Chapter 851

   "In the 1990s, the Shenzhen and Shanghai stock exchanges were established one after another, and the capital market was born in our country. Oh, it's not counted in the Republic of China!"

  Zhao Jun introduced with a smile: "At that time, the new share issuance implemented a quota management system, which was reviewed and recommended by the local government or industry authorities, and then changed to an index management system.

  It is no exaggeration to say that the bosses of companies that were able to go public ten years ago are local people with hands-on hands and eyes, and that is even more so for private enterprises. "

  Xia Jingxing nodded slightly. At that time, most of the companies that could go public were state-owned enterprises. At that time, one of the main purposes of the state's capital market was to relieve state-owned enterprises.

  In that era, the number of private companies that went public every year was in single digits, and private companies accounted for only a few percent of the total number of A-share listed companies.

  Zhao Jun continued: “After entering the 21st century, the channel system under the approval system was established. Regulatory authorities no longer restrict the number of companies that are listed on the market, but queuing can kill one company.

  Why is it listed? Don’t you just want to embrace the capital market and expand the scale of the enterprise!

  Oh, I was wrong, it is cashing out to improve life!

  The companies that were honestly queuing up to be listed finally got ahead, got the quota, but the company's performance was not good, or they lacked development funds, and had fallen behind in the fiercely competitive market. "

  Xia Jingxing smiled, "So the value of shell resources is reflected. It can help a company that wants to go public quickly to jump in the queue."

  "The word jump in line is good! Whoever runs to the front to get a meal will eat first, and whoever has the energy to work and earn more money."

  Zhao Jun paused, and said with a smile: “There is another kind of people who don’t produce. They think about jumping in for dinner every day.

  This kind of people dare to fight and rush, stock investors also like to make friends with them, because every time they jump in for a meal, they can share two grains of rice for stock investors. "

  Deng Fenghua laughed, thinking that this metaphor is very vivid. What I'm talking about is that there are big capital players hyping ST concept stocks, and stockholders also like to join in the fun, because once the reorganization is successful, the stock price will rise sharply.

  The most important thing is that there are very few companies delisting at this time. Even if the reorganization fails and is locked up, you can still wait for the next person to "take the shell".

  In other words, the cost of speculation failure is very small, and once the speculation is successful, the profit will be very substantial.

Zhao Jun looked at Xia Jingxing with a smile, and said: "A-shares are like this. The rules are immature and the stockholders are immature. They happened to catch up with the big bull market. There are more than 1,000 A-share companies, but only a few companies have not risen. , The speculative psychology of investors has become more and more serious.

  The bull market is the weather, the A-shares are the geographical advantage, and the speculative investors are the people. Now that all the conditions are met, the ST stocks are bound to run out of several big dark horses.

  We can select a few horses that are licking their wounds and hitch a ride when these horses start again. "

  Xia Jingxing smiled and nodded. There is actually no essential difference between speculation and investment, except that the former has higher risks and higher returns.

  In the hedge fund industry in the United States, this is called an event-driven trading strategy. It is a strategy to obtain excess return on investment by fully grasping the trading opportunity based on advance mining and in-depth analysis of events that may cause abnormal stock price fluctuations.

   "I don't have any comments, just follow your own strategy."

  Xia Jingxing looked at Zhao Jun and asked: "Is 20% of the position enough?"

   "Enough! Enough!"

Zhao Jun didn't expect to persuade the boss so easily, which made him very pleased. He also specially explained: "ST stocks have a low stock price and a low market value. If we spend too much money, we will not become a major shareholder? Can't attract the main players."

  Xia Jingxing nods slightly, not every ST stock can rise sharply. A lot of meticulous investigation and analysis work is needed to find the right target, and then sneak in in advance, waiting for the "event to happen."

  Large-scale buy-out of ST stocks. First, they don't have such a large investment and research team. Second, even if it is a bull market, there are only a few demon stocks.

  So, investment lies in fineness, not more.

   "Now that the channel system has been changed to the sponsor system, will Shell Resources continue to be as popular as before?" Deng Fenghua interjected and asked.

  Zhao Jun shook his head: "The essence has not changed! Only when the registration system is implemented and the listing threshold is lowered, the shell resources will be worthless.

  You forgot, whether it is a channel system or a sponsor system, the prefix has an "approval system", or it needs to be strictly reviewed and approved by the relevant departments.

  In the past channel system, each securities firm had 2-9 channels per year, which meant that only the same number of companies to be listed on the market could be declared each year. Compared with the 1990s, this system has changed the past practice of selecting and recommending companies to be listed by the administrative mechanism.

  But there is almost no competition among brokers. You only need to go to the relevant department of "public relations" to get the number of channels.

  The current sponsorship system requires sponsors to bear joint guarantee responsibilities in the process of listing companies, and brokerage firms can compete fairly.

  But there will be new problems. In order to avoid legal sanctions, sponsors will inevitably raise the requirements for companies to be listed.

  In other words, it will still be difficult to go public. For companies with poor qualifications, sponsors dare not sign indiscriminately for fear of taking responsibility!

