Chapter 1012 [The scale of repurchase at the astronomical level]
If you sell now and cash out, you will indeed earn bubble money. In the short term, it will be a great advantage, but in the long term, it may not be so.
What if the stock price of Tiansheng Holdings continues to rise in the future?
Selling now to cash out will not make any profit in the long run, and may even result in losses. Holding it will make more money in the future.
Because you have cashed out, it will not be easy to buy it back in the future. It is very likely that you will not be able to buy it at the right price. If you want to continue to share the profits of Tiansheng Capital in the future, you will have to chase the high price and buy the high price.
The rising cost is equivalent to hedging away the bubble money earned by cashing out previously. If the cost is higher, it may not be as much as the benefit from holding the stock.
Lu Ming did not deceive the other shareholders, but relatively speaking, he favored the Guo Jia team, but this was also the case. If there was no country to push back the old Americans who were fighting back, no one would be able to eat this cake.
.
Buying back stocks is to allow these shareholders to continue their value investment. Lu Ming is to instill a concept in shareholders. Regarding the target of Tiansheng, they should "think lightly on cash, think heavy on equity" and unswervingly hold Tiansheng's stocks for the long term.
, don’t cash out easily, the stock price will still appreciate in the future, and cashing out means selling out.
And there happens to be a negative example, that is, the Norwegian Pension Fund. Of course, the withdrawal of this institution is not a loss, it has already made a lot of money.
But at the same time, having said that, the misjudgment of Tiansheng Capital resulted in the Norwegian pension fund at least doubling its profits, and almost selling off the profit scale of 250 billion yuan, which is an astronomical sum.
As expected, the Norwegian pension fund must be bought back obediently, because Tiansheng Capital’s logic and expectations have not changed. It was its own judgment that was wrong before. Since it has not changed, of course, it is still necessary to continue to invest in this target, such a high-quality asset.
There is no second target in the world. Admitting your mistake and taking it back is the best decision to correct the mistake.
However, if the Norwegian pension fund wants to buy it back, it cannot buy cheap chips worth 110,000 to 150,000 yuan per share. The Norwegian pension fund has been selling and selling in the past second quarter, constantly cashing out. At that time, the stock price
Wang’s price range fluctuates around 110,000 to 150,000 yuan per share.
The latest market price of Tiansheng Holdings now exceeds 200,000 yuan per share.
This is a typical negative teaching material for cashing out, and you must not learn it.
…
But it was said that the board meeting was still in progress. Xue Zhongming, who was attending the meeting, immediately looked at Lu Ming and asked: "What is the amount of the stock repurchase this time?"
This needs to be clarified, and both parties must communicate information well. One side must determine how much to buy back, and the other side must distribute chips for shipment.
Otherwise, the amount sold will not meet expectations, it will be cheaper for other institutions, and the stock price may not be able to bear the price if the amount is sold too hard.
Lu Ming had already planned the repurchase in his mind, and immediately said in a concise and concise manner: "Two trillion, the repurchase will start tomorrow, and the repurchase plan of the entire two trillion fund will be completed in nine trading days."
After a pause, Lu Ming further added: "Tomorrow, July 2, we will repurchase 130 billion. The amount of repurchases per day for the next eight trading days will be 170 billion, 300 billion, 300 billion, 250 billion, 270 billion, and 200 billion respectively.
,190 billion,190 billion.”
Xue Zhongming immediately nodded and memorized it. When the board meeting was over, he greeted the Guo Jia team organization and told them the situation. Only with the right caliber can they do a good job of taking over and selling.
There is no absolute fair game in the market. It is impossible for the few wealthy retail investors who invest in Tiansheng Capital to know such information. Even ordinary investment institutions do not know it, but Guo Jia team institutions can see the trump card in advance.
Today's board minutes will not be disclosed immediately. They will definitely have to wait until this wave of market conditions is over.
At this time, Gao Hua, who was present at the meeting, said: "What I'm worried about is that once the repurchase is terminated and there is no follow-up funding, will the stock price be stable at a high level?"
