Rebirth: The Financial Giant

First: Why did Tiansheng Capital go public?

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answer:

Leverage larger capital with capital. If you don’t have money to go public, you need to go public if you don’t lack money. In addition, other reasons include unlocking a strong background. People, you have no background at the beginning, and later made many good friends, so Once there is a background, the road will go smoothly.

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Second: Why is Tiansheng Capital undervalued?

answer:

Valuing a company is very confusing. From the perspective of industry attributes, future prospects, founders, etc., you are an investor, and your focus is different. The valuation and pricing of the company must be different. Tiansheng Capital sees The P/E ratio doesn't make much sense, because the income statement can easily be whitewashed, you should look at the P/B ratio and the P&L statement.

Is Tiansheng Capital undervalued? It must be underestimated. Looking at this company from the standpoint of third-party investors, it actually has no moat. It is just a pure shareholding platform. Its core assets are still various stock assets, which means huge fluctuations. Sexuality and risk can easily lead to skyrocketing and plummeting asset prices, because the market is linked, and as soon as it falls, it all falls, and as soon as it rises, it takes off collectively.

Third-party investors do not know that the protagonist has a plug-in, and they must conduct risk assessment according to the normal process.

The biggest moat of Tiansheng Capital is the founder, which in itself is risky. The founder is very strong but the risk exists. Institutions that accept fixed increase need to lie in the risk area of ​​relatively low valuation before they are willing to take over the offer to ensure that the sky is the limit. If Sheng Capital really explodes, it can make a profit and leave a time window for running away. The capital is bold but not stupid.

The purpose of lowering the valuation is to expand the upside. To a certain extent, the listing will benefit the secondary market. The capital transfer must be seeking greater interests. Looking at the long-term perspective, this is a gold-plated "core asset". operate.

Some IPOs want to reach a valuation of 3 trillion, financial institutions want to be listed on the Science and Technology Innovation Board, and the core of finance wants to have high growth expectations. To cut leeks in the secondary market, doubling the base of 3 trillion is the market value of 6 trillion. There is almost no room for growth. Such a company will not be favored even if it has good funds, so the main funds must flee if the listing is successful. Listing is the peak, followed by a slow downfall.

Wenzhong Tiansheng Capital has a low valuation of 240 billion yuan. Is there a huge room for growth? When the market value rises to 2.64 trillion, will it become a ten-fold blue-chip bull stock? Or even higher? Then it will naturally become the so-called "core assets" with high return on investment, which are sought after by various market funds, and will continue to rise forever?

For the protagonist, he does not reduce the shares in his hand. If the valuation is lower, he will take a small loss and make a big profit. If the capital takes the initiative to give up profits, it must be seeking greater interests. It's useless, it's OK to keep this in mind.

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Third: Questions about Tiansheng Capital's balance sheet.

Some readers mentioned the problem of the protagonist's 10 billion self-owned assets being confiscated. This is because he did not read carefully. Here is a simple stroke. The protagonist first earned 1 billion as a retail investor, and then founded Tiansheng Capital. "Double-layer structure" model, there are multiple subsidiaries, Tiansheng Venture Capital, Tiansheng Fund, etc.

The 1 billion earned during the retail period has been injected into Tiansheng Capital, because it requires institutional-specific seats and "institution-only" seats to reveal the concealment of personal identity, and the protagonist is already a fund manager. Individuals cannot invest in stocks.

So these 1 billion leveraged several times of leverage in the bull market stage and made a profit of over 10 billion. Later, the leveraged funds were used to raise the sign of Anshi Group, which gradually grew, which is reflected in Tiansheng Capital's asset income statement. superior.

What I want to say here is that Tiansheng Capital’s listing has nothing to do with the money the company manages LPs. The LPs’ money belongs to the LPs, and BlackRock manages $9 trillion of money, which can only be used by BlackRock. and not all.

Tiansheng Capital in the novel is at least a collection of BlackRock Group + Blackstone Group, because Tiansheng also operates a PE equity fund~www.wuxiaspot.com~ While managing money for LPs, it also has its own investment department. Generally, Situation Tiansheng Capital's own investment accounts for about 30%.

For example, if you invest in company A, you need to invest 1 billion yuan, Tiansheng participates in 300 million yuan, and many LPs share the remaining 700 million yuan. Don't look at 30%, but Tiansheng will eat the big bucks evenly. There is only one Tiansheng. But there are more than N LPs. All the LPs make profits, and Tiansheng will also share the excess performance commission. If they lose money, it has nothing to do with Tiansheng.

In short, the total assets that the protagonist can manage and control are: (Tiansheng's own assets) + (LP's entrusted funds). Although they are all managed by the protagonist, the owner's rights and interests are different and must be distinguished.

Hey, this thing is actually super complicated. The author is also a layman. Only professional legal personnel and accounting departments can really sort it out. The real situation is that an IPO recruitment document of a large company can have hundreds of pages of content. I don't want to write so detailed and complicated. Everyone only needs to know that there is a major investment in the novel, and Tiansheng accounts for about 30%.

In this way, the complexity is simplified, everyone is watching Shuangwen for entertainment, I understand that.

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Okay, the update is over, the text chapter will be delivered soon!