Gold Investor

Chapter 87
Fang Yubin naturally understood Wang Cheng's plan.Not only did they offer attractive enough conditions, they even resolved many of their worries one by one.That set of equity incentive plan is euphemistically called a gambling agreement. In fact, everyone understands that there is no such gambling method in the world.In the usual VAM agreement, both parties will put their chips on the table, the investor will invest real money, and the entrepreneur will take control of the company.If the performance of the entrepreneur is impressive enough, everyone will be happy.Once the business performance is poor, the investor's equity will increase suddenly according to the gambling agreement, and even obtain a controlling stake in the enterprise.As for this equity incentive plan, Fang Yubin only got income and no loss.The original 5% equity was also given to you by others.Just like playing cards at the table, someone else will send you the capital first?
Wang Cheng specifically mentioned that he and Qiancheng Group have nothing to do with this investment company.In Fang Yubin's view, this was another reassurance given to him by the other party.Everyone knows Rongding's role in Qiancheng's shareholding war. If Fang Yubin immediately joins an investment company with Qiancheng's background after leaving Rongding, it will inevitably be suspected of being under the influence of melon fields.The thoughtful Wang Cheng, since he saw that Fang Yubin was unwilling to join Qiancheng, naturally understood that Fang Yubin was worried about this, so he solved all the problems properly through the so-called friend's contribution.

What moved Fang Yubin the most was undoubtedly his promise to set up an investment company immediately.The prospect of the equity war is unclear. If Wang Cheng loses, does it mean that everything will come to naught?And Wang Cheng has made it clear that no matter what the outcome of the equity war is, it will not affect the establishment of an investment company. After Fang Yubin leaves Rongding, he can immediately go to the new company.Besides, with Wang Cheng's strength, even without Qiancheng, it is enough to support a small investment company.This real estate tycoon is not selling off-plan houses this time, but existing houses!

If he continued to stay in Rongding, he could only be careful to guard against open and hidden arrows, but he was in the open and the enemy was in the dark, so he was always unpredictable, and he might fall to the ground one day.Yan Fei used financial problems to find fault before, which made it hard for him to argue. If Ding Yifu hadn't stepped in, he would have been kicked out.If there was no Wang Cheng's help in this Yanzhaomen incident, he would be doomed once again.If you are unkind, don't blame me for being unrighteous. It seems that it is time to take the olive branch extended by Wang Cheng and start your own career!

Fang Yubin no longer hesitated, put down his teacup, and broke the silence: "Thank you, Mr. Wang for your trust."

"Okay!" Wang Cheng said happily, "From now on, we are on the same boat. Just as I said before, I will use someone else's name to lend a sum of money to Rongding Venture Capital. You take this A sum of money entered the market to grab funds and build momentum.”

"From an operational point of view, there should be no problem." Fang Yubin said, "After the reform of Rongding's management organization structure, the authority of each branch has increased a lot. In addition, Fei Zong is not in the country at present, and I can make decisions like this. "

"It seems that it is thanks to Lao Fei's drastic reforms after he came to power, otherwise, how could you fight?" Wang Cheng laughed loudly, and he was even more angry in his heart.Back then, she trusted Zhao Xiaoqing and did the stupid thing of shooting herself in the foot.However, you, Fei Yunpeng, are not much better!For the sake of the power struggle, he came up with some reforms, and during this time he hid abroad, waiting to pick the peaches that fell.These little cleverness were also taken advantage of!
"I hope this move can repel Cao Bohua and Zhao Xiaoqing behind him." Fang Yubin said.

"If I show you something, your confidence will be stronger." Wang Cheng took out a document from his purse, "In order to grab funds in the market, Huahai has used multiple asset management plans, and all of them are inferior funds. The high leverage ratio used is completely beyond imagination. This is part of the information of Huahai Asset Management Plan that I have investigated so far.”

After taking the document, Fang Yubin looked at it seriously.The so-called asset management plan, also called asset management products, is a standardized financial product that public fund management companies or securities companies approved by regulatory agencies raise funds from specific customers.

As a type of financing method, asset management plans have become very popular in recent years, even overshadowing the previous trust.The reason is that the way of asset management planning is wilder and riskier.Trust is subject to pre-approval by the Banking Regulatory Commission, while asset management is subject to post-event filing by the China Securities Regulatory Commission.In particular, due to the unspoken rules of rigid redemption, trusts generally have stricter risk control.

It is no secret that Cao Bohua has used multiple asset management plans.But what surprised Fang Yubin was that the leverage ratio of asset management plans was almost 30 times or more, far exceeding external estimates.Moreover, in these asset management plans, all the clauses for making up the difference are stipulated, and Cao Bohua and Huahai's enterprises are the obligors of making up the difference in multiple asset management plans.In other words, in order to obtain more funds, Cao Bohua did not hesitate to use his wealth and life to cover the bottom line.

In all asset management plans, participating banks and financial institutions are priority funds, while Huahai is inferior funds.From this point of view alone, Cao Bohua is simply making a gamble with leverage and leverage.The so-called priority funds and inferior funds belong to the classification of financial products.For example, two people, A and B, invest in stocks in partnership. A puts out 100 million, and B also puts out 100 million, with a total amount of 200 million, but A and B have different requirements and agreements.

