At the moment, Lu Ming is reading two materials, which are about two important targets of the company's "Tiansheng Venture Capital" participating in the primary market investment projects. One is the listing of Zhongxin International, and the other is the launch of Ant's listing in Shanghai and Hong Kong.
That is, it is listed on A-shares and H-shares at the same time.
Especially for this ant, Lu Ming read the material carefully. This material report was submitted by Ge Feng, the person in charge of the primary market.
At present, the news of Ant's listing has not been announced to the outside world, but large investment institutions have already learned about it and even obtained a prospectus document in advance.
Tiansheng Capital is naturally among them. According to internal information, Ant will announce its listing plan on July 20, which is twelve days later. The initial plan is to issue shares from October 27 to 30, and in November with a
shares and h-shares were listed simultaneously.
Especially on the Big A side, Ant’s plan does not want to be listed on the Shanghai Main Board, nor the Shenzhen Main Board, but on the Science and Technology Innovation Board. Ant defines itself as a technology company, not a financial institution.
Listed.
The advantage of defining yourself as a high-tech company and listing on the Science and Technology Innovation Board is that you can obtain high valuations from technology companies.
You know, the market will generally give higher valuations to technology companies, especially growth high-tech companies, with price-to-earnings ratios of dozens or even hundreds of times.
However, the P/E ratio of financial institutions cannot be compared with that of high-tech companies. Bank stocks generally have a P/E ratio of less than 10 times, or even 5 times.
Among the most representative financial institutions at the moment, Tiansheng Holdings is taking the lead. The company's stock price has skyrocketed recently, nearly doubling from its low point. It stands to reason that the price-to-earnings ratio will explode.
However, even if Tiansheng Holdings hit a record high today, with its stock price reaching the 300,000 yuan mark for the first time, the static price-to-earnings ratio was still only 9.64 times. The dynamic price-to-earnings ratio became even more exaggerated after the first quarter report was disclosed, and the dynamic price-to-earnings ratio dropped directly to 2.28.
times, this is the dynamic price-to-earnings ratio data after the stock king has soared by nearly 2 times, which shows how low it was before it rose.
This is a financial institution. Let’s not talk about the dynamic price-to-earnings ratio. Even if we look at the static price-to-earnings ratio, Tiansheng Holdings has soared so crazyly, it has not exceeded 10 times.
If Ant wants to go public, its P/E ratio should not exceed 10 times, but if it wants to be listed on the Science and Technology Innovation Board, the technology stocks there can easily have P/E ratios of dozens of times, hundreds of times, or even one or two hundred times.
Ant is listed on the Science and Technology Innovation Board and is valued at a price-to-earnings ratio of at least 30 times. In just two words - bubble!
Super huge bubble!
The material report in Lu Ming's hand even states that Ant plans to raise US$35 billion in this A/H share listing IPO. If the financing is really successful and the listing is successful, it will surpass Sat Aramco and become the world's largest listed IPO financing.
A new record for scale.
What is the concept of 35 billion U.S. dollars? Excluding the exchange rate, it becomes about 245 billion yuan, which is undoubtedly an astronomical figure.
And what’s interesting is that the property market in Hangzhou has been going very well in recent days, and the housing prices there have skyrocketed, because the listing of Ant will create a large number of billionaires, multi-millionaires, and a large number of Ant employees.
I am eagerly looking forward to the IPO of Ant, and then I will become rich overnight and directly realize my dream of wealth and freedom in life.
Therefore, local housing prices have increased rapidly.
At this time, Lu Ming put down the materials and called Ge Feng's office.
Lu Ming: "It's me."
As soon as the call was connected, Ge Feng on the other end immediately responded: "Chairman, what are your orders?"
Lu Ming said simply: "For Ant's IPO fundraising plan, I, Tiansheng Capital, have withdrawn from the subscription and will not participate in this financing."
Ge Feng on the other end was very surprised and couldn't help but said: "Chairman, this time Ant's IPO plan, I was kindly invited by Tiansheng Capital..."
When Lu Ming heard this, he immediately laughed and replied with a smile: "Haha~, the IPO raised 245 billion yuan, and the market value of the issuance reached an estimated value of 3 trillion yuan. Did you kindly invite me to take over the deal and cash it out for him?"
If Ant is issued and listed with a valuation of 3 trillion, it will definitely be the next Zhong Petroleum, and its listing will be its peak.
It is clear that he does not want to give a slight premium to the secondary market. If there is no comparison, there will be no harm. When Tiansheng Capital went public through a backdoor listing, the issuance market value was 240 billion yuan, which gave enough room for premiums in the secondary market. According to the company’s valuation at that time, Tiansheng Capital was
Sheng Capital can completely increase the market value of the issuance to 700 billion, that is to say.
Pricing at an issuance market value of 240 billion yuan gives the secondary market nearly twice the premium space.
If Ant was sincere, the valuation should not be 3 trillion, but should be issued and listed at a pricing valuation of 300 or 500 billion.
Why should this company be valued at 3 trillion yuan just because it can go public? Does it have Tiansheng’s earning power? Doubling the secondary market means getting a market value of 6 trillion yuan, and using it to support a market value of 6 trillion yuan?
Ant is indeed super profitable. There is no denying this. This year’s net profit is expected to exceed 50 billion yuan, killing 99% of the listed companies in the A-share market. It can also be said to kill a large number of companies in the country. There is no doubt about its ability to make money, but it is absolutely impossible.
Support a market value of six trillion.
Tiansheng is now able to achieve a market value of 23 trillion, which is supported by its super terrifying earning power. The net profit for a year is now calculated in trillions, and the company's net assets are at the 20 trillion level.
At this time, Ge Feng on the other end of the phone couldn't help but recall the Leshi car that was stopped by the big boss a few years ago, so he immediately responded: "I understand, I will stop the project immediately and withdraw."
It was originally planned that Tiansheng Capital would participate in Ant's A/H share listing IPO plan, and was allocated a subscription of 36.6 billion yuan, which was a big injustice.
After a while, Ge Feng asked on the phone: "Chairman, does the target of Zhongxin International need to be adjusted?"
Zhongxin International, known as the number one semiconductor stock, has already set its listing date. It will be listed on the Science and Technology Innovation Board on July 16, which is next Thursday. The company's listing price is 27.46 yuan/share. This IPO will raise funds.
The scale reached 53.2 billion yuan, which is also an astronomical amount of financing.
Tiansheng Capital also participated in the company's IPO fund-raising, receiving a subscription of 7.68 billion yuan and holding 279 million shares, which is also a huge amount.
Lu Ming immediately said: "Zhongxin International will participate as planned. High-tech companies still need to support it, especially semiconductors."
Supporting technology companies is one thing, but the most important thing is that Tiansheng Capital will not lose money on this investment. Even if this target is listed at its peak, it will not fall below the issue price within half a year.
The key is that Tiansheng Capital is not the major shareholder of Zhongxin International and has not participated in the primary market financing. Only this IPO financing involved 279 million shares, which is less than 5% of the total equity. The ban can be lifted at any time after half a year, and there is no need to announce it yet.
announcement.
At the cost price of 27.46 yuan, it is not a big problem to cash out by doubling the profit. The key is that there is no need to announce the reduction of holdings, so it is more convenient to reduce the holdings. By the time the market knows it, the reduction has been completed.
Ge Feng on the other end of the phone responded again: "Understood!"
As soon as the communication ended, Ge Feng immediately started to deal with the matter of withdrawing from the Ant investment project. This was a direct instruction from the big boss without too much explanation, but it was enough that the big boss was not optimistic about it!
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