Micro-Bo exposed the material

Abstract: Near the Spring Festival, micro-Bo also exposed a fierce material. Last weekend, Dangdang CEO Guoqing and the investment banker who was quoted as "Morgan Stanley" in the U.S. stock market had a big foul language on Weibo, with the two sides fighting over the focus of the investment banks ' deliberate crackdown on the listed shares.

Near the Spring Festival, Micro Bo also exposed a fierce material. Last weekend, Dangdang CEO Guoqing and the investment banker who was quoted as "Morgan Stanley" on the U.S. stock market were on Twitter, and the two sides battled over the focus of the investment banks ' deliberate crackdown. As of last night, "guoqing of the rhetoric of Morgan Stanley Girl" ranked Sina Weibo topic list of the forefront.

One is the CEO of a listed company and the other is a well-known investment banker. Both sides ignored the face of the foul language immediately aroused the question: Dangdang in the listing process has not been underestimated? Is it true that the financial fraud referred to by "Morgan Stanley" is true?

Yesterday (January 17), Dangdang and Morgan Stanley issued a statement on this. Guoqing said it had written "dirty words" to the board of directors and that Morgan Stanley had denied it after a number of employees had been referred to as "Morgan Stanley".

Guoqing, Dangdang chairman Yu last night has gone to Shanghai. The news that Yu will be on the trip with China's headquarters in Shanghai, Morgan Stanley communication of the matter, but the message was Dangdang denied, said Yu this trip is not related to the incident.

1

Events passed

CEO "Hate song" to defy investment bank

The cause of the incident was Guoqing's questioning of the pricing of investment banks. January 15 11 o'clock in the morning, Dangdang CEO Guoqing suddenly in micro-blog Feeling "What is a successful listing", he summed up two criteria: one is P/E, the second is listed 1 months after the fall in 30%.

Based on these two standards, Dangdang's listing has not only been a bit more than the standard--on the day of the listing of more than 100 times times earnings, the current price of around 33 U.S. dollars than the market rose by more than 50%.

But Guoqing is very dissatisfied with this, he angrily said, Dangdang before listing by the investment bank deliberately suppress the share price, suffered about 900 million yuan loss, and the other side has a map. "What is an investment bank?" They get fees from companies that want to go public, but they also have management funds from other departments to get financial benefits. ”

Guoqing's alleged investment bank, Morgan Stanley, is the company that helped it complete its underwriting and other listings. In the following successive several micro-blogs, guoqing constantly scold Morgan Stanley, such as "Low-energy or Low", and claiming that their behavior is to Kuangfu justice, so that entrepreneurs see the true face of capital, "I exposed our mistakes equals in the self scold, to this warning posterity." ”

Guoqing even aeration Pro for forwarders Dangdang listed business, in advance, the company can reach the value of 1 billion yuan ~60 billion, and after the pretext of opening fire in Korea, in the prospectus adjusted to 700 million yuan ~8 billion, and at 16 U.S. dollars in the official offer price calculation, Dangdang initial public financing losses more than 900 million yuan. Guoqing the "Hate Song", which is mixed with Beijing, as a microblog, and "fictional rock lyrics Creation", which was forwarded more than 6,000 times in just a few hours, and sparked more than 2000 comments.

Guoqing's comments, however, have sparked resentment from the investment bankers on Weibo, whose own "rock music" has provoked a violent counterattack by finished suspected Morgan Stanley employees.

On Weibo, the first to start abusive response Sukki_zhao, Lucia Weather, 1094AF and other IDs caused the attention of netizens, and was "grilled" out of the relationship between the past and Morgan Stanley related remarks, but without real name certification.

In guoqing with what he called "investment bank silly Girl" as the mouth, another netizen described as "very heavy machine gun kill" suspected Morgan Stanley staff made the war to climax. The person with the ID of "lost only satisfying", in the tone of Morgan Stanley, guoqing from professional level to marital relations. Li "Qi to succeed are shaking", and its exposure to several Dangdang before the IPO and investment banking "insider", unexpectedly in guoqing Place got one by one defense response, which makes netizens more convinced "lost only satisfying" The identity of Morgan Stanley's internal staff and gave it the nickname "Morgan Stanley".

"Morgan Stanley woman" as the person who knows the status of the guoqing and cash flow problems, and reminded the "careful to do the false accounting will be whole to the extremities." "Morgan Stanley" even with a number of "colleagues" on the micro-blog hinted that will be in the two-tier market, the crackdown on selling Dangdang shares.

