Lin Gao Qiming

Chapter 2390 Financing (25)

Cheng Dong did not participate in the whole process of this financing. First, he is not a financial background, but a major in accounting. He does not have a deep understanding of this aspect, so it is inconvenient to speak more; It is easy to cause controversy, so it is better not to get involved.

From his point of view, the current plan is quite satisfactory, and there is no place to go too far-he thinks it will be fine, anyway, the ultimate goal is to raise funds, as long as it does not increase the burden on the central bank, and does not cause serious sequelae, how can we deal with the elders? It doesn't matter to the court.

Cheng Dong said: "The idea of ​​not increasing the difficulty of understanding is very commendable. I personally oppose the design of overly complicated financial products-this kind of lesson has been enough in the old time and space."

This correct nonsense said that he had nothing left to ask.

Meng Xian interjected at this time: "I have two questions. First, how did Southeast Asian shipping get designed like this? Second, I have no objection to your equity structure, but is this design not conducive to the understanding of large indigenous families? To what extent will it affect the distribution? How do you think about it?"

Chuhe replied: "Southeast Asia Shipping is a shell company established to deal with the original Liuxiang Group's shareholding. I don’t want the naturalized personnel of the original pirate group to get involved in Dongjing’s shares, so I set up such a shell company and pay dividends according to the old rules.”

Meng Xian continued to ask: "What about the shareholding ratio? How did the 60:40 come about?"

Chuhe replied: "The old pirate naturalization group's shareholding accounted for 49% of the original Southeast Asian company. We think this ratio is too high in the new company. Although it is a shell company, considering other possibilities in the future, After research, we decided that we will dilute the shareholding of Liuxiang Group to 40% through virtual capital injection.”

Meng Xian thought to himself: Oh, it's just a shot on the head.Question: "If this is done, there will be no retaliation from the members of the group? After all, the policy back then was to be gentle and far away."

Chuhe had fully considered this issue, and explained immediately: "No, first, they don't understand, how many of these old pirates can read? Those who can understand financial reports are even more aware of our methods. There are not many. The second is that the treatment will not be reduced. These people still pay dividends according to the old routine. Our principle is that their dividends are "only a lot more"-this figure is low in terms of dividends in previous years. It is to maintain the status quo. The third is to give a way out. They are all employees of Southeast Asian operating companies. The daily work is the same as what they did before. It’s just a different brand. The only difference is the annual dividend notice. It’s just a change of name. If they want to go to the Senate to develop Nanyang’s car to apply for shares.”

Mei Chuan interjected at this time: "I don't think it will affect the understanding of the indigenous people. As long as we don't emphasize the existence of Southeast Asian operations, and only talk about the Southeast Asian holdings, the shares will be issued long ago when someone realizes the difference."

Ai Zhixin said: "It's better to call one Southeast Asia Development and Holding Company and the other South East Asia Development and Operation Company. Or remove the word "operation" from the latter, so that outsiders will think it's the same thing, and it's okay to find something wrong when the time comes. Can't blame others."

Meng Xian thought that what you said was easy, playing word games, to put it bluntly, it was the idea that the Senate came forward to cheat, and then reneged on the debt.In essence, it is the same thing as saying that a plate of shrimp is 9.9 yuan, and when the checkout says that a shrimp is 9.9 yuan!Wealthy households are not fools—everyone in Guangzhou who can make a fortune is a genius, and he will understand your trick once he thinks about it!

Meng Xian has been engaged in the banking industry in Guangzhou for many years and knows his customers well.These financial tricks were certainly new to the seventeenth century, but they were by no means incomprehensible.As long as they find enough information and accumulate time, they will soon be able to see through the mystery.You must know that the underwriter of the stock issue is Delong, and he is the first person who has a headache when he is not clear about the big investors.

Looking around, Meng Xian frowned and said, "Comrade Meng Xian, what's your opinion? Let's discuss it later."

Meng Xian curled his lips, "Well... I don't have any big opinions, but I personally don't agree with this kind of trickery. In fact, I don't want big investors to interfere with the management. You can issue preferred shares, and preferred shares have no voting rights. , Is it necessary to set up a holding company?"

Chuhe thought to himself that there is not even a company law now, so the Senate can do whatever it wants to set up a company?The natives can't tell whether the Senate is ugly or not. There is no need to worry about the big family. We don't make prospectuses. Why make it so clear?It is said that the Senate wants to recover Southeast Asia, is it over if you support it or not?

Those around me were too lazy to argue too much on this issue, and laughed a few times perfunctorily: "These few issues are very good, very good, we will continue to revise and revise, and fully consider the interests of all parties when implementing it. Do it, hahaha, hahaha."

Fortunately, Meng Xian didn't continue to pursue "how to improve", so this matter will be passed.

