Fight to the third generation

Apart from the mainland market, Su Yehao didn't have any specific short-term investment direction, so he could only invest based on his feeling, and wanted to see if those two buildings would collapse in a few months time...

……

Back in Hong Kong City, take a leisurely rest for a few days.

Time flies to May [-]th.

Nangong Tian's mother came to Hong Kong City, and Su Yehao invited her to be a guest at home.

Although she is not married to Xiao Nizi, she is only close to being married. Mrs. Nangong agreed to his invitation this time, mainly because she wanted to get closer to her daughter.

On weekdays.

Mrs. Nangong often contacts Xiaonizi, but she doesn't have much contact with Su Yehao.

This morning, she and Su Yehao sat face to face for breakfast, and said while reading the newspaper:

"Xiaohao, I remember that my daughter bought some funds to invest in the mainland stock market in your company? Recently, the mainland stock market seems to have risen very well, like factories in Malaysia, factories in Japan and the United States , all went to the mainland to open factories, and several acquaintances I know are like this."

Su Yehao owns a lot of private equity investment projects. He has not paid attention to the mainland stock market for some days, and only investigates a few specific companies at most.

He accidentally learned that the stock market in the mainland was doing well. He suddenly thought that the stock market in the north had been bullish for a long time, but he was a little worried for no reason. He smiled and said to Mrs. Nangong:

"Yes, the infrastructure in the mainland is great, and the cost of starting a company is extremely low. She plans to go to the mainland to do theater business, and she will put some spare money with me. She should make money, right?"

Nangongtian looked at him and joked:

"You really don't care about the fund you manage at all. I just read it a few days ago. The growth rate this year has been particularly good, and it has helped me earn nearly 2000 million Hong Kong dollars."

"So much? That's really outshine. For the time being, it is mainly supported by the good news of joining the WTO, and the economic growth rate remains at a high level. Of course, investors are confident."

After Su Yehao finished speaking, he felt that something was wrong.

Now there is good news to support it, but... what next?

For a period of time, he has mainly focused on the trends in the international market, such as the economic recession, the US fiscal deficit, and traditional market bubbles, all of which indicate that the next economic situation will be relatively severe.

Even Su Yehao would worry about where to invest.

So when he first heard that the mainland stock market was booming, he immediately felt a sense of disobedience.

The United States has not cut interest rates much, and the hot money has not really ebbed from the United States. In the first quarter of this year, foreign investment in the United States reached 500 billion US dollars. .

Fewer people are spending money to buy things. Of course the economy is in a downturn. On the contrary, most of the listed companies on the US stock market are in bubbles. The Nasdaq collapsed, but it is still holding on, but there are also signs of recession. .

There are many signs indicating to Su Yehao that there is a high probability that the next business will not be easy, but the mainland stock market is still rising.

After breakfast, the worry in my heart lingered.

He asked people to check the average price-earnings ratio of A-shares. This figure does not seem to be that important and cannot truly reflect the value of a company, but if it is generally at a high level, it can indicate that the market bubble is serious.

Do not check, I don’t know, I’m scared.

Knowing that the average price-to-earnings ratio of the mainland stock market has basically remained at around 5 times, Su Yehao asked someone to bring the position data sheet of [-]S Asset Management, select the assets that can be sold first, and secretly sell some of the holdings in batches.

Linda Yun pointed to the list of Wuliangye Company, and asked him wonderingly, "I heard you mention that it is very suitable for long-term holding, isn't it right?"

"Yes, long-term holding, but I am worried that before the future, investors will lose confidence in me. How can I continue to play when the company is gone?"

Su Yehao looked down at the document, ticked the items that were confirmed to be kept, sighed and said:

"If there is a fund that can be closed for 20 years, then I don't have to worry about anything. Open-end funds have the advantages of open-end funds, and closed-end funds also have their own advantages. Maybe the above is worried about investors. That’s why we hesitate to launch open-end funds. Believe it or not, as long as our products fall by more than 10% in a crisis, investors will dare to redeem RMB 200 billion?”

Linda Yun said calmly:

"If you don't believe me, mainland investors are immature. Even I know that they like to speculate in funds as stocks. Wait a minute, I'll sell the stocks I bought first, so as not to be killed by your reduction of holdings. "

Su Yehao was stunned for a moment, and asked her, "Huh? You are my secretary, and you still dare to trade stocks secretly?"

"Why don't you dare, you never said that I can't trade in stocks, I have earned 10,000+..."

Chapter 790 Kidnapped by market sentiment

It’s okay if Linda Yun doesn’t say anything.

Now that you say it, you have to bear the corresponding price.

Su Yehao handed her over to Zhuang Wei's assistant, and copied the rules and regulations of being a secretary ten times, so as not to leak the secrets about her investment one day, and finally let the boss take the blame.

As a named executive of many companies, Su Yehao's casual disclosure of any information here may involve internal secrets.

Linda Yun is actually aware of this, so he only used his accumulated wages to invest in liquor stocks such as Wuliangye and Luzhou Laojiao, which he was optimistic about.

