Reborn Tokyo Golden Age

Hearing Bai Chuanfeng's answer, Ichiro Watanabe nodded. He took a document from the assistant beside him and handed it to the former.

"On the first section of the Eastern Stock Exchange, listing requires more than 2,000 shareholders and more than 20,000 tradable shares.

The tradable stock market value is more than 2 billion yen, and the tradable share ratio is more than 35%.

The total market value of the company is more than 50 billion yen, and the number of continuous operations is more than 3 years.

Net assets of more than 2 billion yen, total profit: more than 1 billion yen in the past two fiscal years.

Of course, if the total profit cannot be reached, the total market value exceeds 100 billion yen or the sales volume reaches 25 billion yen.

But there is no doubt that Baichuan Electric meets all the above conditions. "

This is where Bai Chuanfeng's confidence lies in wanting Bai Chuan Electric to be listed on the First Section of the Eastern Stock Exchange in one step.

Although even if it is listed on the Second Stock Exchange of the Eastern Stock Exchange, it will be possible to transfer to the First Stock Exchange of the Eastern Stock Exchange in the future.

But not to mention that the force has dropped a level out of thin air, and the market liquidity of the second part of the Eastern Stock Exchange is also relatively poor.

The low activity of the stock market has a great impact on the market value of enterprises.

Especially for companies that are new to the market, it is almost impossible for the stock price to skyrocket.

Then, as vested interests, Bai Chuanfeng and the others' wealth growth is also limited.

But this situation does not exist in the first section of the Tokyo Stock Exchange. After all, all listed companies of Neon have more than 96% of their total market value here.

With such a large volume, there is naturally no shortage of transactions.

In the impression of later generations, even though Neon has the largest volume in the world, it seems that the stock market has never had a sense of existence.

This is indeed the case. In the 1920s after the turn of the millennium, the stock certificates bought by many neon people could be kept for twenty or thirty years.

This is almost equivalent to using stocks as pension products for financial management. No one can play the stock market like this in small days.

But in the final analysis, the long-term downturn in stock market activity is actually due to the aftermath of the bubble burst.

But now it's only the early 1980s, and it's at the stage where the neon economy is taking off.

Especially since the 1970s, the Ministry of Finance encouraged enterprises to issue securities such as bonds and stocks, and relaxed the issuance standards.

This provides a policy basis for the active stock market, and the capital account has also begun to gradually open to the outside world.

Relax the amount of foreign residents exchanging Japanese yen, and relax the restrictions on the amount of neon securities purchased by foreign residents.

The liberalization of investment trusts for foreign residents will be implemented, and an additional batch of general investors can freely purchase foreign securities.

These measures have greatly stimulated the prosperity of the capital market and the stock market.

However, the symbolic event of Nihong's liberalization of capital was December 1980, when the government comprehensively revised the "Foreign Exchange Law".

The law stipulates that, in principle, foreign exchange controls will be abolished, and free convertibility under the capital account will be realized.

Stimulated by various policies, not only Neon citizens are keen on the stock market, but even attracted a lot of international capital and entered the financial market of Neon.

Therefore, the current neon stock market has already seen an initial prosperity.

However, under the current environment, Baichuan Electric has no worries about its own stocks being ignored.

Those professional stockholders and professional investment institutions, seeing a new club going public, flocked to it like a shark smelling blood.

Needless to say, the first part of the Eastern Stock Exchange is definitely the best choice for Shirakawa Electric to go public.

According to the information just submitted by Shirakawa Electric, whether it is First Quanyin or Nomura Securities, they are confident in the final result of their listing.

Because of the size of Shirakawa Electric, it is too much to exceed the listing requirements of the Tokyo Stock Exchange.

As for the listing section, none of the parties present had any objections, and Ichiro Watanabe reconfirmed the next rule.

"Then, do you have any thoughts on the tradable shares? The specific proportion of shares?"

"35%." Arai Yu gave the answer without much thought.

This is the minimum negotiable share required by the Tokyo Stock Exchange, and it cannot be more. No matter how much Baichuan Holdings has, it may not be possible to have an absolute holding of Baichuan Electric.

If it is 25% of the second part of the Eastern Stock Exchange, then Bai Chuanfeng will definitely choose the lowest share.

As for his answer, First Quanyin and Nomura Securities were not surprised.

This is the choice of most newly listed companies, and it is still necessary to retain an absolute controlling stake at this time.

Young clubs must maintain their own business independence in order to consolidate their foundation and continue to develop.

"If it's 35%," Ichiro Watanabe took out a pen and wrote, "Shirakawa Holdings still holds 77%*(1-35%)=50.05% of the shares.

In the same way, First Quanyin was diluted to 6.5%, Nomura Securities was diluted to 5.2%, and Northern Capital Bank was 3.25%. "

This number is wonderful, Ichiro Watanabe looked at the data on the paper and frowned.

It seems that Shirakawa Holdings only has 50.05% left, which is a little short of the absolute controlling stake of 51%.

But don't forget who owns Beidu Bank. When necessary, 50.05%+3.25%, which is 53%.

Although it has been changed in another way, it is still an absolute holding.

Presumably this is the handwriting of Sana Arai again. The purpose of doing this is to deceive people's eyes and ears.

At the same time, it can greatly stimulate the development of Beidu Bank. It seems that Bai Chuan-san has high hopes for Beidu Bank, and he doesn't forget to give it a hand at this time.

Although he was muttering in his heart, Ichiro Watanabe's calculations did not stop.

