What is the magic of this listing? Some companies have squeezed their heads for listing? And some companies avoid going public?
In a sense, the listing of enterprises is a huge process of profit redistribution.
In the long-term development process, enterprises have formed a balance of various interests, and only under this balance of interests can enterprises develop healthily. After listing, this equilibrium is likely to be broken. If this kind of break is benign, it will promote the leap-forward development of enterprises, otherwise, it may become an obstacle to the development of enterprises.
This is why some companies choose to go public in order to make themselves more valuable, and some companies are unwilling to go public. The fundamental reason lies in whether listing can make enterprises generate greater value.
How to judge whether your company is suitable for listing? What preparations do you need to make for listing and what processes will you face? In the book Win in IPO, you will get professional and comprehensive guidance.
This book was written by four heavyweight IPO experts. Let's get to know each other.
Xie Hui, former general manager of China business of changjiang securities International Finance Group, participated in the IPO of Zhongzai Group, China Li Hong, Optics Valley United and Wei Zhi Holdings, and is still a capital consultant of many listed companies and investment groups.
Du Chao, with more than 10 years experience in investment banking, has rich experience in IPO, refinancing, mergers and acquisitions, and is a registered asset appraiser.
Lin Kecheng, capital strategy consultant of Yirong IPO Company, once worked in Lixin Certified Public Accountants, 12 years of audit experience, mainly responsible for IPO audit of the company and annual audit of listed companies.
Zheng Xilin, Yi Rong's special legal adviser for IPO, holds a master's degree in law from Yale University, and has presided over a number of companies' A-share and Hong Kong main board listing projects.
How's it going? Is this star lineup strong enough? Undoubtedly, this is definitely a practical guide for IPO listing under the registration system. Let's first understand the relationship between enterprises and listing and compare whether our own enterprises are suitable for listing.
0 1
IPO can make a company become more valuable quickly.
For enterprises, problems always exist, and enterprises realize their own growth and development by constantly solving problems.
There is no enterprise without problems. An excellent enterprise always knows what problems exist, what solutions are needed and how to solve them step by step.
No matter what problems an enterprise encounters, it is always inseparable from one core, that is, "money". And IPO can help enterprises solve the problem of "money".
Today, with the rapid development of the Internet, more and more symmetrical information and thinner profits, traditional enterprises find that they can no longer play cards according to the original routine.
Therefore, smart enterprises have found another logic, that is, enterprises can not make money in the early stage, and strive to make enterprises valuable, and then through financing and listing, the value of enterprises will continue to multiply, so as to achieve the purpose of making money.
With the change of logic, the definition of enterprise has also changed qualitatively.
In the past, enterprises were like children. We try to make money to support the company and raise it slowly. The bigger the company, the more cost we invest. Once you don't want to keep it, it's harder to change hands.
Now, the enterprise is more like a collection. When you invest in it, it keeps increasing in value. If you don't want to hold it, you can still make money by changing hands.
So, how to make the enterprise more valuable?
The original enterprise develops, pursuing annual turnover and annual profit; Nowadays, the development of enterprises pursues the growth of the number of users and the scale of revenue, especially for Internet companies.
China has a population of over one billion. When the number of users of an enterprise can reach tens of millions or hundreds of millions, the advertising revenue will be rich.
Once such a promising company goes public, it will be warmly welcomed by investors, and its share price will soar, so the value of the enterprise will naturally be several times or even dozens of times.
Since listing is so good, why are some companies unwilling to choose this path?
02
Whether IPO suits you or not is the best.
In an interview, Ren was asked why Huawei didn't go public. He replied: "Huawei is a company that strives for its ideals. Once listed, it depends on its financial statements. Both profits and stocks will have an impact on the company. " The implication is that listing will affect Huawei's development strategy, so Huawei will not choose to go public.
Although IPO is a sharp weapon that can make enterprise capital grow rapidly, it is also a financial tool after all. No matter whether an enterprise chooses to go public or not, it will eventually be related to the word "money".
If you can make money without going public like Huawei, you don't have to go public. After all, there will be many constraints after listing, and we need to weigh the pros and cons before making plans.
Let's take a look. What are the reasons why ordinary enterprises choose not to go public?
First, enterprises have stable cash flow. For example, an enterprise like Laoganma has the ability to collect money first and then deliver it. The cash flow is very stable and there is no need to go public.
