Half an hour later.

Wang Shi came to Lin Qi's office and saw that Lin Qi was reading a report.

This report is actually a research report of Vanke, a research report by the team within Xinchuang Electronics Group.

Vanke is a relatively early joint-stock enterprise in China, there is no Shenzhen Stock Exchange, when the stock can not be traded, when Vanke was founded, it issued a total of 28 million shares at a price of 1 yuan per share.

Subsequently, after the establishment of the Shenzhen Stock Exchange, it issued an additional 28.36 million new shares through a targeted allotment of shares, raising RMB 127 million and began to develop cross-regional real estate business.

In March 1993, Vanke issued another 45 million B shares, raising HK$451.35 million.

Lin Qi certainly knows that in the long run, Vanke's rate of return is very high.

Of course, many investors now, especially those who subscribe to B shares, may not agree.

Including the brokerage that issued B shares, it was also because of the issuance of 12 yuan, but the stock price fell below 12 yuan, and nearly 10 million shares were rotten in the hand and not sold, so the idea of controlling Vanke Company came to it.

Now Vanke's stock price has reached below 5 yuan.

It is precisely for this reason that Junan Securities Company wants to make trouble and clean up the management of Vanke Company, and many retail investors even applaud.

However, Lin Qi was very disgusted with Jun'an's troubles, because Junan Securities Company should essentially be a brokerage company that underwrites and issues stocks, and should be a businessman who collects commissions as an intermediary in the securities market.

It should be a neutral brokerage, but it wants to control a listed company, which is obviously a deviation from what a brokerage should do.

Of course, in this era, the domestic financial industry is still constantly exploring, at least after more than ten years, the professionalism of the financial industry has gradually improved, and all kinds of non-standard things have gradually become less and less.

Vanke's current market capitalization and valuation, whether in the long term or short term, are actually very valuable for investment. In the future, it should be rare to see Vanke's valuation so low.

After seeing Wang Shi coming, Lin Qi put down the report and said with a smile: "You are here!"

"Yes, Mr. Lin, although Vanke is in the same city as your company, because the gap between us is too big, I have heard of your name for a long time, and you may not know me. Wang Shi said self-deprecatingly.

"No!" Lin Qi said, "I know you, since the establishment of the Shenzhen Stock Exchange, domestic listed companies, our company has a special team to track and research. The Vanke company you established is very optimistic. If you don't come to me, I may soon be in the stock market to buy Vanke's outstanding shares. ”

Wang Shi couldn't help but be surprised and said, "Mr. Lin is already paying attention to our Vanke?"

Lin Qi smiled and said, "I'm not a good person, but at least I can learn from history." The real estate sector is a relatively good sector, and in the past few decades, the most stable sector in the Hong Kong market has been real estate. The demand of only five or six million Hong Kong people has created a bunch of real estate tycoons with a net worth of tens of billions and billions. In fact, a considerable part of Hong Kong's profits, the financial industry, which is a stable and profitable industry, still come from real estate. It can be said that Hong Kong, except for my new entrepreneurship, relies on technological innovation to make money from consumers all over the world. Other wealthy families, during the period when they made the most profits, relied on Hong Kong real estate. For a country as big as China, the future opportunities will definitely be dozens or even hundreds of times greater than the Hong Kong real estate market. ”

"Hong Kong's real estate is still too deformed, Vanke is in real estate, but it doesn't want to make real estate prices as deformed as Hong Kong. Wang Shi couldn't help but say.

Lin Qi applauded and said with a smile: "If you say this, consumers may praise your conscience." However, the future price of domestic real estate is not actually determined by the real estate industry. If I were you, I would keep saying that real estate would go up. This sentence will be correct for at least 30 years in the future. ”

Wang Shi shook his head and said: "I think that the real estate industry should not make huge profits, if it can maintain a profit of 25%, it is actually very high." In most industries, 25% of the profits are not available. ”

"An annualized rate of 25% is actually a terrible rate of return. Ten years is 10 times, 20 years 100 times, 30 years 1000 times, 40 years 10,000 times...... If you have a company that has maintained a growth rate of 25% for 40 years, even if it starts as a grocery store, it will grow into a very large enterprise after 40 years. If Vanke can really achieve such an annualized rate of return for a long time, then in the future, shareholders who have held Vanke shares for a long time will be qualified to boast of their vision!" Lin Qi couldn't help laughing, "What is the total share capital of Vanke now?"

Of course, Lin Qi's report was there, and he deliberately asked Wang Shi to test Wang Shi's understanding of the company he founded.

"28 million original shares, after that, 28.36 million A shares and 45 million B shares were issued, and the total share capital should be 101.36 million shares, more than 100 million shares. Wang Shi recalled a little and said, "At present, the company's net assets are more than 600 million yuan, but the total market value is because the market situation is not good this year, and it has fallen below the net assets to more than 500 million yuan." Now the price per share is around 5 yuan, and I think Vanke's price is very underestimated and cheap. Mr. Lin, if you want to invest in Vanke for a long time, we are planning a private placement, which needs to be more expensive than the market price......"

"En!" Lin Qi said, "It's better to do this, 15 yuan per share private placement!"

"15 yuan!" Wang Shi couldn't help but be shocked, "That, do you really want to subscribe at such a high price?"

"Yes, let's issue 100 million shares in a private placement!" Lin Qi said, "Originally, there was a share capital of more than 100 million, but I paid 1.5 billion yuan to subscribe for nearly 50% of Vanke's equity." After that, I will not get involved in the management of Vanke, but the financial aspects of Vanke need to be supervised. Basically, as long as we don't enrich our own pockets and damage the public and private interests, we will not get involved in specific operations and personnel management. The bottom line of decentralization is that Vanke's operation should be stable, achieve profitability every year, and the revenue will be based on the revenue of 1 billion yuan in 93, and the annual growth in the next ten years will not lose to the GDP growth rate, what do you think?"

Wang Shi nodded and said, "If it is really to give us the power of the Vanke team, it will be no problem!"

"Of course!" Lin Qi said, "Our new entrepreneurship department, so many enterprises, if we manage them one by one, how inefficient is that? Therefore, we have always streamlined administration and delegated power, and will give specific subsidiaries more operational autonomy." If there are no problems such as management difficulties, we will not be concerned about the management of our subsidiaries. ”

The main reason for participating in the additional issuance at a price more expensive than the market price is that Lin Qi wants to avoid other people gossiping after Vanke tells the growth in the future. The additional issuance at a price of 15 yuan and the subscription of a listed company of 5 yuan per share are obviously an act of thickening assets and transfusing blood to Vanke.

Of course, with so much blood transfusion at present, Lin Qi feels that the investment yield should be higher than going directly to the market to buy a house.