The roadshow on the 26th was to accept subscriptions from investment institutions.
When a company goes public, its shares will be divided into two parts, the international placement and the public offering.
As for the international placement, it was actually prepared for investment institutions.
The public sale of shares was prepared for retail investors.
This time, Tencent will raise 34 billion HKD through the international placement of 680 million shares.
The public offering will raise 15 billion HKD through 300 million shares.
Tencent only has 20 million shares in the over-allotment, and they plan to raise 1 billion HKD.
Because the exchange rates are constantly changing, the exchange rate between USD and HKD is close to 1: 8. Tencent's financing is less than 6.5 billion USD. Based on the current exchange rate, it is close to 6.3 billion USD.
The international placement, including the over-allotment, is a total of 700 million shares, 35 billion HKD, close to 4.4 billion USD.
For Tencent's top management and Far away's top management, the minimum amount of subscription on the first day is 500 million USD. If the subscription reaches 1 billion USD, it will be considered a success.
After all, there were still many days to go before the international allotment of shares could be subscribed, and the oversubscription ratio generally did not include the international portion, only the retail portion.
That's why as long as the subscription reaches 4.4 billion USD, it will not have a big impact on the subsequent listing.
The buying frenzy among the individual investors was actually more eye-catching to the outsiders.
… …
Far away's top management felt that it is a success if the subscription reaches 1 billion USD on the first day.
However, after Li Dong gave his promise on the roadshow, the following scene stunned everyone.
Since the investment institutions had come to the roadshow, it means they are optimistic about Tencent.
Even if Li Dong did not say anything, the subscription amount will not be low.
This was risky, and Tencent's risk was not high. Feng Yu can look forward to the future.
At this moment, Li Dong lowered the investment institution's risk again. If they do not subscribe now, when will they do it?
… …
When Li Dong walked down from the stage, Liu Hong announced that they can accept the subscription and signed the letter of intent. Almost instantly, a group of investment managers rushed to the front.
These institutions do not have as much capital as the big investment banks, and they do not have the capital to bargain.
While the big institutions were still considering, they should strike first to prevent the Tencent subscription amount from being capped. In the end, the other big institutions still had the chance to make the Tencent over-allotment again, but they did not have this opportunity.
The others rushed to Liu Hong's side, while Liu Qin squeezed her way to Li Dong's side. She said, "Li … Ahem, Goldman Sachs has subscribed for 200 million USD, and the Association Holdings has subscribed for 100 million USD. My father didn't come this time, but he specifically called me to tell me that I must fully support Far away and support Tencent! This time, I'm representing Goldman Sachs and the Association to subscribe for a total of 300 million USD … "
Liu Qin was going to call him General Manager Li, but when she saw Li Dong grinning at her, she swallowed the words General Manager Li back down. However, she really couldn't bring herself to call him Uncle Li.
After she finished speaking, Li Dong smiled and said, "What's the use of looking for me to subscribe? I'm just here to stand on the stage. Go find someone else. Furthermore, Goldman Sachs is one of the underwriters. As long as you all comply with the rules, you can subscribe as much as you want. Why? Does Goldman Sachs think 50 HKD is not high enough? "
If these underwriters think the price is too high, they will not subscribe now.
The advantage of underwriters is that they have a lot of autonomy, and they can still participate in the final part of the deal.
Now, Liu Qin is representing Goldman Sachs, and she had subscribed for 200 million USD on the first day. Obviously, Goldman Sachs thinks 50 HKD is acceptable.
They were worried before, but after what Li Dong said today, those who subscribe on the spot will give some guarantees. If they don't hurry now, Li Dong will not guarantee anything in the end.
Liu Qin doesn't care about Dong Xuebing's ridicule and smiled. "I am not from the same department as them, and we are not related. I represent the Investment Department."
Goldman Sachs has many industries and departments, and the underwriting team and investment team can be looked at separately.
But if the underwriting team feels that it is not good, the Investment Department will not spend money recklessly. Even if they want to spend money recklessly, the headquarters will not agree.
Li Dong just listened to what Liu Qin said and did not take it too seriously. He smiled and nodded. "You can do whatever you want. But you are representing the Association Holdings? Why, do you want to go back and take over? "
Although Liu Qin and Liu Chuanzhi are father and daughter, they represent different big companies outside.
