My Age of Investment

  Chapter 981 Psychological Game

  After the meeting request was approved, Liu Zhiping immediately called to Ponima and came to Hong Kong from the Luohu port to clear customs.

   Bonima was unwilling to come to death, so why should we go to Hong Kong instead of Xia Jingxing to Pengcheng?

  A meeting place can reflect too much.

  Before starting the negotiation, one's own party has already fallen into a disadvantage.

  In the end, Bonima’s sanity still prevailed, and he agreed to negotiate in Hong Kong. Who makes the situation better than others? No matter how humiliated he is, he has to endure it.

  Ponema's mood was not very good along the way, and his face looked like bitter gourd.

   Seeing this, Liu Zhiping hurriedly enlightened him, and encouraged Bonima with the allusion of "salvage the courage".

  Thinking about the future "three thousand more armors can swallow Wu", and the domestic network is severely wiped out. After a shame, Bonima's whole spirit is restored all at once.

   Let Xia Jingxing be proud for a year and a half, and he will find this one sooner or later.

  The two came to the second phase of the IFC Building and were taken to the reception room.

   Seeing the two Gods of Wealth kiss him, Xia Jingxing was very happy and shook hands with the two with a big smile.

   "Pawnee, Martin, both of you have to go there in person, and I am embarrassed.

  In the past two years, under your management, Penguin’s performance has skyrocketed, and its stock price has risen five or six times, and it has also become the number one domestic Internet camp.

  As one of the major shareholders, Envision Capital has always been very grateful for your hard work and contributions, but we have never found a suitable opportunity to thank you.

  Today can be regarded as meeting you two great heroes, and we must have two drinks together later. "

   Seeing Xia Jingxing's hypocritical appearance, Bonima felt even more uncomfortable than eating a dead fly, and didn't want to respond at all.

  He knew that Xia Jingxing would take the opportunity to taunt them.

  The smile on Liu Zhiping’s face was also a little stiff, and he couldn't kill people. Isn't this Mr. Xia's approach too much?

  However, he soon realized that this was deliberately irritating the two of them. If the other party's intentions were met, then the next negotiation might not be able to be calm enough.

Thinking of this, Liu Zhiping woke up a lot in an instant, and said with a smile, "Mr. Xia, since you are very grateful to our management team, why do you want to sell the shares again? What Xia said and did, but there are some expressions. It's not the same."

   A smile appeared on Bonima’s face, and he couldn’t wait to slap him immediately. The irony was too good. Xia Jingxing was such a hypocritical villain who owed him a scolding.

  Xia Jingxing was not angry, and smiled lightly: "In the past two years, we have been very happy to cooperate with Penguin. This investment can even be listed as one of the best investments in Envision Capital's history.

  One yard can be reduced to one yard. After all, Envision Capital is an investment institution with the purpose of making profits. We have to consider the LP, and the friendship with the two has to be put aside for the time being. "

  Ponima twitched the corners of his mouth. Who has friendship with you? You know how to put gold on your face, right?

  Liu Zhiping smiled, still underestimating the cheeky of this President Xia, it is really difficult to ask for a verbal advantage in front of the other party.

   "Listening to Mr. Xia's tone, it seems that you are not optimistic about Penguin's follow-up development?"

  In these days, Liu Zhiping analyzed the reasons why Xia Jingxing chose to sell Penguin stocks at this time. After thinking about it, he could not find any other explanation except for this reason.

   Bonima looked at Xia Jingxing coldly. He guessed that he could guess that the other party should start taunting their penguins again.

  However, he was wrong. Xia Jingxing did not demean Penguin, but praised it: “Penguin has a very good development momentum. In fact, we are reluctant to sell these stocks. It is only considering that another fund of Envision Capital invested in the domestic holding group.

  Recently, there has been a lot of friction between Overseas Holdings and Penguin. If the two companies start a war in the future, it will undoubtedly harm the interests of one of them, and even the fund LP behind the two companies. "

  Xia Jingxing will definitely not admit that he is not optimistic about the follow-up development of Penguin. This is undoubtedly given to the other party to talk about. Since he wants to sell goods, it is okay to praise Penguin.

  Liu Zhiping didn't believe Xia Jingxing's rhetoric at all, and he would not believe it even with a toe.

