The 49th floor of the second phase of China International Financial Center.
Li Ying stood, looking at the newly released information in her hands, her hands trembling slightly.
Lin Fan frowned, "Can you please stop shaking? Just read it to me."
Li Ying took a deep breath, composed herself, and said seriously: "As of today, Bailu Fund has purchased a total of 215.04 million Penguin shares from the secondary market, accounting for 12.8% of the total share capital of Penguin Holdings.
The average price per share held was HK$12.61, and a total of HK$2.712 billion was used.
The current share price of Penguin is HK$7.05, and we have a total floating loss of 1.196 billion, nearly HK$1.2 billion."
"Oh, it's only 1.2 billion!"
Lin Fan was already prepared for a temporary loss of 2 billion. It was only 1.2 billion, which was much better than he expected.
When the first disclosure email was sent to Hong Kong and Penguin held a press conference, Lin Fan knew that Penguin was about to take action and asked Liu Hai to hold his hand.
After the stock price plummeted, he jumped out and grabbed a lot of chips.
4.99% of the shares in their hands were purchased secretly before, and the average holding price was more than 8 points in Hong Kong dollars;
The second part was purchased during the prime time of half a month after the first letter was sent to the United States and arrived in Hong Kong. The average position price was more than ten Hong Kong dollars;
The last part was grabbed during the Penguin stock price crash, and the average holding price is similar to the second part.
In short, the average price of 12.61 Hong Kong dollars is still in line with Lin Fan's psychological expectations and is not high. After all, the 50% premium he offered MIH has reached 12.57 Hong Kong dollars per share.
Now I am grabbing it myself in the secondary market, which means I have spent an extra HK$0.04 per share, which translates into a total transaction price of more than HK$8 million.
In the final analysis, his capital is too large, and Penguin's public shares are few.
If you only stay at the 4.99% position line, there is no need to spend so much time.
If you want to buy more stocks from the secondary market, Penguin's sniping, the market's following, and institutions fishing in troubled waters... a large number of factors must be taken into consideration.
Yabo was surprised when he heard such a huge book loss and asked: "Why did Penguin's stock price fall even lower than before, to 7 Hong Kong dollars?"
"Don't worry, it's just a temporary dip. When time passes, or Penguin's operating conditions improve, it will rise back up sooner or later."
Li Ying sighed, "But Mr. Lin, there are a lot of negative comments about you outside. They think you suffered a heavy setback on Penguin stock and lost a total of 1.2 billion! There are even worse things to say...
"
Lin Fan glanced at her and said with a smile, "Let's talk about it."
Li Ying shook her head, "It's better not to say it! It doesn't sound good anyway."
"I can guess even if you don't tell me. Are some retail investors scolding me? I have led them into a big pit, and they have suffered huge losses."
Li Ying was surprised, "Have you read the news?"
Lin Fan waved his hand, "Don't look at it, this is the consistent character of retail investors. When you make money, you are the stock god. When you lose money, you are the cat and dog. I greet your eighteenth generation ancestors.
It doesn't matter, Buffett has been scolded.
If you want to become a stock god, start by getting used to being scolded.
This investment in Penguin failed to show results within a year and a half.
But if you extend the time to two years, three years, or even longer, you can see the effects.
What we do is value investing, not short-term operations. We don’t have to worry about temporary gains and losses, as well as external noise.”
Seeing that Lin Fan could be so calm after losing 1.2 billion, Li Ying secretly admired him.
Even if you are a rich man worth tens of billions, you may not be able to be so calm and optimistic when facing such a huge loss.
"Mr. Lin, Bailu Fund has spent 2.712 billion Hong Kong dollars, equivalent to about 350 million US dollars, for this 12.8% Penguin equity. We don't have much funds left."
Li Ying looked at Lin Fan, implying that she wanted to replenish funds.
“It often takes two to three years, or even longer, for a PE fund to raise enough funds to complete the investment.
Hasn't Bailu Fund not found a suitable project yet? It's just like depositing money in the stock market, where interest rates are higher than those in banks.
When you encounter a suitable project, you will first use the remaining 150 million US dollars, and if it is not enough, pledge a part of Penguin equity."
Lin Fan also felt deeply short of funds now, so he could only ask Li Ying to use financial leverage.
"Equity Pledge."
Li Ying muttered, this is also a common method used by funds, which can increase the cash flow in hand, and is used by funds that want to gain high returns.
It's just that the benefits are great, but the risks are also great.
Just like building blocks, if one piece collapses, the others will collapse one after another.
It's late November.
Penguin’s “equity battle” has completely settled.
Bailu Fund's shareholding ratio in Penguin remained unchanged at 12.8%, and it did not continue to increase its holdings.
Including the 2.6% stake held by Lixia Fund, Lam Capital and persons acting in concert hold a total of 15.4% of Penguin's equity.
