Because the Hong Kong Stock Exchange has made a special case for the IPO of the Oriental Research Institute, there is no need to lock the funds required for new issuance in advance, which is equivalent to canceling the new threshold, so that more than 700,000 investment accounts have participated in the IPO of the Oriental Research Institute new activity.

According to the allocation strategy of the Hong Kong Stock Exchange, which gives priority to guaranteeing one account for one sign, each account can be allocated at least 1 lot of stocks. Previously, the Oriental Research Institute stipulated that each lot of the company's stock is 200 shares, which means that the shares are calculated according to the opening price, and the shareholders can get a value-added income of 5,000 Hong Kong dollars by winning one lot of shares.

And if investors can seize the intraday high of 131.3 yuan to sell, the profit per lot can reach more than 6,000 Hong Kong dollars.

However, the priority distribution strategy of the Hong Kong Stock Exchange's one-sign-for-one account has also led to a very scattered new shares of the Oriental Research Institute. The reason why the closing price of the company's stock on the first trading day did not increase much compared to the opening price is that there are too many individual investors.

Most investors have never even been exposed to stocks before, and this time it was for one reason or another that they were fooled into the stock market to start new deals. Most of these people have a lot of luck in their hearts, and once they win the lottery, they immediately choose to sell, so that the proceeds will be safe!

This led to a very high stock turnover rate on the first day of the Oriental Research Institute's listing. A large number of individual investors quickly sold and left, putting the stock price under very great downward pressure. This is also the reason why brokerages are willing to give priority to institutional investors when they underwrite new shares. Because institutional investors generally prefer long-term holdings for blue-chip stocks.

The stock of Oriental Research Institute is no exception. On the first trading day, most institutional investors not only did not sell their stocks, but continued to buy.

You must know that because the subscription multiple of the Oriental Research Institute is as high as 107 times, this makes Asia Sun Hung Kai Securities, which is responsible for the stock underwriting, have to call back half of the new shares to ordinary investors who participated in the lottery, so that the needs of institutional investors are far from being met. Satisfy.

Institutional investors who have not been placed in new shares, or whose number of placements has not reached their desired target, can only increase their holdings by buying in the open market. This is also the reason why the stock price of Oriental Research Institute is still very strong despite the withdrawal of a large number of retail investors.

In addition to those ordinary shareholders who were hit by the rain of red envelopes, the more important beneficiaries of the listing of the Oriental Research Institute are actually the employees and management of the Oriental Research Institute. According to the information provided by the Oriental Research Institute to the Hong Kong Stock Exchange, the total number of shares held by management and ordinary employees is about 125 million shares, accounting for 4.5% of the company's total share capital.

Even at the opening price of the first day, the market value of these stocks is a staggering HK$15.5 billion. Although this part of the stock has a lock-up period ranging from 3 months to two years, according to the degree of pursuit of the stock of Oriental Research Institute by institutional investors, the stock price in the later period is also favored by everyone.

According to the investment of the article in the Hong Kong Economic Journal, the listing of the Oriental Research Institute has created more than 3,000 millionaires, more than 120 multi-millionaires, and 11 billionaires. Excluding the multi-millionaires and billionaires, the wealth of the remaining staff of the Oriental Research Institute has an average appreciation of more than 300,000 Hong Kong dollars.

On the contrary, the growth of Li Xuan's wealth did not cause much public discussion. You must know that the shares of the Toyo Research Institute he holds are as high as 280 billion Hong Kong dollars even if the opening price is calculated. This is actually a very exaggerated figure. With this part of assets alone, Li Xuan can be firmly at the forefront of the world's richest list.

But Hong Kong people are no longer as fussy about the wealth value of "God of Wealth Li" as before! There is a saying that once the sea is difficult for water, after the number of experiences, there is no freshness.

After all, in the annual Forbes list of the world's richest people, Li Xuan has to brush his eyeballs once a year. In addition, there is also the annual list of Chinese richest people in the Hong Kong Economic Journal, and Li Xuan is always at the top of the list. People in Hong Kong have watched it so many times that they are already tired of aesthetics.

So much so that the editors of Hong Kong newspapers who are pursuing newspaper sales are now too lazy to arrange a page for the wealth figures of "God of Fortune Li", and they are only included in other reports!

Not to mention what kind of wealth carnival the listing of the Oriental Research Institute has brought to Hong Kong, but it at least injected the most powerful booster into the bull market of the Hong Kong stock market in 1992.

On the Hong Kong Growth Enterprise Market, which opened on May 2, driven by the overall market situation, the IPO process of the first batch of 6 stocks went very smoothly, and none of the stock prices fell below the issue price.

Among the six newly listed companies, only four are local companies, one of the other two companies is from the deep-sea special zone in the Mainland, and the other is a Japanese company.

It can also be seen from this point that the ambitions of the GEM are not small from the very beginning. It aims to become the Nasdaq of Asia, not just a corner of Hong Kong.

When Li Xuan first saw the name of the Japanese high-tech company listed in Hong Kong and the name of its founder, he still had a deep sense of time and space confusion. The Japanese company's name is SoftBank, and its founder is Masayoshi Son.

