In Hong Weidong's eyes, we can hardly find complacency and joy, although Beijing Yuxin Yicheng Technology Co., Ltd. led by him just became the first financial industry application software service company listed on NASDAQ in March this year, and Hong Weidong himself, as CEO of Yuxin Yicheng, was also named one of the top ten IT channel figures of the year in 2006. In the afternoon after the rain, what Hong Weidong talked with the author most was his analysis of the company's core competitiveness and his judgment on the financial IT service market. When talking about the achievements of Yuxin Yicheng, he just smiled gently and then looked into the distance. As if there, he saw the future of the market he expected, and he is using his insight into this market and in-depth understanding of corporate governance to make Yuxin Yicheng take a solid step forward. IT is such a person who likes to look at the market from a long-term perspective. Yuxin Hongtai (renamed Yuxin Yicheng after merging with Yicheng Century in 2006) has sprung up in the chaotic financial IT service market in China. From a system hardware middleman with a registered capital of 5 million in 1999 to a financial IT service provider with a revenue of 3/kloc-0 million yuan in 2006, it has almost integrated all the important financial IT industries. As early as before the merger with Yicheng Century, Zhang Tianzhi, representing American Qingtong Fund, found Hong Weidong. As a special purpose acquisition company (SPOT), professional investors initiate public listing in the capital market to raise funds, and then acquire potential industrial companies, so as to realize the interests of both the management team and the industrial companies through the listing of industrial companies), Qingtong Fund has been looking for suitable M&A targets in the financial IT industry. But before that, Hong Weidong has been considering listing for a long time. "About three years ago, when the company reached several hundred million a year, I began to consider the issue of listing." Hong Weidong said. In his view, at that time, although Yuxin Yicheng had a large scale and a good profit, it was impossible to adjust the big business model and achieve faster development through mergers and acquisitions if it could only maintain the status quo because of the constraints of funds and corporate structure. The development of the company will encounter bottlenecks, and it can only become a good company and cannot become an industry leader. "And I keep communicating with IT executives of banks, and I feel that their ideas are getting more and more consistent: now they want to find some big companies that can provide them with technical support and provide value, and this concept has become more and more clear." Hong Weidong recalled. Both its own development and the requirements of industry customers have prompted Hong Weidong to strengthen the idea of listing. The initial goal was to go public in Singapore, but after a period of investigation, Hong found that the capacity of the Singapore market, the amount of transactions and financing, and his understanding of technology companies were not suitable for Yuxin, so he gave up. Then began to seek listing opportunities in the United States, so there was a Nasdaq listing process that Yuxin Yicheng could be called as a template through reverse acquisition. As early as before the merger of Yuxin Hongtai and Yicheng Century, Hong Weidong thought that the scale after the merger could not meet the conditions of IPO. But at that time, Hong was more focused on the company's business development, and did not consider too many alternatives other than listing. "Qingtong found us first" Hong.

Zhang Tianzhi brought a brand-new idea to Hong Weidong: Qingtong acquired the new company after the merger of Yuxin Hongtai and Yicheng Century by way of stock exchange, and the new company listed on NASDAQ OTCBB by using the shell of Qingtong Fund, and then transferred to the main board after meeting the requirements. Funds like Qingtong are very common in America. Usually, the capital market first raises a fund and then goes public on the exchange. At this time, the fund has no business content. Then, within the prescribed time limit, the fund needs to find a suitable industry for acquisition, so as to complete the landing of capital, and then realize its own income by holding the shares of the new company after listing. For Hong Weidong, the benefits of listing in this way are obvious: because Qingtong was originally a listed company, Yuxin can save a lot of expenses for hiring accounting firms and law firms, greatly shorten the preparation time for listing and improve the success rate of listing. In addition, this model can also make the acquirer and shareholders respect the entrepreneurial and management team and ensure the business nature of the company. It is much easier to go public from OTCBB market to main board market. "As long as it meets the corresponding corporate supervision and profitability conditions, it is generally possible to complete the transfer quickly." Hong Weidong said. In fact, it only took more than three months from the end of 2006 to the successful transfer of the board in March 2007, which is not too fast. Hong Weidong is also well aware of the disadvantages of reverse takeover listing: compared with IPO, the company will lose a lot of interest due to the relationship between the issue price and the equity. "But in the long run, the stock price and financing situation still depend on the quality and development of the company. We have confidence in this. " Hong said. The successful docking with the capital market has provided a bigger development platform for Yuxin Yicheng. Hong Weidong also began to plan for the company's long-term future. In Hong's view, although Yuxin Yicheng, which currently has about 65,438+0,000 employees and 800 engineers, has become one of the largest companies in the industry, it still faces challenges from peers such as Digital China and Levin. As a start-up, Hong Weidong thinks that if he completes the embryonic form of the company, rationalizes the governance structure and completes the relationship with the capital market, and then continues to grow and develop, he needs more employees and new people to do such work. "We are not a company for one or two years, and we don't want to be a company with a very obvious personal imprint. In fact, a good company should be a very good and rising company when the founder leaves. " Hong said. With consistent acumen and foresight, Hong Weidong began to go further than others, hoping to turn Yuxin Yicheng into a more mature and stable modern corporate enterprise. In his view, only by completing this transformation can the company eliminate the bottlenecks that may be encountered when the scale is increasing and truly realize the goal of becoming an industry leader. Regarding this goal, Hong Weidong admits that although he has never wavered, he has experienced a change in the way of understanding. "In the beginning, everyone was ambitious to do business and realize their ideals. But with the gradual acquisition and growth, responsibility and pressure have also fallen on the shoulders. Up to now, I have passed the ordinary period of personal cultivation, and I think more about the goal and responsibility of paying taxes to the society and ensuring the development of employees through the development of enterprises. Sometimes I think: which employee recently bought a house or a car, and these were obtained on such a company platform, and they will feel particularly happy, "Hong Weidong said.