"The total share capital is 586.5 billion yen, and 35% of it is 205.2 billion yen."

Ichiro Watanabe put down his pen, his eyes full of money flashing.

There is no doubt that this is a huge amount of money, much more than they bought the shares of Baichuan Electric.

But this is the financing fund, which cannot be moved casually. It will be used for the future development of Baichuan Electric.

But it doesn't matter, the first advise is that there are plenty of ways to use them to make money.

"The circulation market value of 205.2 billion is a huge financing plan, so the value of each plant corresponding to it should be carefully considered.

Based on past experience and the performance of similar companies in the stock market, we recommend that the stock price of each plant should be within 1,000 yen. "

Soon, according to the circulating market value, Ichiro Watanabe immediately gave a suggestion on pricing a single stock here.

This pricing is determined according to the comparison method. At this time, the value of Sony's single share is about 1,500 yen.

Panasonic's single share price is 1,600 yen, and the stock prices of other companies such as Sanyo and Pioneer are also around 1,200 to 1,300.

These are the stock prices of companies with a high degree of similarity to Shirakawa Electric's business, and their pricing per plant has a certain reference value for Baichuan Electric.

As a newly listed company, Baichuan Electric should be lower than them, which is conducive to attracting investors to invest and activating the stock market.

As for the pricing of other similar companies, some are not reference.

For example, Nintendo, its current stock price is 149 yen

The proper shame of the electronics industry has no reference meaning at all.

This is also the reason why Shirakawa Electric’s valuation did not refer to it before. In the final analysis, its huge debt dragged down its market value.

However, there are low and high ones, such as Sharp and Fujitsu, whose single share price is as high as more than 10,000 yen per plant.

Why? Because at this time, Neon is undergoing a home appliance revolution, and larger TVs, more advanced refrigerators, air conditioners, etc. are all being updated.

Sharp and Fujitsu, whose main business is home appliances, have seen the most obvious business growth.

From the 1970s to the 1980s, the market value of these two companies increased by five or six times in 10 years, which is higher than the current market value of Sony and Panasonic.

This is the doubling of the market value after listing, not the doubling of the initial listing valuation, which shows how fierce their business expansion is.

Although Sony also has a home appliance business, the only thing that can support the market is the TV.

Refrigerators, washing machines, and air conditioners depend on Sharp and Fujitsu.

However, because their stock prices are over-invested, they have no reference value for Baichuan Electric.

Around 1,000 yen is the most suitable range for the new issue price of Shirakawa Electric.

Regarding the suggestion of the first persuasion bank, Bai Chuanfeng lowered his head and agreed to such a price after communicating with Arai Yu.

The other party is a professional organization and also a shareholder of Baichuan Electric. Baichuanfeng believes in their judgment.

Seeing that Bai Chuanfeng and the others had no objections, Ichiro Watanabe began to calculate again.

"Using 1,000 yen as the dividing line, in order to stimulate investors' enthusiasm for investment, the issue price can be lowered a little bit.

If it is 700 yen per plant, then the market value of 205.2 billion in circulation corresponds to 293 million stocks. "

Yes, Ichiro Watanabe put down his pen and nodded in satisfaction. The stock price is reasonable, and the number of stocks issued is also reasonable.

Set too high and it will break easily. If the setting is too low, it is easy for investors to mistakenly believe that Baichuan Electric has no confidence in its own operation.

700 is a very appropriate number. I believe that after seeing the financial report released by Baichuan Electric, they will be very moved when faced with such a pricing.

As the saying goes, action is worse than heart. If there is action, there will be transactions, so won't the stock market be active?

As for the number of releases, it is even less of a problem.

Many clubs have just listed and issued hundreds of millions of stocks, and Sony's outstanding shares at this time are as many as more than one billion.

Shirakawa Electric issued less than 300 million plants, which is definitely a drizzle.

The people from Bai Chuanfeng and Nomura Securities looked at Ichiro Watanabe's plan and nodded in approval.

The determination of such data is very professional and scientific.

This is also the reason why companies need to find professional institutions to go public.

There are specialties in the art industry, and their help will save a lot of trouble.

"Since everyone has no opinion, let's talk about the underwriting of tradable shares."

When it comes to this topic, whether it is Ichiro Watanabe who is the host of the meeting, Takashi Yanagiya from Nomura Securities, or Yu Arai from Hokuto Bank, their eyes are shining.

Why? Because this is the first round of return for their investment in the listing of Baichuan Electric.

To raise funds through listing, companies need to issue shares to obtain the funds needed for development.

So by what means do these stocks flow into the primary trading market.

Well, the few present here are the window for stock issuance.

Whether it is First Quanyin, Nomura Securities, or even the just-started Beidu Bank, there are subsidiaries operating securities business under their clubs.

That's right, Beidu Bank just established Beidu Securities this year, isn't it for the day when Baichuan Electric was listed?

One of the purposes of why Bai Chuan Feng asked Beidu Bank to participate in the listing and financing of Bai Chuan Electric Appliances was investment.

It is also one of the purposes to let Beidu Securities act as the stock underwriter of Baichuan Electric. This is a great opportunity for Beidu Bank to participate in the stock market and bond business.

In order to make Beidu Bank a financial business complex, Bai Chuanfeng also worked hard and put in all his time.

But he knows it's all worth it. In a few years, Beidu Bank will definitely become a veritable big bank.

But for the time being, the listing of Shirakawa Electric is the top priority.

So, as stock underwriters, what benefits can First Quanyin, Nomura Securities, and Beidu Bank gain?