Retail investors who were originally looking forward to a comeback of Lin Capital have given up. There is no hope of relief! Let us all learn to be friends with time!
The media also officially concluded that the management team headed by Bonima won the Penguin defense battle.
Some media have spent a lot of time carefully taking stock of the whole story of this equity dispute, listing various detailed data, including the funds invested by Lin Capital, floating losses, and various tactics of both parties.
"...Although Lam Capital took advantage of the loophole in the "mailed disclosure letter" rule, in the end it was still difficult to shake Penguin's control, and the dream of a global social empire was shattered! Alas!"
"...It has been predicted from the beginning that this is an unwinnable battle. No matter how much money you invest, it will be useless. It will suffer a large number of retail investors who follow the trend."
"...Compared with Buffett, Mr. Lin still needs to practice more. Becoming famous at a young age can easily make people inflated."
…
Whether the media was objectively and neutrally telling the facts, or whether it was all kinds of satire and ridicule, Lin Fan didn't take it seriously at all, because they were all based on hindsight, and they were just doing things to gain attention.
If you compete with them, it will easily lead to new topics, regardless of your status.
More than half of Penguin's public shares have been taken over by Lam Capital, and he is not planning to increase his holdings of the rest.
Because if the stock price rises again, the return on investment will not be very high, which is useless.
As for Penguin management, the majority of the shares held by MIH will definitely not be sold to him.
The war ended like this. There were rumors outside that he had lost money, but no one knew that he had made a lot of money.
After the matter was over, Lin Fan planned to leave.
Beijing.
The 36th floor of China Merchants Building.
Lin Fan and Fu Jixun walked through the carefully renovated office, which had been completely renovated, chatting as they walked.
"Mr. Lin, it's nice here, but there's still a slight flaw in it."
Fu Jixun looked at the office for a while, shook his head and sighed, "The floor is a bit regretful."
Lin Fanxun glanced at the pretentious Fu Jixun and almost didn't react. He said angrily: "Hey, Lao Fu, why have you changed too? You were not like this before."
Fu Jixun continued to be clever, "I actually think the number 49 is auspicious. Aren't the offices in Hong Kong and Shanghai all on the 49th floor? The offices in Beijing must be unified too!"
The corners of Lin Fan's mouth twitched slightly. It wasn't that he didn't want to rent on the 49th floor, but that there were only 36 floors in the China Merchants Building. How could he rent on the 49th floor and go up to the sky?
At present, the third phase of China World Trade Center has not yet been completed, and Huaxia Zun Building has not yet been planned, so we can only make do with it.
There are not many ultra-tall buildings in Beijing. The height of China Merchants Building is 150 meters, which is considered quite high nowadays.
"Don't talk about these unnutritious things. How did Chen Congwu's team respond?"
Lin Fan stopped joking with Fu Jixun and quickly returned to the topic.
Fu Jixun grinned, "Of course they are 10,000 willing. After receiving my call, they were so excited that they kept saying that they would fly to Shanghai to have an interview with us.
I thought it wouldn’t be such a hassle, so I made an appointment at this office in Beijing.”
Fu Jixun pointed around, "It's such a pity that the decoration is so good, but we haven't welcomed the first customer or done the first business yet! Mr. Lin, what do you think?"
After being in contact with each other for so long, Lin Fan finally felt that the Singaporeans in front of him were cunning and vengeful.
The other party suggested that Sequoia should have a long memory. Lin Fan didn't say anything and just nodded, which was regarded as acquiescence.
Sequoia was doing things behind Dianping. It offered high valuations to lure the founding team to split. It was a trick, after all, the fly couldn't bite the egg.
However, let's forget it. If we don't make a fuss about this matter, that is definitely not Lin Fan's character, nor is he a qualified capitalist.
This year the domestic venture capital market has raised more than US$4 billion, and last year all domestic companies raised a total of US$1 billion.
Typical: More wolves but less meat! More money and fewer projects!
Sequoia is the first to play tricks on Lam Capital, but it will never be the last.
What this reflects is the competition for high-quality projects and the expansion of business space and living space by venture capital institutions.
At present, this competitive trend is not particularly explicit and fierce, because various institutions are still gathering strength.
Knocking on the redwood tree at this time can also make other institutions calm down and abide by the rules in the future.
Lin Fan laughed heartily, "Haha, that's right, let's open the door for business! Harmony brings wealth!"
Fu Jixun recalled the word "harmony brings wealth" and also laughed.
In the empty office of 1,500 square meters, the laughter of the two people seemed particularly harsh.
…………
…………
The next day.
The team hired by Fu Jixun from DFJ China moved out of the temporary hotel, officially settled in the Beijing office, changed its doors, and became a member of Lin Capital-Jingzhe Fund.
There are not many people, less than ten people in total, eight people to be precise, all of them are elite soldiers and business veterans.
