Reborn Entrepreneurial Giant

Several entities under Charlie Li control 29% of the shares in PCCW, among which PCCW Expansion accounts for 22.86%. Vision Investment acquired this part of the stock, and Charlie Li will retain the remaining 6% of the shares.

In addition, China Netcom, a mainland state-owned enterprise, holds about 19.84% of the shares in PCCW, making it the second largest shareholder. This is another big trouble.

PCCW’s current price is about HK$2, and it is absolutely impossible to buy it at this price. Qu Li finally paid HK$3.1, a premium of about 55%. Acquisition of PCCW Expansion holds 1.548 billion shares of PCCW, accounting for about 22.86%. The total purchase price is about HK$4.8 billion and US$615 million, and within HK$5 billion is within an acceptable range.

If the acquisition of Vision Investment fails, Charlie Li needs to compensate 300 million Hong Kong dollars, which is regarded as the compensation for the acquisition of Pinebridge.

The two parties reached a preliminary agreement, quickly signed the contract, and then devised a plan, such as Vision Investment giving up most of the equity in Pinebridge, and completing the final delivery after acquiring PCCW. In case Charlie Lee repents, Vision Investment can minimize the loss.

"After finishing this, you will spin off Envision's overseas Internet, semiconductor and Xiangcai Securities assets, and then start the equity incentive plan." One day, he will completely give up the control of Vision Investment and transfer the wealth to the family fund.

The assessment indicators of Envision Investment’s equity incentives are not simply based on the ability to make money, but on its comprehensive ability. For example, Du Jiuming, who can promote the establishment of Changjiang Storage, will get more shares. If Changjiang Storage can succeed, Du Jiuming will continue to benefit.

It’s not that the long-term investment is not important. His investment in these industries is considered to be at the strategic level. If it fails, it’s fine.

Of course, it is impossible for Qu Li to give up eating because of choking and worrying about nothing. The most important thing at present is to ensure the success of these enterprises, but Qu Li's personal energy is limited. If you really want to monopolize all the benefits, who would want to play with you? Top talents need ideals and beliefs, and more importantly, a material foundation as a basic guarantee, and profit sharing is a must.

I won’t talk about the specific adjustments of Vision Investment. He and Sun Jianhe’s team will become partners in the future rather than a relationship between superiors and subordinates.

Li Charlie and Sun Jianhe left Beijin, and Qu Li and Chen Danni went to watch "The Founding of a Country" together. With Wang Fei's song "Fulfilling Your Wish" became popular on the Internet, this movie received a lot of attention, and celebrities from all walks of life were overwhelmed. That's how it works.

"It's not pretty at all." Chen Danni complained to him, "It's not as impressive as "Red Cliff"."

The national box office under Chibi is 460 million, setting a new record. Many people say that this movie is not Chen Kaige, and more people are discussing the famous scene in the movie. It was ignited, and Jane Zhang's soprano victory was used as the background, and the picture was amazing.

Video clips of the two war songs, Nijamena and Victory, were uploaded to YouTube and received an astonishing 50 million views. In comparison, "The Founding of the People's Republic of China" is really not very attractive, even if the inflation in the party-ruled areas is added.

But it doesn't matter, there are government agencies, institutions, and primary and secondary schools all over the country. It is not difficult for the box office to exceed 400 million.

Qu Li didn't care about the success or failure of one or two films. The leaders of the Film Bureau raised some opinions to the higher authorities, such as encouraging private capital to invest in cinemas, especially digital cinemas. Taking advantage of the fact that there is money everywhere and there is no place to spend it, it is the turn of the film industry and the turn of cinemas.

The movie theater chain jointly established by Xiangcai and Xiaoma has already started construction across the country, but the plan has been changed. Five large movie theaters with an investment scale of 30 million to 50 million and IMAX theaters have been built in Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu. There are more than a dozen more A digital theater with an investment scale of around 5 million. As always, Qu Li, as always, "work hard to make miracles".

However, not everything went smoothly. The China Securities Regulatory Commission officially announced that it would hold the first GEM issuance review meeting on September 17, and Xiangyun officially entered the listing process. Qu Li went south to Yangcheng because of a new change.

Xiangyun has a total share capital of 550 million, and plans to issue 150 million shares, including 50 million new shares, and the total share capital will increase to 600 million shares. Riyue Fenghua sold 100 million old shares, and its shareholding dropped to 400 million, with a shareholding ratio of about 66.67%.

Based on the net profit of 350 million in the first half of 2009 and 700 million in the whole year, the minimum price-earnings ratio of the GEM IPO may reach 40 times, the market value of Xiangyun is about 28 billion, and the financing scale may reach 7 billion. We must know that the financing scale of the first batch of 28 GEM listed companies in history is about 15.5 billion.

If calculated according to the net profit of about 300 million in sales of 1.1 billion in 2008, even with a price-earnings ratio of 60 times, the market value of Xiangyun is only 18 billion, and the financing scale has dropped to 4.5 billion, which is greatly underestimated.

"The China Securities Regulatory Commission will say that Xiangyun's market value is only about 40 billion yuan, and the market value of its subsidiaries cannot exceed 30 billion yuan..." said the person in charge of the IPO of CICC

"It seems very reasonable..." Qu Li said involuntarily.

With reference to Anta's net profit of 600 million in the first half of 2009 and a market value of approximately HK$26 billion, the market value of Xiangyun may only be HK$15 billion. Now because of the blessing of the two concepts of clothing e-commerce and international brands, there is such a high price-earnings ratio and premium.

"Let Xiangyun become the listed company with the highest price-earnings ratio on the GEM..." Although he felt that the SEC's point of view was reasonable, Qu Li immediately became unhappy when he saw other flirtatious sluts on the GEM, and forcefully stated his request.

Qu Li is self-confident. The growth potential of clothing e-commerce is really inferior to some high-quality companies, such as Aier Ophthalmology and Yiwei Lithium Energy.

The communication with relevant departments was not very smooth, and finally made a lot of adjustments, such as reducing the financing scale, issuing 50 million new shares and transferring 25 million old shares.

Based on the static price-earnings ratio of about 80 times the net profit of 300 million yuan in 2008, the market value of the issue is 24 billion yuan, and the minimum stock price is 40 yuan to raise about 3 billion yuan, of which 2 billion is from Xiangyun Company and 1 billion is from Sun Moon Fenghua.

Xiangyun's 2 billion is mainly used to develop the market and establish offline sales channels. The comprehensive cost of this IPO is about 60 million, which is not low.

The issuance review department of the GEM is under great pressure, and Xiangyun is well-known at home and abroad. If such a company does not meet the standards, what other companies meet the standards? Of course, there is a high probability that the relevant departments will not consider these issues, and they are more concerned about maintaining their own authority. In the end, Xiangyun's adjusted plan was passed, and the code of the listed company was given No. 3.

Not to mention the company’s internal equity incentive plan. Riyue Fenghua’s shareholding ratio in Xiangyun exceeds 79%, and 4% is given up for equity incentives. It cannot be cashed out within three years. After three years, Jumei probably does not need to cash out Xiangyun. Shares are financed.

Fortunately, after the listing of Xiangyun, Jumei really needs money and can cash out through mortgage loans.

When the GEM was the most relaxed, listing on A-shares was much more troublesome than listing on NASDAQ, and the cost of financing was not low.

Qu Li accompanied Chen Danlin to run back and forth between Yangcheng and Pengcheng, met all kinds of "big men", and felt his own insignificance. Qu Li, who is in the Internet technology industry, is nothing more than that. Fortunately, he has witnessed Chen Danlin's tenacity .