The Pentium Era - South to North

Meng Ping did not lie to Qian Fang. Lao Qiao from Shenzhen Anxin Trust had indeed arrived in Hangzhou. He came to Hangzhou to discuss with Liu Ligan the listing of Zhejiang Splendid Land, and Meng Ping was going to attend.

Every time I hear Lao Qiao talk about a new project, whether it is Liu Ligan or Meng Ping, they feel that they have benefited a lot. At the same time, they are also deeply impressed. They wonder how these financial people are so clever and have so many clever ideas.

Liu Ligan and Meng Ping went to the hotel, and Lao Qiao told them his plan. He said that this year the country would be more open to policies on real estate companies. Although it is still difficult to directly conduct a domestic A-share IPO, there are two ways to do it. Walking on its own legs, that is, doing a domestic backdoor listing and going for an overseas IPO.

"Backdoor listing? What do you mean?" Liu Ligan asked.

"It's just to find the shell of a bad company and use its name to go public." Lao Qiao said, "There are two ways to do this. One is to transfer the equity of their company through an agreement, and the other is to exchange assets, that is, to change the shell."

"Old Qiao, be specific." Liu Ligan said.

"To be specific, for example, if you find a bad listed company, I have this kind of bad listed company and it still owes me a lot of money. I can strangle it to death at any time. You can either directly acquire its equity, but That is more troublesome. First, it requires a lot of funds.

"Furthermore, what you want is actually his shell, and you have no interest in his business itself. Once the acquisition comes, you still have to put your own business and assets into it, so it's better to do an asset swap.

"For example, if you take out some of your assets and projects, such as Hangzhou Center or 'Sky City', or your entire real estate business, and if it is worth, say, one billion, then the listed company will issue an additional ten billion to you. 1 billion stocks, use the additional 1 billion stocks to replace your assets.

“After the replacement, the assets were merged into the listed company, but you became the controller of the listed company.

"They spin off their original business, which completes a backdoor listing. You pay him an additional sum of money, which is called a shell fee. He sells the shell to you. You have achieved the purpose of listing, and then the listed company , just change the name to 'Zhejiang Splendid Land'."

Lao Qiao said, and both Meng Ping and Liu Ligan understood. Liu Ligan had a doubt. He said, isn't this just a behavior between two companies? What policies are needed to liberalize it?

Lao Qiao glanced at him and laughed; "Backdoor listing is just a popular term. Officially, it means the merger and asset reorganization of enterprises. The exemption of approval for tender offer of listed companies and the approval of major asset replacements all have to go through the China Securities Regulatory Commission. , the policy doesn’t allow it, you dare to do it secretly, do you want to die?”

Liu Ligan smiled and understood.

Meng Ping asked: "What is the difference between taking out the entire business and taking out part of the project?"

"This involves the direction of the company. Like Mr. Liu, he can take out the 'Sky City' project alone and package it for listing in Singapore. Singapore's listed companies have a relatively small plate, and this one project is enough. Of course, if 'Sky City' is removed, the net value of the remaining assets of his company will be smaller, and the shares that can be replaced domestically will be smaller."

Lao Qiao said, Liu Ligan and Meng Ping nodded, understood. Lao Qiao went on to say that a company like Mr. Liu has reached a certain scale, and it is completely unnecessary to put all the eggs in one basket. There are many more You can think of other methods. If you own several domestic and foreign listed companies at the same time, your financing ability and ability to resist risks will be enhanced.

After all, the policies and economic situation will be different in each place, and you can avoid the risk of being "one-size-fits-all".

"How many listed companies? What else can I do to spin off Hangcheng Center?" Liu Ligan asked.

"Then the net worth of your remaining company will not be high enough, and the ability to refinance will be weakened." Lao Qiao said, "Another way is to separate your property management business. You have so many Project, every property management project makes money, right? This area should be separated and a professional property management company should be established. This company can also be packaged and listed on the market. "

"It's like a magic trick." Meng Ping said.

Lao Qiao smiled and said: "That's it. Everyone can change the tricks, and the tricks are different. In this financial market, as long as you delve into it and think about it, there will always be many ways."

"Okay, Lao Qiao, I don't know much about this. You can design it for me." Liu Ligan said.

Old Qiao said yes.

Lao Qiao returned to Shenzhen the next day, and Liu Ligan made an appointment with him to treat him to dinner in the evening. At noon, he and Meng Ping were going to have dinner with Lao Ni, Ren Rongrong, and Chen Yaqin.

After leaving Lao Qiao's place, Meng Ping and Liu Ligan did not go to Lao Ni's company, but went directly to Tianxiang Tower. On the way, Meng Ping called Lao Ni.

The two of them waited in the box for less than ten minutes when Lao Ni, Ren Rongrong, and Chen Yaqin arrived. Ren Rongrong and Chen Yaqin each held a handout folder. They wanted to turn this Chinese meal into a work meal.

Meng Ping also wanted to say a few words of courtesy and say how well they have done in the past few months. Before he could say anything, Ren Rongrong said hurriedly, "Let's talk about this year's situation."

Liu Ligan agreed with Meng Ping.

Ren Rongrong said that we have analyzed and studied it and feel that our focus this year should be on the natural rubber of the Shanghai Stock Exchange.

"Natural rubber?" Meng Ping asked.

