Chapter 476 Banks and Coal
After sending Sha Zhigang away, Xu Liang called Liu Zhiping from Jupiter 2 Fund over.
"Mr. Xu."
Wearing black-rimmed glasses, a crisp shirt and trousers, Liu Zhiping exudes the temperament of a financial elite.
"Old Liu is here, come and sit."
He waved to Liu Zhiping enthusiastically and waited for him to sit down.
“Jupiter 2 Fund is developing well.”
“Thanks to your guidance, Mengniu, Supor, Gree, Anta and Hua Xia Bank are all very good companies. I have invested for more than a year. As a result, their market value has nearly doubled on average."
Xu Liang waved his hand, "Don't be polite to me, it's your own ability to invest in these companies."
Paused. .
"Do you want to raise a new fund?"
"Yes."
"The US$170 million share of Jupiter 2 Fund has been fully invested at the beginning of the year, and all post-investment services have been processed. Shun.
The three-year blockade will not end until the end of next year.
The company’s employees cannot be idle during this year and a half.”
Although most of Hanhua Capital's funds have a two-year lockout period, it is not absolute.
Similar to the Jupiter Fund, it lasts three years.
And as it becomes easier for Hanhua Capital to raise funds, the blockade period will also be extended.
From two years to three years.
This is also a kind of screening that will screen out many customers with poor risk tolerance.
Looking at Liu Zhiping with fiery eyes, Xu Liang couldn't help but smile.
He could see that Liu Zhiping couldn't sit still.
But it’s not surprising.
Looking at Brother Funds, taking advantage of the profits of Qinglong Fund and Kunpeng Fund, new funds are frequently raising billions of dollars.
It would be strange not to be moved.
You must know that the performance of the fund is closely related to the salary and bonus of the fund manager.
The more money he has, the more projects he invests in, and the better his performance, the higher the return he gets.
A US$100 million investment, even if doubled, would only be US$200 million.
According to Hanhua's regulations, the fund team can receive 20% of the fund's income as a bonus, and the fund leader can receive a 10% share.
Of the pre-tax return of 100 million, Hanhua can get 20%, which is 20 million US dollars. 20% of the 20 million belongs to the fund team.
After the tax deduction is over, the fund manager can receive a bonus of US$600,000.
If this number becomes 5 billion US dollars, if it is added up to three years, the return will be doubled.
Then Liu Zhiping’s income can be increased fifty times, which is 30 million US dollars.
If the fund's return rate can double every year, then Hanhua will get 50% of the entire investment return.
The US$100 million has tripled, and 50% of the US$300 million belongs to Hanhua, which is US$150 million.
20% of the US$150 million belongs to the fund team, which is US$30 million.
As the head of the fund, you can get half of it, which is 15 million US dollars.
Of course, this is pre-tax earnings.
After tax is deducted, more than eight million US dollars will be left.
If it were increased fifty times, it would be more than US$400 million.
This is why Wall Street's top investors receive hundreds of millions of dollars in dividends every year.
Of course, it is extremely difficult to achieve the achievement of dividends exceeding 100 million.
Few people can achieve it in a year.
But $30 million is also a huge amount of money.
“How much money do you plan to raise?” Xu Liang asked.
"One billion U.S. dollars."
Xu Liang nodded secretly. Although Liu Zhiping was ambitious, he was still calm.
If he said to raise three to four billion US dollars, Xu Liang would definitely refuse.
The current Jupiter 2 Fund team has no way to manage so much money, and it is difficult to find so many targets. Nowadays, China's internal annual revenue exceeds 100 million, which is considered a large enterprise.
Except for state-owned enterprises, only a few private enterprises can achieve over one billion.
Financing for state-owned enterprises is not simply about having money.
So, 1 billion US dollars is a more reasonable number.
"What about the investment target? Have you considered it?"
"Currently, Bank of China and China Construction Bank are undergoing joint-stock restructuring and preparing for listing. I want to participate in it." Liu Zhiping said directly. .
There was a hint of thought in Xu Liang's eyes.
He knew about the fact that the state selected Bank of China and China Construction Bank to carry out joint-stock reform pilot projects this year when he was abroad.
Follow the original history.
One year later, Bank of America and Temasek spent US$2.5 billion and US$1.466 billion respectively to purchase 9% and 5.1% of the shares of China Construction Bank, priced at approximately HK$0.94 per share.
The issue price was 2.35 Hong Kong dollars, the highest market price was 5.35 Hong Kong dollars, and the two companies made a net profit of more than 130 billion Hong Kong dollars.
Royal Bank of Scotland, Singapore's Temasek Holdings, UBS Group and the Asian Development Bank invested a total of US$5.175 billion (about 40.3 billion Chinese dollars) in Bank of China, with a purchase price of 1.22 yuan.
After listing, based on the intraday price of 6.26 yuan on May 10, 2007, the market value reached a maximum of 282.2 billion yuan. The four companies made a net profit of 241.9 billion yuan in Huaxia currency, and the investment income was 6.6 times in less than a year.
Although Xu Liang does not remember too detailed data, he also knows that the benefits of listing state-owned financial companies are extremely high. But it’s also difficult to get involved.
It is simply impossible if you are not a financial giant with a strong background.
“Are you sure?” Xu Liang asked.
