As soon as this SMS message from Tiansheng Capital was announced, it was wildly interpreted by the market in all directions. The structure was analyzed word for word, and no detail was spared.
The most attractive one, and even the one that shocked the outside world, is the word "has" in the text "There are already 22 institutions."
This prefix is very interesting. Doesn’t the subtext mean that there are more than 22 institutions?
In other words, are there more institutions?
If there are only 22 institutions, then the wording of Tiansheng Capital's text message should be "a total of 22 institutions" or "22 institutions" without the prefix, but in fact the content of the text message does not have such wording. In other words, 2083
The US$100 million is most likely just part of it.
An institution as big as Tiansheng Capital has such great influence. It serves as a bellwether for the stock market and a barometer for the economy. These words fully explain its influence.
As long as it is officially published information, the market will interpret it wildly, with countless pairs of eyes staring at it and countless magnifying glasses shining on it.
Because everyone knows that every move of such an institution will have a huge impact on the market, so the content and wording of the released content must be rigorous.
It is precisely based on this that there is a lot of speculation in the market.
At the same time, in the A-share market, the originally net outflow of capital going north turned into a net inflow. Is this huge liquid cash amount of nearly 1.5 trillion received by Tiansheng Capital used for investment in overseas markets or investment in the domestic market?
, if you enter the domestic market, should you finance the primary market or the secondary market.
The specific flow direction is important, but it is not important either.
Because Tiansheng Capital’s total liquid cash has expanded rapidly. Anyway, your overall liquidity has surged. You have to take action to give your money a place to live, right?
…
Around 10 o'clock in the morning, the market continued to fluctuate upward, while Tiansheng Holdings' gains expanded to +2.26%, and theme stocks also began to pick up.
The reason for the strengthening of the market is that the market interpreted this text message from Tiansheng Capital. Some funds used this as a basis to predict that the ongoing high-level negotiations would make significant progress, so they entered the market and opened a long position. Short-term funds directly bet that the negotiations would improve.
The surge in Tiansheng Holdings is even simpler and more straightforward. The news is that it is directly related to Tiansheng Capital.
Not to mention anything else, the subscription fee of US$208.3 billion alone is an astronomical figure. If other asset management institutions can entrust such a huge amount of funds, the subscription fee will definitely be waived, and the management fee can be reduced as much as possible.
How many.
However, Tiansheng Capital’s management fee cannot be less than 2.5% per year, the subscription fee cannot be less than 1%, and the excess profit commission cannot be less than 20%.
In other words, the moment the US$208.3 billion arrives, an additional 1% must be paid as a subscription fee, which is US$2.083 billion, or approximately 14.9 billion yuan.
And from now on, the annual management fee of this money will be guaranteed to be 5.2 billion US dollars, equivalent to about 37 billion yuan.
This is why BlackRock, the world's largest asset management giant, manages an asset scale that far exceeds that of Tiansheng Capital, but it currently only has a market value of US$63.8 billion.
This is also the reason why Tiansheng Capital ranks first in the market value rankings of global listed companies with a market value of US$1.0732 billion. This is also the market value of this giant company after ex-rights and dividends.
BlackRock currently manages more than US$5 trillion in assets. Tiansheng Capital manages US$3 trillion in assets. BlackRock has an additional US$2 trillion, but its market value is only that of Tiansheng Capital.
Less than a fraction.
The reason is, of course, that Tiansheng Capital’s earning power dwarfs that of BlackRock.
The scale of money management reflects influence, but the size of the company's market value reflects the ability to make money.
These are two different things.
For the shareholders of Tiansheng Capital, shareholders are more concerned about how much money you can make than how much money you can manage, because this is directly related to the rights and interests of shareholders.
BlackRock's performance last year, based on North American GAAP, was US$4.305 billion.
In the same year, Tiansheng Capital’s net profit excluding exchange rate changes was US$97.1 billion.
Tiansheng Capital's full-year net profit for the same period was 22.5 times that of BlackRock, and its current market value is 16.8 times that of BlackRock.
In fact, this is also an important logic why the market has always felt that Tiansheng Holdings is still undervalued. Compared with the performance of BlackRock, the world's largest asset management giant in the industry, Tiansheng Capital's current total market value should reach US$1,435.5 billion, equivalent to RMB
It should be 10.28 trillion yuan, and the corresponding stock price should be 128,561 yuan per share.
Therefore, the valuation of the stock king is still undervalued.
But having said that, valuing Tiansheng Holdings is a very painful thing for many analysts in the industry, because the company's stock price has been rising and has been undervalued.
