the last one is to follow the information disclosure requirements under the AB share structure, and conduct comprehensive discussions on the relevant arrangements of the AB share structure in the language of usual transactions.
Thorough disclosure.”
The last one, to put it bluntly, is that when disclosing information, don’t use some professional terminology that most ordinary investors cannot understand or understand, and speak in human terms.
At the end, Mr. Huang couldn't help but smile and said: "It's okay, it's okay, at least it's better than I expected."
In fact, Mr. Huang has long known that Big A’s trial implementation of the AB share structure will definitely not be able to fully copy the overseas AB share system, and there will definitely be restrictions.
Because the cultures of the East and the West are different, the culture of the East is extremely flexible. Not only people, but also culture and even words have shown an amazing flexibility.
For example, the "strict restrictions" that appear in the first item seem to be very uncomfortable, but the "driving range" that follows is very interesting.
So what should we do specifically? Everything can be done, but nothing can be done, so what should we do? Just figure it out!
This is similar to listing dozens of clear provisions at the beginning of many articles and adding an "other" at the end. This is called the final right of interpretation.
It seems that adding an "other" at the end makes the previous dozens of clear provisions become decorations, but this "other" is necessary and necessary to exist. With this "other" in it, the previous dozens of provisions may become
Decoration, but if there is no such "other" in it, the first dozen regulations will definitely become decorations.
Because there is a thing called "one thing on the surface but another behind the scenes". For example, if a subordinate is scolded by the leader, the subordinate accepts it humbly and does not contradict him verbally, but when he leaves the president's office, he purses his lips and thinks, "Who do you think you are?" Labor and management can do that
You should handle it in accordance with the express provisions, but the labor and management are not happy about this matter. If you do it in accordance with the express provisions but it still cannot be done, it depends on whether the labor and management will be angry with you.
This is the nature of the Chinese people. The greatest productivity is actually the three words "I am willing". As long as I am willing, there is nothing I can't do. I can work hard 24 hours a day without complaining, but as long as labor and management are not
If you wish, even if you give 10,000 stipulations to labor and management, this matter will still be impossible to accomplish. You can still fish reasonably by installing surveillance cameras in the labor and management's homes.
At this time, an "other" is the ultimate weapon to deal with this kind of temperament. The leader gives you a job to do, and you ask the leader what to do? The leader will definitely let you do it, and you can't refute it yet, and you can't.
If you refute, the leader will say that he is letting you do whatever you want because he values you and trusts you. He didn’t expect you to be so useless and he doesn’t dare to take on this responsibility. Forget it, you don’t have to do it anymore and let others do it...
Oh, it's over.
Let's just do it. Will anything happen then? I don't know. Once you do it, you will know if something will happen. If you do it well, there will be no problem. If you do it wrong, something will happen.
Chinese people are actually not afraid of anything and can find tricks to take advantage of loopholes, but they are afraid of the three words "it depends". These three words are really terrible and make it impossible for people to take advantage of loopholes.
If something goes wrong, the leader will immediately criticize him: How could you do this? Who asked you to do this? Who gave you the power? Did I give it to you? What the hell are you doing! I asked you to do it, but I didn’t let you do this.
Did you do it? Everyone knows that you can’t do this, so why should I say it?
Oh...it's really hard to argue, people are stupid, and all the mistakes they make are the fault of things not being done well.
If things are done well, the leader will happily say, "Yes, that's what you were asked to do. The young man is very good."
Proper promotion and salary increase will follow.
It can be seen that when the leader gives a difficult task, it is okay to find a suitable reason to reject it on the spot, but as long as he takes it and handles it, the leader can basically sit back and relax, because the person who takes over the task will basically
The boss will try his best to get things done, but the final interpretation is in the hands of the leader. If you fail to complete your task, the leader will pack you up and leave.
An "other" may seem unreasonable and deliberately make things difficult for others, but behind it is the strong wisdom of the Chinese people, because of course you have to handle a task well. This is what you should do, and it is your duty to handle it well.
Before things are done, they first think about how to shirk the blame and save themselves if things go wrong. This shows that they are refined egoists, and they are also embarrassed to be useful. They are often the ones who rebel at critical moments and stab themselves in the back.
…
Mr. Huang came to Tiansheng Capital, and Lu Ming interviewed him for about two hours, and then Mr. Huang left.
However, his appearance at the headquarters of Tiansheng Capital was photographed by the media. Mr. Huang refused to be interviewed by the media. The market interpretation has also come. Pinduoduo has been in the spotlight of capital recently.
Not long ago, it announced the termination of its listing plan in the United States, and even hinted that it intended to list the company in Big A, which triggered speculation in the market.
Today, the founder appeared at Tiansheng Capital. Many industry insiders in the market speculated that Mr. Huang might have taken sides. He might have chosen domestic capital represented by Tiansheng Capital and at the same time squeezed out foreign capital represented by Sequoia Capital.
.
Wall Street was furious. More rating agencies downgraded Pinduoduo's credit, and a series of bad reviews came.
Seeing that it will be listed soon and reap a lot of profits, you feel like the duck is cooked but then flies away. Can you not be angry?
Although Pinduoduo is now on the list of beautiful countries, and many companies such as Apple do not play with Pinduoduo, the group should continue to fight, and it has not affected the essence of Pinduoduo too much.
Many influences.
The world of public opinion is also very noisy right now, and Pinduoduo's current reputation is divided 50-50 between good and bad. Supporters appreciate Mr. Huang's righteousness, while critics denounce Mr. Huang for his betrayal.
Behind the tit-for-tat confrontation in the public opinion field is the competition in public opinion between the two sides of the game. Buying trolls is a basic operation.
…
"Please come in!"
In the afternoon, Han Qiulin walked in Lu Ming's office, "The company's semi-annual report has basically come out, and the final audit report should be available in two weeks."
Lu Ming immediately took the report from Han Qiulin and opened it.
Tiansheng Capital's mid-year results this year have attracted much attention. A large number of outside institutions are waiting for the results to be released. The reason is that Wall Street has previously questioned the performance cost.
Although most people believe that Wall Street's retaliatory downgrade this time is unfair, they still hope that Tiansheng Capital can respond to market doubts with solid performance and reassure everyone.