These are the investment targets selected by Su Yehao for the 5S Asset Management Company, and have no direct relationship with him. Therefore, Linda Yun opened a securities account to speculate in baijiu stocks, which is actually not against the law.

Linda Yun, who felt that she was wronged, was copying the rules and regulations manual in Zhuang Wei's office at the moment, flicked her wrist and complained, "I feel like he is taking revenge on me."

"why would you say so?"

During the lunch break, Assistant Zhuang Wei took her time and took out the tea tray to make herself a cup of Dahongpao.

It is said that the owner of the tea shop personally went to Wuyi Mountain in the inland to buy the tea. The taste is very authentic.

She also likes to mix the endless black tea with a small bag of fresh milk and make milk tea by herself. Although the taste is not as good as the milk tea sold on the street, it is more nutritious and healthy.

Linda Yun said while copying:

"Because I asked him to copy English articles when he was studying. Do you think this guy has been holding grudges until today and finally caught my little tail? If he doesn't copy ten times, the quarterly bonus will be gone. Really? It's so miserable..."

Assistant Zhuang Wei was not very good at dealing with people and the world. At this time, she just talked about the matter and told her:

"Who told you to speculate in stocks secretly? If you were generous and asked him directly what he should invest in, maybe the boss wouldn't let you copy it ten times. Many people are staring at him, and maybe even the people from the brokerage will pass you. account information, to understand what areas the boss is paying attention to, it is right to punish you, not to mention that you have earned so much, it is already a good deal."

"Indeed, I was just investing casually. I suddenly thought that Ahao said that baijiu stocks are worth holding for a long time. I didn't expect that guy to change as he said, and changed his mind inexplicably. I should have known that he should not wait for me. Waiting for me to sell After that, we will reduce our holdings."

"...You still want the boss to wait for you to sell it? I finally understand why he asked you to copy it. Doesn't this mean that he violated the rules? As the chief fund manager of SSSSS asset management company, he needs to report to the China Securities Regulatory Commission. and investors are responsible.”

After Zhuang Wei finished speaking, she added: "Also, you don't need to tell me what the boss thinks. This is also a violation. The manual in front of you has relevant clauses."

"..."

Linda Yun knew she was wrong.

She complained to Zhuang Wei only when she was stupid, and now she changed the subject and asked, "Why do you always say SSSSS instead of 5S for short, isn't it uncomfortable to read, obsessive-compulsive disorder?"

"Quickly finish copying. You only need to copy it once in an hour. Do you want to work overtime until late at night tonight? Make it clear in advance that I won't be with you. I'm going to listen to the performance of the Royal Concertgebouw Orchestra tonight."

"Really? I want to go too..."

……

Su Yehao is also in the assistant's office.

He spends a lot of money to support a group of consultants and analysts, who are helping him calculate and deduce the economic market trend of the mainland in the next period of time.

As far as NASDAQ is concerned, it is no longer a concern. Even the decline is only temporary. Anyway, whether profit or loss is a private matter, as long as he himself does not care about the rise and fall of book assets, it is completely fine. The private equity type of assets under his name , as well.

But now through the 5S asset management company, it helps investors manage properties worth tens of billions of Hong Kong dollars.

Investors will certainly not be like Su Yehao, relying on the advantage of the foresight, no matter the ups and downs, they will hold firmly.

Once the economy ushers in a recession, these investors will definitely redeem wildly. At that time, there may be some minor problems in the capital chain of 5S asset management companies.

The company's initial capital of RMB 100 billion has been successively invested and exchanged for shares in companies such as Vanke and Gree.

In fact, even if something went wrong, with Su Yehao's strength, it would not be a matter of life and death.

It's nothing more than realizing that something is not good, and planning ahead, planning to cash out some funds in batches, so as to prevent investors of open-end public funds from redeeming together.

As for the closed-end private equity funds and public equity funds, Su Yehao can just adjust the positions by himself. With the current market heat and trading volume, it is not too troublesome to cash out.

After Feng Tiancai reported the situation in the first quarter of this year, he made suggestions:

"The average rate of return of the funds under 5S Asset Management in the first quarter of this year has already reached 4.43%. Even if we buy low-risk financial products in the second half of the year, it is enough to give investors an explanation. The rate of return of some bonds can reach 6 % to 7%, even 8%."

Su Yehao nodded, looked at Feng Tiantian, and said with a smile:

"It's a pity that the stocks for the additional financing cannot be sold and can only be placed in the market. However, I don't want to have no losses at all. Being able to outperform other fund companies is also a victory. Doing asset management business seems to be easily affected by external influences. Hijacked by investors’ emotions, I didn’t think so much before, I should keep more cash.”

Feng Tiancai answered him:

"Investors invest in financial management when the market is good, and invest less when the market is bad. It is very easy to get emotional. I suggest that after you redeem a part, Mr. Su, you can accept interviews with several media to express your pessimism about the market prospects. Even if there are real problems in the stock market in the later period, you can stand up and show your ability at that time, increasing investors' confidence in you."

After listening.

