Rebirth: The Financial Giant

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A large number of Zhonggai stocks in China have gone to overseas US stocks to list. Pinduoduo was originally one of them, and it has attracted attention because it took only three years for this company to go to the US for its IPO. Time, this speed is rare.

But at this juncture, today Pinduoduo suddenly announced the termination of its plan to go public in the United States, which is not a problem. The real problem is that Huang Zheng expressed his intention to let Pinduoduo be listed on the A-share market.

This directly pushed Pinduoduo to the cusp of capital, attracting various interpretations from the market.

For overseas investors who are fighting duoduo, especially Wall Street Capital, getting this news is like a horse with 10,000 heads galloping past.

Listed on A-shares under the principle of "same shares, same rights"?

This means that Pinduoduo's existing shareholding structure needs to undergo structural reform, from the current AB share system to the same share with the same rights, either Huang Zheng gives up absolute control over the company, or someone has to leave the game. A card table is a melon-eating audience.

But no matter which one is, investors don't want to see it. If the founder gives up control of the company, basically the future of the company will be full of instability, and the risk factor will skyrocket, which is also quite high for financial investors. Not friendly.

This world is such a bullshit. On the one hand, capital always wants to control the company, but on the other hand, it is afraid that the founder of the company will not be able to control the company.

In fact, it’s not a strange thing. The former wants to control the capital of the enterprise, often hoping to quickly drain the remaining value of the enterprise and then leave the company. The latter is because the value of the enterprise has not been fully released, and the capital needs the founder team to work day and night to make the enterprise. Do it, and then sell it at a high price to cash out.

No matter how Pinduoduo is ridiculed and despised by the public, it can’t hide the fact that its current valuation is seriously underestimating its potential future business value. There are too many stories to tell. The capital market likes imagination the most. Force this thing.

...

Not long after the news of Pinduoduo came out, the capital with a keen sense of smell had begun to move. At this moment, Lu Ming was talking with Wang Yue of Wanxiang Group, and the other party was calling for the matter of Pinduoduo. of.

Wang Yue on the phone asked, "Brother Lu, what do you think about fighting Duoduo?"

Lu Ming smiled and said, "This is a good thing. President Huang wants Pinduoduo to be listed on the A-share market, and Tiansheng Capital will fully support it."

Show your attitude directly.

Pharaoh immediately complained: "Brother, you know I'm not asking this, Pinduoduo is going to be listed on the A-share market, what about the foreign capital in it?"

Hearing this, Lu Ming smiled knowingly, Old Wang wanted to get on a Duo Duo car and wanted to cut off foreign capital, so he just said it clearly.

Lu Ming replied succinctly: "There is nothing to say, foreign capital will definitely be out."

When the news that Pinduoduo was going to be listed on A-shares came out, the outside world began to speculate that it would be listed on the board of the two cities. Many people agreed that if Pinduoduo was really listed on A-shares, it would definitely enter the Shenzhen GEM.

It just so happens that the GEM also lacks a large-scale company. The current valuation of Pinduoduo is more than 20 billion US dollars, which is equivalent to RMB 135 billion. The future valuation will definitely still be upwards. It is possible that the GEM will directly drop to the top position in the market value of the GEM. .

The "top card" of the current GEM is the pig farm Wenshi shares, but it is worth mentioning that on Monday, two days ago, Ningde Times had already landed on the GEM, and the current market value exceeds 50 billion yuan, which is Tiansheng Capital's key investment target, one of the core players in the "Tiansheng Department" new energy industry chain, has attracted much attention once it is listed, and has high expectations from the market. It is one of the candidates to surpass the "pig farm".

However, the outside world's prediction of Pinduoduo's listing on the Growth Enterprise Market is obviously wrong, because Lu Ming is going to make every effort to promote Pinduoduo's listing on the future science and technology innovation board, and the science and technology innovation board will not be included in Lu's entry and exit of foreign capital in a short period of time. Stock Connect.

Wang Yue on the other end of the phone said, "Brother, I won't beat around the bush in front of you. Sequoia Capital holds about 7% of Pinduoduo's shares. I want to pick up more than half of it. You have to help my brother."

Lu Ming said with a smile: "It's easy to say, it's easy to say. But this matter can't be rushed, and some of them are talking about it, but I think you still have to see Mr. Huang, and let him have an interview. At this time, Mr. Huang is the key, we have domestic capital. By shouting for him on the platform, he will have the confidence and the foreign capital to be positive."

Pharaoh immediately laughed and said, "To tell the truth, Brother Lu, I'm already on my way there. Isn't this just a phone call to say hello to you?"

Hearing this, Lu Ming couldn't help but admit it for a while, and suddenly he burst into laughter. Old Wang really knows how to play. Here, the old king actually left after hearing the news.

Going to Huang Zheng at this time, even if it doesn't count as a help in the snow, is also very crucial for Pinduoduo. With more domestic capital for Pinduoduo's platform, Huang Zhengcai is more confident to turn against Wall Street capital.

...

After finishing the call with Wang Yue, Lu Ming returned to the desk and sat down, picking up a document report on the desk.

The market has closed at this moment. Today, Big A fell below 3100 points again. The market plunged in the afternoon, dropping by nearly 1%. The reason is this report that Lu Ming picked up.

This is the "Notice on Strengthening the External Access Management of the Information System of Securities Companies" issued by the China Securities Regulatory Commission today. There is a lot of turmoil in the asset allocation field. It seems that the market can stabilize at 3,000 points, but Lu Ming is very clear about the "6.19" thousand-share limit-down scene. right in front of you.

This round of bull market has spawned countless online and offline stock allocation platforms. P2P companies, guarantee companies, small loan companies and even some underground banks have all mixed into this field to compete for market cakes.

In the early days, the leverage in the industry was generally above 1:5. In order to attract business, some financing companies even increased the leverage to more than 1:10. Under such a leverage ratio, if a financing customer holds a single share, once it encounters a falling limit, That is, if the warning line set by the capital company is reached, and the stock price continues to fall, the position will be forced to liquidate.

Lu Ming tapped the computer keyboard and looked at the screen. Today's treasury bond reverse repurchase rate has reached the highest point this year, and the liquidity is tight. The reason is that the mother is controlling liquidity.

For the capital market, the most feared thing is the issue of liquidity. As soon as the faucet is turned off, the central bank is still cracking down on the allocation of funds. Where does the liquidity capital that drives the market upwards come from?

...

The next day ~www.novelmt.com~ a more explosive news once again triggered shocks in the capital market. The head of Sequoia Capital in Greater China madly sprayed on his social media that Pinduoduo was a garbage company that did not believe in its promises. The company, harshly criticizing its founders for not having a minimum code of business integrity, is a rascal.

The fierceness of the wording makes the outsiders who don't know the truth a little confused. How much stimulation is this? How many hooligans have been played to be so excited?

Afterwards, it was rumored on the Internet that Pinduoduo held a board of directors on the same day. At the meeting, the founder brought the second largest shareholder Tiansheng Capital to pressure foreign investors represented by Sequoia Capital, forcing them to withdraw from the market.

Huang Zheng alone has more than 80% of the voting rights, and Tiansheng Capital is a concerted action person on its platform. The board of directors is firmly controlled by Lao Huang, and he is a hooligan. For the 7.2% shareholding ratio, he voted. Sequoia, with just 1.4 percent, said it was overwhelmed.

On the night after the incident, several major credit rating agencies on Wall Street on the other side of the ocean gave bad reviews to Pinduoduo and directly downgraded it to the D level.

...