Winning the new financial era

Chapter 666 Dual Listing of A+H Shares

"We intend to submit a prospectus in the near future."

Zhang Yida's expression was calm, as if he was not at all happy about the coming wealth feast.

This made Li Xiaojia secretly amazed, this is the material for great things, and his emotions and anger are invisible.

"What is the expected size of the IPO?"

Li Xiaojia took a sip of tea and asked lightly.

This issue is related to the income of the Hong Kong Stock Exchange and the influence of the global trading market, which he attaches great importance to.

The Hong Kong Stock Exchange is not only an exchange, but also a listed company. It is a profit-making organization that mainly makes money.

In addition to the initial listing fees ranging from hundreds of thousands to millions of listed companies, annual fees will also be charged to listed companies every year, which ranges from hundreds of thousands to millions of Hong Kong dollars for each company, depending on the company’s issuance of stocks. scale.

Of course, the biggest source of income is the securities transaction fee, which is not high, only [-]/[-].

Taking Penguin as an example, the daily trading volume of 30 billion to 40 billion Hong Kong dollars can bring a daily income of 15 to 20 Hong Kong dollars to the Hong Kong Stock Exchange.

7000 million a year doesn't seem like a lot, but it's a toll!

Harvesting every day and every year, isn't he fragrant?
Although the scale of Ruixiang is not as large as that of Penguin, according to the internal assessment of the Hong Kong Stock Exchange, it can at least reach half of the trading volume of Penguin, and it may also attract new investment from other parts of the world to Hong Kong Stock Exchange.

It is equivalent to a good company being listed on the Hong Kong Stock Exchange, attracting new passenger flow to the Hong Kong Stock Exchange.

In addition, benchmarking Internet companies like Ruixiang are all listed on the Hong Kong Stock Exchange, which will also attract technology companies from the mainland and even other countries to list on the Hong Kong Stock Exchange, which has an important demonstration effect.

In addition to these, the Hong Kong Stock Exchange has some additional ways to make money, such as number selection.

For example, Penguin's stock code 00700, Ahri's code 01688 listed on the Hong Kong Stock Exchange before, such codes are auspicious numbers bought for extra money.

If you don't want to pay, the system will assign one, maybe you don't like it.

But for big companies, especially domestic companies, who wouldn't want to pick a good number.

After all, going public is a major event that creates billionaires, so what's the point of spending a few million more to choose an account.

This is the same as a luxury car with a good license plate, all you want is face.

The Hong Kong Stock Exchange's own code is also an auspicious number, 00388.

Zhang Yida replied with a smile, "It is estimated to be 260 billion to 280 billion US dollars!"

Li Xiaojia was stunned for a while, and it took a while to recover, and asked: "Mr. Zhang, are you serious?"

Zhang Yida spread his hands and laughed, "Do you think I'm joking?"

"Then this is the largest IPO ever in the world."

Li Xiaojia's tone was not calm, he was going to shock the whole world!

Zhang Yida waved his hand, "We can at most beat Ali, isn't there Saudi Aramco? It needs to raise at least 2 billion U.S. dollars to go public with a market value of 500 trillion U.S. dollars."

Li Xiaojia shook his head, "The scale is too big, the market can't handle it."

Shen Beipeng interjected at this time, "Are you talking about Saudi Aramco or Ruixiang?"

Li Xiaojia looked at Shen Beipeng and said sincerely, "I can't eat both.

In the whole of last year, the total amount of IPO financing in the Hong Kong market reached 365.63 billion US dollars, which has become the market with the largest financing amount in the world.

It is difficult for Ruixiang to raise US$260 billion to US$280 billion on the Hong Kong Stock Exchange.

Unless the issue price is controlled and some room for imagination is left, it can attract as many investors as possible. "

Shen Beipeng felt happy and troubled at the moment, how should he choose, turned his head to look at Zhang Yida, wanting to hear the latter's opinion.

"Ruixiang is the most successful Internet company in China's globalization. This alone is enough to attract investors."

Li Xiaojia nodded, "I admit this, but considering geopolitical issues, Ruixiang actually has many hidden worries.

I can see this, and some institutional investors can see it as well.

If the price is too high, it is easy to discourage their investment enthusiasm.

And if you only look at the basic market of Ruixiang, it is the second financial technology company, the second e-commerce company, and the second largest entertainment company.

Regardless of Musical.ly, Ruixiang is only the No.2 domestically in each sector, not a leading stock. "

Although these words are straightforward, Zhang Yida has to admit that this is the truth.

The business fundamentals of Ali and Penguin, which have been in business for 20 years, are not so easy to break.

"Everything has two sides. We have an e-commerce business that Penguin wants to own but has been unable to do so, and there is a big entertainment sector that Ari burned tens of billions of dollars but failed.

These two swords in our hands have brought an unprecedented threat to the two giants.

Today, their two giants are a while ahead of us, but in the future, it may not be so in three or five years. "

Li Xiaojia smiled, "Mr. Zhang doesn't need to explain too much, Ruixiang is a good company, there is no doubt about it.

In order to ensure the normal listing of Ruixiang and achieve the ideal fundraising, let's get back to the topic.

Fundraising amount and pricing, one of the two must be discarded. "

"What if the Science and Technology Innovation Board is allowed to undertake part of the fundraising?"

Zhang Yida suddenly remembered, isn't the Sci-Tech Innovation Board officially going to have a company listed at the end of the month?

If the big A-shares share part of the pressure, the pressure on Hong Kong stock fundraising will be less!
"A+H shares listed..."

Li Xiaojia was a little hesitant. From the bottom of his heart, he definitely wanted to keep Ruixiang in the Hong Kong Stock Exchange.

But this product is too big, I really can't eat it.

However, Li Xiaojia also appropriately raised his own doubts: "There is no company listed on the Sci-Tech Innovation Board yet, so it's hard to say what will happen in the future?"

Zhang Yida didn't think much of it, and replied with a smile, "Look, the Science and Technology Innovation Board is also implementing a registration system and allowing different rights for the same share.

In addition, there is no upper limit for the rise and fall in the first five trading days, and the limit for the rise and fall after five trading days is 20%.

Compared with the original, in fact, it has been improving. "

Li Xiaojia said with a smile: "It's still too early to talk about this. At least the official opening of the gate will not know the level of financing."

After a pause, Li Xiaojia persuaded again: "In addition, does the Science and Technology Innovation Board allow A+H shares to be listed? Those companies planning IPO have never heard of anyone doing so?"

"Then we'll be the first to eat crabs!"

Zhang Yida said with a smile on his face, "I'll get in touch with the regulators when I get back. They should welcome Ruixiang to join us."

Seeing that Zhang Yida insisted on this, Li Xiaojia stopped trying to persuade him.

Instead, he emphasized, "In terms of equity weight, it should be more on the H-share side, right?

Our market is more mature, and it shouldn’t be a big problem to withstand a $200 billion fundraising. "

Zhang Yida nodded, he agreed with these words.

If we really want to raise more than 2000 billion yuan from the Science and Technology Innovation Board at one time, it must be very difficult.

After all, this trading market has just emerged, and investors and brokerages are all on the sidelines.

Choosing to go public in two places, in addition to resolving the problem of fundraising, can also diversify the risks brought about by fluctuations in a single capital market.

In addition, stock exchanges in Hong Kong and the mainland have their own investor groups. Listing in the two places can quickly expand the shareholder base, improve the liquidity of shares, and enhance the ability to raise funds.

Most importantly, the valuation of the Science and Technology Innovation Board is high!
　Thank you Xiaosi for your reward!

　　
　
(End of this chapter)