Chapter 1603: Capped

The road show on the 26th is mainly to accept the subscription of investment institutions.
When an enterprise goes public, the stocks on sale will generally be divided into two parts, the international placement part and the public sale part.
The international placement part is actually prepared for investment institutions.
The public offering of shares is for retail investors.
This time, Teng Xun International placed a portion of 680 million shares and planned to raise 34 billion Hong Kong dollars.
Part of the 300 million shares will be publicly sold, with a planned financing of 15 billion Hong Kong dollars.
For the over-allotment portion, Teng Xun's proportion is actually not high, only 20 million shares, and plans to raise 1 billion Hong Kong dollars.
Because the currency exchange rate is constantly changing, the exchange rate ratio between the US dollar and the Hong Kong dollar is now close to 1 to 8. In fact, Teng Xun ’s financing scale has reached less than 6.5 billion US dollars.
The international placing part, including the over-subscription part, has a total of 700 million shares and HK $ 35 billion, close to US $ 4.4 billion.
For the top executives of Teng Xun and the top executives in the distance, the minimum expected on-site subscription funds on the first day was set at 500 million US dollars, reaching 1 billion US dollars, even if it was a complete success.
After all, the subscription period for international placement stocks is still many days, and the oversubscription multiples are generally not calculated for the international part, only the retail part.
Therefore, as long as the investment institution's subscription capital reaches 4.4 billion US dollars, it will not have much impact on the subsequent listing.
The buying spree on the retail side actually attracted the attention of outsiders.
...
The senior executives from afar all felt that reaching $ 1 billion on the first day was successful.
However, after Li Dong gave his promise at the road show, the following scene made everyone stunned.
Since the investment institutions have come to the road show, they are already optimistic about Teng Xun.
Even if Li Dong does not say anything on the spot, the subscription amount will not be too low.
This is a matter of risk, not to mention Teng Xun's risk is not too big, and the future is expected.
At this time, Li Dong once again reduced the risk of investment institutions, not subscribing at this time, when are we waiting?
...
When Li Dong stepped off the stage and Liu Hong announced that he could accept the subscription and sign the letter of intent, it was almost an instant effort, and a group of investment managers rushed forward.
These institutions are not as strong as big investment banks, nor do they have bargaining capital.
While large institutions are still under consideration, start with the strong first, so as not to cap the subscription amount on Teng Xun's side. In the end, other large institutions have the opportunity to let Teng Xun over-allot again, they do not have this opportunity.
Others rushed to Liu Hong, Liu Qin squeezed for a while, and squeezed in front of Li Dong, opening the mouth and said: "Li ... cough, Goldman Sachs subscribed for 200 million US dollars, Lenovo Holdings subscribed for 100 million US dollars, my father this time I did n’t come, but I specifically called and told me to support the distance and Teng Xun!
This time, on behalf of Goldman Sachs and Lenovo Holdings, I subscribed a total of US $ 300 million ...
Liu Qin was originally about to call President Li to come, but when he saw Li Dong grinning at her, President Li finally suffocated back, but she really couldn't shout out the name Uncle Li.
After she finished, Li Dong smiled and said, "What's the use of subscribing to find me? I'm just here to stand, you find someone else."
Moreover, Goldman Sachs is one of the underwriters, as long as you meet the rules, you can subscribe as much as you want.
Why, Goldman Sachs thinks 50 Hong Kong dollars is not high? "
If these underwriters feel that the pricing is still high, they will not subscribe at this time.
The advantage of underwriters is that they have a lot of autonomy, even in the end, they can participate.
Now Liu Qin, representing Goldman Sachs, subscribed US $ 200 million in shares on the first day. Obviously, Goldman Sachs felt that the price of 50 Hong Kong dollars was acceptable.
Before they had a little worry, but Li Dong's remarks today, the on-site subscription gave some promised protection. At this time, don't hurry up. At the end of the subscription, Li Dong did not say that he promised protection.
Liu Qin didn't care about his ridicule either, and he smiled all over his face: "I'm not in the same department as them, they are not related on both sides, and I represent the investment department."
The Goldman Sachs Group has many industries and departments, and the underwriting team and investment team can indeed be viewed separately.
But if the underwriting team feels bad, the investment department will not mess up the money, even if you want to mess up, the headquarters will not agree.
