My Age of Investment

Under Xia Jingxing's teasing gaze, Yi Gang stopped playing the Riddler and began to ask seriously: "It is said that Vision Capital intends to acquire Lehman Asia. Is this true?"

"That's right! The acquisition is now nearing the final stage, and the official announcement will be signed soon."

After receiving an affirmative answer, Xuanyuan rubbed his hands and said with an awkward smile: "Xia Sheng... look... can you all take over these bonds issued on Hong Kong Island?"

Xia Jingxing knew very well what Xuanyang was planning. After hearing these words, there was no emotion on his face. He replied calmly: "According to the acquisition agreement between us and Lehman, we will not take over any Regarding subprime derivatives assets, they will be required to divest assets before acquiring them.

In other words, we just want a clean shell!

The water inside Lehman was so muddy that even the Federal Reserve did not dare to go there. How could we at Vision Capital dare to pick up this hot potato? "

Having said this, Xia Jingxing raised his head and looked at Yi Gang with a solemn expression, "Mr. Ren, it's not that we don't help you, but our ability is really limited and we can't help you. I'm sorry!"

Xia Jingxing's refusal was not unexpected at all.

In fact, Anyangang himself knew that the request he made was a bit too much.

However, he is not asking Vision Capital to directly take over the mini-bonds, because that would be almost impossible to obtain consent.

He persuaded tactfully: "Xia Sheng, you will take over Lehman Asia... I heard that you will also take over the assets of AIG Asia.

After you take over the Asian divisions of these two major companies, they will definitely continue to conduct business in Asia, right?

As the financial center of Asia, Hong Kong Island has always been the Asian headquarters of Lehman and AIG.

These two financial giants are centered on Hong Kong Island, and their business and influence radiate to the entire Asian region.

The importance of the Hong Kong Island market is self-evident.

If Envision Capital can take over these more than 10 billion Hong Kong dollars in mini-bonds, it will undoubtedly establish a good public image and reputation in the Hong Kong market.

This is much better than taking over two empty shell subsidiaries. It can also lay a good foundation for the subsequent integration of resources and business and the restoration of order. "

Xia Jingxing smiled and said: "More than 1.2 billion Hong Kong dollars, this advertising fee is not cheap, it is more expensive than our acquisition of Lehman Asia."

Anyangang smiled sarcastically and agreed: "It's indeed not cheap!

However, the value of these mini-bonds has not all returned to zero, and there is still a large residual value.

We have specifically investigated and found that 10% of the asset portfolio in these mini-bonds is linked to Lehman bonds, and the value of this part is now basically equal to zero;

There are also 10% that are linked to mortgage assets, and the loss is about half;

Another 80% is linked to non-mortgage assets, and the current actual value is about 60%-70% of the book value.

After this calculation, the actual value of the bond can still reach about 60% of the face value of the bond.

In other words, the actual loss of the HK$12.57 billion mini-bond was approximately HK$5 billion. "

Xia Jingxing kept a polite smile on his face, and began to complain in his heart: He is not a charity person. Although HK$5 billion is not much, it has nothing to do with him, so why should he care about it.

It’s up to you to wipe your own ass after being exposed by banks and securities companies.

As for advertising, Xia Jingxing doesn't think this is a good way of advertising.

If you perform on the street, the financial company will cover the compensation?

Investors in various Ponzi financial management platforms in the Mainland do not receive such good treatment, and all losses are borne by themselves.

He particularly dislikes street art performances by Hong Kong Island citizens.

As soon as something happens, he starts to do all kinds of tricks. This is just something he is accustomed to.

American investors are still performing art performances on the streets of Wall Street these days. Their acting skills are even more explosive, but who has ever paid attention to them?

Emotionally, he understands these ignorant and blind investors, but he will never support their methods of threatening the government at every turn.

When Xuanyang saw that Xia Jingxing still didn't answer, he hurriedly said: "Xia Sheng, let me explain to you again. The HKMA's disposal method is to let the banks repurchase these mini-bonds at market prices.

