My Age of Investment

After chatting with Wang Changrong in the office for nearly two hours, Xia Jingxing and Li Ying sent the pimp away.

During the chat, most of them asked Wang Changrong about Supor's business situation and development status.

Wang Changrong was also competent, answered the questions fluently, and demonstrated superb professional ability. At the same time, it could be seen that this bald man knew the situation of Supor well.

As soon as they were sent away, Li Ying sat back on the sofa and asked, "Mr. Xia, what do you think?"

Xia Jingxing had a sense of "Yuanfang, what do you think?", and smiled, "Which aspect are you referring to?"

Li Ying laughed and said, "Of course it's a deal, shall we make a deal?"

Xia Jingxing pondered for a while, and then said: "You take the computer over here, first check the trend of Supor's stock price."

Li Ying nodded, walked to the desk, put Xia Jingxing's laptop on the coffee table, logged into the Flush website, and checked the trend of Supor's stock price.

While inquiring about the stock price, Li Ying said, "Mr. Xia, you said this is a straight flush, is there any investment value?"

"There must be!"

Li Ying's words reminded Xia Jingxing that these companies that "sell water" on the road of "digging for gold" among stockholder friends have a good ability to make money.

Li Ying smiled, "Then why don't we contact Straight Flush and see if we can vote for them.

This Flush Financial Service Network was launched the year before last, that is, in 2004, and it is very popular among shareholders.

I think investing in them now should make a fortune in the future. "

Xia Jingxing nodded, "Okay, you are responsible, and I have not restricted Bailu Fund, it must invest in mature and listed companies.

Bailu Fund has no external LPs, so you can invest in whatever you want, without being afraid like conventional PE funds.

Of course, the main business should not be too deviated. "

Hearing Xia Jingxing mention the main business, Li Ying asked: "Bailu Fund is going to invest in a business empire with the Internet of Things and smart hardware. Is Supor the main target?"

Xia Jingxing nodded,

"Of course forget it, they are the first brother of cooking utensils, and the founder has a nickname - Chinese pot king."

Li Ying nodded, didn't say much, and checked the trend of Supor's stock price with peace of mind.

After a while, Li Yinghui reported: "They were listed on August 17, 2004, the issue price was 12.21 yuan per share, 34 million shares were issued, and 415.14 million yuan was raised.

But the listing was unlucky, and the stock fell below the issue price on the first day of listing, catching up with the soaring price of raw materials.

In A shares, such a miserable company is really rare.

In the more than a year after listing, the stock price has fluctuated, and the overall trend has been declining.

Now the stock price is only 6.65 yuan, which is nearly half of the issue price.

Their current total share capital is 176.08 million shares, with a market value of less than 1.2 billion, only 1.171 billion.

In addition, I read the financial report, the revenue in 2004 was 1.005 billion, and the net profit was 63.1488 million;

Revenue in the first three quarters of 2005 was 893 million, a year-on-year increase of 29.27%; net profit was 42.5542 million, a year-on-year increase of 16.02%.

The financial report is not bad, but the stock price keeps falling! "

Xia Jingxing said, "Look at other financial indicators."

Li Ying raised her head, exchanged a glance with Xia Jingxing, and said, "I've read them all, and they're all passable. The downside is that the industry has low barriers to entry, low technology, and low value-added products."

Xia Jingxing carefully recalled it. If he remembers correctly, after more than ten years in his previous life, the market value of Supor reached a maximum of more than 70 billion, an increase of 60 times compared to the current market value.

But that is the result of the French SEB cyber group taking over.

Although the national brand has changed hands to the French, it has brought a large number of foreign trade OEM orders, and related transactions account for a large part of Supor's revenue.

As a result, Supor has become a rare blue-chip stock in the A-share market, and has maintained positive growth in both revenue and net profit for more than ten consecutive years.

Xia Jingxing leaned on the sofa and began to think carefully.

If there is no factor of the Cyber ​​Group, there is no need to consider it directly, full of studs.

However, if Envision Capital strategically invests in Supor, and even replaces the founder Su's family as the largest shareholder, it is basically impossible to sit back and enjoy the development dividends, that is, to make money.

You have to roll up your sleeves and work hard on your own, so that it is possible to create achievements that are not weaker than those in the previous life.

And if it is just a financial investment, Envision Capital can directly buy Supor shares in the secondary market.

Starting from this year, there will be a big bull market for A shares for two consecutive years. As long as you retreat in time, you can make money buying anything.

