Chapter 299 Qinglong Private Equity Fund
“You have a good vision. But I guess the two of them will not agree.”
“Why?”
“ Like the people you contacted before, those who are capable basically want to be their own bosses, and we will not choose those who are incompetent." Xu Liangdao.
Jiang Xiaoyang said with a headache: "We can't give up, right?"
"Of course we can't give up. However, we should change our thinking and find a pure American as the managing partner."
Jiang Xiaoyang nodded, "This is indeed the most appropriate way. But we at Hanhua Capital is not well known in the United States, so finding a suitable candidate is also a problem."
"I know someone, please contact me."
"Who?"< br>
“Lin Junrui is now one of the founders of Zappos in Silicon Valley.”
Xu Liang knew this person mainly because he had heard him give a speech when he visited Silicon Valley in his previous life.
At that time, he was a partner of Sequoia and a famous investor in Silicon Valley. His investment cases included Gaopeng, OpenTable (online food ordering), AskJeeves, etc. He was also one of the top 100 investors in the world ranked by Forbes. one.
“I thought you would choose a white man?”
“Americans are not necessarily white.”
“Are you sure he won’t choose to return to China?”
>
"According to my understanding, although he is Chinese, he did grow up in the United States and would not choose to come back. You should contact him first, and then change the target if it doesn't work."
Jiang Xiaoyang nodded.
"Have all the funds raised by the three funds Qinglong, Baihu and Phoenix been invested?" Xu Liang asked.
Currently, the entire hedge fund department of Hanhua has four funds: Qinglong, Baihu, Xuanwu and Phoenix.
Qinglong Private Equity Fund currently only operates overseas USD funds.
As for China, it is now a big bear market. Due to the share-trading reform, Big A has fallen sharply for more than four years, from 2245 to 998 points, a drop of 56%.
Xu Liang did not dare to rush in and cause trouble.
Xuanwu is mainly engaged in the real estate market, which is mainly the Huaxia Coin Fund. Although the United States also experienced the subprime crisis era when housing prices soared, there are now more opportunities in the domestic real estate market.
Phoenix is engaged in M&A mergers and acquisitions, which is divided into two sub-funds, the ‘USD Fund’ and the ‘Chinese Coin Fund’.
The first project of Phoenix Overseas Investment Fund is the NBA Rockets.
The first project of Phoenix China Investment Fund was Jianlibao, but after the integration of Hongyan and Hanhua, Jianlibao was spun off from Phoenix China.
But this does not prevent Hanhua from using it as a case to raise funds.
For the above four funds, Xu Liang is responsible for the specific investment direction, but is not responsible for daily management, buying and selling.
The White Tiger Fund is the only exception, and Sun Zhenping himself is fully responsible.
His capital is not much, only thirty million US dollars.
This is Xu Liang's attempt to cultivate his own people.
Hanhua’s hedge fund department cannot always conquer the world alone.
"I was about to tell you about this."
Jiang Xiaoyang took out a document from his desk and handed it over.
“Basically all the investments have been made, and they were all invested according to your requirements. This is the specific shareholding and investment amount.”
Xu Liang took it and put it in front of his eyes.
Qinglong Fund holds US$1.5 billion in funds and has the most information.
The first investment target is Yahoo.
Because Qinglong Fund entered the market relatively early, the average price per share held by Yahoo is not high, at around US$5. The fund holds 96 million shares of Yahoo, accounting for approximately 9.2% of Yahoo’s total share capital, becoming Yahoo! the first institutional shareholder.
The reason why so many stocks can be bought is due to Yahoo itself.
The profitability of the main business is weak, and e-commerce is subject to fierce competition from eBay and Amazon, etc.
As a result, its stock has been hovering at a low level, making it easy to buy.
This 9.2% stake, under triple leverage, cost Qinglong Fund $186 million.
Nvidia holds the second largest shareholding.
After the Nasdaq crisis and September 11, Nvidia’s market value is only about US$1.2 billion.
Qinglong Fund holds 8.4% of the shares and invested US$33.6 million under triple leverage.
Followed by eBay, with a market value of US$4.2 billion, Qinglong Fund holds 7.8% of the shares and invested US$163.8 million under triple leverage.
Qualcomm has a market value of US$21 billion, Qinglong Fund holds 4.8% of the position, and invested US$336 million under triple leverage.
Oracle has a market value of US$40 billion, Qinglong Fund holds 4.5% of the position, and invested US$600 million under triple leverage.
Although Xu Liang and Larry Ellison don't get along, Oracle is indeed a good company.
Moreover, the shareholding does not exceed 5%, and there is no need to submit a 13D statement to the SEC. Except for investment banks, most people do not know that he has invested in Oracle.
Finally, BlackBerry has a total market value of US$1.45 billion, with Qinglong Fund holding 3.7%, investing US$18 million under triple leverage.
It wasn’t that Xu Liang didn’t want to buy more. It was because after September 11, BlackBerry became a big hit, and the market was full of buy orders. After BlackBerry’s stock price rose by more than 3 US dollars, he decisively stopped buying.
This kind of stock price that suddenly rises due to hot events will definitely enter a period of ups and downs after things calm down. It is not too late to wait for the stock price to fall before buying. After investing in these six companies, Qinglong Fund still has US$162.6 million left.
