After checking their invitations and passing security, Chen Qing and Lin Su entered the Nasdaq trading floor in Midtown Manhattan. It wasn't even 8 a.m. yet, but the hall was already bustling with people.
The guests invited to attend today's ceremony were all notable figures.
Chen Qing scanned the crowd briefly, her eyes lighting up as she spotted a man and woman nearby. Seizing the perfect moment during their conversation break, she stepped forward with a greeting, "Good morning, Bill, Carly. I hope I'm not interrupting."
"Of course not, good morning, Chen."
"Morning."
Bill Splinter and Carol Bartz smiled and shook hands with Chen Qing. Both had a positive impression of her—smart, passionate, and competent. Moreover, she was Simon's woman, and from her subtle hints in their previous conversations, they both sensed that Chen Qing held a special place in his heart.
Lin Su, on the other hand, didn't have Chen Qing's natural ease. Her inherently aloof and proud nature made her reluctant to change herself. After the initial pleasantries between the three, Lin Su politely exchanged greetings but remained distant.
Both Splinter and Bartz were experienced enough to pick up on Lin Su's reserved demeanor, so they turned their attention back to Chen Qing.
Carol Bartz, who was in charge of Egret Software and Services, said, "By the way, Chen, we should sit down and talk sometime. The insights you shared about China's software industry during that party in San Francisco were enlightening. We're actually planning to build our first data center in China."
"That's a fantastic idea," Chen Qing responded quickly. "Not only will it support software services, but it's also a perfect time to launch cloud computing services. Have you seen the document China released in June this year? It's called the 'National Information Industry Development Plan,' the second major policy document since the 'National Information Infrastructure Plan' of 1993. This latest one focuses on fostering the internet industry. Establishing a data center now should attract considerable policy and tax benefits."
"It's a shame I haven't seen either of those documents. I'll have my assistant compile them right away."
"No worries, Carly. You've got a lot on your plate. Actually, I have a copy with me. I can have an English version sent over before noon."
"Oh, thank you so much, Chen. You're very thoughtful."
"Actually, Carly, if you want to succeed in China, both you and Egret need a team familiar with China's industry policies. The business landscape there is quite unique, and simply applying American business strategies might lead to failure."
Carol Bartz smiled. "Chen, are you offering to take that job?"
Chen Qing smiled back but shook her head. "I'm quite busy myself, so I don't have the time. However, I can recommend some people. I attended an industry gathering in China last month and met several talented individuals in this field. If you ever need help, feel free to reach out to me privately."
Carol Bartz nodded. "How about we discuss it over lunch tomorrow?"
"That works for me," Chen Qing replied, then turned her attention to Bill Splinter. "And I owe you a big thanks too, Bill, for helping with my stock pledge. But let's keep this between us, okay? If Simon finds out, he might scold me."
During Egret's IPO, Chen Qing had quietly pledged her shares in Scopel. Based on Simon's initial promise, both she and Lin Su were entitled to 5% of Scopel's merger business. Therefore, of the 53% stake held by the Westeros system, Chen Qing and Lin Su each owned 2.65%. With Scopel's valuation exceeding $1 billion, their shares were worth over $26 million.
Through Bill Splinter's introduction, Chen Qing secured $20 million in cash from the stock pledge, which she used to purchase Egret shares. She had offered to include Lin Su in the deal, but Lin Su wasn't interested, so Chen Qing didn't push further. In China, Lin Su's family background and position had once placed her above Chen Qing, but now, Chen Qing was eager to leave Lin Su far behind.
Bill Splinter shook his head with a smile. "Don't mention it. It was nothing."
After chatting for a while, Chen Qing excused herself and moved on to her next target.
The hall was packed with valuable networking opportunities.
Even though she was already acquainted with many, reinforcing these connections could only be beneficial.
Chen Qing's main concern was whether Simon had arrived. Of course, she was smart enough not to ask directly. She had been subtly cultivating the image of being highly favored by Simon, and asking about his whereabouts might expose a flaw: If she were so favored, how could she not know whether he had arrived?
Eventually, in a casual conversation with one of the B-girls, she learned that Simon had arrived earlier and was upstairs in a meeting, likely coming down for the bell-ringing ceremony.
Satisfied with this information, Chen Qing decided not to go upstairs. It would be embarrassing if she were turned away at the door.
She would see him at the luncheon anyway. She had brought Lin Su along to the bell-ringing ceremony specifically to increase the chances of catching Simon's attention. He hadn't visited their place in quite some time, and that wasn't a good sign. Appearing together might spark his interest.
Her inner focus, however, remained on the IPO.
She had read numerous analyses from Wall Street, many predicting that Egret's massive IPO might result in a 30% price increase on the first day. With a valuation of $150 billion at IPO, a 30% increase would push Egret's market cap past $200 billion, at which point the growth would likely slow.
As for future stock performance, it would depend on the direction of the tech industry and how long the current bull market, spurred by the Gulf War, could last.
There were also quite a few pessimistic views.
Leading the charge was Julian Robertson of the Tiger Fund. The hedge fund tycoon had been vocal about his skepticism toward tech stocks, claiming that Egret's IPO would mark the beginning of the internet bubble bursting. He even publicly stated his intent to short Westeros system tech stocks.
Chen Qing didn't share this pessimism.
In her view, while companies like Cisco, AOL, and Microsoft were indeed trading at high valuations, the internet industry had yet to peak. The most compelling evidence was Egret's year-over-year revenue growth of 70%, far exceeding that of other companies at a similar stage, even after breaking the $10 billion revenue barrier last year.