  However, no matter what Xia Jingxing thinks, it doesn’t matter anymore. They must take back these stocks, and the huge external risks must be eliminated.

  Next, the two parties sat down separately and officially opened the negotiation.

  "Vision Capital transferred so many stocks at one time, and the transaction price was as high as 10 billion. We simply couldn't afford it. You must give a certain discount before we can contact enough institutions to take over."

As soon as Liu Zhiping's voice fell, Li Yaozu shook his head, "Martin, you are wrong. How good is Penguin's stock price? A few months ago, the stock price was only 20 to 30 Hong Kong dollars. It has now doubled since the beginning of this year. The increase has more than doubled.

   Looking at the entire Hong Kong Stock Exchange, can you still find technology stocks with more development potential than Penguin?

  Now Hong Kong stockholders are saying that Penguin's stock price is seriously undervalued. A B2B business in Ari District has a market value of close to US$30 billion.

  Penguin has more traffic and users than Ali, and its profitability is stronger than Ali.

  An organization issued a research report, saying that if Penguin were valued at more than 300 times the price-earnings ratio of Ari, the market value would reach 500 billion Hong Kong dollars!

  In other words, Penguin still has room for five times the share price increase in the near future. "

  Liu Zhiping shook his head and laughed. Nima can't help but he remembers that Li Yaozu was not like this before? It must have been nurtured by Xia Jingxing to be like this. Those who are close to Mo are black!

   Bonima interjected: "Ari's valuation is too high, look at it, within half a year, it will definitely fall below 10 billion U.S. dollars."

Xia Jingxing coughed, "Boney, this is a bit too much! It's enough for us to talk internally. You must not go outside and say that Ma Yun's mouth is not a joke, be careful. He sprays you."

Bonima looked at Xia Jingxing with an uncomfortable look, and continued: "I'm telling the truth. With a price-earnings ratio of more than 300 times faster than 400 times, can the global capital market find a second one? And the plate is still that big. ."

  Li Yaozu smiled and said: “Pony, it’s far away, let’s return to the Penguin issue. In short, Penguin’s stock price is seriously underestimated.”

   "Then why are you still selling?" Bonima sneered.

  Xia Jingxing sighed, "Hey, didn't you just say it? LP tends to have ideas over there."

   Liu Zhi said flatly: “Mr. Xia, it is impossible to give no discount at all. If that is the case, the organization might as well scan the goods directly from the secondary market.”

  Xia Jingxing shook his head fiercely, “This is a bad remark. When we scanned the secondary market, the premium was nearly doubled.

  Institutions want to buy a large amount of Penguin stocks, it is impossible without a little blood.

  If they don’t buy, then we can only reluctantly go to the secondary market to cut meat. "

  "Then wait until Mr. Xia you cut the meat before buying. The stock price will definitely be a lot cheaper at that time."

  Xia Jingxing glanced at Liu Zhiping, who was looking at him with a smile, and threatened me!

  But he doesn’t eat this set.

   "Then we can only consume each other. Maybe if we consume each other, the market value of Penguin is 500 billion Hong Kong dollars."

   "Mr. Xia, didn't you just say that LP had an opinion? Then you still hold Penguin stock? Shouldn't it be sold quickly?" Liu Zhiping caught the inconsistency of Xia Jingxing's words.

  Xia Jingxing chuckled, “Martin, you are a professional from Goldman Sachs. You know what LP really values. As long as Penguin reaches 500 billion, these are not matters.”

  Liu Zhiping smiled and said nothing, he didn't want to comment too much.

After a while, Liu Zhiping suddenly said: “Mr. Xia, I remember that Envision Capital released a subprime mortgage risk forecast report in the United States more than two months ago to remind everyone to pay attention to financial market fluctuations.

  If your prediction becomes a reality, then Penguin's stock price should plummet, right? "

  Xia Jingxing's performance was very calm, “This forecast report has been scolded by everyone. There are institutions and stock investors in the United States who ran short positions based on the report we released.

  Now the entire New York financial media say that we are executioners, who caused a stock market tragedy, and our hands are stained with the blood of retail investors and small institutions.

  There are also media slanders that we deliberately dig holes for small organizations to jump, and then secretly do more to kill these people.

