Chapter 1130 The Floating Jack Horse
After entering the 21st century, the channel system under the approval system was established, and regulatory authorities no longer restricted the number of listed companies, but queuing can kill a company.
Why go public? It’s not just about embracing the capital market to expand the scale of the company.
Oh, I said it wrong, it’s about cashing out to improve your life!
Companies that have been waiting in line to go public have managed to get to the front of the queue and get a quota, but their company performance has failed, or they lack development funds, and they have fallen behind in the fiercely competitive market.
After working hard for three to five years, I returned to before liberation.
No one wants this kind of bad luck to happen to them.
So the value of shell resources is reflected. It can help a company that wants to go public quickly to jump in line.
Whoever runs to the front to get the meal first will be full first, and whoever will have the strength to work and earn more money.
So good shell resources are of amazing value.
Several hundred million or more than a billion is not unusual.
ST stocks are the breeding ground for shell resources.
Moreover, there are big capital players speculating on ST concept stocks, and investors also like to join in the fun.
Because once the reorganization is successful, the stock price will rise sharply.
The most important thing is that there are very few companies delisting at this time. Even if the reorganization fails and is trapped, you can still wait for the next person to "take over".
In other words, the cost of failed speculation is very small. Once the speculation is successful, the profit will be very considerable.
Shen Nanpeng said with a smile: "The current rules of A-shares are immature, and the investors are also immature.
It just happened to catch up with the bull market. There are more than a thousand companies in the A-share market, and there are no There are only a few stocks that have gone up, and investors are speculating. The psychology is becoming more and more serious.
The bull market is the right time, the A-share market is the right place, and the speculative investors are the right people.
Now that all the conditions are met, ST stocks are bound to outperform. A big dark horse.
We can select a few horses that are licking their wounds and give them a ride when they start running again. ”
Xu Liang smiled and nodded.
There is actually no essential difference between speculation and investment, except that the former has greater risks and higher returns.
This is In the U.S. hedge fund industry, it is called event-driven trading strategy
A strategy that obtains excess investment returns by fully seizing trading opportunities based on early digging and in-depth analysis of events that may cause abnormal stock price fluctuations. .
"I don't have any objections. Just operate according to your own strategy."
"Thank you, Mr. Xu."
Xu Liang: "How many ST shares do you plan to hold and replenish your position?"
“20%.”
“Is that enough?”
"Enough!"
Shen Nanpeng: "ST shares have low stock prices and low market value. If we invest too much money, will it easily become a major shareholder?
This will not attract major players. , and it will be difficult to jump out of the car in the future.”
Xu Liang nodded slightly, not every ST stock can rise sharply.
A lot of detailed investigation and analysis work needs to be done to find a suitable target, and then lurk in in advance and wait for the "event to happen".
And even in a bull market, there are only a few monster stocks.
So, investment lies in quality, not in quantity.
“Now that the channel system has been changed to the sponsorship system, will Shell Resources be as popular as before?” Xu Liang said.
Shen Nanpeng shook his head: "The essence has not changed.
Only by implementing a registration system and lowering the listing threshold will shell resources become worthless.
You forgot, whether it is a channel system or a sponsorship system, there is an "approval system" for prefixes.
It still needs to pass strict review and approval by relevant departments.
In the past channel system, each brokerage had 2-9 channels per year.
This means that only the same number of listed companies planning to be publicly offered can be declared each year.
Compared with the 1990s, this system has changed the past practice of selecting and recommending companies to be listed by administrative mechanisms.
However, there is almost no competition among securities firms. You only need to go to the relevant "public relations" department to get the number of channels.
The sponsorship system currently being implemented requires sponsors to assume joint and several liability for corporate listings, allowing securities firms to compete relatively fairly.
But new problems will arise. In order to avoid legal sanctions, sponsors will inevitably increase their requirements for companies to be listed.
In other words, going public will still be difficult.
For companies with lower qualifications, sponsors would not dare to sign randomly for fear of taking responsibility.
Moreover, the design of the sponsor system itself has problems.
The sponsor is required to bear legal responsibility for the listed company's illegal activities and the authenticity of the materials.
But the sponsor cannot intervene in the business operation.
Even if you do attend the company's shareholders' meeting or board of directors, you are only a spectator and do not have the right to vote.
In addition, the sponsor is also responsible for listing prospectus materials and auditing.
It is equivalent to letting the sponsor take away the responsibilities of the club and the law firm.
The most embarrassing thing is that the sponsor has to issue a recommendation opinion to the superior department.
The above department will strictly review it and decide whether to approve it.
If a listed company has problems in the future.
Should the issuance review committee or the sponsor be held responsible?
Who will take the blame?
These responsibilities and businesses are not clarified. I think the sponsor system is also very unreliable and a deformed product.
With the further growth of China's economy, the strength of private enterprises will become stronger, and shell resources will probably become more popular in the future. ”
Xu Liangchao cast an admiring look at Shen Nanpeng. He is worthy of being a financial elite proven by time and understands problems deeply.
This new sponsor system also gave birth to a golden collar Industry - insurance agency.