That's right, the Korean Japanese who successfully invested in Yahoo and Alibaba!

Masayoshi Son is a very shrewd scholar who was admitted to Berkeley University in the United States at the age of sixteen. And the first pot of gold in his life is very related to the game. At that time, the arcade game "Space Invaders" was popular all over Japan, so Masayoshi Son introduced it from Japan to American campuses and achieved great success.

So by the time Masayoshi Son graduated from university, he was already a multi-million dollar billionaire. It was the early 1980s, and the global computer industry was booming. So Sun Zhengyi used the capital he accumulated in the early stage to set up a software bank company, and wanted to become an intermediate wholesaler between software writers and sellers in Japan.

Although Sun Zhengyi successfully persuaded Toshiba and Fujitsu to join his entrepreneurial plan, unfortunately this project did not succeed. So he turned to the publishing industry and started publishing and publishing magazines, which also failed miserably.

In another time and space, Sun Zhengyi succeeded again, and it will not be until 1991 that he successfully won the Japanese agency sales business of Baolan, a famous software development tool company in the United States. Then he successively won the Japanese business agency rights of Novell and Cisco, and became a billionaire in just a few years.

But in this time and space, Sun Zhengyi's life trajectory has obviously shifted a lot. After two consecutive entrepreneurial failures, he also turned his attention back to the software industry. However, this time he first paid attention not to the software company in the United States, but the Oriental Game Company in Hong Kong.

At that time, Dongfang Game Company was gradually reducing its investment in the arcade field, and shifted its research and development focus to emerging computer games.

Sun Zhengyi accidentally played these two computer games, and was immediately attracted by their high playability, and determined to promote these two game software in the Japanese market.

The Japanese market has always been the second largest export market of Dongfang Game Company after the US market. The arcade machines, home game consoles and handheld consoles developed by the company have always been very popular with Japanese players.

Computer games seem to be an exception. Although "The Lord of the Rings 1" and "The Sims 1987" were popular in the European and American markets as soon as they were released, they were tepid in the Japanese market. When the poor Dongfang game company met Sun Zhengyi who took the initiative to help, they naturally hit it off and quickly handed over the game agency rights in the Japanese market to the other party.

After Sun Zhengyi got the agency, he immediately began to analyze the reasons why computer games were coldly received in the Japanese market. One of the most important ones is that most Japanese only regard the computer as a tool for work, not a toy for playing games.

Few Japanese people will buy a new computer specifically to play games, and like "The Lord of the Rings 1", it was originally a high-quality game specially developed to push players to upgrade their computer hardware, before ABC-6. My computer can't run the game at all.

So if you want to open up the Japanese market for new games, the most important thing is to get them in front of people with high-end computers. Although Sun Zhengyi's software company failed to become the largest software wholesaler in Japan, it at least left a deep network of contacts in the Japanese software industry.

Software engineers simply cannot do their jobs without a high-performance computer. So they are actually the biggest potential users of games like The Lord of the Rings 1 and The Sims 1987. Sun Zhengyi successfully found a market, and "The Lord of the Rings 1" and "The Sims 1987" also quickly brought him huge sales returns with their excellent quality.

With the successful trial sales of "The Lord of the Rings 1" and "The Sims 1987", Masayoshi Son's SoftBank has not only become an important partner of Dongfang Game Company in Japan, but also used this relationship to quickly establish a relationship with Dongfang System, which is also an Oriental system. The software company and the Eastern Business Software Company established business contacts.

The Japanese market is actually a very closed and exclusive market. The best way for foreign companies to gain a foothold here is to choose a local partner. Although the Oriental Group has been deeply involved in the Japanese market for many years, when an excellent partner like SoftBank appears, it is also willing to sacrifice a small part of its interests and pull the other party into its own camp.

In addition to acting as an agent for the promotion and sales of many software products of the Oriental Department in Japan, Softbank recently began to cooperate with AOL, intending to introduce AOL's community-plus-portal model into Japan and set up a Japanese online website.

Compared with Japanese electronics companies' increasing investment in semiconductor and computer fields~www.readwn.com~ Japan's Internet industry has failed to attract the same amount of attention. The biggest purpose of SoftBank's listing this time is to raise enough development funds for the newly established Japanese online website.

The Tokyo stock market's recognition of the concept of the Internet is obviously not as high as that of the Hong Kong capital market. Therefore, in order to let the software obtain a higher valuation, Sun Zhengyi simply chose to list on the Hong Kong Growth Enterprise Market!

And Hong Kong investors did not disappoint him. SoftBank successfully issued 16 million new shares on the Hong Kong Growth Enterprise Market at an issue price of HK$55 per share, raising HK$880 million, becoming the first batch of six listed companies One of the largest fundraising companies in China.

The history is still very interesting. Masayoshi Son may no longer start Yahoo Japan, but he started Japan Online. I just don't know if he will enter the venture capital field in the future like another time and space? I don't know if he could meet another Ali at that time?

. m.

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