Chapter 433 Soybean War
As the president of Hanhua London Branch, Kunpeng Fund also invested in Brent crude oil through him during this period, although it is not known how much the company earned.
But the rise in oil futures was clearly seen by him.
According to his speculation, Kunpeng Fund will receive at least two to three billion US dollars in dividends after this wave.
This money will definitely not stay in the company's account, but will be invested.
So, he wanted to get some of it.
“How much do you want?”
Xu Liang asked.
The money earned by Kunpeng Fund must be invested, so he did not resent Huo Yan's greed.
Even somewhat happy to see the results.
Taotie Fund is not responsible for Kunpeng or Qinglong itself, and has great freedom in investment.
What he wants to see is an ambitious and capable fund manager, otherwise there is no need for him to set up such a fund.
Huo Yan, relieved, quickly said: "200 million pounds."
200 million pounds is equivalent to 300 million U.S. dollars, plus the remaining money in his hand, using a little leverage , can acquire approximately 9% of Vivendi’s shares.
Xu Liang nodded, "I can promise you, but this money will have to wait until the Kunpeng Fund's profits are completely settled."
"Mr. Xu, I can wait. But not for too long, otherwise I'm afraid there will be competitors for Vivendi's investment."
"Don't worry, I won't make you wait too long."
The Iraq War broke out on March 20, and the sharp rise in oil prices only lasted for a week or two. Although it will continue to rise in the future, the speed will definitely slow down.
Xu Liang only planned to make a quick buck, and had no intention of earning the last copper plate.
Otherwise it is easy to get stuck in it.
So the money will come out on April 78th at the most.
Huo Yan nodded and didn’t ask any more questions.
“In addition to Vivendi, is there anything else?”
“Yes, there is, but I only have so much money, I’m afraid I can’t afford anything else.”
“Let’s talk about it first.”
Huo Yan handed over a piece of information.
"Tyco International. Tyco International is the world's leading company in disposable medical supplies, camera security systems, fire alarm systems, circuit protection and other products.
One of the world's top 500, At its peak, the market value was as high as US$96 billion, and its net revenue was nearly US$40 billion.
In 2001, after the Enron incident broke out, Tyco was also exposed for financial fraud.
The highest in the United States. The court ordered Tyco to compensate shareholders for nearly US$3.2 billion, causing Tyco's stock price to fall from US$58 to US$15, and its market value lost nearly US$70 billion.
The Tyco scandal, like the Worldcom scandal and the Enron scandal, became one of the three major scandals in the American corporate world in 2002.
However, compared with Enron and WorldCom, Tyco's operating conditions are good, and its main business has not suffered much losses. Michael Litton, who was appointed CEO of Tyco International in the face of crisis, launched a large-scale operation as soon as he took office. reform.
Integrate functional departments, cut redundant personnel, save administrative expenses, and improve administrative efficiency.
At present, the strategies are basically correct.
The fourth quarter financial report of 2002 showed that Tyco International's administrative expenses dropped by US$290 million, salary expenses decreased by US$210 million, and net profit margin increased by 1.8%.
Although the effect is not very obvious, it is already on the right path and is very suitable for bargain hunting. ”
Huo Yan was talking eloquently, obviously after detailed investigation.
Xu Liang looked at the information in his hand.
He didn’t know much about Tyco International. , but he vaguely remembered that when he renovated his studio in his previous life, the fire safety system was a Tyco product.
That was already 12 years ago.
It is obvious that Tyco did not go down the old path of Enron and WorldCom because of financial fraud, but survived the crisis safely.
"It looks really good. ...Anything else?"
"Currently I am investigating 'AOL Time Warner', a company that, after the 'Enron scandal' broke out, It was also exposed for financial fraud and was ordered by the U.S. Supreme Court to compensate shareholders for losses of US$2.65 billion.
However, AOL Time Warner's troubles are not just financial scandals, but also the decline in AOL's advertising revenue and the company's problems. The business development after the merger did not meet expectations.
Throughout 2002, AOL Time Warner's stock price fell from the initial US$55 to US$35, and its market value dropped from US$248 billion, a loss of nearly US$100 billion.
Moreover, it seems that AOL Time Warner has no intention of getting out of the quagmire.
However, AOL Time Warner is still the largest media company in the United States. Time Magazine, Sports Illustrated, Fortune Magazine, Life Magazine, Turner Television Network, CNN, HBO, DC Comics, Warner Bros., etc. have global Influential media are all affiliated businesses and have great investment value.
So I have been hesitating. "
Xu Liang shook his head, "No need to hesitate, AOL Time Warner has no investment value. "
Although he does not remember the specific development of AOL Time Warner later? What is its market value?
However, specific issues can be analyzed in detail.
In his memory, among the mainstream Internet companies in the United States, AOL has disappeared since the Nasdaq crisis.
Time Warner is indeed good. Turner Network, CNN, HBO, DC Comics, and Warner Brothers are still famous, but paper media such as Time Magazine, Sports Illustrated, Fortune Magazine, and Life Magazine have been impacted by the Internet. He was in a state of disarray, to the point of selling himself out.
In other words, while AOL Time Warner's business continues to shrink, it does not show much room for development.
Perhaps as the US dollar depreciates, the stock price will rise to a certain extent, but it does not have much investment value.
Investing in Time Warner is better than investing in Disney.
