My Age of Investment

  Chapter 254 Investment Portfolio

   Just two days after Xia Jingxing returned from Milan, Liu Hai also returned from China.

  In the conference room of Envision Capital, Liu Hai is telling Xia Jingxing and eight subordinates what they have seen.

  "I went to the first-tier city, Beijing, Shanghai, Guangzhou, and many provincial capitals, third- and fourth-tier cities...

  As the penetration rate of personal computers in China is not high, people mainly use Internet cafes to access the Internet.

  It can be said that the situation of Internet cafes almost represents the situation of the Internet in China.

  These young people hang up QQ in Internet cafes, chat with classmates and friends, and chat for a few hours.

  I specifically talked to these young people for a while.

  They told me that this is the best instant messaging software in their minds.

  I told them about the various functions of MSN, but these young people dismissed it, thinking that their classmates and friends are all on QQ, so they would not use MSN.

  Unless MSN can move their classmates and friends to the software in a short period of time, they will consider using it.

  But the data released by Penguin is that they have 300 million users, three times more than the number of Internet users in China.

  This is because many netizens have registered two, three, or even more accounts.

  But this data can also show that QQ, as an instant messaging software, has become very popular in China.

  Dalun, my opinion is the same as you. MSN has missed the golden opportunity to enter the Chinese market. If it has entered the Chinese market, it will definitely not be able to beat this leading local instant messaging company. "

  Xia Jingxing smiled, "It's like Okut wants to enter the social field, but he has a bloodshed. The giants just have money, and they may not be able to socialize well."

   Liu Hai nodded, echoed a sentence, and then continued: "This company named Penguin also launched the official version of QQ2004 some time ago, adding functions such as personal network hard disk, remote assistance, and QQ secretary.

  Last year, they added new functions such as chat scenes, screen capture, video playback to friends, QQ dazzling bells, etc., and also launched QQ games to enter the game field; at the same time, they also launched an enterprise-level real-time communication product Penguin...

  Their technology research and development capabilities are very good, and they have a certain spirit of innovation. Their earliest products imitated ICQ, but now they are beyond ICQ and have embarked on their own characteristic development path..."

   "No problem, hurry up and arrange investment!"

  Xia Jingxing leaned on the chair, glanced at Liu Hai and said.

  Liu Hai smiled and said, “I will arrange for someone to start building a position immediately. I have one more thing to say. I was in a Chinese Internet cafe and I also investigated another company, Shanda.com.

  This company is a gaming company that is currently gaining momentum in the Chinese market.

  The fact is the same. The young people in the Internet cafes are playing the game they represent called "Legend", which is very crazy.

  Even many students skip class and take out their living expenses to play this game.

  This information is something we cannot get from sitting in the office. We must go to the market to see it in person to see the most spectacular and shocking scenes.

In addition, Shanda has also opened an electronic payment business, acquired the country's largest Internet cafe management software company, and acquired the game battle platform Haofang Online. It also plans to buy the Korean company that develops the "Legend" game to control the agent of this game. right……

  Through these expansions and the layout of the upstream and downstream industrial chains, I firmly believe that the new richest man in China, Chen Tianqiao, will definitely take Shanda to a higher position. "

"you sure?"

  Hearing Xia Jingxing’s question, Liu Hai was stunned. Is this wrong? Don’t you admire this company very much?

   Liu Hai thought for a while, and reacted.

   "Oh, Darren, your suspicion is right. During the investigation, I also found a bad sign."

   Liu Hai shook his head, “There are too many students playing games, not only college students, but also many high school students, even junior high school students. I heard that many parents of students already call online games electronic opium.

  Opium, this is something that has brought endless suffering to the Chinese people. The term used is very serious.

  If the government intervenes, there may be certain policy risks. "

   "Okay, the analysis is very good!"

  Xia Jingxing nodded very satisfied. Liu Hai went to China and found out so many things. Before, he really underestimated the ability of the other party.

