The newly acquired 200 billion funds will enter the company's depository bank account in the next month. Currently, Tiansheng Capital still has more than 88 billion liquidity. It was finally negotiated between Ge Feng's team and ByteDance in December last year.
received Series D financing, and this round of financing was exclusively invested by Tiansheng Capital.
Originally, Sequoia Capital and Jianyin International also wanted to participate in the lead investment, but in the end ByteDance chose Tiansheng Capital for no other reason than Lu Ming gave too much.
In this D round of financing, ByteDance planned to obtain US$1 billion in financing from the primary market to transfer 9% of the company's equity, but Tiansheng Capital directly quoted US$1.25 billion for the 9% equity, and ultimately took over D
round of financing.
In 2014, the primary market valued the company at only US$500 million, but now its valuation after Series D financing has reached as much as US$11 billion.
There is nothing you can do if you missed the early investment stage of Bytedance. However, it is not too late to get started now. It is worthwhile to take more equity and spend more money now. Although in the VC world, Tiansheng Capital seems to
The operation is really "Kay", but just think about the company's valuation in the next few years, which will exceed 100 billion US dollars. This investment will bring Tiansheng Capital a return on investment of more than ten times.
…
Two days later, there was an internal meeting at Tiansheng Capital.
The meeting was mainly attended by people from the Investment Research Department, and Ge Feng and others were also present at the meeting.
"As expected, currency tightening will occur next month, management will further de-leverage and deleverage, and the domestic capital market will definitely undergo a larger adjustment." Lu Ming said methodically at the meeting: "This
It’s also a good time to enter the market and build a position.”
The capital market has always been adjusted due to management guidance, and it is also a good opportunity to enter the market and open a position. Of course, the prerequisite is to invest in the right target. After all, although Big A has a lot of treasures, it also has more mines.
In fact, the management is still worried about the risk of foreign capital further pushing up the market during this round of adjustments to the capital market. Since the beginning of the new year, foreign capital has been buying and selling like crazy. Many domestic institutions basically have no independent opinions and follow the pace of foreign capital.
.
Regardless of whether it continues to rise regardless of risks, there is no doubt that management will not allow the capital market to operate beyond the expected range. The stock market crash of the year before last is still fresh in our minds.
Lu Ming looked around the crowd and continued: "Taking this opportunity, I plan to comprehensively reorganize and optimize Tiansheng Capital's investment matrix in the domestic capital market, and split the 'Tiansheng 150' portfolio into 'Tiansheng Shang 50' and
For the two combinations of 'Tiansheng Shenzhen 100', our company internally compiles a set of 50 and 100 indexes and makes them publicly available on the official website. The latest rebalancing and stock exchange data is updated in the middle of the next month after the end of each quarter, and it is also open to the public.
Synchronized to major market software for investors’ reference.”
In this way, investors can see the Tiansheng Shang50 and Tiansheng Shenzhen 100 indexes on market software such as Dongcai and Tonghuashun.
Lu Ming is not afraid of the company's investment asset targets being made public, and there is a need to do so, because positions have been established long before the data is made public. Making the position targets public will allow others to carry the sedan chair, and the position adjustment and stock exchange will be announced every quarter and next month.
The later data means that the information seen by the outside world is delayed by one quarter, which is equivalent to being staggered by one quarter.
In a quarter, if you want to run away, you will definitely be able to build a new position. Announcement at this time will have no impact.
As for asset targets that hold more than 5% of the shares, if you want to sell chips, you must issue a reduction announcement in advance. These are first- and second-tier blue chips, and keeping them private is the same as making them public.
Tiansheng Shang50, this combination is composed of 50 constituent stocks selected from the Shanghai stock market, but the sampling of constituent stocks is very different from the SSE 50 passive index. Tiansheng Shang50 is active and subjective.
The 50 index is a passive index, which includes large-cap bank stocks, brokerage stocks, etc.
