King of Capital

Chapter 12 Big Test: Updating the Prospectus
Perhaps it is because the financial industry is too close to money, and competition in the workplace is even more fierce.

It’s not so bad for leading securities firms like Juntai, but in smaller financial institutions, the relationship between leaders and subordinates is not simply command and execution.

It is not uncommon for a subordinate to jump to the buyer's side and become the original leader's biological father, or even jump back to the original company and become the original leader's immediate superior.

Therefore, leaders have to treat their subordinates in a very delicate way, both coaxing and suppressing them. Su He's attitude towards Xie Jingming is very typical.

This was even more true among peers. Even Zhao Mengche, who looked like a little princess, would quickly become the leader among the many sea turtles during the interview. On her first day at work, she didn't do her job properly, but dug a hole for Song Anli and then clung to Xie Jingxing's thighs.

All this fierce competition is based on ability, and a blacksmith must be strong himself.

Xie Jingxing felt that he was strong enough in this small pond where all the rotten fish and shrimps gathered together. He could stand up straight and wade through it. Why should he bend down and get involved to carry the gun for Su He? He just wanted to be everyone's father.

The actual situation also proved that his judgment was temporarily correct. After lunch break, the interns sat at their respective workstations and refreshed their emails over and over again, waiting for their "judgment" by the four instructors.

At one o'clock in the afternoon, the email was received in the mailbox on time.

Song Anli clicked it instantly, read from top to bottom, and saw her name at the end.

"The last one?" Xie Jingxing frowned slightly and turned his head to look at her to ask what was going on.

Song Anli looked up at the tutors' offices blankly: "I don't know."

On the other side, Zhao Mengche was in a good mood and poked Xie Jingxing with his hand, stretched out his arm to signal him to bump fists: "Congratulations on first place."

She ranked second; the male undergraduate and master's students from Peking University and Tsinghua University and the female undergraduate and master's students from Central University of Finance and Economics ranked third and fourth; Feng Shuo and Xue Haoran competed for fifth and sixth places; Song Anli and Stanford's Wang tied for eighth and last place, and there was no seventh place.

Obviously these two people have committed a principled crime, the kind that would be directly taken out and shot if they were doing their normal work.

There was only a ranking but no specific score, so it was unclear what the problem was. Xie Jingxing comforted Song Anli: "Go find Su He and ask what's going on."

Based on what he saw, it was really strange that Zhao Mengche could get second place.

Others felt the same way. The male undergraduate and master's students from Peking University and Tsinghua University and the female undergraduate and master's student from Central University of Finance and Economics were full of doubts about their lives. Based on Xie Jingxing's performance, they had a rough estimate before the ranking was announced.

But I was not mentally prepared to be pressed on by a little princess who held her face in her hands during the morning meeting. The feeling was no less than having a pile of dog shit pressed on my head.

Song Anli is at least an excellent stenographer, typing happily on the keyboard during the morning meeting.

“Maybe the ranking is wrong? You can go ask your supervisors.” A female undergraduate and master’s student from Central Finance and Economics also gave some advice.

Song Anli walked into Su He's office in a daze, and Stanford Wang, who was standing next to her, went to Tang Man's office.

The man who studied at Peking University and Tsinghua University came over and asked with a friendly smile, "Teacher Xie, can you send me a copy of your 'meeting minutes'? I want to study it."

"No problem." Xie Jingxing agreed decisively.

He still hasn't remembered the name of the man who received his undergraduate and master's degree from Peking University or Tsinghua University, because he has distinct characteristics, his words and deeds are simple and strong, and he has something unique to Tsinghua people.

The female student from Central Finance University opened her phone and said, "Send me a copy too. Let's create a WeChat group."

Several people who joined the WeChat group changed their names and remarks. The male undergraduate and master's degree graduate from Peking University and Tsinghua University is called Qi Tian, ​​and the female undergraduate and master's degree graduate from Central University of Finance and Economics is called Fan Haonan.

Two friends entered the tutor's office. Zhao Mengche looked unhappy again with a gloomy face, which made the atmosphere in the office depressing and no one spoke.

Qi Tian and Fan Haonan returned to their workstations and silently read Xie Jingxing's "Meeting Minutes". The more they read, the more depressed they became.

They are all chosen by people from prestigious schools. They have seen more great geniuses than ordinary people. After being abused so many times, their vision of people has increased dramatically. At the same time, they have passively learned the attribute of being able to bend and stretch.

As early as when Xie Jingxing neatly directed Zhao Mengche and others to go to the tea room to check the answers, Qi Tian and Fan Haonan experienced the same feeling of being dominated by the great god in school.

But knowing that you are not as good as others is one thing, and knowing the gap between you and others is another.

The 'meeting minutes' were clearly laid out before us. This was not something that an intern or even a VP who had been in the industry for two or three years could write!
It was like a cliff with a huge rift valley. Normal people climbed up the mountain step by step at the bottom of the valley, but Xie Jingxing flew on the cliff.

