King of Capital

Chapter 14 Am I being polite?

Shen Xin felt a little embarrassed by Xie Jingxing's high-intensity output, and responded vaguely: "The core of this company's fundraising is to add a research center for integrated circuit materials, and to expand the production capacity of electroplating solutions and supporting reagents."

The implication is that what you said is not important. It’s fine for the original prospectus to brag, because that’s how it’s written.

"The photoresist industry has a large technology span and a long R&D cycle. It takes 2-5 years from product design to formal production. Moderate expected planning is within a reasonable range."

As a senior VP of equity financing business, He Chuan has more professional knowledge and promptly took over the conversation to save the situation and make amends: "This company's electroplating liquid products have reached the same process level as international competitors in the field of traditional integrated circuit packaging, and are in line with the general trend of environmental protection. You can pay more attention to this part when you update."

Having the same technological level as international competitors - in today's semiconductor industry, this sentence is enough. Both the audit department and the buyer organization will give it enough tolerance.

Unfortunately, this prospectus is not true, He Chuan just gave a sufficient reason.

Xie Jingxing just smiled. In fact, he could accept this kind of exaggerated writing style without any reason, because this was the trend in the domestic market.

Perhaps it is the bad habit brought back by the group of overseas returnees during the financial crisis in 08. Not only are investment bankers migrant workers, but in the past two years, investment banks themselves have changed their careers and become contractors.

The investment banks receive work from clients and outsource it, leaving the legal part of the prospectus to law firms, while the business, technology and fundraising are contracted to consulting agencies. Investment banks do not do their real work but only lick the clients' clothes and attract projects.

But the question is how much money do foreign law firms make for undertaking a prospectus, and how much money do domestic law firms make?

Mid-level lawyers abroad rely on writing prospectuses to eat steak and drink red wine every day. Domestically, some investment banks act as middlemen, taking huge commissions and lowering prices. Mid-level lawyers who are responsible for writing some prospectuses are lucky enough to have a meal of dumplings during the Chinese New Year.

Moreover, since the rigid requirement for lawyers to take securities qualification examinations has been abolished, private financial workers in investment banks doing equity financing business will take lawyer qualification examinations specifically in order to write prospectuses, but lawyers will not necessarily take securities qualification examinations specifically in order to write prospectuses.

This part of legal business is becoming increasingly mixed, so lawyers outsource it and those who can get what you pay for are conscientious businesses.

In addition, the outsourced "business, technology, fundraising and investment" parts of the consulting company were also unclear, and the prospectus compiled by multiple parties was full of low-level errors, which was a real eye-opener.

It was not until the review and regulatory authorities were completely irritated and shot down several IPOs in succession that the industry atmosphere improved slightly. This morning, the head of the research institute analyzed the macro situation and talked about financial reforms that included the listing issue.

When selecting the test questions, several instructors did not consider that interns would be able to understand the problem of over-exaggeration in the prospectus, or that those who could see the problem had already started writing prospectuses in earnest and would not appear here playing around with a "training version" of the prospectus.

So when Xie Jingxing pointed out the problem, Shen Xin was surprised and uncomfortable. It seemed that her identity as a sponsor representative was questioned in terms of professional ethics.

"Do you have a background in semiconductors or have you written a prospectus? It seems that I will have to ask my teachers to raise the standards for judging you tomorrow." She changed the subject half-seriously.

Xie Jingxing shook his head: "My instructor during my internship at Temasek told me that every financial practitioner is a generalist, so I have some preliminary understanding."

"I am humble. Photoresist technology involves many professional disciplines such as materials, physics, and interface mechanics. Many senior VPs who write industry research are not clear about the technical characteristics of the product."

He Chuan was also surprised and said, "I heard that one of you has a chemistry major. Why isn't he in charge of the business and technology with you?"

"...He has other divisions of labor." Xie Jingxing was too lazy to explain the nonsense that Song Anli and Qi Tian had swapped divisions of labor.

With the original prospectus as a basis, the update of the "Business and Technology" part does not require very high professional knowledge. The large number of related business plans, industry research reports and the like that he had read in his previous life are enough for his knowledge reserves.

Feng Shuo provides technical support, and Qi Tian, ​​who has a more solid financial foundation, will be more efficient if he cooperates with him. After all, the main content is to brag and look forward to the future... I really didn't expect Song Anli to put on such a show.

Shen Xin looked back and forth: "Chang Wei, you said you don't know martial arts."

It is too much work for one person to be responsible for both "business and technology" and "fund raising and investment". Xie Jingxing's performance is obviously not that of ignorance and fearlessness, so is it confidence?

He Chuan has a deep understanding of this, and out of kindness wants to help with advice: "Do you have any ideas on which direction to update the expected investment highlights of corporate development?"

