Fang Hong took the materials and glanced at them.
The first thing reported in the material is that the project company jointly established by Qunxing Capital and Huayang Group has acquired the land in the northern suburbs of the new city.
The cost of acquiring land is almost negligible.
To plan an entire huge high-tech industrial park in this barren land in the northern suburbs of the new city, the overall investment required is estimated to be 22.7 billion. It is definitely not possible to spend this much money on this project.
It’s better to use leverage.
Huayang Group and Qunxing Capital jointly established a project company, and pledged 100% of the project company to the bank in exchange for 10.5 billion yuan of funds. Qunxing Capital actually contributed 2 billion yuan, and Huayang Capital paid 1.5 billion yuan, and then the two companies merged The total is 3.5 billion, and the remaining 8.7 billion will be raised through a private equity fund raising.
At the same time, the 3.5 billion yuan from Qunxing Capital and Huayang Group is used as inferior funds, that is, if the project loses money, Huayang and Qunxing will lose money first, so as to close the remaining 8.7 billion funding gap.
After raising this money from the private sector through private equity funds, Qunxing and Huayang Youhou decided to lose money first to this company, and then other investors were willing to invest money because the risks of other investors were further reduced.
In this way, for this huge high-tech industrial park planning project, Huayang Group and Qunxing Capital actually spent a total of 3.5 billion to leverage 22.7 billion, which is about 5.5 times the leverage capital.
…
Fang Hong turned to the second thing in the material report, which was related to Yixing Media Group.
The main focus is on resource integration in the theater chain, which is currently at full throttle for mergers, acquisitions, integration, and reorganization.
It is worth mentioning that the layout of Yixing Media is still based on leveraged capital operations. Fang Hong’s strategy is to try not to use his own money if he can use other people’s money. Therefore, it is also consistent with the idea of high-tech industrial park planning projects. Different approaches but similar results.
The same method is to package the project, set up a shell company, and then pledge it to the bank to replace the cash flow.
As for why a shell company can pledge cash flow from financial institutions, what financial institutions recognize is not the shell company, but the Qunxing Capital behind the shell company.
After the shell company is integrated, a value appraisal will be made for it immediately. After the company estimates a value, it will pledge 100% of its equity to a financial institution, which will enable it to purchase cash equivalent to approximately 45% of the company's valuation. flow.
For example, if the valuation is 1 billion, and 100% pledged to a financial institution, a cash flow of 450 million can be obtained.
Then the gameplay is still the same, Qunxing Capital invests a sum of money, and then recruits a group of younger brothers to raise a total amount of funds in the private equity market, and the money invested by Qunxing Capital is used as inferior funds. It is still the big brother's inferiority, and the younger brother's priority.
If the project loses money, the big brother will lose money first, that is, he will lose Qunxing's money first, so as to attract a group of younger brothers to follow him in the investment.
All the funds needed for the project were gathered in this way, but the actual money contributed by Qunxing Capital only accounted for about 15% of the entire project funds, leveraging more than five times the leverage funds.
The key to not overturning this gameplay is to ensure that the cash flow turnover of the parent company, Qunxing Capital, cannot have problems. To put it bluntly, Qunxing Capital, as the eldest brother, must be able to get money at any time when encountering anything. Come on, there can be no credit default.
Because of this, Fang Hong wanted Star Capital to always have a cash reserve of 7 billion in its account, just to tell the younger brothers that the eldest brother has a lot of money in his pocket. The eldest brother is second and you are the younger brother first. Don't panic. Don't panic.
If the elder brother eats a mouthful of meat, the younger brothers must have a mouthful of soup.
What if the younger brother wants to secretly do a due diligence to check the background of the older brother?
It is basically impossible to find out the true bottom line. Even if Fang Hong wants to fully understand the bottom line of a company, it will be difficult for Hua Yu to do due diligence and find out the bottom line. For example, hidden debts, the company will be fine. At that time, outsiders would never know that this hidden debt existed, but if something happened to the company, it would make a brilliant appearance.
What's more, Qunxing Capital is not a listed company, and many company information does not need to be disclosed to the outside world. Fang Hong has no intention of listing Qunxing at all. Instead, he will just let the next subsidiaries and even subsidiary companies go public one by one.
Therefore, Stars Capital has solid cash flow in its account, and real money is kept there. What partners can see is the most reassuring.
Confidence is a very subtle thing.
It is worth mentioning that Huayang Group, which has decided to run all the way in commercial real estate, is now following the example of Qunxing Capital and playing similar capital operations. For each project, a whole shell company is pledged backhand and a bunch of juniors are brought in. Just for fun, the elder brother takes precedence and the younger brother takes precedence.
It's just a matter of whether you dare or not, and whether you are brave enough to play like this.
Huayang Real Estate's new strategy can be summed up in four words: "two highs and two fasts", namely: high turnover, high debt, fast sales, and fast land acquisition.
