March 2011, after months of hard work. www.biquge.info The newly established Little Partner Financial Holding Group was established, which includes three major subsidiaries, including Tianhong Fund (public fund), Small Partner Value Investment Company (private equity fund), and Little Partner Venture Capital Fund. In addition, coupled with the wallet of the small partner, it is also injected into the financial holding group.

It can be said that the newly established small partner financial holding group is a small giant with a very high and relatively large physique.

The future direction of Tianhong Fund is to focus on money market funds and low-risk products, which are less controversial products, which can also avoid losses from public investors and affect the reputation of small partner companies.

In the future, Tianhong, the public offering fund of the small partner department, will not have a stock fund, and the main fist product will shrink into a money market fund!

In the form of money market funds, which are almost impossible to cause the loss of users' principal, which is equivalent to receiving interest on deposits, to serve the largest number of ordinary customers.

As for the young guy value investment company, this private equity fund mainly serves the financial department of the small partner group itself, as well as some of its subsidiaries. For example, Golden Harvest Entertainment Company invested 1 billion yuan to buy a share of the private equity fund of the small partner value investment company. At present, although this private equity fund does not develop external customers, its current scale has reached 10 billion yuan, and its investment performance is also highly respected by the industry.

Of course, if someone asks how the value investment fund is invested, Zhang Wei, the general manager of the fund company, calmly took out a book "Smart Investor", and solemnly Amway: "Graham's product must be a high-quality product." One of the most reliable books ever. Warren Buffett relied on this book to achieve enlightenment, and basically practiced the concept of this book all his life. ”

The strange thing is that "Smart Investor", a book that originally did not have a large circulation in China, actually sold more than 5 million copies after being recommended by a small partner company. How many weeks in a row to become the number one seller of investment books.

In this regard, Wang Qinian also felt very gratified, at least, a more scientific and reliable book can be promoted in China, as for how many people can accept it. It's hard to say. After all, value investing is written in a person's personality and genes, and if you are conservative and cautious enough, if you don't have a better understanding of the margin of safety, it is impossible to master value investing. The basis of value investing is the margin of safety. It's defense. The mental basis of value investing is to be conservative and cautious, and if you don't have this kind of character, you are curious, ambitious, and full of unrealistic aspirations in an investment career that is responsible for your own money, then ...... Unfortunately, it is not suitable for value investing.

Most investors in the market are after all kinds of cheats. Obsessed with finding the short-term speculative skills of "Dugu Nine Swords". However, the originators of the cult of speculators, such as Leven Moore and Gann, seem to have mixed up miserably in their later years. There are hardly any speculators in the market who can mix well.

Among the top 10 richest investors in the history of the world. There are eight who are value investors, one who is a quantitative investor, and the last one is difficult to characterize what type of investor he is (philosophical investor?). ）。

To put it simply, value investing is similar to Zhang Sanfeng's Tai Chi, the highest level is to be invincible, waiting for the opponent to make mistakes and fail, rather than attacking yourself.

This should be an investment philosophy that is very much in line with the traditional character of the Chinese. However, modern Chinese basically do not accept it. Even if it is accepted on the surface, few people actually practice it for a long time. Because. There are too many temptations that make it difficult for people to inevitably deviate from the royal path.

Even though. The practitioners of value investing are a group of billionaires, but when people look at this group of billionaires, they are all seventy, eighty or eighty, and they have an amazing worth and are among the mainstream richest people in the world. In contrast, it is difficult for people to accept that they accumulate wealth all their lives, and it is not to consume wealth.

The remaining large fund, the scale of venture capital funds is also a large-scale fund of 10 billion yuan, and the main investment projects are high-quality projects such as Xiaomi Technology, which are rising rapidly. It seems that the investment scale of Xiaomi Technology Company, small partner venture capital is only 100 million yuan, and in one year, Xiaomi Technology has introduced other venture capital funds, and the valuation has been improved, so that the 100 million yuan invested by small partner companies has increased to more than 1 billion yuan.

For a project like Xiaomi Technology, the small partner company will have to cash out sooner or later in the future, but it is certainly not now. According to Wang Qinian, without 100 times, there will be no withdrawal. As for whether Xiaomi Technology can have a 100-fold increase in valuation, Wang Qinian is more confident than Xiaomi's founder Lei Jun.

Although, Xiaomi's C system is the XOS of a small partner company, Xiaomi's more strategy is to completely imitate Jobs's Apple. The more successful Apple is, the more optimistic the valuation of Rebus, the first copycat apple, becomes.

For example, Baidu's listing is favored because it advertises a Chinese version of Google! Yes, Baidu has also managed to drive Google out of the Chinese market! Since then, Baidu's valuation has become more and more optimistic about the market.

Since its establishment, Xiaomi has been hailed as China's version of "Apple", and in contrast, it is easier for investors to understand what Xiaomi technology is. In this way, it is easier to increase its valuation.

It can be said that even if the other projects of the small partner venture capital are not very successful, but just one Xiaomi may make the return rate of the small partner venture capital explode!

In addition, the most important asset of the small partner financial holding group is the small partner wallet!

The small partner wallet is mainly a joint investment of the small partner company and the Little Prince e-commerce platform, and the two parties in order to avoid the repeated construction and competition of the recharge platform. Therefore, the third-party payment platform will be merged, with the partner company accounting for 60% of the equity and the Little Prince Group accounting for 40% of the equity.

