Penguin had been established for fifteen years and publicly listed for nine. It held two trump cards—QQ and WeChat—in addition to its e-commerce and online gaming businesses, yet its market capitalization was a mere 116 billion US dollars.
Meanwhile, Pinbei, founded just two years ago, had somehow secured a market capitalization of 88 billion US dollars, merely on the strength of its titles as Hua Country's top social e-commerce platform and second-largest e-commerce company?
Many found this baffling, believing Pinbei's valuation was overinflated.
But in reality, the five major underwriters, including Goldman Sachs, Credit Suisse, and Morgan Stanley, had chosen to fully subscribe with barely a second thought.
Were the financial tycoons and industry elites of Wall Street all idiots?
Obviously not.
As soon as the news broke, domestic media outlets scrambled to report on it.
"Pinbei's IPO Is a Done Deal! Raising $8.8 Billion, a Record for the Lighthouse Country Market!"
