My Age of Investment

  Chapter 534 The Stitches of the Empire (seeking monthly pass)

   and Wang Changrong chatted in the office for nearly two hours, and Xia Jingxing and Li Ying sent the pimp away.

   When chatting, most of the two people asked Wang Changrong about Supor’s business and development status.

  Wang Changrong was also competent, replies fluently, demonstrated superb business ability, and at the same time, it could be seen that this bald man knew everything about Supor.

  As soon as the people left, Li Ying sat back on the sofa and asked, "Mr. Xia, what do you think?"

  Xia Jingxing had a sense of "what do you think of Yuanfang", and smiled: "Which way do you mean?"

  Li Ying smiled and said, “Of course it’s a deal. Do we want to start?”

  Xia Jingxing groaned for a while, and then said: "You take the computer over and check the trend of Supor's stock price first."

  Li Ying nodded, walked to the desk, put Xia Jingxing's laptop on the coffee table, logged on the Flushing website, and checked the stock price trend of Supor.

  While checking the stock price, Li Ying also said: "Mr. Xia, do you think this flush has investment value?"

   "That must be there!"

   Li Ying’s words reminded Xia Jingxing that these companies that “sell water” on the way to “digging for gold” by stockholder friends are also good at making money.

   Li Ying smiled, "Then we might as well contact a straight flush to see if we can make a draw for them.

  The Flush Financial Service Network was launched the year before last, that is, in 2004, and it is very popular among investors.

  I think investing in them now should make a fortune in the future. "

  Xia Jingxing nodded, "Okay, you are responsible for yourself, and I have no restrictions on Bailu Fund. We must invest in mature and listed companies.

  Bailu Fund does not have an external LP, so you can invest whatever you want. You don’t need to be as daunting as a conventional PE fund.

  Of course, the main business still cannot be too shifted. "

  Listening to Xia Jingxing's main business, Li Ying asked: "Bailu Fund wants to invest in a business empire with the Internet of Things and smart hardware. Is this Supor considered the main target?"

  Xia Jingxing nodded, "Of course forget it, they are the cookers, and the founder has an nickname-the king of Chinese pots."

  Li Ying nodded, without saying a word, check Supor's stock price trend with peace of mind.

  After a while, Li Yinghui reported: “They were listed on August 17, 2004, with an issue price of 12.21 yuan per share, 34 million shares were issued, and 41514 million yuan was raised.

  But the listing was unlucky and caught up with the surge in raw materials, the stock fell below the issue price on the first day of listing.

  In A shares, such miserable companies are really rare.

  In the past year or so after the listing, the stock price has fluctuated and the overall price has been continuously falling.

  Now the stock price is only 6.65 yuan, which is nearly half of the issue price.

  Currently, their total share capital is 176.08 million shares, and the market value is less than 1.2 billion, only 1.171 billion.

  In addition, I look at the financial report. In 2004, the revenue was 1.005 billion, and the net profit was 63.148 million;

  In the first three quarters of 2005, revenue was 893 million, a year-on-year increase of 29.27%; net profit was 42.554 million, a year-on-year increase of 16.02%.

  The financial report is not bad, but the stock price keeps falling! "

  Xia Jingxing said: "Look at other financial indicators."

  Li Ying raised her head and glanced at Xia Jingxing, and said, “I watched them all, and they are still going well. The worst part is that the industry has low barriers to entry, low technology, and low added value of products.”

  Xia Jingxing recalled it seriously. If I remember correctly, after more than ten years in the previous life, the market value of Supor has reached more than 70 billion, which is a 60-fold increase compared to the current market value.

  But that was the result of the French SEB Cyber ​​Group taking over.

Although the   national brand changed hands to the French, it brought a large number of foreign trade OEM orders, and related transactions accounted for a large part of Supor's revenue.

   And Supor has also become a rare high-performance stock in A-shares, and has maintained positive growth in revenue and net profit for more than ten consecutive years.

  Xia Jingxing leaned on the sofa and thought about it carefully.

  If there is no factor of Cyber ​​Group, you don’t have to think about it directly, full of stud.

  And if Envision Capital now strategically takes a stake in Supor, it even replaces the founder of the Su family and becomes the largest shareholder. It is basically impossible to enjoy the development dividend, that is, to make a profit.

  You must roll up your sleeves and work **** your own in order to create achievements that are not weaker than the previous life.

  And if it is only a financial investment, Vision Capital directly buys Supor shares in the secondary market.

  Starting from this year, it will be a big bull market in A shares for two consecutive years. As long as you withdraw in time, you will make money in everything you buy.

