Rebirth: The Financial Giant

Chapter 310 [Cruel market (81105)]

The ups and downs of Jia Changliang was actually taken care of by Big A. It can even be said that he was lucky. Although Tiansheng Convertible Debt did not make him rich overnight to realize the freedom of wealth in his life, it also brought him more than 5 times the profit. This changed his fate.

Because after he got out of the convertible bonds, he had the capital to buy one hand of Tiansheng Holdings, and he didn't move it. In the next few years, he will continue to buy Tiansheng convertible bonds with limited funds. Then make a decisive debt-to-equity swap.

In the future years of holding Tiansheng Holdings, although he did not make him rich and noble, he also achieved a well-off life, learned to be content and happy, and lived a dull but carefree life in the second half of his life.

Jia Changliang is considered one of the lucky few, while the other Xiaosan who participated in the Tiansheng Convertible Bonds were tragic, even tragic.

In this flash crash, at least 600 hot funds with assets of more than 10 million were suffocated, and the least loss was about 25%. The small loss was because he only engaged in two or three layers of warehouses, but these two The three-tier warehouse actually has a loss rate of more than 80%.

The one with the biggest loss is the Mancang Stud Monster, with only about 10% left, and it was wiped out in two days.

According to incomplete statistics, as many as 600,000 households have been wiped out in two days of hot money and small and small businesses, which is extremely tragic and cruel.

The total amount of wealth has not disappeared, but has been transferred to the hands of rivals, brokerages, and institutions, which has also caused wealth to be concentrated to a smaller number of people.

In the magic market of Tiansheng Convertible Bonds, the hot money that made the most cut a profit of 370 million yuan. If it is calculated based on the average assets of a retail investor of 200,000 yuan, only this hot money is in this round of Tiansheng Convertible Bonds. During the market, 1,850 Xiaosan households were cut over, and every cent of profit he made was the meat chopped from the bodies of hundreds of Xiaosan.

This wave of Tiansheng convertible bonds is not the rise in asset prices brought about by additional currency issuance, nor is it the increase in dividends from corporate development, or a pure game of cutting between rivals.

...

After the market, Li Mingyang was in his office. He was looking at a document sent by Han Qiulin. It was a list of bond targets that the boss said before.

National Development Development Bank 1702, 12 Construction Engineering Investment Bonds, 18 Beijing Industrial Sales ***003... Li Mingyang muttered silently, this rich list of debt investment materials all show that the boss has already contributed to Tiansheng Value Growth Mixed Fund this year. The directions are clearly arranged.

When the reduction date arrives, the funds from the reduction will flow back to the company, and the 100 billion yuan of funds that are now thrown in will be hedged out.

However, it is said that the situation of Big A today is still a day of sharp decline. The Shanghai Stock Exchange Index fell -1.43% after the market today, and the index closed at 3028.33 points. .

Just like what Lu Ming said, today's market is the result of fund managers cutting the meat. They have to balance the cost of the major constituent stocks. They can no longer cut the meat if they fall too much. Christian Democrats' redemption pressure.

...

CEO's office.

Lu Ming was looking at the closing data of Tiansheng Convertible Bonds today.

Closing price: 147.051

Change: -52.46%

Turnover: 18.1 billion

Positive share price: 16484.05

Conversion price: 12350

Conversion value: 133.474

Premium rate: +10.17%

It has skyrocketed by 14 times in ten days, basically all evaporated in two days, and returned to a normal and reasonable value range in two days. The premium rate of this conversion is a bit low.

However, considering that Tiansheng Holdings has not stopped falling, it is actually relatively reasonable.

Lu Ming knew that most of the funds received today were the main force of the institution, and the previous speculation must have been fueled by the institution.

Really eat both.

There is no other reason, the reason why the institution is willing to undertake is for debt-to-equity swap, because Lu Ming is very clear that Tiansheng Capital will no longer engage in private placement, and will not choose high-send transfer.

As a result, if the shareholders who hold Tiansheng Capital shares do not sell it, it will be difficult for others to get on the train, or they will take the offer at a high level, such as the one with 25,000 yuan now.

Not to mention retail traders.

A large number of retail investors in the market are asking for a stock split to get on the train, can convertible bonds be split in this wave?