Xu Liang did not choose to invest again. He wanted to wait until BlackBerry's stock price stabilized, buy part of it, and keep the rest as a precaution.
Of course, this money will not be kept for too long. When the stock prices of Yahoo and eBay rise and the profits cover the costs, they will also be invested.
Xuanwu Fund has raised US$500 million and is preparing to invest in the "Hongmeng Headquarters Project" with Hongmeng. Because the project has not been negotiated yet, all the money is still in the account.
Then there is Phoenix Fund, which has raised a total of US$300 million.
The reason is easy to understand. Even if a real estate fund invests in real estate and loses money, as long as there are still properties, it will not really lose everything.
Corporate mergers and acquisitions are different. Industrial companies are better, at least they still have fixed assets.
If companies that mainly focus on virtual assets, such as film and television companies, advertising companies, and Internet companies, lose money, it will be all over.
If it weren’t for his reputation as the richest man in the Mainland, if he hadn’t thwarted the veteran Duan Yongji and successfully acquired Sina, if it weren’t for Jianli Baozhuyu in front of him, the US$300 million in funds would not have been raised. .
The last is the investment direction of White Tiger Fund.
After taking a look, Xu Liang couldn't help but smile.
"This old man is very shrewd."
The White Tiger Fund was divided into two parts, buying corporate bonds issued by Apple for 15 million U.S. dollars, and buying corporate bonds of Amazon for the remaining 15 million U.S. dollars.
These two companies are his private territory. When Hanhua and Hongyan were not merged, Sun Zhenping purchased the stocks of both companies for him.
It is very clear about his investment direction.
Shaked his head and didn't care.
Although Sun Zhenping took advantage of it, as long as the company can make money.
But what really concerned him was Sun Zhenping's leverage.
Compared with him who only used three times leverage, Sun Zhenping was much bolder.
Using ten times the leverage directly.
Xu Liang couldn't help but frowned.
Although he knew that the bond market was far less risky than stocks, ten times the leverage was still too much.
But after thinking about it, he still refrained from calling Sun Zhenping.
He promised not to interfere with the other party’s investment strategy, that is, not to interfere.
“It’s only about 30 million US dollars, I can still afford the bet.” Xu Liang said.
I no longer pay attention to White Tiger Fund.
"How many investment targets have you selected for Phoenix China Fund?" Xu Liang asked.
Although Xu Liang is responsible for the investment direction of the hedge fund department, screening investment targets is a very complicated matter.
First of all, don’t accept those whose rights and responsibilities are unclear, those who are insolvent, those who lack main business, and those whose market value exceeds the fund share too high.
So a large number of analysts are needed to analyze companies large and small in the market, screen out those with investment potential, and submit them to management for reference.
“Five projects have been screened.
The first one is ‘Sichuan Jialing Electric Power Co., Ltd.’, which is an energy project jointly invested by Enron Company and Sichuan Province, with a registered capital of 920 million Chinese dollars and a total investment of 3 billion Chinese dollars.
Now that Enron has gone bankrupt and has started to sell off its business to pay off debts, Jialing Electric Power's shares are also on sale. We can take the opportunity to buy it. I believe the price will not be too high. ”
Xu Liang looked at Jialing Electric Power’s information and found that it was indeed a good company.
It was not only involved in electricity, but also engaged in the production and supply of heat, gas and water.
< br>But in the electricity, heating and gas industries, prices are set by the state, and profits are very thin
If you want to make profits, you must expand your scale. However, in China, most of the energy market has been monopolized by the five state-owned giants. Unless you pour tens of billions or hundreds of billions into it, you will not be able to compete with these giants. .
The most important thing is that there is a huge possibility that even if you fail, you will not be able to compete.
And with so much money, wouldn’t it be better to invest in projects with a higher return rate? Why do we have to stick to energy?
“The second project is Livzon Pharmaceutical Group. It has been 18 years since its establishment in January 1985. It has 21 wholly-owned, holding and joint venture companies with more than 4,000 employees. It has leading advantages in the three major fields of cardiovascular and cerebrovascular drugs and anti-infective drugs, with assets exceeding 2 billion Chinese dollars.”
Xu Liang turned out to be the information handed over by Jiang Xiaoyang.
"The company is really good."
In the large-scale pharmaceutical industry in China, as long as you don't mess around, there is basically no possibility of losing money.
From the data, Livzon Pharmaceutical’s equity is also sufficiently dispersed.
Acquisition is not difficult.
Seeing that he was a little moved, Jiang Xiaoyang said: "If we decide to acquire Livzon, we must hurry up. Recently, Taitai Pharmaceutical and Dongsheng Technology are also acquiring shares of Livzon. We are late. , I guess this company is owned by adults.”
"This is still delicious." Xu Liang said.
Although he said this, he was very hesitant in his heart.
He didn’t know anything about the pharmaceutical industry, and he didn’t know how to develop it after buying it, so although he was interested, it wasn’t much.
“Let’s look at it later.”
“The third project, Changyu Wine Group, is currently undergoing a joint-stock reform with the state withdrawing from the country and advancing the people. If we are willing to spend money, there is a great possibility that Bought it from the Taiyan City Government," Jiang Xiaoyang said.
(End of this chapter)