AA :: Volume #5

#479: Trouble of IPO

LNMTL needs user funding to survive Read More

Fidelity Investment Company of yellow Weida, is Zhang Guan in the only agent of extraterritorial investment, these years scattered also helped Zhang Guan make a lot of money. 黄伟达的富达投资公司,是张冠在境外投资的唯一代理人,这些年零零散散的也帮助张冠赚了不少的钱。 Most started is 2004 time, Zhang Guan arrived at the first pot of gold/metal through Bo Cailao, then invested through Fidelity, purchases social media B that the stock of fruit company, invested was just born, but also bought some real estates in Hong Kong Island. Money that several years then, Zhang Guan makes, so long as is the foreign currency, almost gave Fidelity to invest to handle. 最开始是2004年的时候,张冠通过博采捞到了第一桶金,然后通过富达投资,购买了水果公司的股票、投资了刚刚诞生的社交媒体b,还在港岛买了一些地产。而后的几年,张冠赚到的钱,只要是外币,几乎都交给了富达投资去打理。 Zhang Guan goes abroad to attend the competition, the bonus definitely is the foreign currency payment, some overseas trade activities, the reward is also the foreign currency, but in recent years, Zhang Guan invests 1 motorcade, that 500 million dollars unrestrained gambling and appearance money and bonus of sparring match wait/etc., may be the income of several hundreds of millions dollars rank, in comparison, the beforehand these several million dollars competition bonuses, can only be the pocket money. 张冠出国参加比赛,奖金肯定都是外币支付,国外的一些商业活动,报酬也都是外币,而最近几年,张冠投资一车队、那五亿美金的豪赌、拳击赛的出场费和奖金等等,可都是数亿美金级别的收入,与之相比,之前的那些几百万美金的比赛奖金,就只能算是零钱了。 Fidelity invests also becomes the Hong Kong Island first-class investment company. However Hong Kong Island after all is the world-class financial city, financial industry incomparable developed, light/only the financial industry produces the tax revenue of reaches as high as 50 billion HK dollars, such as the investment company, the fund company and insurance company are everywhere are, therefore Fidelity invests also does not seem towering. 富达投资也借此成为了港岛一流的投资公司。不过港岛毕竟是世界级的金融城市,金融业无比的发达,光金融业所产生的的税收就高达500亿港元,诸如投资公司、基金公司、保险公司更是遍地都是,所以富达投资也并不显得突兀。 After many years of cooperation, Zhang Guan invested to Fidelity also accumulated quite many trusts, rate of return that Fidelity invested let alone, Zhang Guan was also very satisfied. Can make money, naturally is the foundation that both sides cooperate. 经过多年的合作,张冠对富达投资也积累了比较多的信任,更何况富达投资的投资收益率方面,张冠也很满意。能够赚钱,自然是双方合作的基础。 Usually, Fidelity invests mostly issues Zhang Guan the monthly report, for these years, few such anxiously the situation of looking for Zhang Guan. 平日里,富达投资大多是将月报发给张冠,这么多年来,很少有这么急着找张冠的情况。 Therefore after Zhang Guan sees the message, without hesitation returned the call to yellow Weida. 于是张冠看到短信后,毫不犹豫的给黄伟达回了电话。 „yellow, I on the airplane, without the means answered the telephone a moment ago, what urgent matter does your side have?” Zhang Guan opens the mouth to ask. “黄总,我刚才在飞机上,没有办法接电话,你那边有有什么急事么？”张冠开口问道。 „Is that side US matter, is very indeed anxious.” yellow Weida then said: „You still remembered in 2004 the first meeting time, did you mention by name B of investment? I may really admire your vision now, in the past a that obscure software, now is the world's first public relations software. In our Hong Kong Island, every two person China, the person uses B.” “是美国那边的事情,的确很急。”黄伟达接着说道:“你还记得2004年我们第一次见面的时候,你点名投资的b么？我现在可真是佩服你的眼光啊,当年那么默默无闻的一个软件,现在已经是世界第一社交软件了。在我们港岛,每两个人中国,就有一个人使用b呢。” „B? Do you look for me are the related B matter?” Zhang Guan recalled, the present was in April 2012, B should be in the ipo final sprint stage, then opened the mouth to ask: „Related with B ipo?” “b？你找我是有关b的事情？”