Rebirth: The Financial Giant

Around 16:00 in the afternoon, Tiansheng Capital headquarters.

At the moment, Lu Ming is reading two materials, which are about the investment projects of two important targets of the company's Tiansheng Venture Capital in the primary market, one is the listing of Zhongxin International, and the other is the launch of Ant's listing in Shanghai and Hong Kong. It is listed on A-share and H-share at the same time.

Especially for this ant, Lu Ming read the materials carefully. This material report was submitted by Ge Feng, the head of the primary market.

At present, the news of Ant’s listing has not been announced to the outside world, but large investment institutions have already been informed, and even obtained a prospectus document in advance.

Tiansheng Capital is naturally among them. According to the internal information, Ant will announce its listing plan on July 20, that is, 12 days later. The initial plan is to IPO from October 27 to 30. Shares and H shares were listed simultaneously.

Especially on the Big A side, Ant's plan does not want to be listed on the main board of the Shanghai Stock Exchange, nor on the Main Board of the Shenzhen Stock Exchange, but wants to be listed on the Science and Technology Innovation Board. Ant defines itself as a technology company, not a financial institution. listed.

The advantage of defining itself as a high-tech company and listing on the Science and Technology Innovation Board is that it can obtain a high valuation of technology companies.

You must know that the market will generally give higher valuations to technology companies, especially growth-type high-tech companies, with price-earnings ratios of dozens or even hundreds of times.

However, the price-earnings ratio of financial institutions cannot be compared with that of high-tech companies. For example, the price-earnings ratio of bank stocks is generally below 10 times, or even 5 times.

Among the most representative financial institutions at the moment, Tiansheng Holdings is doing its part. The company’s stock price has skyrocketed recently, and it has nearly doubled from a low point. It is reasonable to say that the price-earnings ratio is at an explosive rhythm.

However, even if Tiansheng Holdings hit a record high today, the stock price reached the 300,000 yuan mark for the first time, and the static price-earnings ratio was still only 9.64 times, and the dynamic price-earnings ratio was even more exaggerated after the quarterly report was disclosed. The dynamic price-earnings ratio dropped directly to 2.28 Times, this is still the dynamic price-earnings ratio data after the stock king has skyrocketed by nearly 2 times, which shows how low it was before it went up.

This is a financial institution, not to mention the dynamic price-earnings ratio. Even from the perspective of the static price-earnings ratio, Tiansheng Holdings has soared so crazy, and it has not exceeded 10 times.

If Ant wants to go public, its price-earnings ratio should not exceed 10 times, but it wants to be listed on the Science and Technology Innovation Board, and the technology stocks in it are often dozens of times, hundreds of times, or even one or two hundred times.

Ant listed on the Science and Technology Innovation Board, with a valuation of at least 30 times the price-earnings ratio, just two words - bubble!

Super huge bubble!

And the material report in Lu Ming's hand even wrote that Ant plans to raise 35 billion US dollars in the IPO of A/H shares. If the financing is successful, it will surpass Shater Aramco and create a worldwide listing of IPO financing. A new record in size.

What is the concept of $35 billion? Excluding the exchange rate, it becomes about 245 billion yuan, which is undoubtedly an astronomical figure.

What's more interesting is that the property market in Hangzhou has been going very well in recent days, and the housing prices there are going up very fast, because the listing of Ant will create a large number of billionaires and multi-millionaires, and a large number of Ant employees will be there. Looking forward to the listing of Ant, and then become rich overnight and directly realize the dream of wealth and freedom in life.

So the local house is going up very fast.

At this time, Lu Ming put down the materials and made a call to Ge Feng's office.

Lu Ming: It's me.

As soon as the call was connected, Ge Feng on the other end responded immediately, Chairman, what are your orders?

Lu Ming said neatly: An IPO fundraising plan for this target, I Tiansheng Capital withdrew from the subscription and will not participate in this financing.

Ge Feng at the other end was surprised and couldn't help but say: Chairman, this time Ant's IPO plan, but I kindly invited Tiansheng Capital...

Hearing this, Lu Ming smiled and replied with a smile: Haha~, the IPO raised 245 billion yuan, and the market value of the offering reached a valuation of 3 trillion yuan. Are you kindly inviting me to take the offer and cash it out for him?

If Ant is issued and listed with a valuation of 3 trillion, it must be the next Zhongyou, and the listing will be the peak.

Obviously, I don’t want to give a little premium to the secondary market. There is no harm if there is no comparison. When Tiansheng Capital was listed in the backdoor, the issued market value was 240 billion yuan, which gave enough space for the secondary market premium. According to the company’s valuation at that time, Tiansheng Capital Sheng Capital can completely dry the issuance market value to a height of 700 billion, that is to say.

Pricing at a market value of 240 billion yuan is equivalent to giving the secondary market a premium space of nearly 2 times.

If Ant is sincere, the valuation should not be given at 3 trillion, but at a fixed valuation of 300 or 500 billion.

Why can this company be listed at a valuation of three trillion? Does Tiansheng have the ability to make money? Doubling the secondary market means getting a market value of 6 trillion yuan and taking it to support the market value of 6 trillion?

Ant is indeed super profitable. It is not denied that the net profit this year is expected to exceed 50 billion yuan, killing 99% of the listed companies in the A-share market, and it can also be said to kill a large number of companies in the country. There is no doubt about its ability to make money, but it is absolutely impossible. Support the market value of 6 trillion.

Tiansheng is now able to achieve a market value of 23 trillion, which is supported by the super terrifying earning power. The net profit for a year is now calculated in trillions, and the company's net assets are at the 20 trillion level.

At this time, Ge Feng on the other end of the phone could not help but rang the Leshi car that was stopped by the big boss a few years ago, so he immediately responded: Understood, I will immediately stop the project and withdraw.

It was originally planned that Tiansheng Capital participated in Ant's A/H share listing IPO plan, and was allocated and subscribed for 36.6 billion yuan.

After a while, Ge Feng asked on the phone: Chairman, do you need to adjust the target of Zhongxin International?

Zhongxin International, known as the first semiconductor company, has set a listing date. It will be listed on the Science and Technology Innovation Board on July 16, which is next Thursday. The company's listing price is 27.46 yuan per share. This IPO raises funds. The scale reached 53.2 billion yuan, which is also an astronomical financing scale.

Tiansheng Capital also participated in the company's IPO fundraising, and was allocated a subscription scale of 7.68 billion yuan and held 279 million shares, which is also a huge amount.

Lu Ming immediately said: Zhongxin International will participate as originally planned. High-tech companies still need to support, especially semiconductors.

Supporting technology companies is one aspect, but the most important thing is that Tiansheng Capital will not lose money on this investment. Even if this target is listed at its peak, it will not fall below the issue price within half a year.

The key is that Tiansheng Capital is not a major shareholder of Zhongxin International, and it did not participate in the primary market financing. Only this IPO financing participated in 279 million shares, which is less than 5% of the total share capital. announcement.

At the cost price of 27.46 yuan, it is not a big problem to make a double profit. The key is that there is no need to issue a reduction announcement, so it is more convenient to reduce the holdings. When the market knows it, the reduction has been completed.

Ge Feng on the other end of the phone responded again: Understood!

As soon as the communication was over, Ge Feng immediately started to deal with the matter of withdrawing from the Ant Investment Project. This was a direct instruction from the big BOSS without too much explanation, but it was enough that the big BOSS was not optimistic!

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