[新聞]Google 招股網上競投
4 月 30 日 星期五 10:20 更新
網絡搜尋器 Google 宣布將發行高達 27 億美元的股票，並將以全新的公眾網
上競投系統，讓小投資參與。
Google 表示，為了讓小投資者有公平的參與，今次新股將會將公眾網上競投
的方式出售股份，以確定股票定價。按目前制度，包銷商主要是從機構投資
者方面收集意向，然後再按照有關意願為新股定價，小投資者可以參與的機
會非常之微。今次 Google 以公眾競投的方式為新股定價，可說是大大提高
了小投資者的參與程度，亦可以增加整個招股活動的認受性。
分析員指，這個新的招股方法如成功，將會改變美國招股的方式。摩根士丹
利及瑞士信貸第一波士頓是這次發行的主包銷商。
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About the news
The news is talking about the great web search engine, Google, is going
public in new ways which is different from the practice of Wall Street.
Google seeks to raise $2.7 billion in an unusual auction-style public
offering that will give the founders rare control over the company. They
will use auctions and telephone ordering for people to buy their shares.
However, the filing didn't disclose the number of shares that will be
offered, nor the range in price for those shares.
In an unusual provision for a technology company, Google will create
two classes of shares with different voting rights, a move that aims to
guarantee that founders Sergey Brin and Larry Page will maintain
decision-making authority.
This time Google will sell their shares A out, while another share, share
B, one share B equals to 10 A shares. The 2 shares have different voting
rights. The share B owners have more voting rights.
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Features of limited company:
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As the structure of limited company is usually in big-scale, so they always
have to issue shares in order to raise capital. Then, people will buy the shares
because when the company earns profits, the shareholders can earn dividend
also. So, the shareholders are also considered as owners of the company.
Before a company issues their shares in the stock exchange market, it must
first apply to be listed. However, some companies don’t want to be listed for
some reasons (e.g. they don’t want to disclose their financial information to the
public). So, Google is now planning to list the company so as to raise about 2
billion HK dollars.
Limited company has limited liability. That means the shareholders of
Google do not have to bear unlimited liability. Their liability is limited to the
capital they have invested to the company. Therefore, their personal properties
will not be used to pay off any further debt of the firm. So, we can see that,
there is independent legal identity between the company and the shareholders.
For example, if Google posts some forbidden advertisements in its website
and it breaks the law, the shareholders of Google do not have to bear the
responsibility. And if Google got some debts from other companies, the
shareholders of Google are not liable for the debts. In other words, the assets
of the company do not equal to the assets of the shareholders.
The ownership and management of Google are separated. The
shareholders may not manage the company. Instead, the board of directors
will be responsible for the management. They are in another way, the
employees of Google, who may own some shares of the company.
As there is separated legal status of the company and the shareholders,
even when shareholders die or withdraw, the running of the limited company
will not be affected. So limited company has a lasting continuity.
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Effects of the shares
While people are interested in the buying the shares of Google, as this is new
to them and new methods of buying shares is used, they will rush to buy the
shares. Since the founders own one-third of the shares, only two-third of the
shares can be bought in public.
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Google Shares
The supply of the shares are fixed, price and quantity are at equilibrium
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Google Shares
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If people expect the company will have a profit in the future, they will buy more
shares of that company, demand for the shares of that company will increase,
so the price for the shares may increase. Google can earn capital (revenue)
from listing the shares.
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Google Shares
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But if people expect that the company may have a loss in a future, they may
start selling them out, demand for the shares of the company decreases, so
that the price of the shares of that company may decrease.
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化妝品王國雅詩蘭黛創始人去世,享年 97 歲
4 月 26 日 星期一 10:30 更新
[路透紐約電] 化妝品牌雅詩蘭黛(Estee Lauder)的發言人周日表示，
該公司創始人雅詩蘭黛周六在其曼哈頓寓所逝世，享年 97 歲。雅詩蘭黛
當初靠著家傳的皮膚保養秘方以及一股對女性美容的熱誠，以自己的名字
為品牌名稱，創立這個價值 100 億美元的化妝品王國。
該公司發言人蘇絲曼(Sally Susman)說，雅詩蘭黛是因心肺衰竭而去世，
但她並未說明有關死因的細節。
雅詩蘭黛在 1946 年創立公司，以高級、精緻的氛圍，許諾為女性保持永
恆的年輕與美麗，產品銷售遍布全球 130 個國家。
蘇絲曼說，雅詩蘭黛已經有 10 年未參與公司的經營。目前該公司的董事
長是由其子李歐納德蘭黛(Leonard Lauder)擔任。
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Introduction
Estee Lauder is the founder of the brand “Estee Lauder”, which now
developed to a world-known cosmetic brand. It has more than 50 years’
history, Estee Lauder is famous for her cosmetic products, which her
products have been sold in over 130 countries. However, Estee Lauder
died at the age of 97, which she had already put a lot of effort on her
career.
Explanation
“Estee Lauder” is a public limited company, which even when the
owner dies, the company still continue to run. This is because a listed
company has the advantage of a lasting continuity. The company will
not stop running when one of the shareholders or owners died.
We can apply the case of limited company to “Estee Lauder”.
Although the founder man has died, the company doesn’t stop running.
Although Estee Lauder died, the demand for the products of “Estee
Lauder” did not increase. Let us have a look at Leslie Cheung’s case.
After he died, many people rushed to buy his CDs, because Leslie could
not produce any CDs anymore. However, the brand “Estee Lauder” still
produces goods even the owner of it died. This is one feature of a limited
company.
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Products of “Estee Lauder”
Supply of products of the “Estee Lauder” unchanged, demand for it unchanged,
so price also remains unchanged. Demand for the products of “Estee Lauder”
is inelastic, because it is just a luxury. It is not a necessity for people. So
people will not buy the products just because of the death of the founder man.
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CDs of Leslie Cheung
Demand for Leslie Cheung CDs may increase, because there is an
expectation of future price of his CDs to rise, as Leslie was a famous singer
when he was alive. So demand for his CDs will increase.
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