  Looking at it now, it's great!

  Xia Jingxing asked: “Shanda is currently planning something called the Shanda Box. Have you heard of it?”

   Liu Hai nodded, "I heard that the so-called Shanda Box is actually a piece of hardware that connects movies, music, games, advertisements, e-commerce, etc., by connecting TVs, computers, mobile phones and other electronic devices.

  I heard that this is the man who always thinks that “online games” are being played by everyone. He decided to transform the company from an Internet cafe to a family’s living room to create an online Disney.

  I found the insiders in the magic city to inquire, and they told me that most of the executives above the vice president level are opposed to this plan.

  Even President Tang Jun and Mr. Chen’s brother Chen Danian took pictures of the table. But the President Chen insisted on going his own way and let out a ruthless remark, whoever didn't do it would leave.

  Should be next year, this product will be launched.

  Why, you are not very optimistic about this plan? "

  Xia Jingxing briefly talked about his views on this grand box.

  There is no ecology, lack of content, the company has no hardware foundation, and it touches the interests of the government.

The conclusion drawn by    will be defeated!

   Liu Hai frowned and asked, "Since you are not optimistic, why invest in them?"

  Xia Jingxing explained: “Let’s take a short-term operation. Their game business is growing very beautifully. When the box is launched next year, we will retreat!”

   Liu Hai got it right now, and he made a wave of quick money. He nodded and smiled and said, "Okay, we will implement it according to your plan."

  Xia Jingxing nodded.

  Next, Liu Hai continued to analyze Amyco.

  After analyzing the three stocks, he began to assign tasks to the team and began to implement them one by one according to the plan.

  30 million U.S. dollars of Google stock is mortgaged to the bank, and the loan is 70%, which is 21 million U.S. dollars.

  At this moment, the exchange rate of the Hong Kong dollar is higher than the RMB exchange rate. One U.S. dollar can only be exchanged for 7.82 Hong Kong dollars, and 21 million U.S. dollars to Hong Kong dollars is 164.23 million.

  Penguin's stock price continued to fall during the period between the end of August and the beginning of September.

  By building positions in batches, it took half a month to purchase 436782 shares of Penguin, with an average position price of 3.76 Hong Kong dollars per share.

   Then he mortgaged Penguin stock to the bank and lent another $14.7 million.

  According to the average price of US$24.77, it bought 594,500 shares of Amico.

   Mortgage the Amicco stock again, loan 10.29 million US dollars, according to the average price of 21.22 US dollars, bought 484,900 shares of Shanda Network.

  Vision Capital still has US$6.25 million in its own funds. Instead of buying stocks, it has allocated some short-term investment portfolios, bank deposits, short-term bonds, etc., to prevent liquidity risks.

  After completing the relevant deployment, Xia Jingxing obtained a data summary.

  36.25 million US dollars in principal, holding assets of nearly 70 million US dollars, less than twice the leverage, and the main implementation of the stock long strategy, in theory, it is possible to pry up 3.5 times the leverage.

  If necessary, Shanda's stocks with a market value of more than 10 million US dollars can still be loaned again, and the cycle will continue until the loan is unavailable.

  If the stock price of a certain stock falls sharply, the bank will request additional collateral, mortgage the stock whose stock price has risen, or use the cash of the fund to repay part of the loan.

  If all the stocks in the portfolio of holdings fall, it will be over, and the assets will be sold off until the bank’s mortgage requirements are met.

  Vision Capital allocates most of its assets to four stocks, but the risks are still too concentrated.

  If there is an employee, it is recommended to add a few more stocks to the portfolio.

Among the four stocks selected by Xia Jingxing, except for Shanda Network, the stock prices of the other stocks did not fluctuate much, and the risks were controllable.

  But hedge funds are all about maximizing benefits, so Xia Jingxing not only continued to recommend a few stocks, but also asked employees to choose a stock as a training object.

  (End of this chapter)