But since Monday (January 17) was the "Martin Luther King" anniversary of the United States, all stock markets were closed for one day, so the "deterrence" of the ruthless words could not be confirmed.

2

Latest developments

When Morgan Stanley and the two sides emergency fire

"Lost Yi" in the event after the popularity soared, its microblog fans from the previous hundreds of to last night has increased to more than million people, but at the same time, including her 3 "Morgan Stanley Women" were brutally human flesh. Netizen human flesh out of "Morgan Stanley female" is Zhao Jie (Sukki_zhao), Zhao Yi (lost only satisfying), Jiang Yiping (Lucia Weather), said, 3 per capita for Morgan Stanley employees.

However, Morgan Stanley has denied the above statement. "According to preliminary findings, we believe the microblog author is not a Morgan Stanley employee," the company said in an emergency statement January 17. "Morgan Stanley also claims that such offensive rhetoric violates industry ethics and condemns such actions against corporate brands and reputations."

Meanwhile, Dangdang is eager to put out the fire. Yesterday afternoon, Dangdang official issued a statement, said Guoqing in the micro-Bo rock lyrics are fictional creation, for personal literature hobby; The lyrics of "Beijing scold" is wrong, but the lyrics are not targeted at an enterprise or someone to attack.

Dangdang Official statement that the lyrics do allude to a certain industry in the undesirable phenomenon, belong to the beholder, and also stressed that guoqing for micro-bo 2~3 People's profanity did not use "dirty" word back to scold.

Dangdang also further explained that Guoqing created the lyrics, the original intention is to expose the scars to the subsequent entrepreneurs and the upcoming U.S.-listed companies to warn; Dangdang also said that Weibo's comments are open, welcome comments, but do not use bad language. Dangdang is in favor of entrepreneurs speaking freely on Weibo, but should pay attention to purify the space.

Yesterday afternoon, guoqing on his microblog, saying, "I'm writing a check on the board of directors." Also, I asked the secretary to delete the dirty words in the comments on my microblog. I am not prepared to be interviewed by the media about the reform of investment banks. ”

Yesterday afternoon, "daily economic news" has been trying to contact Guoqing, but its mobile phone is always in a state of unanswered. But last night, guoqing in the latest Weibo release of public Jiantao, but still do not forget to put forward the request: "First, the company to investigate the abuse of the people and take measures; second, as a customer, I am dissatisfied with the listing price, please the company concerned to apologize to me. ”

May be the "Morgan Stanley women" in the speech questioned Dangdang's financial situation to refute, and try to enhance investor confidence, yesterday 5 o'clock in the afternoon Xu, Dangdang issued a draft, listed a few investors bullish when the view, and the recent long-term fund overweight as an example. These include the company, which became the biggest financier of high-tech companies in China and the region as a whole in 2010, and hit a new high for Chinese companies ' overseas IPOs, with a 87% per cent rise as the first-time third-place IPO in the US last year; When the roadshow stage obtains more than 30 times times the subscription multiples, in addition, 3 funds substantially increased the company stock, the shareholding proportion has reached the total circulation 47.6% and so on.

In addition, the daily economic news also learned that yesterday Yu had gone to Shanghai. Insiders speculate that Yu this trip or to the China headquarters in Morgan Stanley to communicate. In this connection, people close to Dangdang denied the news, according to its said Yu to Shanghai mainly to record a television program, and will be in the morning to communicate with the Shanghai media. However, 10 days ago Yu in Shanghai has just recorded a television program, has also received a number of Shanghai media interviews.

3

Depth perspective

Guoqing was dissatisfied with the investment bank.

Guoqing and "Morgan Stanley Woman" of the war is not really a surprise, actually since the listing, guoqing on its microblog has been on the fund and investment banks for nearly two months.

Go back a little longer, guoqing, Yu for many years the trust of investment institutions have been retained, the IPO before and after the guoqing, Yu couples have a higher shareholding ratio.

Half a month ago, Guoqing, who had explicitly accused investment funds of being in the post, had also invested in several companies in the industry. Despite not naming names, the accusation was directed at the Tiger Fund. In an interview with the Daily Economic news in Shanghai on January 7, Yu also expressed strong dissatisfaction with the Tiger fund approach, "unthinkable in the US" and said that it did have a negative impact on the company's knowledge of confidential information.

At the weekend, Guoqing to Morgan Stanley again, accusing Morgan Stanley of holding down its IPO price and stimulating "Morgan Stanley Girl" to fight back.

