My Age of Investment

"Darren, you are a recognized genius in the financial world. Please help me think of a way to get through this.

This Hong Kong stock market is simply toxic!

Ali released its 2007 full-year financial report a few days ago. Revenue increased by 58.6% year-on-year, and net profit increased by 340% year-on-year.

It stands to reason that with such a good-looking financial report, the stock price will not only rise sharply, but will at least rise a few points. Does that make sense?

As a result, Ali fell sharply by 22%, with its stock price falling as low as HK$12, directly below the issue price of HK$13.5.

What’s even more annoying is that this sharp drop was based on the fact that the Hang Seng Index rose by more than 300 points that day! How ironic! Do you think Hong Kong Island investors have any misunderstandings about our mainland companies? "

Xia Jingxing held the phone with one hand and listened quietly to Ma Yun's complaints and complaints. With the other hand, he gently stroked the blond hair of Ivanka who was kneeling under the desk. He answered the phone while driving, truly doing his work. Live life in both directions.

"Old man, you are worrying too much. I saw that the mainland Internet stocks collectively fell that day. Penguin's performance was only a little bit worse than Ari's. It also fell by more than 10%, and the stock price fell to 38.8 Hong Kong dollars."

Speaking of this, Xia Jingxing couldn't help but feel a little happy that he had escaped early.

A few months ago, Vision Capital transferred more than 200 million Penguin shares to Xiaoma and its management, IDG, Legend Capital, Hony Capital and Mr. Li at a price of HK$60.

Those people have held it until now and have not lost much, only about HK$5 billion.

IDG, Mr. Li and Penguin reunited, and Xia Jingxing guessed that they must be very grateful to him for this help.

Xia Jingxing was also very grateful to them, especially to the Second Young Master Li.

Because in the second wave of short-selling operations, Vision Capital invested US$40 billion in the United States and US$20 billion in Europe, which has exhausted all funds in Vision Capital's hands except reserve funds.

It seems that he has no money to invest in Hong Kong stocks. Fortunately, he still holds the 13.7 billion Hong Kong dollars obtained from selling Penguin shares. After adding three times the leverage, more than 40 billion Hong Kong dollars were all invested in Hong Kong stocks.

As a special thank you to Mr. Li Er, the Li family's industries such as Huanghe Industrial and Lai Kee Whampoa have become the targets of Envision Capital.

Xia Jingxing didn't think there was anything wrong with using the Li family's money to invest (short-sell) the Li family, because he had always adhered to his investment philosophy, taking it from foreigners and using it for foreigners - "Xia Jingxing·The Way of the King".

"Hiss Liu~"

Xia Jingxing took a breath and looked down. She had thrown Ivanka's professional suit aside and was speeding up her cleaning work.

She smiled at Xia Jingxing with sly eyes, and then continued to work hard.

Xia Jingxing wanted to tell her not to work so hard, as the work could be completed slowly.

But I couldn't stop it, so I had to let it go.

Ma Yun sighed on the other end of the phone: "I know that this time it is not only Ahri that has suffered, it is not just the Internet stocks listed on the Hong Kong stock market that have plummeted. Even the Chinese concept stocks listed in the United States have generally fallen sharply.

Focus Media suffered an even greater decline than us, falling by 26.59%, and Sina and NetEase also fell by more than 10%.

Alas, having said that, you know what you know, but just thinking about the market value of 150 billion Hong Kong dollars being so wiped out makes my liver hurt! "

Xia Jingxing laughed out loud while cooperating with Ivanka's work.

Ahri's peak market value was more than 200 billion Hong Kong dollars, and now it is only more than 60 billion Hong Kong dollars. The drop is indeed exaggerated.

If he hadn't known that Ahri would regain his glory, as the largest shareholder, he would have been heartbroken!

That's right, he is now Ahri's largest individual shareholder.

After breaking through funds and equity, the two major holding platforms, Vision Capital and Facebook, hold a total of 44% of Ali's equity, 17% of which belongs to him personally, more than twice as much as the founder Jack Ma.

"Short-term fluctuations in market value are actually just trivial matters. I can accept that, but Darren, have you ever thought about it? In order to acquire Yahoo's stake in Ali, our management and you, Vision Capital, chose to pledge part of the equity to Goldman Sachs and Morgan Stanley. , in exchange for an acquisition loan.

Now that Ali's stock price has plummeted, Goldman Sachs and Morgan Stanley will continue to ask us to cover our positions.

By the way, Darren, have the two major investment banks asked you to cover your position? "

"Of course I called. If Ali's stock price falls below the warning line of 15 Hong Kong dollars, it will be necessary to cover the position. I have already covered 150 million shares."

Xia Jingxing said in a nonchalant tone, because he had already made preparations to cover his position. As long as Ali's stock price did not fall below 6 Hong Kong dollars, he did not need to use cash to cover his position. He only needed to continue to pledge more stocks to the two major companies. Just invest in a bank.

"Darren, Ahri's stock price is still safe now, but next month, Ahri will have a 180-day listing period, and the first batch of 160 million shares will be released.