Second, I don't want to bear the standard cost. Unlisted enterprises, whether in finance or human resources expenditure, have some irregular behaviors, which have saved a lot of expenses for enterprises at the beginning of their development.
Once an enterprise goes public, it needs to standardize its finance, improve its internal control and disclose information regularly, which will inevitably bring great cost burden to the enterprise.
Third, out of control. There are many family businesses in China, which become bigger and stronger through parents' efforts, just to pass them on to their children. Once listed, they don't have to speak for themselves.
Fourth, core business information needs to be disclosed. This information often involves trade secrets, but the core of the registration system is to require enterprises to be open and transparent. For enterprises with leading products and technologies, it is risky to disclose business information.
Fifth, enterprises are worried about falling into a "high salary pause". After a company goes public, almost all middle-level and above managers are rich with an annual income of millions or even tens of millions. For second-and third-tier cities, you don't have to go to work, but a lifetime is enough.
When enterprises fully understand these advantages and disadvantages, and then consider whether to go public, they can face it confidently and calmly.
It turns out that IPO is not the purpose of enterprise development, but a tool to help enterprises develop faster and more stably. So, how to use this tool to help enterprises develop, and what preparations need to be made?
03
To realize IPO, we must sharpen our sword in three years.
From the development process of enterprises, it is the most difficult to go from 0 to 1, especially for innovative enterprises, which need to continuously invest in research and development funds, and the cost of trial and error is very high. In the words of grounding gas, it is quite burning money.
If there is capital injection at this time, it is naturally good news for all enterprises. At present, most enterprises need funds to achieve faster development.
Through IPO, social funds can be widely absorbed, the scale of enterprises can be rapidly expanded, the visibility can be improved, and the competitiveness can be enhanced, which are all essential links in the development of enterprises.
Many well-known large enterprises in the world achieved scale fission through listing financing and capital operation, quickly entered the ranks of large enterprises, and completed the primary stage of primitive accumulation of capital.
In order to finally realize the listing, we must first establish our own listing logic and have a correct understanding and evaluation of the enterprise. At this point, we will enter the preparatory stage of listing. From preparation to listing, it must take three years as a cycle, because the process is extremely complicated and cumbersome.
In the first year, make strategic preparations, standardize the company and prepare talents.
Enterprises need to determine the listing target and capital strategy; Adhere to the standard operation of the company, dare to bear the corresponding costs, pay attention to the weak links of the enterprise and take measures; At the same time, a talent preparation team was set up to be responsible for the listing of the company.
In the second year, do a good job in interest planning, standard sprint and talent promotion.
With the foundation of the previous year, this year's work is to sprint performance, and enterprises need to comprehensively improve their management level, especially their organizational and incentive capabilities, and complete the performance required for listing. Continuously improve the company's talents through internal selection and external introduction.
In the third year, do a good job in intermediary cooperation, share reform and investor planning.
Under normal circumstances, this year's main work is related to listing declaration, and enterprises have officially entered the start-up stage of listing.
In addition to choosing professional intermediaries, what enterprises need to do most is share reform. The last thing to consider is the combination of investors. The investors here are not only investors in the last round of financing, but also investors in the stage of listing and subscription.
In this year of listing, there will be a lot of work that needs the support of governments at all levels. Therefore, enterprises must maintain good relations with local governments and get corresponding support.
Some local governments will give some subsidies to enterprises actively listed, with the maximum subsidy as high as 33 million yuan. Therefore, it is recommended that enterprises know these subsidy policies and distribution processes in advance and do a good job in reporting.
04
Write it at the end
The multi-level construction of capital market under China's registration system provides rare development opportunities for enterprises, especially growth-oriented and innovative enterprises.
This book focuses on 65,438+000 core issues of listing, analyzes in detail every step of the process required for an enterprise to complete an IPO, unveils the mysterious veil of IPO for you, and allows you to have an accurate evaluation of your own enterprise and easily prepare for an IPO.
There is also a 13 very practical self-examination form on accounting, law and compliance issues, so that enterprises can quickly find their own corresponding problems. For companies that want to go public, this is really a caring butler service.
Dapeng rises with the wind one day and soars into Wan Li. Win in IPO will definitely help enterprises win in IPO.
This is the 13 classic that Xiao Yan and you * * * read. 1000 has been completed, with 987 copies left. Welcome to pay attention to Xiao Yan and read the classics together.
Give someone a rose and leave a lingering fragrance in your hand. Please comment and forward if you like it, so that more people will fall in love with reading! Thank you for your support!