Moreover, the tech industry wasn't limited to North America; the international market still held immense potential.
As someone who was both within the Westeros system and, to some extent, an outsider, Chen Qing had a clear perspective.
Globally, the U.S. internet industry was at least three years ahead of other countries. That lead would be almost impossible to close. With the World Trade Organization's founding last year and the acceleration of global economic integration, the internet's global expansion would ride this wave. The major U.S. internet giants, with their strong competitive advantages, might even come to dominate the global internet industry.
In this context, what seemed like an overheated tech stock market was still far from reaching its peak.
Regardless, Chen Qing was focused on her current investment.
As long as she could secure a 30% return from this, she would have her own financial nest egg. She wasn't looking to sever ties with Simon but wanted to leverage the connections she had within the Westeros system to do more. Her deep-rooted desire to stand above others meant she wasn't content with merely surpassing Lin Su; she aimed for the same level of respect and admiration that Simon commanded.
The morning flew by with networking and small talk.
After a speech from Tim Berners-Lee, who had recently been promoted to chairman of Egret's board—a role that effectively marked his semi-retirement—it was finally 9:30 a.m.
The U.S. stock market opened.
Egret's top executives and a few special guests took the stage to press the button that would start trading Egret's stock, completing the bell-ringing ceremony. Simon, to boost Egret's profile, also appeared on stage, standing at the center of attention.
With the ceremony complete, the usual pre-trading price discovery phase began.
Traders worldwide submitted their intended transaction prices via electronic trading networks.
Egret's IPO price was set at $35 per share.
Before the opening, market expectations were that Egret's price might peak around $45 today, representing a roughly 30% gain. However, after five rounds of continuous price discovery over 90 minutes, when trading officially began at 11 a.m., Egret's stock opened at $47.50, a 35.7% increase.
Excluding the additional shares that would be issued due to the green shoe mechanism, Egret's initial 4.326 billion outstanding shares brought the company's opening market cap to $205.5 billion, breaking the $200 billion mark.
The market is often irrational.
When Egret's opening valuation exceeded most expectations, many investors who had planned to sell their shares for a quick profit decided to hold on, thinking the stock might rise even further.
The shortage of available shares in the market only fueled Egret's upward momentum.
At the lunch reception held at the Gramercy Hotel around noon, the guests were distracted, with many focused on the latest stock price updates rather than the celebration itself. Most were eager to return to their offices to monitor the real-time stock charts.
Chen Qing, too, wavered, unsure whether to sell all her shares immediately.
Though she remained optimistic about Egret's long-term prospects, she felt that its
stock price might hover around this level for a while. Even if it gained another 10-20%, cashing out now would allow her to reinvest the money in other ventures. China was full of opportunities, and she had the resources and connections to capitalize on them.
Unable to resist, she eventually approached Simon at the reception and asked his opinion on Egret's stock potential.
Simon smiled and shook his head. "Where's the potential? I don't know. But I remember reading somewhere that the stock market tends to stay irrational much longer than people expect. Many believe the tech sector is already overheated, but maybe this is just the beginning of an irrational period."
Chen Qing pondered for a moment and then tentatively asked, "So, Simon, do you think Egret's market cap could surpass $300 billion?"
Simon playfully lifted Lin Su's chin, who had been deep in thought, and smiled, "Why not aim higher?"
Chen Qing ignored Lin Su's glare, knowing that Simon loved teasing her. She continued probing, "How about $500 billion?"
Simon didn't answer and instead changed the subject. "Have either of you been back to China recently?"
Realizing he had shifted the conversation, Chen Qing dropped her inquiry and replied, "I go back every month. Lin, on the other hand, has been focused on her MBA studies."
"Good girl," Simon said with a smile.
Chen Qing chuckled. "Lin is planning to 'learn from the West to defeat the West.'"
They usually spoke Chinese in private conversations with Simon, but when Chen Qing blurted out an ancient saying, she immediately regretted it. This phrase had been a private joke between her and Lin Su, but now it felt inappropriate in front of Simon.
She could only hope he hadn't understood it.
Of course, Simon understood, but he didn't mind and teased her lightly, "Ambitious."
Relieved that Simon hadn't taken offense, Chen Qing felt good and decided to confess that she had pledged her Scopel shares to buy Egret stock.
After hearing her out, Simon glanced at Lin Su before turning back to Chen Qing. "Just you?"
Chen Qing quickly shifted the blame. "I wanted to include Lin, but she refused."
Simon smiled. "In the future, don't play such little games. You two are a team."
"I understand."
Chen Qing stuck out her tongue playfully, pretending to be obedient. She stepped forward and wrapped her arm around his. "Simon, why don't you come to our place tonight?"
Simon shook his head. "I've got plans tonight. Maybe next time."
"When is next time?"
"I'll be in New York for a while, so there will definitely be time."
Simon had just returned from Europe the previous day. Janet had gone back to Los Angeles and even told Simon that he could stay in New York for a while without needing to come home. The main reason was that Veronica was in L.A., assisting Daenerys Entertainment with its annual financial audit. Ever since a certain revelation about her identity, Janet had noticed an awkward tension between Simon and Veronica, so she preferred that they didn't spend too much time together.
Reassured by his promise, Chen Qing chatted with him a bit longer before spotting Steve Forbes, the CEO of Forbes Group, walking over. She excused herself, taking Lin Su with her. As she walked away, she couldn't help but wonder what Simon's net worth would be on the next Forbes list.
She had recently read a report stating that Forbes had delayed the release of its latest list of America's 400 richest people, waiting for Egret's IPO.
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