My 1999

Fortunately, Hanhua did not invest in Google.

But the Indian Ocean No. 1 Fund earned no less than them, or even more.

The Indian Ocean No. 1 Fund, headed by Sun Zhenping, is one of the earliest hedge funds established by Hanhua that was not headed by Xu Liang.

Over the years, under the cover of Xu Liang's dazzling revenue rate of return, Sun Zhenping's reputation in the international financial community has not been prominent.

But the Pacific No. 1 fund he is responsible for has achieved amazing returns.

Thanks to the popularity of Internet companies and technology companies in recent years.

The Indian Ocean No. 1 Fund holds US$15 billion worth of corporate bonds and convertible bonds from large companies such as Amazon, Apple, eBay, BlackBerry, and Yahoo.

A return of 339% over two years.

In other words, excluding 5 times leverage, based on a principal of 3 billion U.S. dollars, a profit of 10.17 billion U.S. dollars was obtained.

After deducting long-term capital gains tax, fund management dividends, and investor dividends, Hanhua gained US$3.46 billion.

But Indian Ocean No. 1 Fund is not the fund that makes the most money.

In 2004, the revenue king of Hanhua was the Qinglong No. 2 private equity fund that Xu Liang was responsible for.

With a capital of 3 billion U.S. dollars, he leveraged it 7.9 times, and held TSMC, Samsung Electronics, Siamese, Toshiba, AMD, ATI, Broadcom, Micron, Fanuc, Kyocera, and Nairobi with a total capital of 23.7 billion U.S. dollars. It holds equity interests in 19 global technology companies, including Feifei and Infineon.

And compared to corporate bonds, there is of course more room for stock prices to rise.

Especially with the recovery of technology stocks and Internet stocks, these top large companies do not say they set a small goal a day, but they are not far behind.

In just two years.

After the stock prices of 19 companies leveled, they rose by 47%.

In other words, it made a profit of US$11.139 billion.

Judging from the final profit, it is not much more than the Indian Ocean No. 1 Fund.

However, Xu Liang is responsible for the Qinglong Fund and does not need to give 15% to the fund manager and management.

Only 15% long-term capital gains tax and a portion of administrative expenses need to be paid.

Of course, 50% of the investment share is still required.

Therefore, the net profit that can fall into the hands of Hanhua is as high as 4.456 billion US dollars.

Therefore, excluding the profits of Hanhua's subsidiaries, the total net income in 2004 was US$8.3776 billion.

"Fortunately, we are not a listed company, otherwise if this net income were exposed, it would be enough to rank among the top 20 in the world." Xu Liang said with a smile.

"If you are willing, we can also go public."

Xu Liang waved his hand quickly.

"Forget it, it's better not to ask for trouble."

At least until the memory of his previous life is exhausted, Hanhua will not go public.

"By the way, did Lao Sun tell me how much money he plans to raise for the Indian Ocean No. 1 Fund?"

"Said, $5 billion."

"3 billion to 5 billion is pretty stable."

"It is indeed much more stable than you." After a pause, "How about you, how much money has been raised by Qinglong No. 2 Fund?"

"It's 15 billion US dollars, still holding the original investment portfolio." Xu Liang said.

The total value of Qinglong 2’s investment portfolio has reached US$34.839 billion.

To raise US$15 billion, 2.3 times leverage must be used to take over this part of the assets.

Leverage of 2.3 times is considered stable in the private equity market.

And Xu Liang also knows that until the subprime mortgage crisis in 2008, technology stocks and Internet stocks were rising.

Even if there is an occasional decline, it is impossible for all the 19 technology stocks he invested in to fall.

Therefore, US$15 billion is just right. If it is too much, it will drag down revenue, and if it is too little, it will increase leverage, and the risk is a bit high.

"$15 billion?"

"You think it's less?"

After Jiang Xiaoyang nodded, “Last year we raised US$60 billion in private equity financing, and now the eight funds we have invested in are performing well, and many institutions are hoping to get on board.

From 2004 to now, the total investment applications I have received have exceeded US$80 billion.

Your US$15 billion is indeed a little short. "

“Eat as much rice as the pot has.

Qinglong Private Equity Fund, I can only control US$75 billion now, any more will only lower our revenue. "

Xu Liang has already invested in all the stocks of companies he knew in his previous life that will perform well in the future.

Even if he gets more funds, he doesn't know where to invest them.

Of course, as there is more and more hot money in the market and the US dollar depreciates, the amount of funds in Qinglong Fund will definitely increase, but this will be done step by step with the development of the market, not in one step.

At this stage, US$75 billion is the limit.

Jiang Xiaoyang nodded, "I understand. I will send you the list later. You can see which customers you must keep and expand their share."

It is said that harmony brings wealth.

The company will not refuse any institution that wants to invest in Hanhua.

However, those with high positions of authority and influential institutions will have a larger share, while less important ones will have a smaller share.

"How much does Hanhua spend this year?"

Jiang Xiaoyang handed over a document.

"It's all up here."

Xu Liang took it and took a look.

The Equity Asset Investment Department spent US$43 million to acquire 30% of the equity of Capital Today, H\u0026H Investment, Thiel Fund, Qiandian Partners, and 20% of the equity of Thain Capital.

Invested US$1 billion each in Thain Capital and Front Point Partners.

It cost US$270 million to take over 18% of Supor's equity and 15% of Gree's equity from the venture capital department.

