255: Chapter 255 Continuing to Empty Out America

But Shen Fei was very certain, still maintaining that confident tone.

"Wall Street does not buy the Africa story, but the Hong Kong Stock Exchange does.

Investors in China understand emerging markets, understand tech companies, and understand these business models."

Van Dijk smiled lightly, his face clearly expressing his disbelief.

As the former major shareholder, how could he not know how much fluff was in AfriLink? Going to list on the Hong Kong stock market? If the original 12 billion USD valuation could even retain 10 billion HKD, that would be considered incredible news.

At this moment, they were both grasshoppers on the same rope, so he certainly could not say that.

"But the liquidity of the Hong Kong Stock Exchange is not as good as the US stock market."

"Liquidity can be created." Shen Fei looked at him. "AfriLink is not an ordinary Africa company. It is the largest social platform in Africa, and it has already begun to enter the mobile payment market and the e-commerce market.

The scale of this story is not 12 billion USD; it starts at 20 billion."

Van Dijk stared at him for a long time and was intimidated; it was under this kind of pressure that he had been forced to agree to the 10 billion valuation back then.

"Mr. Shen, you are very confident."

"It is not confidence; it is that I have crunched the numbers." Shen Fei pushed the document he had prepared earlier across the table, his face clearly saying, "I am not lying to you."

"AfriLink has surpassed 280 million users, which rounds up to 300 million people.

Although the annual ARPU per user is currently less than 4 USD,

this figure can reach 10 USD within three years. At that time, revenue will be 2.8 billion USD, and profit will be approximately 1 billion USD.

With a PE ratio of 20, the market value will be approximately 20 billion USD."

"Mr. Shen, we are already major shareholders, so there is no need for you to use this sales pitch on me."

Van Dijk now looked resigned.

"No, I am not trying to fool you. Wait until I finish.

The value of AfriLink is not in the financial figures.

It is primarily the users—280 million Africa users are the largest digital asset on this continent.

Those people on Wall Street are pretending not to understand, but people in China understand."

After listening, Van Dijk finally understood what Shen Fei meant. Since the US side was feigning ignorance and China was an emerging market where everyone was full of anticipation,

perhaps they could leverage that. Van Dijk instantly changed his expression.

"Fine, I agree."

Immediately after, the two shook hands, both wearing a hint of a wicked smile.

...

When news came out from Van Dijk's side that they were preparing for a listing on the Hong Kong stock market, James Diamond, the president of the investment banking division of Bank of America, was in a meeting in London.

Upon hearing the news that AfriLink was going to switch to the Hong Kong Stock Exchange, his expression changed drastically.

"Have Van Dijk and Transsion gone crazy? Will the Hong Kong Stock Exchange accept this kind of emerging enterprise? And can the Hong Kong Stock Exchange offer underwriting fees at the same price as us?"

The deputy beside him whispered a reminder: "James, it is not a question of underwriting fees. They are not satisfied with the valuation."

James Diamond immediately understood their plan.

Shen Fei wanted to use this move to force them to accept reality. Although they, as capital, could resist,

but AfriLink did not have many shareholders. Besides Naspers, which Van Dijk represented, there was only Transsion. As for the founding team, they had already been fooled by Van Dijk.

Therefore, he had no choice but to make this trip.

After all, this listing was just the beginning. Next, the initial direct subsidiaries of the Chuan Yin Group would all be listed, and each company could bring Wall Street over 1 billion USD in profit.

This was no small piece of business.

...

The next day, James Diamond's private jet landed at Shenzhen Bao'an Airport.

Without any surprise, he saw many familiar faces here.

On the surface, each of them was saying they were going to the hotel to rest, but in reality, all of them went to the Transsion headquarters at the first opportunity.

James Diamond arrived here first, but just as he was preparing to negotiate, Shen Fei said there was no rush and to wait a moment.

James Diamond began to panic. He hurriedly said: "Mr. Shen, the valuation can be negotiated."

Shen Fei did not say a word and just waited there quietly.

"8 billion USD—given the internet bubble in the United States, this valuation is already very high."

Shen Fei checked the time, then smiled.

"Mr. Diamond, do you know at what valuation Van Dijk subscribed to the shares when he acquired them back then?"

James Diamond certainly knew. At the time, Van Dijk had become a laughingstock to them. Of course, there were also the companies that had helped Transsion acquire businesses just to get on board; they were also treated as jokes.

But now it seemed... those people were the correct choice.

What did the loss of United States assets have to do with them?

They were just doing a favor, yet they received real money. He did not know when the next opportunity like this would come along.

"They acquired it at a 10 billion valuation at the time, 40% of the shares, which was about 4 billion USD.

With the cooperation of our various parties, the registered users not only broke through 100 million but reached 280 million.

What were you doing? Sitting in your New York office, looking at reports, and saying that Africa had high risks."

"Mr. Diamond, I do not need your 8 billion. You can withdraw.

We will find other investment banks to act as underwriters. If you are unwilling to get on board this time, you will regret it."

Just as James Diamond was about to reply, a voice came from the door:

"Diamond, you are still as stingy as ever. When will you be able to change this bad habit?

We at JPMorgan agree. We will go public at a 12 billion USD valuation, and I can guarantee that it will soar by 20% upon listing and push it to over 20 billion USD within a month.

As for the aftermath... I believe by then, AfriLink will have nothing to do with Transsion, right?"

The manager from JPMorgan walked in with a smile, pushing the door open.

"Prosser, who is stingy? We can guarantee within three days..." James Diamond said excitedly.

So much for working together; now they were undermining each other one by one.

"A listing price of 12 billion. One week after listing, you can take the 13.2% of shares held by Transsion; we will not keep any of it.

Do you agree to this deal?"

Diamond and Prosser looked at each other; this agreement was indeed very attractive.

The transaction deadline was not an issue at all; after all, Transsion was known in the industry for its good reputation.

Previously, they would always hand over shares or cash after acquiring a company. Sometimes they could even pay before delivery.

This time, there was absolutely no risk.

Shen Fei extended his hand: "Do you agree to this plan? Can we make a deal?"

Both firms looked at that hand and then reached out to shake it.

"Deal, we want 3%..."

"How much? You can distribute it among yourselves internally. Let me say one thing first: I do not want cash; I only want technology—the right technology."

"Mr. Shen, it is not a financial crisis now, and what you did last time was too much. Now you have already..."

"That is your business."

...

Three days later, AfriLink officially announced that it would list on the NASDAQ main board.

The sponsors were Goldman Sachs and Morgan Stanley, and the underwriting syndicate included 12 investment banks, including Bank of America, Citibank, and HSBC.

The valuation was 12 billion USD, raising 2 billion USD.

This would be the largest IPO in the history of Africa companies.