A's requirement is that no matter whether the stock rises or falls, you have to give me an annualized 5% interest. This is called "priority fund", because when you encounter risks, you have the priority to get returns.Calculated on a one-year basis, no matter if the 200 million becomes 300 million, 400 million or 120 million, A will always take away 105 million yuan.

In contrast, B is willing to take greater risks. Assuming that 200 million stocks have been speculated to 400 million, then excluding A’s 105 million income, there are still 295 million yuan. After excluding B’s own cost of 100 million, B’s rate of return this year will be Up to 195%.Of course, if the stock falls, for example, the market value of the 200 million stock falls to 120 million, and the total amount has shrunk by 40%. 105, the loss rate was as high as 100%.Because it takes more risks, B's money is called "inferior funds".

In the asset management plan, all of Huahai's funds are inferior funds, no wonder Fang Yubin would sweat for him!In the event of a loss, the inferior funds must first bear the loss.

Fang Yubin couldn't help but think that during the 2008 financial crisis, the famous Lehman Brothers ranked fourth among the top five investment banks on Wall Street, which is awesome.The result was instant bankruptcy!What is the leverage ratio of Lehman Brothers? 25 times!Compared with today's Huahai, it is much lower.

In 1999, there was another hedge fund company that was more powerful than Lehman Brothers, called Long-Term Capital Management.A former vice chairman of the Federal Reserve serves as an executive here, and two Nobel Prize winners in economics serve as consultants to this company to design products.With such a bullish team, the company chose the safest government bonds recognized in the financial field (arbitrage using the extremely small difference in the yields of national government bonds) for trading, so they boldly used 60 times leverage.As a result, I made countless money in the first 4 years; in the 5th year, when I was hit by the Russian government debt default incident, it was over all at once, because I used highly leveraged funds, with a principal of 22 billion US dollars, but held 1400 billion US dollars in assets. Almost dragged down the entire Wall Street.

After putting down the document, Fang Yubin said, "Unexpectedly, Huahai's capital leverage ratio is so ridiculously high."

"This is called playing with fire and self-immolation." Wang Cheng said, "After the suspension of trading is announced, I will immediately report Huahai to the China Securities Regulatory Commission. The content of the accusation is the risk of their asset management plan."

"Your combo punches are aimed at the vital points." Of course Fang Yubin knew that with the evidence in Wang Cheng's hand, Hua Hai could not be sued.The purpose of his doing this is also that the drunkard does not want to drink.

Once a public report is made, it is equivalent to directly revealing the risks of the asset management plan, and throwing the problem to the banks and securities companies. For these asset management plans, Huahai is a low-level fund, and you are a priority fund.Now that the matter has come to this point, you have to think about whether to continue to act in concert with Hua Hai?If you become a person acting in concert, you must share the risk with Huahai and lock it for 12 months when the stock price is in jeopardy, and bear all the subsequent risks after Huahai's inferior subordinates lose money; if you are not a person acting in concert, you should immediately draw a line with Huahai Limits, close positions and leave at any time.

This move, regardless of whether the China Securities Regulatory Commission ultimately determines that Huahai has violated regulations and laws, at least at the level of the asset management plan, separates the investor and manager of the fund from Huahai, the inferior manager, and may even weaken Huahai’s position in the future board of directors. Voting rights.

Fang Yubin thought for a while, then shook his head again: "I have known that Huahai's capital leverage ratio is very high, but it is still unexpected that it is so high. But the more it is like this, the more I feel that something is wrong."

Wang Cheng said: "It's not difficult to understand. Qiancheng is not an ordinary company, and the plate is too big. With their financial strength, if they don't use high leverage, they can't do it at all."

"Not necessarily." Fang Yubin said, "Of course I know that Qiancheng's ambitions are huge, but Huahai's financial strength will never be so bad. Don't forget, there is Zhao Xiaoqing behind Cao Bohua. If they Their financial strength is so weak that they have to use more than 30 times leverage, so they didn’t dare to rush into Qiancheng’s idea at the beginning.”

"Do you think they still have a backup?" Wang Cheng heard the clue.

Fang Yubin nodded: "It looks like it to me. It's like a confrontation between two armies. Of course we know that the opponent doesn't have a million troops, but there should be three to five million people. Now it seems that the enemy has only about a hundred thousand troops, and the rest Where did you go?"

In an instant, Wang Cheng's expression became serious.But soon, he regained his confidence-filled demeanor, waved his big hand and said: "It is right that the enemy will be lenient, but there is no need to worry too much. The scale of Qiancheng is too large, and they have to take risks. Zhao Xiaoqing said A yellow-haired girl, Cao Bohua is just a local turtle, there is no need to take them too seriously. When I came to Binhai to start a business, Zhao Xiaoqing probably couldn't walk, and Cao Bohua was still carrying a hoe in the mountains."

Fang Yubin did not agree with Wang Cheng's statement. Although Zhao Xiaoqing was young, she was by no means an ordinary girl. Not only did she come from a prominent family background, she also drank foreign ink and was killed from Wall Street.As for Cao Bohua, the soil is the soil, but he is definitely not a turtle. No matter how you say it, he can be called a hero.Seeing Wang Cheng's indifferent appearance, Fang Yubin was inconvenient to say more.

Wang Cheng patted Fang Yubin on the shoulder: "Whether an Olympic Games is wonderful or not, the opening ceremony accounts for at least half of the weight. Now the burden of the opening ceremony is on your shoulders. Only when you make a fuss on the stage, the next scene will be performed well." go down."

(End of this chapter)