"Environmental protection, you just said that the issuer's electroplating solution product process is in line with the general trend of environmental protection. I also saw that the issuer has a set of self-developed environmentally friendly cleaning agent preparation and application technology." Xie Jingxing has made up his mind.

Since it has been confirmed that the prospectus has a unified style and is exaggerating, then he should not hide it and give everyone a little bit of environmental shock from ten years later.

There is no concept with greater room for development than environmental protection. Absolute political correctness and absolute hope for future technology, when combined together, are a sure win.

"...Very good, there is a lot that can be done for environmental protection." He Chuan had a strange expression on his face and his cheek muscles were trembling.

He didn't think that Xie Jingxing, who could tell how much water there was in the "fundraising and investment" in the prospectus, would not be able to see that the so-called "environmental protection" was also full of water. This meant that this kid had no psychological burden of making up stories and telling lies.

The problem I just pointed out was just for confirmation.

Shen Xin's mind raced and she reacted quickly. There was blood clot in her chest, and all her efforts to show her expression were in vain.

She was about to say something when Xie Jingxing answered a phone call and left. A few minutes later, he came back and asked her and He Chuan to go to the tea room to help answer questions for the interns.

Swedish handmade chocolate from Blond, desserts and pastries from Cova...

Shen Xin stroked the fancy crystal cocktail glass inlaid with diamonds, and the blood stasis in his chest dissipated unconsciously.

This cup is from a small British brand. She bought one and put it in her home wine cabinet. Here is a set.

"Actually... you really don't have to be so polite." The more she looked at him, the more she felt that Xie Jingxing was quite handsome, simple, honest and approachable.

"Am I being polite?"

"you are too polite."

"Then I'm welcome?!"

Xie Jingxing turned around and looked at Fan Haonan and said, "Haonan, if you don't understand anything, ask Sister Shen Xin for advice."

"Feng Shuo, Qi Tian, ​​let's check the progress while we eat." He gave a look to several interns.

Zhao Mengche immediately sat down next to He Chuan: "Brother Chuan, try this macaron, it's quite delicious. There is an item in the finance department that shows that revenue is strongly correlated with the fluctuation of the sales price of the 'tin ball' product, but the gross profit margin of the 'tin ball' product is low, and the impact on the price is limited..."

Stanford stared blankly at the lively scene in the tea room for a long time, until the black truffle ice cream in his hand melted and the slightly cool sticky cream stuck to his fingertips, only then did he come to his senses.

His lips moved slowly and he lowered his head and paused for a few seconds. Then he swallowed the ice cream in three or two bites and licked his fingers: "Damn, it's quite sweet."

He hunched over and squeezed closer to the crowd, squeezing next to Shen Xin and joining in the conversation loudly.

Feng Shuo's waist ached from being squeezed, and he tilted his head to see his red neck and enthusiastic look. He endured it and didn't dare to remind him, so he moved his butt towards the safe direction. After having afternoon tea for half an hour, everyone checked the progress and returned to the office to work.

Xie Jingxing and Fan Haonan sandwiched Shen Xin on the left and right, and the same was true for He Chuan on the opposite side, who was guarded by Zhao Mengche and Stanford.

The only person missing was Song Anli, who was drinking hot water in the conference room with a hot pack on her stomach.

"Are you okay? Drink less." Shen Xin reminded cautiously.

Xie Jingxing picked up the whiskey glass and took a sip: "This is engine fuel, it will refresh you when you feel sleepy in the afternoon."

"I feel that the style of you people who come back from abroad is a bit tough." Shen Xin complained to him as if he were a colleague of the same level.

"If the productivity of programmers is a beautiful receptionist, then the productivity of our industry is the boundless power of coffee, cigarettes and alcohol, which is a characteristic of Wall Street."

What Xie Jingxing said was calm and peaceful was actually a history of blood and tears.

In his previous life, he worked on Wall Street for two years after completing his postgraduate studies before returning to China. He was not good at writing prospectuses and mainly engaged in trading energy products such as crude oil, iron ore, coal, etc. in the secondary market commodity futures, which had more pressure. Only after returning to China and taking over Taihe did he focus on primary market business.

The film and television work "The Wolf of Wall Street" exaggerates the description of financial practitioners, but not much when it comes to secondary market practitioners.

Things like having sex with women are indeed ways for some secondary market practitioners to relieve stress, but drinking and smoking are so common that they can't even be ranked.

In the 1970s and 1980s, Wall Street was notorious as a concentration camp for scum. It was not until the late 1980s and into the 1990s that it gradually transformed into a general image of elite white men. For fear of being considered undisciplined, they pretended to eat healthy meals at noon, and went home to eat calorie bombs like fried chicken at night.

China is much better in this regard. Male and female colleagues can quickly spread the word of the whole circle by performing some popular shows in the conference room. It doesn't matter if the professional ability is weak, the moral integrity is far ahead of the counterparts on Wall Street.