Li Dong listened to Liu Qin's words, even if it wasn't too real, he nodded and smiled and said, "Then you are casual, but you represent Lenovo Holdings? Why, want to go back to take over?"
Although Liu Qin and Liu Chuanzhi are fathers and daughters, they are outside, but they represent different large enterprises.
At this time, Lenovo Holdings entrusted Liu Qin to represent them. In Li Dong's opinion, it was still a bit deep.
Liu Qin shook his head immediately after hearing the words: "Without this idea, without this thought, besides, the joint control side, can not talk about succession."
Outside, everyone felt that Liu Chuanzhi was the boss of Lenovo and the absolute controlling shareholder.
In fact, Lenovo owns a large proportion of state-owned assets. In fact, it is difficult for such enterprises to succeed in the second generation, and they generally choose professional managers to succeed.
Liu Qin said that it was not perfunctory.
Li Dong didn't ask any more questions, simply chatted with Liu Qin, and then began to chat with some investors.
The investment managers of small and medium-sized institutions have all subscribed, and large institutions can still calm down a bit. As the master, Li Dong still needs to receive it.
What's more, this time not only these investment banks, including some private equity funds in China, but also some private equity funds from tycoons in Xiangjiang, have actually come a lot.
These people have a lot of cash flow on hand.
Teng Xun's financing is not the only time in the distance from Li Dong's perspective. Next, there are more opportunities for everyone to deal with each other.
...
When Li Dong was chatting with investors, they didn't bother to disturb Ma Yun.
This time, they are destined to just watch.
However, when they saw such a hot situation on the scene, everyone still had some emotion.
Ding Lei looked at it for a while, and some sighed, "Li Cannon should not be called Li Cannon, but Li Darong.
The global financial crisis has not completely passed by now. Where did he come from?
If Ali had promised that way, he would have to lose money this year. "
At first, if Ma Yun dared to say so, the price of privatization would have to double. That would cost billions of dollars more. With so much expenditure, Ali could not sustain the collapse.
Not only Ding Lei sighed, but also several foreign giants also sighed with emotion.
Li Dong this guy, the courage is not so big!
In 2009, the impact of the financial crisis in China's mainland has not been too great, but the crisis has not been completely ended internationally, especially in the financial securities sector.
At this time, it was normal for stock prices to skyrocket the day before and plunge tomorrow.
When Li Dong was at the road show, he dared to give people the bottom. It was still such a large-scale financing plan. It has to be said that almost no one dared to promise so.
Meg stared at Li Dong in the crowd with interest for a while, and finally greeted everyone and left early with his assistant and interpreter.
As soon as she left, Ma Huateng raised an eyebrow and said, "Isn't this really the heart?"
Meg suddenly came to Xiangjiang this time, and participated in Teng Xun's promotion meeting, which was an accident. Now that she seems interested in Li Dong, Ma Huateng has to doubt that she has the intention to join the distance.
On the other hand, Li Yanhong whispered: "They don't necessarily look at a distance, maybe it's Weibo? The election also requires media support.
Weibo's influence in Europe and America is actually not weak.
Of course, Li Dong may not agree. "
Everyone knows that in foreign countries, social media, especially Huaxia's social media, it is best not to participate in politics.
The supporters won and said that if they fail, then it will be in trouble.
Of course, this is also an investment. Once the other party wins, the next step is to give back.
For politicians in Europe and America, rewarding supporters is a set rule, not even a hidden rule.
Once the account is abandoned, all the supporters will choose to betray. Over the years, few people have breached their supporters.
Li Yanhong said that, others thought a little.
This shows that Weibo's influence may be greater than they thought, otherwise, the old and beautiful politicians will not come to China to seek support.
However, Li Dong may have seen it. They had n’t thought much about it before. Now think about it. When Li Dong dug people, Zhangkou was a failed election. In fact, this already shows his attitude.
Regardless of whether Meg is here to seek support, Li Dong is not optimistic about her campaign and will not get Weibo into trouble.
Now think about it, Li Dong, this guy has always had a wicked vision, maybe Meg will really fail or not.
Everyone didn't say much about it, Lei Jun looked at Ma Yun and said with a smile: "Lao Ma, what do you think the amount of intent funds signed on the scene in this scene today can reach?"
"More than $ 3 billion."
Ma Yun was not ambiguous and gave his own prediction directly.