At this time, the Association Holdings entrusted Liu Qin to represent them. In Li Dong's view, it is a little meaningful.
Liu Qin immediately shook her head and said, "I don't have this idea, and I don't have this intention. Moreover, there is no succession here."
Outside, everyone thinks that Liu Chuanzhi is the boss of the Association and the absolute shareholder.
In fact, the Association has a large proportion of state-owned assets. In this kind of enterprise, it is difficult for the second generation to take over. Generally, they will choose professional managers to take over.
Liu Qin's words are not perfunctory.
Li Dong did not ask any more questions. He simply chatted with Liu Qin for a while, and then began to chat with some investors.
The investment managers of small and medium-sized institutions have gone to subscribe, and the big institutions can still be calm now. But as the host, Li Dong still has to receive them.
Moreover, this time, it is not only these investment banks, but also some domestic private equity funds and the private equity funds of some Hong Kong tycoons.
These people have a lot of cash on hand.
In Li Dong's view, this Tencent financing is not the only one So far away. In the future, they will have many opportunities to deal with each other.
…
When Li Dong is chatting with the investors, Ma Yun and the others do not disturb him.
This time, they are destined to be onlookers.
However, when they see such a lively scene, they are still a little emotional.
Ding Lei watched for a while and said with a sigh, "Li Dapao should not be called Li Dapao. The global financial crisis is not completely over yet. Where does he get this confidence? If Ali had made such a promise back then, he would have lost a lot this year. "
If Ma Yun had dared to say that back then, the price of the privatization this time will have to be doubled, and they will have to spend billions of dollars more. With so many more expenses, Ali himself will not be able to bear it.
Not only Ding Lei, but also the foreign tycoons are also sighing in their hearts.
Li Dong, this fellow, was extraordinarily daring!
In 2009, the impact of the financial crisis in Hua Xia's mainland was not too big, but the crisis in the international market, especially in the financial securities sector, was not completely over yet.
At this time, it is normal for the stock price to soar one day and plummet the next.
During the roadshow, Li Dong dared to back someone up, and it was such a large-scale financing plan. Almost no one present dared to make such a promise.
Meg stared at Li Dong in the crowd with interest for a while, and finally said goodbye to everyone, and left in advance with her assistant and interpreter.
As soon as she left, Ma Huateng raised his eyebrows and said, "Is she really interested?"
It was an accident that Meg suddenly came to Hong Kong this time and participated in the Tencent's promotion meeting. Now that she seemed to be very interested in Li Dong, Ma Huateng could not help but suspect that she wanted to join Far Away.
Li Yanhong said softly, "Far Away may not be what she wants to see. Maybe it's Weibo? Elections also need the support of the media. Weibo is actually quite influential in Europe and the United States now. Of course, Li Dong may not agree. "
Everyone knew that in foreign countries, it was better not to participate in politics through social media, especially Hua Xia's social media.
It would be fine if the supporter won, but if he lost, there would be big trouble.
Of course, this was also an investment. Once the other party won, there would definitely be a return.
For politicians in Europe and the United States, it was an established rule to give rewards to their supporters. It was not even an unspoken rule.
Once they reneged on the debt after coming to power, all the supporters would choose to betray them. For so many years, almost no one had reneged on the debt to their supporters.
Li Yanhong's words made the others ponder.
It could be seen that the influence of Weibo might be greater than they thought. Otherwise, American politicians would not come to Hua Xia to ask for support.
However, Li Dong could see it. They did not think much before, but now that they thought about it, when Li Dong poached Meg, he said that she would lose the election. In fact, this had already shown his attitude.
Whether Meg came to ask for support or not, if Li Dong was not optimistic about her election, he would not let Weibo get into trouble.
Now that they thought about it, Li Dong had always been a sharp guy. Maybe Meg would really lose.
No one said much about this. Lei Jun looked at Ma Yun and said with a smile, "Old Ma, how much do you think the amount of money signed today will be?"
"More than three billion dollars."
Ma Yun did not hesitate and directly gave his prediction.
