Chapter 255 [Capital Operation () Empty Cover White Wolf ()]
Chapter 255 [Capital Operation (×) Short-selling White Wolf (√)]
Weekend afternoon, Huajia Villa Garden.
There were four people in a tea room, namely Fang Hong, his personal assistants Tian Jiayi, Hua Yongming, and his youngest son Hua Yu, who he regarded as the successor to Huayang Group.
At this time, Fang Hong signed the two agreements and handed one to the beautiful assistant sitting next to him. With the signing of this agreement, the exchange of income rights for the next thirty years between him and Huayang Group was cancelled.
Already.
After the debt-for-equity swap, Huayang Group's shareholding in Qunxing Capital increased to 7.7%, Hua Yu's personal shareholding was diluted to 0.97%, and the remainder is held by the fifth trust fund established in Hong Kong established by Fang Hong.
After a while, Hua Yu said: "Father, after converting this 10 billion capital debt into shares, Huayang Group's liquidity will face huge pressure."
Obviously, even the beautiful assistant next to him could instantly tell that what he said was apparently for his father, but actually he meant it for Fang Hong, and Hua Yongming also turned to look at Fang Hong.
He smiled and said, "I invested too little last time. I can't miss this opportunity of debt-for-equity s The return on equity from Qunxing will be higher."
Fang Hong immediately asked: "I wonder how big the current debt scale of Huayang Group is?"
To put it simply and concisely, the size of the debt can basically determine the current expansion speed and scale of Huayang Group in commercial real estate. After all, the two parties have cooperation in the Yixing Media Group. Where will Huayang Real Estate expand?
Movie theaters owned by Yixing Media are open wherever they are.
Hua Yu, who also serves as the vice president of Huayang Group, answered this question: "The current overall liability scale is about 92%, and the total asset scale has exceeded 100 billion."
Last year, the total assets of Huayang Group were only over 40 billion, and the debt was close to 100%, which can be said to be very dangerous.
"The liquidity problem is not difficult to solve." Fang Hong couldn't help but smile, glanced at Hua Yu, then picked up the tea cup in his hand and said methodically: "For example, Brother Hua, you sell tea leaves and I sell tea cups, okay?
Let's play like this. Brother Hua, you purchase 10,000 tea cups from me, and I purchase 1 ton of tea leaves from you. In this way, you and I have sold 1 ton of tea leaves and 10,000 tea cups respectively in our accounts.
Already."
When the silent beautiful assistant on the side heard this, she couldn't help but mutter in her heart: "Isn't this just trying to improve each other's performance?"
Fang Hong's smile remained unchanged, and he looked at the father and son and said unhurriedly: "Yes, it is a great performance, but it is reasonable and compliant, and it is also reflected in the financial statements. The taxes that should be paid are not paid, and there is no stealing or leakage."
All dues are due. Now the two companies have accounts receivable of 1 ton of tea and 10,000 tea cups. Brother Hua said that I owed him 1 ton of tea, and I said that Brother Hua owed me 10,000 tea cups.
money."
After a pause, Fang Hong added: "Then use these two accounts receivable to go to the market for financing. You see, we have money, and there are guarantees from large groups. Our assets are hundreds of billions, and we still have sufficient debt.
The key to collecting accounts and making pledges is to start with an income of more than 10%, so let me ask you whether you want to accept this business or not?"
The father and son were stunned for a moment when they heard this. With such a performance, liquidity was created like this?
The father and son are not ordinary people. They understood Fang Hong's meaning instantly. For example, they immediately thought that Huayang Group now holds 7.7% of the equity assets of Qunxing Capital?
According to the valuation of 350 billion, the value of this 7.7% equity can be valued at 26.95 billion. Even if the premium is cut off and evaluated based on the net asset value of Qunxing Capital, it is still worth close to 20 billion.
This asset will die if left as equity, but it can be completely replaced.
Isn’t there liquidity?
And if you use it as a pledge, you will definitely blow it to death. It is not too much to estimate the valuation of Qunxing Capital at 400 billion. Then the 7.7% equity held is worth 30.8 billion. Is there any problem in replacing the liquidity of 20 billion?
big.
At the end, Hua Yongming said bluntly: "How to play it specifically?"
Fang Hong said clearly: "In this way, your Huayang Group will continue to provide me with Qunxing financing and increase the equity holding ratio to 10%, which means an additional 2.3% equity stake. This 2.3% equity is based on Qunxing Capital's 500 billion
To give it a valuation, that is, you spend another 11.5 billion, and then you take the 10% equity assets to the capital market for financing."
Hearing this, Hua Yu nodded and said immediately: "But Brother Fang, after Huayang converted the 10 billion yuan in debt into shares, the liquidity it has now, frankly speaking, even 1 billion yuan is not enough, where can we get it?"
11.5 billion in financing funds?”
