Jia Changliang, who had experienced ups and downs, was actually taken care of by Big A. He was even lucky. Although Tiansheng Convertible Bonds did not allow him to get rich overnight and achieve financial freedom in life, it also brought him more than 5 times the profit and he was
This changed his destiny.
Because after he got out of the convertible bonds, he had the capital to buy one hand of Tiansheng Holdings, and he never touched it again. In the next few years, he continued to buy Tiansheng convertible bonds with limited funds.
Then decisively swap debt for equity.
In the following years of holding Tiansheng Holdings, although he did not become rich, he did achieve a well-off life, learned to be content with what he had, and lived an ordinary but carefree life for the rest of his life.
Jia Changliang is considered one of the lucky few, while other Xiaosan who participated in Tiansheng's debt swap are miserable, even tragic.
In this flash crash, at least 600 people with assets of more than 10 million in hot money were killed, and the one with the smallest loss reached about 25%. The reason for the "small" loss was that he only had two or three levels of warehouses, but these two
The actual loss rate of three-tier warehouses is over 80%.
The biggest loss was caused by the Stud Monster with only about 10% left. This kind of monster was wiped out in two days.
According to incomplete statistics, as many as 600,000 large and small hot money and retail investors were wiped out in two days. It was extremely tragic and cruel.
The total amount of wealth has not disappeared, but has been transferred to the hands of rivals, securities firms, and institutions, which has also concentrated wealth to a smaller number of people.
During the magical market of Tiansheng Convertible Bonds, the hot money maker who made the most money made a profit of 370 million. If calculated based on the average assets of a retail investor of 200,000, this hot money alone made a huge profit in this round of Tiansheng Convertible Bonds.
During the market, 1,850 small businesses were cut off, and every penny of profit he made was meat chopped off from the bodies of hundreds of small businesses.
The current market trend of Tiansheng convertible bonds is not an increase in asset prices brought about by additional currency issuance, nor is it an increase in dividends from corporate development, it is simply a game between rivals.
…
After the market closed, Li Mingyang was in his office. He was reading a document sent by Han Qiulin. It turned out to be a list of bond targets mentioned by his boss before.
"CDB Construction Industrial Investment Bond, 18 Beijing Industrial Sales SCP003..." Li Mingyang muttered silently. This rich list of debt investment materials all shows that the boss has already made clear arrangements for the general direction of Tiansheng Value Growth Hybrid Fund this year.
.
When the holding reduction date comes, the funds from the reduction will flow back to the company, and the 100 billion undertaking funds currently thrown in will be hedged out.
However, the situation of Big A today is still a day of big decline. The Shanghai Stock Exchange Index fell by % after the market opened today, and the index closed at the closing point. The big blue chips that plummeted in the early stage have rebounded today, and the big blue chips that did not fall sharply in the early stage have begun to make up for their losses today.
Just like what Lu Ming said, today's market situation is the result of fund managers cutting their stocks. They have to balance the costs of the major constituent stocks. If they fall too much, they can't cut the stock anymore. They can only find stocks that haven't fallen sharply and cash out to deal with it.
Fund redemption pressure on Christians.
…
President's Office.
Lu Ming was looking at today's closing data of Tiansheng convertible bonds.
Closing price:
Increase or decrease: %
Turnover: 18.1 billion
Positive stock price:
Conversion price: 12350
Conversion value:
Premium rate: +%
It surged 14 times in ten days, basically evaporated in two days, and returned to a normal and reasonable value range in two days. The stock conversion premium rate is actually a bit low. It rose too hard before, but today it is killing too hard.
However, considering that Tiansheng Holdings has not stopped falling, it is actually relatively reasonable.
Lu Ming knew that most of the funds taken over today were from institutions, and the previous hype must have been fueled by institutions.
Really eat both ends.
For no other reason than the reason why the institution is willing to undertake the debt-to-equity swap, Lu Ming is very clear that Tiansheng Capital will not engage in private placements, nor will it choose to transfer with high bonuses.
As a result, if the shareholders who hold Tiansheng Capital's shares do not sell, it will be difficult for others to get on board, or they will take over the shares at a high price, such as the current takeover of 25,000 yuan.
Not to mention retail investors.
A large number of retail investors in the market are begging Yi Ge to split their stocks and get on board. Can convertible bonds be split into stocks?
