Shanghai is prosperous

Chapter 475
The reason why Mr. Cao held this meeting as soon as he came back is that he actually went to Hong Kong some time ago, and he has more new on-the-spot understanding and deep understanding of the local capital market, especially the real situation of listing on the main board of Hong Kong.

Generally speaking, Hong Kong is an efficient, large-capacity and full-service financing market.Listing in Hong Kong will greatly promote the further internationalization of mainland enterprises, standardize enterprise management, and optimize company structure.

But at the same time, the company must also reform the enterprise system, transform the operating mechanism, and adopt international standard financial and accounting systems to bring the enterprise in line with international standards.This is the pain and process that mainland enterprises generally have to go through, and it is also indispensable to a certain extent.

Listed in Hong Kong, there is a relatively complete and comprehensive system for evaluating the company.Among these various indicators, Mr. Cao was particularly impressed by two of them, one is the company's performance, and the other is the company's information disclosure.

As a company, especially for companies that are about to go public, the importance of company performance goes without saying.Everything depends on data. Whether it is a company's survival or development, it needs quantifiable indicators such as performance as support.

There are of course specific financial assessment indicators for mainland enterprises to raise funds and list in Hong Kong, including strict requirements in terms of revenue, profit, and cash flow.The stronger the profitability of the enterprise, the higher the return it gives to shareholders, the greater the enterprise value, and the higher the stock price of the listed company.

Therefore, the profitability and profit of an enterprise are the central issues concerned by all parties inside and outside the enterprise. It is the source of funds for investors to obtain investment income and creditors to collect principal and interest. It is the concentrated expression of the operator's operating performance and management efficiency.

After the company was listed in Hong Kong, funds from all over the world began to hold shares in the company. Of course, the development and operation of the company must take into account the expectations of international shareholders and be subject to their supervision.In this way, whether it is the company's shareholding structure, operation and management, financial investment, administrative model, etc., it must be carried out in accordance with international standard procedures.

Listing in Hong Kong will help enterprises to achieve internationalization, which will help them improve their quality, strengthen their competitiveness, and help enhance their image in the international market.At the same time, the company must also regularly disclose the financial and operating conditions of the company in accordance with the requirements of the listing rules and send information to the market.

The disclosure of relevant information of these enterprises, on the one hand, will enable international investors to gain a better understanding of mainland enterprises, and on the other hand, help to enhance the international popularity and reputation of mainland enterprises, creating favorable conditions for the development of enterprises, and helping enterprises to introduce international strategic Investors, promote the business of enterprises to enter the international market and enhance their competitiveness.

There are many examples and lessons learned in the past. Although some enterprises in the Mainland are in a leading position in the industry in terms of management and technology, they are not recognized by international or overseas investors.As a result, the actual value of the company cannot be well reflected in the capital market, and the company's stock price can only be said to be reluctant, mediocre, and very unsatisfactory.

Therefore, for my company's listing on the main board of Hong Kong this time, the management of performance, as well as the timely disclosure, management and utilization of relevant information, this is a big topic that must be paid special attention and active attention to myself and the company.

Any intentional agreement signed by a listed company or a company planning to list is generally important information that may have a significant impact on the company's stock price or valuation. It should be carefully judged whether it is necessary to promptly disclosure.

If the disclosure standard is met, an objective statement should be made on clearly disclosing the terms of the agreement, the procedures to be performed, the impact on the company's future financial status and operating results, the uncertainties involved, the possible difficulties and the risks arising. Assess and fully disclose.After the initial disclosure, the company should also fully comply with the principle of phased disclosure, and continue to disclose in a timely manner based on the progress, stabilize market expectations, and avoid abnormal fluctuations in the company's stock and derivatives trading prices.

The disclosure of company information must ensure that the content is true, accurate, and complete without false, seriously misleading statements or major omissions.And the key point is that the company and the members of the board of directors must ensure the authenticity, accuracy and completeness of the content, and bear individual and joint liability for false records, misleading statements or major omissions in the announcement.

Before the start of the meeting, Mr. Cao talked about some experience of his trip to Hong Kong in his opening remarks, and then organized everyone to study the "Measures for Information Disclosure of Municipal Companies". Speeches and clarifications were made.

The next focus is to focus on discussing the valuation of the Shanghai intermediary company and the corresponding preparations for the follow-up merger and acquisition.

These people who participated in the meeting were basically in Shanghai during the "May [-]st" period, and they all personally inspected and investigated the actual situation of this intermediary company.So there was basically no suspense in the final result. They made certain steps according to Wang Yiyuan's request and decided to recalculate the valuation of the intermediary company.

After the meeting, Mr. Cao called Wang Yiyuan directly, and passed Mr. Wu's statement. Finally, under the joint witness of Zhou's head office and Wang Yiyuan Finance Company, the two sides came back to the negotiating table again.After a week of tug-of-war, the two sides finally reached a consensus on the agreement.

The main contents of the program are as follows.One is that the acquisition must be completed in the first ten days of June. This is the final time determined from the node of the company's listing.

The second is the valuation of the intermediary company, using the financial data of the current month, that is, at the end of May, as the basis, and then properly referring to the compound growth rate of the intermediary company since this year. As for the coefficient, it is also given the largest index coefficient in the industry.

The third is that after paying the first performance bond, the company in Beijing began to send staff to the intermediary company and various stores in mid-May, paving the way for the final full takeover.

During the period, Mr. Cao came to Shanghai twice during the trip, and had several open or private conversations with Wang Yiyuan and the company's management.

But they also came up with a few special requirements.First, after the handover of the company, Wang Yiyuan, as a consultant for the Shanghai market of the Beijing company, requested to continue to serve in the company until the end of the year in consideration of the stable development of the intermediary company.

The second requirement is that in terms of payment method, at most half of it can be paid in cash, and the rest should be paid to the original shareholders of the intermediary company in the form of company shares not higher than the subscription price.

(End of this chapter)