My 1999

As the president of Hanhua London Branch, Kunpeng Fund also invested in Brent crude oil through him during this period, although it is not known how much the company made.

But the rise in oil futures was clearly seen by him.

According to his speculation, Kunpeng Fund will receive at least two to three billion US dollars in dividends after this wave.

This money will definitely not stay in the company's account, but will be invested.

So, he wanted to get some of it.

"How much do you want?"

Xu Liang asked.

The money earned by Kunpeng Fund must be invested, so he did not resent Huo Yan's greed.

Even a little happy to see the results.

Taotie Fund is not responsible for Kunpeng or Qinglong itself, and has great freedom in investment.

He would like to see an ambitious and capable fund manager, otherwise there would be no need for him to set up such a fund.

Huo Yan breathed a sigh of relief and said quickly: "200 million pounds."

200 million pounds is equivalent to 300 million U.S. dollars. Adding the remaining money in your hand and using a little leverage, you can acquire about 9% of Vivendi's shares.

Xu Liang nodded, "I can promise you, but the money will have to wait until the Kunpeng Fund's profits are completely settled."

"Mr. Xu, I can wait. But not for too long, otherwise I'm afraid there will be competitors for Vivendi's investment."

"Don't worry, I won't keep you waiting too long."

The war in Iraq broke out on March 20, and the sharp rise in oil prices lasted only a week or two. Although it will continue to rise in the future, the speed will definitely slow down.

Xu Liang only intended to make a quick buck, not the last copper.

Otherwise it is easy to get stuck in it.

So the money will come out on April 78th at the most.

Huo Yan nodded and didn't ask any more questions.

"Is there anything else besides Vivendi?"

"Yes, yes, but I only have so much money in my hand. I'm afraid I won't be able to afford anything else."

"Let's talk about it first."

Huo Yan handed over a piece of information.

"Tyco International. Tyco International is the world's leading company in disposable medical supplies, camera security systems, fire alarm systems, circuit protection and other products.

One of the world's top 500 companies, its market value at its peak was as high as US$96 billion, and its net revenue was nearly US$40 billion.

In 2001, after the Enron incident broke out, Tyco was also exposed for financial fraud.

The U.S. Supreme Court ruled that Tyco should compensate shareholders for losses of nearly US$3.2 billion, causing Tyco's share price to fall from US$58 to US$15 and a market value loss of nearly US$70 billion.

The Tyco scandal, like the WorldCom scandal and the Enron scandal, became one of the three major scandals in the American corporate world in 2002.

However, compared with Enron and WorldCom, Tyco's operating conditions were good, and its main business did not suffer much losses. Michael Litton, who was appointed CEO of Tyco International in times of crisis, launched large-scale reforms as soon as he took office.

Integrate functional departments, cut redundant personnel, save administrative expenses, and improve administrative efficiency.

So far, the strategies are basically correct.

The fourth quarter financial report of 2002 showed that Tyco International's administrative expenses dropped by US$290 million, salary expenses decreased by US$210 million, and net profit margin increased by 1.8%.

Although the effect is not very obvious, it is already on the right path and is very suitable for bargain hunting. "

Huo Yan was talking eloquently, and it was obvious that he had gone through detailed investigation.

Xu Liang looked at the information in his hand.

He didn't know much about Tyco International, but he vaguely remembered that when he renovated his studio in his previous life, the fire safety system was a Tyco product.

That's been 12 years.

It is obvious that Tyco did not go down the old path of Enron and WorldCom because of financial fraud, but survived the crisis safely.

"It looks really good. ...Is there anything else?"

"I am currently investigating AOL Time Warner. This company was also exposed for financial fraud after the Enron scandal broke out, and was ordered by the U.S. Supreme Court to compensate shareholders for losses of US$2.65 billion.

However, AOL Time Warner's troubles are not just financial scandals, but also the decline in AOL's advertising revenue and the fact that its business development after the merger fell short of expectations.

Throughout 2002, AOL Time Warner's share price has fallen from the initial US$55 to US$35, and its market value has dropped from US$248 billion, a loss of nearly US$100 billion.

Moreover, it seems that AOL Time Warner has no intention of getting out of the quagmire.

However, AOL Time Warner is still the largest media company in the United States, including Time Magazine, Sports Illustrated, Fortune Magazine, Life Magazine, Turner Television Network, CNN, HBO, DC Comics, Warner Bros., and other globally influential media. Its businesses have great investment value.

So I've been hesitant. "

Xu Liang shook his head, "No need to hesitate, AOL Time Warner has no investment value."

Although he doesn't remember the specific development of AOL Time Warner later? What is the market capitalization?

However, specific issues can be analyzed in detail.

In his memory, among the mainstream Internet companies in the United States, AOL has disappeared since the Nasdaq crisis.

Time Warner is pretty good, and Turner Network, CNN, HBO, DC Comics, and Warner Bros. are still famous, but print media such as Time Magazine, Sports Illustrated, Fortune Magazine, and Life Magazine have been completely destroyed by the impact of the Internet. As for selling myself to the point of selling myself.

In other words, while AOL Time Warner's business continues to shrink, it does not show much room for development.

Maybe as the dollar depreciates, the stock price will rise to a certain extent, but it does not have much investment value.

