Chapter 201 [It is better for me to cut it than to be cut by foreign capital (40/73)]
"Good morning everyone, my name is Lu Ming. The formal voting meeting will be held in the afternoon. Let me first introduce the other 10 directors of the company..."
The board of directors of Tiansheng Capital has expanded from 7 people at the beginning to 11 people after the backdoor listing. As the founder, Lu Ming enjoys more than half of the director nomination rights, so the other 5 people on the board of directors were nominated by Lu Ming, Ge Feng
He is one of the directors.
The board of directors adopts a one-person-one-vote voting system. In this way, including his own vote, the total is 6 votes. Any resolution can be passed steadily, and the company is firmly controlled.
It is worth mentioning that the directors of a company do not represent the interests of the company, but the interests of shareholders. To put it simply, whoever nominates the director is responsible to them.
Three of the other five directors of Tiansheng Capital represent external major shareholders, namely Wanxiang Group, Chaoyun Trust and Guo Jiadai Institution. As one of the major shareholders of Tiansheng Capital, they want a board seat to represent their interests.
Not excessive.
The other two directors are independent directors hired by Tiansheng Capital. These two directors represent the interests of all shareholders. The independent directors do not represent any shareholder and play the role of "outsiders".
The existence of independent directors is very necessary. The company needs to stand on the overall interests of the company and make an objective and neutral voice. And because they are "outsiders", they don't have to worry too much. They dare to make different voices and think that the founder is wrong.
You can take advantage of it.
If you are unhappy, just fire him. Anyway, there is a "golden parachute clause" to protect him. The fire means that the company will have to compensate the independent director ten times the annual salary. It is really cool to get 10 years of salary for nothing and not work.
At this time, Lu Ming briefly introduced the board members attending the meeting and stood up to greet all shareholders when announcing their names.
After completing the brief introduction, Lu Ming continued to speak to all shareholders: "We have published the company's profit and loss statement. This document is placed on our display board. You can see how our financial report is. The company has followed
Everyone has talked about the annual report. We have put it forward at the beginning. The general situation of the economy is reflected here. We will record all matters and there will be fluctuations every quarter. What we are showing now is what was announced last week.
Our official explanation will appear in the form."
At this time, Lu Ming added to the camera: "Shareholders who were unable to arrive at the scene can watch the live TV broadcast. There is also a replay on the official website. It will be announced again around three o'clock this afternoon. They can fully understand and quickly understand our financial status. Of course, everything will come out
The data does not completely show the company’s actual situation, but our current operating performance.”
Lu Ming took a sip of water and continued speaking: "For today's questions, institutional analysts on my right and journalists on the left will ask some questions. Both sides will take turns asking questions. In the next five hours, we can fully understand, that is,
Some important things that have happened now, of course, I don’t know what questions you will ask later, what kind of situations we will have during our business operations, etc., but we will not easily disclose what we want to buy, but we will answer many questions.
Can help everyone answer.”
The shareholders' meeting is continuing here, and today's stock market has opened as scheduled. Tiansheng Holdings continues to follow its own independent market, and the market is having another day of weakness. Big A opened directly lower today, breaking the 3100-point integer mark.
The concept of Xiongqi New District has also begun to diverge today. The three giants of Jidong, Chuangye, and Xianhe have all weakened today, and none of them has closed the door.
As soon as the market opened, 10 stocks were hit at the lower limit. Without exception, they were all small and medium-cap stocks. The lack of themes and concepts caused the market to fall into a downturn. Basically, you can turn off the software and no longer need to watch the market.
Many investors are watching Tiansheng Capital's annual shareholders' meeting through the Internet and chatting while watching. However, investors are basically not interested in the content of the meeting. It can be said to be boring. Although they trade stocks, they do not understand many things.
Don't want to hear it either.
On the contrary, everyone's discussion about Lu Ming himself was quite heated. Everyone admired the reckless hero. This is not a derogatory term, but they worshiped Lu Ming's legendary and mythical self-made man.
At the age of 25, most retail investors are ten years or more older than Lu Ming. However, Goose himself is still chasing the rise and fall of Big A. At the age of 25, he is not only the richest man in Asia, but also expected to surpass Bill.
Gates became the world's richest man, the founder of a company with a market value of more than 700 billion yuan, and managed assets of nearly 2 trillion yuan.
I can only sigh when comparing them.
Time passed by minute by second. At the shareholders' meeting, all the participants were silent and silent. Lu Ming's voice still sounded throughout the audience.
"... Tiansheng is an investment institution and asset management institution. The capital market is a must-talk at the meeting. Compared with the continuous bullishness of European and American stock markets, even the Hong Kong stock market, which has been in the doldrums for many years, is also rising. The domestic stock market is still bearish.
