My 1999

"You have good taste. But I don't think the two of them will agree."

"Why?"

"Similar to the people you contacted before, those who are capable basically want to be their own bosses, and we won't choose those who are incompetent." Xu Liang said.

Jiang Xiaoyang said with a headache: "We can't give up, right?"

"Of course we can't give up. However, we should change our thinking and find a pure American as the managing partner."

Jiang Xiaoyang nodded, "This is indeed the most suitable method. However, our Hanhua Capital is not well-known in the United States, so whether we can find the right candidate is also a problem."

"I know a person, please go and contact him."

"who?"

"Lin Junrui is now one of the founders of Zappos in Silicon Valley."

Xu Liang knew this person mainly because he had heard him give a speech when he visited Silicon Valley in his previous life.

At that time, he was a partner of Sequoia and a famous investor in Silicon Valley. His investment cases included Gaopeng, OpenTable (online food ordering), Ask Jeeves, etc. He was also one of the top 100 investors in the world ranked by Forbes.

"I thought you were going to choose a white guy?"

“Americans are not necessarily white.”

"Are you sure he won't choose to return to China?"

"According to my understanding, although he is Chinese, he did grow up in the United States and would not choose to come back. You should contact him first, and then change the target if it doesn't work."

Jiang Xiaoyang nodded.

"Have all the funds raised by the three funds Qinglong, Baihu and Phoenix been invested?" Xu Liang asked.

At present, the entire hedge fund department of Hanhua has four funds: Qinglong, Baihu, Xuanwu and Phoenix.

Qinglong Private Equity Fund currently only operates overseas USD funds.

As for China, it is now a big bear market. Due to the share-trading reform, Big A has fallen sharply for more than four years, from 2245 to 998 points, a drop of 56%.

Xu Liang did not dare to rush in and cause trouble.

Xuanwu is mainly engaged in the real estate market, which is mainly the Huaxia Coin Fund. Although the United States also experienced the subprime crisis era when housing prices soared, there are now more opportunities in the domestic real estate market.

What Phoenix does is M\u0026A mergers and acquisitions, which is divided into two sub-funds, the "USD Fund" and the "Chinese Coin Fund".

The first project of Phoenix Overseas Investment Fund is the NBA Rockets.

The first project of Phoenix China Investment Fund was Jianlibao, but after the integration of Hongyan and Hanhua, Jianlibao was spun off from Phoenix China.

But this does not prevent Hanhua from using it as a case to raise funds.

Xu Liang is responsible for the specific investment direction of the above four funds, but is not responsible for daily management, buying and selling.

The White Tiger Fund is the only exception, and Sun Zhenping himself is fully responsible.

He doesn't have much capital, only $30 million.

This is Xu Liang's attempt to cultivate his own people.

Hanhua's hedge fund department cannot always conquer the world alone.

"I was just going to tell you about this."

Jiang Xiaoyang took out a document from his desk and handed it over.

"Basically all the investments have been made. They were all invested according to your requirements. This is the specific shareholding and investment amount."

Xu Liang took it and put it in front of his eyes.

Qinglong Fund holds US$1.5 billion in funds and has the most information.

The first investment target is Yahoo.

Because Qinglong Fund entered the market relatively early, the average price per share held by Yahoo is not high, at about US$5. The fund holds 96 million shares of Yahoo, accounting for approximately 9.2% of Yahoo's total share capital, making it Yahoo's largest institutional shareholder.

The reason why so many stocks can be bought is due to Yahoo itself.

The profitability of the main business is weak, and e-commerce is subject to fierce competition from eBay and Amazon, etc.

As a result, its stock has been hovering at low levels, making it easy to buy.

This 9.2% stake cost Qinglong Fund $186 million under triple leverage.

The second largest holding is Nvidia.

After the Nasdaq crisis and September 11, Nvidia's market value is only about US$1.2 billion.

Qinglong Fund holds 8.4% of the shares and invested US$33.6 million under triple leverage.

Followed by eBay, with a market value of US$4.2 billion, Qinglong Fund holds 7.8% of the shares and invested US$163.8 million under triple leverage.

Qualcomm has a market value of US$21 billion, Qinglong Fund holds 4.8% of the position, and invested US$336 million under triple leverage.

Oracle has a market value of US$40 billion, Qinglong Fund holds 4.5% of the position, and invested US$600 million under triple leverage.

Although Xu Liang and Larry Ellison don't deal with each other, Oracle is indeed a good company.

Moreover, the shareholding does not exceed 5%, and there is no need to submit a 13D statement to the SEC. Except for investment banks, most people do not know that he has invested in Oracle.

Finally, BlackBerry has a total market value of US$1.45 billion, with Qinglong Fund holding 3.7% and investing US$18 million under triple leverage.

It wasn't that Xu Liang didn't want to buy more, but after September 11, BlackBerry became a big hit, and the market was full of buy orders. After BlackBerry's stock price rose by more than 3 US dollars, he decisively stopped buying.

This kind of stock price that suddenly rises due to hot events will definitely enter a period of ups and downs after things calm down. It is not too late to wait for the stock price to fall before buying.

After investing in these six companies, Qinglong Fund still has US$162.6 million left.

