My Age of Investment

Not two days after Xia Jingxing came back from Milan, Liu Hai also came back from China.

In the conference room of Vision Capital, Liu Hai was telling Xia Jingxing and eight subordinates what he had seen and heard.

"I went to the first-tier cities, Beijing, Shanghai and Guangzhou, as well as many provincial capitals, third- and fourth-tier cities...

Due to the low penetration rate of personal computers in China, people mainly access the Internet through Internet cafes.

It can be said that the situation of Internet cafes almost represents the situation of the Internet in China.

These young people hang QQ in Internet cafes and chat with their classmates and friends for hours.

I specifically chatted with these young people for a day.

They told me that this was the best instant messenger software in their minds.

I told them about the various functions of MSN, but these young people dismissed it, thinking that their classmates and friends were all on QQ, so they would not use MSN.

Unless MSN can move their classmates and friends to the software in a very short period of time, they will consider using it.

But Penguin's data is that they have 300 million users, three times more than the total number of Internet users in China.

This is because many netizens have registered two, three, or even more accounts.

But this data can also show that QQ, as an instant messaging software, has become very popular in China.

Darren, I have the same opinion as you. MSN has missed the golden opportunity to enter the Chinese market. If it does enter the Chinese market, it will definitely not be able to beat this local instant messaging leader. "

Xia Jingxing smiled, "It's like Okut wants to enter the social field, but his head is broken. Just because the giant has money, he may not be able to socialize well."

Liu Hai nodded, echoed, and continued: "This company called Penguin also launched the official version of QQ2004 some time ago, adding functions such as personal network hard disk, remote assistance, and QQ secretary.

Last year, they added functions such as chatting scenes, capturing screens, playing videos to friends, QQ ringing, etc. They also launched QQ games to enter the game field; at the same time, they also launched the enterprise-level real-time communication product Penguin...

Their technical research and development capabilities are very good, and they have a certain spirit of innovation. Their earliest products imitated ICQ, but now they have gone beyond ICQ and walked out of their own characteristic development path..."

"No problem, hurry up and arrange the investment!"

Xia Jingxing leaned on the chair, glanced at Liu Hai and said.

Liu Hai said with a smile: "I will arrange for someone to start building a position right away. I have one more thing to say. I was in a Chinese Internet cafe and I also investigated another company - Shanda Network.

This company is a game company that is currently in the limelight in the Chinese market.

The fact is also like this, the young people in the entire Internet cafe are playing the game called "Legend" that they represent, which is very crazy.

Even many students skip classes and take out their living expenses to play this game.

We can't get this information from the office. We have to go to the market to see it in person to see the most spectacular and shocking scenes.

and,

Shanda also opened an electronic payment business, acquired the country's largest Internet cafe management software company, acquired the game battle platform Haofang Online, and planned to buy the Korean company that developed the "Legend" game to control the agency of the game... …

Through these expansions and layout of the upstream and downstream industrial chains, I firmly believe that the new richest man in China named Chen Tianqiao will be able to take Shanda to a higher position. "

"you sure?"

Hearing Xia Jingxing's question, Liu Hai was stunned, isn't that right? Don't you admire this company very much?

Liu Hai thought about it and reacted.

"Oh, Darren, you are right. During the investigation, I also found a bad sign."

Liu Hai shook his head, "Too many students go to play games, not only college students, but also many high school students, even junior high school students, I heard that many parents of students call online games electronic opium.

Opium, which has brought endless suffering to the Chinese people, is a very serious word.

If the government intervenes, there may be certain policy risks. "

"Okay, the analysis is very good!"

Xia Jingxing nodded with great satisfaction, Liu Hai went to China and actually investigated so many things, he really underestimated the ability of the other party before.

Looking at it now, it works great!

Xia Jingxing asked, "Shanda is currently planning something called a grand box, have you heard?"

Liu Hai nodded, "I heard that the so-called Shanda box is actually a piece of hardware that connects movies, music, games, advertisements, e-commerce, etc. by connecting electronic devices such as TVs, computers, mobile phones, etc.

I heard that this is Mr. Chen who feels that "online games" are being played by everyone, and decided to transform the company from an Internet cafe to a family living room to create an online Disney.

I found people in the industry in Modu, and they told me that most of the executives above the vice president level were opposed to this plan.

Even President Tang Jun and President Chen's younger brother Chen Danian clapped the table. But that Mr. Chen insisted on doing his own thing and let out ruthless words, and anyone who didn't do it would leave.

Should be next year, this product will be launched.

What, you're not very optimistic about this plan? "

Xia Jingxing briefly talked about his views on this grand box.

There is no ecology, lack of content, and the company has no hardware foundation, and it also touches the interests of the government.

The conclusion drawn is to fail!

Liu Hai frowned and asked, "If you're not optimistic, why are you still investing in them?"

Xia Jingxing explained: "With a short-term operation, the growth rate of their game business is very beautiful. When the box is launched next year, we will retreat!"

Liu Hai understood now and made a wave of quick money. He nodded and smiled and said, "Okay, we'll follow your plan."

Xia Jingxing nodded.

Then, Liu Hai continued to analyze Amyke.

When all three stocks were analyzed, he began to assign tasks to the team and began to execute them one by one according to the plan.

The Google stock with a market value of 30 million US dollars is mortgaged to the bank, and the loan is 70%, which is 21 million US dollars.

At this moment, the exchange rate of Hong Kong dollar is higher than that of Renminbi. One US dollar can only be exchanged for 7.82 Hong Kong dollars. When 21 million US dollars are converted into Hong Kong dollars, it is 164.23 million.

Penguin's stock price kept falling during the period of late August and early September.

By building positions in batches, it took half a month for Vision Capital to buy 43.6782 million shares of Penguin, with an average position price of HK$3.76 per share.

It then mortgaged the Penguin stock to the bank and lent out another $14.7 million.

According to the average price of 24.77 US dollars, bought 593,500 shares of Amic.

Mortgage of Amico's stock again, a loan of 10.29 million US dollars, according to the average price of 21.22 US dollars, bought 484,900 shares of Shanda Network.

Vision Capital still has $6.25 million of its own funds. Instead of buying stocks, it has allocated some short-term investment portfolios, bank deposits, short-term bonds, etc., to prevent liquidity risks.

After completing the relevant deployment, Xia Jingxing obtained a data summary.

The principal of 36.25 million US dollars, the holding assets of nearly 70 million US dollars, is less than twice the leverage, and if you mainly implement the stock long strategy, you can theoretically leverage 3.5 times.

If necessary, Shanda Network's stock with a market value of more than 10 million US dollars can be loaned again, and the cycle will repeat until the loan is no longer available.

If a stock's share price plummets, the bank will ask for additional collateral, pledge the rising stock price, or use the fund's cash to repay part of the loan.

If all the stocks in the holding portfolio fall, it will be finished, and the assets will be sold until the mortgage requirements of the bank are met.

Most of the assets of Vision Capital are allocated to four stocks, but the risks are still too concentrated.

An employee suggested adding a few more stocks to the portfolio.

Xia Jingxing selected four stocks, except for Shanda Network, the other stock prices did not fluctuate much, and the risks were controllable.

But the hedge fund was thinking about maximizing profits, so Xia Jingxing not only continued to recommend a few stocks, but also let the employees choose one of their own stocks as a training target.

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