My Age of Investment

When Xia Jingxing returned to the capital from his vacation in the grassland, the equity transfer matter of Conscience Holding Group had basically come to an end and the final process had begun.

Under the joint supervision of many parties, Huake Holdings, the largest shareholder of Conscience Holding Group, officially sold 65% of its shares through the Beijing Equity Exchange.

Huake Holdings only holds a total of 65% of the shares of Conscience Holding Group. In this transaction, it was decided not to retain one share and to sell all of them, which is equivalent to completely handing over the "King Explosion" in its hands.

Therefore, as soon as the equity transfer news was announced on the Beijing Equity Exchange, it attracted a lot of attention from the society.

Conscience Holding Group was listed on the Beijing Stock Exchange last year. At that time, Jiangfan Group, a well-known private enterprise, was only one step away from acquiring 29% of the listed shares. However, at the last moment, Huake Holdings braked on the emergency brake and announced that it had canceled the transaction. , which shocked countless financial media and observers.

Soon afterwards, a major personnel earthquake occurred in the Conscience Holding Group. The magnitude and wide impact made countless government-owned enterprises frightened. Even the performance of government-owned enterprises in 2009 collectively rose sharply... Enterprises Revenue has not increased much, but expenses have decreased, so the profits paid have increased.

The media people were very interested in this series of news, but before they could dig deeper, they quickly received earnest instructions from the editor, station director, general manager, and CEO.

Therefore, the fluctuations in related events caused by Conscience Holding Group did not cause much public opinion frenzy in the mainland. Many people even did not know that Conscience Holding Group had changed its executives. Only a few well-informed people reported it in the Hong Kong and Taiwan media. I saw scraps of news in the news reports.

Now something big has happened to Conscience Holding Group again, and it is about to transform from an absolutely government-owned enterprise to an absolutely private enterprise.

The reason why I say this is because Huake Holdings, like last year, listed the equity transfer on the Beijing Stock Exchange and stated the conditions for the proposed equity transferee. Only by meeting a series of conditions can it become the new owner of Conscience Holdings.

Different from last year, the conditions specified by Huake Holdings this year finally seemed to be doing serious business. Although it also included requirements such as paid-in registered capital, total assets, net assets, and average net profit in the past three years, there was no plan. It introduces the nonsense requirement that the main business of shareholders must include finance, energy and real estate.

A company whose main business is selling assembled computers requires that the shareholders it introduces must be engaged in real estate or energy. Anyone who looks at it does not think it is a serious transaction.

After Huake Holdings was severely punished due to the consequences of conscientious holdings, several newly promoted executives strictly implemented the spirit of the meeting and proposed this year that the main business of the shareholders to be introduced must include consumer electronics.

Although the media members did not dare to report this news, it did not prevent them from discussing it privately. Most people felt that Huake and Conscience Holding Group were finally normal this time.

Introducing a shareholder engaged in consumer electronics can at least create business synergies with conscience computers and conscience mobile phones, help conscience companies regain their glory, solve larger-scale employment and tax revenue for the country, and maybe even realize the true domestic production of computer equipment. , safe and controllable.

Media people were discussing who would be the new boss of Conscience Holding Group?

Soon they accurately targeted the two companies based on the various conditions reported by Huake Holdings.

Fuxing Industrial Group and Chrysanthemum Factory!

There are only two companies in China that meet this series of conditions. First of all, they both have consumer electronics businesses, and secondly, their enterprise size can also meet the requirements.

Soon, the speculations of the media people became reality, and Fuxing Industrial and Chrysanthemum Factory both announced their participation in the transaction.

Immediately afterwards, within a few days, Juhua Factory announced that it had withdrawn from the transaction on the grounds that the company's strategic direction was inconsistent. Therefore, Fuxing Industrial became the only qualified transferee, and it was almost a foregone conclusion that it would take over 65% of the shares of Conscience Holdings.

Time flies and September comes in a blink of an eye.

After the 20 public announcement days, Fuxing Industrial Group, Huake Holdings, and Conscience Holdings jointly held a press conference. At the meeting, Fuxing Industrial Group, as the only eligible equity transferee during the listing period, announced that it would acquire RMB 10.01 billion. At a price of 65% of the equity transferred by Huake Holdings.

This equity transfer price has been repeatedly audited by multiple professional accounting firms and reported to the highest department for review.

In addition, it is worth mentioning that the valuation of Conscience Holding Group reflected in the equity transfer price is 15.4 billion yuan, an increase of 62.11% from the 9.5 billion yuan valuation of Conscience Holding Group when it pre-transferred 29% of its equity last year.

In just one year, it seems very strange that the valuation of a company with heavy losses such as Conscience Holding Group has increased so much.