Fan Haonan looked at Qi Tian helplessly, and then turned his gaze to the unhappy Zhao Mengche. If the "Minutes of the Meeting" written by this little princess was a pile of shit, it was also a pile of shit with a gold border, which was given a glow by the great god.

She suddenly didn't want to try anymore. If the nun with big thick legs could hug her, why couldn't the Taoist nun?

She wants a gold border too!

Su He talked with Song Anli for a long time and was slow to announce the next round of tasks. Xie Jingxing and the others felt sleepy and ran to the smoking room to light a cigarette to refresh themselves.

Halfway through the drawing, Stanford Bi Wang walked in with a pale face, and the two of them nodded silently.

"Another one?" He finished a cigarette in three or two puffs and took out a box of yellow Camel cigarettes.

Xie Jing Xing waved his hand: "No, I don't smoke much."

"Studying abroad is stressful, and I rely on this to survive during the final exams."

Stanford forced Wang to put away his cigarette awkwardly: "Don't be fooled by the cheap price of this cigarette, it's strong and not worse than Zhonghua."

"I was reviewing in the library during final exam week and felt sleepy at two or three in the morning, so I went for a walk outside. It's quite cold at night in New York in winter, and I got allergic rhinitis from the cold. Since then, I have smoked less." Xie Jingxing explained.

Stanford Bi Wang smiled with relief: "Tang Man showed me your 'Minutes of Meeting'. If I had worked in Juntai for a few years and written more 'Minutes of Meeting', I shouldn't be much worse than you."

Xie Jingxing found it difficult to comment on this: "I wish you success."

Back in the office, Song Anli lay on the table with red eyes. Zhao Mengche was comforting her: "The name of the head of the research institute was misspelled in the 'meeting minutes'. It was just carelessness. It has nothing to do with ability. Just be more careful next time."

Xie Jingxing felt annoyed when listening to this, this kind of thing really didn't make sense. Imagine if what Old Xie said during the meeting was recorded by other people, who would be held accountable if there was any problem in the future?
Stanford's action was even more outrageous. At 12 o'clock, he sent half of the "meeting minutes" to the four instructors, and marked at the end that the remaining half was not finished, and requested delayed delivery.

Mr. Xie needed to give a speech on a project worth tens of billions of dollars. Halfway through, he found that he only had half of the speech. The secretary in charge of writing the speech said, "I haven't finished it yet. I'll give you the second half later."

Even if Xie Jingxing was the secretary who wrote the speech, Old Xie could crush him to death.

The small assessment on the first day of employment ended in a whimper, and the newly established academic qualification contempt chain was easily broken.

Xie Jingxing jumped up and occupied the top of the contempt chain, watching Stanford force the king to stick his neck out in anger and hit his head against the sole of his foot. Not to mention, it was a bit itchy, so he had to step on it again.

The opportunity came quickly, and Song Anli didn't have time to digest her sadness. At 1:30 p.m., the first official test question was announced.

"Update the prospectus. I want to see the paper version tomorrow. Send me an electronic version tonight." Tang Man announced the task succinctly.

Stanford forced Wang to learn his lesson and was the first to ask, "Boss Tang Man, what time will the paper version be delivered to you tomorrow morning?"

"The paper version must be sent to me at 9 o'clock tomorrow morning, and the electronic version must be sent to me no matter how late it is tonight." Tang Man nodded slightly with satisfaction.

Xie Jing Xing's temples throbbed, and he asked through his back teeth, "Does it include the manuscript?"

"The draft has been updated. You just need to prepare the prospectus. There are currently two colleagues following up on this project. They will come to contact you later. I just want to emphasize that the prospectus has legal effect and low-level mistakes are absolutely not allowed."

Tang Man said this while looking at the two silly brothers Feng Shuo and Xue Haoran. These two guys even misspelled the English abbreviations of professional terms when they were writing the "Minutes of the Meeting" this morning, and they even made the same mistakes.

But you won’t find it if you just search on the Internet.

"Don't think about the work done this morning. Focus on the next task. I think everyone shouldn't feel stressed." Tang Man said politely.

Everyone smiled bitterly and kept silent. Zhao Mengche gave face and shook his arms with both fists: "We will do our best."

“Is it difficult to update the prospectus?”

After Tang Man left leisurely, she looked at everyone complaining and asked.

Xie Jing Xing stretched himself and said, "This is a big job."

It would be a good job if he didn't make Stanford's boss shit.

Companies going public on the domestic stock market have to go through a lengthy process of due diligence, restructuring, reform, guidance, etc., and finally submit a prospectus to the relevant departments to apply for an IPO. After the application is approved at the board meeting, the company will ring the bell to successfully issue and list.

In other words, no matter how well you do your preliminary work, if you don't understand the prospectus, all your efforts will be wasted. The prospectus is like the eight-part essay in the ancient imperial examination, which is at the level of the Jinshi exam.

The role of investment banks in the process of a company's listing is to help the company solve all procedural problems encountered in the IPO application process, and the prospectus is one of the most important links.

