Chapter 277 [Ten thousand scorpions is a piece of fat? 】
Chapter 277 [Is the tadpole a piece of fat? 】
In the next period of September, Fang Hong started to go to class most of the time, and Stars Capital was making steady progress according to the established plan.
Listen to the daily work report of the beautiful assistant and keep track of and understand the major projects.
Institutional accounts for personal trading are currently mainly for mid- and long-term trend trading. After building a position, you can just lie down and rarely move. If you do, you have to perform weekly-level T operations.
I haven't done much in the short term these days. Fang Hong is now holding a double-money stock. The stock has been adjusted for about a week after the ninth consecutive board blew up. The adjustment range from the high point is about 26 percentage points.
And now the second wave of market conditions has begun. On September 10, the second wave of double-money stocks once again exceeded the daily limit for four consecutive times, and the stock price rushed to the price of 25.41 yuan.
This stock has reached an increase of +194.78% since the first daily limit on August 17.
If we count from the lowest price of Dual Money Shares, which was 2.67 yuan when the market bottomed out at more than 1,600 points, the stock’s increase so far has reached a terrifying increase of +851.68%, as if it is going to be ten times the stock price.
Today, the trading volume of this ticket exceeded 1 billion yuan. Fang Hong also sold all the 80,000 or so chips he held, cashing in 195 million yuan with profits.
The yield rate of this one reached about +175%, and the absolute profit was close to 124 million yuan.
…
"The company has been operating stably and orderly recently. The judicial auction process of Ruihe Pharmaceutical Group is continuing to advance. Another thing is that the company sent people to participate in the resolution of the shareholders' meeting of Wanda Group on September 15." Returning to Jingxin Residence from the company
Tian Jiayi reported on related work.
As Fang Hong's "projection" in Star Capital, Tian Jiayi is quite competent and increasingly proficient.
"Wan Da? Oh? What are they going to vote on at this shareholders' meeting?" Fang Hong suddenly became interested when he heard about this company, and at the same time he was also retrieving some memory information related to it in his previous life in his brain.
But before he could retrieve it, Tian Jiayi had already said it: "According to the refinancing plan announced by Wan Biao on August 27, it is planned to publicly issue additional A shares not exceeding 8% of the total share capital on the date of the announcement of the prospectus. After deducting issuance expenses,
The net amount of funds raised shall not exceed 11.2 billion yuan.”
The shareholders' meeting will be held on September 15th, which is five days later. Wanbi is one of the leading real estate giants in China, with a market capitalization of hundreds of billions. Based on the current stock price, the total market capitalization has reached more than 120 billion.
Qunxing Capital is also a shareholder of Wanqi, and its current shareholding ratio accounts for 3.2% of the company's total share capital. It is the company's top ten shareholders, which is the result of its recent dip into the market.
Previously, when the A-share market as a whole was in the ascendant stage, Qunxing Capital's shares in Wanbei accounted for about +4.7% of the company's total equity. The market price of Wanbei A in the first half of the year was until the market peaked at 3478 points.
In that time, the stock price rose from the bottom of 4.8 yuan to 14.94 yuan, more than tripling.
The current equity held by Qunxing Capital is the result of going away from the high point and then buying back at the bottom around the beginning of this month.
This real estate giant is very interesting. It is a giant with a market capitalization of hundreds of billions, but it has no actual controller.
In other words, the largest shareholder of Wanda Group does not hold more than 30% of the shares. According to the relevant regulations of Big A listed companies, as long as the shareholder holds more than 30% of the shares of a listed company, he is the actual controller of the company.
However, the current largest shareholder of this real estate giant is Huarun Group, whose shareholding ratio is less than 15%.
In other words, there is no real control person.
The company has no real boss, and its ownership is super dispersed. In a sense, the listing is a leaderless situation. Even though Qunxing Capital holds about 3.2% of the equity, it is the top major shareholder in Wandha Group.
