Rebirth: The Financial Giant

With the end of the first trading day after the holiday in October, the star fund "Tiansheng Value Growth Hybrid" fund under Tiansheng Fund Co., Ltd. rarely quickly announced the top ten holding stocks of the fund on September 30.

The market has always been concerned, especially Christians who have invested in the Tiansheng Value Growth Mixed Fund.

"The top ten heavyweight stocks came out. After reading it, I just want to say... It's really mixed."

"Anshi Co., Ltd., Maotai, Wuliangye, Luzhou Laojiao, Haitian Weiye, Zhongguo Ping An, Ganfeng Lithium, Biyadi, Yiwei Lithium, Huayou Cobalt... The top ten heavyweight stocks It actually accounts for 85% of the total position, and it can be seen that the heart of a brother Stud is very restless, haha!"

"One brother really put a lot of money on new energy!"

"This position is indeed very expensive, but I can't understand this combination at all, but it is really good!"

"I was dragged down by three bottles of wine and one bottle of soy sauce. These four heavyweight stocks accounted for 40% of the total position. They didn't rise much in the last month, and Wu Liangye has not resumed trading until now, which is equivalent to 10% less. The position has no contribution, which is equivalent to only holding 85% of the total position of the fund."

"An's shares are definitely the top of the top brands. We know that the number one heavyweight stock has soared from ten yuan to sixty yuan, and it has gone crazy."

"The first brother is the first brother, and the price investment is still the first brother. The performance of Tiansheng Value Growth Mixed in September completely exploded all fund products in the city. The cumulative increase set by Sheng Value Growth Mix!"

"Several new energy targets have risen very aggressively, and Anshi's shares are the most aggressive. Although three bottles of wine and one bottle of soy sauce are the least, but they also rose so much in September, which is very sad!"

"Those who look down on playing funds, ask how many people can outperform Tiansheng Value Growth Mix in September?"

"Follow the first brother, eat delicious food and drink spicy food, and get paid immediately, and leave the rest of the food expenses and spend all the money in it!"

"Sure enough, it's never too late for Brother One's fund to enter, and it's even more of an opportunity if it falls!"

...

The performance of Tiansheng Value Growth Mixed Mix in September is still extremely dazzling. All the similar funds in the city have a cumulative increase of more than 10% in September, only 6, and the second ranking is less than 15%. Net value increase, while Tiansheng. The achievements of Sheng Value Growth Mixed can be said to be the overall leader.

The vast majority of retail investors in the market have underperformed the fund, and very few Jinben can outperform Tiansheng Value Growth Mix.

At the beginning, when the fund changed its name to "Value Growth", a large number of redemptions occurred. After entering September, the subscription shares gradually exceeded the redemption shares to achieve net purchases. After mid-September, large-scale redemptions were ushered in. Subscription.

Some of them were redeemed before and chose to play in the arena by themselves, and in the end they lost the money they earned from the fund, and some even hurt their principal, which made them feel lonely again and again.

After being educated by the big A, Zhi was obedient and obedient, and then he came to Tiansheng Value Growth mixed with honest value investment, and value growth together...

Such people are not the first batch. Those who were unconvinced in front of them have now become loyal value investors. They will never get out of the Tiansheng Value Growth Mix, and the outside world is too dangerous.

It is foreseeable that it will definitely not be the last batch.

Everyone found that after the fund managed by Lu Ming changed its name again, although the yield was not as crazy as the flash crash in June, the yield was still very strong. The cumulative increase of many similar funds in the past year could not outperform Tiansheng Value Growth Mixed in September. The increase in net worth is too much.

Since the beginning of October, Tiansheng's mixed capital market has quietly reached a scale of 20 billion, and has maintained a net increase of more than 100 million in subscriptions every trading day.

Basically, there are very few redemptions. Some Christians like to do band income, but they find that it is impossible to do band in Tiansheng Value Growth Mix, because there is almost no retracement, and a sale is a flight.

Even if there is a retracement, the spread of interest may not be enough to pay the handling fee. The subscription fee, management fee, redemption fee, etc. of the Tiansheng Value Growth Hybrid Fund are much higher than similar funds, but No one took one to spray, because it is higher than similar funds.

High renewal fees also drive investors to make long-term investments to a certain extent.

...

Monday, October 12.

At this moment, Lu Ming is discussing the backdoor listing with the management personnel in the conference room.

Yao Yun, who attended the meeting, said: "There are five kinds of backdoor plans, asset sale and additional issuance and exchange, asset replacement and additional issuance and exchange, equity repurchase and additional issuance and exchange, equity transfer and additional issuance and exchange, and equity transfer and asset replacement."

Lu Ming looked down at the contents of the document and decided, "Then choose the option of share repurchase and additional issuance of shares."

Simply put, the plan is that the shell company sells all its business and assets to the original controlling shareholder, and at the same time repurchases and cancels the shares of the listed shell company held by the original controlling shareholder. If there are businesses and assets, it will be completed with cash supplements.

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The shell company will issue new shares to the main body of the company to be listed on the backdoor, that is, Tiansheng Holdings, which is going to be listed on the backdoor, and acquire the equity of the company to be listed on the backdoor. and reorganized.

Yao Yun looked at Lu Ming and said, "In choosing this plan, in order to compensate the liquidity premium of the original tradable shareholders of the listed shell company, after the backdoor is completed, a certain percentage of shares will be given away."

Lu Ming nodded and said succinctly: "It's not a big problem to give away shares, and we also give them the option of cash."

The shareholders in the company that was backdoored must have good luck, and it is definitely a windfall, but this kind of pie in the sky depends on fate. Just like winning the five million lottery jackpot, fate will only happen sometimes. It is useless to force it all the time.

Su Xiaoman said thoughtfully: "There are not many backdoors in the domestic capital market every year. According to the usual transaction scale and balance of interests, the initial estimate of the cost of backdoors should be between 8 billion and 10 billion. Of course, I am not necessarily talking about it. Precise."

Another executive who attended the meeting said: "This cost can generally be supported in backdoor transactions. What is the concept? That is to say, no matter how big the shell company's market value is, through backdoor listing, the stock market value of old shareholders must reach more than 8 billion. In short, if the market value of the shell company is 3 billion yuan, the stock price needs to triple, and if it is 5 billion yuan, it will be OK.”

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Lu Ming glanced at the executive who spoke and said, "I don't agree with your statement. In practice, the market value of shell companies is mostly in the range of 3 billion to 4 billion. It seems that it is difficult to be backdoored if it exceeds 5 billion. Now, since the backdoor cost is more than 8 billion, how can there be a company with a market value of less than 5 billion in the market? It is obviously underestimated, so it should be fired to more than 8 billion in minutes, right?"

After a while, Lu Ming added: "So theoretically, every company except the ChiNext Board can be backdoored, but there are very few backdoor cases every year. It is problematic to infer the market value of shell companies from the backdoor cost. The simplest For example, this is like the lottery theory that each lottery player can win 5 million, is it because of this that each lottery player's worth is estimated at 5 million? Is that still worth it?"

...

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