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In the spring of 1983, at Apple Computer's new headquarters in Palo Alto, Steve Jobs was preparing for the spring product launch.

In the conference room, Jobs, Wozniak, and several key executives were looking at a prototype of the upcoming "Apple II Plus".

"This time, the price is $1499, which is $500 cheaper than Lemon's comparable products," the marketing director reported. "Our positioning is clear—we're not competing with Lemon on performance, but on design and user experience."

Wozniak inspected the circuit board: "I've optimized the motherboard design again, reducing the cost by 8%. The heat dissipation is also better."

Jobs nodded, his gaze falling on the Lemon 12 prototype computer in the corner of the conference room...

That was a gift from Suning, and it was also the benchmark against which their new product was being compared.

“The Lemon 12 sells for $2999, we sell for $1499,” Jobs said. “Our performance is slightly inferior, but our price advantage is obvious. Moreover, our graphical interface is more user-friendly, and our software ecosystem is slowly being built.”

The secretary knocked and entered: "Mr. Jobs, it's Mr. Gan on the phone."

Jobs answered the phone: "Boss."

On the other end of the phone was Suning: "How are the preparations for the press conference going?"

“We’ve been waiting for you to come,” Jobs said. “But aren’t you busy with the IPO lately? Do you have time to come?”

"No matter how busy I am, I have to come and see you," Su Ning said. "I'll be there tomorrow afternoon, and we can talk about some things."

……

The following afternoon, Suning arrived at Apple's headquarters.

It's been over two years since I last visited, and Apple has changed a lot.

From a garage to a rented office building, it now has its own industrial park...

Although it's much smaller than Lemon Technology's Santa Monica headquarters, it already feels like a proper large company.

Steve Jobs personally led a tour of Suning.

"Our R&D team now has 120 people, our production team has 300 people, and our sales team has 80 people," Jobs said. "Last year, our revenue was $86 million and our net profit was $9 million. Although that's a fraction of what Lemon makes, we are growing."

Suning looked at the Apple IIs being assembled on the production line and asked, "How's the quality?"

"The first-pass yield rate is 97%, which is two percentage points higher than last year," the production director reported. "Key components are still purchased from Lemon's suppliers at the agreed price, which is 15% cheaper."

“What about sales?”

“We sold 57,000 units last year, and our target for this year is 100,000,” Jobs said. “Our main markets are education and creative workers. Schools love our products because they are inexpensive and easy to use.”

After the tour, the two sat down in Jobs' office.

"To be honest, boss, without your initial investment and technical support, Apple wouldn't be where it is today." It was rare for Jobs to say something like this. "The licensing of Lemon's patents saved us from many detours. Financial support was even more crucial."

Suning waved his hand: "Investing in you is also investing in the future. Looking at it now, the returns are good. How much has your stock price increased?"

Apple went public independently two years ago, with a market value of $80 million at the time, which has now risen to $320 million.

“Four times,” Jobs said. “But compared to lemons… I heard you’re going public? Your valuation could exceed ten billion?”

"Pretty much." Su Ning took a sip of coffee. "That's why I came today to hear your advice."

"What suggestion?" Jobs asked.

“The US government has started to pay attention to lemons,” Su Ning said bluntly. “The antitrust department summoned us three times last year. Although no formal case has been filed yet, the signs are not good.”

"Because the market share is too large?"

“Yes.” Suning nodded. “In the personal computer market, Lemon holds 71%. In the mobile phone market, ‘Mobility,’ which we partnered with Motorola, holds 85%. In the communications chip market, our subsidiary holds 60%. Any one of these figures would trigger an antitrust investigation.”

Jobs understood: "So you want to go public, make the company a public company, increase transparency, and reduce pressure?"

“That’s one aspect,” Suning said. “On the other hand, we need to diversify our shareholding. Currently, 99% of Lemon Technology’s shares are held by me and a few early employees. After the IPO, Wall Street, pension funds, and ordinary shareholders will all become shareholders. If the government wants to touch us, it will have to consider the interests of millions of shareholders.”

“A smart move,” Jobs agreed. “But how many shares are you prepared to give up?”