张冠回忆了一下,现在是2012年4月份,b应该进入到了ipo的最后冲刺阶段,而后开口问道:“是不是和b的ipo有关？” Some yellow Weida surprise, he does not have to think oneself raise B, Zhang Guan actually thinks that is related with ipo. 黄伟达有些诧异,他没想到自己一提b,张冠竟然就想到和ipo有关。 „Right. Related with ipo.” yellow Weida then briefed the B ipo situation. “没错。就是和ipo有关。”黄伟达接着介绍起了b的ipo情况。 Since 2004, after obtaining that investment of Zhang Guan, B develops rapidly, in 2005 obtained a thousands of dollars venture capital, in 2005 obtained a about 30 million dollars venture capital, later B after all crowd open registries, is the fast expansion, last year active users of B in the world has been over 8 hundred million. 自从2004年,获得了张冠的那一笔投资之后,b发展迅速,2005年获得了一笔千万美金的风投,2005年又获得了近3000万美金的风投,随后b面向所有人群开放注册之后,更是快速的扩张,去年b在全球的活跃用户已经超过了八个亿。 Therefore on this year's February 2, B formally submitted to the US securities trading watchdog committee put up shares publicly, was the application of ipo, the plan raised 5 billion US dollars. But this ipo was also in the US history the ipo transaction of largest science company, the market estimated at that time, B after ipo, the estimate value will be 100 billion US dollars. 所以在今年的2月2日,b正式向美国证券交易监督委员会递交了公开募股,也就是ipo的申请,计划融资50亿美元。而这起ipo也是当时美国历史上最大规模科技公司的ipo交易,市场估计,b经过ipo后,估值会达到1000亿美元。 the ipo process conducts is very smooth, the market generally was optimistic about the B prospect, Morgan Stanley became the lord credit corroborative of B trade, in addition. JP Morgan Chase, Goldman Sachs, Bank of America Merrill Lynch and other financial circle giants, will be responsible for selling on consignment. ipo的过程进行的很顺利,市场普遍看好b的前景,摩根士丹利更是出任了b上市交易的主承销商,除此之外。摩根大通、高盛、美银美林等金融界巨头,也将负责承销。 B landed the time of NASDAQ to be chosen as May 18, from present also more than one month points time, can speak of the ipo most crucial time, however at this time, the US securities trading watchdog committee actually discovered an issue again, but invested as Hong Kong Fidelity of B second major stockholder, unexpectedly was not the direct investor, but was the request investment. b登陆纳斯达克的时间被确定为5月18日,距离现在还有一个月多一点的时间,可以说到了ipo最关键的时刻,然而就再这个时候,美国证券交易监督委员会却发现了一个问题,可就是作为b第二大股东的香港富达投资,竟然不是直接投资者,而是委托投资。 The request investment is the trustee stores the financial trust institution the fund beforehand as the request investment fund, the request finance trust institution invests to its joint management or the investment unit of assigning, and to the operating condition and profit of service condition and investment unit of investment draws bonus to monitor the management and one financial trust business. 委托投资是委托人将资金事先存入金融信托机构作为委托投资基金,委托金融信托机构向其指定的联营或投资单位进行投资,并对投资的使用情况、投资单位的经营情况及利润分红等进行管理和监督的一种金融信托业务。 To put it bluntly this is a specific trust business. Different with the common investment company, the investor of request investment formulated the investment unit. In other words after once B completes ipo, the second major stockholder is not Fidelity invests, but is Fidelity invests the back that consignor. 说白了这是一种特定的信托业务。和一般的投资公司不同,委托投资的投资人是制定了投资单位的。也就是说一旦b完成ipo后,第二大股东并不是富达投资,而是富达投资背后的那个委托者。 Because of this point, brings in the unnecessary trouble. 正是因为这一点,引来么不必要的麻烦。 The money market of US does not repel the external investor, for example in the middle of this B ipo, the dst investment company in Russia, has certain preference shares, present ipo can help them obtain ten times of returns ; Also for example Li Chaoren of Hong Kong Island, has the B Corporation 3% stocks, after ipo, he can also receive the rich return. 美国的金融市场并不排斥外来投资者,就比如这次b的ipo当中,俄罗斯的dst投资公司,就持有一定的优先股,如今的ipo可以让他们获得十倍的回报率;又比如港岛的李超人,也拥有b公司3%的股份,ipo后他也可以获得丰富的回报。 