  In addition, the sponsor system design itself has problems, requiring sponsors to bear legal responsibility for listed companies’ violations of laws and regulations and the authenticity of materials.

  However, the sponsor cannot intervene in the operation of the company. Even if it does participate in the company’s general meeting of shareholders and the board of directors, it is only an observer and has no voting rights.

  In addition, the sponsor should also be responsible for the listing prospectus materials and audit, which is equivalent to letting the sponsor take away the responsibilities of the club and the law firm.

  The most pitted thing is that the sponsor has to issue a recommendation opinion to the upper department, and the upper department will then strictly review and decide whether to approve it.

  If a listed company has problems in the future, should the issuance review committee be held accountable or the sponsor’s responsibility? Who will carry this pot?

  These responsibilities and business are not clarified. I think the sponsor system is also very suspended, which is a malformed product.

  With the further growth of China's economy, the strength of private enterprises will become stronger, and the future shell resources may become more sought-after. "

  Xia Jingxing cast an appreciative look at Zhao Jun. As expected, he is a person from the system. It is very difficult to see the problem.

  This brand-new sponsor system has also spawned a gold-collar industry—guarantee.

  According to the new regulations, if an enterprise wants to IPO, it must have two guarantee agent signatures.

  As soon as the guarantee is signed, there are hundreds of thousands of signing fees in hand, in addition to a million basic salary and underwriting fee commission.

   can be regarded as the baby bumps of various brokerage companies. The annual salary is millions or tens of millions, which is even higher than the basic salary of the chairman. It is quite exaggerated to get a transfer fee for job-hopping.

  This is because it is difficult to pass the exams in the early days, the pass rate is very low, and things are rare.

   After chatting for a while, after confirming the direction of this year's work, Zhao Jun took the initiative to leave, leaving the space for the two old classmates in the room, knowing that they might want to reminisce about the past.

   "You kid can do it! Hidden and not revealed, I made more than six billion for me as soon as I shot it."

  Faced with Xia Jingxing’s jokes, Deng Fenghua smiled modestly: “Don’t put a high hat on me. It’s not because of the strong capital. If you give me one hundred thousand yuan, you can only make a few hundred thousand at most.”

  Xia Jingxing waved his hand, “Don’t be humble, we don’t pay attention to this one between us.”

  "It’s really not modest. This is an opportunity provided by the platform, and it has caught up with the big bull market. You go to the vegetable market and ask the auntie, they may have made multiple times. This is the era of picking up money."

  Deng Fenghua still has a full understanding of his abilities, and does not think he is so awesome.

   "What do you think of Zhao Jun?" Xia Jingxing asked.

   "Very good! Ability, level, and no secrets to me, it can be regarded as a gift."

  Deng Fenghua recalled the bit by bit of getting along with Zhao Jun in the past year, and commented on Zhao Jun without hesitating words of praise.

  Xia Jingxing said with emotion: "Yes! Although it is a bull market, there are many people who lose money in the bull market.

  The triple return rate is not that high, but the absolute value of the return of 3 billion yuan, in the private placement of A shares, can be regarded as the top existence. "

  Deng Fenghua heard the overtones and said: "Are you worried about Zhao Jun leaving?"

   "Yes! I made a gentleman's agreement with him before. He worked for me for five years. After five years, he went out to start a business. I invested 500 million in him."

  Speaking of this, Xia Jingxing sighed: "The bull market is so hot, I guess he will definitely have an idea."

  He is never stingy about talents, and the salary to Zhao Jun is not low, leaving 4% of the net profit after deducting management fees and guaranteed income.

  Rough calculations, Zhao Jun could get 120 million yuan in bonuses last year.

   is a working emperor!

  But the working emperor still can't escape from the nature of working as a worker. How can he end up earning billions of dollars on his own.

  This kind of capable and ambitious person will not stay in the hands for a long time, and it will be a matter of time before he leaves.

   "You mean, he might leave early?"

  Deng Fenghua frowned, "Then if he breaks the appointment, doesn't he want the 500 million investment?"

   "He has worked with me for a year or two, and his income may be several hundred million. Do you think he still cares about that investment?"

  Deng Fenghua said in an uncertain tone: "He wouldn't be so boring, would he? He left without fulfilling the contract. If he really does that, you can completely withhold his bonus."

  Xia Jingxing waved his hand: "That's not enough! He is a wise man, he can't do those stupid things.

  I judge that he will wait for the bull market to pass through and bring the Mango seed fund to a new height before opening this mouth. When the fund's growth slows down, maybe it's time for him to leave.

  In his opinion, he has made so much money for me, which is worthy of my knowledge. "

  Deng Fenghua did not speak, he was thinking about the deep meaning of these words.

  "When he left, would you have the confidence to be responsible for the Mango seed fund alone?" Xia Jingxing stared into Deng Fenghua's eyes.

  Deng Fenghua swallowed and thought for a long time before saying: "Wait for the end of the bull market?"

"right."