"We plan to issue 30% of the shares to raise funds for next-generation technology research and development and global expansion," Suning said. "After the listing, my shareholding will decrease to 51%, maintaining controlling interest. The remaining shares will be held by institutions and the public."

"What about the valuation?"

"The investment banks suggested $120 billion to $160 billion," Suning said calmly.

Jobs gasped: "160 billion... that's almost a third of IBM's market value. And you're only thirty-nine."

“So the pressure is even greater.” Su Ning smiled wryly. “The bigger the tree, the more the wind blows. Now, people in Washington have started writing articles saying that Lemon Technology threatens national security—because of my Chinese heritage, because of my cooperation with China.”

"This is ridiculous!"

“But it works,” Suning said. “That’s how politics is. So going public is not only a business decision, but also a political choice. I need to make lemons ‘American lemons,’ not ‘Suning lemons.’”

After finishing their business, Jobs suddenly asked, "I heard you're with Brooke Shields now?"

Suning laughed: "You're really well-informed."

“Hollywood is so small,” Jobs said. “And Emily Clarke? You guys aren’t…”

“We broke up peacefully last year,” Su Ning said casually. “She said she wanted to get married and have children, but I don’t have those plans for the time being. We parted amicably and are still friends.”

“Broki Shields…she’s only eighteen, right? Twenty-one years younger than you.”

“Next month, the nineteenth,” Su Ning said. “We met at a charity gala in New York last year. She’s smart, has ideas, and isn’t like your average Hollywood star.”

Just then, the secretary's intercom came in: "Mr. Jobs, Miss Brooke Shields has arrived and is downstairs."

"Please invite her up."

A few minutes later, Brooke Shields walked into the office.

She was indeed young, but her manners were impeccable. Upon seeing Jobs, she took the initiative to shake his hand: "Mr. Jobs, it's an honor to meet you. I really like Apple products, and my studio uses your computers for design work."

Jobs was somewhat surprised: "You know about computers?"

“I know a little,” Brooke Shields smiled. “I studied European history at Princeton University, but I took a computer fundamentals course. I can use it, but I can’t program it.”

Suning explained, "Brooke now spends half her time acting and half her time reading. She has a lot of ideas and suggested that Lemon develop professional software for creative workers."

"Oh?" Jobs became interested. "What exactly do you mean?"

“For example, software for photographers, designers, and musicians,” Brooke Shields said. “Computers are now mainly used for office work, but there is a great demand in the field of artistic creation. I know many artists who struggle with computers because the software is not suitable.”

Jobs looked at Suning: "That's a great suggestion. Both lemons and apples can move in this direction."

“We’re already planning it,” Suning said. “The Lemon 15 will have a creative work version, specifically optimized for graphics and audio/video processing. On the software side, we’ve invested in three professional software companies.”

Then Suning left Apple with Brooke Shields, leaving Jobs and others with envious expressions.

After all, Suning's status is the ultimate goal for these people; career, status, wealth, and beautiful women are always the mainstream in this world.

……

Three days later, Suning returned to Washington to attend a technology company symposium organized by the Department of Commerce.

The meeting itself was very official, but afterwards, Deputy Commerce Secretary Smith privately approached Suning.

"Mr. Gan, may I speak to you in private?"

The two went out onto the terrace.

"Minister Smith, what is it?"

“Mr. Gan, I’ll be frank,” Smith said in a low voice. “There are a few members of Congress who have some… concerns about your company. Mainly two points: first, your market share is too large; second, your cooperation with China is too close.”

“Lemon Technology is an American company headquartered in California, with 90% of its employees being Americans, and it pays taxes in the United States,” Suning calmly responded. “The cooperation with China is to expand the market, and all technology exports have been approved by the Ministry of Commerce and are all technologies from more than ten years ago.”

“I know, I know,” Smith said. “But that’s politics. There’s an election coming up, and some people need to find topics to talk about. Your company is too successful, and you’re dating a Hollywood star, it’s too conspicuous.”

What is your suggestion?

“Go public as soon as possible.” Smith was direct. “Once public, the company becomes a public company, with shareholders including union pension funds, teachers’ retirement funds, and ordinary citizens. Then, anyone who tries to touch Lemon will be touching the wallets of millions of Americans. The political risk will be much smaller.”

