"Mr. Lin, Vanke A in the A-share market is only 4.95 yuan per share, why don't you just buy liquid shares?" After sending Wang Shi away, Xiao Lei asked a little puzzled, "From an investment point of view, wouldn't it be better to buy at a lower cost?"

"It is indeed cheaper for the capital market to actively buy. However, it is difficult to buy the hearts of Vanke's management team if you can buy stocks and even become major shareholders. Lin Qi said with a smile, "Vanke, which has a circulating stock price of less than 5 yuan and net assets per share of less than 6 yuan, I will participate in the private placement for 15 yuan per share." Net assets per share will be increased to more than $10 per share. It is equivalent to a valuation of 3 billion yuan, and a premium of 50% to acquire 2 billion yuan of net assets. Wang Shi's team, in the long run, the premium is more than 1 billion yuan. The essence of investment is to invest in reliable teams and reliable people. ”

Xiao Lei looked at Mr. Lin, although he still didn't fully understand what Mr. Lin meant.

But many years later, Xiao Lei is the most important investment reliable person in venture capital, and it has become the primary condition for investment.

……

On June 15, 1994, Vanke submitted an application for suspension of trading.

Before the suspension, some well-informed people had begun to buy large sums of money, and yes, Vanke's stock price before the suspension rose from 4.9 yuan to 6.25 yuan.

During the period of applying for stock suspension, Vanke's management announced that it would convene an interim board meeting to discuss the proposal to issue 100 million A shares to Lin Qi's Xinqi Future Holdings Co., Ltd., at a price of 15 yuan per share.

Obviously, people with a discerning eye can see that it is a great benefit to the old shareholders of Vanke.

Because, after the successful implementation of the private placement, after deducting the issuance costs, it will bring more than 1.4 billion incremental capital to Vanke, which can expand Vanke's business several times.

At the same time, Vanke's net assets were originally less than 6 yuan, and after the private placement was successful, the net assets per share would also increase to more than 10 yuan.

Therefore, this proposal was quickly voted and approved by Vanke's board of directors.

Subsequently, Vanke and Xinqi Future Holdings Co., Ltd. began to submit formal applications for private placement of shares to the Shenzhen Stock Exchange.

In 94, the domestic A-share market was affected by the recession in overseas markets and continued to decline. The Shanghai Stock Exchange Index began to fall from 1,500 points at the end of '93 and is now more than 300 points.

The Shenzhen Composite Index also fell from more than 3,000 points in '93 to 1,000 points in mid-'94.

Although the scale of the entire capital market is more than 100 billion yuan, the management of the securities market is eager to save the market, and it is difficult to stop the market crash by releasing new benefits almost every other week.

Obviously, the new entrepreneurship department is willing to subscribe to Vanke shares at a higher price than the market price, which can better represent the "bottom of the market" than the government regulators. Therefore, the private placement was also quickly approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission.

After the approval was obtained, Lin Qi's wholly-owned financial investment company, Xinqi Future Holdings Co., Ltd., quickly transferred the money to Vanke's special account. After that, the additional 100 million shares were issued as corporate shares with temporary liquidity restrictions. The current policy only allows the transfer of corporate shares between enterprises, and they cannot be circulated in the secondary market for the time being. Therefore, corporate shares are often transferred at a discount to the market transaction price in order to obtain other enterprises to take over.

However, in essence, in addition to the restriction on circulation, corporate shares have the same rights as circulating shares, such as voting and dividends.

If you want to gain the power to circulate in the secondary market, you need to wait for the share reform ten years later. However, Lin Qi's subscription to Vanke is intended to be held for a long time, so he does not care about the restricted circulation of corporate shares for the time being. The essence of investment is to buy good companies and good assets at reasonable or undervalued prices, and hold them for a long time to share the benefits of the company's business growth, rather than the benefits of stock price fluctuations in the capital market.

After this private placement, Vanke's total share capital increased to 201.36 million shares, and Xinqi Future, as a major shareholder, held 100 million shares of private placement, with an equity ratio of 49.66%, which made Vanke's management team a little emotionally complicated, and has been pursuing equity dispersion, without a clear major shareholder, which is more conducive to the interests of the management team.

However, at present, it is the management team of Vanke, and the management team of Vanke, a controlling shareholder, is a little uneasy, and hopes that Lin Qi can really give them power.

At the board meeting of Vanke, Lin Qi also made a special trip and said: "I am very happy to be able to invest in a company like Vanke and become a nominal major shareholder. In fact, I participated in Vanke's private placement and obtained nearly half of the equity, not to control Vanke and interfere with Vanke as I want, but only to obtain long-term and stable financial returns after investing funds in Vanke. I firmly believe that if the management of Vanke headed by Wang Shi can continue to follow the business development model that is conducive to the development of Vanke's enterprise and the long-term interests of shareholders, we basically do not need the management to interfere and call the orders to any extent. As long as the management can be consistently stable and excellent, and is conducive to the long-term return of capital to the company's shareholders, then we have become a transparent existence that has not been in business for decades. At the same time, I also hope that the management will always not need us to invest management resources to intervene, because it means internal conflicts and big problems in the company. Therefore, the model I am most looking forward to is to trust the management of Vanke, and you can do what you want to do. As long as it is not illegal and does not harm the interests of shareholders, then you can let it go, as long as we continue to be so good, we will not interfere for a long time, and vote in favor of the management headed by Wang Shi. ”

After Lin Qi's speech at the board of directors of Vanke, he wrote the long-term non-interference in the management and management into the company's articles of association.

Of course, there are exceptions to special circumstances, and the so-called special circumstances are found to be seriously fraudulent in financial statements, and when the company has a major crisis and needs to intervene in order to save Vanke, Xinqi Future will intervene.

In July, when most of the stocks in the A-share market were still bottoming out, Vanke A had begun to rise against the trend, and in mid-July, after breaking through 12.25 yuan per share, it began to adjust slightly sideways.

But there is no doubt that the entire market is overwhelmingly analyzing Vanke, and the financial media has appeared hundreds of articles from different angles to study why Lin Qi bought Vanke at a price far above the market price.

Although many of the analyses have some truth, they are far from being in place because of historical limitations.

As for Lin Qi's real reason, he knew that the future market value of Vanke Company would be at least more than 200 billion or three hundred billion yuan! Compared with the current Vanke Company, after issuing 100 million shares again, it will only have a market value of more than 2 billion yuan, and there is still room for growth of more than 100 times in the future!