However, if he wants to take a strategic stake in Supor and use Supor as part of Vision Capital's smart home strategy, his shareholding will not be low and he will not retreat easily.

This requires less calculation of financial speculation and more consideration of industrial development.

Therefore, this is also an important reason for his hesitation.

"President Xia, what should we do next?"

Seeing Xia Jingxing meditating all the time, Li Ying called out to bring Xia Jingxing back to reality.

"You said, how about we privatize Supor and delist it?"

Li Ying almost spit out a mouthful of old blood, is it so weird? The shell is also very valuable, okay?

I haven't heard of such a spectacle happening in the A-share market. If I really did this, I'm afraid it will be included in the history of China's securities development.

In the past, A-share listed companies used all sorts of tricks in order to protect their shells, such as blood transfusions in related transactions, sales of subsidiaries, land sales, house sales, performance fraud...

"Mr. Xia, didn't you tell me when you interviewed me before? You don't consider choosing an A-share leveraged buyout."

Li Ying was a little mischievous, bringing up old things again, which made Xia Jingxing very embarrassed.

But he has always been a thick-skinned person, and said with a smile: "This moment, that moment!

Supor's annual profit is tens of millions, but its market value is less than 1.2 billion. After being privatized, it will take a few years to remodel it and have a chance to go public with a brand new look. "

Li Ying's big eyes rolled, "Do you want to buy it back and use it as a basis to develop and derive more home appliance businesses, including white appliances, black appliances, and small appliances? Add the concept of smart hardware?"

Xia Jingxing didn't expect Li Ying to guess what he was thinking so quickly. He had this plan, but it hadn't been fully planned yet.

"What do you think of this plan?"

Li Ying shook her head, "It's not good! The concept is too big and involves too many industries. If it is really a leveraged buyout like a regular PE fund, it will only lead to a dead end."

Xia Jingxing said sternly: "Bailu Fund is not a conventional PE fund, and this is not a conventional leveraged buyout either. You can remove the word leverage and call it an "acquisition".

I know your doubts. If we do not operate in debt, there will be no pressure to use operating cash flow to repay loan interest, and there will be no pressure to quickly expand operations, re-list, and successfully arbitrage.

We travel light and think of it as a long-term venture. "

Li Ying thought for a while and said, "This is actually not very good. Without the status of a listed company and a financing platform, financing will be much more difficult during the operation process.

In particular, Mr. Xia, you said that white electricity, black electricity, and a lot of things such as smart homes need to be deployed, and the funds required are astronomical.

Mr. Xia, I know you are concerned about dragging down the performance of listed companies.

But there are many solutions!

For example, new businesses can be incubated one by one outside the listed company system.

For every successful one, we will acquire one. In addition to boosting the stock price, we can also arbitrage it.

When all industries are included, the territory of the smart hardware empire will be fully formed. "

Xia Jingxing held his chin, thinking that the road of home appliance and smart home is not easy.

In terms of making money, the financial market is much more profitable than the industry.

Industrial management has always been the most difficult, so A-share bosses love to cut leeks the most, because it is really delicious!

But he did the opposite, using technology to empower the industry, trying to increase the rate of return on operations and return on assets, so as to achieve a profit no lower than that of capital operations.

This path is not impossible!

Apple, in fact, is the best example!

But if you want to live such a nourishing life, technology is the most important thing. Only with core technology can there be a moat, and products can have high added value.

He wants to lay out cars, mobile phones, home appliances... and all wearable devices in the future, and then use the Internet of Things system to connect these devices, it must be fun!

Therefore, in the previous life, each industry was given the name of "smart", smart cars, smart phones... everything can be smart and interconnected!

But on the C side, the most important devices are cars, mobile phones, and home appliances.

If the Internet of Things system can take advantage of the C-side, it can also cut into the B-side, such as industrial robots, smart cities, and smart transportation.

Although it is still a bit early for the layout, it is precisely because of this that we have time to lay a solid foundation, turn the first-mover advantage into a technical advantage, and erect walls for latecomers.

This process will be very long, and at the same time requires a large amount of funds, but also requires long-term determination.

And because of this, in addition to doing industrial investment, Vision Capital is also attacking everywhere to make money.

It's not that he's greedy and seeks everything, and it's not that the layout is illogical.

In his heart, he has always been very clear about the positioning of Vision Capital. This is the confidence for him to realize his dream, the pocket on Doraemon's stomach, and the seam of a huge business empire!

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