In fact, after a careful audit, it is not surprising because the method of calculating valuation this year is different from last year.

Last year, Conscience Holding Group evaluated the parent company's valuation based on the total net assets and market value of each subsidiary.

As a listed company, the Conscience Group, whose main business is assembling computers, calculated its market value during the low period of its stock price after the outbreak of the financial crisis. It cannot be said that the calculation was wrong, but it can only be said that the timing was good.

Raycom Intelligent Land, whose main business is real estate development and property self-sustaining and management, has not been listed on the market, but it was also affected by the financial crisis last year. Real estate companies generally have a difficult time, so the land value assessment and self-sustaining property value assessment taken, Basically, I can't comment on the high price.

As for the VC fund Legend Capital and the PE fund Hony Capital, the evaluation is even more troublesome. These two funds hold a large amount of equity in unlisted companies, and the evaluation is not based on the conscience of a conscientious person.

For example, how much is Envision Capital worth? The upper limit can be very high and the lower limit can be very low.

Legend Capital and Hony Capital, one is a domestic first-tier venture capital, and the other frequently relies on social security funds to raise tens of billions of dollars. Although the proportion of the money earned attributable to GPs is not too high, it is only 20 to 30%. , but it is impossible to evaluate how much convenience and hidden value it brings to the fundraising, investment and other activities of these two major institutions under the guise of a government-owned enterprise, and it is also easy to be ignored.

Therefore, due to the right time, place, people and various factors, a large conscientious holding group only assessed a valuation of less than 10 billion last year, so much so that even Jiangfan Group, a company mainly engaged in real estate, could not help but spend valuable money. Use the cash to play cross-border investment. After all, the old friend gave you too much, and you would be a fool if you didn't get on the bus.

Nowadays, Xia Jingxing disdains such low-level tactics and always adopts fair, just and open transactions. He doesn't care even if he spends a little more money, as long as there are no hidden dangers left.

In this way, Conscience Holding Group completed the change of ownership in a high-profile yet low-key manner, without skipping any necessary steps. Social comments were generally positive, praising the deal as a "strong alliance" and a "rejuvenation". Industry and Conscience Group, two large international companies, go hand in hand"...

…

The Conscience Building, located in the Shangdi Science and Technology Park in Beijing and adjacent to the Fuxing Industrial Building (the name has not been changed for the time being), welcomed its new owner today.

In front of the building, two black Baojun cars stopped steadily.

Xia Jingxing moved quickly and got out of the car first, then looked back at the car behind him and nodded secretly in his heart. Wuling's automotive technology has indeed made great progress in recent years. This newly launched Baojun is better than Wuling Rongguang. Quite a few, more suitable for carrying people.

Li Guangnan opened the door on the other side and walked out. He saw Xia Jingxing who was immersed in looking at the car. He couldn't help but smile and joked: "Isn't it much better to ride in a car manufactured by your own company than to ride in a Rolls-Royce or Maybach?" ?”

Zhang Chenguang, who acted as the driver, pursed his lips and smiled. Speaking of which, he hadn't touched the luxury cars in Xia Jingxing's garage for a long time. In recent years, he had been locked in a fight with Wuling Rongguang and Baojun.

I think he, a driver who is the richest man in Asia, is worse than the driver of a small boss.

Xia Jingxing laughed, took out his Fuxing mobile phone, gestured twice and said: "The company boss is the company's best spokesperson and experience officer. If he dislikes his own company's products, then how can the company talk about the future and development?

Wuling has been making progress and helped me change my car from Wuling Rongguang to Baojun. I hope it can launch products to compete with its old German counterpart BMW in a few years. "

Lin Bing, Xie Yun and others who got off the other car couldn't help but laugh after hearing Xia Jingxing's words. Can Baojun be like a BMW?

Xia Jingxing noticed the expressions of these executives and chuckled: "Don't believe it, in a few years, maybe Wuling will turn around and become China's Tesla... Oh, no, it should be the world's Wuling.”

The boss has said so, who dares to pour cold water on it? Everyone nodded and spoke in agreement.

Seeing this, Xia Jingxing shook his head slightly in his mind. He didn't know whether it was because Wuling's past brand image was too bad, or because his deception skills were inferior to those of old horses. Why didn't anyone understand his ambition and car dream?

After everyone stopped and talked for a while, they began to walk into the building surrounded by Xia Jingxing.

As soon as the group passed through the gate, they saw the executives of Conscience Holding Group and its subsidiaries who hurried downstairs to greet them.

Familiar faces such as Yang Daqing, Zhu Linan, and Zhao Linghuan are all gone. They either saw the situation and fled away, or they went to work on sewing machines. Everyone has a bright future that belongs to them.

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