Ma Huateng squinted his eyes and said, "3 billion USD is not enough. Just now, Goldman Sachs, Xiaolongmo, Xiaolongmo, and other Chinese financial institutions have joined the bidding. Also, ICBC, Bank of China, and other domestic financial institutions are also surrounding Li Dong. In addition, as early as before, some private equity funds in Hong Kong and the mainland have already reached an agreement, and the subscription amount will be no less than five billion dollars. Even if today's results do not meet the expectations, these people will still take action. Many people in Hua Xia trust Li Dong very much. So far away today, let's see if these institutions will raise the subscription amount again. "
For an IPO company, it was necessary to confirm some subscribers in advance.
They could not really let the scene die down. Even if no one was interested today, there would be people who would take action in the end, including some domestic tycoons and private equity funds.
Looking at the scene now and what Li Dong had just said, these institutions should also be buying on the spot today.
Seeing that the scene was so popular, three billion dollars might not be able to stop it.
Ma Yun did not care that he was refuted. He smiled and said, "Let's go. The popularity of the Tencent's promotion is actually a good thing for us. But even if it is a good thing, we will not be in a good mood if we stay. "
As soon as he said this, everyone nodded.
The popularity of the Tencent was actually a good thing for IT companies.
But the more popular it was, the more they had to be careful of Li Dong's poisonous tongue, especially Ma Yun. If they did not leave now, they would be humiliated by Li Dong later.
It was better to leave first while Li Dong was not free. As for the subscription funds, they did not ask, and the Tencent would disclose it to the public.
…
Although Li Dong saw that Ma Yun and the others had left, he really could not leave at this time.
Li Dong felt a little regretful. These guys had not waited until his subscription was over.
At least, they had to wait until he knew the amount of funds on the spot!
…
At the same time.
East Garden.
Cao Fang looked at the screen in front of her and said worriedly, "Qianqian, is it good now?"
Shen Qian smiled and nodded. "Mom, don't worry. The effect is good!"
Shen Xuehua, who had just rushed over from Beijing, frowned. "Qianqian, go back and persuade Li Dong. This cannot happen again!"
She was talking about Li Dong's promise!
How dare he make such a promise? Li Dong must be crazy!
If it were her, she would have bought at least 800 million dollars when she heard that Li Dong was backing her. No matter how risky it was, she had 1 billion dollars.
How could such a promise be made casually?
Even a child knew that the stock market was risky.
No one could guarantee that it would be good for them in the future.
When Ali was listed, it was so popular. But what happened in the end?
In 2008, it fell below the issue price several times, and everyone was dumbfounded.
Tencent might be doing well now, but who could be sure that there would not be any problems in the next two years?
Shen Qian was still smiling. "Mom, since he said it, it means he is confident. Don't you think that he was very domineering when he said those words just now? The investment managers in the audience were stunned. This kind of words can only be heard from Li Dong's mouth. "
Shen Xuehua rolled her eyes. Crazy!
Her daughter had been led astray by Li Dong. Yes, only Li Dong would say such words, because Li Dong was a lunatic.
But her daughter was proud of it. Could it be that she was influenced by her company?
Shen Xuehua did not say anything more. After a while, she said regretfully, "If it were someone else, I would have bought some shares too."
To her, this business was bound to be profitable. It would be a pity not to participate in it this time.
Shen Qian did not care about this. She smiled and said, "Mom, do you still have money?"
Shen Xuehua rolled her eyes at her. What an ingrate! If I don't save some money for my retirement, with the way this couple is tormenting me, I might have to rely on Old Du's pension when I'm old.
She felt that she was not wise. If she knew this couple was so troublesome, she would not have given the company to her daughter.
But it was too late to regret now. She could only hope that Li Dong would know his place after the child was born.
… …
Her family and the outside world were paying attention.
The two-hour promotion meeting had yet to end at three in the afternoon.
Waves of subscriptions came one after another on the spot.
Even some investment institutions that were not present at the meeting started to contact them through the phone.
Li Dong said that the investors who subscribed on the spot would be guaranteed, and everyone believed him. But in the next roadshow, Li Dong might not say the same.
Moreover, based on their understanding, Li Dong would only attend the roadshow in Shanghai.