Gu\u0026lt;/span\u0026gt; means repurchasing mini-bonds at a price of 60% of the face value of the bonds, so that investors can get back their six-cost capital early and avoid the cumbersome subsequent liquidation procedures.

However, since investors themselves need to bear 40% of the losses, many people may be dissatisfied with this disposal plan.

My idea is that after the bank repurchases these bonds, it will be handed over to you for disposal. After all, you are more professional.

If there is a surplus after the bonds are realized, you will return the surplus to the investors..."

Xia Jingxing finally understood. It turned out that he wanted to run an errand by himself, and at the same time, on the basis of the bank refunding 60% of the principal, he would also make some profits for investors. In this way, the principal return rate could be increased a lot, perhaps to 65%? Seventy percent?

But does this work? Can it appease investors? Xia Jingxing was not optimistic about this.

He smiled lightly and said: "Unless all the principal is returned, there will always be people who are dissatisfied.

Even more extreme, they may also require payment of investment income from bonds.

Mr. Ren, I also want to give you a saying: "A loving mother often loses her son." Don't get too used to it!

Believe it or not, after your solution plan was announced, there were still people holding banners and signs for you. "

Yi Yi just remained silent, but Xia Jingxing's words reached his heart.

He was afraid that this solution would not convince the public and would not calm the situation, so he thought of asking Xia Jingxing to put out the fire.

What a little bit it can do to recover some losses for investors!

"Xia Sheng, do you think this will work? These mini-bonds will still be repurchased by banks and securities companies, which can probably realize 8.5 billion Hong Kong dollars. Then the money will be handed over to you to operate a public fund, and it will take a few years. , investors’ losses should be fully covered.”

Xia Jingxing laughed out loud, "Mr. Ren, you really trust us. What if the fund loses money? Then investors are not allowed to cause trouble to us?"

Also, issuing and raising a brand new public fund requires the consent of 30,000 investors, and you cannot make decisions for others. "

Anyang just sighed, this won't work, that won't work either, it seems that this knife is destined to be inescapable.

If nothing goes wrong, he will retire from the position of chief executive of the Hong Kong Monetary Authority next year, ending his nearly 40-year civil service career with honor.

No one wants to leave with a disgraceful fortune at the juncture of retirement.

Especially for him who led the victory in the financial defense war on Hong Kong Island, his reputation may be ruined in one day.

Seeing the miserable look on Zhiran Gang's face, Xia Jingxing helped him out: "Mr. Ren, the person who untied the bell must tie the bell. Ultimately, the fault for this matter lies with Lehman Brothers and about 20 banks and securities distributors." .

Now that Lehman has collapsed and gone bankrupt, after we take over, we will no longer use the name of Lehman, but will reorganize a large financial group with a new look.

The new company has a new atmosphere, and we do not care about the customer resources that Lehman has accumulated in the past.

Even if we want to attract customers, we will impress investors with excellent performance and service levels, rather than "full principal and interest guarantee".

I hope you understand this. "

Anyangang nodded quickly. He still understood Xia Jingxing's decision. The basket he poked this time was indeed too big to fill.

Xia Jingxing continued: "If we want to truly quell public dissatisfaction, we can only let banks and securities companies repurchase the bonds at their face value!"

Anyangang shook his head, "We've tried it, but these companies have very tough attitudes, and we can't use administrative means to force them.

In the final analysis, the Monetary Authority did not do a good job and failed to detect risks in time and stop the sale of mini-bonds, which led to today's situation. "

Xia Jingxing nodded slightly, and he got to the point. All parties were responsible for this matter. There was a lack of supervision, banks were numb, and investors were greedy for high interest rates and did not have the corresponding financial knowledge.

As long as there is no problem with any of the above three, it will not lead to today's situation.

The bank is also willing to repurchase bonds in advance, allowing investors to get back 60% of their principal in advance, which is actually almost interesting enough.

If investors continue to make trouble unreasonably, it is time to review themselves.