It is basically impossible for Lu Ming to let Tiansheng select all the four major banks on the 50 list. Brokerage stocks will basically not be considered. The brokerage sector has only allocated one company for a long time, and that is his own company Tiansheng Holdings. Bank stocks on the Shanghai stock market only
Configure one, that is Zhaoshang Bank.
Regarding the banking sector, there are only three types of banks that Lu Ming values, namely Ping'an Bank, Zhaoshang Bank and Ningbo Bank. Ping'an and Ningbo banks are listed in the Shenzhen stock market, so they are naturally placed in the Tiansheng Shenzhen 100.
Tiansheng Shenzhen 100, this portfolio is of course composed of 100 constituent stocks selected from the Shenzhen stock market.
"Taking advantage of the market adjustment phase in April, we also need to adjust our positions." Lu Ming took out a few copies of the documents from the documents in front of his conference table and handed them to everyone, and everyone took them and opened them.
Bo SS has already selected the two investment matrices of 50 and 100.
Lu Ming added: "In addition, small and medium-cap stocks cannot be ignored. Although 80% of them are junk and will become penny stocks in the future, there are some good companies with high growth potential and even become hundreds of billions.
It's a huge failure for leading, high-quality small and mid-cap stocks to not be able to participate."
With that said, Lu Ming distributed another copy of the material to the attendees.
Tiansheng Small and Medium Cap 300, this combination is composed of 300 constituent stocks selected from the Shanghai and Shenzhen stock markets. The market value of these listed companies is between 5 billion and 20 billion.
One participant looked at the materials in his hand and laughed: "The outside world has been complaining that Tiansheng Capital only focuses on big blue chips and does not care about the life and death of small and medium-sized companies. This is what happened."
Everyone couldn't help laughing when they heard this.
Indeed, Tiansheng Capital invested more than 200 billion in Big A one after another, but all of it went to the first- and second-tier white horse blue chips, and a group of institutions followed suit and joined in. Now the funds going north are also working hard.
As a result, the index did not fall much, but small and medium-cap stocks continued to fall, while large blue chips rose very well.
During this period, the theme began to gradually die out, and the current market gradually became a market driven by institutions. Because funds began to continue to flow into large-cap stocks, the entire market began to transform from hot money-dominated to institutional-dominated.
Lu Ming said: "In the Small and Medium Cap 300 Index, the shareholding ratio of each target must be limited to less than 5% of the total share capital of the target. Among the small and medium caps, there are only a handful of large-cap stocks that can carve out a way to grow into hundreds of billions. Most of them are
The market is coming out of a phased market, so we mainly do trend trading in small and medium-sized caps, and be prepared to run away at any time."
Some small and medium-cap stocks are very good now and are favored by the market, but they will be ST or even delisted in a few years. For example, Amantong Holdings, which is very good now, will be ST a few years later, and it still carries the star *ST. This kind of
You can only follow the trend. When the trend is over, you have to leave with profits.
The vast majority of small and medium-cap stocks really go down when they go down, and it will be difficult to turn around in this life. Unlike the first-line big blue chips, the real core assets are all gold pits, and they will eventually rise and reach new highs.
If the shareholding ratio exceeds 5% of the total shareholding, if you want to reduce the shareholding and run away, you must make an announcement in advance. Large-cap stocks will have to fall to a certain extent. If there is such a negative announcement insisting on by large shareholders in small and medium-cap stocks, the market will not
Beep with you, I will give you two lower limit starts to show my respect.
Only a few small and mid-cap stocks can recover after being destroyed, so naturally they will not be buried with them.
Are you sharing the blessing? It’s okay!
Is it difficult to share the same responsibility? No!
…
(Ps: Half of it has been paid back, and half is left. At the end of the month, the monthly votes will be doubled. One vote is worth two votes. Everyone, please vote. It’s the last three days. We are only 2,000 monthly votes away from breaking through the 10,000 vote mark. Please work harder, everyone.
Part of the debt owed by the monthly votes has not been included in the calculation yet. It will be calculated when the time comes. The 300 votes plus will be extended to the end of this month...)
