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The audit team arrived quickly.

PwC sent a team of thirty people who thoroughly investigated Lemon Technology.

The finance department was thoroughly overwhelmed.

“Director Kevin, the supporting documentation for this R&D expense from 2000 is incomplete and needs to be supplemented,” the audit manager said.

"That's an account from thirteen years ago! The company only had a few people back then, how could they have any proper receipts?"

"Then write an explanation and have Mr. Gan sign it to confirm."

The Ministry of Justice is also busy.

"Director Robert, where are the supplementary clauses to the 2005 joint venture agreement with Motorola?"

"It's in the safe, I'll go get it."

"All patent documents must have their registration numbers checked again."

Even the technical department was investigated.

"Director David, why are three days of records missing from the development log of this prototype?"

"I had an appendectomy at the hospital for those three days!"

"Then we need to provide additional explanations to prove that no one touched the core technology during those three days."

"..."

The audit lasted three weeks.

PricewaterhouseCoopers ultimately issued an unqualified audit opinion, which was the best possible outcome.

……

Next, the drafting of the prospectus began.

Goldman Sachs investment bankers and Lemon's PR team locked themselves in a meeting room to write stories.

“Don’t just write financial data; write a vision,” said a Goldman Sachs copywriting expert. “Investors are buying the future.”

Lisa asked, "How do I write it?"

"For example, like this: 'Lemon Technology is not just a computer manufacturer; we are the architects of the digital age, dedicated to enabling everyone to enjoy the freedom and creativity that technology brings.'"

"Isn't this too weak?"

"That's exactly the kind of abstract concept we need. There's real data to follow, but the beginning must be elevated."

After two days of writing, the first draft is finished.

Suning frowned upon seeing this.

"That's too flashy. We're a company that gets things done; we don't need to brag like that."

“Boss, that’s how the capital market works,” the Goldman Sachs representative explained. “When IBM went public, its prospectus said the same thing.”

“We are lemons, not IBM.” Suning picked up a pen and changed it himself.

He removed the flowery language and replaced it with substantial content:
"Lemon Technology provides efficient and reliable computing and communication solutions for individuals and businesses through continuous innovation. Over the past fourteen years, our products have helped more than 50 million users improve their work efficiency..."

The revised prospectus is much simpler, but the data is solid and the logic is clear.

"That's settled then," Su Ning decided.

"Yes! Boss."

……

On May 25, the prospectus was submitted to the U.S. Securities and Exchange Commission (SEC).

A week later, the SEC's inquiry letter arrived—a total of forty-two questions.

"Article 7: Please provide a detailed description of the specific content of the technology cooperation projects with mainland China, and whether they involve the transfer of core technologies?"

"Article 18: Explain the source of market share data. Is there any third-party verification?"

Article 31: Disclosure of all pending litigation and potential legal risks...

The Ministry of Justice prepared a response overnight.

The most troublesome issue is the Chinese market.

“Boss, the SEC is clearly picking a fight,” Robert said. “They’re asking about far too many details, some of which involve trade secrets.”

"Answer what you can, and explain why you can't," Su Ning said. "But you have to be cooperative. We can't go against the SEC now."

After the response was submitted, the SEC asked a second round of questions...

There were only eight this time, but they were sharper.

"What specific measures does your company have in place to address the antitrust risks?"

"How would you quantify the impact on your company's revenue if the U.S. government restricts technological cooperation with China?"

This goes beyond the scope of a typical listing inquiry.

Suning personally participated in drafting the response:

"Regarding anti-monopoly risks, Lemon Technology has always maintained an open and cooperative attitude. It has invested in and supported many competitors (such as Apple) and established extensive cooperation with companies such as Motorola and IBM to promote healthy competition in the market."

"Regarding our business in China, all collaborations comply with U.S. export control regulations, and this part of our revenue accounts for less than 10%. Even in the most extreme case, the impact on the company as a whole is manageable."

After the response was submitted, the SEC remained silent for a week.

Just when everyone thought things were going to get bad, the approval letter arrived...

Some suggestions for revision were included, but the overall proposal was approved.

……

The roadshow officially began on June 10th.

First stop: Waldorf Astoria New York.