Fang Hong said calmly: "Qunxing Capital is rich. Qunxing will give you a bridge fund. I will lend you the money. When Huayang Group raises funds in the capital market, you can return the money to me."
alright?"
Simply put, this capital operation procedure means that Huayang is prepared to spend another 11.5 billion to increase its 2.3% stake in Qunxing Capital.
But Huayang Group can't afford 11.5 billion yuan now, so what should we do? Stars Capital said that if we have money, we are willing to lend it to you. There are more than 130 billion yuan in the company's accounts, and the poor are left with money.
These 11.5 billion We Qunxing will help you cross the bridge in Huayang.
After Huayang Group received 11.5 billion from Qunxing Capital, it made a counter-offer and bought shares in Qunxing Capital. This money went back to Qunxing Capital, and by the way, it also earned some interest fees on bridge lending.
And what about Huayang Group?
In this regard, he obtained an additional 2.3% equity stake in Qunxing Capital, and at the same time owed 11.5 billion yuan to Qunxing Capital.
This is because the 11.5 billion returned to Qunxing Capital is the money raised by Huayang's equity investment, and is not the repayment of the 11.5 billion that was previously borrowed from Qunxing Capital.
The 11.5 billion yuan for demolition has not yet been liquidated and repaid, so the financial impact is that it owes 11.5 billion yuan to Qunxing Capital.
At this time, Huayang Group holds 10% of the equity of Qunxing Capital, which accounts for 10% of the company's total equity. What will it do with this 10% equity? Go to the capital market for refinancing.
At this time, the valuation of Qunxing Capital has been pushed up to 500 billion, so the 10% equity is worth 50 billion.
Is Qunxing’s valuation of RMB 500 billion high or not?
It's hard to tell.
You could say it's overestimated. The valuation of 500 billion is indeed a bit exaggerated, but it's not a big problem if you say it's reasonable.
Because Qunxing Capital’s current asset size of 300 billion is supported, and the most important thing is that the company’s strong earning power is actually a strong expectation. Maybe it will soon reach a scale of 500 billion, so let’s put the current
The valuation is filled.
Future income expectations and other things are just telling stories. Whether you believe it or not is not important. The key is whether the other party believes it or not.
And 10% of the equity is worth 50 billion. If it obtains capital market financing and replaces the liquidity of more than 30 billion, it will definitely not be a big problem. This is why it is necessary to reach a valuation of 500 billion. Its own goal is to be three inches.
However, the external bidding price was to advance five inches, and the final bargaining price was to withdraw two inches, and in the end we still got three inches.
After Huayang Group obtained this liquidity, it kept about 20 billion for itself, and the other money was used to liquidate and repay debts. The 11.5 billion owed to Qunxing Capital was repaid, and the debt relationship between the two parties was liquidated and dissolved. Huayang's
Qunxing is debt-free.
At this time, Huayang Group had 20 billion yuan in liquidity, and Qunxing Capital also received an additional 11.5 billion yuan in liquidity after operating in this way.
The beautiful assistant who was listening silently on the side said nothing but was greatly shocked. Tian Jiayi couldn't help but mutter in her heart: "Is this the so-called capital operation? She really knows how to play..."
Tian Jiayi silently glanced at Fang Hong beside her, listening to the whole process. If she wanted to evaluate, she could only evaluate it this way: a white wolf with nothing!
After a while, Fang Hong explained logically and clearly: "With the additional 11.5 billion yuan received by Qunxing Capital, an additional project company will be established at that time, which is a shell company, and the 11.5 billion yuan will be put into it, and the equity will be 100%
Pledge it to the bank in exchange for 5.5 billion."
The bank is absolutely happy to do this. These 11.5 billion are real cash assets and fully comply with risk control standards.
Fang Hong continued: "Let's set up another private equity fund, raise 23 billion yuan as priority funds, and use 11.5 billion yuan as secondary funds. This is still a way of playing the big brother first and second child first."
When Hua Yongming and his son heard this, they expressed that they were familiar with each other. They had played this game several times and they were familiar with it.
Fang Hong continued: "The 11.5 billion has leveraged nearly 4 times the leverage capital, which is about 40 billion, and then signed an agreement with your Huayang Group to use the 40 billion to purchase all of your Huayang's
Houses, but not pre-sold directly, bypassing this link."
Because Fang Hong decided to use all the 40 billion to purchase the commercial housing developed by Huayang, but now there is no trace of the house, let alone pre-sale, the documents are not yet in place, the land has not been photographed, and there are not even bricks to build the house.
How can I do pre-sale when the block has not been produced yet?
Therefore, it is a complete violation to engage in pre-sales under such circumstances.
Fang Hong will never do anything illegal. All operations must be based on legal compliance, so they must be avoided.
But the actual situation is to use the 40 billion to buy a house that does not exist at all.
