As of the close of trading, Weibo surged +10.00% to the daily limit, with a closing price of 188.94 yuan. The trading volume throughout the day expanded to 7.054 billion yuan, and the market value increased to 99.95 billion yuan. It is just a little short of returning to the 100 billion market value mark.
Today's market index is also going very strong, with the Shanghai Composite Index once reaching the 2,900-point mark during the session.
The three major indexes all closed sharply higher. The Shanghai Composite Index surged +2.54% to close at 2899.13 points; the Shenzhen Component Index surged +3.62% to close at 12737.80 points; the ChiNext Index rose +1.40% to close at 1086.56 points.
Just today, shareholders can already participate in the new subscription of "ATL Technology". However, there are still certain thresholds for this ticket to apply for listing on the GEM. Retail investors without GEM authority cannot participate.
Among the 136.955 million shares issued by ATL Technology in the IPO, 36.955 million shares were issued online, accounting for 26.98% of the issuance ratio.
Stocks with GEM authority do not hesitate to subscribe, because in the minds of the majority of investors, as long as you win the lottery for new stocks, you will make more money. It is comparable to winning the lottery. Although the probability is very low, what if you win?
…
In the afternoon, Fang Hong also came to Qunxing Capital. This was his first visit to the company in the new year.
At present, most of the company's employees basically don't know him. Needless to say, new employees, only the senior management know that he is the real super boss behind the scenes of Qunxing Capital.
In Hua Yu's office, Fang Hong and Tian Jiayi were also there.
Fang Hong continued: "This is also where Lao America is great. With innovations around the world, leading companies in all walks of life are priced in US dollars after being listed on the US stock market. Then Lao America's financial system and Lao America's financial institutions participate in transactions, forming a
With such a system, you will find that the interest rate of the US dollar will naturally determine the pricing power of assets around the world, whether it is H shares or A shares."
Of course, there is a prerequisite for doing this, and that is high-quality assets. The listed companies themselves must have materials and real capabilities. Based on this prerequisite, the valuation of these companies is not to benchmark with the U.S. stock market. What Fang Hong wants is to let everyone
Investors who try to use the U.S. stock market as a benchmark to evaluate their value will all sell out or go short.
After a while, Fang Hong smiled lightly and said: "In a word, I don't ask you whether you are angry or not, I just ask you whether you are convinced or not."
As for the overestimated cost, it doesn't matter, Star Capital is covering it.
"In other words, the North American financial capital market is at the top of the world. A very important reason is that the financial market of the United States and the United States plays an anchor role in the pricing of global assets."
"Understood." Hua Yu nodded. He thought for a while and then looked at Fang Hong and added: "But what does this have to do with the North American capital market?"
Fang Hong said again: "So, Qunxing Capital gets good companies listed on A-shares and raises the valuation. If you tweet a price-earnings ratio of 20 times, my Weibo cannot exceed 20 times? No, labor and management will not follow your valuation.
When the value system comes into being, labor and capital will reach a price-to-earnings ratio of 40 times. The capital market feels that the bubble is serious, and investors are waiting for it to fall. So just wait, wait for one year, three years, five years or even ten years, but it will not come down.
, and it can keep rising.”
Fang Hong does not seek to directly overthrow the global asset pricing power dominated by Lao and the United States. This is a long and difficult road, but with the current strength of Qunxing Capital, there is a corner of the world where some assets are not valued according to Lao and the United States.
Depending on the pricing, this is completely achievable.
"In the current capital market environment, when mainland investment institutions want to make venture capital investments in the primary market, whether they value a company at 25 times or 50 times the price-earnings ratio is not determined by the RMB interest rate, but by the U.S. dollar interest rate. This
Until now, I don’t think many institutions in China understand this well.”
At this time, Hua Yu couldn't help but say: "If things continue like this, one year, three years, five years, ten years, mainland investors will finally have to accept the facts. I have to say that this requires a decision far beyond ordinary people's courage...
"
Who will do this market? Partners such as Zhongtai Capital and Perennial Capital will do it.
Speaking of this, Fang Hong paused for a moment, and then continued: "So, I want to break this situation. This is the main reason why I want to list the high-quality assets of the galaxy even if I don't lack money, and I want to start from the benchmark."
We must and can do it, at least for listed companies in the cluster, to break away from the valuation system of the North American capital market."
Tian Jiayi on the side listened thoughtfully, but Fang Hong still said calmly: "Well, your financial market transactions are conducted in RMB, then your valuation and your risk-free interest rate are those of others.
valuation and the risk-free interest rate as a benchmark.”
Immediately afterwards, Fang Hong said again: "ATL Technology, we set the issue price so low, not in vain to give institutions like Zhong Tai and Pengrui the floor price chips. If they can't do a good job in market value management, they will find new partners.
."
Where does the money come from? Of course it is harvested from overseas markets, harvested from the U.S. stock market, and then supports the valuation of listed companies in the A-share market.
Hua Yu couldn't help but suddenly realized that Big Boss had another purpose in managing the market value of listed companies in the galaxy. As for looking for external capital institutions to cooperate, Hua Yu knew this very well. When playing finance, he always follows one rule: before he can use other people's
If you use money to do your own things, try not to use your own money. It doesn't matter if you pay a little interest to others.
"I have read a lot of reports written by securities firms in the past few days. They basically extend from the debt-making department to the judgment of whether to raise or lower RMB interest rates. The operating logic of global capital markets is almost the same and very simple.
Everyone has benchmarks for the valuation of various companies in the Mainland. What you want to do basically has benchmarks in the North American capital market, and then you decide how many times you want to give your valuation."
"...Whether it is Weibo, Ruihe Pharmaceutical, or ATL, which is about to be listed on the GEM, including other listed companies in the galaxy in the future, they must use market management methods to get rid of the influence of the North American capital market.
, get out of our own valuation system." Fang Hong said to Hua Yu while sitting on a single sofa in the office rest area.
Fang Hong immediately said in an orderly manner: "The domestic capital institutions, whether they are doing VC investment or PE equity investment, all think that the mainland's monetary policy department can adjust corporate valuations through the risk-free interest rate, but in fact it is the nominal interest rate of the U.S. dollar.
Or the real interest rate determines the global valuation, there is no way, the current global financial system is dominated by the US dollar."
Fang Hong said clearly: "To break or tear apart this system and establish your own valuation system, one of the key things is a technologically innovative enterprise. Furthermore, your company must be top-notch and capable.
Become the anchor of the industry, and then all other latecomers, including investors, will use you as a benchmark."
Hua Yu nodded and said: "That's true. Basically, the current situation is that when everyone invests in any industry, the first thing they think of is to go to the North American capital market to find a benchmark and take a look, and then decide what valuation level you can give.
What is the price-to-earnings ratio?”
Hua Yu couldn't help but nodded.
Fang Hong obviously has the courage, and Hua Yu also believes that he has the strength.
For no other reason than Qunxing has more money.
In the asset pool of the galaxy, there is no problem in achieving this in this three-acre area.