More than two hundred fund managers, managing trillions of dollars in assets, sat in the audience.

Suning stood on the stage with a simple PPT presentation behind him.

"Ladies and gentlemen, I am Su Ninggan. Fourteen years ago, I founded Lemon Technology in a small office in Santa Monica. Today, we stand here not to celebrate the past, but to invite you to invest in the future together."

He spoke very frankly, without any emotional appeals, only data and logic.

"The personal computer market penetration rate is currently only 15%, but it will exceed 50% in the next ten years. Mobile phones are just starting out, but in the future, almost everyone will have one. Lemon is a leader in both of these areas."

"Our advantage is not a monopoly, but the speed of innovation. In the past fourteen years, we have launched fourteen generations of computer products and three generations of mobile phones. Our competitors cannot keep up with this pace."

"After the IPO, of the $45 billion raised, 40% will be used for next-generation technology research and development, 30% for global market expansion, 20% for strategic investments and acquisitions, and 10% to supplement working capital."

The Q&A session was very intense.

"Mr. Gan, how should the anti-monopoly issue be resolved?"

"Through continuous innovation and collaboration. We will only truly face monopoly allegations if we stop innovating."

"What are the risks of doing business in China?"

“Any multinational business carries risks. We manage these risks through compliance management and market diversification.”

Will your relationship with Brooke Shields affect the company's image?

This is a very personal question, but Suning answered it tactfully: "My private life is unrelated to the company's operations. Lemon Technology has a mature management team that will not be affected by anyone's private affairs."

The response in New York was positive.

Post-meeting statistics show that the intended subscription amount exceeds US$80 billion, far exceeding the planned fundraising of US$45 billion.

Second stop Boston, third stop Chicago, fourth stop Los Angeles...

Every show was sold out.

……

The roadshow ended on June 25.

Back in New York, the final pricing process began.

In the conference room, Suning confronted representatives from Goldman Sachs and Morgan Stanley.

“The market response has been very positive,” said Peter from Goldman Sachs. “We recommend an offering price of $28 per share, which would value the company at $140 billion.”

“I’ve said before, the bottom line is 150 billion.” Suning wouldn’t budge. “It has to be at least $30 per share.”

“Mr. Gan, setting the price too high carries the risk of the share price falling below the offering price. If the share price drops on the first day of listing, it will damage the company’s reputation.”

“If we set the price too low, it’s like giving away billions to your clients for free.” Suning said bluntly, “I know the rules of the game. If you lower the price and it goes up after the IPO, your institutional clients will make a fortune, and you’ll look good. But our company will suffer.”

John from Morgan Stanley said, "Then let's compromise, $29? That would correspond to a valuation of $145 billion."

Suning thought for a moment and said, "Okay, but there's a condition—all the greenshoe options (over-allotment options) must be exercised. If the market is good, we need to raise an additional 15% of the money."

"That's negotiable."

The final decision was made: the offering price would be $29 per share, with 1.5 million shares issued (representing 30% of the company's shares), raising $43.5 billion.

If the greenshoe option is exercised, an additional 2250 million shares can be issued, raising an additional $6.525 million.

The total valuation is $145 billion, close to Suning's target.

……

June 29th, the eve of the IPO.

Suning held a meeting with his core team in a suite at the Ritz-Carlton Hotel in New York.

“All the formalities are complete,” Robert reported. “We’ve received the SEC approval, and the exchange code has been decided—LEM. We’ll ring the bell at 9:30 tomorrow morning.”

“The media is all arranged,” Lisa said. “The three major television networks and major newspapers will broadcast or report on it live.”

"What about the technical preparations?" Su Ning asked.

"Nasdaq has confirmed that the trading system is ready," said the Goldman Sachs representative.

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

The New York City skyline is dazzling at night.

Brooke Shields called: "Sue, are you nervous?"

"A bit," Su Ning said honestly, "like the feeling before handing in an exam paper."

“You’ll do very well on the exam,” Brooke said. “I bought a small amount of stock in the Princeton Computer Science Alumni Association’s fund, and they all subscribed to Lemon Technology. The professor said you’re a source of pride for the Chinese community.”

"The pressure is even greater now," Su Ning laughed.