Su Yehao replied jokingly:

"It's fine to use Yinhai Weibo to post a post, but I'm afraid that if I poke it lightly, the stock market bubble will burst immediately, so I will become a sinner?"

It is an indisputable fact that there is a bubble in the mainland stock market. The index is as high as more than 2000 points, and the average price-earnings ratio is more than 60 times.

An average price-earnings ratio of more than 60 times means that all listed companies will have to earn more than 60 years to be as high as the total value of the stock market based on their current profits. From an investment perspective, their value has long been overdrawn.

Of course.

The high P/E ratio of some companies does not necessarily mean that there is a bubble. The high-speed growth performance can easily lower the P/E ratio.

Su Yehao knows that he has picked the right project, and he can reap super high returns by waiting patiently for a few more years. However, he has to take care of the emotions of investors, which will inevitably feel a little troublesome.

He would like to set up a few closed-end funds that have been closed for 20 or [-] years, and just throw them away after investing, regardless.

Fortunately, as long as the potential crisis is avoided this time, the short-term rate of return can be increased by counter-hunting.

Maybe I can take this opportunity to secure my position as the number one fund company in the country, and add the words "crossing bull and bear" in the product introduction, which means ignoring the fluctuations of the bull market and bear market, successfully surviving the crisis and surviving.

It is easy to make money in the bull market, but it is very troublesome to avoid risks. This is a test of the fund manager's ability...

Chapter 791

When the 5S asset management company was first established, the start-up capital was as much as 100 billion yuan.

Later, he took the lead in promoting closed-end private equity funds and won a lot of idle funds from many companies. The Meidi Group, which Papa Su invested in, suddenly took out [-] million yuan just to support Su Yehao's business.

The funds of this part of enterprise-level customers have exceeded 140 billion yuan.

In addition, public offering funds have also raised more than 130 billion yuan from the society. Although the amount of investment varies, there are many people in the mainland. Without accidents, I believe that the scale of this part of funds will soon increase. More than enterprise-level customers.

Many banks are selling fund products under the 5S asset management company as consignment, and the purchase is very convenient. Basically, after customers sign a few contracts, the money will be transferred to the account of 5S asset management, and the scale of funds raised is still increasing.

Together with the funds raised from Hong Kong City, the total assets under management exceed RMB 460 billion.

Su Yehao finished counting the data.

It was found that about 160 billion yuan of this part of the fund was invested in the form of private equity investment.

The private placements of two listed companies, Gree and Vanke, made 5S Asset Management one of their major shareholders, and this part also falls under the category of private equity investment.

Among the 160 billion yuan, about 54% belong to the 5S asset management company's own funds, that is, use the 100 billion start-up funds to invest, and most of the rest are money from enterprise-level customers, which is equivalent to being funded by Su Yehao. They invest money.

Most of the public offering funds for ordinary investors are used to invest in mainland stocks, and the scale of this part is also more than 90 billion yuan.

As for the funds raised from Hong Kong City, with the help of relatively well-established investment channels, they are scattered in the Mainland, Hong Kong City, Europe and the United States.

The reason why Su Yehao felt that it was troublesome to adjust was mainly because the booth was too large, and with the size of a 5S asset management company, it was easy to attract a lot of unnecessary attention.

If the news of the shareholding reduction leaks and the mainland stock market collapses ahead of time, it will inevitably cause a wave of hatred and be hated by countless stockholders. Even investors in 5S asset management companies will probably blame him for being idle Bounce around.

Therefore, he extended the holding reduction period to [-] trading days, that is, within one and a half months, he reduced the share of negotiable positions to [-]% to [-]%, and even liquidated part of them if possible.

These tradable mainland stocks are scattered in more than 20 listed companies, with a total value of about 120 billion yuan, which is equivalent to the need to cash out about [-] million yuan every trading day.

The part of private equity financing and private placement cannot be traded in the short term, and there is no need to trade.

Su Yehao's plan is to reduce this part of the holding first, and then enter the market after the market stabilizes.

Even if the banned stocks lose part of their profits, as long as the increase in positions is large enough, the rate of return will be evened out to make the accounts more beautiful...

News was confined to a handful of executives.

Fifteen trading days in a row, a total of 20 days, the crisis was barely resolved.

Su Yehao's movements finally attracted the attention of interested people.

The China Securities Regulatory Commission sent someone to ask him in private why he made such a big cash out of 60 billion yuan.

May 2001, 27.

A middle-aged man surnamed Wang took advantage of the meeting with Zheng Yongwen, CEO of the Hong Kong Stock Exchange, and asked Su Yehao out with him.

The three of them sat on the sofa in Zheng Yongwen's office, and the one surnamed Wang explained:

"President Su has been too ruthless recently. The Shanghai Composite Index may have fallen by [-] or [-] points because of you. If you have any questions, you can communicate with me directly. If you continue to sell like this, I'm afraid my heart can't stand it... it's because of the state-owned shares. Bad news for a reduction, right?"

Before coming here, Su Yehao received a tip-off from Zheng Yongwen, and he knew in advance that he would talk about reducing holdings with big money.