My 1999

Like the Magic City office, the Pengcheng office also has business departments such as securities, insurance, trust, financial leasing, and wealth management.

However, the operations and finance of these business departments are directly under the jurisdiction of the headquarters and are not reflected in the accounts of the Pengcheng office.

Xu Liang simply asked a few questions and didn't pay any more attention.

After walking around the various floors of Pengcheng's office, he left.

…

Dong Dong...

There was a knock on the door.

"Come in."

Liang Yingyu, wearing a lady's suit with a small lapel, blue pencil pants and black high heels, with ear-length hair, opened the door and walked in.

"The big boss is gone?"

Liang Si nodded.

"Just left."

"What did you say?"

"The performance of our Pengcheng office in the first half of the year was pretty good."

"real?"

"Does my expression look like I'm lying to you?"

"Huh, that's good, that's good. Fund No. 2's performance was not good, and I thought I was going to take advantage of it." Liang Yingyu breathed a sigh of relief.

"The performance of Fund No. 2 has been very good."

Liang Yingyu smiled bitterly and said: "The group's 37 global venture capital funds have the third-lowest return rate. Is this good?"

On the internal website of Hanhua Company, the revenue of all its venture capital funds and private equity funds will be ranked every six months.

It is both encouragement and encouragement.

It is also an internal elimination mechanism.

If you rank at the bottom three times in a row and the average annual return is less than 10%, you will be eliminated.

If the annual return is less than 10% for two consecutive years, you will also be eliminated.

The headquarters decentralized management power but strengthened supervision power.

“Fund No. 2 suddenly increased its fundraising from 200 million to 800 million U.S. dollars, and it was too late to expand investment channels, which resulted in a decline in revenue. This is normal.

It would be great if you recruit more experienced analysts. "

Liang Yingyu nodded.

"Why don't you lend me your Li You, and I'll return it to you one year later when I have all the people on my side."

Liang Si is the president of Hanhua Pengcheng Office, responsible for the management of the venture capital department, private equity, and entrepreneurial incubators. He also directly oversees the No. 1 venture capital fund.

"You're late."

"What do you mean? Zhao Donglai got there first?"

Liang Si shook his head.

"The big boss asked me to establish two more venture capital funds based on the existing ones. I am going to let Li You independently establish the No. 7 venture fund with the projects he has invested in before."

"Are you willing?"

"Of course I can't bear to part with him. He is the senior analyst with the highest investment return for Fund No. 1. However, the group also has regulations that senior analysts can be promoted to partners if the return on investment does not drop significantly within three years.

Independently oversee a venture capital fund.

This is now his third year.

Even if I stop it, it will not be until the end of the year at most.

Now that the big boss has spoken, I can no longer stop him. "

Liang Yingyu nodded.

"Where is Fund 8? Who are you going to hand it to?"

"Currently, we don't have suitable ones in our office, and the talents trained by other offices will not be given to us, so we can only find solutions from outside."

It has been six years since the Hanhua Pengcheng office was established. Although it has recruited many graduates from top universities at home and abroad, it has grown from ordinary employees to junior analysts, to mid-level analysts, senior analysts, and partners. of.

There are currently only three.

One is Zhao Donglai, the head of the No. 3 venture capital fund in Pengcheng Office.

One is Du Yu, the head of private equity fund No. 5 in Pengcheng Office.

The third one is Li You.

"Do you have someone chosen?"

"Not yet." Liang Si turned around, "What about you, do you have a suitable candidate?"

"I have a few classmates on Wall Street. I will send you the information when the time comes. You can take a look."

"Um."

——

After talking about the business, Xu Liang went back to Xiangjiang without stopping in Pengcheng.

Come to No. 33 Baijia Road, where the headquarters of Hongyan Xiangjiang is located.

Since its establishment until now, Hongyan’s headquarters has been in this villa.

In the global financial community, especially Hong Kong, it has become synonymous with ‘mystery’.

Everyone is curious about how the brain of Xu's corporate empire works.

It's a pity that Hongyan is not listed on the market, and there are nearly a hundred bodyguards from Red Shield Security around to closely guard it.

It's hard to get in unless you're invited.

"Mr. Xu."

Xia Changsheng came forward.

Nodding slightly, he went to Xu Liang's own office on the top floor.

First, I looked at the company's accounts.

In addition to equity investment, it also controls nine companies.

The funds on the account have fallen from US$77.175 billion at the peak to US$60.2 billion now.

Among them, 17.9 billion Chinese dollars were spent on the acquisition of Kunlun Technology, 16 billion Chinese dollars on the acquisition of the New Dream Real Estate project, 3.2 billion Chinese dollars on the acquisition of 52.74% of Supor's equity, and an additional 2 billion Chinese dollars were subsequently invested.

