Pang Pian, the founder of Xingcheng.com, asked Long Mingyi to meet in a high-end hotel. It was not a formal discussion on the cooperation between the two parties, and the two chose to eat and talk.

After the Sancong Pork Lobster came up, the two of them took a few simple bites. Pang Pian wiped his mouth and got to the point.

"Mr. Long, the "Compass of Wealth" program is our fate to know each other. I have to thank this program."

"I think so too." Long Mingyi said naturally.

"Xingcheng.com wants to come back, but doesn't want to use CDR (referring to securities issued by depositors, issued domestically based on overseas securities, representing the rights and interests of overseas basic securities.), I think everyone knows it. I think Long is better than me when he comes back." Pang Pian said: "I wonder if Long is interested?"

"The market value of Xingcheng.com is US$1.2 billion. There are 45% of the outstanding shares traded on Nasdaq." Long Mingyi said: "It's really a lot of money. And you are still playing AB shares."

AB shares have different rights. Stocks are divided into two levels: A shares and B shares. There is only one voting right for A shares issued by external investors, while B shares held by management have N voting rights for each B share.

"Yes." Pang Pian said: "Mr. Long said everything is right."

"So what is Mr. Pang thinking about? Privacy, and then return to China for IPO?"

"Set up a private equity fund and then accept the outstanding shares outside." Pang Pian said: "This way, the privatization is completed."

Long Ming smiled and said, "That is to say, these stocks cannot shake your control position even if they are in hand."

"Mr. Long is right." Pang Pian said: "I need Mr. Long's help. You have a good relationship with many people."

"I have a bad relationship with many people," Long Mingyi said: "But I will think about it carefully, including the time of return and the pricing."

"You make a plan, I'll wait." Pang Pian said: "After all, I'm an outsider, you will give me a satisfactory plan."

The wave of Chinese stocks returning to the market has been talked about for a few years, and every year, it is said that there is information every year. Long Mingyi is not thinking about it, but most technology stocks are still in a loss state. As for which position they can be listed, it is certain that they cannot be listed. If you are not careful, you may lose all the market.

After dinner, as soon as Long Ming returned to Zhandao Capital, he found Mi Ming, Xu Chen, Qi Xin and Wang Qiwen.

"Xingcheng.com wants to return to China for IPO." Long Mingyi told them about this situation. "There are risks and opportunities."

This morning, Long Mingyi asked Xu Chen and Wang Qiwen to take a closer look at the situation of Xingcheng. Xu Chen raised a question, "Da Wenwen and I have read it. There is a problem, the profit model. Xingcheng.com is still 'burning money'. The concept of big entertainment is not without a market, but it doesn't know when to make a profit and how to make a profit. The A-share registration system is news, but it has not been implemented. No matter how many companies participate in this fund, we must be prepared to queue up for IPOs for several years. Therefore, when it is impossible to go public at the agreed time, the repurchase clause in the agreement will definitely be very strict for Xingcheng. There will be SPVs (special purpose institutions), fund priority, etc.."

"It seems we need to design such a fund." Long Mingyi said: "Just use this practice. If you expect to acquire it, the money will definitely need more than it is now. I guess it will cost about 700 million US dollars. If it is not enough, let Pang Pian find a syndicated loan."

"Seventy-five million US dollars." Mi Ming said: "More than 30% of our total funds. Boss, the horse racing town, because the current situation has not been announced yet, our funds are actually quite tight."

"I'm not crazy." Long Mingyi said: "We won't subscribe to everything. We can pay 100 million, the inferior one. Like Linghai, Wang Canhui, Zheng Zhiqiu and Zhang Lu, and Xiao Qianqian, they will want some. When they are abroad, they still need to moxibustion."

Wang Qiwen smiled, "It's different to have friends."

"Of course." Long Mingyi said: "I have discovered the benefits of having friends now. Or Zhou Hao and Yue Zhihui, they also want some."

Long Ming clapped his hands, "Everyone thinks and calculates it well. Demonstrate the feasibility from the fundamental point. Fine their account books and find out if we can recover the cost. One week, think about it. This work is led by Mi Ming and reviewed by Xu Chen. Qi Xin and Da Wenwen, you two are involved. It is a good thing to have a big job just after you go to work. Maybe you may make a lot of money."

After everyone left, Long Mingyi left Mi Ming behind.

"How about Baixing and Fu Jinhui?"

"It's still under investigation." Mi Ming said: "The construction site is basically shut down now. It's not easy to investigate the misappropriation of funds."

Long Ming nodded. "Okay. Let him live a few more days."

If the construction site starts and the real estate projects in the new district are still swaying like that, then you can make a fuss. The current situation is hard to say.

In the evening, Long Mingyi attended a "cloud forum" at home. In the first quarter, cloud videos, cloud conferences, etc. were really popular. Especially the "cloud disco". Shen Yixin and the others actually held a cloud conference of 20 people one day, and everyone jumped together.

The forum that Long Mingyi participated has been established for a long time. It was composed of some economists, fund managers, etc., which are actually also think tanks that provide opinions. They have high requirements for the members, scholars must have knowledge, and fund managers must have the ability.

There are twelve people online in this forum today, and everyone is discussing their views on economic trends.

One of them said: "Economic development tends to stagnate. Although our first-tier cities have stable economic development, they are somewhat vibrant. In some places, third- and fourth-tier cities, there are bankruptcies. All the shops on one street say 'out of money'." After that, he also posted the photos taken.

"This is a reminder." Another person said: "In the short term, should we pay close attention to 'consumption downgrade' and 'consumption stagnation'? E-commerce platforms sink to third- and fourth-tier cities. If these purchasing power in third- and fourth-tier cities declines, I think it is not just the loss of e-commerce platforms, but the upward impact. It affects the manufacturers of these products and services. The impact will be great at that time."

A woman said: "Then, we should pay attention to the 'Engel coefficient' (the proportion of total food expenditure to total personal consumption expenditure). In the first quarter, because of festivals, food expenditure may be higher. But people's lives will not change significantly. What we should pay attention to is whether the proportion of other expenditures continues to decline."

"It's right." Everyone agreed.

Long Mingyi said, "That's right, I think everyone should look at it dialectically. First of all, due to special reasons in the first quarter, demand will definitely decline. For example, the demand for staying at home and going out is definitely different. Food expenditure will definitely increase. People who used to be not at home are now starting to eat at home. Secondly, because they don't go out, consumption will definitely decline. Clothes, cosmetics, etc. will save a lot. I have detailed data here, and the data comes from big data. You can take a look. Again, the entertainment market is developing rapidly. Everyone must have reached a consensus."

Everyone nodded.

"I believe our economy is improving." Long Mingyi said: "Of course, we need to pay attention to data like Teacher Wang. These data will reflect the economic situation. We also need some forward-lookingness. After the first and second-tier economies begin to recover momentum, the third and fourth-tier economies will also keep up. The policy will be favorable. I believe our country will be the country with the shortest impact and the fastest recovery."

"Yes." Everyone else agreed.
Chapter completed!