"Get some rest, you'll be on camera tomorrow."

After hanging up the phone, Su Ning checked her watch—it was 11 p.m.

He forced himself to sleep, but his mind was filled with numbers: $29, $145 billion, 30%, $45 billion...

……

June 30, 8:00 AM, Nasdaq Stock Exchange.

The media area was already packed with reporters, their cameras and microphones pointed at the trading floor.

Suning, dressed in a dark blue suit, was with six veterans of Lemon Technology…

David, Lisa, Jack, Robert, Kevin, and Zhang Gong stood together.

Executives from Goldman Sachs and Morgan Stanley were also present.

At 9:00 AM, the Nasdaq president delivered a speech.

At 9:15, Suning gave a brief speech.

"Today is not the end, but a new beginning. Thank you to all employees and investors for your trust. Lemon Technology will continue to innovate and create value for shareholders."

The speech was very short, only three minutes.

At 9:25, everyone walked toward the bell-ringing platform.

A huge electronic clock hangs on the wall, below which is the trading floor, where hundreds of traders are already in place.

At 9:29, the countdown began.

"...5, 4, 3, 2, 1!"

Suning pressed the button, and the bell rang.

Almost simultaneously, a tremendous sound erupted in the trading hall—the price quotes had begun!

"LEM, $29, open!"

"Strong buying interest! It's at $30!"

"32! 35!"

The stock price soared like a rocket.

Traders were shouting out quotes, and phones were ringing non-stop.

Suning looked at the big screen; LEM's stock price curve was rising almost vertically.

It surged to $38 within five minutes of opening.

Half an hour, $42.

At the morning close, it was stable at $45—55% higher than the offering price!

Its market capitalization instantly surpassed $200 billion!
The media has gone mad.

"Lemon Technology's stock price surged 55% on its first day of trading, pushing its market capitalization above 200 billion!"

"Chinese entrepreneurs are making history!"

"A new king of tech stocks has been born!"

That evening, a celebration banquet was held at one of New York's most expensive restaurants.

Dozens of bottles of champagne were opened.

Peter from Goldman Sachs raised his glass: "Mr. Gan, congratulations! LEM has become the most successful IPO of the year!"

"Thank you for your hard work as well." Suning clinked glasses.

John Morgan Stanley said, "Today's closing price was $45, with a market capitalization of $207 billion. That's more than $60 billion higher than our estimate of $145 billion! Investors are incredibly enthusiastic."

“Enthusiasm is a good thing, but it's also a pressure.” Suning is very clear-headed. “With the stock price rising so high, the next financial report must look even better, otherwise we won’t be able to hold on.”

Lisa reported: "Today we received at least fifty interview requests, including a Time magazine cover story."

"Let's hold off for a few days and talk about it later."

David asked, "Boss, the company now has over $40 billion in cash. How should we spend it?"

"According to the prospectus, the funds will be used for R&D, expansion, and investment," Suning said. "But specific projects need to be carefully planned. With so much money, it's easy to spend it recklessly."

Jack laughed, "Fourteen years ago, we went to deliver parts ourselves to save five dollars on postage. Now we have four billion in the account, it's a bit hard to get used to."

This statement resonated with many.

Those of you here are all early employees of Lemon, and you've all been through tough times.

However, the early employees of Lemon Technology did not suffer much hardship, after all, Suning has always been aware of the development of technology.

"We must not forget our roots," Suning said. "Going public is a means of financing, not an end in itself. Our goal is still to make good products and serve our users."

The celebration banquet ended at 10 PM.

Suning returned to the hotel and turned on the TV.

All three major news channels are reporting on the lemons being available.

"Lemon Technology's stunning performance on its first day of trading marks the arrival of a new era for tech stocks..."

"Chinese entrepreneur Suning's net worth surpasses 10 billion US dollars overnight..."

Analysts say that Lemon's IPO may prompt established giants like IBM and HP to accelerate their transformation...

After turning off the TV, Suning called his mother.

"Mom, have you watched TV?"

"I've seen it!" Mrs. Gan said excitedly. "Su Ning, Mom is so proud of you! But don't overwork yourself, take care of your health."

