my fintech empire.

Chapter 277 [Ten thousand scorpions is a piece of fat? 】

In the next period of September, Fang Hong started to go to class most of the time, and Qunxing Capital was steadily advancing according to the established plan.

Listen to the daily work report of the beauty assistant, and keep track and understanding of major projects.

Institutional accounts for personal trading are currently the main positions for medium and long-term trend transactions. After the position is established, just lie down and basically seldom move. If you want to move, you will do weekly-level T operations.

The short-term has not done much in the past few days. Fang Hong is now holding a double-coin stock. The stock has been adjusted for about a week after the ninth consecutive board blew up. The adjustment range from the high point is about 26 percentage points.

And now the second wave of the market has begun. On September 9, the second wave of the double coin stock market once again went out of the four consecutive daily limit, and the stock price rushed to the price of 10 yuan.

This stock has reached a +8% increase since the first board daily limit on August 17.

If it is calculated from the lowest price of 1600 yuan when the market bottomed out at more than 2.67 points, the stock's increase so far has reached a terrifying increase of +851.68%, as if it is going to be a ten-fold stock.

Today, the trading volume of this ticket released a huge amount of more than 10 billion. Fang Hong also threw away all the 8 hands of chips he held, and cashed out 1.95 million yuan with interest.

The rate of return of this one has reached about +175%, and the absolute profit is close to 1.24 million yuan.

……

"The company has been operating stably and orderly recently. Ruihe Pharmaceutical Group's judicial auction process is continuing to advance. Another thing is that the company sent people to participate in the resolution of the shareholders' meeting of Wan Tiao Group on September 9." Returning from the company to Jingxinju Tian Jiayi reported related work.

As Fang Hong's "projection" role in Qunxing Capital, Tian Jiayi is quite competent and has become more and more proficient.

"Wan scorpion? Oh? What are they going to vote on at this shareholders' meeting?" Fang Hongyi immediately became interested when he heard this company, and at the same time retrieved some memory information related to it in his previous life.

But before he retrieved it, Tian Jiayi had already said it out: "According to the refinancing plan announced by Wan Biao on August 8, it is planned to publicly issue A shares not exceeding 27% of the total share capital on the date of the announcement of the prospectus, after deducting the issuance expenses. The net raised funds will not exceed 8 billion yuan.”

The general meeting of shareholders will be held on September 9, which is five days later. Wan Tiao is a leading real estate giant in China, with a market value of 15 billion. According to the current stock price, the total market value has reached more than 1200 billion.

Qunxing Capital is also a shareholder of Wan Tiao. The current shareholding ratio accounts for 3.2% of the company's total share capital. It is the top ten shareholders of the company, which is the result of the recent bottom-hunting.

Previously, when the A-share market as a whole was on the rise, Qunxing Capital held Wantao’s stock, which accounted for about +4.7% of the company’s total equity. Wantao A’s market in the first half of the year until the market peaked at 3478 points In time, the stock price rose from 4.8 yuan at the bottom to 14.94 yuan, more than doubled.

The current equity held by Qunxing Capital is the result of buying bottoms around the beginning of this month after running away from high points.

This real estate giant is very interesting, a giant with a market value of [-] billion, but no actual controller.

That is to say, the largest shareholder of Wantao Group does not have more than 30% of the equity ratio. According to the relevant regulations of the big A listed company, as long as the shareholder holds more than 30% of the shares of a listed company, it is the actual controller of the company.

However, the current largest shareholder of this real estate giant is Huarun Group, which holds less than 15% of the shares.

In other words, there is no actual controller in Wan Tiao.

The company has no real boss, and the shares are very scattered. In a sense, the listing is a situation where there is no leader. Even if Qunxing Capital holds about 3.2% of the shares, it is a proper top shareholder in the Wantao Group.