Ding Ding on the side asked: "Our bond has an annual interest rate of 10%, which is much lower than the market interest rate. Can this 22 bond be issued?"

Chuhe replied: "In terms of the total amount, there is no problem. This time Nanyang Company raised 30 yuan from the private sector. The redemption fee paid for the second anti-encirclement and suppression campaign in Guangzhou was also 30 taels. It’s just a drop in the bucket for many merchants. In terms of interest, according to the investigation report of the senior finance minister,” Chu He nodded to Ai Zhixin.

"The loan interest rates among large merchants in Guangzhou generally fluctuate between 25% and 60%. Recently, because the plague has just ended and the market has been depressed, the interest rates have remained low, basically below 25%. The actual operation is probably less than 20% %. Our interest rate for the first period is 10%, which is not far from the private interest rate, so it should not be difficult to accept. At the beginning, the interest rate Wang Zunde borrowed from them was 18%. In fact, the actual interest rate of the original loan was about 25%. , 18% is only a nominal interest on paper, but Chuhe did not explain this to Ding Ding in detail.

Ding Ding continued to ask: "The 8% debt issued after that, and the one with lower interest should be a bit difficult, right?"

The surrounding people already understood what Ding Ding asked, and said, "Naturally, the smooth issuance of bonds is inseparable from the help of everyone. The first is to make stocks attractive and create a wealth effect. The second is to rely on propaganda. Ladies and gentlemen, build up the popularity of Nanyang Company, amplify its attractiveness, publicize the wealth effect, and attract the attention of big households. Of course, this requires the great assistance of Mr. Ding Yuan."

Ding Ding pretended to be reserved and said: "We are not professional in this."

The surrounding said: "It's okay, it's okay, we will help to do it together when the time comes, and the advertising fee is easy to discuss."

At this time, Cheng Dong said again: "You just said that this will create a wealth effect, how are you going to do this?"

"This needs to be done in cooperation with the exchange. There is only one stock on the market, and a total of 3 shares were issued in the first two periods. There is no active trading market at all. It is convenient for us to play the role of a market maker and announce the purchase price every day. , Selling price, collect the buying and selling declarations of veterans, naturalized people, and large households, and then settle at the end of the day, match the declarations to the transaction, and then announce the new buying and selling prices the next day. I believe that through publicity After a lot of hard work, once Southeast Development is listed, the buying should be far greater than the selling, so that we can make good use of the situation and drive up the stock price. It doesn’t matter if it doesn’t. Anyway, the declared quantity and price are not transparent to the outside world. We just need to artificially increase the price. That’s fine, even if the big investors in the directional issue don’t open their eyes and want to sell it all to us, we still have the money from the bond issuance in our hands and can get it all back. Besides, we can also control the transaction volume, and we can increase the actual price. Not much. In short, as long as the stock price can be raised by 20% in a short period of time, it is enough to support the issuance of the second and third phases." Ren Youzi explained.

Cheng Dong thought to himself that your plan is for the major shareholders to act as market makers themselves, not only to sit on the bank, but also to engage in false transactions to manipulate the stock price. This kind of person is really... worthy of being an important member of the preparation team of the Canton Stock Exchange.From his point of view, he is happy to see a large family of leeks supporting the construction of the Senate, which is also one of the service purposes of the financial port.However, as the person in charge of the financial department, he also bears the responsibility of establishing a good financial order and maintaining the credit of the Senate. If the exchange creates public anger, he will also be responsible.

So he thought for a while and said: "It should be illegal for Nanyang Company to be the major shareholder of Southeast Development and also be a market maker."

"That's right, this is just an expedient measure. In the future, the market maker business will definitely be split out." Ren Youzi said immediately.

This statement satisfied Cheng Dong. To be honest, now that the Senate itself is both an athlete and a referee, it is only natural to make a profit from it, but there must be a limit to everything.

Meng Xian said: "The plan you mentioned for matching transactions at the end of the day is actually a call auction every day. Your price changes only once a day, so there is no need to be a market maker."

"I just want to make a suggestion. It depends on how the trading rules of the Canton Stock Exchange will be determined in the future. If there are more people in the future, it can be settled twice a day, or multiple times. Real-time settlement is not necessary, and there are no such frequent transactions. It's hard to deal with."

"Your transaction is equivalent to T-day trading. It is confirmed on T+1 day, and the price and trading volume are tricky. Isn't this forcing others to trade in the black market?" Cheng Dong continued to ask.

All around coughed: "The black market is unavoidable. The unregistered bonds and stock books we issued in the first two issues allowed large investors to trade with each other. It is difficult to buy stocks through official channels, which will drive up the price of the black market. It makes the newly issued shares more attractive."

(End of this chapter)