In terms of income, the only income was 300 million Chinese coins from the sale of Jinling No. 2 Machine Tool.

As for the sold Nanfu Battery and Zhongyan Holdings, they became the assets of Fengshou and Denong, not Hongyan’s cash.

After deducting the $5 billion in expenses.

Hongyan is also long in oil, iron ore, and gold. It has invested US$10.9 billion so far, and the leverage is only 3.5 times, which is not very high.

In addition to risk considerations.

The most important thing is that the financing cost is too high.

The Fed's continuous interest rate hikes have raised the federal funds rate to 5.24%, and the interest rate for ordinary commercial loans has exceeded 8.

With Hongyan's credit, although it can get low-interest loans, high leverage is not cost-effective when chasing long-term bulls.

The remaining nearly 2 billion US dollars are basically used to pay insurance.

From 2005 to now, the total amount of CDS bonds purchased by Hongyan through various channels has exceeded 70 billion US dollars.

Especially after entering 2006, the investment banks that eat people without spitting bones persuaded major insurance companies to sit on the market, and more and more CDS bonds were sold, and Hongyan's purchase speed suddenly increased.

The amount of insurance premiums paid also continued to hit new highs.

At the current rate until the end of the year, the total amount of CDS bonds held by Hongyan will exceed 100 billion US dollars, and when the subprime mortgage crisis breaks out, it will exceed 150 billion US dollars.

Xu Liang did not look at the details of each CDS asset package.

"Have you investigated the structural distribution of all CDS bonds?"

Xia Changsheng nodded, "CDS bonds for corporate bonds of European and American financial institutions account for 44%, CDS bonds for subprime bonds of US real estate account for 32%, subprime bonds for US auto loans account for 11%, and for US college student loans account for 9%. The remaining CDS loans, including personal consumption loans and personal business loans, account for 4%."

Xu Liang: "Well done, our CDS bond structure should be diversified. Don't focus on one company, otherwise you will lose money even if you make money."

From ancient times to the present, it has never been easy to ask for money.

This is true between people.

The same is true between companies.

In the future, when those insurance companies lose a lot of money, it will not be easy to get the money from these insurance companies.

"Yes."

"How many shells are used?"

"27."

Xu Liang nodded.

The shells under Hongyan Company are not simple shell companies, but real registered and real operating investment companies.

They are distributed all over the world.

Some are registered by Hongyan itself, and some are acquired from existing small investment companies.

Real and fake, true and false.

And behind these real shell companies are empty shell companies, nested layer by layer. Unless there is a long-term investigation, it is impossible to figure out how big the Hongyan tentacles lurking underground are.

Of course, such a complex financial structure requires a lot of time, experience and money.

But Hongyan has no shortage of these.

Putting down the information, Xu Liang stood up.

"Go to the rooftop?"

"Okay."

No. 33 Barker Road is an old building that has been built for more than 30 years. It has one underground floor and five floors above ground. Not counting the surrounding gardens, the total floor area is 15,000 square meters.

It was originally a high-end apartment rented out by the Hong Kong real estate giant Hysan Development.

In 2001, Hong Kong real estate fell into a slump.

Hysan Development sold it to the outside to recover funds to deal with the real estate crisis.

Xu Liang spent 300 million Hong Kong dollars to buy it.

During the renovation, the 1st to 4th floors were used as Hongyan's office space, and the 5th floor of 3,000 square meters was used as Xu Liang's private apartment.

The top floor is a 3,000-square-meter garden.

It is also a place for company employees to relax and rest.

Later, when Tianbi Gao was built, Xu Liang rarely came to the fifth floor.

Part of it was converted into an office area, and the rest of the swimming pool and the like were open to Hongyan employees.

Came to the roof.

The 3,000-square-meter area is divided into several different areas.

At the end is a basketball court covered by barbed wire, which occupies about one-fifth of the area.

There are still four-fifths, divided into two.

Half is covered by tempered glass, which will become a greenhouse in winter.

The remaining two-fifths are placed with various potted peonies, roses, daisies, and orchids, ensuring that there are flowers in every season as much as possible.

There is a tea bar in the corner on the east side.

Hongyan employees can make themselves a cup of coffee or tea, sit on a bench in the garden to rest, or overlook the scenery of Victoria Bay.

However, many departments like to hold small meetings in this scenic place.

"Want a drink?"

"No."

Xu Liang did not force it, and the two walked slowly along the path in the rooftop garden.

"Have you read Torch Group's three-year development plan?"

"Yes."

As a wholly-owned subsidiary of Hongyan, Xia Changsheng naturally has the right to read the Torch Group report.

"What do you think?"

"It is ambitious and well-planned. If it can be realized, Torch Group will become one of the few industrial giants in China with revenue exceeding 100 billion yuan."