"Haha..., it's a bit interesting." Fang Hong suddenly said and laughed to himself. He had already thought of many things. The beautiful assistant sitting next to him saw that he was smiling as if he was thinking about something, and couldn't help but wonder.
: "What do you mean, you're a little bit interesting? You don't mean to cause trouble again, do you?"
Fang Hong glanced at the beautiful assistant and said with a smile: "Suddenly something occurred to me. Wan Tao is a piece of fat, it's hard not to be tempted."
As soon as these words came out, Tian Jiayi's pretty face was stunned for a moment. After reacting, she looked at him in surprise and said: "The Hengtong matter has just been settled, and you are targeting Wan Da? Are you trying to do something against him?"
Wan Tao, let’s start and let the Hengtong merger and acquisition case be replicated in this company?”
As soon as the beautiful assistant finished speaking, she couldn't help but be shocked on the spot. This real estate giant is very different. First of all, it is not a private enterprise, and secondly, it is huge. Hengtong's size is already big enough, but Wanqi's size is Hengtong Pharmaceutical.
It is more than ten times the size of the Group, and even Hengtong's size is an order of magnitude different from it.
"It's not impossible to copy Hengtong's swallowing operation, but it must have been done by someone else. Since we know it's a big piece of meat, it doesn't make sense not to take a bite. It doesn't make sense." Fang Hong said with a smile.
Tian Jiayi looked at him doubtfully: "Why has Wan Tiao become the fat in your eyes? There doesn't seem to be any problem with this company, right?"
Fang Hong smiled and said nothing, not intending to reveal the reason to her.
Of course there is no problem with Wan Tao now, but in about five years there will be problems, and the seeds of the problems that will occur five years from now are precisely the seeds that have been planted in recent years.
According to the original historical trajectory, during 2015, Wan Dahui was targeted by the "barbarian" Mr. Yao because the current stock price was extremely low and the company was seriously underestimated.
Mr. Yao continuously raised his cards by "ambushing multiple armies" in the secondary market, trying to stage a big show of snake swallowing the elephant, using more than 10 billion yuan to leverage a giant with assets worth hundreds of billions.
As for why Wan Tao’s stock price has been pushed extremely low, it is actually the result of deliberate suppression by the company’s management. The root cause is the “performance bet”.
At present, Wanqi's ROE index, that is, the company's return on net assets, is very low.
According to Wanqi's 2008 financial report data last year, its return on net assets was only 12.7%, which means that if you invest 1,000 yuan in the company, it will only generate an income of 127 yuan per year.
This value is far lower than the current social average rate of return on net assets, and since the country launched the "four trillion stimulus" plan last year, the national property market has risen again.
And Fang Hong knew that the investors who were currently holding Wanbi stocks were speechless and even more anxious.
It is such a good company, but its return on equity is so low? It would be false to say that there is no criticism of Wanqi's management.
In other words, Wanqi's shareholders, large and small, are actually not happy with the company's management. If nothing unexpected happens, Wanqi's shareholders and management will sign a performance betting agreement.
After a while, Fang Hong made a decision on the spot. Instead of waiting to let history take its own course, it would be safer to take control and push it himself, so as not to deviate from the original historical trajectory and make it difficult to control the situation.
Fang Hong immediately looked at the beautiful assistant and ordered: "Please remember it and bring my intention to Hua Yu later and let him make arrangements."
Hearing this, Tian Jiayi nodded and opened his notepad to make a note, then looked at Fang Hong to wait for his decision.
Fang Hong, who thought about it for a moment, said methodically: "Wanbi is going to hold a shareholders' meeting on the 15th. It just so happens that I will take this opportunity to contact other shareholders, discuss it, and complain that the management of Wanbi is too lazy for such an excellent company."
The company's ROE index cannot even reach 15%."
Fang Hong continued: "The purpose is to unite a group of shareholders to reach a consensus, and then put pressure on the company's management, requiring the company's management and shareholders to sign a 'performance gambling' agreement. The general content of the agreement is, if
If the management can raise the company's ROE index in the next three years, they will pay bonuses to their senior management team, but if the ROE index cannot be raised, it will be directly deducted from their salaries and commissions."