The Global Asset Investment Department acquired the NBA Warriors, Premier League Manchester United, Marvel and Monster Beverages.

Total expenses are US$1 billion and liabilities are US$3.4 billion.

China Asset Investment Department.

Nanfu Battery has no investment.

Kelong Supermarket’s actual investment was US$800 million.

The original "Tuopai Qujiu" was reorganized into Huaxia Liquor Group, with an actual investment of US$1 billion.

With sufficient financial support, Kelong Supermarket and Huaxia Liquor Group are frantically expanding through acquisitions and mergers.

A new supermarket opens basically every week, and a brewery or liquor factory is acquired every month.

Finally, there is the Fixed Asset Investment Department.

There are four main categories of investments.

Precious metals, artworks, high-end wines, jewelry raw materials.

Precious metals invested the most, with US$1 billion invested.

$300 million was invested in art.

Jade, Hotan jade, ruby, etc. 300 million US dollars.

High-end wine invested $100 million.

Calculated comprehensively, including administrative expenses, Hanhua spent US$7.43 billion in 2004 and increased its liabilities by US$5.13 billion.

Among them, the liabilities directly under Hanhua are US$3.4 billion, and the liabilities of its subsidiaries are US$1.73 billion.

However, coupled with the net income of US$8.3776 billion in 2004, Hanhua's accumulated cash balance of US$22.7 billion at the end of 2003 not only did not decrease.

Instead, it increased by $947.6 million.

"The expenses are very high." Xu Liang put down the document.

"Didn't you say that the Chinese currency will appreciate against the US dollar, so I am trying my best to convert US dollar assets into Chinese currency assets.

Unfortunately, domestic investment approval is too troublesome. I tried many ways, but I could only invest this money. "

Xu Liang nodded.

At present, China does not directly issue government bonds abroad, and there is no way to buy them.

The offshore Chinese currency market is still in its infancy. It will not be until after the subprime mortgage crisis and the United States releases $2 trillion to harvest the global market that everyone will instinctively start local currency swaps.

As one of the world's largest trading countries, the scale of offshore Chinese currency has rapidly expanded.

Of course there is a way.

Access the global exchange rate market.

This thing is the same as gambling.

Some people bet on appreciation, others bet on depreciation.

If you buy it and leave it, you will be responsible for your profits and losses.

Hanhua Pacific No. 1 hedge fund trades US$10 billion in the exchange rate market.

But this is other people's money, and he doesn't have to repay it if he loses it.

Hanhua's own money is all his hard-earned money, and he will never use it for high-risk investments.

"Invest domestically as much as possible. You can invest in government bonds and 50 constituent stocks of the Shanghai Stock Exchange."

Jiang Xiaoyang nodded.

"This is the balance sheet of Jupiter Funds."

Jiang Xiaoyang handed over another form.

Jupiter Fund's assets are all Hanhua's own assets.

Divided into four departments.

Equity Asset Investment Department.

It holds equity interests in 17 companies including Netflix, Ctrip, NetEase, Supor, Mengniu, Gree, Anta, Capital Today, and Thiel Fund.

Capital Today, Thiel Fund, Thain Capital, etc. are all investment companies that have not been listed on the market and currently do not have much performance. They are not easy to value and can only be valued based on Hanhua's previous investments.

Calculated, the equity asset investment department has total assets of US$6.46 billion, including US$2 billion invested in Thain Capital and Qiandian Partners.

Fixed Asset Investment Department.

Currently, US$3 billion has been invested in rare earths, refined lithium and other rare metals, with actual investment of US$1.8 billion and US$1.2 billion in liabilities.

At present, this asset has appreciated by 83%.

Investment in jadeite, Hetian jade, red sapphire, etc. is US$1 billion, with 50% debt.

The current value has increased by 64%.

US$1.5 billion was invested in art and US$500 million in high-end wine.

These two investments have a 40% debt.

Art and high-end wine, the former has increased in value by 2.2 times. Now is the period of rapid development of Chinese art.

Prices for fine art have hit new highs.

This year, the six major companies of Jiade, Hanhai, Zhongmao Shengjia, Huachen, Jinghua and Duoyunxuan sold a total of 23,424 pieces of cultural relics and artworks in the spring and autumn large-scale auctions, with a turnover of 3.09 billion yuan, an increase from 960 million yuan in the previous year. More than 3 times.

You can see how popular it is.

High-end wine is the worst, with investment only increasing by less than 47% in two years.

Calculated in this way, the Fixed Asset Investment Department has total assets of US$11.165 billion and liabilities of US$2.6 billion.

The Global Asset Investment Department mainly focuses on four companies: the Warriors, Manchester United, Marvel, and Monster Beverage.

Total assets are US$5.9 billion and liabilities are US$4.9 billion.

Among them, 3.4 billion US dollars of liabilities belong to the parent company, and the remaining 1.5 billion US dollars are the liabilities of each of the four companies, especially Marvel, which owns more than half of the liabilities.

China Asset Investment Department.

Nanfu Battery has developed the best. Although it has not been listed on the market, its dry battery business has not only dominated 80% of the domestic market in recent years, but also has achieved new highs in the international market with its good quality and price.

At the end of 2004, sales exceeded 3.5 billion Chinese dollars and net profit was 540 million Chinese dollars.

The valuation exceeded US$700 million.

Kelong Supermarket is the largest.

Currently, it has 346 hypermarkets, 552 supermarkets, and more than 6,000 convenience stores authorized by the brand.