Chapter 735 Hanhua 2004
Fortunately, although Hanhua did not invest in Google.
But the Indian Ocean No. 1 Fund earns no less than them, or even more.
The Indian Ocean No. 1 Fund headed by Sun Zhenping is one of the earliest hedge funds established by Hanhua that was not headed by Xu Liang.
Over the years, under the cover of Xu Liang’s dazzling revenue rate of return, Sun Zhenping’s reputation in the international financial community has not been prominent.
But the Pacific No. 1 fund he is responsible for has achieved amazing returns.
Thanks to the popularity of Internet companies and technology companies in recent years.
The Indian Ocean No. 1 Fund holds US$15 billion worth of corporate bonds and convertible bonds from large companies such as Amazon, Apple, eBay, BlackBerry, and Yahoo.
Return of 339% in two years.
In other words, excluding 5 times leverage, based on a principal of 3 billion U.S. dollars, a profit of 10.17 billion U.S. dollars was obtained.
After deducting long-term capital gains tax, fund management dividends, and investor dividends, Hanhua gained US$3.46 billion.
Of course, 50% of the investment share must still be given.
Especially with the recovery of technology stocks and Internet stocks, these top large companies do not say a small goal a day, but they are not far behind.
“I said it, US$5 billion.”
Qinglong Private Equity Fund, I can only control US$75 billion now, any more will only lower our revenue. ”
Therefore, US$15 billion is just right. If it is too much, it will drag down revenue, and if it is too little, it will increase leverage, and the risk is a bit high.
Just two years down the line.
Judging from the final profit, it is not much more than the Indian Ocean No. 1 Fund.
With a capital of US$3 billion, he leveraged it 7.9 times, and held TSMC, Samsung Electronics, Samsung Electronics, Toshiba, AMD, ATI, Broadcom, Micron, and Fax with a total capital of US$23.7 billion. Equity interests in 19 global technology companies including NAC, Kyocera, Netflix, and Infineon.
“3 billion to 5 billion is quite stable.”
In 2004, Hanhua’s revenue king was the Qinglong No. 2 private equity fund that Xu Liang was responsible for.
Even if he gets more funds, he doesn’t know where to invest them.
To raise US$15 billion, 2.3 times leverage must be used to take over this part of the assets.
“By the way, did Lao Sun tell me how much capital he plans to raise for the Indian Ocean No. 1 Fund?”
So without counting the profits of Hanhua’s subsidiaries, the total in 2004 Obtained net income of US$8.3776 billion.
"It is indeed much more stable than you." After a pause, "What about you, how much money has been raised by Qinglong No. 2 Fund."
Xu Liang waved his hand quickly.
After Jiang Xiaoyang nodded, "Last year we raised US$60 billion in private equity financing. Now the eight funds we have invested in are performing well, and many institutions want to follow suit.
Qinglong 2 The total value of the portfolio has reached $34.839 billion.
The share prices of 19 companies rose by 47%.
"Do you think it's less?"
Of course, as there is more and more hot money in the market and the dollar depreciates, the amount of Qinglong Fund's funds will definitely increase, but this is a step-by-step development with the market, not a step by step in place.
"Forget it, it's better not to ask for trouble."
"If you are willing, we can also go public."
And compared to corporate debt, of course It means there is more room for the stock price to rise.
But Indian Ocean No. 1 Fund is not the fund that makes the most money.
And Xu Liang also knows that until the subprime mortgage crisis in 2008, technology stocks and Internet stocks were rising.
At least until the memory of his previous life is exhausted, Hanhua will not go public.
USD 75 billion is the limit at this stage.
From 2004 to now, the total investment applications I have received have exceeded US$80 billion.
"It's 15 billion US dollars, still holding the original investment portfolio." Xu Liang said.
“You can eat as much food as there is a pot.
So the net profit in the hands of Hanhua is as high as 4.456 billion U.S. dollars.
Only 15% of the long-term payment is required Capital gains tax, and some administrative expenses
Even if there is an occasional decline, it is impossible for all 19 technology stocks he invested in to fall.
"15 billion US dollars?"
"Fortunately we are not a listed company, otherwise if this net income is exposed, it will be enough to rank among the top 20 in the world." Xu Liang said with a smile.
Your US$15 billion is indeed a little short. ”
Xu Liang has invested in all the stocks of companies that he knew in his previous life that will perform well in the future.
That is to say, he made a profit of US$11.139 billion.
However, Xu Liang is responsible for the Qinglong Fund and does not need to give 15% to the fund manager and management.
Leverage of 2.3 times is considered stable in the private equity market.
Jiang Xiaoyang nodded, "I understand. I will send you the list later. You can see which customers you must keep and expand their share."
Both Talk about harmony and make money.
The company will not refuse any institution that wants to invest in Hanhua.
However, those with high positions of authority and influential institutions will have a larger share, while less important ones will have a smaller share.
“How much is Hanhua’s expenditure this year?”
Jiang Xiaoyang handed over a document.
“It’s all up here.”
Xu Liang took it and took a look.
The Equity Asset Investment Department spent US$43 million to acquire 30% of the equity of Capital Today, H&H Investment, Thiel Fund, Qiandian Partners, and 20% of the equity of Thain Capital.
Invest US$1 billion each in Thain Capital and Qiandian Partners.
It cost US$270 million to take over 18% of Supor’s equity and 15% of Gree’s equity from the venture capital department.
Global Asset Investment Department, acquired the NBA Warriors, Premier League Manchester United, Marvel and Monster Beverages.
