My 1999

After entering the 21st century, the channel system under the approval system was established, and the regulatory authorities no longer restricted the number of companies that can be listed, but the queue can kill a company.

Why go public? Isn't it just to embrace the capital market to expand the scale of the company.

Oh, I said it wrong, it is to cash out and improve life!

The companies that have been waiting in line for listing honestly finally got to the front and got the quota, but the company's performance was not good, or lacked development funds, and had fallen behind in the fiercely competitive market.

After working hard for three or five years, it was back to the pre-liberation period.

No one wants such bad luck to happen to them.

So the value of shell resources is reflected, it can help a company that wants to go public quickly to jump the queue.

Whoever runs to the front and gets the meal first, whoever eats first, whoever has the strength to work and earn more money.

So the value of good shell resources is amazing.

Hundreds of millions, tens of billions are not uncommon.

And ST stocks are the hotbed for the birth of shell resources.

Moreover, there are big capital players who hype ST concept stocks, and stockholders also like to join in the fun.

Because once the restructuring 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 restructuring fails and is stuck, you can wait for the next destined person to "take over the shell".

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

Shen Nanpeng smiled and said: "The current rules of A-shares are immature, and investors are also immature.

It happened to catch up with the bull market. Among the more than 1,000 companies in the A-share market, only a few did not rise, and the speculative mentality of investors became more and more serious.

The bull market is the time, A-shares are the place, and speculative investors are the people.

Now that all conditions are in place, ST stocks are bound to produce a few big dark horses.

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

Xu Liang smiled and nodded.

There is actually no essential difference between speculation and investment. The former is nothing more than a little riskier and a little more profitable.

In the US hedge fund industry, this is called an event-driven trading strategy.

A strategy that obtains excess investment returns by fully grasping trading opportunities based on early exploration and in-depth analysis of events that may cause abnormal stock price fluctuations.

"I have no opinion, just follow your own strategy."

"Thank you, Mr. Xu."

Xu Liang: "How many ST stock positions do you plan to hold?"

"20%."

"Is it enough?"

"Enough!"

Shen Nanpeng: "ST stocks have low stock prices and low market capitalizations. If we invest too much money, it will be easy to become a major shareholder?

This will not attract major players, and it will be difficult to jump out in the future."

Xu Liang nodded slightly. Not every ST stock can rise sharply.

It requires a lot of detailed investigation and analysis work to find a suitable target, and then lurk in advance and wait for the "event to happen."

And even in a bull market, there are only a few monster stocks.

So, investment is about precision, not quantity.

"Now that the channel system has been changed to the sponsor system, will shell resources be as popular as before?" Xu Liang said.

Shen Nanpeng shook his head: "It has not changed in essence.

Only by implementing the registration system and lowering the listing threshold will shell resources become worthless.

You forgot that no matter whether it is the channel system or the sponsor system, there is a prefix of "approval system".

It still needs to pass the strict review and approval of the relevant departments.

In the past channel system, each securities firm had 2-9 channels each year.

It means that only the same number of companies to be publicly issued and listed can be reported each year.

Compared with the 1990s, this system has changed the past practice of selecting and recommending companies to be listed by administrative mechanisms.

But there is almost no competition among securities firms, and they only need to go to the "public relations" department to get the number of channels.

The sponsor system that is being implemented now requires sponsors to assume joint and several guarantee responsibilities during the listing process of enterprises, and securities firms can compete relatively fairly.

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

In other words, it will still be difficult to go public.

For companies with poor qualifications, sponsors dare not sign randomly, for fear of responsibility. .

Moreover, the design of the sponsor system itself has problems.

The sponsor is required to bear legal responsibility for the illegal and irregular behaviors of listed companies and the authenticity of materials.

However, the sponsor cannot interfere in the operation of the company.

Even if they really attend the shareholders' meeting and board of directors of the company, they are only present and do not have the right to vote.

In addition, the sponsor is also responsible for the listing prospectus materials and audit.

It is equivalent to letting the sponsor take over the responsibilities of the club and the law firm.

The worst thing is that the sponsor has to issue a sponsorship opinion to the upper department.

The upper department will then conduct a strict review and decide whether to approve it.

If the listed company has problems in the future.

Should the responsibility of the IPO Examination Committee or the sponsor be investigated?

Who will take the blame?

If these responsibilities and businesses are not clarified, I think the sponsor system is also in jeopardy and a deformed product.

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

Xu Liang cast an admiring look at Shen Nanpeng. He is indeed a financial elite proven by time, and he sees the problem in depth.

This new sponsor system has also spawned a golden collar industry - sponsor agents.

According to the new regulations, if a company wants to IPO, two sponsor agents must sign.

Once the sponsor agent signs, he will receive a signing fee of hundreds of thousands of yuan, in addition to a base salary of one million yuan and commission on underwriting fees.

It can be regarded as the darling of each securities firm.