Suning nodded: "Preparations are already underway. We expect to list on Nasdaq this fall."

“Okay.” Smith patted him on the shoulder. “Also, I suggest you do more charity work, especially in the areas of veterans and education. Improve your public image.”

"Understood, thank you, Minister."

After leaving the Ministry of Commerce, Suning called Lisa from his car.

"Lisa, contact several veterans' organizations. We'll donate ten million dollars to set up a job training fund. In addition, we'll donate fifty Lemon 13 computers to each of the top 100 public schools in the United States."

"So much?" Lisa exclaimed in surprise. "Ten million US dollars, plus five thousand computers, the total value exceeds fifteen million."

“It’s worth it,” Su Ning said. “It’s a political investment.”

...A week later, at Lemon Technology's Santa Monica headquarters, a pre-IPO meeting was held.

Representatives from six top investment banks were seated in the conference room…

Goldman Sachs, Morgan Stanley, Merrill Lynch, Salomon Brothers, JPMorgan Chase, and First Boston.

The Goldman Sachs representative spoke first: "Mr. Gan, based on Lemon Technology's financial data and market position, we give a valuation range of $130 billion to $150 billion. We recommend issuing 30% of the shares to raise approximately $40 billion."

Morgan Stanley added, "We recommend using the 'greenshoe option,' with an over-allotment of 15%. If the market reacts well, we could raise an additional $6 million."

Merrill Lynch representatives said, "For the roadshow arrangements, we suggest starting in New York, then Boston, Chicago, Los Angeles, and finally London and Frankfurt in Europe. In Asia, Tokyo and Hong Kong should also be included."

"What about the time?" Su Ning asked.

"If the underwriters are selected today, the auditing and prospectus writing will begin next week, and are expected to be completed in three months. The earliest listing could be in July," said a Goldman Sachs representative.

“Too slow.” Suning shook his head. “I want to go public by the end of June. It’s April now, there are still two months left.”

"Two months...that's too tight a timeframe," the Morgan Stanley representative frowned.

“Add more money.” Suning was straightforward. “I can increase the underwriting fee rate from the industry average of 7% to 8%. But the timeframe must be guaranteed.”

The investment bank representatives' eyes lit up when they heard about the 8% fee rate.

For an IPO of Lemon Technology's size, the underwriting fees are typically tens of millions of US dollars.

An increase of 1% translates to millions in extra income.

“We at Goldman Sachs can do it,” the Goldman Sachs representative immediately stated.

"Morgan Stanley is also an option!"

"Merrill Lynch guarantees the mission will be accomplished!"

Suning looked at Robert, the general counsel: "Robert, you are in charge of liaising with the investment banks and finalizing all the details within a week."

"Good boss."

That evening, Brooke Shields flew from Princeton to Los Angeles.

The two were having dinner at a restaurant in Beverly Hills.

"Su, I heard you had a meeting with six investment banks today?" Brooke asked.

"You're really well-informed." Su Ning laughed. "Who told you?"

“My agent. He has friends on Wall Street,” Brooke said. “Sue, you’ll be even busier after the IPO, won’t you?”

"It might be easier in the short term, but in the long run it could be easier," Suning said. "After the company becomes a public company, there will be a professional CEO and team to manage the daily operations. I can step back and focus on strategy and technology."

"So who are you planning to appoint as CEO?"

"It's not decided yet," Su Ning said. "It might be an internal promotion, or we might look for someone from outside. We've been in contact with a vice president from IBM and a senior executive from HP."

Brooke nodded, then suddenly said, "I want to change my major next semester."

"Turn what?"

"I switched from European history to computer science," Brooke said earnestly. "It's not that I want to be a programmer, but I want to understand this era. Computers are changing the world, and I want to know how they are changing it."

Su Ning looked at her: "Are you sure? Computer science is difficult; you have to learn math and programming."

“I know, but I can try,” Brooke said. “If it’s too difficult, at least I’ll have tried. But I think that in the future everyone will need to know a little about computers, just like everyone needs to know how to drive now.”

