bookrebus Chapter 340 Star Technology is about to go public
Chapter 340 Star Technology is about to go public
December 2, 1999, 5:00 AM.
Jinan, Lixia District.
Ling Yun stood beside the crib, watching her sleeping daughter. The little one was just over a month old, her face small and rosy, her mouth slightly open, occasionally moving and making soft humming sounds. Her name was Ling Yutong, chosen by An Shiyu.
An Shiyu came out of the bedroom, wearing a coat, and walked to his side. "What time is your flight?"
"Around eight o'clock."
She nodded, looking at her daughter in the crib, "How long will this journey take?"
"It'll probably take a month and a half," Lingyun said. "I'll come back as soon as the listing is done. I'll get it done quickly and come back to be with you and the kids."
An Shiyu didn't speak. She reached out and gently touched her daughter's face.
Ling Yun looked at her, "I'll do it as soon as possible."
An Shiyu looked up at him, then at her daughter who was sleeping peacefully. "I know, our Yutong will wait patiently for Daddy to come home."
She saw him to the door; his suitcase was already placed in the entryway, and Zhao Hu was standing outside waiting.
An Shiyu stood there, wearing pajamas, her hair a little messy, her eyes a little red. "Call me when you get there."
He turned around, hugged An Shiyu's face, and kissed her hard on the lips. "Be a good girl and wait for me to come back. Call me if you need anything, and I'll video chat with you when I have time."
Then he turned around and went out.
Lingyun quickly browsed through the documents she needed on the plane, had a good sleep, and then the plane landed at the airport.
Stepping out of the airport, the sunlight was blinding. The California sky was an unnaturally blue, completely different from Jinan.
Fiona was already waiting in the arrivals hall. She was wearing a dark blue suit skirt and her hair was neatly styled in a bun. When she saw Ling Yun come out, she quickly walked over and said, "Mr. Ling."
Ling Yun nodded. The company car was outside. The two got in, and Fiona began to report her basic salary.
"Goldman Sachs has sent over the final prospectus. The offering price is set at $30, with a total of 20 billion shares outstanding and a market capitalization of $600 billion. The ticker symbol will be STAR."
What is Microsoft's current market capitalization?
"Six hundred billion," Fiona said. "Exactly ten times the size of the stars."
"Furthermore," Fiona continued, "there's been a restructuring of the shareholding structure. You transferred 5% to Goldman Sachs and 5% to Morgan Stanley, and the procedures are complete. You now hold 27% of the shares, HP 14.6%, the employee stock ownership platform 13.6%, Dell 11%, Goldman Sachs 13.2%, Morgan Stanley 11.6%, Abu Dhabi 2%, France 2%, and the remaining 4% is held by other minority shareholders."
Ling Yun nodded.
"After the IPO, they will issue 20% more new shares," Fiona said. "At that time, your shareholding will drop to around 22%."
Ling Yun didn't speak.
Fiona glanced at him in the rearview mirror. "Mr. Ling," she said, "there's something I need to remind you of."
"Just say what you have to say."
"22% might not be enough to retain control," Fiona said. "According to the company's bylaws, major decisions require a two-thirds majority. You alone, plus the employee stock ownership platform, don't even have a third."
Ling Yun looked out the window. "Okay, I understand."
Fiona paused for a moment, "Aren't you worried?"
"Hmm. There's nothing to worry about."
Fiona didn't know what to say. She paused for a few seconds, then asked, "So... what are your plans?"
Ling Yun did not answer.
The car drove into Palo Alto and parked downstairs at the company building.
2 PM, Xingchen Technology office.
Eric was already waiting in the conference room. A thick stack of documents lay in front of him. When he saw Ling Yun enter, he stood up and said, "President Ling."
Ling Yun sat down, and Eric sat down as well, looking at him.
"Mr. Ling," he said, "I have a question."
"explain."
Are you really not worried?
Ling Yun looked at him. "What are you worried about?"
“Control,” Eric said. “Your stake is dropping from 70% to 27%, and after the IPO it will drop to 22%. Those people—Goldman Sachs, Morgan Stanley, HP, Dell—they combined own more than 40%. If they team up, you won’t have any say.”
Lingyun picked up her coffee cup and took a sip.
"Eric," he said, "what do you think I'm here for?"
Eric was stunned for a moment. "What?"
"I came to America," Ling Yun said, "to start a company, not to become an emperor."
Eric didn't say anything.
"When a company grows big, it has to go public. Once it goes public, the shares have to be dispersed; that's the rule." Ling Yun put down his cup. "If they want to kick me out someday, that's their business; I can't control that."
"and you……"
"I came to America to make money," Ling Yun said, "not to settle down."
Eric looked at him, his eyes filled with complex emotions. "You mean..."
Ling Yun stood up and walked to the window.
The California sun shines brightly and warmly outside the window.
"My roots aren't here," he said.
Eric remained silent for a long time. "Then... what about the stars?"
Ling Yun turned around. "Starry Sky is my company, and I am the actual operator," he said. "But it doesn't belong to me alone. You are all here. You wrote the code, you made the product, and you brought in the users. Even if I leave, Starry Sky will still exist."
Eric opened his mouth, but no words came out.
Ling Yun walked back to his seat, sat down, and smiled meaningfully. "Besides, if they want the stars, they have to pay for them. If the price is right, it's not impossible to negotiate."
Eric was stunned. "You're going to sell the Stars?"
Ling Yun looked at him and said, "I told you, the price is right."
Eric didn't know what to say.
The meeting room was silent for a long time before Eric finally stood up.
"President Ling," he said, "I've worked for you for three years, and every decision you've made has ultimately been the right one. This time, I trust you too."
Ling Yun nodded.
Eric left, leaving Ling Yun alone in the conference room.
He sat there, looking out the window. Large, dark clouds drifted in from afar, and a storm was about to break.
Ling Yun sighed softly; a storm was brewing.
The internet bubble is about to burst. We're almost at 2000, and the bubble will likely last another six months or so. The Nasdaq will peak in March 2000, then begin a downward spiral, leading to the bankruptcy of numerous internet companies. My window of opportunity is closing; otherwise, I wouldn't have sold to Goldman Sachs and Morgan Stanley just before my IPO. It was a necessary payment, a toll I had to pay.
Ling Yun sat there for a very long time. Although he was unwilling, he still had to make a choice.
He stood up, walked to the window, and large raindrops began to patter against the window. The wind rustled the trees in the park, and soon, a torrential downpour began, obscuring Lingyun's view.
He thought of Jinan, of that little crib, and of An Shiyu standing at the door.
That is his root.
He was just a passerby here.