I'm worried that a sell-off will occur, and Ali's stock price may fall to single digits.

Both of our shares were forcibly liquidated by investment banks, and control of Ali's listed company will change hands.

Of course, this is just an assumption.

But you are an expert in finance, and I would like to hear if you have any good suggestions. "

Hearing this, Xia Jingxing finally understood. After talking so much in a roundabout way, it turned out that he was worried that his stock position would be liquidated!

However, what Ma Yun said was very interesting. He kept saying "we" every time, and his words were very interesting.

Will Envision Capital be liquidated? What an international joke!

Xia Jingxing maintained a confident and calm smile on his face.

Because at this moment, Vision Capital still has a total of 13 billion US dollars in cash in its reserve account, of which 9 billion US dollars come from multiple funds under Vision Capital, and the other 4 billion US dollars are loans obtained by Xia Jingxing's equity pledges in Facebook and YouTube.

This is his confidence to fight against all risks!

Factors including bank withdrawals in advance, margin calls, margin calls, etc. are all taken into consideration.

The loan was originally US$5 billion, but US$1 billion was later invested in Fuxing Industrial Group.

This is equivalent to Xia Jingxing's personal left hand and right hand, without using the hedge fund mixed with other people's funds.

"Old Ma, I suggest you be mentally prepared, because the situation you mentioned is not impossible to happen."

Ma Yun on the other end of the phone was stunned for a few seconds. This was not going according to the routine!

Shouldn't you say "I'll take care of the big deal"?

According to Ema Cloud's understanding of Xia Jingxing, the other party has always been interested in Ahri's equity. Even if it is just the shares of Ahri's listed subsidiary, if there is an acquisition opportunity, the other party will definitely not miss it.

According to Ma Yun's thinking, if Ahri's stock price continues to fall, in order to ensure that he does not liquidate his position, he really needs Xia Jingxing to take action to obtain the 160 million shares that have been released from the ban. Otherwise, if they are allowed to circulate on the market and be smashed, the stock price I'm afraid it will be smashed to the floor price!

This part of the stock is just the stock of Ahri's listed subsidiary and will not have much impact on the control of Ahri Group, so Jack Ma doesn't have too many taboos.

After being silent for a while, Ma Yun stopped being clever and said proactively: "Darren, I may need your help when the stock ban is lifted."

Xia Jingxing had already heard the hidden meaning in Ma Yun's words, but he deliberately didn't expose it.

When asking for help, you must have the attitude of asking for help. How can you let the person who helps you take the initiative to ask for help?

And Xia Jingxing doesn't think highly of these 160 million shares, which only account for about 3% of the listed company's shareholding ratio.

By the time of delisting, the assets will be merged into Ali's parent company, and this shareholding is estimated to be diluted to less than 1%.

From a rate of return perspective, the investment value is not very high either.

Therefore, Xia Jingxing planned to be a favor and replied with a smile: "The shareholding ratio of Vision Capital is too high. It would be pointless to increase the shareholding any more. However, I can introduce you to an investment institution with a profound background, which will guarantee your satisfaction."

Jack Ma reacted quickly and blurted out: "China Investment Group?"

Xia Jingxing laughed loudly, "The answer is correct. How about it? Is this shareholder satisfied?"

Ma Yun was naturally very satisfied and kept thanking him on the phone.

However, Xia Jingxing always likes to kill two, three, four... birds with one stone.

Introducing CIC's support for Jack Ma. In addition to ensuring that Ali develops smoothly and that he, the major shareholder, will benefit from it, he also has a new idea.

The Alipay incident and online payment licenses are all major hidden dangers that may break out in the future.

He decided to completely solve this hidden danger, and he took advantage of the opportunity of China Investment Corporation to put it into effect.

Of course, changing banks still requires the old horse to rush ahead. If you have small arms and legs with Haipay, you can just follow Alipay and get the second payment license.

As long as Ali can obtain the license through CIC, there is no reason why an overseas holding group that also has indirect shares held by CIC cannot get it.

Let Ma Yun go ahead and do something offensive, and Haihai Holdings can follow behind and pick up the ready-made stuff.

Anyway, Ma Yun has a big mouth and likes to be in the limelight.

He and Overseas Holdings don't need to be in the limelight. Making a fortune quietly is also his investment philosophy.

Ma Yun hung up the phone with expectations for the new shareholders, and at the same time he once again changed many of his views on Xia Jingxing.

The last time we carve up Yahoo's shares in Ali, Xia Jingxing did not forget him and the management, and he has a very sharing spirit.

This time, we are even preparing to bring in the CIC giant Buddha for Ahli! Let Ah Li also have a backer!

Where can I find such good investors? Ma Yun sighed.

Xia Jingxing hurriedly hung up the phone, then stood up and shook his body, and then he breathed a long sigh of relief, feeling that his whole body was refreshed.

Ivanka, who was dressed in a maid outfit, finally stood up after eating and drinking. She rolled her eyes at Xia Jingxing before starting to clean up slowly.