The annual salary is millions or tens of millions, even higher than the basic salary of the chairman. If you change jobs, you can get a transfer fee, which is quite exaggerated.

This is because it is difficult to pass the exam for sponsor agents in the early days, and the pass rate is very low. Scarcity makes things valuable.

"Mr. Xu, I plan to set up two more private equity funds under the Magic City Office."

"Tell me more about it."

After Shen Nanpeng nodded, "The Magic City No. 2 Private Equity Fund plans to raise 2 billion Chinese yuan, mainly in the real estate, liquor, and consumer goods industries.

The Magic City No. 3 Real Estate Opportunity Fund plans to raise 3 billion Chinese yuan, mainly in commercial real estate, logistics real estate, and industrial real estate investment."

After the Xiangjiang Office established the "Real Estate Opportunity Fund", Hanhua has opened up this aspect.

Half of the 11 independent offices around the world have established similar funds.

"How long do you expect to raise the funds you need?" Xu Liang asked.

"Private Fund No. 2 can be raised in half a month, and Fund No. 3 may take a little longer, but it can be raised in two months at most."

Hua Xia is not short of hot money now, but it lacks investment opportunities.

The high revenue of Private Fund No. 1 in Shanghai Office has established a good reputation in the industry.

Coupled with the blessing of Hanhua's brand.

Fundraising is not difficult.

Only Fund No. 3 involves new investment areas and needs a certain amount of time to raise funds.

"Invest in the market immediately after raising funds, don't wait until the market is closed before entering the market. In the current bull market, every day late is a loss for us."

"Fund No. 3 can only invest in core real estate in first-tier cities, such as school district housing and commercial real estate in core business districts. Don't invest in other things for the time being.

Once the real estate in the United States collapses, the spillover crisis will cause a global economic crisis.

Especially Huaxia, with its export-oriented economic model, is too dependent on the external economic environment.

The impact may be more serious than we expected."

Shen Nanpeng: "In this case, we should wait and see first, and then enter the market to buy at the bottom after the crisis occurs."

"That's right. But it can't maximize profits.

The core real estate in first-tier cities is scarce. If it is a private enterprise, it's fine. If it is taken by a state-owned enterprise, we will never have the opportunity to buy it back.

So if there is a good project, we must seize the opportunity Yes.

And whether it is people or institutions, they are more willing to believe in funds with successful experience.

If the net value of your No. 3 real estate fund can continue to rise, then when you raise the No. 4 real estate fund, you can raise 8 billion or even 10 billion Chinese yuan.

Use this money to buy at the bottom, you will make more money. "

Shen Nanpeng nodded, "I understand the truth, the key is that we cannot determine the time when the US real estate bubble will burst. If there is a year, your method is more feasible.

If it is less than half a year, there is no talk of No. 4 fund. "

Xu Liang smiled and said: "It takes a certain amount of time for the crisis to deepen from the emergence of signs.

And the Federal Reserve will continue to take measures to save the market, which will further delay the outbreak of the crisis.

I judge that there is definitely a year. "

Shen Nanpeng nodded, and the big boss has never missed it for so many years.

He is also willing to believe the other party.

"I will immediately formulate a fundraising plan according to your opinion. "

Xu Liang nodded.

After chatting for a while, Shen Nanpeng left after determining the work direction for the next year.

After flipping through the operational information of the Magic City office on the table, Xu Liang took out his mobile phone and called Jiang Xiaoyang.

"I have talked to Shen Nanpeng, and I don't see him intending to leave for the time being."

Jiang Xiaoyang: "The bull market is so hot now, and the return of Magic City No. 1 Private Equity Fund has even entered the top 10 in the world.

Before joining Hanhua, Shen Nanpeng mentioned that he would leave to start a business after working for a few years.

Now I am really afraid that he will leave."

There are many financial talents, but top investment talents are too scarce.

Although Hanhua is never stingy with talents.

The salary given to Shen Nanpeng is also very high, with 5% of the net profit left after deducting management fees and guaranteed returns.

A rough calculation shows that he can get at least 120 million Chinese yuan in bonuses this year.

He is considered a working emperor!

But a working emperor still cannot escape the nature of a worker, and it is not as good as making tens of billions of dollars by himself.

"There's no point in being afraid. It's only a matter of time before he leaves.

Such a capable and ambitious person won't stay under someone else for long.

The key is to train a good successor.

At least he can't be much worse than Shen Nanpeng." Xu Liang said.

"I understand the truth, but where can we find such top financial talents in a short time?"

"It depends on you.

As long as Hanhua's talent selection channel is fine and fair, there will naturally be a steady stream of talents."

"Yeah."

The two chatted about the child for a while and then hung up the phone.

After walking around the company and having lunch with the senior executives of Hanhua Magic City Office at noon, Xu Liang left.

...

No. 9 The Bund, Hongyan Magic City Headquarters.

