My Fintech Empire

On weekend afternoons, Huajia Villa Garden.

In a tea room, four people are in this room, namely Fang Hong, his personal assistant Tian Jiayi, Hua Yongming, and his youngest son Huayu who he regards as the successor of Huayang Group.

At this time, after Fang Hong signed the two agreements, he handed one of them to the beautiful assistant sitting next to him. After signing this agreement, the exchange of income rights for the next 30 years that he signed with Huayang Group will be terminated. up.

After the debt-to-equity swap, Huayang Group's shareholding in Qunxing Capital rose to 7.7%, Huayu's personal shareholding was diluted to 0.97%, and the rest was held by the fifth Hong Kong-based trust fund established by Fang Hong.

After a while, Huayu said: "Father, after the debt-to-equity swap of this tens of billions of funds, Huayang Group's liquidity will face enormous pressure."

Obviously, even the beautiful assistant next to him could instantly tell that he was speaking to his father on the surface, but in fact he was speaking to Fang Hong, and Hua Yongming also turned to look at Fang Hong He said with a smile: "The last time I invested was too little, I can't miss this opportunity of debt-to-equity swap. The return of the equity of Qunxing will be higher."

Fang Hong immediately asked: "I wonder how big Huayang Group's current debt is?"

To put it simply, the size of the debt can basically determine the expansion speed and scale of the current Huayang Group in the commercial real estate sector. After all, the two parties have cooperated in the Yixing Media Group. Where does Huayang Real Estate expand? The movie theaters under Yixing Media will be opened wherever they are.

Huayu is also the vice president of Huayang Group. He answered this question: "Currently, the overall debt scale is about 92%, and the total asset scale has exceeded 100 billion."

Last year, Huayang Group's total assets were only more than 40 billion yuan, and it was close to 100% in debt, which can be said to be very dangerous.

"The liquidity problem is not difficult to solve." Fang Hong couldn't help smiling, glanced at Hua Yu, then picked up the teacup in his hand and said in an orderly manner: "For example, Brother Hua, you sell tea, and I sell tea cups. Play like this, Brother Hua, you buy 10,000 teacups from me, and I buy 1 ton of tea from you. In this way, you and I have sold 1 ton of tea and 10,000 teacups in our accounts. gone."

The beautiful assistant who was silent at the side heard this and couldn't help muttering in her heart: "Isn't this just trying to brush each other's achievements?"

Fang Hong still smiled, looked at the father and son and said unhurriedly: "Yes, it is the performance of the brush, but it is reasonable and compliant, and it is also reflected in the financial statements, and the taxes that should be paid are the same. All should be paid. Now there are accounts receivable of 1 ton of tea leaves and 10,000 teacups in the respective accounts of the two companies. Brother Hua said that I owed him 1 ton of tea leaves, and I said that Brother Hua owed me 10,000 teacups. money."

After a pause, Fang Hong added: "Then use these two accounts receivables to get financing from the market. You see, we have money, and there are guarantees from large groups. The assets are hundreds of billions of dollars, and there are sufficient receivables. The key is to start with a profit of more than 10% for the pledge of receivables, just ask whether you will accept this lying-win deal or not?"

The father and son were stunned when they heard this. With such a sum of achievements, is the liquidity just like this?

Their father and son are not ordinary people, and they immediately understood Fang Hong's meaning. For example, they immediately thought that Huayang Group now holds 7.7% of Qunxing Capital's equity assets?

According to the valuation of 350 billion, the value of this 7.7% equity can be valued at 26.95 billion. Even if the premium is cut off and evaluated according to the net asset value of Qunxing Capital, it is worth close to 20 billion.

This asset will be dead if it is placed as equity, but it can be completely replaced.

Isn't there liquidity?

And taking it as a pledge is definitely a blow to death. It is not too much to estimate the valuation of Qunxing Capital at 400 billion. The 7.7% equity held is worth 30.8 billion. It is not a problem to replace the liquidity of 20 billion. big.

At the end, Hua Yongming said bluntly: "How to play?"

Fang Hong said clearly: "In this way, you Huayang Group will continue to finance our group of stars, and increase the shareholding ratio to 10%, that is to say, increase the shareholding by 2.3%. The valuation will be given, that is, you will pay another 11.5 billion, and then you will take the 10% equity assets to the capital market for financing.”

Hearing this, Huayu nodded, and immediately said: "But Brother Fang, after Huayang converted the 10 billion debt into shares, the liquidity in Huayang's hands now, frankly speaking, taking out 1 billion is not enough. Where can I get it?" 11.5 billion financing funds?"

Fang Hong said calmly: "Qunxing Capital is rich, Qunxing will give you a bridge fund, I will lend you the money, and when you Huayang Group raises funds in the capital market, then return the money to me. alright?"

