US$45 billion is a truly huge sum of money in today's times.
Even for an ordinary country, US$45 billion is an astronomical figure.
Makino Technology raises US$45 billion. What it wants is not the market value or the concept, but giving 10% of its shares to the underwriters. The underwriters must give Makino Technology US$45 billion in cash.
Even if it is not a piece of cash US dollar bills, it must be US dollar cash in a bank account and available for circulation.
Li Mu’s only worry is that Hong Kong’s primary market does not have such a large throughput capacity. After all, a market is relatively saturated in most cases. The market value of the entire market is very large, but a new US$45 billion was used to buy Makino Technology. The original stocks have really high requirements on the market size.
Moreover, what Li Mu demands is that stocks cannot go into the pockets of Wall Street.
This is equivalent to rejecting a large number of US-funded securities firms and funds.
Chen Tao's request for Li Mu was somewhat uncertain. He hesitated for a moment and said to Li Mu: "Mr. Li, US$45 billion in Hong Kong dollars is no problem, but if it must be US dollars, it is still a bit difficult."
Li Mu said seriously: "Mr. Chen, we are seeking to go public in order to accelerate the pace of global development. The funds raised will be used for Makino Technology's investment and development activities around the world, so it must be in US dollars."
Under normal circumstances, the currency of the country in which the company is listed will default to the currency of that country. Since China has one country, two systems, the Hong Kong Special Administrative Region also has its own currency system. If a company goes public in Hong Kong and conducts an IPO in Hong Kong, it will naturally default to trading in Hong Kong dollars. .
But Li Mu now fully understands the importance of the U.S. dollar in the process of international development.
This is one of the reasons why domestic Internet companies prefer to go public in the United States.
The U.S. dollar has greater liquidity. Internet companies develop globally and have global layout. It is really much more convenient if the cash in hand is U.S. dollars.
Otherwise, if it is RMB, it will be relatively difficult for Makino Technology to operate its overseas business in the future, and it will not only have to conduct exchange and settlement business with the central bank.
Therefore, many multinational companies have adopted an offshore operation model. For example, Makino Technology has registered an offshore company in the Cayman Islands, controlling Makino Technology in China, as well as Makino Technology in the United States, and even Makino Technology's branches around the world in the future.
In this way, the domestic business of Makino Technology can be directly settled in RMB, which is one settlement line, while the overseas business is settled in US dollars, which is another settlement line. If the business expands, it will be settled in RMB. It is also imperative to add a euro settlement line, so that each currency market will have subsidiaries of each currency to operate independently.
If Makino Technology is listed in Hong Kong, and after the official IPO, it uses Hong Kong dollars for transactions in the secondary market, that is, the public circulation market, it has little to do with itself. However, if it is Hong Kong dollars that it raises in the primary market, then how much Some trouble.
For example, Makino Technology now needs to hand over US$45 billion worth of stocks to underwriters, who will sell them internally in the primary market.
So, who were these shares sold to? Most of them are other securities firms, investment institutions and investment funds.
A securities firm is equivalent to a wholesaler. For example, a Hong Kong securities company has one million users. Some of the original stocks it subscribes from underwriters will be sold to its own users in advance;
Investment institutions and funds are for the purpose of securities financing. If a securities fund has 100 million U.S. dollars in hand, in order to make profits, they will use this 100 million U.S. dollars to invest in stocks with appreciation potential, which can also give the fund Investors can get better returns, and fund managers can also get greater gains. This kind of fund loves original stocks beyond all else. If it identifies a company, it will hold shares for a long time, far longer than ordinary retail investors.
Therefore, based on Li Mu's requirements, when 45 billion stocks are sold to these people in the primary market, they must be settled with US dollars, not Hong Kong dollars. And when they get these stocks, what currency are they willing to trade in the secondary market? , then it has nothing to do with yourself.
Chen Tao thought for a moment and said, "Mr. Li, regarding the U.S. dollar, we can first communicate with our partners to see how much U.S. dollar reserves they have."
Li Mu nodded and said: "If most of them are Hong Kong capital, they can find ways to get US dollars. Even if there is a certain loss in the exchange rate, the value-added space of Makino Technology is much greater than this loss." There are many more, and with the current interests, they will naturally find a solution themselves.”
Chen Tao responded: "That's true. The market is now very optimistic about the prospects of Makino Technology, and the original stock is still very attractive."
Li Mu added: "US$45 billion is just a threshold for entry, so Mr. Chen should communicate with the brokers and capital companies he cooperates with and try to prepare more funds, because we have recently prepared a new project to be launched. If this new project If the concept is successfully implemented, the market's recognition of Makino Technology's market value will be raised to a higher level. By that time, it is not impossible for Makino Technology's market value to exceed 500 billion. In that case, we can either use 10% to raise US$50 billion. Or use 9% to raise US$45 billion. I don’t value shares that much, so if there is sufficient funds in the market, we are willing to take out more shares in exchange for more cash.”