Had Li Chaoren precedent, normally with invests for Hong Kong Island's Fidelity, should open access is right, but SEC worried that Fidelity invests the back that investor, will have the certain official backgrounds of Eastern great nation. Therefore SEC information that requests Fidelity to invest the public consignor, they worried that this is not a pure business dealing, they are worried about such big US Corporation . Moreover the social network company, will be controlled by another great nation finally. 有了李超人的先例,按说同为港岛的富达投资,也应该畅通无阻才对,但是美国证监会担心富达投资背后的那个投资者,会有东方大国的某些官方背景。所以美国证监会要求富达投资公开委托者的信息,他们担心这不是一次单纯的商业行为,他们担心这么大的一个美国公司,而且还是社交网络公司,最终会被另一个大国所掌控。 Actually what B Corporation implements is A and B kinds of double-decked shares, at that time Zhang Guan to invest B, had made the concession in this aspect, therefore Fidelity invests the B stock of holding, above is the B sector, the trading value and draws bonus, although is consistent with a sector, however the voting rights of board of directors only have A sector 1/10. Therefore the worry of SEC is unnecessary, however the reason of ideology or competition -based between countries, SEC set requirement, lets information that Fidelity investment publicizes that trustee. Otherwise, they will call very this ipo. 其实b公司实行的是a、b类的双层股权结构,当时张冠为了投资b,曾经在这方面做出过让步,所以富达投资所持有的b股份,都是b类股,出售价格和分红上面虽然和a类股一致,但是董事会的投票权只有a类股的十分之一。所以美国证监会的担心是没有必要的,然而基于意识形态或是国与国竞争的原因,美国证监会还是提出了要求,让富达投资公开那个委托人的信息。否则的话,他们会叫挺这次ipo。 As US in history biggest science company ipo, if were stopped, affecting to be big, an estimate value 100 billion dollars business, how could yellow Weida does not worry. 作为美国有史以来最大的科技公司ipo,要是被叫停的话,影响可就大了,估值1000亿美金的生意,黄伟达岂能不着急。 In fact SEC this approach, has violated the rule in commercial. Situation of probably this request investment, what are many in the US, for example the Jew in US, most likes using the request to invest this way. Due to historical reasons, after the WWII, the Jew does not dare the flagrant violent to leak own wealth, will therefore use the way of request investment to operate own business empire. 事实上美国证监会这种做法,已经违背了商业方面的规则。像是这种委托投资的情况,在美国多的是,比如美国的犹太人,最喜欢使用委托投资这种方式。由于历史的原因,在二次世界大战之后,犹太人不太敢明目张胆的暴漏自己的财富,所以会使用委托投资的方式来经营自己的商业帝国。 Accumulation of capital that also for example Europe's some established financial families, start from the colonizing time, said that they are the rich enemies, that looks down upon them! Their money may be more than a country, however in what Forbes wealth list and so on the list, can once see their names? What they are more is as the trustee, hides in secretly, they can through the different investment companies, be in charge of the same enterprise, the semblance seems like the different companies to hold the stockholder's rights, but in fact the big boss only has a person secretly. 又比如欧洲的一些老牌金融家族,从殖民时代就开始的资本积累,说他们是富可敌国,那是看不起他们！他们的钱可比一个国家多多了,然而在什么福布斯财富榜之类的榜单上,可曾看到他们的名字？他们更多的是作为委托人,藏在幕后,他们可以通过不同的投资公司,入主同一家企业,外表看起来是不同的公司持有股权,但实际上幕后大老板却只有一个人。 Therefore situation of this request investment, although there is a certain drawback, is actually a tacitly consented behavior, but SEC matter that requests Fidelity to invest the public trustee status, really somewhat violated the custom. 所以这种委托投资的情况,虽然有一定的弊端,却是一种被默许的行为,而美国证监会要求富达投资公开委托人身份的事情,真的是有些违反规矩了。 This matter, yellow Weida definitely cannot make up mind, therefore yellow Weida after receiving the request of US, earliest possible time finding Zhang Guan, hopes that Zhang Guan makes the decision. 这种事情,黄伟达肯定是拿不定主意的,所以黄伟达在收到美国方面的要求后,第一时间的找到了张冠,希望张冠做出决策。 But Zhang Guan, is also pondering advantages...... 而张冠,也在思考起了其中的利弊……
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