It is precisely to build confidence in the independent valuation system of Qunxing's listed subsidiaries that Fang Hong prevents Qunxing Capital's debt from being too high. You must know that Qunxing Capital's current debt ratio is only about 10%.
What does a debt ratio of only 10% mean?
This means that Qunxing Capital has huge room for increasing leverage. With the company's current asset size, just doubling the leverage can leverage a liquidity scale of two to three trillion yuan. This is a super terrifying amount of funds.
The purpose of retaining leverage is that when there is a sudden crisis in the A-share market in the future, leading to a collective irrational decline, such as the stock market crash in 2015 in a few years, when thousands of stocks fell to the limit at every turn.
At that time, Galaxy Capital can strike hard and inject liquidity into the listed subsidiaries of Galaxy Capital. Aren’t you going to smash the market? Smash whatever you want, take whatever you hit, want to crash the stock price? There are no doors.
It can be predicted that when other stocks are halving within a few days of plummeting, the listed companies of Xingxing stand out but cannot fall, even if they release a huge amount of funds to flee.
Qunxing Capital has left enough room for itself to increase leverage, just so that it can come in handy when this happens in the market.
Confidence is built up little by little.
Fang Hong wants to build an independent valuation system for the listed subsidiaries of Qunxingxing. In a sense, it requires a few black swan panics in the market. When the market plummets irrationally, the listed subsidiaries of Qunxingxing can withstand the selling pressure of the market. It's super resilient, it just can't fall.
Investors will definitely be very surprised. Generally speaking, they will make up for the fall after they have not fallen, but they cannot fall and will not make up for the fall.
The first time the market panic and irrational plunge happened, it still happened the second time, and it still happened the third time.
After doing this several times, confidence comes!
Investors will find that these assets are super stable. Then when there is a crisis in the future, even if the outside world plummets, investors holding listed subsidiaries of Qunxing will be calm and calm and will not follow suit.
This is confidence!
Several black swan crises have occurred in the market, but it is conducive to the establishment of an independent valuation system for the listed subsidiaries of Qunxing, and is conducive to building market confidence in this valuation system.
Because you are super resilient and have no shortage of liquidity. When confidence is built up, another picture will appear: the prices of other stock assets outside have dropped to dog prices, and the funds running out of those stocks will flow into Hedging is carried out in the targets of listed subsidiaries of Qunxingxing.
Because capital seeks profits and avoids risks. Since the asset prices here are so resilient and the liquidity is still sufficient, while other places are plummeting, it is safest to stay here, so I will definitely choose to come to you for safety.
By then, Qunxing Capital will not even need to secretly enter the market to support the market. After confidence is established, the market itself will have a lot of "risk-hedging" funds to drag up asset prices and support liquidity.
When an irrational market plunge occurs and the listed subsidiaries of Qunxingxing are regarded as "safe havens" by the market, it can basically declare that the establishment of an independent valuation system has achieved a staged victory.
…
Fang Hong picked up the document again and looked at the information of the seven public funds. At present, the fund raising has been completed, with a total of about 1.15 billion yuan raised. Each fund has raised about 164 million yuan.
As the names suggest, the seven public funds all track the targets of the listed subsidiaries of Qunxing. This is also the heavy holding target of the seven funds. Future positions and stock exchanges will also be selected from the listed subsidiaries of Qunxing.
However, these seven funds are also active hybrid stock funds. The active type means that the fund manager can decide which stocks to invest in, while the corresponding passive fund tracks the relevant index. To a considerable extent, the fund manager himself does not have much Great authority.
A typical passive index fund is an ETF fund, but ETFs are on-exchange funds, and investors need to register a securities account to trade. However, these seven newly launched funds are all over-the-counter public funds, and the threshold is relatively low.
Currently, Qunxingxing has only four listed subsidiaries, namely Ruihe Pharmaceutical, Weibo, ALT Technology and Yixing Video.
Seven public funds invested heavily in these four companies first, choosing to fill up each stock to the upper limit of 10%, that is, the size of a single shareholding does not exceed 10% of the total size of the fund. The four stocks just make the fund's holding ratio reach 40%. Around %, the remaining 60% of funds are held in cash.
Relevant regulations have minimum holding requirements for the positions of public funds. For example, some passive index funds require the holding ratio to be no less than 80% of the total position. However, these seven funds are active hybrid funds and can hold a minimum position of 40%. proportion.
The remaining 60% of the funds are used for several other listed companies of Qunxing Capital, namely Kunpeng Technology, Yixing Media, Jiuzhou Blue Arrow, Ukom, Maker Square, Jiuzhouxing and Xingyu Technology.
In addition to Xingyu Technology, the other six companies will complete backdoor listings in the next six months.
By then, Qunxingxing's listed subsidiaries will increase to 10, no more, no less, just enough to meet the top ten holdings of public funds.
As for the other six subsidiaries, before completing the backdoor listing, these seven public funds, in addition to holding heavy positions in four listed companies such as ATL Technology, will also symbolically buy a few or six blue-chip heavyweight stocks to make up for the future. The positions of the top ten stocks each account for less than 1%, which is just a make-up.
But at this moment, Fang Hong closed the materials and thought about it for a moment, then looked at the beautiful assistant and ordered: "After these seven public funds are listed, let us first subscribe for 500 million for each of them, and wait for the backdoor listings of Kunpeng Technology and Jiuzhou Blue Arrow. For the first time in A-shares, these seven public funds each subscribed for another 1 billion yuan."
Tian Jiayi nodded and took notes on the memo.
Why are several major public funds promoting the launch of "Galaxy Theme" funds? How to eat meat? The answer comes right away. Each fund has raised more than 160 million yuan, which is all Christian people's money. Raising less than 200 million yuan is already considered a great success.
How can the little steel in the hands of ordinary citizens be enough?
Now the real big customer is Qunxing Capital, which directly subscribes for these seven public funds as an "ordinary citizen investor". The purchase price is 500 million for each fund, and the further purchase price will be increased to 1 billion for each fund. If necessary in the future Will continue to increase positions.
In the early stage, we can only rely on Stellar Capital to support these seven public funds. When these funds become popular and are sought after by the citizens, Stellar Capital will be able to exit in an orderly manner.
As for now, we must first prop up the facade, build up the atmosphere, and bring out the money-making effect.
However, it is worth mentioning that when Qunxing Capital went to subscribe, it did not directly subscribe in the name of the company, but let the funds pass through a bridge and subscribe in other identities. This is to avoid violating regulations by entering into related transactions.
Otherwise, it will be like playing Wudang Ladder and jumping up to the sky with the left foot and the right foot.
There are many ways to avoid them, and they are not difficult at all. They may not be reasonable anyway, but they must be compliant.
These Xingxing theme funds are the tools for Xingxing Capital to act as "fixing stars" and "ballast stones" in the future. They draw a trend range for the trend of Xingxing's listed subsidiaries. If there is a grouping of funds, the rise will be pushed out of the trend range. , Qunxing Capital will redeem the funds, and then these funds will sell the stocks held to bring the price back to the trend range. If the funds collapse and flee, there are signs of falling below the trend range, Qunxing Capital will increase the intensity of subscriptions, and then these funds will Crazy addition of positions to undertake.
…
(End of chapter)
