Winning the new financial era

Chapter 682 Listing

Looking at the articles that praise Ruixiang and slander Ari and Penguin one after another, the most disappointed thing is Erma.

Both of them have not broken through the market value of 6000 billion U.S. dollars, so what can He De do?
Even the official media praised Ruixiang for the first time, praising Ruixiang for bravely exploring overseas markets, opening up the situation with innovative products, and stepping onto the world stage. It is a leader in the digital age and an outstanding example of "enterprises going global".

Ordinary media exaggerated even more, giving Zhang Yida the title of "son of the times".

With the addition of various halos and honorary titles, some users began to reflect on themselves, did they have any misunderstandings about Pinduoduo?

The market value of Pinduoduo's parent company has surpassed Ali and Penguin, so what right do I have to look down on them?

How about buying Pinduoduo and trying it out?

The market value is [-] trillion, and the [-] billion subsidy is not a drizzle, it should be genuine, right?

As a result, many users who did not buy Pinduoduo began to enter the pit for the first time.

After buying it, whether to curse "Damn, fakes can be sold as the richest man" or say "really delicious", this varies from person to person.

The listing of Ruixiang not only brings brand endorsement to Pinduoduo, but also has many benefits.

Customers, partners, and users all have subtle psychological changes.

It's just that these changes and potential benefits will take time to be reflected one by one.

……

A week later, Ruixiang's stock price finally stabilized.

The closing price of Hong Kong stocks was 284.7 Hong Kong dollars per share, a 21.2% increase from the issue price, with a total market value of 21828 billion Hong Kong dollars, or about 2783 billion U.S. dollars;
The closing price of A shares was 353.1 yuan per share, a 65% increase from the issue price, with a total market value of 13534 billion yuan, or about 1898 billion U.S. dollars.

The two are combined, and there is still a market value of 4681 billion US dollars, which is very close to that of Penguin, and it is tens of billions of dollars away from Ahri, which has a market value of more than 5000 billion US dollars.

In addition, the sharp market value is relatively deformed.

Like most A+H-share listed companies, the stock price of Ruixiang's A-shares is much higher than that of Hong Kong stocks.

On the one hand, the price-earnings ratio of mainland stock exchanges is relatively high, and the market is not mature enough; on the other hand, mainlanders are more optimistic about mainland companies.

Ruixiang’s total share capital of 115 billion was split into two parts, one-third on the Science and Technology Innovation Board and two-thirds on the Hong Kong Stock Exchange.

To calculate the total market value, it is generally the total share capital of A shares multiplied by the stock price, plus the total share capital of Hong Kong stocks multiplied by the stock price, this is the final figure.

If the Hong Kong stock price is used as a unified standard and multiplied by the total share capital of 115 billion, the market value of Ruixiang is only 32740 billion, equivalent to 4175 billion U.S. dollars.

This data is tens of billions less than Penguin, and more than 1000 billion less than Ali.

As a reference, everyone agrees with the valuation of Hong Kong stocks.

Because the Science and Technology Innovation Board is newly opened, there is no limit to the price increase in the first five trading days, and the stock price of new stocks can easily double.

Ruixiang's volume is too large. Although the stock price has not doubled, it has more than doubled on the first day of listing, which is still scary.

There are also some critical voices, mainly aimed at the Sci-Tech Innovation Board, saying that there are deficiencies and efforts are still needed.

After Ruixiang went public, a group of shareholders including Zhang Yida diluted nearly 10% of the shares.

Among Zhang Yida's three shareholding platforms, Yanhuang Investment, as a family office, holds 41.27% of the shares;

The family trust holds 0.83% of the shares;

The third phase of Ruixiang Industrial Investment Fund withdrew, instead of selling stocks directly, it distributed the equity to the investors and the shareholders of Ruixiang as the fund manager.

As the major shareholder, Zhang Yida received 0.12% of the shares.

All together, a total of 42.22% of the shares are held.

In addition, when Ruixiang and Zhonghe merged, they also signed a two-way gambling agreement.

At that time, the two companies were merged according to a 1:1 share exchange ratio.

At this time, it seems that, excluding several companies acquired later, the revenue and potential of the e-commerce, short video and other businesses included in the original Zhonghe have exceeded the fintech business.