A leading securities firm like Juntai usually has five or six people writing a prospectus. There is a "sponsor representative" who coordinates the overall situation and takes care of the legal part, two senior VPs who have been in the industry for three to five years are responsible for business and technology, as well as financial information, plus two or three junior SAs to do miscellaneous work. It is not uncommon for it to take several months or half a year to write a complete and usable prospectus.

Expecting eight interns to write a complete prospectus in one night is as difficult as flying to the moon with one foot on top of the other.

So all they have to do is 'update the prospectus'.

A prospectus that had been written previously had not been submitted to the board for various reasons. The financial, legal and other information in the prospectus had expired.

The interns took the original prospectus and updated the relevant content to the latest time point.

This is still a job with a lower limit but no upper limit. The lower limit is to avoid low-level problems such as format errors. Being able to achieve this is worth celebrating with champagne.

While Xie Jingxing was explaining the difficulty of the work to the interns, two liaison colleagues appeared carrying two large bags of documents.

A man and a woman. The man is called He Chuan, a senior VP of investment and financing in Juntai Investment Banking’s business line. The woman is called Shen Xin, a D (director level) who has been in the industry for seven years and a sponsor representative!
Xie Jingxing's eyes immediately lit up, and he pretended to be young and called out "Sister Shen Xin" on the spot, and handed over the coffee that Zhao Mengche had made for him with both hands. The coffee still had the cool aroma of ice cubes in it.

"You're welcome. I'll trouble you with the next work. Is there anything you don't understand?" Shen Xin smiled beautifully.

There is no ugly appearance in investment banking, regardless of gender. Zhao Mengche has the bright and elegant appearance of a model; Song Anli has a typical southern girl's face, delicate and gentle, and her voice is also coquettish; Fan Haonan has the kind of beautiful girl temperament that makes people want to bully her.

The words "Peace and Prosperity" were written on Shen Xin's face. She looked like a Spring Festival Gala host, and her eyes curved when she smiled, making her look no less attractive than the three young interns.

But Xie Jingxing has seen many beautiful women, but no matter how beautiful she is, can she be as beautiful as Concubine Pei who relies on her looks to make a living?
His enthusiasm for Shen Xin stems from the five big characters - "sponsor representative (abbreviated as sponsor representative)". When the sponsor representative system first came out ten years ago, the income of sponsor representatives stood at the top of the pyramid of the entire industry. There were sky-high transfer fees when they changed jobs, which was comparable to commercial sports leagues.

Until now, insurance agent is still the highest-paid position in the financial industry, and the number of new insurance agents in the country is only in the double digits each year.

Eight out of ten insurance agents have master's degrees from prestigious universities, nine are middle-aged or older men, and female insurance agents like Shen Xin who are in their early thirties are as rare as giant pandas.

Ten years from now, this will not work. The relevant departments will delegate the review standards for sponsor representatives, and securities companies will appoint sponsor representatives on their own. There are only a few IPOs each year, and the registration requirements for sponsor representatives will be relaxed, resulting in oversupply. In about ten years, the income of sponsor representatives will fall to the industry floor.

The importance of an underwriter in the company's listing process is roughly equivalent to that of an intern to an interviewer, or a guarantor for a loan. They must sign the prospectus to guarantee that there will be no problems for the company applying for listing.

When it comes to one’s own job, it can be said that no one knows how to write a prospectus better than Shen Xin.

Xie Jingxing asked her questions and chatted for a long time, and Zhao Mengche interrupted: "Let's go to the meeting room to divide the work first to save time."

"Well, that's fine. Let's try to get off work early in the evening." Xue Haoran agreed.

Xie Jingxing shrugged apologetically at Shen Xin, who just smiled and lowered his head to take a sip of coffee, as if he hadn't heard anything.

No one else had any objections, and all the interns went to the meeting room with their own thoughts.

Zhao Mengche looked at Qi Tian, ​​Qi Tian looked at Xie Jingxing, and Xie Jingxing looked at the prospectus table of contents.

Feng Shuo and Xue Haoran looked at her, while Fan Haonan and Song Anli whispered to each other. Didn’t they agree on a division of labor? How do they do it?
Zhao Mengche got angry and thought to himself, you are a bachelor's and master's degree holder from Peking University or Tsinghua University, so just stand up.

"I think we should divide it into several important parts first. Financial information accounts for a large part. The company in this prospectus is in the manufacturing industry, and the financial situation is more complicated than other industries. It may require three people." Qi Tian coughed lightly and started the conversation.

Zhao Mengche was satisfied, and then looked at Xue Haoran: "I remember you said you studied finance in college. How about you, Feng Shuo, and one more person? Have any of you ever studied finance?"

"Haonan, are you okay with this?" She called for arrangements.

Zhao Mengche has been very reliable in arranging men since he was a child, but it is a bit difficult for him to arrange men of the same sex.

Fan Haonan has a face that makes her look like a bullied beauty, but that doesn't mean she is willing to be bullied. She said bluntly, "I don't have any internship experience in finance."

"What about Anri? I think you interned at one of the Big Four (accounting firms), right?"

"Well, but I don't know much about manufacturing. Manufacturing finance is indeed very complicated... How about we separate the parts first and leave the finance for last?"

(End of this chapter)