Underwriting stocks is like buying a house. If you prepare one million in cash and the house price is 8,000, you can buy a house of 125 square meters. But if the house price rises to 10,000 and it is still only one million, you can only buy a house of 100 square meters. .
Chen Tao asked curiously: "Mr. Li, can you reveal a little more details about the new project you mentioned?"
Li Mu said: "The product name is Ele.me. Although it will be launched on Taobao, I plan to take out Ele.me and operate it independently. If this concept can be realized, then I will put Ele.me into Makino Technology is packaged and launched together.”
"Are you hungry?" Chen Tao asked curiously: "Is it the catering industry?"
Li Mu smiled slightly: "So."
Chen Tao was very puzzled.
Why does a company in the Internet industry want to engage in catering
The catering industry is not easy to work in...
Moreover, the space for imagination is really too small. Is it possible that Li Mu wants to become a large chain restaurant company like McDonald's
Chen Tao felt a little confused.
The catering industry itself is not very optimistic about capital. So far, there is no listed catering company in China. Apart from a few well-known fast food brands, there seems to be no company that can take action in the world.
Chen Tao didn't know much about Li Mu's method of cooking, and Li Mu wasn't prepared to reveal too much.
Ele.me has been under development for a long time, and now it has completed internal testing and has the foundation to go online at any time.
Moreover, the Yanjing area has already recruited nearly 10,000 restaurants, and at the same time, thousands of riders have been trained in a low-key manner throughout Yanjing. Once it goes online, it will be piloted in Yanjing, and it will be one district after another. opened region by region.
Tesla just took some leftover technology and solved the energy storage problem of lithium battery electric vehicles. Now the first version of Ele.me electric vehicles has rolled off the production line at a large domestic bicycle and moped factory.
This lithium battery electric vehicle using Tesla technology has a stable driving range of about 60 kilometers. Although it is expensive to build, it is still very cost-effective to use it as an exclusive vehicle for its own riders in the early stage.
The electric vehicle adopts the unique "Ele.me" painting, which is highly recognizable, and is paired with customized delivery clothing, helmets and insulated boxes, which can also have a very good promotion effect on the brand's display.
Therefore, at this stage, this set of products is mature as a whole and can be put into actual use for "public testing".
Although the era of mobile Internet has not yet arrived, with Taobao as a platform, there is no problem in building a PC first.
Moreover, Li Mu has already sorted out the product logic. Merchants receive orders online and riders dispatch orders within a fixed range. Although there is no smartphone to ensure better real-time coordinates and information interaction, through SMS delivery, it is also It is enough for riders to take orders and deliver goods. This model is now completely separated from mobile Internet products and can be perfectly transplanted to the PC.
Once Ele.me goes online, a large number of lazy cancer patients will be cultivated in big cities who are no longer willing to go out to eat by themselves. By then, these users will be highly glued to the food delivery platform, and they will control the traffic outlet for food delivery. , Ele.me is just like Ele.me and Meituan in later generations. Its core meaning is no longer a takeaway product, but a food distribution platform.
In later generations, Ele.me and Meituan provide tens of millions of orders for the whole country every day. Behind this, the food sold through them every day may exceed one million tons per day, far exceeding any chain restaurant. Therefore, Ele.me and Meituan Tuan Tuan is the largest processed food distribution platform in China, directly blocking the income-generating lifeline of all restaurants.
Therefore, after Ele.me and Meituan expand the market, they can unscrupulously earn a lot of profits from orders. For a 100 yuan takeout order, they will earn 10 yuan from the merchants, and then earn 10 yuan from the users. Taking a certain difference in delivery fees, if this business model is implemented nationwide or even globally, it will become another large market worth hundreds of billions of dollars.
However, Li Mu is not sure now whether Ele.me's model can become popular immediately. If it can, if it can be brought to Makino Technology, it can immediately take advantage of the listing opportunity to raise additional funds.
Although the ecological concept of large companies cannot be that one plus one is greater than two, it can be that ten plus one is greater than eleven.
In other words, when there are already ten in the ecology, each additional one will give the whole a greater bonus.
If the concept of Ele.me is used by small companies, it may reach a market value of tens of billions in a few years. However, if Makino Technology is used, it is likely to immediately increase the valuation from 4500 to 460 billion. In this way, Come on, proportionally calculated, Ele.me can raise a huge amount of funding of one billion US dollars in one go, and then it can expand crazily across the country and even the world.
If the market does not recognize Ele.me well enough during this period, then bringing Ele.me in will be a bit of a loss. After all, the concept is still very valuable. In this case, Makino Technology can be listed first and Ele.me can be brought into the market. It is easy to develop independently outside and become bigger and stronger in the future, package and list it with Taobao, or split it and list it yourself.
(End of chapter)