But Lu Ming is still giving them a chance to get on board, which is to issue convertible bonds, buy convertible bonds and then conduct debt-for-equity swaps. In this way, they can't buy a lot of real shares, but they can also cash out and hold them in the future through debt-for-equity swaps.
One or two shares or a dozen shares, and convertible bonds also give retail investors with small funds time to raise money.
But, how many can actually get on the bus?
Now it seems that most of them have been robbed by institutions. Large institutions understand the potential of Tiansheng Capital better than retail investors, so they choose to hold debt and eventually convert it into shares to realize the increase in stock shares and enjoy long-term asset price increases.
In fact, Lu Ming is definitely the most friendly to retail investors among all the heads of listed companies in Big A. Once the balance of the first convertible bond is used up and the trading is suspended, the second convertible bond will be listed soon.
Debt: Tiansheng transfers 2, Tiansheng transfers 3, Tiansheng transfers 4... and so on without interruption.
At least it will not be interrupted during Lu Ming's years at the helm of the company.
This is to always open a channel for Big A's retail investors to purchase Tiansheng Holdings. It is always open there and anyone can enter and exit at their own convenience.
Anyway, the channel is open there, only for those who are destined. As for whether more institutions or retail investors come in, this is not what Lu Ming needs to consider.
After the debt-for-equity swap, the total share capital of Tiansheng Holdings will inevitably increase, but Lu Ming will always maintain the company's total share capital at 80 million shares, so the shares increased by the debt-for-equity swap will also be canceled through the company's irregular repurchases.
Therefore, if the number of shares is maintained at 80 million shares for a long time, for example, if 5,000 shares are added at a certain point in time, the company will spend money to repurchase and cancel them at a certain point in time.
In this way, Lu Ming's shareholding ratio in the company will not be reduced, and he will always have absolute control over the company.
On the one hand, the company issues bonds and on the other hand, it repurchases, which is equivalent to using the money from the bond issuance to repurchase the company's shares. Part of it is hedged, and the other part is repurchased by the company, because the stock price will definitely rise in the long term.
Buybacks will also drive up stock prices. Of course, the money from bond issuance is not enough to fully offset the value of the converted shares, so the company will have to spend more money.
In other words, in this way, Tiansheng Capital transfers part of its profits to the capital market and all shareholders of Tiansheng Capital, because repurchasing shares will definitely drive up the stock price, and the company is paying real money.
I'm afraid you can't find another boss like this among all the listed companies in Big A.
…
Time comes to Friday, February 9th, ushering in the last trading day of the week.
This week is a miserable week for the domestic capital market. It has plummeted for four consecutive days. The Shanghai Stock Exchange Index went from the breakdown point of 3337 points last Friday to the closing point of 3028 points yesterday. In just four days, the index plummeted by more than 100%.
9 percentage points.
After falling from the highest point of 3587, the cumulative decline has expanded to %. If it falls by less than 5 points, it will be a -20% decline. Once the decline exceeds this number, it means that Big A will enter the technical bear market stage.
At the opening of trading today, Tiansheng Holdings once again hit its fifth daily limit. The market was already lifeless and sentiment was about to reach freezing point.
The trading volume in the two cities shrank by nearly one-third compared with yesterday.
No one moved, and no one sold. If you still sell a hammer at this time, the meat that needs to be cut has been cut, and the meat that has not been cut has been completely trapped. The securities sector has returned to the starting point before the market started.
Played a lonely game.
Securities ETFs fell by -39% from the high point, and those that did not move near the high point returned to zero again. As for the high point, they were directly and deeply locked in.
Many people who have been trapped again simply pretend that nothing happened in this market and see you in the next round of market!
This is the only way, otherwise what should we do?
There are quite a lot of people buying the bottom today. After all, the securities sector has fallen back to before the market started. They think that the risks have been released and the decline has indeed stopped. Although Tiansheng Holdings still fell by the limit today, other securities stocks rarely withstood the leading position.
The big brother’s pressure to hit the limit, isn’t this a signal to stop the decline?
Many people are unable to determine which brokerage stocks are reliable and simply invest in ETFs.
These people who are bargain hunting do not realize the seriousness of the problem. The plummeting of securities companies, and even the plummeting of Big A, is just the beginning of this period of rapid sales. In the bear market environment throughout the year, bargain hunting at any position is just a trap.