An industry insider who was close to anonymity told reporters that this was supposed to be a game of interest between Morgan Stanley, but as the "Morgan Stanley Woman" appeared and even exploded, making the event more than the two sides could foresee. This is the accident in the incident.

The people familiar with the matter said that Yu in the U.S. capital market has a deep resources, contacts, so that Morgan Stanley to the lower commission underwriting, but also to Morgan Stanley to carry out the transaction of the team income is not much, and this "Morgan Stanley women" before the deletion of the microblog comments are also mentioned.

The IPO business of investment bank underwriting Company has two main income sources: one is underwriting Commission, second is income of two level market. It is understandable that there is a possibility that Morgan Stanley might be able to make up for more revenue in the two-tier market by lowering its IPO price. Of course, the pricing of investment Bank is also related to the determination of a strong institutional subscription, capital market for the company's development expectations and many other factors.

In response to the two-tier market situation, "Morgan Stanley Women" had to Guoqing replied, "Without our two-level market operation, your share price will be so strong?" ”

According to the analysis of people familiar with the situation, guoqing on Weibo continued to vent its dissatisfaction with investment banks, in addition to directly express their emotions, is also to a large extent, pressure investment banks to keep Morgan Stanley in the two-tier market to maintain the support.

However, "Morgan Stanley women" in the speech attack when there is financial fraud, but also said Dangdang's cash flow is negative, and arrears of water and electricity. In response, Guoqing said, "I led the cash flow since 2003 is positive, never creditors." ”

But these problems go beyond the limits of what is normally the case with Morgan Stanley. If "Morgan Stanley Woman" is true, it means that Morgan Stanley in the knowledge that when the case of fraud, it is still in the underwriting, so the trouble is not only when, Morgan Stanley has also violated the United States law.

Angel investor Tang Yu that "Morgan Stanley woman" online commentary is also asking for trouble, if when the lawsuit financial fraud, Morgan Stanley will also be associated with the defendant. He cited, for example, 11 years ago that Merrill Lynch analysts had used foul language to scold the company he reported, and the SEC was later involved in the incident, and analysts lost 4 million of dollars.

In addition, the "Morgan Stanley Girl" has been in the micro-blog to sell the relevant people. And since Saturday (January 15), in the Imeigu Forum on the beginning of the organization of the Tuesday to when the collective short selling. Industry insiders believe that it is illegal for investment bankers to publicly threaten the share price of listed companies.

From this point of view, Morgan Stanley may be more passive than when it is. And now the war is not the incident itself is not important, the two sides are more worthy of attention. There is a point of view that, when the current "emergency fire", what needs to be done is to communicate with Morgan Stanley, demand it in the level two market, but also to Morgan Stanley promised to push the new business growth model this year. It is expected that when it is possible to disclose its new business growth point.

4

Onlookers said

Chinese companies need their own investment banks

Guoqing and "Morgan Stanley Women" of the war also attracted a lot of investment, business and media industry people "onlookers."

The letter of the Chairman of the international holding company Wang in his microblog said, "the whole process is not too should have who pressure who the problem, the price is not satisfied can not hair, the market is not good can not send." ”

Zhang Xin, co-founder and chief executive of Soho China, said: "The listing is only a start, a long way to go, and investment banking cooperation will be more and more, perhaps the IPO price is not ideal, but the stock prices are constantly changing, it will motivate good companies, punishing bad companies." "Microsoft only raised 65 million dollars when it was on the market, a small size." An IPO is like a newborn baby, full of hope for the future. ”

New Wengwen, chief editor of the Journal, said in a microblog that a recent visit to the founders of a number of new IPO companies actually had a lot of opinions about American investment banks, but Dangdang has openly expressed it in an extreme way. New Wengwen said, "Since the IPO is your dream, investment banks are the bridge of the IPO, that rather than complaining about the plan, early recognition of the nature of investment banking, early identification of investment bankers, early choice of the IPO partner." ”

Baofan, founder and CEO of Huaxing Capital, argues that Chinese start-ups need their own investment banking and world-class investment banking so that they do not suffer from bullying. "The Europeans prop up Rothschild, the Jews prop up Goldman Sachs, the central enterprises prop up CICC, the Chinese entrepreneurs, who are your spokesmen on Wall Street?" ”

Li Jiaqing, managing director of Lenovo Investment, said that China had to have a world-class local two market and a world-class local private equity investor, and that "both ends of the game do not support world-class local companies." ”