"Okay, Mom. I'll come back to Alabama to see you in a while."

"Fores also called, saying he bought lemon stock and made a lot of money."

"Tell him not to buy things recklessly; the stock market is risky."

In its first week after listing, the stock price remained stable in the $42-$45 range, and the market capitalization stabilized at $200 billion.

The industry was shaken.

IBM shares fell 3% as it announced an acceleration of its personal computer business—investors worried about the threat of lemons.

HP is adjusting its strategy to focus more on the enterprise market.

Apple's stock price rose 8%—because the market sees Apple as a "little lemon" and expects to replicate its success.

Washington's attitude has subtly shifted.

The lawmakers who were previously clamoring against monopolies have become much quieter because many pension funds in their districts have bought lemon stocks.

Under Secretary of Commerce Smith called privately to congratulate him: "Mr. Gan, now you are part of the 'American success story.' The political pressure will be much less."

Suning understood what this meant: going public is not only a business transaction, but also a reshaping of political identity.

On the first weekend of July, Suning returned to California.

The office was piled high with congratulatory letters and flowers.

He convened a meeting with all senior executives.

"A successful IPO is a good thing, but it's also a test," Suning said. "From today onwards, we will publish our financial reports every quarter and announce every major decision. We can no longer be as flexible as before. But this is also a spur—forcing us to be more standardized and transparent."

"The first quarterly report has to be impressive," said CFO Kevin. "Market expectations are high."

“Then we’ll achieve results that exceed expectations,” Suning said. “The Lemon 14 will be released on time, the Mobile M2 will be supplied as promised, and our Chinese factory will increase production.”

“Furthermore,” he added, “we’ve established an investor relations department specifically to communicate with Wall Street. We need to proactively manage market expectations, not passively respond to them.”

"clear."

……

In mid-July, Lemon Technology released its first earnings forecast since its IPO: second-quarter revenue is expected to grow by 40% and net profit by 50%.

The stock price rose to $48 after the news broke.

Wall Street analysts began issuing reports, raising their price targets from $50 to $60.

Lemon Technology has become a new benchmark for technology stocks.

And Suning's life has also changed.

He used to be a celebrity in the tech industry, now he's a national celebrity.

Newspapers and magazines rushed to report on it, and television interview invitations poured in.

But he tries to keep a low profile and spends most of his time at the company.

In early August, Suning took Brooke Shields to Alabama to visit her mother and Frederick.

The old house in Greentown has been rebuilt, and the house built for him by the lake is almost finished.

Fores was very excited: "Brother, on the day you went public, the whole town was watching on TV! The mayor said he would put up a sign for you—'Hometown of the Founder of Lemon Technology'!"

"Don't do these things," Su Ning said. "It's better to keep a low profile."

Mrs. Gan held her son's hand: "Su Ning, you're a big shot now. But remember what I said—no matter how much money you have, it's just an external thing. Being down-to-earth and doing things conscientiously are what truly matter."

"Mom, I remember."

Standing by the lake, looking at the new house that was about to be completed, Su Ning thought about many things.

In fourteen years, it went from having nothing to a market value of 20 billion.

But this is only the beginning.

The computer revolution is still ongoing, mobile communications are just beginning, and the prototype of the Internet has already emerged.

The changes will be even faster in the next decade.

He and Lemon Technology must stay ahead of the curve.

Going public gave them resources, but it also put pressure on them.

But that's the rule of the game.

It's either lead or be eliminated.

There is no middle ground.

Brooke Shields approached Su Ning with an incredulous look on her face and asked, "Su, is this where you grew up?"

"Yes! I was just seven years old when my mother brought me here. My mother and Forrest Gump gave me a warm home."

"Do you still have any memory of your biological parents?"

"No!" Su Ning was clearly taken aback, after all, her identity was implanted by the system.

“I’ve heard that some people in China are already trying to contact you and reunite with you.”

"That's all nonsense!"

Back in California, Suning hung a new map in his office…

A world map, marked with Lemon Technology's next goals: in-depth expansion in Europe, comprehensive layout in Asia, and seizing opportunities in emerging markets.

Next to the map was a photo of the day Nasdaq went public.

...(End of chapter)