Chapter 473 Sovereign Fund
In addition to the office, there are also their study rooms, bedrooms, restaurants, sports areas, etc.
However, Xu Liang occupies more, reaching 900 square meters, while Jiang Xiaoyang’s is slightly smaller, 700 square meters.
"Okay, the design is perfect."
Xu Liang looked at Jiang Xiaoyang's office.
"I usually stay here when I work late and can't make it home." Jiang Xiaoyang said.
Xu Liang nodded.
The security at Hanhua Center is very tight, with fifty security guards who have retired from the special forces living here. Therefore, he is not worried about Jiang Xiaoyang's safety.
“But you don’t need to leave such a large office area for me. I won’t be there most of the time. It’s such a waste.”
“This is not a question of waste or not, but you It’s a matter of status as a CEO. If your office space is not as good as mine, it will cause unnecessary suspicion, and we are not short of an office space of several hundred square meters.”
Seeing Jiang Xiaoyang's serious look, Xu Liang smiled and hugged her slender waist.
The index finger of his left hand gently scraped her beautiful nose.
"Little fool, what's mine is yours, isn't what's yours mine? Why should we tell each other apart?"
Jiang Xiaoyang shook his head as warm currents surged in his heart.
“Don’t leave a bad impression on outsiders, as this is not conducive to the stability of the company.”
Xu Liang smiled and said, "Since you have decided, let's do it. As you said, the company now does not need an office area of several hundred square meters."
After Jiang Xiaoyang nodded, "There is still room on the roof. There is a helipad, do you want to see it?"
"Forget it. There is no helicopter now."
"We can order one if you want. It won't cost you anything. How much.”
Xu Liang thought for a while and shook his head.
"Private aviation is not so open in China right now, so I'd better keep a low profile."
Abroad, he can be as high-profile as he wants, since not many people know him anyway.
But it is different in China. This is the basic foundation of his career, so he naturally needs to be more low-key.
“Your Boeing BBJ business jet is about to be delivered. There are no more than thirty top-notch luxury goods in the world, and you still want to keep a low profile?”
Xu Liang laughed. , "I just bought a bigger toy."
Rolling his eyes at him, Jiang Xiaoyang opened the safe in his office, took out a thick stack of documents and placed them in front of Xu Liang.
“This is Hanhua’s mid-term report. Take a look.”
Xu Liang took it and quickly flipped through it.
“Yes, we have raised several times more funds than originally expected.”
“The ultra-high profits of Qinglong and Kunpeng funds have attracted more and more institutions and individuals, making Hanhua's funds more and more visible to more and more people
Naturally, it attracted a lot of capital.
And funds such as White Tiger Fund and Zhuque Fund have performed well, and are even among the best in similar funds. Many institutions have chosen to invest part of their money.
In order not to miss potential stocks, some institutions even invested in all our funds. "
While talking, Jiang Xiaoyang brought a cup of tea and placed it in front of him.
"Which company is so wealthy that it actually invests in everything? ”
Xu Liang said curiously.
He only cares about investment and rarely interferes with fund-raising matters.
"Li Bancheng from Xiangjiang, the guy from Microsoft, and the UAE sovereign fund. To be precise, it is the Abu Dhabi Investment Authority under the UAE sovereign fund."
Xu Liang understood .
Success is no accident.
Both Li Bancheng and Microsoft's Gates lack courage.
“I didn’t expect that we would be favored by the oil men in the Middle East.” Xu Liang said with a smile.
“In fact, there are many Middle Eastern sovereign funds investing in Hanhua, but the top one is the United Arab Emirates. In the past six months, it invested US$2.8 billion in 17 of our external fundraising sub-funds.
< br>Also surpassed Li Bancheng and Gates.”
Xu Liang nodded, he was no stranger to the UAE sovereign funds.
Before his rebirth, the UAE's sovereign wealth fund reached US$1.3 trillion, ranking second in the world. The total assets of its four major sovereign wealth funds accounted for 16% of the global sovereign wealth fund's size (US$8.14 trillion).
When it comes to sovereign funds, we must mention the story of ‘guano’.
In 1956, it was discovered that the British Gilbert Islands produced a special kind of guano, which was rich in phosphates and had many horticultural uses. Therefore, it was exported to developed countries in Western Europe in large quantities. The United Kingdom decided to ban this kind of guano. Taxes are used for local construction.
The island later became independent from the United Kingdom and became the sovereign nation of Kiribati. However, due to the deterioration of the ecological environment, the guano gradually disappeared. The entire country had no other resources to consume, and it became one of the least developed regions in the world.
The taxes collected previously were used for investment and have become an important source of public funds across the country.
This special tax later had a name: the Kiribati Revenue Equalization Reserve Fund—one of the world’s earliest sovereign wealth funds.
Resource depletion is a nightmare for all resource-based countries.
The guano industry in Kiribati is just an extreme situation, but it is a wake-up call for all countries that rely on natural resources: without resources, how will the country survive?
Investment or sovereign funds have become the optimal solution.
The actions of the Emirati people perfectly illustrate what it means to be prepared for danger in times of peace.
Five years after the founding of the country, when other Middle Eastern countries were still immersed in the luxury of enjoying the massive wealth brought by oil, they established the first sovereign fund.
Abu Dhabi Investment Authority.
