Chapter 246 [Tiansheng Yaoji's first cash dividend: 200 billion! (60/93)]
Qi Wei, who is in charge of the overseas investment sector, has already led a delegation to fly to Wall Street. His mission for this trip is to conduct research. The companies he is researching are the hundreds of listed companies listed in the document Lu Ming gave him at the meeting.
More than half of the company's investment research department has been taken away by him. With several major Wall Street interest groups tied to Tiansheng Capital and common interests with local gangsters, Qi Wei's North American research trip will go smoothly.
many.
Han Qiulin finished reporting Qi Wei's work report to Lu Ming, and then said: "Chairman, the company's interim results have passed preliminary audit verification, and the forecast increase exceeds 50%. Do you want to disclose the expected increase in the interim results?"
The final audit of Tiansheng Capital's interim results has not yet been completed. Tiansheng Fund Company, Tiansheng Venture Capital and other wholly-owned subsidiaries of the group company have to make statistics, and the final performance is reflected in Tiansheng Holdings.
The company has a big business, and it takes a lot of time to calculate the general ledger. However, the pre-disclosed data is certain that the performance of this year's interim report will increase significantly. Not to mention the US$13.5 billion in new foreign-funded LP institutions, only 1
% of the subscription fee is approximately RMB 1 billion.
Regarding the relevant provisions on pre-disclosure of interim results, Tiansheng Holdings is a super-large-cap stock on the Shanghai Main Board. For companies listed on the Shanghai Main Board, if the interim report performance increases by more than 50%, they do not need to make mandatory pre-disclosure requirements.
However, the China Securities Regulatory Commission encourages listed companies to make disclosure reports, and the disclosure time is generally before July 15.
Lu Ming took the materials from Han Qiulin and opened them.
The company's total revenue in the first half of the year is expected to be 10.8 to 11.5 billion yuan, a year-on-year increase of 73% to 85%. Net profit is 8.1 to 8.6 billion yuan, an expected year-on-year increase of 81% to 92%. The company's total assets are expected to be 6081.35
billion yuan, the net assets are expected to be 597.358 billion yuan, and the net assets will increase by 74.88% year-on-year. Compared with the first quarter, the net asset price has increased by 103.586 billion yuan.
The asset management scale of Tiansheng Capital has reached 1.95 trillion yuan, and the asset prices managed for LPs have increased by 581.9 billion yuan. The asset appreciation ability is brutal.
Lu Ming briefly looked at several key data in the material and put it aside, "Let's pre-disclose the interim results and release them after the market closes."
Han Qiulin nodded: "Okay!"
It is worth mentioning that since the establishment of Tiansheng Capital, it has received a total of approximately 700 billion yuan in entrusted funds from LP institutions, including US$13.5 billion from the three major foreign LP institutions.
In other words, of the RMB 1.95 trillion assets under management, RMB 1.25 trillion is floating profit, and this profit has not yet been cashed out. If all is cashed out, Tiansheng Capital will receive a 20% commission on excess performance.
You can get 250 billion yuan.
In addition, there is a 2% redemption fee which is more than 30 billion yuan.
Of course, it is best not to collect redemption fees. After redemption, there will be no management fees. The annual management fees for the more than 700 billion in trust funds are about 20 billion, which is guaranteed by droughts and floods.
There is a big difference between eating a full meal and eating a small meal.
Not counting redemption fees, there are currently 250 billion yuan in excess performance commissions to be cashed out. If they are cashed out directly now, it means that Tiansheng Capital's net assets can quickly expand to 847.3 billion yuan.
The current total market value of Tiansheng Holdings is just over 800 billion. It is a bit excessive that the net assets can be higher than the total market value. This is the core logic of Tiansheng Holdings' ability to maintain its rise.
The reason why there was no sudden surge was because institutions had a high degree of control over the market, which greatly and deliberately suppressed Tiansheng Holdings' desire to rise. This was a tacit relay game between large institutions.
To put it bluntly, you can't eat the rising dividend of this ticket alone, and maintain this slow bull trend of independent market, so as to ensure that you can get on the train at basically any point in time.
The unattainable stock price has blocked out the emotional and immature retail investors. Only institutions and a few retail investors like Lao Yang are playing. This is another key factor why Tiansheng Holdings' trend is as stable as an old dog.
.
Capital from the north is buying and selling every day, and it is difficult to set the pace, because the main players in the institutions are not ordinary, and there is no emotion. A large number of immature investors pour in to carry the sedan chair. It is difficult for foreign investors to make large inflows and outflows in Tiansheng Holdings.
Ascend to heaven.
Because of this, the number of institutional holdings is increasing. In the eyes of hot money, junk stocks are the treasures of institutions. Because of the huge amount of institutional funds, they like stocks like Tiansheng Holdings with rock-solid fundamentals.
This stock is definitely the most unique among the more than 3,000 Big A stocks currently. The performance of other big bull stocks recognized by the market, such as Mao Wulu, is also overdrafted for more than three years, and some are even overdrafted now.
Five, ten or even ten years of performance.
Needless to say, listed companies in the semiconductor sector have a price-to-earnings ratio of three hundred or even five hundred times. This is not called a price-to-earnings ratio, but should be called a price-to-earnings ratio.
But Tiansheng Holdings is a "wonder". The performance of the first quarter of this year has just been digested, and the performance of the second quarter is being digested. It is now the second half of the year.