  Hey, these messes have caused my head to blow up. Jiang Ping, who spoke, has been severely punished by me, and he is not allowed to go outside and make speeches casually. "

   Bonima gleefully said: “Mr. Xia, Envision Capital is a top hedge fund famous on Wall Street. Didn’t you expect you to have a time when you strayed?”

Xia Jingxing's face was heavy. He followed Bonima's words and said, "We are not gods. It is normal for us to make mistakes, but after experiencing this incident, our awe of the financial market has increased. Be wise."

  It's rare to see Xia Jingxing unlucky, and Bonima is happy.

  But he deliberately pretended to be very sympathetic on his face, "Mr. Xia, Mu Xiuyulin, the wind will destroy it, and Vision Capital is still too high-key. Keep it low-key. Others will look at companies that are more happy.

  You see how low-key Penguins are. Everyone says that games are harmful to teenagers, but Chen Tianqiao’s infamy was all given to him. He was as high-key as you for a while. "

   Seeing that Xia Jingxing’s face was green, Bonima was so happy, and finally he sighed in his heart.

  Liu Zhiping is not as foolish as Bonima, he vaguely guessed that the other party’s handling of Penguin stock might be related to the subprime mortgage crisis.

  But he is not very sure, because at present, with the large-scale release of water by major central banks, the stock market has rebounded greatly, and no one knows where the market outlook will go.

  If the US can stabilize it, everyone is happy; if it can’t stabilize, the risk is likely to spread to Hong Kong stocks.

  Thinking of this, Liu Zhiping felt that this transaction must be treated with caution, maybe he really became a catcher.

   “General Manager Xia, in any case, Penguin’s management cannot spend such a large sum of money to repurchase the stocks held by Vision Capital. In fact, we are only spreading the word for a few institutions.

  MIH has a little interest in trading, but the premise is that the stock price must be 10% off.

  If the transaction drags on, it will be bad if there is any fluctuation in the financial market.

   President Xia, what do you think? "

  After finishing speaking, Liu Zhiping began to observe the subtle expressions on Xia Jingxing's face in a calm manner, but the latter was very calm and could not see any flaws.

  "It’s okay to talk slowly. Penguin’s foundation will only get better day by day."

  Xia Jingxing noticed that Liu Zhiping suddenly became vigilant, but he was not afraid of these threats from the other party at all. If the talks are not going well today, he will immediately sell the stock, and it will only be the Penguin management who is anxious.

  Liu Zhiping is not in a hurry to negotiate any more, he wants to be patient with Xia Jingxing.

  Sitting for a while, Liu Zhiping left with a confused Bonima.

  Out of the building, Bonima asked: "Martin, this is going to go, why don't we talk about it?"

  "Let’s wait and see Xia Jingxing’s reaction."

  ……

  On the other side, Li Yaozu received Xia Jingxing’s instruction and began arranging for Bailu Fund to submit a shareholding reduction announcement to the Hong Kong Stock Exchange.

  The next day, as soon as the Hong Kong stock market opened, Envision Capital issued an announcement to reduce its holdings.

  The number of reductions is not much, only 1 million Penguin stocks.

  But as soon as the announcement came out, the momentum of Penguin's stock price rising in recent months was quickly interrupted, and it fell a few points.

  The performance of the institution is a little better, so stay on the sidelines.

  Shareholders can't sit still, and some people start to sell Penguin stocks.

  Thanks to the listing of Ari, almost all investors who speculate in technology stocks now know the name of Envision Capital. It is not only the largest investment institution in technology startups in the Mainland, but also a well-known hedge fund on Wall Street.

  Such a heavyweight shareholder has held Penguin stock for two years and suddenly began to reduce its holdings. In the eyes of some investors, this signal is very dangerous.

   After receiving the news, Liu Zhiping rushed to Hong Kong from Pengcheng in a hurry. This time Bonima did not accompany him, only Liu Zhiping was alone.

  Li Yaozu came forward to receive Liu Zhiping, and the place was still in the reception room yesterday.

   "Where is President Xia?"

   "Back to the mainland."

   Liu Zhiping feigned angrily: "How can you issue a share reduction announcement? We are still negotiating! You made Pony very angry with you, and he said he would stop the negotiations."