In the past, the value was revalued once in May and June, and it directly hit the daily limit for four consecutive times. When it comes to dividends, ex-rights and ex-dividends, it will hit the first board without waiting for the rights to be filled. At this time, the market feels that the current valuation of the stock king is still slightly low.
A little bit, but not to the outrageous level of serious underestimation in May and June.
But as soon as the news came out today, Tiansheng Holdings' valuation was obviously underestimated again. Since then, it has incurred an additional management fee of more than 37 billion yuan every year to ensure income due to drought and floods.
Analysts from many institutions in the industry have already started working. They threw the analysis report on Tiansheng Capital’s third quarter performance that had been prepared but not yet sent out into the trash can and re-wrote the research report.
Tiansheng Capital's third-quarter results will definitely exceed market expectations again, and analysts who have already issued research reports have written a new research report raising their expectations.
…
When the market bottomed out, rebounded, and fluctuated and strengthened, most retail investors were still in the doubt stage, and they all focused on this announcement from Tiansheng Capital. Most retail investors then interpreted it as Yi Ge's behavior to protect the market.
Seeing that the market couldn't stop the market, they released major good news, allowing the stock market kings to pull up and lead the securities sector to rise, which then drove the market to stop falling and rebound, stabilizing the market.
It is not wrong for most retail investors to understand this, and it is indeed the case.
But this is just one of the functions of Tiansheng Capital’s text message this morning. The vast majority of retail investors have understood this level in a short time. Very few people have contacted the ongoing high-level consultations and the fluctuations in the foreign exchange market through the content of the text message.
Not many investors pay attention, and there are even fewer investors who can detect changes in the foreign exchange market in a timely manner and quickly analyze the correlation.
As a result, many people began to sell when the rebound reached around 10:30, causing the market to rise and fall back. The Shanghai Stock Index turned green to -0.13% during the early trading close.
Most retail investors believe that this is a forcible move to boost the Taiwanese stock market to protect the market index. It is true that the good news released by Tiansheng Capital is good for the stock market, but in the eyes of retail investors, labor and capital cannot afford the stock market's surge.
…
At the opening in the afternoon, the Shanghai and Shenzhen stock markets quickly turned red and maintained a volatile upward trend, with theme stocks accelerating their recovery.
During the lunch break, investors from all walks of life in the market were also analyzing the early trading situation, and exchange platforms such as stock bars were also chatting. When many people saw the news about Tiansheng Capital, this company made nearly $100,000 just from the subscription fee of this fund.
15 billion, the third quarter financial report is definitely not bad.
Looking at the current time point, it’s time for speculation in concept stocks pre-increased in the third quarter report.
During the lunch break, the market began to speculate on earnings forecasts.
So the market opened in the afternoon, and the concept of pre-increased performance for the third quarter exploded. Jiuli Special Materials, Guangqi Technology, Global Service, Xu Ji Electric, Tianshun Shares, Yiwei Lithium Energy, Baoding Technology, Chuangwei Digital, Tianyin Holdings
Waiting for the daily limit to rise.
Another sector with strong performance is domestic chips. When the market started to rebound in the morning, the chip concept sector had already started to rush. Chengmai Technology topped the list, Shuobeide, Langke Technology, Jianghuawei, Huawei Electronics, etc.
Stocks hit the daily limit, and Kodak shares, Shengbang shares, etc. also rose one after another.
Since August, the trend of the technology sector has been very good, especially in the first half of September. The sector index has exceeded the high point of the spring market and hit a new high for the year, and many stocks have also hit a new high.
The best performing big technology sector in the third quarter was the new energy sector, followed by semiconductors, especially the new energy sector which was the absolute main line throughout September.
However, as Tianchi Technology peaked at 271.91 and started a brutal A-shaped decline in four days, not only did the new energy industry collapse, but other technology stocks were also brought down.
This afternoon, market funds are pursuing the concept of pre-increase in the third quarterly report, especially for Tiansheng Holdings. The third quarterly report will definitely be very impressive. As soon as the news comes out today, there is a high probability that it will exceed market expectations.
As of the close of trading, Tiansheng Holdings' after-hours quotation was 97,358.06 yuan, an increase of +3.58%. The daily turnover was 21 billion yuan, and the total after-hours market value was 7.78 trillion yuan.
The Shanghai Composite Index closed at 2924 points, up +0.39%; the Shenzhen Component Index closed at 9506 points, up +0.34%; the ChiNext Index closed at 1622 points, up +0.36%. The market closed with a lower shadow line.
Bald Yang, the closing price was the highest price of the day, and the market as a whole opened low and moved high, and it entered a shrinking and rebounding market.