Because Wang Qinian is the founder of both the small partner company and the major shareholder of the Little Prince Company, he acts in concert (the main shareholder is Wang Qinian's family, and a small number of Little Prince employee shares do not have much impact). Therefore, there is no problem with the strategic collaboration between the two sides, including the merger of the payment tools of the two sides and the merger of users into one, such a thing would not have been possible if it were not for Wang Qinian's special identity.

As a mainstream third-party payment platform in China, Xiaodou Wallet has 100 million real-name registered users. The gold content of these 100 million people is not as illusory as the 100 million users claimed by ordinary Internet companies.

Many users of Internet companies are not real-name registered users. And, one user can register multiple accounts. Therefore, there is a huge gap between the scale of registered users and the scale of real users in a large number of Internet companies.

One of the 10 registered users is a living person, which is already good. And 1 living person. Not necessarily an active user. Many platforms with hundreds of millions of registrations, in fact, millions of active users, are already a very remarkable number.

The small partner wallet has adopted a real-name system, basically, the vast majority of users. It is bound and authenticated with ID cards, bank cards, credit cards, mobile phones and other tools to ensure that almost every registered user is a real person.

The scale of funds paid and transferred by the wallets of small partners every day has reached billions of yuan, and the peak can reach tens of billions of yuan. On the small partner wallet platform, the scale of the cash balance of daily deposits has exceeded the scale of more than 300 billion yuan.

It can be said that the small partner wallet is currently at least equal to a bank with a deposit scale of 300 billion yuan, and. The level of user activity is much higher than that of banks.

At the beginning, when the scale of funds was relatively small, the partner company and the Little Prince e-commerce still used the funds pre-deposited by customers. Use the consumer's pre-deposited funds in advance for investment layout.

However, with the increasing scale and the improvement of the management of third-party payment platforms, there is no longer such a thing as using the funds pre-deposited by users to invest in advance.

Since 2009, it seems that the wallet of the partner can only be stored in the form of demand deposits, in the bank account. And, limited by the existing mechanism, it is difficult for the small partner wallet to make money from depositors. Depositors cannot be paid interest. Unable to pay interest, many consumers have no incentive to deposit a large amount of cash into their partners' wallets. Of course. The little partner's wallet can't be said not to make money before, so to speak. The scale of deposits of long-term depositors is about 200 to 300 billion yuan, and the interest income from current accounts is also not a small amount of income, which can reach at least 1 billion yuan.

The interest income of 1 billion yuan is partly used for servers, as well as technical and operating expenses. Smaller partner companies can still have a part of the profits.

Of course, the scale of deposits is hundreds of billions of yuan, and there are trillions of capital in and out every year, but only 1 billion oil and water can be stuck, and the profit is not too high, but second.

What's more, if you can't pay interest like users, there is no way to attract users to move their deposit funds. It is necessary to wait for the user to shop and recharge before transferring cash from the bank to the partner's wallet, which will definitely make the partner's wallet subject to the bank, and the scale will always be limited!

Banks with more than 100 million real-name users cannot be compared with the four major banks. But at least it is also the existence of Bank of Communications, Minsheng Bank, and China Merchants Bank at the same level.

But if you look at banks at this level, the current annual profit is at least tens of billions of yuan.

You can know that there is a huge problem in the current model of the small partner's wallet - the pressure of collecting savings and the lack of profits.

At present, many people in China have just risen in their awareness of investment and financial management, at least knowing that the world is inflationary, and the purchasing power of cash will decrease over time. Under this kind of awareness, it is impossible for people to deposit money on a large scale in a platform with no interest.

Even if the credit rating of the small partner's wallet continues to improve, although it cannot be compared with the big four banks, which have the government's endorsement of its reputation.

However, it can already be similar to the credibility of national joint-stock banks, Zhao, Min, Xing and Pu. It can be said that users will not worry about the little partner's wallet running away with money, but even if the reputation is good, it is in vain if there is no interest.

Upgrading the partner's wallet to a money market fund not only allows users to earn interest, but also the yield of the cargo base can outperform the interest on one-year fixed deposits. The partner company itself can also get more income by charging the management fee of the money market fund.

Before the establishment of the money market fund, the money in the wallet of the small partner was lying on the bank's fund custody account, and could only get the interest on the current deposit.

After the establishment of the money market fund, it creates a return no less than that of time deposits through long-term, medium-term and short-term fixed deposits, as well as risk-free holdings such as treasury bonds. In addition, the interest of the money market fund is calculated on a daily basis, rather than on a monthly, quarterly, semi-annual, one-year basis, etc. Saving money in a money market fund is more flexible than a bank fixed deposit.

And the money market fund manages tens of billions or even hundreds of billions of funds, which are deposited every day, and interest and deposit principal are due every day. On the premise of satisfying the user's deposit and withdrawal of funds, the overall interest income is also very considerable.

Wang Qinian regards the combination of small partner wallets and money market funds as an Internet savings revolution! After this clarion call for innovation is sounded, not to mention whether the bank's deposits will be moved to the partner's wallet, many other e-commerce platforms and payment platforms will definitely be affected by the partner's wallet and Yu'e Bao! (To be continued~^~)