"Hehe... that's interesting." Fang Hong suddenly laughed to himself. He had already thought of a lot of things about Wan Tiao. The beautiful assistant sitting beside him couldn't help but wondered when he saw that he was smiling as if he was thinking about something. : "What does it mean to be interesting? You guys don't mean you want to make trouble again, do you?"

Fang Hong glanced at the beautiful assistant, and said with a smile: "Suddenly thought of something, Wan Scorpion is a piece of fat, it's hard not to be tempted."

As soon as these words came out, Tian Jiayi's pretty face was stunned for a while, and after realizing it, he looked at him in surprise and said, "The Hengtong matter has just been settled, and you are eyeing Wan Tiao? You don't think you want to do something wrong. Let's do it, let Hengtong's merger and acquisition case be replicated in this company?"

As soon as the beautiful assistant finished speaking, she couldn't help being taken aback on the spot. This real estate giant is quite different. First, it is not a private enterprise, and second, it is huge.Hengtong's size is already big enough, but Wan Tiao's size is more than ten times that of Hengtong Pharmaceutical Group, and even Hengtong's size is an order of magnitude behind.

"Copying Hengtong's whale-swallowing operation is not possible, but it must be done. Since I know it is a big piece of meat, it seems unreasonable not to take a bite." Fang Hong said with a smile.

Tian Jiayi looked at him suspiciously: "How did Wan tadpole become fat in your eyes? There seems to be nothing wrong with this company, right?"

Fang Hong smiled and said nothing, not intending to reveal the reason to her.

Of course, there is nothing wrong with Wan Tad now, but in five years or so there will be problems, and the problems that will occur five years later are precisely the seeds that have been planted in recent years.

According to the original historical trajectory, during 2015, Wan Tiao will be targeted by the "barbarian" Mr. Yao because the stock price was extremely low during the current period, and the company was severely undervalued.

Mr. Yao tried to stage a big show of "swallowing elephants" by "multiple armies ambush" in the secondary market, using more than 100 billion funds to leverage a giant with hundreds of billions of assets.

As for why Wantao’s share price was extremely low, it was actually the result of deliberate suppression by the company’s management, and the root cause was caused by “gambling performance”.

At present, Wantao's ROE index, that is, the company's return on net assets is very low.

According to Wan Tiao's 2008 financial report data last year, its return on net assets was only 12.7%, which means that assuming an investment of 1000 yuan in the company, it would only generate an annual income of 127 yuan.

This value is far lower than the current social average return on net assets, and since the country launched the "four trillion stimulus" plan last year, the national property market has risen again.

And Fang Hong knew that the investors who held Wantaid shares were speechless and even more anxious right now.

Obviously such a good company, the return on net assets is like this?It would be a lie to say that there is no complaint against the management of Wantao.

In other words, the large and small shareholders of Wan Tiao are actually not happy with the company's management. If there is no accident, Wan Tiao's shareholders and management will sign a performance betting agreement.

After a while, Fang Hong made a decision on the spot. Instead of waiting to let history go by itself, it would be safer to take control and push it himself, so as not to deviate from the original historical track sometimes, which is not easy to control the field.

Fang Hong immediately looked at the beautiful assistant and said: "Remember it, and bring my idea to Hua Yu later, and let him arrange it."

Hearing this, Tian Jiayi nodded and opened the notepad to make a memo, then looked at Fang Hong and waited for his decision.

Fang Hong thought about it for a moment and said methodically: "Wan Tiao will hold a shareholders' meeting on the 15th. It just so happens that I take this opportunity to get in touch with other shareholders, discuss and discuss, and complain that Wan Tiao's management is really lazy. Such an excellent company The company’s ROE index can’t even reach 15%.”

Fang Hong continued: "The purpose is to unite a group of shareholders to reach a consensus, and then put pressure on the company's management to ask the company's management and shareholders to sign a 'performance betting' agreement. The general content of the agreement is that if If the management can bring up the company’s ROE index in the next three years, they will give bonuses to their executive team, but if the ROE index cannot be raised, they will be directly deducted from their salaries and commissions.”