  Li Yaozu said very calmly: "Isn’t the agreement signed yet? Doesn’t this violate any regulations?"

   Seeing Li Yaozu with a smile on his face, Liu Zhiping took a deep breath, suppressed the anger in his heart, and asked as calmly as possible: "Are you not afraid of the stock market plummeting?"

  Li Yaozu nodded, "I'm afraid, why not be afraid. I sold 1 million shares and then fell a few points. I don't know how scary it would be to sell more than 200 million shares."

  Liu Zhiping's whole person was about to explode, but he still tried to calm down some of his tone, "Yaozu, we have been friends for so many years, you give me some details, do you still want to talk about it?"

  "Stop talking!"

  Li Yaozu said with a strong attitude: “Mr. Xia said that you are not sincere. His time is precious and he does not want to waste time on these meaningless negotiations.”

   Liu Zhiping thinks this is too false, more than 10 billion, how could he not care.

   "Tell me about your conditions?"

  Li Yaozu shook his head and laughed, “There’s really no need to talk about it anymore, Mr. Xia has already said that since you want to consume it slowly, then everyone should consume it slowly.”

  Liu Zhiping sighed in his heart, feeling so tired. He wanted to have a psychological game with Xia Jingxing and negotiate a more favorable transaction price. As a result, the other party did not play cards according to the routine, and the fierce ones were just like the kidnappers who took the fingers of the hostages.

  Penguin's stock price is a hostage, and he does not dare to bet whether the other party will tear the ticket.

   "No discount, no discount, just use today's stock closing price as the standard for trading."

  Li Yaozu sneered in his heart, and it really made Mr. Xia sure that this group of people did not see the coffin and did not cry.

   "Penguin will release the third quarter earnings report soon, right?"

Looking at Li Yaozu’s proud smiling face, Liu Zhiping felt a little flustered. He just didn’t want to postpone the transaction until the third quarter financial report was released, because he knew how beautiful this financial report was. After the release, the stock price would definitely rise, saying Uncertainty can return to above 70 Hong Kong dollars.

   "Okay, let's trade at 60 Hong Kong dollars per share!"

   Seeing Liu Zhiping who had completely lost his heart, Li Yaozu comforted him: "Don't worry, you can't lose it. What's the situation inside Penguin, is your management still unclear?"

  Liu Zhiping chuckled, and if he got a bargain, he still behaved. It seems that the old colleague was really assimilated by Xia Jingxing.

  Soon, Jiyi signed a formal equity transfer agreement in Hong Kong.

  Vision Capital transferred all of its more than 200 million Penguin stocks to a joint purchaser headed by Penguin’s management at a price of 60 Hong Kong dollars per share, and obtained 13.7 billion Hong Kong dollars in cash.

  Invested 2.7 billion Hong Kong dollars two years ago, and now has a net profit of 11 billion Hong Kong dollars.

  Xia Jingxing is very satisfied with this. This is the second tens of billions of returns after the A-share investment in the big bull market, and it is the kind that is safe.

  He used to tighten his belt to engage in investment, and his life was tight. Now he finally has a lot of money on hand, and he no longer has to worry about lack of money.

  The list of joint acquirers is very long, and many of them are old acquaintances of Xia Jingxing.

  In addition to the Penguin management of Bonima and Liu Zhiping, there is also the South African MIH, a major shareholder who has been committed to the death of Penguin.

   IDG, Legend Capital, Hony Capital and other venture capital alliance members have also come to join in the fun, but they are not very rich. Each institution has subscribed for shares ranging from tens of millions to hundreds of millions of Hong Kong dollars.

  Among them, Hony Capital contributed the most. The PE fund of this conscience company invested 500 million Hong Kong dollars, and its positions accounted for one-ninth of the US$580 million management scale of the third fund.

What surprised Xia Jingxing most was that not only IDG ran around to eat the grass, but also Li Yikai also ran to eat the grass, and he also subscribed for 1 billion Hong Kong dollars in Penguin shares. I don’t know if it’s to make up for regrets, or Competing with myself, maybe both.

In this transaction with a total value of HK$13.7 billion, Penguin’s management pledged a third of the equity, South Africa’s MIH contributed a third, and Li Yikai, Hony Capital, IDG and other venture capital institutions together contributed a third. one.

  (End of this chapter)