Chapter 789 The sense of disobedience under the thriving
Omar from Kingdom Holding Company was very interested in Su Yehao's proposal.
However, as a company executive, Mr. Omar actually does not have much say and can only make decisions after discussing with their chairman.
Su Yehao couldn't just wait around in San Francisco. He handed the matter over to Vice President Lin Youfeng of Koko Venture Capital for follow-up. He returned to Silicon Valley and stayed for one more day, then flew back to Hong Kong City.
According to his ideas.
Even if an asset management company is really established in the Middle East, it will just be the same as in Japan, operating independently from 5S Asset Management and having almost nothing to do with 5S Asset Management.
In the early stage, a start-up capital of tens of millions of dollars is enough, and the rest depends on your own development in the future.
There are countless talents in financial management. It is very easy to build a platform. You don’t have to worry about it. Anyway, a sheep is being herded, and a group of sheep are being herded.
There are more investment opportunities all over the world, and Su Yehao just happens to realize the projects that he doesn't like through asset management companies, so as not to waste his own advantages.
The mainland has strict financial controls, and the Japanese business, which is temporarily in charge of Kento Jincheng, has just launched funds targeting overseas markets and has also formulated a profit sharing agreement.
It is stipulated that closed-end private equity funds will not charge management fees if the annualized return rate is less than 6%, and the excess will be divided into 64% by investors and asset management companies.
This means that if a customer invests US$100,000 and turns it into US$150,000 with principal and interest within one year of closure, Su Yehao's asset management company will take away US$17,600 in accordance with the agreement.
Ordinary private equity funds, regardless of profits or losses, charge a fixed annual management fee of 1.5% to 2.5% from the principal and income.
It seems that fixed management fees are more cost-effective, but users are more inclined to choose profit-sharing products. After all, only when enough profits are made, a portion of the profits will be taken. Otherwise, the management fees are almost zero.
This not only prevents customers from wasting money, but also shows the strong confidence of the asset manager. If the strength is not enough, even if it helps the customer earn 6% profit in the end, it will mean losing everything and working for investors in vain.
After Su Yehao's people built a good platform, Jincheng Xian helped to raise funds equivalent to more than 2 billion Hong Kong dollars through the network resources and the resources of Japan's First Quanye Bank. He just switched jobs from First Quanye Bank two weeks ago.
Suddenly became the president of "su Asset Management Co., Ltd."
The wave of U.S. interest rate hikes has ended, and the view that the global economy will fall into recession is in line with the current mainstream.
Out of risk aversion, Su Yehao only asked Jincheng Xianren to temporarily bring this part of the funds to Hong Kong City and New York.
Buy stocks of established real estate companies such as Wharf, New Hongji, Hang Lung Properties, Donghuang Group, etc. in Hong Kong City.
By the way, I also used some funds to continue to bet against the Nasdaq index. This is like catching a sheep and plundering it from the dead. After all, even if it falls by half, there is still a bubble in the Internet industry.
The environment is not good.
Except for the mainland market, Su Yehao has no particularly confident short-term investment direction. He can only invest based on his feelings first, hoping to see whether the two buildings will fall down in a few months...
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Return to the port city and rest for a few days.
Time flies to May 5th.
Nangong Tian's mother came to Hong Kong City, and Su Yehao invited her to be his guest at home.
Although she is not married to Xiao Nizi, she is still close to being married. Mrs. Nangong agreed to his invitation this time, mainly because she wanted to get closer to her daughter.
On weekdays.
Mrs. Nangong often communicates with Xiao Nizi, but does not have much contact with Su Yehao.
This morning, she and Su Yehao sat face to face having breakfast and said while reading the newspaper:
"Xiao Hao, I remember that my daughter bought some funds to invest in the mainland stock market in your company? In recent times, the growth rate of the mainland stock market seems to be particularly good, like factories in Malaysia, Japan and the United States.
, all go to the mainland to open factories, and several acquaintances I know are like this."
Su Yehao has many private equity investment projects of his own, and has not paid attention to the mainland stock market for some days. At most, he only investigates a few specific companies.
Unexpectedly, he learned that the mainland stock market was doing well. He suddenly thought that the northern stock market had been doing well for a long time. Instead, he felt a little worried for no reason. He smiled and said to Mrs. Nangong:
"Yes, the infrastructure in the Mainland is great, and the cost of starting a company is very low. She plans to go to the Mainland to do theater business, and she will leave some spare money with me. She should make money, right?"
Nangong Tian looked at him and joked:
"You really don't care about the funds you manage at all. I just saw it a few days ago. It has been growing very well this year and helped me earn nearly 20 million Hong Kong dollars."
"So many? That's really a standout. For the time being, it is mainly supported by the good news of joining the WTO, and the economic growth rate remains at a high level. Of course, investors have confidence."
After Su Yehao finished speaking, he felt more and more something was wrong.
There is good news to support it now, but... what next?
During this period of time, he has mainly paid attention to trends in the international market, such as economic recession, U.S. fiscal deficit, traditional market bubbles, etc., which all indicate that the upcoming economic situation will be severe.
Even Su Yehao would worry about where to invest.
So when he first heard that the mainland stock market was booming, he immediately felt a sense of violation.
The United States has not cut interest rates significantly, and hot money has not really ebbed out of the United States. In the first quarter of this year, foreign investment in the United States reached 950 billion U.S. dollars. High interest rates have made ordinary American residents breathless. That is why economists generally predict that the United States will fall into recession.
decline.
Fewer people are spending money to buy things. Of course, the economy is in recession. On the contrary, the U.S. stock market and most of the companies listed on the New York Stock Exchange are in bubbles. The Nasdaq collapsed, but it is still holding on, but there are also signs of recession.
.
Many signs indicate to Su Yehao that the next business will most likely not be easy, but the mainland stock market is still rising.
After breakfast, the worry in my heart lingered.
He asked people to check the average price-to-earnings ratio of A-shares. This number seems not that important and cannot truly reflect the value of a company. However, if it is generally high, it can indicate that the market bubble is serious.
You won’t know if you don’t check, but you’ll be shocked if you check.
Knowing that the average price-to-earnings ratio of the mainland stock market has basically remained at around 60 times, Su Yehao asked someone to bring over the position data sheet from 5S Asset Management without saying a word, select assets that could be sold first, and secretly reduce holdings in batches to cash out some of them.
Linda Yun pointed to the list of Wuliangye Company and asked him in confusion: "I heard you mentioned that it is suitable for long-term holding, isn't it right?"
"Yes, I'll hold it for the long term, but I'm worried that investors will lose confidence in me before the future comes. How can I continue to play if the company is gone?"
Su Yehao looked down at the document, checked the items that were confirmed to be retained, and sighed:
"It would be great if there were funds that could be managed for 20 years in a closed manner. Then I wouldn't have to worry about anything. Open-end funds have the benefits of open-end funds, and closed-end funds also have their advantages. Maybe the reason above is that investors are worried about being unsteady.
, so we have been reluctant to launch open-end funds. Do you believe that as long as there is a crisis and our products fall by more than 10%, investors will dare to redeem one or two billion yuan?"
Linda Yun said calmly:
"If you don't believe it, mainland investors are not mature enough. Even I know they like to speculate in funds as stocks. Wait for me a moment, I will sell the stocks I bought first, so as not to be killed by you reducing my holdings.
"
Su Yehao was stunned for a moment and asked her: "Huh? You are my secretary, but you still dare to secretly trade stocks?"
"Why don't you dare? You never said I couldn't trade in stocks. I've already made more than 300,000 yuan..."