According to the agreement, after the end of the 2020 fiscal year, the share exchange ratios of the shareholders of Ruixiang and Zhonghe will be re-divided.

The net profit of the financial technology business is multiplied by 27 times the price-earnings ratio to calculate the valuation of Yuan Ruixiang.

Zhonghe's short video, games, e-commerce and other businesses are multiplied by 9.5 times the price-to-sales ratio to calculate the original Zhonghe valuation.

Then compare the valuations of the two, and Yuanruixiang or the original Zhonghe shareholder will take out a part of the equity to subsidize the other shareholder.

The bet has been going on for almost two years. As long as you are not blind, you can basically see that Yuan Rui is going to lose to one of the investors.

Roughly guessing, probably only two shares of Yuan Rui can be exchanged for one share of Zhonghe.

Based on this calculation, Zhang Yida can increase his shareholding by about 4 points.

According to the current market value, this is a wealth worth more than 160 billion US dollars.

And Zhang Yida's shareholding can also approach the 50% level again!
The Forbes real-time rich list shows that Zhang Yida is worth 2000 billion U.S. dollars, surpassing the No.2 Bezos by a large margin.

Compared with the value of 3000 billion US dollars a week ago, it has shrunk by 1000 US dollars, mainly because the market value of Ruixiang has dropped from more than 6000 billion US dollars to just over 4000 billion US dollars.

Both Jack Ma and Bonnie Ma have a combined net worth of less than 1000 billion US dollars, which is less than half of Zhang Yida's net worth.

This naturally aroused heated discussions among the people, discussing why Zhang Yida has such a high net worth?
The conclusion is very simple. Both Jack Ma and Poni Ma hold less than 10% of the company's shares, while Zhang Yida holds more than [-]% of the shares.

Netizens ridiculed: This is the real big boss, not working for capital!

Ding Sanshi's shareholding in Netease is actually similar to Zhang Yida's, but Netease's market value is less than one-tenth of Ruixiang's.

Holding such a large sum of wealth is a good thing and a bad thing.

When Zhang Yida was interviewed by the media after the IPO, he said that he would use 10% of his personal wealth for public welfare.

Moreover, Zhang Yida soon took action. The Zhang Yida Public Welfare Foundation announced that it had obtained 4.127% of the shares transferred from Yanhuang Investment.

Based on the sharp market capitalization, the equity value of these four points is close to 4 billion US dollars.

The public welfare foundation holding these stocks is equivalent to a reservoir, and a part of the water (dividends) injected into it is used for public welfare every year.

It is equivalent to keeping the principal unchanged, and using the proceeds to do various public welfare undertakings.

This is the practice of many foundations in Europe and America!

What's more, children's education and various expenses are also included in the foundation's daily operating expenses.

While gaining a good reputation, you can also avoid high inheritance taxes through foundations.

Zhang Yida didn't exaggerate so much, but managed the foundation as a long-term business.

Pledged part of the 4.127% equity, borrowed a sum of money, invested in Huayi Capital and Yanhuang Investment, and used it for various securities and equity investments.

When the foundation generates income, it will slowly use the income to do charity.

This is also to avoid the tragedy of only releasing water, not storing water, and extinction of water.

Zhang Yida hopes that this public welfare foundation can exist for a long time, preferably after his death, his descendants can continue to operate.

Unable to use the funds of the foundation for the time being, Zhang Yida donated 6.6 million yuan to Capital University in the name of himself and Zhao Erya, which is equivalent to the amount donated by Robin Li and his wife for the 120th anniversary of Capital University last year.

In addition, Zhang Yida also donated more than one billion yuan to more than 10 science and engineering colleges and universities including Harbin Institute of Technology, University of Electronic Science and Technology of China, and Northwest Industries, 1 million yuan for each school.

In the future, he will make additional additions depending on the performance of each university.

The specific reference is: how many talents enter Ruixiang, or how many talents enter the military industry, defense industry and so on.

Sure enough, after spending more than 20 billion yuan, some topics on the Internet about "how much Zhang Yida donated" and "how much Zhang Yida has done for public welfare" have decreased a lot.

Zhang Yida has finally returned to his normal life. Everyone no longer discusses how much money he has and what contributions he has made to the country.

(End of this chapter)