Lu Ming immediately smiled and said: "Don't worry about not being able to stabilize the stock price. The public equity institutions, private equity institutions and foreign investment institutions that sold off before will come back obediently. When the time comes to adjust the range by 20%, they will come back to take over, including Norway Pension."
gold."
Those public and private equity institutions, including Norwegian pension funds and other foreign-funded institutions, basically ran away in April and May. In addition, the fund industry will usher in an unprecedented explosion this year, with a lot of OTC funds, so there is no shortage of acquisition funds, and
There are not many investment targets that these large institutional funds can choose.
How can we talk about value investing when the stock kings don’t buy it? How about speculating on hot money, speculating on short-term stocks, and speculating on small stocks? That can’t accommodate such a large amount of funds!
Only the super-large pool of the stock king can accommodate massive amounts of large funds.
Lu Ming added with a smile: "If the market doesn't buy it, then I will go back and post a blog post. From now on, the company will pay no dividends or less dividends, and will instead focus on repurchasing stocks, and the repurchased stocks will be cancelled."
As soon as these words came out, Gao Hua no longer worried, Dabo SS had made arrangements clearly.
Paying no dividends or paying less dividends and focusing on stock repurchases is definitely a big killer, which means that the stock price will continue to rise in the future, because repurchasing stocks from the market and canceling them means that the company's total share capital is reduced.
However, the company's assets will not disappear at the same time because of the canceled stocks, but will be reflected in the remaining total shares themselves. That is to say, when the assets remain unchanged, the value of each share that decreases in the total share capital is of course more valuable, and the stock price
It will definitely rise sharply.
Coupled with the market expectations generated by this wave of repurchase operations, there will definitely be a lot of funds to buy the bottom once there is an adjustment, and then wait for Tiansheng Capital to buy back, and the stock price will basically fall too deep.
It's impossible. Why don't we just take it on?
The expectation of repurchase is too strong, and it will also cause holders to become more and more reluctant to sell, and will not sell their stocks easily, because with the continuous repurchase of stocks, the total share capital of Tiansheng Capital will continue to decrease.
Buying one share reduces one share, which means there are one less chip in the market.
Unless Tiansheng Capital later issues new shares in a targeted manner, this is another matter. As long as Lu Ming does not complete the increase operation, the logic of reluctance to sell will always exist. Then just hold on and hold on until he decides to do it.
It’s not too late to pull out and sell after the increase. I am still willing to take this risk because the overall return expectation is greater than the risk expectation.
Investors also believe that Lu Ming will not engage in ostentatious operations of fixed increase, for two reasons.
The first reason is that Lu Ming is really kind to his shareholders. Since the backdoor listing, no shareholder has been dissatisfied with Lu Ming. After all, the stock has risen to the sky in recent years, and he is simply beyond satisfied.
The second reason is that now the stock kings are kidnapping the A-share market more and more deeply. Lu Ming also has to consider large-scale fixed increase operations. Once the confidence of the market is undermined and the stock kings plunge sharply, Big A will hold 100%.
Unforgettable, it is equivalent to a large-scale fixed increase and the entire market will be competing against each other, which also means that the probability of Lu Ming playing a fixed increase is greatly reduced.
Unless Lu Ming completely ignores the A-share market, this is obviously impossible. Everyone knows that Tiansheng Capital actually plays the role of "ballast stone and fixing star". Although this responsibility is not clearly defined, its scale and influence are
Yes, responsibility will arise naturally.
The board meeting lasted for about an hour, and the topic discussion ended. The 2 trillion liquidity repurchase plan was unanimously approved by the board of directors.
Starting tomorrow, the first round of the 130 billion buyback plan will begin.
Moreover, it is repurchased directly from the secondary market without large-scale transactions. The stock king has no large-scale transactions at all now, because every time a transaction is completed in the secondary market, even one transaction is tens of millions.
level, and now it has reached the 20 million level.
Every change of hands in the secondary market can be regarded as a large transaction, and this is the current situation of the stock king.
