Answer some questions about the plot of the book friends in the comment area
First: Why does Tiansheng Capital want to go public?
answer:
Use capital to mobilize greater capital. If you don’t have money, you have to go public. If you don’t lack money, you have to go public. In addition, other reasons include unlocking a strong background. People have no background at the beginning, but later they make many outstanding friends, so
Once you have the background, the road will go smoothly.
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Second: Why is Tiansheng Capital undervalued?
answer:
Valuing a company is very confusing in itself. From the perspective of industry attributes, future prospects, founders, etc., you are an investor and your focus is different. The valuation and pricing of the company will definitely be different. Tiansheng Capital believes
The price-to-earnings ratio doesn't mean much because the income statement can easily be glossed over. You should look at the price-to-book ratio and the income statement.
Is Tiansheng Capital undervalued? It definitely is, and it must be underestimated. Looking at this company from the perspective of a third-party investor, there is actually no moat. It is just a pure shareholding platform, and its core assets are still various
A stock asset means huge volatility and risk, which can easily lead to sharp rises and falls in asset prices, because the market is interconnected. When it falls, everyone falls with it, and when it rises, it takes off collectively.
Third-party investors do not know that the protagonist has cheats, so they must conduct risk assessments according to normal procedures.
The biggest moat of Tiansheng Capital is the founder, which in itself is risky. The founder is very strong, but the risk exists. Institutions that accept private placement need to lie in the risk zone of relatively low valuation before they are willing to take over, ensuring that Tiansheng
If Sheng Capital really explodes, it can make a profit and leave a window of time for escape. The capital is generous but not stupid.
The purpose of actively lowering valuations is to expand the room for growth. To a certain extent, listing is beneficial to the secondary market. Capital profit sharing must be seeking greater benefits. Taking a long-term view, this is to create a gold-plated "core asset"
operate.
Some IPOs want companies with a valuation of RMB 3 trillion, financial institutions want to be listed on the Science and Technology Innovation Board, and financial cores want science and technology innovation companies with high growth expectations. The PE valuations are simply ridiculous. They are obviously naked.
If you want to cut leeks in the secondary market, doubling the base figure of 3 trillion will result in a market capitalization of 6 trillion. There is almost no room for growth. No matter how good the funds are, such a company will not be favored. Therefore, if the listing is successful, the main funds will definitely flee.
Listing is the peak, followed by a slow decline.
In the article, Tiansheng Capital has a low valuation of 240 billion. Does it have huge room for growth? When the market value rises to 2.64 trillion, will it become a blue-chip bull stock ten times? Or even higher? Then it will naturally become a major market in various markets.
Will the so-called "core assets" with high return on investment that funds are eagerly chasing continue to rise forever?
For the protagonist, if he does not reduce the shares he holds and gives a lower valuation, he will suffer a small loss and make a big profit. If the capital actively gives up profits, he must be seeking greater interests. The capital that refuses to give up small profits often reaches its maximum, because
There is nothing to gain, just remember this.
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Third: Regarding the issue of Tiansheng Capital’s asset statement.
Some readers mentioned the confiscation of the protagonist's 10 billion own assets. This is because he did not read the book carefully. Here is a brief summary. The protagonist first earned 1 billion as a retail investor, and then founded Tiansheng Capital, adopting the "
The "two-tier structure" model has multiple subsidiaries, including Tiansheng Venture Capital, Tiansheng Fund, etc.
The RMB 1 billion earned during the retail investor period was all injected into Tiansheng Capital, because institutional-only seats and "institution-only" seats were required, and the disorderly dragon and tiger list exposed the concealment of personal identity. At the same time, the protagonist was already a fund manager and could not speculate in stocks individually.
So these 1 billion leveraged several times of leverage and worked hard in the bull market stage, earning over 10 billion. Later, they used leveraged funds to raise the banner of Anshi Group, and gradually grew, which was reflected in Tiansheng Capital's asset income statement.
superior.
What I want to say here is that the listing of Tiansheng Capital has nothing to do with the money the company manages LPs. The LPs’ money belongs to the LPs. BlackRock manages 9 trillion US dollars of money, which can only be used by BlackRock.
rather than all.
Tiansheng Capital in the novel is at least a combination of BlackRock Group + Blackstone Group, because Tiansheng also operates PE equity funds, manages money for LPs and also has its own investment department. Generally speaking, Tiansheng Capital has its own
Investment accounts for about 30%.
For example, if you invest 1 billion in company A, Tiansheng will participate in 300 million, and many LPs will share the remaining 700 million. Don’t look at 30%, but evenly divided, Tiansheng will get the lion’s share. There is only one Tiansheng.
But there are more than N LPs. If all the LPs make profits, Tiansheng will still share the excess performance commission. If they lose money, it has nothing to do with Tiansheng.
In short, the total assets that the protagonist can manage and control are: (Tiansheng's own assets) + (LP's entrusted funds). Although they are all managed by the protagonist, the owner's rights and interests are different and must be distinguished.
Hi, actually this thing is super complicated, and the author is also a layman. Only professional legal professionals and accounting departments can really sort it out. The real situation is that an IPO recruitment document of a large company can have hundreds of pages of content.
I won’t go into detail and complexity. You only need to know that there is a major investment in the novel, and Tiansheng accounts for about 30%. That’s OK.
This simplifies the complex and everyone comes here to read the interesting articles for entertainment. I understand this.
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Okay, the update is here, and the main text will be sent soon!