Although its stock price is expensive, it is now more than 10,000 yuan per share, but it is actually seriously underestimated. If the performance of traditional white horse stocks is followed and the hype logic is followed, the current share price of Tiansheng Holdings should be speculated to 20,000 yuan. In fact,
There isn't much of a bubble either.
Retail investors can't get in, so institutions are not in a hurry to raise prices, but eat slowly. Moreover, the special nature of the brokerage sector in which Tiansheng Holdings is located cannot just raise the limit casually. In addition to making money, the top ten holding institutions also play a role in maintaining market stability.
of stunning beauty.
The rise and fall of Tiansheng Holdings' stock price reflects not only the fundamentals of the company itself, but also other special effects.
…
Not long after Han Qiulin left, Lu Ming picked up his landline phone and called Li Mingyang, who came to the CEO's office shortly after.
"What orders does Mr. Lu have?"
Lu Ming looked at the mid-term report materials in his hand and said: "Tiansheng's value growth mixed capital has reached an unprecedented 275.5 billion, and the profit has reached 202.8 billion. There is no need to wait for 300 billion. An announcement will be made today. In the next month
Within a year, Tiansheng Value Growth Hybrid Fund will distribute dividends of RMB 200 billion, and the dividends are mandatory and will not be reinvested. This group of citizens has earned enough, and it’s time for a new group of people to get on board."
Li Mingyang said in shock: "Dividend 200 billion? Doesn't this mean closing all profits? 200 billion selling pressure, Mr. Lu, I'm worried that the market can't bear such a big selling..."
This is equivalent to telling the market that I am going to run away, and 200 billion chips will be distributed!
Lu Ming smiled and said: "I've thought too much. I can't bear to distribute these chips to the secondary market now. At the same time, the subscription restrictions must be relaxed. There are a lot of people queuing up to take over the 200 billion dividends."
Part of the selling pressure will be taken over by new investors, and the other part will be taken over by LPs with funds. Not a penny of the 200 billion yuan will flow into the secondary market. After the dividend is distributed, the fund balance will be maintained at 150 billion yuan."
When SS Bo said this, Li Mingyang suddenly realized it after thinking about it carefully. He couldn't help but said: "Mr. Lu's move is so clever. It's a brilliant move that can achieve multiple results with one stone. It's wonderful!"
Lao Li discovered that he was still a Bo SS chicken thief, and he was shrewd to the core.
The operation of this 200 billion cash dividend is not complicated. First of all, it will not bring any selling pressure to the market. Not one constituent stock held by the fund will be sold. So where does the money for this 200 billion cash dividend come from?
One is to open up the upper limit for the subscription of the basic citizens, and the new basic citizens will buy the shares in cash, and the money will be distributed to the old basic citizens as dividend funds according to their shares. Lu Ming plans to let the new basic citizens take over about 75 billion, which is the net inflow of funds.
The fund still has 75.5 billion of the principal of the old investors. This operation is a forced cash dividend and not a forced redemption of principal. With the net inflow of 75 billion from the new investors, the capital balance after the dividend will meet Lu Ming's requirements.
of about 150 billion.
Lu Ming cherishes the chips, they are all chips for big-ass votes, and the most violent acceleration has not yet come.
Since it cannot be sold in the secondary market, New Funders has collected 75 billion, 200 billion in dividend funds, and 125 billion. Who will take over the deal? The answer is to take over the deal yourself, that is, Tiansheng Capital’s own funds and the entrusted funds of LP institutions to take over.
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This wave of cash dividend operations is actually an internal adjustment of Tiansheng Capital. LPs are very happy to take over this 125 billion capital offer, because this is equivalent to receiving the offer at a fair price. If you directly enter the secondary market to buy, there is no buying point, because
It will inevitably push the stock price to skyrocket, and the cost price of the chips will not be cheap, and the corresponding risks will be greater.
After such an operation, 200 billion cash dividends were indeed distributed to the people, but the money managed by Tiansheng Capital was not much, and the nature of the funds changed.
The RMB 75 billion subscribed by Xinjimin and the RMB 125 billion taken over by institutional LPs will all be charged subscription fees, management fees, and redemption fees, right?
As for the previous 200 billion profit capital, Tiansheng Capital does not have excess performance commission, because there is no fee for dividends from public funds' profit capital, and the custody fee is simply not enough when compared with the 20% excess performance commission.
!
It doesn't matter if the profit margin is small, but with a scale of 200 billion, Tiansheng Capital has to manage so much money for almost nothing, so it's a bit of a big loss.
You know, if this 200 billion is the profit capital of institutional LP, Tiansheng Capital can get 40 billion according to the 20% excess performance commission.
Public funds, on the other hand, receive no profit dividends at all, and can only charge an annual management fee of 2.5%. The same amount of money will also be charged management fees when it is turned into LP subscription funds, which is equivalent to giving away a share of 40 billion in profits.
Lu Ming didn't care about the 4 billion profit transfer. Even though 4 billion was a lot, he could still accept it if he tolerated it.
40 billion is absolutely unbearable, this is a bit too much!
Li Mingyang murmured in his heart, Brother Yi is definitely an old capitalist, right?
In fact, the logic behind this is not profound. It is to turn the profits from public funds into subscription funds for new investors and LP institutions, and then there will be a large amount of subscription income, and a 20% commission is expected in the future.
