Regarding how to manage the market value of Weibo subsidiaries, Fang Hong did not give specific strategic requirements for those institutions.
How they do it is their business. Fang Hong will not care about how the secondary market performs, whether it rises, plummets, or whatever, and he will not participate in his company's secondary market capital game.
Fang Hong has only one requirement. The PE valuation of Weibo's subsidiary should not be lower than the static price-earnings ratio of 70 times at the end of each year. He does not care about how it fluctuates at the end of the year.
As a growing IT Internet company, a price-to-earnings ratio of 70 times is not an exaggeration. After all, it is not a traditional manufacturing company or financial company.
At present, Qunxing Capital is still actively promoting listing projects. In addition to its Weibo subsidiary, which is about to be launched, there is also Ruihe Pharmaceutical Group, which has completed its restructuring and was born out of Hengtong Pharmaceutical Group.
This company is applying for an IPO listing on the GEM, and the progress is going very smoothly. As expected, it should be able to complete its listing on the GEM by the end of this year.
Regarding the listing of Ruihe Pharmaceutical Group, the proposed issuance price is 27.28 yuan per share, with a total share capital of 531.52 million shares, an IPO valuation of 14.5 billion yuan, and the issuance of 122.62 million shares, raising 3.345 billion yuan in funds, accounting for 23.07% of the company proportion of total equity.
Behind Ruihe Pharmaceutical Group is Xingyu Technology, which is now at the peak of its popularity in the smartphone industry. It wants to complete the listing before the end of 2012. Unlike Ruihe Pharmaceutical Group's normal process of applying for listing, Xingyu Technology is still going the same way. Backdoor listing is the way to go.
Weibo subsidiary and Ruihe Pharmaceutical Group are both listed with valuations in the tens of billions. The holdings of the two companies are indeed quite large and can be regarded as mid-cap stocks.
However, Xingyu Technology is definitely a behemoth in comparison. Its scale is an order of magnitude larger than the previous two companies, that is, a huge scale of hundreds of billions.
The backdoor target has actually been identified, but Stars Capital has not yet taken any specific actions, and has not even started contact with the management of the shell company. It is currently in a highly confidential stage.
The current capital market generally gives a valuation of Xingyu Technology in the range of 120 to 150 billion yuan, but this is based on the current valuation, and the expectations for 2012 will not be this number.
With the explosion of the smartphone industry in the next few years, Xingyu Technology's future market value is expected to surpass the first line in the universe and become the largest market value giant in the A-share market, and can also enter the world of market value globally. Top ten ranks.
Fang Hong gave a valuation estimate of RMB 500 billion for Xingyu Technology in 2012, when it will be listed through a backdoor listing, and has now begun to carry out work related to the backdoor listing based on this figure.
According to the current draft plan, Xingyu Technology will go public through a backdoor listing. After completing asset injection, issuance of new shares and high bonus transfer, the total share capital will increase to 186.5 billion shares, with a fixed increase of 65 billion yuan, and the company's overall valuation will be 500 billion yuan. yuan, corresponding to the resumption price after ex-rights is 2.68 yuan/share.
After the backdoor listing of Xingyu Technology, the stock was priced at a low price and was listed on the main board of the Shanghai Stock Exchange. With such a low stock price, investors only need 268 yuan to buy one lot, and any retail investor can participate in investing in it.
However, low stock price does not mean low valuation.
We also have to look at the company’s total share capital, which is 186.5 billion shares. If you don’t know, you might think it’s a major state-owned bank.
A-share listed companies with a total share capital of more than 100 billion shares currently only have six stocks: the four major banks and Two Barrels of Oil. In the future, as Xingyu Technology completes its backdoor listing, A-share listed companies with a total share capital of more than 100 billion shares will Add a new member.
The listing of two companies, Ruihe Pharmaceutical Group and Xingyu Technology, are two projects that have been put on the agenda by Qunxing Capital. However, those that have not yet been put on the agenda include Yixing Media Group, which is also going to enter the A-share market. .
In addition, the independently financed subsidiary Yixing Video will also be involved in the A-share market. A little further away are WeChat, which has just been launched, Kunpeng Technology, which was finalized just a few days ago, and so on.
After this series of subsidiaries and grandson companies of Qunxing Capital successively land on the A-share market, they will form the core asset targets of the A-share market of "Qunxing" in the future.
…
On the weekend of May 2, Chu Changxing’s Kunpeng Technology successfully obtained 10 million yuan in financing from Fang Hong. He signed the contract that day and successfully received the money.
The moment he signed the investment contract, Chu Changxing truly felt relieved that there would be no more variables.
After receiving the money, Kunpeng Technology will complete the company's move to the new city and open a new chapter. The goal in the second half of the year is to launch the first generation of Kunpeng drones on the market.
…
Monday, May 3, Tokyo, Japan, around 10 a.m. local time.
A piece of news from the Greater China market reached the headquarters of tdk Co., Ltd. today. The president of tdk Group looked at the secretary who came to report and said in shock: "Nani? The local investment institution in the Greater China market quoted 329.1 billion yen for a wholly-owned acquisition. atl?”
329.1 billion yen, which is approximately US$3.5 billion or 23.9 billion yuan excluding exchange rate changes.
His secretary nodded affirmatively and replied: "Yes, Mr. President, and the buyer has also promised to settle the deal 100% in cash."
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The president of tdk Group was shocked again when he heard this: "Direct cash acquisition? Who is the acquirer?"
The secretary briefly reported: "Stars Capital, according to data, was established in August 2008. It is a non-bank financial investment company that has risen at an alarming rate in recent years. Its investment style is radical and its spending is shocking. Shocked, I successfully invested in Quantum Beat, Xingyu Technology and other companies..."
I was really shocked by the generosity. The president of TDK Group had already felt it. When he came up, he offered 329.1 billion yen to buy ATL Company.
After briefly introducing the information about Qunxing Capital, his secretary added: "Your Excellency, President, according to the news from the Greater China market, the company expressed its willingness to provide us with a wholly-owned cash acquisition invitation. There is a three-day consideration period. If the deadline is exceeded, it will be regarded as rejection, and Star Capital will automatically give up the acquisition, and they have stated that they reject any form of counter-offer.”
After hearing this, the head of tdk raised a series of question marks over his head and was also confused.
He looked like he had seen a ghost.
Because this was the first time he had encountered this situation, he had an inexplicable feeling that Qunxing Capital was playing tricks on them, and the expression of the acquisition invitation was too frivolous.
After reacting, the head of tdk Group confirmed the matter again from his secretary and received a positive reply that Qunxing Capital really wanted to acquire it and the statement was true.
"Why would they target ATL?" The head of TDK couldn't help but think carefully, and he was willing to pay such an exaggerated premium. In 2005, he bought ATL for US$100 million. If he sold it to Qunxing Capital, That is an astonishing return of 35 times the profit in less than five years.
All purchases are made in cash!
In this case, anyone will subconsciously judge that ATL must have something they want, and they are so excited that they want to get it at any cost.
Then you can't sell it easily, you have to figure it out first.
At this time, his secretary suddenly said: "Your Excellency, President, maybe Star Capital is considering Xingyu Technology's battery supply chain?"
The head of tdk Group nodded and said: "This possibility cannot be ruled out."
At present, ATL is the battery supplier of Xingyu Technology. The head of TDK Group has already heard about this company. It and Apple are making a fuss in the global technology circle over the "plagiarism scandal".
After thinking about it for a while, he couldn't figure it out. The head of tdk Group immediately called the company's senior executives to start a meeting to discuss the matter.
…