But Lu Ming is still giving them a chance to get on the bus, that is, to issue convertible bonds, buy convertible bonds and then carry out debt-to-equity swap, so that they can't buy one lot of underlying shares, and they can also be cashed out and held in the future through debt-to-equity swap. One or two shares or a dozen shares, and convertible bonds also give retail investors with little capital time to raise money.

But, how many can really get on the car?

Now it seems that most of them have been robbed by institutions again. Large institutions understand the potential of Tiansheng Capital better than retail investors, so they all choose to hold bonds and convert them into shares to realize the increase in stock shares and enjoy long-term asset price rises.

In fact, Lu Ming is definitely the most friendly boss to retail investors among all the heads of listed companies in Big A. When the balance of the first convertible bond is used up and the trading is suspended, the second convertible bond will be listed immediately. Debt: Tiansheng Zhuan 2, Tiansheng Zhuan 3, Tiansheng Zhuan 4... and so on without interruption.

At least during the years when Lu Ming was in charge of the company, there would be no interruptions.

This is to always open a channel for big A's retail investors to buy Tiansheng Holdings. It is always open there, and everyone can enter and exit, and everything is convenient.

Anyway, the channel is open there, it's only for people who are destined to enter. As for whether more institutions enter or retail investors enter more, this is not something Lu Ming has to consider.

After the debt-to-equity swap, the total share capital of Tiansheng Holdings will inevitably increase, but Lu Ming always maintains the company's total share capital at 80 million shares, so the shares increased by the debt-to-equity swap will also be cancelled through the company's irregular repurchase Therefore, it will be maintained at 80 million shares for a long time. For example, if 5,000 shares are added at a certain point in time, the company will pay for repurchase and cancellation at a certain point in time.

In this way, Lu Ming's shareholding in the company will not decrease, and he will always have absolute control over the company.

The company issues bonds on the one hand, and repurchases on the other hand, which is equivalent to using the money from the bond issuance to repurchase the company's shares, offsetting part of it, and the other part is that the company pays for repurchase, because the stock price must be rising for a long time. Repurchase will also drive up the stock price. Of course, the money from the bond issue is not enough to completely offset the value of the conversion, so the company has to pay more.

In other words, Tiansheng Capital relinquishes some of its profits to the capital market and all shareholders of Tiansheng Capital in this way, because repurchasing shares will definitely push up the stock price, and the company pays real money.

For such a boss, among all the listed companies in Big A, I'm afraid I can't find a second one.

...

The time came to Friday, February 9, the last trading day of the week.

This week is a week of mourning for the domestic capital market. The previous four days have been plummeting. The Shanghai Stock Exchange has broken down from 3337 points last Friday to 3200 points and 3100 points to 3028 points, which closed yesterday. In just four days The time index plummeted by more than 9 percent.

From the highest point of 3587, the cumulative decline has expanded to -15.58%, and if it falls less than 5 points, it will be a decline of -20%. Once the decline exceeds this number, it means that Big A will enter a technical bear market stage.

At the opening of the market today, Tiansheng Holdings hit the fifth one-word limit again. The market is dead and the mood is about to freeze.

Compared with yesterday, the trading volume of the two cities shrank by nearly one-third.

No one moved, and no one sold. At this time, a hammer was sold. Those who should cut the meat have already been cut, and those who did not cut the meat have been completely trapped. The securities sector returned to the origin before the market started.

Played lonely.

The securities ETF fell by -39% from the high point, and those that did not run near the high point returned to zero again. As for the direct depth of the high point acquisition.

Many people who have been trapped to death again simply pretend that nothing happened in this market, and see you in the next round of market!

It can only be like this, otherwise what should I do?

There are quite a lot of people who are bottom-hunting today. After all, the securities sector has fallen back to before the market started. It is believed that the risks have been released and the decline has indeed stopped. Although Tiansheng Holdings still fell by the limit today, other securities companies have rarely withstood the leader. Big brother's pressure to stop falling, isn't this a signal to stop falling?

Many people can't judge which brokerage stocks are reliable, and they simply do ETFs directly.

These bargain hunters did not realize the seriousness of the problem. The plummeting of securities companies, even the plummeting of Big A, is just the beginning. Under the environment of the bear market throughout the year, bargain hunting at any position is a trick.

...