According to the new regulations, if a company wants to IPO, it must have two insurance agents signing.
As soon as the insurance agent signs the contract, he will receive hundreds of thousands of signing fees, in addition to a basic salary of one million and underwriting fee commissions.
It can be regarded as the treasure of various securities companies.
The annual salary is millions or tens of millions, even higher than the basic salary of the chairman. You can also get transfer fees when changing jobs, which is quite exaggerated.
This is because it is difficult to pass the exam in the early days, the passing rate is very low, and things are rare and valuable.
"Mr. Xu, I plan to establish two more private equity funds under the Magic City Office."
"Tell me more specifically."
After Shen Nanpeng nodded, "Modu No. 2 Private Equity The fund plans to raise 2 billion Chinese dollars, targeting the real estate, liquor, and consumer goods industries. Master.
Modu No. 3 Real Estate Opportunity Fund plans to raise 3 billion Chinese dollars, focusing on commercial real estate, logistics real estate, and industrial real estate investment. ”
The Xiangjiang Office was established. After the establishment of the Fund, Hanhua has opened up its doors in this regard.
Half of the 11 independent offices around the world have established similar funds.
“How long do you expect it to take to raise the funds you need?” Xu Liang asked.
"Private Fund No. 2 can be raised in half a month. Fund No. 3 may take a little longer, but it can be raised in two months at most."
There is no shortage of hot money in China now. What is lacking are investment opportunities.
The high revenue of Mordu Office No. 1 Private Equity has established a good reputation in the industry.
Coupled with Hanhua’s signature blessing.
Raising funds is not difficult.
Only Fund No. 3 involves new investment areas and requires a certain amount of time to raise funds.
“Immediately invest in the market after raising funds. Don’t wait until it is closed before entering the market. In the current bull market, every day of delay will be a loss for us.”
“No. 3 Fund can only invest Do not invest in core real estate in first-tier cities, such as housing in school districts and commercial real estate in core business districts.
Once the real estate industry in the United States collapses, the spillover crisis will cause a global economic crisis.
Especially in China, the export-oriented economic model is too dependent on the external economic environment.
The impact may be more serious than we expected. "
Shen Nanpeng: "In this case, we should hold our capital and wait and see, and wait until the crisis occurs before entering the market to buy the bottom. "
"That's true. But it cannot maximize profits.
Core real estate in first-tier cities is scarce. If it is owned by a private enterprise, that’s fine. If it is taken away by a state-owned enterprise, we will never have the chance to buy it back.
So if you have a good project, you should seize the opportunity.
And whether it is people or institutions, they are more willing to believe in funds that have successful experience.
If the net value of your No. 3 real estate fund can continue to rise, then when you raise No. 4 real estate fund, you can raise 8 billion or even 10 billion Huaxia coins.
Use this money to buy the bottom, and you will make more. ”
Shen Nanpeng nodded, "I understand the truth. The key is that we cannot determine when the U.S. real estate bubble will burst. If there is a year, your method is more feasible.
If it is less than half a year, it will not work at all. Let’s not talk about Fund No. 4.”
Xu Liang said with a smile: “Crisis. It will take a certain amount of time from the emergence of symptoms to deepening.
And the Fed will continue to take measures to rescue the market, which will further delay the outbreak of the crisis.
I judge that it will definitely take one year. "Shen Nanpeng nodded. The big boss has never missed it in so many years.
He is also willing to believe in the other party.
“I will immediately formulate a fund-raising plan based on your opinions.”
Xu Liang nodded.
After chatting for a while and determining the work direction for the next year, Shen Nanpeng left.
After flipping through the operating information of the Magic City office on the table, Xu Liang took out his cell phone and dialed Jiang Xiaoyang.
“I have talked with Shen Nanpeng, and I can’t see that he has any intention of leaving for the time being.”
Jiang Xiaoyang: “Now that the bull market is so hot, the returns of Magic City No. 1 Private Equity Fund are even better. It has entered the top 10 in the world.
Before joining Hanhua, Shen Nanpeng mentioned that he would leave to start a business after a few years.
Now I am really afraid that he will leave.” >
There are many financial talents, but top investment talents are too scarce.
Although Hanhua has never been stingy with talents.
The salary given to Shen Nanpeng is also very high, with 5% of the net profit remaining after deducting management fees and guaranteed income.
A rough calculation shows that he will get at least 120 million Chinese coins in bonus this year.
He is considered the working emperor!
But the working emperor still cannot escape from the essence of working as a worker. How can he end up earning billions by himself?
“It’s useless to be afraid. It will be a matter of time before he leaves.
Such a capable and ambitious person will not stay under others for a long time.
The key It’s about cultivating a good successor.
At least it can’t be much worse than Shen Nanpeng,” Xu Liangdao.
"I understand the truth, but where will I find such top financial talents for a while?"
"That depends on you.
As long as Hanhua's talent selection channel is OK, Ensure fairness, and talents will continue to emerge."
"Yes."
The two hung up the phone after chatting about the children for a while.
After walking around the company, Xu Liang left after having a meal with the senior management of the Hanhua Magic City office at noon.
……
No. 9 on the Bund, the headquarters of Hongyan Magic City.