Tian Jiayi, who was sitting next to him, began to make a memorandum.

Not surprisingly, Wan Tiao's management will definitely sign this "VAM agreement". They signed it in the original history, and after signing this performance VS agreement, Wan Tiao's management will go all out As a result, the ROE index was actually created by the team. Around 2013, Wan Tiao’s ROE index had risen to 19.66%. According to the VAM agreement, the management had to be paid generous bonuses every year.

But what Fang Hong also knew was that Wan Tiao's management did one thing afterwards, which was the arrangement of bonuses. Although the bonuses were all sent to their management team, the head of the company asked the management team Instead of taking the winnings, roll them in a pool.

Fang Hong reckoned that Mr. Wang did this mainly for two reasons.

One is to worry that those executives will become rich after receiving large bonuses, buy luxury cars and mansions, and the economy will be free, so they will lose their motivation.

Another reason is precisely that it has planted a huge hidden danger for Vanke's crisis in five years. When the money in the bonus pool increased, Mr. Wang did such a thing. He promoted a "business partnership" He feels that it is not enough to give bonuses to the company’s executives, and it will not give them a sense of belonging to the company.

So how can we let them have a sense of belonging to the company?
The answer is to rely on this so-called "business partner" mechanism, that is, those bonuses paid out in accordance with the "performance-based betting" agreement, and the money is used to buy Wan Tiao's stock in turn.

Previously, the management was all professional managers, but after setting up such a "business partner", the bonus pool formed by the bonuses in the hands of the executives was used to buy the shares of Wan Tiao, and those executives became Wan Tiao shareholders.

In this world, working for others is called a job, and working for yourself is called a career, and only when you work for yourself can you work harder and harder.

Therefore, Mr. Wang's operation is actually an indirect means of equity incentives, so he used the money in the rolling bonus pool to set up a fund called "Silveramine Partnership" to buy shares in Wan Tiao.

In fact, there is nothing wrong with Mr. Wang's "business partner" mechanism, and it is even very good.

But the problem lies in the word "greedy", because the money in the bonus pool is limited after all, but the company's executive team wants to buy more stocks, so how to use the money in the limited bonus pool to buy stocks? What about more stocks?
The answer, of course, is that the cheaper the shares of Wantao, the better. Suppose there is 1 million in the bonus pool, and the stock price of Wantao is 1 yuan, then you can buy 1 million shares. If the stock price of Wantao rises to 5 yuan, Then you can only buy 2000 million shares.

Therefore, the cheaper Wantao's stock price is, the more stocks you can buy with the same money, and the company's management will not want their company's stock to rise at all in the next few years, so they can buy more stocks. There are too many stocks, which will also cause Wan Tiao's stock price to be almost pressed at the floor price in the next five years.

Fang Hong remembers that during the epic leveraged bull market of Big A in 2015, Wan Tiao’s share price at that time only doubled when the market index peaked, while the market index rose from more than 1970 points in the same period. It rose more than 5178 times to 1.6 points.

In the crazy market environment at that time, when any junk stock could double several times at any time, a good company like Wantao actually underperformed the market by [-] or [-] percentage points during the same period, let alone individual stocks.

This is all because the company's management does not want its own company's stock to soar and is the result of continuous suppression.

The crux of the problem is that in the past few years when Wan Tiao's stock price has been held on the floor, the company's performance growth has been very strong, and it is actually growing. Therefore, the deviation between the company's actual value and stock price has become more and more serious over time. It got bigger and bigger, and the stock price was seriously undervalued, and it was finally targeted by the "barbarian" Mr. Yao.

Mr. Yao didn't talk about martial arts, and quietly ambush and stole his ass.

But in the final analysis, there is a problem with the management. If they don't suppress the stock price, even if Mr. Yao doesn't talk about martial arts, he won't be able to speak.

……

(End of this chapter)