The Son of Finance of the Great Age

  Chapter 550 Dragon Trapped in the Wild (2)

   "Zhong Sheng, what's so tricky about Huatou's acquisition of Stanley's shares?"

When Zhong Shi returned to the office, the place was already in a mess, with scattered files everywhere, without the monitor of the host machine, there was no life, and the traders were listlessly chatting together, all of them had serious expressions, obviously they all knew The current situation is not good.

   At this time, when Zhongshi reappeared in their sight, everyone's eyes lit up, and the backbone returned.

  However, although they had thousands of questions in their hearts, most of them silently looked at Zhong Shi twice and cast an encouraging look. They also know that it is not appropriate to ask questions about "insider trading" at this time. On the contrary, Jiang Shan had the most astute response, and approached Zhong Shi to ask the question that troubled Zhong Shi a few hours ago.

"This..." Zhong Shi smiled awkwardly, and did not immediately answer his question. After looking around the audience, he said loudly, "Guys, since our guy was taken away by the SEC for investigation, during this period Just take it as a vacation for everyone, so go and play as much as you like. I believe it won’t take too much time to come back to work after the lawsuit is over.”

  Hearing what Zhong Shi said, everyone breathed a sigh of relief. Zhong Shi has long established an image of one-sidedness in their minds. Although some of them have tried to challenge Zhong Shi's authoritative position, the results have undoubtedly failed miserably. So after a long time, Zhong Shi naturally established the prestige of "one word and one word" among them. Therefore, even if the opponent this time is the SEC, they are full of confidence in Zhongshi.

  Traders are in a panic at the moment. Since there is a holiday to take advantage of, they will naturally not miss it. After tidying up in a hurry, they left the company in twos and threes.

  In fact, so far, after nearly a year of layout, all follow-up work has been done almost. Now the main work these traders have to do is to continuously fine-tune the previous positions according to the market situation and determine the timing of the final closing. But since Zhong Shi said so, it is obvious that the time to close the position has not come, so they can naturally go on vacation with confidence.

  Strictly speaking, this is a kind of blind trust. However, because they are at the helm of Zhong Shi, and the relevant follow-up operations can be followed up by colleagues in Hong Kong, after Zhong Shi announced that they were going to rest, they immediately did the bird and beast scatter. And at this time, they really have no intention of continuing to work.

"What I thought before was that this part of the bonds with an interest rate of 9% would have no voting rights after being converted into common shares." After leaving behind a few key figures, Zhong Shi returned to his office, lit a cigarette, Then he said lightly, "But now it seems that things are not that simple."

   "Ordinary shares without voting rights?" Jiang Shan's expression changed, and he frowned and said, "Is it for dividend income and tax exemption needs? If this is the case alone, then it is difficult to say the pros and cons of this transaction."

If you simply consider it from the perspective of income, investing in a financial institution with good development prospects and a large market share, and not trying to change or manipulate its operating conditions, if it is only used for investment, this kind of waiver of voting rights Or there is nothing wrong with buying preferred stock.

  But all of this is unreasonable when put on sovereign funds. Like other funds, sovereign funds also have income indicators to consider, but this consideration is different from ordinary funds, because it needs to invest more funds and takes a longer time. Strictly speaking, this is a value investment, and it will not easily change the strategy due to temporary price fluctuations.

  In this case, it is inevitable to enter the board of directors and gain a certain right to speak. Because it needs to be held for a long time, it is necessary to put forward your own ideas and opinions in operation. Moreover, unlike other giant sovereign funds in the world, Huatou's funds come from Huaxia's foreign exchange, and this part of the funds does not flow into the domestic market in principle.

  Because China's foreign exchange system is very different from other countries' foreign exchange systems, all foreign currencies exchanged for exports are collected and managed by the state. As a supplement, the state issues equivalent domestic currency to these foreign exchange-earning institutions. This policy of earning foreign exchange by issuing local currency allowed Huaxia to accumulate a large amount of foreign exchange reserves in a short period of time, and this foreign exchange reserve was formed at the cost of possible inflation in the domestic currency market. Naturally, the principle of Huaxia Investment Co., Ltd., which manages these foreign exchanges, is to invest these funds on a global scale, and try to prevent this part of the funds from returning to China.

  So these characteristics are doomed that the projects invested by Huatou need to be long-term and have stable returns, and it is best not to return to China's domestic market. Therefore, under these prerequisites, it has become a trend for Huatou to gain the right to speak without affecting the overall operation.

   But in general, as long as the income can be guaranteed, the right to speak is not very important. Prior to this, Huatou invested in Beryl Rock Investment Co., Ltd. and obtained about 10% of the non-voting shares. This part of the investment was the shares of Beryl Rock Investment Ltd. before listing. After the IPO, this Part of the shares only paid a premium of 4.5%, and Huatou failed miserably in this investment.

  So after learning the lesson from the last time, Zhong Shi judged that the staff of Huatou should want ordinary shares with voting rights.

"I don't think about voting rights for the time being. After all, unlocking will take several years." Zhong Shi decisively gave up thinking in this direction, "Because the SEC regulations are that if you hold 10% of a company's shares, Then they have to disclose to the market what they are going to do, so Huatou’s shareholding is around 10%. But the problem now is that even if there is a huge loss in the fourth quarter, according to Stanley’s asset scale and profitability today , the price of this 10% stake is too low."