Ren Rongrong is right, "Our country's natural rubber futures have been launched since 1993. It turned out that Hainan China Commercial Futures Exchange and Shanghai Stock Exchange were doing it. The trading volume of Hainan China Commercial Exchange was larger. In 1997, There were 14.588 million hands in the whole year, ranking first in the world. However, after the reorganization and merger of exchanges in 1998 and 1992, Hainan China Commercial Exchange no longer exists.

“Now the Shanghai Stock Exchange is the only place that can still trade natural rubber futures contracts, which is actually beneficial to our operations. Moreover, the Shanghai Stock Exchange’s natural rubber trading volume is still the first in the world, which leads to the pricing of natural rubber. Unlike the copper contract, for example, the internal copper will be affected by the London copper, so we are more passive in doing so."

Even laymen Liu Ligan and Meng Ping understood that the price control of natural rubber lies with the Shanghai Stock Exchange, so that it is easy to control.

Liu Ligan said yes.

"This is one reason, and another reason is that we believe that the price fluctuation of crude oil will be very severe this year." Chen Yaqin said, "This is also the reason why we choose natural rubber. The more severe the price fluctuation, the greater the room for operation. The more opportunities there are.”

What Chen Yaqin didn't tell Liu Ligan and Meng Ping was that in the second half of last year, they operated crude oil in the external market and made Lao Ni a lot of money.

The global crude oil market began to decline in 1996 due to Venezuela's over-production and increased exports, which led to a surge in supply and oil prices. In 1997, the Asian financial crisis suddenly broke out, causing global crude oil demand to slow down. Under these dual pressures , oil prices plummeted, falling by 51%.

During the decline, although OPEC held emergency meetings many times, the oil-producing countries had ulterior motives and acted against their will. For example, Saudi Arabia reduced production verbally but actually increased production. The downward trend of oil prices was not curbed. By December 1998, , finally fell to the historic price of $10.35 per barrel.

Such a miserable market forced the three giants of Saudi Arabia, Mexico and Venezuela to reach a consensus on production reductions at the end of 1998. With Chavez in Venezuela coming to power, Venezuela, the culprit of increased output, finally joined the production reduction plan, causing oil prices to finally bottom out. .

Data shows that after this meeting, Venezuela and Iran kept their promises and reduced production as planned. The confidence of the global crude oil market returned, and oil prices rose sharply in April 1999.

Entering the second half of 1999, as global crude oil inventories declined, and at the same time, major oil-producing countries such as Saudi Arabia, Venezuela, and Mexico all stated that they would have no plans to increase production before March 2000, oil prices rose again. From more than ten dollars at the beginning of 1999, it climbed to more than twenty-five dollars at the end of the year.

Before March, Ren Rongrong and Chen Yaqin expected that crude oil would continue to rise. However, after March, it is unknown. As long as some oil-producing countries cannot withstand the temptation of high oil prices and take the lead in restarting production increase plans, oil prices will turn downward.

Chen Yaqin and others judged that global oil prices would fluctuate violently in 2000, and this is their basis.

For them, the most distressing thing is that there are no domestic crude oil futures varieties, otherwise they would directly operate crude oil futures in the internal market.

Unable to directly operate crude oil futures, they could only look for related products, and then they found natural rubber.

"Isn't the natural rubber you are talking about natural rubber? Natural rubber does not grow on trees. What does it have to do with crude oil? Will the rise and fall of crude oil affect natural rubber?"

Liu Ligan was confused and thought, you said that typhoons in Hainan and heavy rains in Southeast Asia would have an impact on rubber, which makes sense. However, Liu Ligan could not figure out the relationship between the rise and fall of crude oil.

Meng Ping also had this doubt. Both of them looked at Chen Yaqin. Chen Yaqin pursed her lips and smiled slightly. She said, "Of course."

"Tell me quickly, where is this influence?" Liu Ligan urged.

"The main use of rubber is to make car tires." Chen Yaqin said.

"You're saying that if the price of this oil increases, if it becomes more expensive, fewer people will buy cars. With fewer people buying cars, the usage of tires will decrease. This will affect the price of rubber, right?"

Meng Ping asked, Chen Yaqin looked at him, smiled and said nothing, Meng Ping himself muttered, he said:

"No, this impact will be very small. People who really want to buy a car may choose a car with low fuel consumption if the gas price is high, but they will not stop buying a car. The actual usage of tires is still It won’t be small, right?”

Chen Yaqin nodded and said yes.

"Then after all, it has nothing to do with the tires." Meng Ping said.

Chen Yaqin looked at Meng Ping and thought that his serious look was quite cute. Chen Yaqin decided not to sell it off, and she smiled and said:

"As for tires, the rubber used to make tires includes not only natural rubber, but also butadiene rubber and styrene-butadiene rubber. These rubbers are all synthetic rubbers, and the raw materials come from crude oil. They are similar to natural rubber. There is a certain degree of substitution and complementarity.

"As far as tires are concerned, historical data proves that when the price difference between natural rubber and synthetic rubber exceeds 5,000 yuan per ton, tire manufacturers will increase the proportion of synthetic rubber used. When the price difference is less than 5,000 yuan per ton, they will increase the use of synthetic rubber. The proportion of natural rubber used is large, that is to say, the price of one of the two is oppressive to the other, which makes crude oil and natural rubber related."

Liu Ligan and Meng Ping, at this time, felt that they really couldn't express their enlightenment without a long "oh".

Thanks to Guo Lichen, ranked third from top to bottom, and 131 on the shore for the tip! Thank you for your monthly tickets for Running with a Smile, Y, Qianbo, and Yingzai Jiutian! Thanks for all the votes and reading! Have a good evening everyone!