Tian Jiayi, who was sitting next to him, started taking notes.
Not surprisingly, Wanqi's management will definitely sign this "betting agreement". In the original history, they signed it, and after signing this performance betting agreement, Wanqi's management will go all out.
As a result, the ROE index was really improved by the team. By around 2013, Wanbi's ROE index had risen to 19.66%. According to the gambling agreement, generous bonuses had to be paid to the management every year.
But what Fang Hong also knew was that Wanqi’s management subsequently did one thing, which was the arrangement of bonuses. Although the bonuses were all distributed to their management team, the head of the company asked no one on the senior management team to
You must take this bonus, but put it into a pool and roll it.
Fang Hong estimated that there were two main reasons why Mr. Wang did this.
One is that they are worried that after those executives receive large bonuses and become rich, buy luxury cars and mansions, and become financially free, they will lose motivation.
Another reason was that it laid a huge hidden danger for Vanke's crisis five years later. When the money in the bonus pool became more and more, Mr. Wang did something like this. He promoted a business partnership called "Business Partnership".
He feels that just giving bonuses to company executives is not enough because it will not give them a sense of belonging to the company.
So how can we make them feel a sense of belonging to the company?
The answer is to rely on the so-called "business partner" mechanism, which is the bonuses issued in accordance with the "performance gambling" agreement. The money is used to buy Wanqi's stocks.
Previously, the management was all professional managers, but after having such a "business partner", the bonus pool formed by the bonuses in the hands of the executives was used to buy Wanqi's stocks, and those executives became Wanqi.
shareholders.
In this world, working for others is called work, and working for yourself is called career. Only by working for yourself can you become more energetic as you work.
Therefore, Mr. Wang's operation was actually an indirect equity incentive method, so he used the money from the rolling bonus pool to set up a fund called "Yinamine Partnership" to buy Wanqi's shares.
In fact, there is nothing wrong with the "business partner" mechanism established by Mr. Wang, and it is even very good.
But the problem lies in the word "greed". Since the money in the bonus pool is limited after all, but the company's senior management team wants to buy more stocks, then how to use the limited bonus pool money to buy
Where are the more Wan Ta stocks?
The answer, of course, is that the cheaper Wanqi’s stock is, the better. Assuming there are 100 million in the bonus pool and Wanqi’s stock price is 1 yuan, then 100 million shares can be purchased. If Wanqi’s stock price rises to 5 yuan,
Then you can only buy 20 million shares.
Therefore, the cheaper Wanqi's stock price is, the more shares it can buy for the same money. In turn, the company's management does not want their company's stock to rise in the next few years, so that they can buy more shares.
The large number of stocks has also caused Wandiao's stock price to be almost at the floor price in the next five years.
Fang Hong remembers that during Big A’s epic leveraged bull market in 2015, Wandiao’s stock price only doubled when the market index peaked, while the market index during the same period rose from more than 1,970 points.
It rose more than 1.6 times to 5178 points.
In the crazy market environment at that time, when any junk stock could double several times at any time, a good company like Wanji actually underperformed the market by 50 or 60 percentage points during the same period, let alone individual stocks.
This is all because the company's management does not want its own company's stock to rise sharply and is the result of continued suppression.
The crux of the problem is that in the past few years when Wanbao's stock price has been pushed to the floor, the company's performance growth has been very impressive and is actually growing. Therefore, the deviation between the company's actual value and the stock price has become larger and larger over time.
As the market grew bigger and bigger, the stock price was severely undervalued, and finally it was targeted by the "barbarian" Mr. Yao.
Mr. Yao didn't follow martial ethics and quietly ambushed and stole the butt.
But in the final analysis, there is something wrong with the management. If they don't suppress the stock price, even if Mr. Yao doesn't follow martial ethics, he won't be able to say anything.