If they missed this opportunity, they would have to bear a greater risk when they subscribe in the future.
It was not until 4 pm that the atmosphere at the promotion meeting gradually eased. At this time, all the letters of intent had been signed.
The funds would not be transferred to the account today. But if the subscription was confirmed within three days, the money would be frozen.
The underwriters were still busy, but Liu Hong walked to Li Dong happily and said, "General Manager Li, you are beyond imagination!"
Li Dong had not left. He shook his head slightly and said, "When will there be such a scene without me saying those words? That will be a real success. Now, it is not."
When he said that, everyone's face changed.
Indeed, if Li Dong did not say those words, the current situation would not be like this.
The current panic buying was not because of the company itself, but because of Li Dong. There was a difference between the two.
Liu Hong nodded slightly and said firmly, "Tencent is the first time. There will not be a next time! Tencent made a good start on Weibo. I think the effect will not be worse than Tencent! Oh, let me tell you the current statistics. So far, 164 letters of intent have been signed. The amount of money signed is as high as 7.2 billion USD! "
"7.2 billion USD!"
"It has exceeded the international allotment financing limit!"
"This is only the first day. So much?"
"…"
When Liu Hong said that, the surrounding people were in an uproar.
Although they knew it would not be a small amount, 7.2 billion USD was still too much.
Li Dong frowned again and said after a while, "It did not reach 10 billion USD today?"
It was not that he was greedy, but after he made the promise, it still did not reach 10 billion USD, which was not a lot.
Liu Hong quickly said, "Today is not over yet. Some investors have not come, but many institutions have called, hoping to extend the subscription time today. Next, some institutions will participate in the subscription. 10 billion USD is still possible. "
"Okay. Then extend the subscription time. If it reaches 10 billion USD today, I will not have to go to the international roadshow. If it does not reach 10 billion USD, I will have to go to a few more shows."
After that, Li Dong said, "Hong Kong's subscription is capped at 10 billion USD.
It will be capped today!
Next, Hong Kong will not accept subscriptions.
Since the roadshow in Shanghai has been confirmed, the subscription must be opened. The limit is 5 billion USD, and it will stop when it reaches the limit.
There is no limit for the international part.
In addition, the subscription for individual investors will start on August 1st, and the trading will resume on August 18th! "
"Okay. Do you want to set the final price again?"
"No. Just 50 HKD. There is no need to increase the price."
Li Dong shook his head. He knew that if he increased the price, the investors' profits would be reduced. Even if the investors were optimistic, the market will be less popular.
Giving investors a certain profit margin is actually for greater returns in the future, and there is no need to worry about short-term returns.
When Li Dong said this, the investment managers next to him were relieved. It is good that there is no need to increase the price. It seems that Tencent will set the offering price at 50 HKD.
Otherwise, with today's situation, even if Tencent increases the price, everyone will still understand.
If Tencent does not increase the price now, everyone's returns will also increase.
…
Li Dong did not wait until the end for Hong Kong's subscription.
The purchase amount of more than 7 billion USD on the spot had already reached his expected target. More or less, Li Dong would not be shaken by this.
But on the 26th, the subscription ended at 8 pm, and the final amount made Li Dong happy.
Some international investment institutions had planned to participate in the overseas roadshow before. But now, many institutions had participated in advance.
According to their proposal, they can actually sign a letter of intent worth about 12 billion USD on the same day.
But Li Dong had said that Tencent will not accept the 10 billion USD cap, and some investors want to subscribe. Tencent asked them to wait for the next opportunity.
Even in Shanghai, some institutions wanted to book in advance, but they were rejected.
Li Dong had said that Hong Kong and Shanghai will hold two shows with a cap of 10 billion USD. Now, Hong Kong's one show had exceeded his expectations. The 5 billion USD cap is actually to take care of some institutions in China.
This kind of hunger marketing method also made many institutions helpless.
In their opinion, the limit set by Distance was too low. They had never seen an IPO company complain about having too much subscription funds. Which company didn't run to a higher limit?
But now, Li Dong insists on doing this, and they can't do anything about it.
Fortunately, there is no limit for the international subscription in August, and they can only participate at that time.
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