Seeing Xu Liang’s rejection, Huo Yan didn’t say much.
AOL Time Warner was not originally on his investment list, and now it is just an investigation.
"I have no other goals." Huo Yan said.
Xu Liang nodded.
"Both Vivendi and Tyco International Group can invest, but the specific amount of funds you can get depends on your fundraising results during this period. Of course, I will not break my promise to give you the 200 million pounds."
Huo Yan's face showed joy, "Thank you, Mr. Xu, for trusting me."
Xu Liang smiled and nodded, "I'm waiting to see your results."
"Definitely not. I will live up to your expectations," Huo Yan confidently said.
Huo Yan was left to have lunch before he was allowed to leave.
——
Just after seeing Huo Yan off, Jiang Xiaoyang called.
"What are you doing? You just answered the phone right now."
"Miss, I was only three seconds late and you said 'this moment'?" Xu Liang continued with a smile, "Or do you miss me so much that your days are like years."
"You are so stinky, who can be like a pervert like you."
Although he said this, Jiang Xiaoyang still had a coquettish tone in his tone.
“Aren’t you calling a pervert?” Xu Liang teased.
“Hmph, who blinded me to catch my eye.”
“Hey, this is also my ability.”
"Just be proud of it." After saying this angrily, Jiang Xiaoyang suddenly laughed.
But Xu Liang was surprised.
“Why are you so happy?”
“What do you think?”
After Xu Liang thought for a while, “Because of Kunpeng’s profit?”
Kunpeng Fund used US$2.8 billion to leverage US$28 billion to be long in oil, with an average profit of US$2.1 per barrel.
The total profit was US$2.4 billion.
According to the rules of Hanhua Hedge Fund, in addition to the 2% management fee, if the investment profit exceeds double within a year, 50% of the profit will belong to Hanhua.
Look at the current growth trend of international oil prices.
Kunpeng Fund’s profits will definitely more than double.
Even after deducting various taxes, Kunpeng Fund can earn more than US$1 billion in profits.
In China, one billion US dollars can do too many things.
No wonder Jiang Xiaoyang, the president, is happy.
“It’s not just the Kunpeng Fund. The Mars 1 Fund’s fundraising of 1.5 billion Chinese coins was smoother than expected. After the news of our fundraising spread, we raised all the funds in just two months. It’s all there.”
“Why don’t you think about raising more if it’s so easy?”
Xu Liang smiled.
“I also want to raise more money, but the actual conditions do not allow it.”
Xu Liang understands what she means.
First, there are too few domestic pharmaceutical and medical start-up companies, and generally their value is not high. Too much money cannot be invested, which in turn affects the company's reputation.
Second, although Mars One Fund is the earliest fund established by the company, its current personnel structure can handle up to 1.5 billion Huaxia coins.
If there are more, we will continue to recruit people.
It is difficult to find a qualified fund partner.
Jiang Xiaoyang spent nearly a year researching Lu Bingyun, who currently operates the Mars 1 Fund, before recruiting him.
Although it is easy to find ordinary employees, the hard part is getting used to them.
In the venture capital industry, even Sequoia Capital, which ranks at the top, currently manages only more than 10 billion US dollars.
Kleiner Perkins Caufield & Byers and IDG are similar.
In contrast, Hanhua Capital, which has been established for more than three years, currently handles more than one billion US dollars in capital, which is considered to be developing very quickly.
"In the final analysis, our foundation is too weak. Let's take our time." Xu Liang said.
"I think so too. ...One more thing, the New Century Real Estate Company in Xiangjiang has been acquired for 600 million Huaxia coins, 30% will be paid first, and 40% will be paid three months later. , all will be settled in half a year."
"Is there a result yet for the CEO selection?" Xu Liang asked.
"The third-party HR agency we cooperate with has provided several candidates, but I am not satisfied with any of them. I am still looking for them," Jiang Xiaoyang said.
“Don’t delay for too long.”
Xu Liang did not interfere with Jiang Xiaoyang’s employment.
“I promise to find the right candidate by the end of March at the latest.”
“Don’t push too hard. CEO is the most critical position. I would rather go slower than the best.”< br>
"Don't worry, I understand. ...By the way, now that the future of international oil futures has become clear, why don't you go back to China?"
"Not yet. The Taotie Fund in the UK has recently raised a lot Qian, I want to help Huo Yan advise on investment targets. This is the first shot of the Taotie Fund, which affects whether we can gain a foothold in the UK and even in Europe."
"Okay"<. br>
Jiang Xiaoyang was a little disappointed.
"Xiaoyang, I need your help with something here." Xu Liang changed the subject.
"What's the matter?"
"Help me find some warehouses that can store soybeans, the more the better."
"Soybean warehouses?"
Jiang Xiaoyang's heart is full of question marks , is soybean related to Hanhua or Xu Liang’s other businesses?
“That’s right.”
Xu Liang affirmed.
In later generations of China, the soybean war was often discussed in business classes and economics.
Xu Liang has also seen it, but after three years of wearing it, he has almost forgotten it.
My parents came over some time ago and mentioned in casual chat that my third uncle planted three acres of beans. As a result, not only did he not make any money, he also lost money.
The speaker has no intention, but the listener has intention.
Xu Liang suddenly remembered the "soybean war" that he had almost forgotten, which almost changed China's edible oil industry.
(End of this chapter)