Total expenses are US$1 billion and liabilities are US$3.4 billion.
China Asset Investment Department.
Nanfu Battery has no investment. Kelong Supermarket’s actual investment was US$800 million.
The original ‘Tuopai Qujiu’ was reorganized into Huaxia Liquor Group with an actual investment of US$1 billion.
With sufficient financial support, both Kelong Supermarket and Huaxia Liquor Group are frantically expanding through acquisitions and mergers.
A new supermarket opens basically every week, and a brewery or distillery is acquired every month.
Finally, there is the Fixed Asset Investment Department.
There are four main categories of investments.
Precious metals, artworks, high-end wines, jewelry raw materials.
Precious metals have the largest investment, with US$1 billion invested.
$300 million was invested in art.
Jade, Hotan jade, ruby, etc. 300 million US dollars.
High-end wine invested US$100 million.
After comprehensive calculation, including administrative expenses, in 2004, Hanhua spent US$7.43 billion and increased its liabilities by US$5.13 billion.
The liabilities directly under Hanhua are US$3.4 billion, and the liabilities of its subsidiaries are US$1.73 billion.
However, coupled with the net income of US$8.3776 billion in 2004, Hanhua's accumulated cash balance of US$22.7 billion at the end of 2003 not only did not decrease.
Instead, it increased by US$947.6 million.
“The expenses are very high.” Xu Liang put down the document.
“Didn’t you say that the Huaxia currency will appreciate in value against the US dollar, so I am trying my best to convert US dollar assets into Huaxia currency assets.
Unfortunately, domestic investment approval is too troublesome, I have thought of many ways , I can only invest this amount of money.”
Xu Liang nodded.
Currently, China does not directly issue treasury bonds abroad, so there is no way to buy them.
The offshore Chinese currency market is still in its infancy. It will not be until after the subprime mortgage crisis and the United States releases $2 trillion to harvest the global market that everyone will instinctively start currency swaps.
As one of the world's largest trading countries, the scale of offshore Chinese currency has expanded rapidly.
Of course there is another way.
Access the global exchange rate market.
This thing is the same as gambling.
Some people bet on appreciation, others bet on depreciation.
Buy the deal and leave, and you will be responsible for your profits and losses.
Hanhua Pacific No. 1 hedge fund has invested US$10 billion in the exchange rate market.
But this is other people's money, and he doesn't have to repay it if he loses it.
Hanhua’s own money is all his hard-earned money, and he will never use it for high-risk investments.
“Invest domestically as much as possible, including national bonds and 50 constituent stocks of the Shanghai Stock Exchange.”
Jiang Xiaoyang nodded.
“This is the balance sheet of Jupiter Funds.”
Jiang Xiaoyang handed over another form.
Jupiter Fund’s assets are all Hanhua’s own assets.
It is divided into four major departments.
Equity Asset Investment Department.
Holds equity interests in 17 companies including Netflix, Ctrip, NetEase, Supor, Mengniu, Gree, Anta, Capital Today, and Thiel Fund.
Capital Today, Thiel Fund, Thain Capital, etc. are all investment companies that have not been listed on the market and currently do not have much performance. They are not easy to value and can only be valued based on Hanhua's previous investments.
Calculating the equity asset investment department, it has total assets of US$6.46 billion, including US$2 billion invested in Thain Capital and Qiandian Partners.
Fixed Asset Investment Department.
Currently, US$3 billion has been invested in rare earths, refined lithium and other rare metals, with actual investment of US$1.8 billion and US$1.2 billion in liabilities.
Currently this asset has appreciated by 83%.
Investment in jadeite, Hetian jade, red sapphire, etc. is US$1 billion, with 50% debt.
Currently the value has increased by 64%.
$1.5 billion was invested in art and $500 million in high-end wine.
The two investments have a debt of 40%.
Art and high-end wine, the former has increased in value by 2.2 times. Now is the period of rapid development of Chinese art.
Prices for fine art have hit new highs.
This year, the six major companies of Jiade, Hanhai, Zhongmao Shengjia, Huachen, Jinghua, and Duoyunxuan sold a total of 23,424 pieces of cultural relics and artworks in the spring and autumn large-scale auctions, with a turnover of 3.09 billion yuan, higher than the previous year. It more than tripled from 960 million yuan in 2017.
You can see its popularity.
High-end wine is the worst, with an investment growth of less than 47% in two years.
Calculated in this way, the Fixed Asset Investment Department has total assets of US$11.165 billion and liabilities of US$2.6 billion.
The Global Asset Investment Department mainly focuses on four companies: the Warriors, Manchester United, Marvel, and Monster Beverage.
Total assets are US$5.9 billion and liabilities are US$4.9 billion.
Among them, US$3.4 billion of liabilities belong to the parent company, and the remaining US$1.5 billion are liabilities of each of the four companies, especially Marvel, which owns more than half of the liabilities.
China Asset Investment Department.
Nanfu Battery has developed the best. Although it has not been listed on the market, in recent years, the dry battery business has not only dominated 80% of the domestic market, but also has reached new highs in the international market with its good quality and price.
At the end of 2004, sales exceeded 3.5 billion Chinese dollars and net profit was 540 million Chinese dollars.
Valuation exceeded US$700 million.
Kelong Supermarket is the largest.
Currently, it has 346 hypermarkets, 552 supermarkets, and more than 6,000 convenience stores authorized by the brand.
(End of this chapter)