It has long been the most mysterious sovereign fund in people's mouths. After its establishment in 1976, for more than thirty years, no one outside knew how big the Abu Dhabi Investment Authority was.
It was not until 2010, affected by the pressure of international public opinion, that the Abu Dhabi Investment Authority published its annual report and past investment history for the first time.
In these mysterious thirty years, the investment style of the Abu Dhabi Investment Authority can be summarized in four words: seeking progress while maintaining stability.
At the beginning, it only made conventional investments: stocks, bonds, and real estate. Its investment style was conservative and it did not pursue high yields.
Ten years after its establishment, the Abu Dhabi Investment Authority began to get involved in commodity trading, trying to use commodity fluctuations in the international market to offset the losses caused by oil price fluctuations in the UAE.
At the same time, it saw more and more idle capital in the United Arab Emirates, and began to form a team to conduct private equity investment.
After entering the 21st century, the Abu Dhabi Investment Authority has also begun to pay attention to emerging markets and infrastructure construction, and the scale of investment has become larger and larger.
Starting from the most basic and expanding step by step, never letting go of any investable product on the market, this is the secret to the growth of the Abu Dhabi Investment Authority.
Today, the assets of the Abu Dhabi Investment Authority are US$649.2 billion, with a 30-year average return rate of 6%-9%, ranking fourth among global sovereign wealth funds (single entity).
It is different from the Abu Dhabi Investment Authority’s style of being large, comprehensive and pursuing stability.
The investment of Mubadala Investment Company, established in 2002, is more like the UAE trying to use the power of capital to strengthen its presence in the technology industry, so it is making particularly rapid efforts.
From 2009 to 2012, it spent billions of dollars to acquire GlobalFoundries from AMD, becoming the world's third largest chip foundry after Samsung and TSMC.
Actively invest in life science company Envision, communication software Telegram, and Indian communication company JioPlatforms, which are hot projects in the investment market.
Pursuing long-term returns and keeping up with the forefront of technology are the investment philosophy of Mubadala Investment Company.
Mubadala has an asset size of US$243 billion. Although it is not as large as the Abu Dhabi Investment Authority, it has greatly expanded the investment scope of the UAE.
The two major funds, one positive and the other strange, ensure the rapid growth of the UAE sovereign funds.
It should also be emphasized that the Emirates Investment Authority, Dubai Investment Company and Ras Al Khaimah Investment Authority, which are under the UAE sovereign fund, have not yet been established.
"By the way, Mohamed Abidal, the head of the Abu Dhabi Investment Authority, gave you a Monet oil painting and two Arabian horses, and invited you to visit Dubai.
Oil Painting I've hung up in your office. The Arabian horses are temporarily kept at a horse farm in Daxing. You can go and play with them if you have time." Jiang Xiaoyang said.
After Xu Liang nodded, "The wealthy people are rich, and this move is a gift of millions of dollars."
"They make more from you."
< br>"Having said that, what we are doing is borrowing chickens to lay eggs, and money makes money. If we don't let others make money, why should they help us? However, since the United Arab Emirates has entered the market, can we sign with them? Oil forward contracts? ”
A forward contract is a contract in which both parties agree to buy or sell a certain amount of a certain financial asset at a certain price at a certain time in the future.
Give me an example.
Xu Liang and Emirates Oil Company agreed to purchase 10 million tons of oil at a price of US$50/barrel one year later. This is a forward contract.
In the middle, Xu Liang only needs to pay a small deposit to lock in 10 million tons of oil.
The advantage of a forward contract is that it facilitates oil exporting organizations and enables stable production, without affecting their own profits because the oil price is too high or too low.
This contract will also allow petroleum refining companies to obtain stable-priced oil without increasing their own costs due to rising oil prices.
Everyone wants stability.
But if it is a financial company, this is a very risky thing.
If the oil price is higher than the agreed price after the contract expires, that’s it.
If it is lower, you will definitely lose money.
Like oil futures, this is also a game of oil prices, but it just takes a little longer to unveil the bet.
"I think you should take care of the soybeans first, be careful not to bite off more than you can chew." Jiang Xiaoyang reminded.
Xu Liang nodded.
Hanhua's expansion has been rapid, and we really shouldn't be greedy for more.
“How much soybean stock do we have in hand now?”
"45.19 million tons."
Xu Liang frowned slightly, "The increase is getting slower and slower."
"There are not many spot soybeans on the market, unless we increase the price "
"What is our current purchase price?"
"About 2,500 yuan per ton."
Xu Liang thought for a while and then shook his head.
“Don’t raise prices for the time being, and stop purchasing from now on.”
“Are you afraid of alerting the enemy?”
“Soybeans in North America begin to mature in September. It's already half July, and it's time for the four major grain merchants to intensively investigate and plan. Let's temporarily stop everything and wait for them to take action." Xu Liang nodded and said.
Jiang Xiaoyang nodded.
"By the way, except for us, what is the current international soybean purchase price?"
"8.07 US dollars/bushel, about 2,430 yuan/ton." Jiang Xiaoyang said.
Domestic and foreign weights and measures are different, and bushels are basically the unit of measurement.
1 metric ton of soybeans = 36.9 bushels.
“It’s increased a lot.”
"Since we are buying in large quantities, prices will naturally rise." Jiang Xiaoyang said.
(End of this chapter)