“That’s a great analogy,” Su Ning said appreciatively. “If you really want to learn, I can find you the best teacher.”

“I don’t need any special treatment.” Brooke shook her head. “I want to study like a regular student. But… can I intern at Lemon this summer? Starting from the very basics.”

“Of course,” Su Ning said, “but it will be very hard work.”

“I’m not afraid of hard work,” Brooke laughed. “When I’m making movies, I often work for eighteen hours straight. Studying is always easier than filming, right?”

……

The news that Lemon Technology was about to go public quickly spread throughout the industry.

IBM headquarters, CEO's office.

“A valuation of 12 billion to 16 billion…” IBM’s CEO looked at the briefing. “Our current market value is only 20 billion. Lemon, a company that has been established for fourteen years, is about to catch up with a third of our value.”

The marketing director explained, "But they're growing fast. Last year, their revenue was $5.2 billion, a 45% increase. Our growth was only 5%."

"We must accelerate our PC business," the CEO resolved. "We'll establish a separate division dedicated to PCs. Prices must come down, and performance must go up. We can't let Lemon dominate the market."

HP is also having a meeting.

"After Lemon goes public, a lot of funds will be used for research and development and expansion. Our pressure will be even greater."

"Therefore, we need to find a differentiated competitive advantage. Lemon focuses on the office and enterprise market, while we can cultivate the fields of engineering and scientific computing."

At Apple, Steve Jobs convened a meeting of executives.

"The IPO of Lemon is actually a good thing for us," Jobs said. "First, it will attract market attention, and we will feel less pressure when launching new products. Second, Lemon will be more conservative after going public because it has to be accountable to shareholders, and innovation may slow down. This is our opportunity to catch up."

Wozniak agreed: "We can be more radical and make some experimental products."

“Yes.” Jobs’ eyes lit up. “I’ve been thinking, could we make a smaller, lighter computer? Not a desktop, but a portable…laptop?”

This concept was very advanced at the time.

“Technically, it may take a few more years,” Wozniak said, “but we can start researching it first.”

……

In early May, Suning finally selected Goldman Sachs and Morgan Stanley as joint lead underwriters.

The signing ceremony was held at Lemon Technology's headquarters.

The managing director of Goldman Sachs shook hands with Suning: "Mr. Gan, we guarantee that the listing will be completed by the end of June. Valuation target... $150 billion."

"What I want is the actual market capitalization, not the target," Suning said.

"We'll do our best."

After the meeting, Suning convened its core team.

“After the IPO, the company will enter a new phase,” Suning said. “We will be more transparent, but also more constrained. There are some things that must be done before the IPO.”

He looked at David Fleming: "David, how's the development of the Lemon 14 going?"

"The prototype is complete, and testing is going smoothly," David reported. "We plan to release it in September, just in time for our first earnings season after going public."

"What about Motorola?"

“The second-generation mobile phone, the ‘Mobile M2,’ will be released next month, weighing only 1.5 pounds and offering 45 minutes of talk time,” Lisa said. “Pre-orders have already exceeded 30,000 units.”

What about the Chinese factories?

"Monthly production reached 50,000 units, of which 30,000 units were exported to developing countries," said Engineer Zhang. "Licensing fee income reached 12 million US dollars in the first quarter."

Everything is on track.

Looking at his longtime partners in the conference room, Su Ning said with emotion, "Fourteen years, from a small office to an upcoming IPO. Thank you all."

“Boss, we’re thanking you,” Jack said. “Without you, we might still be working for other companies.”

“Going public is just the beginning,” Suning said. “In the next ten years, computers will enter every household, and everyone will own a mobile phone. The Internet will emerge, connecting the whole world. What we need to do is lead these changes.”

After the meeting, Su Ning stood by the office window.

Now, he wants to take Lemon Technology to Nasdaq.

He wanted to transform the company he had built from scratch into a truly great enterprise.

Going public is an inevitable step.

It is also a new beginning.

On June 30, 1983, Lemon Technology will ring the bell on Nasdaq.

The world will witness the birth of a technological empire.

The story of a Chinese-American who built a business from scratch to $16 billion in fourteen years.

This is the first time in American history.

...(End of chapter)