Investing in Time Warner is better than investing in Disney.

Seeing Xu Liang's rejection, Huo Yan didn't say much.

AOL Time Warner was not originally on his investment list, and now it is just an investigation.

"I have no other goals." Huo Yan said.

Xu Liang nodded.

"Both Vivendi and Tyco International can invest, but the specific amount of funds you can get depends on your fundraising results during this period. Of course, I will not break my promise to give you the 200 million pounds."

Huo Yan's face showed joy, "Thank you, Mr. Xu, for your trust."

Xu Liang smiled and nodded, "I'm waiting to see your results."

"It will definitely live up to your expectations."

Huo Yan confidently said.

Huo Yan was left to have lunch before he was allowed to leave.

——

Just after seeing Huo Yan off, Jiang Xiaoyang called.

"What are you doing? I won't answer the phone until now."

"Miss, I was only three seconds late and it was 'this time'?" Xu Liang continued with a smile, "Or do you miss me so much that your days are like years."

"You're so stinky, who could be like a pervert like you?"

Even though he said this, Jiang Xiaoyang's tone still sounded coquettish.

"Aren't you calling a pervert?" Xu Liang teased.

"Humph, who blindly caught my eye?"

"Hehe, this is also my ability."

"Just be proud of it." After saying this angrily, Jiang Xiaoyang suddenly laughed.

But Xu Liang was surprised.

"Why are you so happy?"

"you guess?"

After Xu Liang thought for a while, "Because of Kunpeng's profit?"

Kunpeng Fund used US$2.8 billion to leverage US$28 billion to be long in oil, with an average profit of US$2.1 per barrel.

Total profit was US$2.4 billion.

According to the rules of Hanhua Hedge Fund, in addition to the 2% management fee, if the investment profit exceeds double within a year, 50% of the profit will belong to Hanhua.

Look at the current growth trend of international oil prices.

Kunpeng Fund's profits will definitely more than double.

Even after deducting various taxes, Kunpeng Fund can earn more than US$1 billion in profits.

In China, one billion US dollars can do too many things.

No wonder the CEO Jiang Xiaoyang is happy.

"It's not just the Kunpeng Fund. The Mars 1 Fund's fundraising of 1.5 billion Chinese coins was smoother than expected. After the news of our fundraising spread, it was all raised in just two months."

"Why didn't you think of raising more if it was so easy?"

Xu Liang smiled.

“I also want to raise more, but the actual conditions do not allow it.”

Xu Liang understood what she meant.

First, there are too few domestic pharmaceutical and medical start-up companies, and generally their value is not high. They cannot raise too much money to invest, which in turn affects the company's reputation.

Second, although Mars One Fund is the earliest fund established by the company, its current personnel structure can handle up to 1.5 billion Huaxia coins.

If there are more, we will continue to recruit people.

It is difficult to find a qualified fund partner.

Lu Bingyun, who currently operates the Mars 1 Fund, and Jiang Xiaoyang spent nearly a year researching before recruiting him.

Although ordinary employees are easy to find, the hard part is running in.

In the venture capital industry, even top-ranked Sequoia Capital currently manages only over US$10 billion.

Kleiner Perkins Caufield \u0026 Byers and IDG are similar.

In contrast, Hanhua Capital, which was established more than three years ago, currently handles more than one billion US dollars in capital, which is considered to be developing very quickly.

"In the final analysis, our foundation is too weak. Let's take our time." Xu Liang said.

"I think so too. ...One more thing, the New Century Real Estate Company in Xiangjiang has been acquired for 600 million Chinese dollars, 30% will be paid first, and 40% will be paid after three months, and all will be settled after half a year. .”

"Is there any result yet on the CEO candidate?" Xu Liang asked.

"The third-party HR agency we cooperate with has provided several candidates, but I am not satisfied with any of them. I am still looking for them," Jiang Xiaoyang said.

"Don't take too long."

Xu Liang did not interfere with Jiang Xiaoyang's employment.

"At the end of March at most, I guarantee to find the right candidate."

"Don't push too hard. The CEO is the most critical position. I would rather go slow and choose the best among the best."

"Don't worry, I understand. ...By the way, the future of international oil futures has become clear, aren't you going back to China?"

"Not yet. The Taotie Fund in the UK has recently raised a lot of money. I want to help Huo Yan advise on investment targets. This is the first shot of the Taotie Fund. It is related to whether we can stand firm in the UK and even in Europe. heel."

"All right."

Jiang Xiaoyang was a little disappointed.

"Xiaoyang, I need your help with something here." Xu Liang changed the subject.

"What's up?"

"Help me find some warehouses that can store soybeans. The more, the better."

"Soybean warehouse?"

Jiang Xiaoyang was full of questions. Is soybean related to Hanhua or Xu Liang's other businesses?

"That's right."

Xu Liang affirmed.

In later generations of China, the soybean war was often discussed in business classes and economics.

Xu Liang has also seen it, but after wearing it for three years, he has almost forgotten it.

Some time ago, my parents came over and mentioned in casual conversation that my third uncle planted three acres of beans. As a result, not only did he not make any money, he also lost money.

He does not mean that.

Xu Liang suddenly remembered the "soybean war" that he had almost forgotten, which almost changed China's edible oil industry.