  Naturally, Zhong Shi’s implication is that even if the fact of the loss in the fourth quarter is discarded, according to Stanley’s ability to make profits today, they are absolutely capable of bringing the stock price back to the level at the beginning of the year in the next two or three years. That is to say, judging from Huatou's current bargaining power, it seems that they have picked up a big bargain.

   But this matter is not absolute, because Stanley’s huge losses in the fourth quarter are unprecedented. Without Huabei’s investment, the stock price may be much worse than it is now.

"It probably depends on the bargaining power of both parties and the amount of information they have!" Jiang Shan said thoughtfully, "But according to my estimation, even if Huatou has someone who is familiar with the American market, it is absolutely impossible Knowing more than Stanley, who was in the vortex, this information asymmetry is irreparable. So I believe they should be the loser in this transaction, but now it is revealed that they obviously accounted for The cheaper side, this is very puzzling!"

"Then there is only one possibility!" Zhong Shi pondered for a moment, then said slowly, "Huatou must have made concessions in some respects, but we don't know exactly what it is. Maybe it was the purchase of the subsidy in Stanley's hands." High-grade housing mortgage bonds, or other types of bonds, but no matter what, the amount will not be small, and it is very likely that it will exceed the investment in Stanley Corporation!"

  …

  Zhong Shi’s estimate was not wrong. In fact, in the agreement reached between Huatou and Stanley, this part of Huatou’s funds is just a stepping stone. But Huatou did not buy the subprime mortgage bonds that Stanley had on hand, but turned its attention to other bonds in the market.

   “We urgently need cash management, and the bond and bill market is our priority.”

  On the top floor of the building at Stanley's headquarters, Gao Dongfang, the general manager of Huatou who was in charge of the transaction, said loudly to the negotiators on Stanley's side.

  Gao Dongfang is about 1.8 meters tall. He is in his fifties and is well maintained. He looks like he is only in his thirties. His hair slicked back, his gold-rimmed glasses, his well-fitting suits and his fluent English speak volumes for the success of this guy. In fact, being able to sit on the position of general manager of Huatou at this age, Gao Dongfang is indeed extraordinary. After graduating from Cornell University in the United States and obtaining a bachelor's degree in law, he first spent two years on Wall Street, then went to Hong Kong, and later joined large state-owned enterprises in China. As a legal professional, he has also worked in the international financial circle. He was soon entrusted with important tasks by his superiors and became one of the top executives of Huatou, an aircraft carrier-level fund.

   This time, Gao Dongfang is in charge of the negotiation with Stanley Company. The team he formed is all elites from Huatou, with an average age of about 35 years old. Although this team is very young, their professionalism and business ability quickly made the people in Stanley look at them with admiration.

  As part of the deal that is not disclosed, Huatou will be responsible for selling the subprime mortgage bonds that Stanley has not digested, and Stanley will be responsible for leading the way to find a way for Huatou's funds. Naturally, in this process, commissions are essential.

   Being able to use Stanley's marketing network is of great significance to Huatou. Because for such a newly established sovereign fund, there is absolutely no problem in terms of funds. The problem lies in the lack of investment channels. However, by cooperating with a financial giant with a global sales network like Stanley, the channel problem is easily solved.

  Richard Graham smiled. After several negotiations, he was finally able to sell this part of the bonds, which can be described as a great achievement. Moreover, on the basis of this business, he also unexpectedly obtained the role of a broker, which meant that he would still receive a large amount of commission in the future. How could this not make him feel excited?

"Mr. Gao, what you said is not a problem. I will ask our trading department to follow up and ensure that a batch of investable assets that meet your requirements are selected." Richard Graham's blue eyes twirled around After a lap, he patted his chest and agreed, "Mr. Gao, since we are now in a cooperative relationship, I don't bother to reveal some top-secret information to you. Now the United States has attached great importance to the subprime mortgage bonds. The crisis and risks brought about by the Federal Reserve have repeatedly lowered the deposit rate and injected a large amount of funds into the financial system. Therefore, in this case, the real estate market will continue to decline in the short term, but in the There will definitely be a strong rebound in the future. So now is an excellent opportunity to buy bottoms, and I personally strongly recommend that you not miss similar opportunities."

"Really?" Gao Dongfang replied noncommittally, and then replied calmly, "We will make a correct judgment on whether the timing is correct, but thank you, Mr. Richard, for your kindness. Believe in the future We'll have a lot of time to discuss these things, now let's talk about the details!"

"Okay, okay." Richard Graham nodded hurriedly, but the moment he lowered his head, a sneer quickly appeared on the corner of his mouth, and when he raised his head again, the smile had already disappeared. It disappeared without a trace. (Want to know more exciting news about "The Son of Finance of the Great Era"? Open WeChat now, click the "+" sign on the upper right, select Add friends to add a public account, search for "Qidianzhongwenwang", follow the public account, never again miss every update!)

   Thanks to book friend seanju1, the wind waiting to berth, the sea breeze must blow, and book friend 140124234238290 for voting monthly! thanks for your support! The author has indeed written a little bit recently, but I really don’t have such a super fast coding ability. Even if I work hard, I can’t match a fraction of the great god. I hope everyone can understand. Of course, the author will work harder in the future. At least, try to Maybe write more~

  (end of this chapter)