On the side, Ma Huateng narrowed his eyes and said: "3 billion US dollars can't stop it. Just now, Goldman Sachs and Mozambique are all directly in battle. Also, domestic financial institutions such as ICBC and BOC are also in Li Dong Dang around.
In addition, as early as before, some private equity funds in Xiangjiang and the mainland have actually negotiated, and the subscription amount will not be less than 500 million US dollars.
Today, even if the scene does not meet expectations, these people will shoot.
Many people in Li Dong still trust him very much in China. It depends on whether or not these institutions will increase their subscriptions again. "
For IPO companies, it is inevitable to identify some subscribers in advance.
You can't really let the scene cool down. Even if no one is interested today, some people will eventually make a shot, including some domestic tycoons and private equity funds.
Looking at the current scene, and what Li Dong just said, these organizations should also be on-site subscription today.
Looking at the scene so hot, 3 billion US dollars, it really does not necessarily stop.
Ma Yun was refuted, did not care, smiled and said: "Come on, Teng Xun promotion will be hot, in fact, it is a good thing for us.
But even if it's a good thing, we stay again, and the mood will not be too good. "
As soon as these words came out, everyone nodded.
Teng Xun's popularity is actually good for IT companies.
But the more popular it is, the more careful Li Dong's poisonous tongue, especially Ma Yun, will not leave, and will be stabbed by Li Dong later.
Taking advantage of the fact that Li Dong is not available now, it is better to go first. As for the subscription of funds, they do not ask, and then Teng Xun will also disclose it to the public.
...
Ma Yun they left, although Li Dong saw it, but at this time, he really couldn't pull away.
Li Dong has some regrets. These guys haven't waited until their subscription is over.
At least, you have to wait until you know the on-site intention funds before leaving!
...
at the same time.
East park.
Cao Fang looked at the screen in front of him, and was worried: "Siqian, is it good or bad now?"
Shen Qian smiled and nodded, "Mom, rest assured, it works well!"
Shen Xuehua, who had just arrived from the capital, frowned: "Cici, back to persuade Li Dong, this kind of thing can't happen again!"
What she said was Li Dong's promise!
Dare to make such a promise, Li Dong is crazy!
Switching to her, I heard that Li Dong was at the bottom of it, and the risk was even greater. She had 1 billion of funds, and at least 800 million had to be bought.
Can this kind of promise be said casually?
The stock market is risky, and kids know it.
No one can guarantee that the next step is good.
When Ali was listed on the market, how popular was it?
In 2008, everyone fell below the issue price several times, leaving everyone dumbfounded.
Although Teng Xun looks good now, who can be sure that within the next two years, there will be no problems?
Shen Qian still said with a smile: "Mom, since he said that, it means that he has this confidence. Don't you think that when he just said that, was he particularly domineering?
The investment managers in the audience were all stunned. Such words could only be heard from Li Dongkou. "
Shen Xuehua rolled his eyes, something is wrong!
Her daughter is now biased by Li Dong, yes, of course, only Li Dong can say this, because Li Dong is a lunatic.
In the end, his daughter was very proud, is this black near Mexico?
Shen Xuehua didn't say anything. After a while, she regretted: "For a different person, I have to subscribe a little at this time."
In her view, this business will be profitable. It is a pity not to participate this time.
Shen Qian did not care about this, but smiled and said: "Mom, do you still have money on hand?"
Shen Xuehua gave her a blank look, the white-eyed wolf's stuff, the old lady did not save some pension money, because of the tossing strength of these two couples, she might have to rely on Lao Du's pension to get old.
She now feels that she is not wise enough, knowing that these two people can toss so much, she should not have given the company to her daughter in advance.
But it's too late to regret it now. I only hope that Li Dong's guy will wait a little bit for the next baby.
...
Family members are concerned, the outside world is also concerned.
The original two-hour promotion meeting did not end at 3 pm.
The wave of on-site subscriptions, wave after wave.
Even some investment institutions that did not arrive at the scene started contacting by phone at this time.
What Li Dong said is that the investors who subscribe on the spot are guaranteed. Everyone believes this. Whether Li Dong will say so in the next roadshow, it is all a matter of chance.
What's more, through their understanding, Li Dong will only attend the road show in Shanghai.
Missed this time, and then subscribe, but it will take a greater risk than others.
It wasn't until 4 o'clock in the afternoon that the atmosphere at the promotion site gradually eased. At this time, all the signing letters of intent were signed.