"If it were before, I wouldn't be sure. But now Hanhua is the world's top private equity institution, with more than 50 billion US dollars of funds under management, which is extraordinary.
In addition, although most of the capital we manage They are from overseas, but there are also many in China, and they have also expanded a lot of relationships.
The combination of the two is very promising.”
There is one thing Liu Zhiping did not mention, and that is Jiang Xiaoyang’s background. .
The Jiang family doesn’t need to do anything. As long as they let the other party know, most of the obstacles can be reduced.
But it's hard for him to say it directly when he's obviously taking advantage of the situation.
But he also believed that the big boss must be fully aware of this kind of thing.
"Which one of the two banks do you want?"
"We have to discuss it in detail before we know." Liu Zhiping said.
Xu Liang thought for a moment and then said: "Bank of China and China Construction Bank have market capitalizations of tens of billions of dollars. Isn't US$1 billion a bit too small to obtain enough shares?"
"It's a little less. However, the financing and listing of the four major banks involves too many things, and it will be difficult to get a result in a short while. Therefore, this billion US dollars is not our main investment in the four major banks."
Xu Liang understood.
Jupiter 2 Fund will expire in the middle of next year and will be re-raised.
This fund will raise at least US$2 billion, or even US$3 billion.
At that time it will be enough to invest in the four major banks.
"In addition to banks, is there anything else?"
"There is also the energy industry. You said that with the development of the national economy, energy consumption will increase greatly. PetroChina, Sinopec, Shanxi Coal, Shaanxi Coal is a good investment target.”
When mentioning PetroChina, Xu Liang thought of Lao Ba.
In April 2003, after years of decline, the Hong Kong Hang Seng Index fell back to where it was ten years ago, reaching a low of 8,409 points.
At this time, Warren Buffett used Berkshire to quietly buy H shares of PetroChina, investing a total of US$488 million and buying 2.34 billion shares. The average purchase price per share was approximately 1.6 Hong Kong dollars, accounting for 1.3% of the company's total shares, making it the third largest shareholder of PetroChina.
Five years later, from July to October 2007, Buffett sold all PetroChina shares at an average selling price of HK$13.5 per share, and the total market value of the sales was approximately US$4 billion.
The pre-tax investment income is approximately US$3.55 billion, the total investment rate of return excluding dividends is 7.3 times, and the average annual compound investment rate of return is approximately 52.6%.
In addition, in these five years, Berkshire received a total of approximately US$240 million in after-tax dividends.
“The market value of PetroChina and Sinopec is too high. The coal giants are relatively lower and have less competitive pressure. The excess funds should be mainly focused on coal.”
In the first place in the 21st century In the past ten years, coal bosses have been the most prestigious group in the rich circle, and they have generated countless topics of conversation after dinner.
Behind the fame of coal bosses is the reality that China's coal industry has exploded and prices have skyrocketed.
So investing in coal will definitely make a lot of money.
Moreover, Qinlong Fund No. 3 has invested all US$20 billion in Chinese overseas listed companies, with PetroChina and Sinopec being the largest investors.
He does not want his two funds to collide and push up the stock price in vain.
"I understand, Mr. Xu. I will immediately instruct my staff to collect information on the coal industry after I return."
Xu Liang smiled and nodded.
"Work hard, I'm waiting for the fund to expire and send you a red envelope."
Liu Zhiping's eyes became expectant when he thought of the rich harvest he was about to receive.
After Liu Zhiping, Xu Liang went to find the heads of several other funds. After chatting one by one, it was noon.
I walked around the company in the afternoon. After inviting all the senior executives to a dinner in the evening, I didn’t come back the next day.
He owns more than one company, Hanhua Capital.
——
"Mr. Xu, safety helmet."
Looking at the red safety helmet handed over by Lu Xiaoying, Xu Liang inexplicably recalled a scene in his mind.
“Put your hat on.”
Then a big slap.
Rubbing the back of his head subconsciously, Xu Liang shook his head.
“It will take about ten years to make Douyin.”
It’s too far away.
Put on your safety helmet and walk into the construction site.
Looking up, there are continuous buildings.
The huge tower crane lifts cement mortar and various building materials into the sky. Workers wearing various safety helmets and vests walked in and out of various buildings like worker ants.
The dull sound of steel clashing, the fierce sound of electric welding, and the sound of motor turning came from far away.
The busy scene really made Xu Liang feel the power of industry.
Although not yet completed, the building surrounded by green curtains has begun to take shape.
The Hongmeng spacecraft headquarters covers an area of 450 acres and has a construction area of 300,000 square meters.
The development area is 550 acres, including a 250,000-square-meter shopping mall and pedestrian street, two 150,000-square-meter 5A and 3A-level hotels, 9 720,000-square-meter office buildings, and the 'Taihua City' with a total construction area of 1.12 million square meters. '.
The ‘Fuhua Jinfeng Apartment’ has a development area of 204 acres and a total construction area of 244,500 square meters.
This is only the first phase of the entire ‘Hongmeng Project’.
Of course, it is also the largest phase of development.
Looking at the tall figure standing with bare hands in front of him, Xie Wen behind him couldn't help but sigh.
We haven’t seen each other for nearly a year, and when we meet again, the people we were once familiar with suddenly seem like strangers.
Especially the majesty that radiates from the bones in every gesture, has doubled.
(End of this chapter)