…………

"Brother Chuan, can you tell me more about the main factors of the industrialization risk of self-developed photoresist products?"

"Sister Shen Xin, are there any changes to the signature page of our statement?"

"Feng Shuo, please check the specific impact of Dow's mergers and acquisitions in the first half of the year on packaging materials."

With the help of two senior colleagues, work efficiency increased sharply, and by seven o'clock in the evening, everyone had completed almost one-third of the work.

After completing the risk factor part that Stanford was responsible for, he began to be mainly responsible for text summary, typesetting and proofreading. Feng Shuo took some time off to do miscellaneous work wherever he was needed, and he felt dizzy from being ordered around.

The finance team that Qi Tian is in charge of still has a lot to do, but the busier they are, the more confused they feel. Zhao Mengche blinked his clear and stupid big eyes and fantasized about being able to go home before eleven o'clock.

Song Anli's stomachache was gone, but she didn't deserve to be scolded in the afternoon. She really couldn't help with the "Business and Technology" part. She could only help check the data and the manuscripts, and be a pleasing vase so that Xie Jingxing could look up and change his mind when he was tired.

At 7:30, several instructors came out of their independent offices to leave work, and would ask about progress when passing by the open office area.

The head of the research institute pulled Xie Jingxing aside to chat for several minutes, and did not hide his admiration for him. Stanford's eyes turned green, and Feng Shuo's anus tightened for some reason.

Su He was a little naughty. He took the excuse of asking about the progress and gave Shen Xin a bright smile.

So after she left, Shen Xin immediately said that she had to get off work. Seeing this, He Chuan also reacted and said that he had made an appointment with a girl for a blind date in the evening.

"I ordered takeout, let's have dinner before leaving." Xie Jingxing raised his head and suggested in the midst of his busy schedule.

He had the heaviest workload, but had only completed less than one-third of it.

Song Anli responded: "Yes, Sister Shen Xin, please have dinner before leaving. Thank you and Brother Chuan for your hard work this afternoon."

The other interns agreed and enthusiastically pushed Shen Xin back to her chair. Everyone blushed a little, except Feng Shuo.

What the hell is this guy talking about when he's on a blind date? He has more than a hundred single girls on WeChat. If you just say a word, I'll form a girl group for you to put on some exciting shows.

Brother Chuan, go through fire and water!
He Chuan was stunned by a line of dialogue and reluctantly sat back at his workstation to continue helping move bricks.

"Sister Shen Xin, please help me look at the legal issues regarding the issuer's overseas assets. I see that the draft has been updated." Xie Jingxing was indeed impolite and gave the order directly.

Shen Xin was so angry that He Chuan stayed with the excuse of a blind date, so she could only accompany him.

Fortunately, Xie Jingxing ordered a crab feast from Wang Bao Restaurant, a time-honored restaurant in Magic City, as a consolation. Working overtime was equivalent to the time spent on making an appointment to eat crabs in the restaurant.

After happily finishing dinner, Shen Xin comforted herself, wiped the corners of her mouth and prepared to go home after get off work.

Xie Jingxing raised his wrist to check the time: "Eight o'clock. It's the evening rush hour after get off work and there's a traffic jam. I'll call two online taxis to take you. You can watch a movie first and wait for the taxi to arrive. It's a good time to digest your food."

"Yes, Brother Chuan, you just drank and you can't drive." Feng Shuo kindly reminded.

Shen Xin glared at He Chuan fiercely, then smiled and said, "No need, we can just take a taxi back by ourselves, and I'll pay for the meal. We have been working for many years, and you have just entered the society. The money is earned by your parents' hard work."

"Yes, yes, we'll pay. And those of you who just arrived may not know, but your Sister Shen Xin is a part-time film critic. She's a well-known fan of art films in the company. She watches hundreds of films every year, but she doesn't even watch movies anymore." He Chuan smiled embarrassedly and regretted it so much that he wanted to slap himself in the face.

It was all Feng Shuo's fault for fooling him, saying that crabs and rice wine are the best match. The girl who was picking crabs in Suzhou spoke in a soft Wu dialect.

Now he pretends to be a good guy and doesn't drive after drinking. He wants to run this guy over with his car.

That Zhao Mengche was not a good guy either. He could actually sing a few lines of Kunqu Opera. Now his little face was red and he pretended to be embarrassed.

He finally realized that every intern this year had special skills. There were bad people among the crowd, and the worst one among them was...

Xie Jingxing and He Chuan made eye contact and nodded slightly. He smiled and raised the movie clip playing on his phone screen to indicate, "This movie was directed by Claude Berry, the director of Paris Never Sleeps. This was his last work in his life."

"There is only the director's cut, which has not been approved for release. A movie enthusiast friend of mine has bought all the rights to the film, and it will never be shown to the public again."

"?!"

Everyone was stunned
(End of this chapter)