The little man with an alien face walked into Xu Liang's office with a smile on his face.

"Haha, Mr. Xu, congratulations."

"Congratulations? Where does the joy come from?"

Xu Liang greeted him with a smile.

"Ali is about to go public. As a major shareholder of Ali, you will make a lot of money. You will definitely surpass Bill Gates and become the world's richest man in Forbes next year. Isn't this worth congratulating?"

Looking at Jack Ma who was a little proud, Xu Liang smiled.

"It is indeed a happy event. Speaking of which, I still have to thank you. If it weren't for Ali's prosperity under your leadership, I wouldn't have the opportunity to make money."

For the sake of money, he didn't mind praising Jack Ma.

Hearing him say this, the smile on Jack Ma's face became even bigger.

After asking him to sit down.

Taking a sip of tea, Xu Liang continued.

"Ali will have a road show soon, right?"

Jack Ma put down the teacup and nodded.

"It will start on June 1st, starting from Hong Kong, Singapore, Taipei, Tokyo, Seoul, then Paris, Tokyo, and finally New York, Silicon Valley, Chicago in the United States. It will take more than a month to go around.

The specific listing time is August 1st."

Xu Liang nodded.

Hanhua plans to use Alibaba's listing to test investment banking business in the United States.

It does not intend to compete with Goldman Sachs and JP Morgan, and it cannot compete with them.

It is enough to become a boutique investment bank.

Hanhua is not short of customers.

After years of private equity, it has accumulated a large number of high-net-worth customers, as well as a large number of pension funds, university funds, retirement funds, etc.

They can be summoned by just making a phone call.

With Jack Ma's eloquence, he will definitely be able to make this group of blue-blooded nobles excited.

"Xu Liang, we are friends. You must come to support Alibaba's listing."

Xu Liang smiled and nodded.

"Of course."

Hearing this, Jack Ma's face was more proud.

Seeing this, Xu Liang said: "Old Ma, I heard that Alibaba is preparing to do B2C?"

This sentence made Jack Ma's smile freeze on his face.

As we all know, Hongmeng No. 1 Store is currently the largest B2C website in China and even in Asia.

Taobao has always been engaged in C2C, so although both parties are e-commerce, they still have a fig leaf and have not torn their faces apart.

Now Alibaba is preparing to do B2C, which is undoubtedly a move on Hongmeng's cake.

If the two sides compete, it will be a fight to the death.

"Tmall is indeed a good name."

This sentence killed Jack Ma's thoughts of quibbling.

Taking a deep breath, Jack Ma said slowly: "Ali is indeed preparing to do B2C business.

But we have no choice.

Ali has reached the top in the two fields of B2B and C2C. If investors cannot be given enough room for imagination, then Ali's growth space after listing will be very limited.

Hongyan and Hanhua are also shareholders of Ali, and they are the largest shareholders with nearly 50% of the shares.

Ali's better development is in our interests, but it is also more in your interests."

Xu Liang smiled, "This is a good sentence. Ali's better development is in the interests of both of us. But if Ali starts to do B2C, then I have no reason to stop No. 1 Store from doing C2C and B2B."

"Ali welcomes any competition, and we believe that we will not lose to anyone in these two aspects."

Looking at his confident look, Xu Liang didn't say much.

He had expected this day a long time ago.

But he didn't expect it to come so soon.

"Mr. Ma, the space for e-commerce in China is always limited, and the broader overseas market is the real arena.

If Alibaba wants to become a truly world-class e-commerce company and compete with Amazon and No.1 Store, it can't just stay in China."

"Don't worry, although Alibaba failed once overseas, it has accumulated enough experience.

The funds raised from this listing will be used for the domestic B2C market, and more will be used to expand overseas markets."

"It's good that you are prepared. ... By the way, tomorrow is the listing of Kingsoft. If you have nothing to do, you can also participate."

"Okay, it's just in time for me to learn some experience."

After the two chatted for a few more sentences, Jack Ma said goodbye and left.

"Mr. Xu, Jack Ma is getting more and more rampant now. He actually started to covet the B2C market?" Li Jinling said indignantly.

"This guy's ambition is like an old house on fire, it can't be contained.

And it's good for No.1 Store.

Only with competition can there be enough sense of crisis.

Only with competition can the body maintain self-correction and thus ensure health.

In addition, what he said makes sense.

I am the largest shareholder of Alibaba, holding 49.9% of the shares. Alibaba's better development is also in my interest."

After several rounds of financing, his equity in No.1 Store is less than 58%.

Not much more than Alibaba.

So, no matter who wins in the end, his interests will not be lost.

After Li Jinling nodded, "Do you want to notify Mr. Qian?"

"Notify. By the way, tell him that No.1 Store can do C2C, but not C2C like Taobao. The threshold must be high, and the qualifications of merchants must be guaranteed.

In a word, No.1 Store's strategy of "quality first" cannot be lost."

"Yes."