   However, if he wants to strategically acquire Supor and use Supor as part of the Vision Capital’s smart home strategy, his shareholding will not be low and he will not retreat easily.

  This requires less financial speculation and more consideration of industrial development.

  So, this is also an important reason for his hesitation.

   "Manager Xia, how do we plan next?"

  Seeing that Xia Jingxing had been thinking there, Li Ying pulled Xia Jingxing back to reality.

   "You said, how about we privatize and delist Supor?"

  Li Ying almost spewed out old blood, is it so weird? The shell is also very valuable.

  I haven’t heard of such a spectacle in A-shares. I’m really doing that, I’m afraid it will be included in the history of China’s securities development.

  In the past, A-share listed companies had various tricks in order to protect their shells, related transactions, blood transfusion, sales of subsidiaries, land sales, house sales, performance fraud...

   "Mr. Xia, when you interviewed me before, didn't you say that? Don't consider choosing A-share leveraged buyout."

  Li Ying is a little mischievous, and she brings up old things again, which makes Xia Jingxing really embarrassed.

  However, he has always been a thick-skinned person, smiling and saying, "One time, another time!

  Supor's annual profit is tens of millions, but the market value is less than 1.2 billion. After privatization, it will take a few years to reform it and have the opportunity to go public with a new look. "

  Li Ying’s big eyeballs turned, “You want to buy it back and use this as a basis to develop and derive more home appliances business, including white, black, and small home appliances, and add them together? Add another concept of smart hardware?”

  Xia Jingxing didn't expect Li Ying to guess his own thoughts so quickly. He had this plan, but he hadn't fully planned it yet.

  "What do you think of this plan?"

  Li Ying shook her head, "Not very good! The concept is too big, and there are too many industries involved. If it is really a leveraged buyout like a conventional PE fund, there will only be a dead end."

  Xia Jingxing said sternly: “Bailu Fund is not a conventional PE fund, nor is it a conventional leveraged buyout. You can remove the word leverage and call it “acquisition”.

  I know your doubts. If we do not operate in debt, there will be no pressure to use operating cash flow to repay loan interest, and there is no pressure to quickly expand, re-list, and successfully arbitrage.

  We pack lightly and treat it as a long-term entrepreneurship. "

  Li Ying thought for a while, and said, “This is actually not very good. Without the status of a listed company and a financing platform, financing will be much more difficult in the process of operation.

  Especially, Mr. Xia, you said that you still need to deploy white electricity, black electricity, and smart homes. The amount of funds required is an astronomical figure.

   President Xia, I know that you are taking into account the drag on the performance of listed companies.

  But there are many solutions!

  For example, it is possible to incubate new businesses one by one outside the listed company system.

  For every successful one, we will acquire one. In addition to driving up the stock price, we can also profit from it.

  When all industries are put in, the territory of the intelligent hardware empire will be completely formed. "

  Xia Jingxing pinched his chin to engage in household appliances and smart homes. The road is not easy.

  Speaking of making money, the financial market is much better than the industry.

  Industry management has always been the most difficult, so A-share bosses love to cut leeks the most, because it is really fragrant!

  But he did the opposite, using technology to empower industry, in an attempt to increase the rate of return on operations, the rate of return on assets, and achieve profits no less than capital operations.

  This road is not unworkable!

  Apple, in fact, is the best example!

  But if you want to live so well, technology is the top priority. Only with core technology can there be a moat, and products can have high added value.

  He wants to lay out cars, mobile phones, home appliances...There will be all wearable devices in the future, and then use the Internet of Things system to connect these devices, it must be fun!

   Therefore, the past life gave each industry a "smart name", smart cars, smart phones...everything can be smart and interconnected!

  But on the C side, the most important devices are cars, mobile phones, and home appliances.

  If the Internet of Things system can take advantage of the C-side, it can also cut into the B-side, such as industrial robots, smart cities, and smart transportation clouds.

  Although the layout is still a bit early, it is precisely because of this that there is time to lay a solid foundation, turn the first mover advantage into a technical advantage, and erect a wall for latecomers.

  This process will be very long, and it will also require massive amounts of funds, and moreover, the determination of long-term persistence.

  Because of this, in addition to industrial investment, Envision Capital is still attacking all kinds of money.

  It's not that he is greedy, seeking big and complete, and it's not that the layout is illogical.

  In his heart, he has always been very clear about the positioning of Vision Capital. This is his confidence in realizing his dream, it is also the pocket on Doraemon's belly, and it is the stitching thread of a huge business empire!

  (End of this chapter)