Lu Mingzhou turned to the page detailing Source Intelligence Technology's shareholder structure.
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It listed all of Source Intelligence Technology's current shareholders. Han Luyi himself held approximately 69.5%, followed by its second-largest shareholder, State Grid Investment, with 9.65%, then Hongyuan with 4.825%, the Strategic Emerging Fund with 3.5%, Zhao Wenyuan with 3%, Jiang Songran with 1.93%, and options held by other employees, including the compensatory options awarded to Xue Zhaoheng and the Ximing team when they joined.
Among all the shareholders, two were particularly sensitive.
State Grid Investment and the Strategic Emerging Industries Fund both had state backing. Where state-owned assets were involved, there was always the risk of their loss.
Every increase in Source Code's valuation would earn it a larger share of the group in the share swap. Correspondingly, Source Intelligence's shareholders would receive less.
Lu Mingzhou sighed.
"When we redo the valuation, the state-owned asset review will ask very detailed questions," Lu Mingzhou said. "Why is it worth that much? What's the basis? Have related-party assets been overvalued? Has state-owned equity been diluted?"
This was going to be incredibly difficult.
Was he supposed to make Han Luyi fall out with the state-backed investors just to protect Source Code's minority shareholders?
Besides, a low valuation for Source Code would benefit Han Luyi himself.
Lu Mingzhou could at least console himself that even if he received only 0.1% after the merger, it would still be worth tens of millions, with plenty more upside after the listing.
After listening, Han Luyi said, "Go find a valuation firm. I'll talk to Source Intelligence's shareholders." "Boss Han-"
"That's settled." Having said that, Han Luyi changed the subject. "Let's think of a name for the group. Since it'll be a group now, we won't call it Source Code anymore. We'll