Leverage is also increasing, but at the same time expansion is also increasing.
…
In the main living room of the villa, Fang Hong finished browsing the materials and documents and closed them. He looked at Hua Yu's assistant and said, "Say hello to Brother Hua when you go back and find me a smart and capable personal secretary assistant as soon as possible. Similar things will happen in the future." Just leave the work to her."
As the portfolio of Qunxing Capital grows bigger and bigger, there will be more and more things to do in the future, and it is time to arrange an assistant.
Hua Yu's assistant immediately nodded and said: "Okay."
After a few more words of explanation, Hua Yu's assistant also said goodbye and left. Fang Hong also got up and left the living room, putting the material in the study safe.
…
During the holidays, three important pieces of news also appeared in the market. The first was that the State Council adjusted the funding ratio of fixed asset investment projects. The second was that the village chief said that he would gradually improve the new stock pricing and issuance mechanism. The third The village issued the "Regulations on Classified Supervision of Securities Companies", highlighting comprehensive risk assessment.
During the holidays these days, the market as a whole has mostly received good news. The market is closed due to the holidays, and the external markets are open as usual. The U.S. stock market has rebounded for two consecutive days, and the internal and external market environment is favorable.
Returning from the holiday on June 1st, the A-share market jumped sharply and opened higher. The Shanghai Stock Exchange Index jumped directly higher and opened higher at 2668.40 points +1.35% today. This made investors with short positions during the holiday feel more uncomfortable than losing money.
Fang Hong held a full stock position for the holidays. Not only did his holdings drop to 14 stocks, but 7 of them were large-cap blue chip stocks, and he also held 5 small-cap stocks or ST sector stocks.
But don't look at the fact that there are 7 tickets that account for half of the positions. In fact, the total amount of funds is 60 million. These small tickets only account for about 0.65% of the total position.
Among them, Shandong Juli, the evil ticket, still accounts for 30 million in funds, and the remaining 6 st tickets account for 30 million. Shandong Juli has been out of trouble for three days and two since Fang Hong’s first board intervention. The market trend of the market is also opening higher today, with expectations for the market to continue.
The market opened in two minutes, and Fang Hong said to the maid girl Yin Fulei: "Sell the four ST tickets directly, and then immediately increase your position in the stock of Amethyst Mining."
This ticket had already been purchased for 150 million yuan before the holiday, and it is currently the second largest holding, second only to Hitong Securities' 180 million yuan.
The six ST stocks she holds all opened at the daily limit of +5% today. Yin Fulei started placing orders before the market opened and shipped directly at the lower limit price.
When the market opened at 9:30, these six ST stocks failed to hold up on the daily limit for half a minute before exploding. Fang Hong’s institutional account held several million stocks, but for these stocks, they were still large orders. Smash the plate and flee.
These tickets successfully changed hands and were withdrawn within one minute of the opening of the market, and were basically traded on the board, with a profit of almost 31.5 million.
Yin Fulei immediately followed Fang Hong's instructions to add all 31.5 million yuan to Amethyst Mining. The stock price opened 1.83% higher today at 8.73 yuan. It surged quickly at the opening and sold more than 114 million yuan in one minute, an increase of 1.83%. The water level is +2.68%.
The order of 31.5 million placed by the maid girl was also all sold in the first minute of the opening. Fang Hongjin’s order was because there was an expectation of a daily limit today. Even if the 30 million fund in the ST sector reached the daily limit, it would only be 5 percentage points high, but Amethyst Mining’s daily limit was there. The height is 10 percentage points, and the opening is only less than 2 percentage points higher, which can make double the profit.
After a while, the maid girl sitting at the trading desk turned her head and looked at Fang Hong at the main console and asked: "The transaction has been completed, do you want to operate other stocks?"
Fang Hong stared at his screen and replied motionlessly: "That's all for today. You can go about your own business."
With that said, Fang Hong took a screenshot of the position list of the institutional account, then switched the screen to log in to his Weibo account.
Since announcing on Weibo that he was going to become an institutional investor, many fans thought that he would never see K-God appear on the Dragon and Tiger list in the future, and even if he did, they couldn't help but express their regrets.
Although I have not unblocked it, the frequency of visiting Weibo in the past few days has obviously dropped a lot compared to before.
For ordinary small retail investors, they will definitely not be able to see them on the Dragon and Tiger list in the future, and even if they do, they will be unrecognizable as "institution-only" seats.
It doesn't matter!
If you can’t see it on the Dragon and Tiger list, let’s do something more exciting. Fang Hong decided to post on Weibo from time to time during the session. Anyway, the responsibility statement is typed out. It is just a personal sharing operation and does not constitute any investment advice. Operate accordingly. Use at your own risk.
As for whether to follow the trend or not, that is the business of retail investors themselves.
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