The little man with an alien face walked into Xu Liang's office with a smile on his face.
"Haha, Mr. Xu, congratulations."
"Congratulations? Where does the joy come from?"
Xu Liang greeted him with a smile.
"Alibaba is about to go public. As the major shareholder of Alibaba, you will make a lot of money. Next year Forbes will definitely surpass Bill Gates and become the world's richest man. Isn't this worthy of congratulations?"
Looking at Jack Ma who was a little drifting, Xu Liang smiled.
"It is indeed a happy event. Speaking of which, I would also like to thank you. If Alibaba hadn't prospered under your leadership, I wouldn't have had the chance to make money."
For the sake of money, he doesn't mind giving Jack Horse a hand.
Hearing what he said, the smile on Lao Ma's face became even brighter.
After greeting him to sit down.
Picking up the tea and taking a sip, Xu Liang continued.
"Is Alibaba going on a roadshow soon?"
Jack Ma nodded after putting down his teacup.
“Starting from Xiangjiang on June 1st, we will go to Singapore, Taipei, Tokyo, Seoul, then to Paris, Tokyo, and finally New York, Silicon Valley, and Chicago in the United States. It will take more than a month to complete the circle. .
The specific launch date is August 1st.”
Xu Liang nodded.
Hanhua is preparing to use Alibaba’s listing to pilot investment banking business in the United States.
We don’t intend to compete with Goldman Sachs and JP Morgan, and we can’t compete.
It is enough to become a boutique investment bank.
Hanhua has no shortage of customers either.
After years of doing private equity, I have accumulated a large number of high-net-worth clients, as well as a large number of pension funds, university funds, retirement funds, etc.
They can be summoned with just a phone call.
With Jack Ma's eloquence, he can definitely make these blue-blooded nobles excited.
"Xu Liang, we are friends, you must come to support Ali's listing."
Xu Liang smiled and nodded.
“Of course.”
Hearing this, Jack Ma’s face became even more proud.
Seeing this, Xu Liang said: "Lao Ma, I heard that Alibaba is planning to do B2C?"
This sentence made Jack Ma's smile freeze on his face.
As we all know, Hongmeng No. 1 store is currently the largest B2C website in China and even Asia.
Taobao has always been doing C2C, so although both parties are e-commerce, they still have a fig leaf and have not broken up.
Now that Alibaba is preparing to do B2C, it is undoubtedly taking Hongmeng’s cake.
When the two sides compete, it will be a fight to the death.
“Tmall is indeed a good name.”
One sentence killed Jackma’s attempt to quibble.
Taking a deep breath, Jackma said slowly: "Alibaba is indeed preparing to do B2C business.
But there is nothing we can do.
Alibaba has reached the top in both B2B and C2C fields. If it cannot give investors enough room for imagination, Alibaba's growth space after its listing will be very limited.
Hongyan and Hanhua are also shareholders of Alibaba, and are the largest shareholders accounting for nearly 50% of the shares.
It is in our interests that Alibaba develops better, but it is also more in your interests. "
Xu Liang smiled, "That's a good sentence. Better development of Alibaba is in the interests of both of us. But if Alibaba starts doing B2C, then I have no reason to stop Yihaodian from doing C2C and B2B. ”
“Alibaba welcomes any competition and we believe we will not lose to anyone in these two aspects. ”
Seeing his confident look, Xu Liang didn't say much.
He had expected this day.
I just didn’t expect it to come so soon.
“Lao Ma, the space for China’s e-commerce is always limited, and the broader overseas market is the real arena.
Alibaba wants to become a truly world-class e-commerce company. Competing with Amazon and Yihaodian, it is not enough to just hang out in China.”
"Don't worry, although Alibaba failed once overseas, it has also accumulated enough experience.
In addition to part of the funds raised from this listing, it will be used in the domestic B2C market, and more will be used to expand overseas. Market.”
"As long as you are prepared. ...By the way, Kingsoft Corporation is going public tomorrow. If you have nothing to do, come and join us."
"Okay, I can also learn some experience."
< br>After the two chatted for a few more words, Jackma said goodbye and left.
"Mr. Xu, Jack Ma is getting more and more crazy now. He actually started to covet the B2C market?" Li Jinling said angrily.
“This guy’s ambition is like an old house on fire that can’t be shut down.
And this is also a good thing for No. 1 Store.
Competition will generate enough A sense of crisis can prompt the body to maintain self-correction and ensure health.
Besides, what he said makes sense.
I am the largest shareholder of Alibaba, holding 49.9% of the shares. It is also in my interest for Alibaba to develop better. ”
After multiple financings, his equity in No. 1 Store is less than 58%.
Not much more than Ali.
So, regardless of the two Whoever wins in the end will not suffer any loss.
After Li Jinling nodded, "Do you want to inform Mr. Qian?"
"Notify. By the way, tell him that No. 1 Store can do C2C, but it cannot do C2C like Taobao. The threshold must be high and the qualifications of the merchants must be guaranteed. .
In a word, No. 1 Store’s strategy of “quality is king” cannot be lost. ”
(End of this chapter)