Overall, the domestic stock market continued to fall in the first half of the year, and has been trading around 3,000 points for a year and a half."
"In general, the market is currently experiencing great differentiation. I noticed that 80% of the stocks have fallen, and the average decline has exceeded 2016. Among them, 30% of the stocks have hit new lows, but at the same time, about 5%
The current share prices of individual stocks have exceeded or are close to the highs from 2015 to 2016."
"Indices are differentiated. The lowest point of the ChiNext Index has reached near the lows of the previous two rounds of stock market crashes. However, the Shanghai Composite 50 has hit a new high since 2016. Since this year, various negative effects have been intensively targeted at small and medium-cap stocks. During deleveraging,
Against the background of currency tightening, stocks with high valuations and poor performance are the first to bear the brunt."
"As of last quarter, the PE of the main board, small and medium-sized board and GEM were 15 times, 44 times and 57 times respectively. Although the valuations of the small and medium-sized board and GEM have been declining, the valuation of the GEM is still at the level of 2010
In recent years, the mid-to-high position and the mid-range position of small and medium-sized boards are significantly higher than the mid-to-low position of the main board."
Speaking of this, Lu Ming called up a set of data and put it on the display board on the main screen of the conference. All shareholders, including Lao Xiao, couldn't help but look at the data on the screen.
Lu Ming faced the shareholders with a relaxed smile and said: "However, Tiansheng Capital's return on stock assets in the past year, including this year's investments, has been very gratifying. To put it simply, our investment direction can be expressed as 12
To sum it up in one word: high-quality company, core assets, greatness is beauty! The market also proved to us that our original judgment and choice were extremely correct, and brought abundant returns to all shareholders and our LPs. Our future
The investment direction still revolves around these 12 characters as the main layout."
The investors who were watching Tiansheng Capital's annual shareholder meeting were confused when they heard Lu Ming's words.
What's going on? What's going on? Why is Brother Yi starting to advocate bigness and beauty?
wrong!
Brother Yi has been doing this since he started transitioning to price investing. Last year, in 2016, he started to invest heavily in large stocks and even built a "Tiansheng 150" investment portfolio, which is all large-cap blue chip stocks.
Do small and mid-caps really have no future?
Investors who hold small and medium-sized enterprises and are stuck in the trap feel a little bit unable to bear it. They really can’t bear it!
Brother 1 is already bragging about how big and beautiful it is.
At the shareholders' meeting, Lu Ming said that there was nothing he could do about "high-quality companies, core assets, and big things". He could only say this. At present, most domestic institutions are being led by foreign capital to go north.
Funds are masters of rhythm. They are buying big tickets like crazy, and Mao Tiao has been bought to the top, buying the upper limit of the inflow of foreign capital.
Lu Ming is very clear that this trend has already started. By the end of 2017, the big ticket sales will lead to a crazy rise in the institutional grouping. Then foreign investors will cash out accurately and leave the market. The institutional grouping market will collapse. Domestic institutions will start to chase the rise and kill the fall. Next year, because of Sichuan
Bao launched a risk-taking war, which caused Big A to suffer a whole year, and the index was driven to more than 2,400 points.
Foreign capital has cashed out at a high level long ago, leaving a large number of domestic institutions and retail investors standing guard to be involved in the internal crisis. This situation will not only happen at the end of this year, but the same script will be repeated again later, and it will be even worse.
Lu Ming can only advocate "big and beautiful" now, because the market has already made its choice, and he obviously will not go against the general trend.
Lu Ming expected the large-ticket grouping market at the end of the year, so last year he invested more than 200 billion in large-ticket funds early, and this did not include public funds led by Tiansheng Value Growth Hybrid Fund.
Now you have the first mover advantage.
Lu Ming's response is simple: since the grouping market at the end of the year is an unstoppable trend, rather than letting foreign capital harvest it on a large scale, it is better to let labor and capital do it.
In terms of the overall situation, this has prevented a large-scale looting of mainland national wealth by foreign capital and once again shattered foreign capital's wealth harvesting plans.
Lu Ming is really qualified to talk about the structure like this, because Tiansheng Capital's total assets are close to 2 trillion. In addition to its own investment assets, 70% of the total assets are managed for LPs.
Among these LP institutions, social security funds, pension funds and other institutions are prominently listed, including trust institutions, which indirectly manage the wealth of tens of thousands of families in this society.
Tiansheng harvests the group market at the end of the year. In other words, domestic wealth is transferred domestically and the wealth does not flow to foreign fields.