The eight people include analysts and investment managers who are responsible for front-office business, that is, collecting and screening projects; and legal and financial personnel who are responsible for post-investment services.
Although Sparrow is small, it has all the internal organs. With such a team joining, the structure of Jingzhe Fund has been initially established, and various functional departments have also been improved.
In the future, we only need to continue to recruit troops and strengthen the team on this basis.
Counting Lin Fan, Fu Jixun, and Rao Lei, eleven people held a grand opening ceremony in the large office of 1,500 square meters.
Just when Lin Fan was about to cut the cake, two acquaintances walked out of the elevator.
Seeing Yang Haoyong and Huang Xin appear here, each carrying a flower basket in his left and right hands, Lin Fan was stunned for a moment, and then said with a smile: "Why are you here? I didn't notify anyone."
"Without notice, I will come and eat the cake!"
Yang Haoyong put the flower basket at the door and walked over with a smile, staring at the cake, as if he really just came to enjoy the cake.
Huang Xin put down the flower basket and congratulated with a smile: "Mr. Lin, I wish you a happy opening of Lin Capital's Beijing office!"
Everyone is here, let’s eat cake together!
Lin Fan greeted the two of them with a smile, then cut a large piece of cake for them, and accompanied them to the company conference room to eat cake and chat.
"Mr. Lin, the advertisement that Brother Chun helped us shoot has been put on Tudou.com. I talked with Focus Media and found that the advertising fee was too high and I couldn't afford it, so I simply gave up..."
Yang Haoyong ate the cake with his mouth full of oil, and while mumbling, he gave Lin Fan a brief report on the current situation of Ganji.com.
After listening to the report, Lin Fan nodded and said, "That's okay. Building advertising is now almost monopolized by the public, and the price is indeed not cheap. In short, you can make your own decisions about these things in the future."
"That's not possible, Lin, you can't just ignore us."
Yang Haoyong acted coquettishly and cutely, with cake crumbs and cream filling the corners of his mouth.
That expression, that appearance, was absolutely amazing! Huang Xin couldn't help but laugh out loud.
Lin Fan also felt that Yang Haoyong was a bit "arrogant" and scolded him with a smile: "Stay away from me, I'm going to get goosebumps."
Yang Haoyong looked sad, "Humph, man!"
While Huang Xin laughed, he also observed Lin Fan's expression. As a result, he was not angry at all, he just had a dull smile on his face.
This made Huang Xin break out in cold sweat. Lin Bie was really broken!
"Lin, I have a few friends at Google. They are trying to make connections and want Ganji.com to cooperate with Google China..."
As Yang Haoyong spoke, he peeked at Lin Fan, somewhat worried that the other person would be unhappy or even object to this matter. 鵵婲小徾网
He was acting coquettishly and imitating a woman's tone just now. His purpose was to make Lin Fan happy first so that he could talk about the next thing.
Lin Fan frowned, "Google China, what can they do with Ganji.com?"
Yang Haoyong stopped smiling and said seriously: "Google has confirmed that it will officially settle in China early next year.
Our government currently does not allow foreign-funded companies to have ICP (Internet Content Provider) licenses, so Google needs a Chinese partner.
After being introduced by a friend, I chatted with people from Google. They wanted to set up a joint venture with Ganji.com to jointly operate the Google.domain name.
Ganji.com can get a small share of the operating income of this joint venture. I have roughly calculated that the funds obtained are not only enough to maintain the operation of the website, but also to do more website promotion.
Ganji.com is currently too small in scale and is still in the initial stage of burning money, so it is unable to achieve a balanced revenue for the time being.
I think it will be very beneficial to our company to make a fortune by cooperating with Google.
It's just that I know Facebook and Google are competing. So I want to ask for your opinion.
If you feel that cooperation is not necessary, then I will reject Google China."
What Yang Haoyong said was sincere and heartfelt, as if it was all up to you.
Lin Fan smiled. He finally understood why Yang Haoyong suddenly came to show his courtesy. It was obvious that he was interested in Google's cooperation plan.
If Lin Fan were in the same position, he would also be tempted. Having money in his account means less financing and less dilution of shares in the future. Only a fool would not want to!
"I have no objection in principle, but I am an investor in Ganji.com. You need to make it clear to the people at Google, lest they find out and tear up the contract with you."
Seeing that Lin Fan did not object, Yang Haoyong looked happy and waved his hands repeatedly, "No, one code will be the same! On the contrary, after they knew that Ganji.com had received your investment, they looked at us favorably.
Several foreigners gave me a thumbs up and said that Lin’s vision was extraordinary and it was not easy for Ganji.com to obtain Lin’s investment!”
Lin Fan smiled. He didn't know whether it was really a legend about a brother in the world, or whether Yang Haoyong just made it up to please him.