Xu Liang did not choose to invest again. He wanted to wait until BlackBerry's stock price stabilized, buy part of it, and keep the rest as a precaution.

Of course, this money will not be kept for too long. When the stock prices of Yahoo and eBay rise and the profits cover the costs, they will also be invested.

Xuanwu Fund has raised US$500 million and is preparing to invest in the "Hongmeng Headquarters Project" with Hongmeng. Because the project has not been negotiated yet, all the money is still in the account.

Then there is the Phoenix Fund, which has raised a total of US$300 million.

The reason is easy to understand. Even if a real estate fund invests in real estate, it will lose money. As long as there are still properties, it will not lose everything.

Corporate mergers and acquisitions are different. Industrial companies are better, at least they still have fixed assets.

If companies that focus on virtual assets, such as film and television companies, advertising companies, and Internet companies, lose money, it will be all over.

If it weren't for his reputation as the richest man in the mainland, if he hadn't defeated the veteran Duan Yongji and successfully acquired Sina, if it weren't for Jianli Baozhuyu in front of him, the US$300 million in funds would not have been raised.

Finally, there is the investment direction of White Tiger Fund.

After taking a look, Xu Liang couldn't help but smile.

"This old grandson is really shrewd."

The White Tiger Fund was divided into two parts, 15 million US dollars to buy corporate bonds issued by Apple, and the remaining 15 million US dollars to buy Amazon's corporate bonds.

These two companies were his private property. When Hanhua and Hongyan were not merged, Sun Zhenping purchased the stocks of both companies for him.

Very clear about his investment direction.

He shook his head and didn't care.

Although Sun Zhenping took advantage of it, as long as the company can make money.

But what really concerned him was Sun Zhenping's leverage.

Compared with him who only used three times leverage, Sun Zhenping was much bolder.

Ten times the leverage was used directly.

Xu Liang couldn't help but frowned.

Although he knew that the bond market was far less risky than stocks, ten times the leverage was still too much.

But after thinking about it, he still refrained from calling Sun Zhenping.

He promised not to interfere with the other party's investment strategy, that is, not to interfere.

"It's only about 30 million US dollars, I can still afford to gamble." Xu Liang said.

I no longer pay attention to White Tiger Fund.

"How many investment targets have been selected by Phoenix China Fund?" Xu Liang asked.

Although Xu Liang is responsible for the investment direction of the hedge fund department, screening investment targets is a very complicated matter.

First of all, don't accept those whose rights and responsibilities are unclear, those who are insolvent, those who lack main business, and those whose market value exceeds the fund's share capital.

Therefore, a large number of analysts are needed to analyze companies large and small in the market, screen out those with investment potential, and submit them to management for reference.

“Five projects have been screened.

The first one is ‘Sichuan Jialing Electric Power Co., Ltd.’, which is an energy project jointly invested by Enron Company and Sichuan Province, with a registered capital of 920 million Chinese dollars and a total investment of 3 billion Chinese dollars.

Now with Enron going bankrupt and starting to sell off its business to pay off debts, Jialing Electric's shares are also on sale. We can take the opportunity to buy it. I believe the price will not be too high. "

Xu Liang looked at Jialing Electric Power's information and realized that it was indeed a good company.

It not only involves electricity, but also operates heat, gas and water production and supply industries.

However, in the electricity, heating and gas industries, prices are set by the state and profits are very thin.

If you want to make profits, you must expand your scale. However, in China, most of the energy market has been monopolized by the five state-owned giants. Unless you pour tens of billions or hundreds of billions into it, you will not be able to compete with these giants. .

The most important thing is that there is a huge possibility that even if you fail, you won't be able to compete.

And with so much money, wouldn’t it be better to invest in projects with a higher return rate? Why do we have to stick to energy?

"The second project is Livzon Pharmaceutical Group. It has been eighteen years since its establishment in January 1985. It has 21 wholly-owned, holding and joint venture companies with more than 4,000 employees. It specializes in digestive tract drugs, cardiovascular and cerebrovascular drugs, and antibiotics. It has leading advantages in the three major areas of infection medicine, with assets exceeding 2 billion Chinese dollars."

Xu Liang checked the information handed over by Jiang Xiaoyang.

"The company is great."

In the domestic large-scale pharmaceutical industry, as long as you don't mess around, there is basically no possibility of losing money.

Judging from the data, Livzon Pharmaceutical's equity is also sufficiently dispersed.

Acquisition is not difficult.

Seeing that he was a little moved, Jiang Xiaoyang said: "If we decide to acquire Livzon, we must hurry up. Recently, Taitai Pharmaceutical and Dongsheng Technology are also acquiring shares of Livzon. We arrived late. It is estimated that this company will It’s an adult’s family.”

"This is still delicious." Xu Liang said.

Although he said this, he was very hesitant in his heart.

He didn’t know anything about the pharmaceutical industry, and he didn’t know how to develop it after buying it, so although he was interested, it wasn’t much.

"Look behind you first."

"The third project, Changyu Wine Group, is currently undergoing a shareholding transformation from the state to the state to the people. If we are willing to spend money, we will most likely buy it from the Taiyan City Government." Jiang Xiaoyang said.