The funds will not arrive in the account today, but if the subscription is confirmed within three days, the money will be frozen in the account.
Several underwriters were still busy at this time, but Liu Hong walked happily to Li Dong, with a look of excitement: "Mr. Li, beyond imagination!"
Li Dong hasn't left, and at this time he shook his head slightly: "When you don't need me to say that again, there will be such a scene. That is the real success. Now, it is not counted."
As soon as this word came out, everyone's face changed slightly.
Indeed, if Li Dong doesn't say those few words, can he still have the situation now?
The current panic buying trend is actually not because of the company itself, but because of Li Dong. There is still a difference between the two.
Liu Hong nodded gently, and then firmly said: "Teng Xun is the first time, there will be no next time!
Teng Xun started a good start on Weibo listing. Next, I think the effect will not be worse than Teng Xun!
By the way, let me tell you about the current statistical results. Up to now, 164 subscription letters of intent have been signed on the spot.
The signed subscription intention funds are as high as US $ 7.2 billion! "
"US $ 7.2 billion!"
"It has exceeded the international placement financing limit!"
"This is the first day, so much?"
"..."
As soon as Liu Hong's words came out, everyone around him commotioned.
Although I knew it would n’t be too little, but it was still too much for $ 7.2 billion.
Li Dong frowned again, and said in a while: "Don't you get 10 billion dollars today?"
It's not that he is greedy, but after he gave his promise, he still didn't get 10 billion dollars, which is not too much.
Liu Hong hurriedly said: "Today is not over, some investors have not come, but now many institutions have called, hoping to extend today's subscription time.
Next, there will be some institutions involved.
There is still hope for $ 10 billion. "
"Well, let's extend it for a while. Today it's best to reach US $ 10 billion. I won't have to go to the international roadshow. If I don't reach US $ 10 billion, I will have to go a few more times."
After all, Li Dong said: "The subscription of Xiangjiang is capped with 10 billion US dollars.
Come today, cap today!
Next, Xiangjiang no longer accepts subscriptions.
On the Shanghai market, since the roadshow has been confirmed, it is necessary to open the subscription and cap the US $ 5 billion.
For the international part, there are no restrictions.
In addition, the retail subscription starts from August 1st and August 18th, and the trading resumes officially! "
"Okay, will the final issue price be redefined?"
"No, it's 50 Hong Kong dollars, no more."
Li Dong shook his head. He didn't really understand it. If he really wanted to increase it, the profits of investors would be compressed. Even if he was really optimistic, the market's heat would decrease.
To give investors a certain profit margin is actually for greater returns in the future, but it is not necessary to struggle with short-term returns.
As soon as Li Dong's words came out, some of the investment managers next to him were relieved. It didn't matter if they didn't add it. It seems that Teng Xun decided to issue the price of 50 Hong Kong dollars.
Otherwise, with today ’s situation, even if you really add more, you can understand.
If it is not added now, then everyone's rate of return will rise.
...
Xiang Jiang's subscription, Li Dong did not wait until the end.
The subscription amount of more than 7 billion US dollars on the spot has reached his expected goal, and the next step will not make Li Dong produce a big shake.
However, on the 26th, as of 8 pm, the subscription was over, and the final intention amount still made Li Dong much happier.
Some international investment institutions were prepared to participate when they were waiting for a road show abroad. Now many institutions have participated in advance ~ EbookFREE.me ~ According to their intention plan, they can actually sign a letter of intent of about US $ 12 billion that day .
However, Li Dong had a word first, and the 10 billion US dollars capped. Some investors later wanted to subscribe, but Teng Xun no longer accepted it, letting the other party wait for the next opportunity.
Even on the Shanghai market, some organizations that wanted to book in advance were rejected.
Previously, Li Dong said that Xiangjiang and the Shanghai Stock Exchange had capped 10 billion US dollars. Now Xiangjiang has exceeded expectations, and the quota of 5 billion US dollars given to the Shanghai Stock Market is actually to look after some institutions in the Mainland.
This hunger marketing method also made many organizations helpless.
In their view, the limit set here is too low. They haven't seen any companies that have an IPO. They think they have too much subscription funds. Which one is not going higher.
But now, Li Dongfei wants to do this, and they have no choice.
Fortunately, the international subscription section that started in August is no longer limited, and you can only wait until then to participate.