The procedure of this capital operation, simply put, is that Huayang is going to spend another 11.5 billion to increase its holding of 2.3% of the equity from Qunxing Capital.

But Huayang Group can't afford 11.5 billion at all now, what should we do? Qunxing Capital said that if we have money, we are willing to lend you. There are more than 130 billion in the company's account, and the poor only have money left.

These 11.5 billion stars have crossed the bridge for you Huayang.

After receiving 11.5 billion from Qunxing Capital, Huayang Group backhandedly bought into Qunxing Capital, and the money flowed back to Qunxing Capital, and by the way, it also earned some interest and handling fees for bridge lending.

And what about Huayang Group?

In this regard, an additional 2.3% of the equity of Qunxing Capital was obtained, and at the same time, it had a debt of 11.5 billion to Qunxing Capital.

Because the 11.5 billion that flowed back to Qunxing Capital was Huayang’s equity financing, not the repayment of the 11.5 billion that was previously borrowed from Qunxing Capital.

The 11.5 billion yuan for demolition has not been liquidated and repaid, so the financial reflection is 11.5 billion yuan in capital liabilities to Qunxing.

At this time, Huayang Group holds Qunxing Capital, which accounts for 10% of the company's total equity, and then what is it doing with this 10% equity? Go to the capital market to refinance.

At this time, Qunxing Capital's valuation has been raised to 500 billion, so the 10% equity is worth 50 billion.

Is Qunxing being valued at 500 billion yuan high or not?

It's hard to tell.

You say it is overestimated. The valuation of 500 billion is indeed a bit exaggerated, but it is not a big problem to say it is reasonable.

Because Qunxing Capital's asset scale of 300 billion is supported now, and the most important thing is that the company's strong earning power is actually a strong expectation. It may soon achieve a scale of 500 billion, so let the current Valuation filled.

Future income expectations are all about telling stories. It doesn’t matter whether you believe it or not. The key is whether the other party believes it or not.

And 10% of the equity is worth 50 billion yuan. With capital market financing, it is definitely not a big problem to replace the liquidity of more than 30 billion yuan. This is why it is necessary to reach a valuation of 500 billion yuan. The goal is to be three inches. However, the external asking price is five inches, and the final bargaining price is two inches back, and finally three inches is still obtained.

After Huayang Group obtained this liquidity, it left about 20 billion yuan for itself, and the other money was used to liquidate and repay debts. The 11.5 billion owed to Qunxing Capital was repaid, and the debt relationship between the two parties was liquidated and terminated. Stellaris has no debt.

At this time, Huayang Group had 20 billion yuan of liquidity in its hands, and Qunxing Capital also obtained an additional 11.5 billion yuan of liquidity after this operation.

The beautiful assistant who was silently listening on the sidelines, she didn't say a word but was greatly shocked in her heart. Tian Jiayi couldn't help muttering in her heart: "Is this the so-called capital operation? You really know how to play..."

Tian Jiayi silently glanced at Fang Hong beside him, and listened to her ears the whole time. If she wanted to comment, she could only comment like this: Empty glove white wolf!

After a while, Fang Hong explained logically and clearly: "The extra 11.5 billion funds obtained by Qunxing Capital will set up an additional project company at that time, which is a shell company, and the 11.5 billion will be invested in, with 100% equity Pledge to the bank to replace 5.5 billion."

The bank is absolutely super happy to do this. The 11.5 billion is real cash assets, which fully meet the risk control standards.

Fang Hong continued: "Start another private equity fund, raising 23 billion yuan as the priority fund, and the 11.5 billion as the inferior fund, which is still the way for the big brother to be inferior to the younger brother."

When Hua Yongming and his son heard this, they expressed their acquaintance, this acquaintance. This kind of gameplay has been done several times, and I am familiar with it.

Fang Hong went on to say: "These 11.5 billion leveraged nearly 4 times the leveraged capital, which is about 40 billion, and then signed an agreement with your Huayang Group to use the 40 billion to buy all of your Huayang's Houses, but not direct pre-sales, bypassing this link.”

Because Fang Hong decided to use the 40 billion yuan to buy all the commercial houses developed by Huayang, but now there is no shadow of the house, let alone the pre-sale, the certificates are not complete, the land has not been photographed, and even the bricks for building the house are gone. How to pre-sale if the block has not been produced yet?

Therefore, it is a proper violation to engage in pre-sale under such circumstances.

Fang Hong will never do things that violate laws and regulations. All operations must be based on the premise of legal compliance, so they must be bypassed.

But the actual situation is to use the 40 billion to buy a house that doesn't exist at all.

...