Countercurrent 1982

Chapter 1507 Enterprise Valuation

After solving the poverty alleviation work in Guyuan County, Duan Yun and his wife boarded a plane from Yinchuan and returned to Shenzhen.

After returning to Shenzhen, Cheng Qingyan immediately summoned the core members of her real estate company and her financial and stock consultant team for a three-day meeting to discuss the spin-off and listing of Tianyin Real Estate Company.

The listing of the company requires asset evaluation first, and according to the evaluation of the three aspects of price-earnings ratio, price-to-book ratio, and price-sales ratio by a professional team, the result is that the market value of Tianyin Real Estate Company is about 14 billion.

Cheng Qingyan easily does not disclose the family background of her real estate company to outsiders. In fact, Tianyin Group's fixed assets are definitely among the best among all real estate companies in China.

You must know that Vanke Group, which is also a real estate company, had a market value of 1991 million when it went public in 1.4. In the bull market of 1993, its market value exceeded 24 billion in one fell swoop, thus embarking on the journey of a trillion-dollar market value company.

At this time, Tianyin Real Estate Company is far stronger than Vanke in terms of assets. At present, the total value of Tianyin Group's real estate in Beijing, Shanghai, Guangzhou, Shenzhen, Hainan Island and Hong Kong has exceeded 14 billion, which is almost the same as that of Wang Shi's Vanke Group. More than 10 times, looking at the whole of Shenzhen and even the whole country, there are very few real estate companies that can compete with Tianyin Real Estate Company.

The main reason why Tianyin Real Estate Company was able to rise so strongly is because Tianyin Group has strong funds. It has started real estate layout since the end of the 80s. Until now, in 1990, the development time of more than two years is exactly the time of development in mainland China and In the golden stage of the fastest development of Hong Kong's real estate industry, coupled with the careful layout of Duan Yun and his wife, the investment has increased by nearly 5 times in two years, enjoying the dividends of the initial stage of China's real estate to the greatest extent.

In fact, judging from the scale of Tianyin Group's investment, compared with Hong Kong's real estate investment in the mainland, it is still somewhat insignificant.

As a representative of the first batch of Hong Kong-funded enterprises investing in the mainland, New World Group has become one of the largest direct investors of Hong Kong businessmen in the past 40 years. It is currently investing in many projects in Shanghai, Guangzhou, Shenzhen, Xi'an and other regions.

As early as 1982, Zheng Yutong discovered business opportunities for building hotels in the Mainland when he visited BJ.Therefore, the China Hotel was built in Guangzhou with a total investment of 1.2 million US dollars, of which New World accounted for 18% of the equity.Zheng Yutong originally planned to recover the cost of this project in 15 years, but it turned out to be profitable in 9 years, which undoubtedly strengthened his confidence in investing in the mainland.

For a period of time thereafter, New World invested a total of more than 100 billion yuan in infrastructure and real estate projects in the Mainland.

In the late 80s, New World signed a contract with an investment of 38 billion yuan to build the North Ring Expressway and the Zhujiang Power Plant in Guangzhou.During the same period, Zheng Jiachun succeeded his father Zheng Yutong as the director and general manager of New World Group.

Li Ka-shing, the king of land in Hong Kong, planned to invest 100 billion in Hainan before the establishment of the province. This amount is quite astonishing. Although the final plan has not been implemented, it can be seen that in front of Hong Kong real estate companies, the mainland No matter the size or investment of real estate companies, the difference is more than an order of magnitude.

Therefore, even Tianyin Real Estate Company, one of the largest real estate companies in the mainland, cannot be compared with Hong Kong real estate companies. Compared with Hong Kong real estate companies with accumulated operating experience, the gap is still very large.

After all, Tianyin Real Estate Company is a big company in the mainland, but compared with Hong Kong, it is a small player worth mentioning.

The fixed assets of 14 billion can be said to be among the best in the market value rankings of all listed companies in Shanghai and Shenzhen.

In 1990, the market capitalization of the two cities was the first. A company called Century Xingyuan, which was engaged in textile and clothing, had a market capitalization of only 16 billion at that time, and it was able to become the champion.Later, Shenzhen Development Bank became the first listed commercial bank, and then he competed with a real estate company called Shen Baoan, becoming the main competitor with the largest market capitalization in the early 90s.Later, energy stocks such as Chlor-Alkali Chemicals, Shenergy, and Shanghai Petrochemical came up, and immediately took away the throne of market value.Later, with the rise of Lujiazui in Shanghai, the stocks of Lujiazui and Waigaoqiao also became the champions of the two cities.

In 1991, there were only 10 stocks with a market value of more than 5 billion yuan, and no stock with a market value of more than 30 billion yuan. Shenhua Holdings, which was less than 10 million yuan, even squeezed into the top 6. China Baoan, which went public in June, became the top 26.55. The stock king, with a market value of [-] billion yuan.

In the mid-90s, it was almost a battle between energy stocks and real estate stocks.In 97, when color TVs began to become popular, Sichuan Changhong took the lead and had the largest market value. His company had been in business for more than 2 years, and Sichuan Changhong also became one of the biggest bull stocks in that era.

From the perspective of the development of later generations, real estate stocks can be said to be the stocks with the greatest potential. In 1993, Lujiazui stock became the first stock in the real estate industry with a market value of more than 1 billion yuan. In 100, Lujiazui advanced to 1994 Yuan's total market value aspires to be the king of stocks.

Judging from this development trend, Cheng Qingyan's Tianyin Real Estate Company is likely to reach a market value of tens of billions in the mid-90s, but now Cheng Qingyan would not have imagined that the mainland real estate industry would develop so fast in a few years.

After calculating the approximate market value of the company, Cheng Qingyan and her think tanks discussed a share distribution plan for a spin-off and listing, in which Tianyin Group Company still holds 60% of the real estate company's shares, and the remaining 40% shares Among them, 20% is reserved for the designated partners, pointing to Shen Tefa and Hong Kong real estate companies. Cheng Qingyan is going to negotiate with these large companies in the Mainland and Hong Kong in the next step. If the other party is willing to acquire, they can use a non-public offering , the method of transferring shares to a specific object is to find some valuable partners with background, which can bring certain help to the company's future business expansion.

As for the remaining 20% ​​of the shares, they can be publicly issued through the Shenzhen Stock Exchange to raise some social funds.

While Cheng Qingyan was planning the specific matters of listing the real estate separately, Duan Yun was also preparing for the listing of Longteng Machinery Processing Factory.

The valuation of Longteng Machinery Processing Factory is about 3 million yuan. In fact, this valuation is obviously too low in Duan Yun's opinion. Not to mention that Longteng Machine Processing Factory has the best and most advanced machine tool equipment in domestic private enterprises. This factory alone occupies 000 acres of industrial land. In Shenzhen, where every inch of land is expensive and the industrial area is overcrowded, the real value of this land has already exceeded 60 million.

(End of this chapter)