  Xia Jingxing was afraid that Deng Fenghua’s psychological burden was not enough, and added: “At that time, the scale of the mango seed fund may be very large, reaching 11 figures.”

  Deng Fenghua scratched his head, "I have just graduated from university for a year, and let me manage so many funds. Are you too relieved of me? You said that you will take over five years before!"

  These words are Deng Fenghua’s true thoughts from the heart.

  His college classmates heard that he had entered Envision Capital and served as an investment manager for a billion-level private equity. They were already very envious.

  If you let them know that he will independently manage a tens of billions of private equity in the future, then it won’t blow up! There is no such young fund manager in China, not to mention that the scale has surpassed most public offering funds.

  Heavy pressure!

  He knows that Xia Jingxing, as an old classmate, is taking special care of him. Because of this, he can't live up to the trust and support of his old classmates.

Seeing Deng Fenghua’s serious expression, Xia Jingxing laughed: “Don’t have so much pressure. As for the Lixia Fund that you blow to the sky, the fund manager Liu Hai is actually not a few years older than you. In terms of work experience, he is more than you. I have opened several securities accounts."

  Deng Fenghua smiled. He knows Liu Hai’s previous work experience. In comparison, Liu Hai’s work experience cannot be called experience, and it will not help much in subsequent investment work.

  "Manager Liu Hai is talented in investing, and he has a return rate of 50 times in three years. If it is me, it is impossible to achieve five times the leverage."

  Xia Jingxing chuckles, Lixia Fund has him on the sidelines, if you just rely on Liu Hai's own level, you may earn several times. In Nvidia's position building, Liu Hai still showed a certain level and can be competent as an average fund manager, but it is hard to talk about how outstanding it is.

   "What about you, don't worry too much about these things. The general is also promoted step by step from the soldier. No one is born to fight. Just learn to grow in actual combat."

  Xia Jingxing smiled and calmed down: "The size of the fund is so large, I can't let you make short-term investment. Let's make long-term investment and value investment. You have enough time to investigate and analyze.

Isn't Baijiu your favorite? You go to Maotai for field investigation, and if appropriate, we will open a position.

  It’s not too difficult. One hundred million is also managed, and ten billion is also managed. "

  Deng Fenghua nodded his head: "Well, then I will take this task."

   "Well, I believe you, you definitely have the strength to be an excellent fund manager."

  Xia Jingxing estimates that Deng Fenghua has no chance to become an Internet celebrity public fund manager in this life. After all, private equity is much lower-key.

   But this is also good, without the performance pressure disclosed in monthly, quarterly, and annual reports, you can calm down when making investments, consider and evaluate in the long term, and capture those ten-fold stocks and hundred-fold stocks.

  It seems that many liquor stocks are 100 times stocks!

   Thinking of this, Xia Jingxing asked Deng Fenghua to quickly check Moutai's stock price.

  109.35 yuan/share, with a total share capital of 944 million, with a market value of over 100 billion yuan.

   Seeing the numbers on the computer screen, Xia Jingxing was indifferent. In fact, there is not much oil and water. Now the investment has broken the sky, that is, the return is 20 times or 30 times, and it will take more than ten years to do it.

  If you consider it from the perspective of compound interest, it is quite good. The annual compound rate of return is as high as 30%. Old Buffett likes this.

   "Do you want to start Moutai?"

Seeing Xia Jingxing’s face in thought, Deng Fenghua, a diehard fan of liquor stocks, also expressed his opinion: "I am actually quite interested in it. The stock price of hundreds of yuan and the market value of hundreds of billions made me hesitate. ."

   "Too high?"

Xia Jingxing gave Deng Fenghua a glance, who nodded.

   "Heh~"

Xia Jingxing chuckled, "Believe it or not you can't afford it?"

  Deng Fenghua scratched his head: "Although I am optimistic about baijiu, but after all, baijiu will have a growth ceiling, and Moutai is a high-end liquor, the market is that big."

   "It seems that your research and knowledge of liquor is not deep enough, you need to strengthen it!"

  Xia Jingxing did not feel that Deng Fenghua’s level of knowledge is very poor. Moutai can actually rise to a market value of several trillions, surpassing Louis Vuitton, and comparable to the world’s top technology companies. This is something no one would have imagined.

The magic of Jiangxiang Technology has subverted the cognition of most people, and only those investors who have a deep understanding of Chinese culture and national conditions can have a chance to get a piece of the pie.

   Ordinary people can only slap their chests and feet, afterwards Zhuge Liang.

But to be more realistic, Louis Vuitton sells well all over the world, and the world reaps super high profits brought about by high brand added value, while Moutai’s overseas sales are almost negligible, relying only on the Chinese market to support the huge market value and brand value, I have to say , This is very regrettable.

If there are Chinese consumer brands that go abroad to collect vanity tax and wealth tax, just like silk and porcelain in ancient times, they are sought after by the upper-class aristocrats in Europe, then they are really proud and can be called a national luxury. The academician has the confidence to declare. a little.

  (End of this chapter)