At the end of December 2012, Wang Qinian met with a very unexpected person, ******, the head of Ping An. Among the Chinese businessmen with the surname Ma www.biquge.info, he can be ranked in the top three.

Ping An was established in 87 years, and the capital of several million yuan was at the beginning of its establishment.

In the beginning, it was a joint venture between ICBC and China Merchants. Later, with policy issues, ICBC withdrew, and China Merchants also gave up its status as a major shareholder because of the gradual reduction of its holdings and cashing out.

Ping An has gradually become a relatively dispersed enterprise with no absolute controlling stake.

Because Ping An's equity is relatively dispersed, the voice of a single shareholder is far less powerful than that of the company's founder team headed by ******.

Of course, the founder, who has been at the helm of Ping An for many years, ****** also dares to give himself a sky-high salary, and raises his annual salary to tens of millions of yuan a year all the way, because he feels that his contribution far exceeds this price.

From today's point of view, ****** has repeatedly raised his salary, triggering protests from many minority shareholders, but more minority shareholders still recognize Ping An's level of governance.

This is a bit like Vanke, but later Vanke because the founder team held less and less equity, for a long time, the major shareholders did not do anything and delegated power to Vanke's management to govern. At the same time, Vanke's major shareholders do not have a lot of equity. As a result, the barbarians knocked on the door, and they strongly raised their positions in the market to increase their shares, trying to take away the actual control of Vanke from the hands of Vanke's team. When the barbarians came to the door, Vanke's management began to panic, fearing that the new major shareholders would not be as easy to talk as before, and directly removed them from the management.

However, Ping An's physique far surpasses that of Vanke, and it is unlikely that he will encounter a barbarian holding a card. After all, among the barbarians who later raised real estate companies such as Vanke, insurance capital accounted for a large proportion. However, Ping An is already the boss of the insurance company, and the insurance company is not self-sufficient. Dare to be a barbarian to raise a controlling stake in Ping An Company.

"Mr. Ma, you're here, it's really a rare guest!" Wang Qinian expressed his long-term admiration for the head of Ping An ******. Small partner companies are not necessarily worse than Ping An. After all, there are countless "money printing machines" owned by small partners.

In fact, the small partner also has the small partner financial holding, which has financial licenses such as funds, trusts, leases, third-party payments and so on.

However, in any case, it is not as good as Ping An Group's insurance ability to absorb money. Ping An's insurance business has accumulated assets of 3 trillion yuan. In addition, it can pull at least hundreds of billions of yuan in new premium income every year. At present, Ping An's asset scale is naturally far from that of the five major banks. However, Ping An's assets are growing faster.

These premium incomes, although still have to be paid to the insured users. However, before repayment, you can still make a little difference by using the premium for investment.

Take pension insurance as an example. Unless there is some insurance subsidized by the national policy. The pension insurance investment income of a normal personal account is even worse than the interest rate of the individual deposit bank. It's just that most people are easy to lose control of themselves, and they have more cash in deposits, and they may lose all of them quickly because of impulsiveness and ghosts. Pension insurance plays a role in compulsory savings, and the income is not much, mainly to avoid lack of self-control and old age when you can't work. But he lost all his possessions, so that he could not provide for his old age.

The main income of insurance companies is naturally this kind of life insurance. Life insurance is roughly equivalent to a deposit with an annual interest rate of about 2%, and the risk is relatively low. But. It is far more reliable than blindly investing in some "profiteering" financial projects. Because, many financial projects already belong to the category of fraud.

Of course, most of the income of insurance institutions is to invest in fixed income products such as treasury bonds and bank deposits. The remaining small part of the assets will be invested in real estate, stocks, trusts, fund products and other varieties with higher risks.

As a matter of fact. Now Ping An has even shown a strong interest in the Internet, for example, the e-commerce website No. 1 Store, which Ping An invested in behind.

Although Ping An will transfer the equity of No. 1 Store in the future, by investing in No. 1 Store, Ping An will naturally accumulate experience in Internet investment and operation.

It can be said that with a lot of money and a more flexible system than large financial institutions such as ICBC. As a result, Ping An can hold a large amount of capital and invest in any place that Ping An is interested in.

For example, BAT can spend tens of billions or even tens of billions of dollars on investment every year. But for Ping An, the capital that can be used for investment every year is far more than tens of billions.

However, Ping An is relatively stable, and 90% of the investment is fixed income and interest-eating assets. The remaining 10% is invested in various equity assets, and the proportion of assets used for venture capital is even lower. Even so, Ping An is definitely a big monster in the field of venture capital.

"I came to my partner company, mainly to learn, and to find opportunities for cooperation!" Said with a smile.

"Welcome, welcome!" Wang Qinian said, "What aspect of business is Mr. Ma interested in? ”

"Little Partner Film and Television Investment Fund!" said, "In China, it should be the first to invest in film and television in this way of private equity funds!" ”

"It's very common in the United States, and many film and television companies such as Legendary Pictures operate in the form of funds and trusts." Wang Qinian explained, "The mechanism of traditional film and television production companies has gradually become obsolete. In the new era, this kind of operation in the form of funds may be more in line with the current pattern of film and television companies. ”

Operating in the form of a fund, whether it is the entry or exit of funds, is obviously more flexible. If you want to enter, you can subscribe for shares of the fund if you meet the threshold of qualified investors of the fund. If you want to withdraw more easily, apply for redemption on the date of open redemption, and you can get back the principal according to the share and net value, after deducting the handling fee.

It can be said that the investors of the fund are more worry-free and effort-free to hold the fund, at least more worry-free than opening a film and television company by themselves.

"How much net value can the movie "Thai Embarrassment" contribute to this fund?" Asked with concern.

"The original net value of 1 yuan per share, at present, the small partner film and television investment fund of funds is 1 billion shares. I estimate that after deducting various costs, it should bring 400 million in revenue. That is, the net value increased by 40% to more than 1.4. In fact, the total investment of "Thai Embarrassment" is only 30 million yuan! Wang Qinian explained.

In fact, the small partner group earns more than so much money, distribution income, theater income, and the small partner group enjoys it by itself.

Give fund investors a taste of the high-risk sweetness of content investment. As for the small partners themselves, they are concentrating their funds and energy to expand their channel advantages.

Ten times over!

Purely according to the comparison between the investment and profit of "Thai Embarrassment", it is more than ten times the income.

However, according to the total share of 1 billion yuan of the parent fund of the small partner film and television investment fund, it can only contribute more than 0.4 yuan to each net value, which is equivalent to a yield of 40%. Even so, this gain made ****** gasp.

"Can a movie like "Thai Embarrassment" be copied?" Asked.

"It's very difficult to replicate a ten-fold movie!" Wang Qinian shook his head and said, "Our domestic film market is relatively prosperous compared with foreign countries. Because, the average investment amount of our single film is roughly less than 20 million yuan. The average cost of a movie in Hollywood has risen to more than $70 million. Therefore, the probability that our movies want to make money is greater than that of American movies that want to make money. But movies with a ten-fold yield are still rare. Of the ten movies, only a few make money, half of them are flat, and there are only a few who can't really return to their original capital, just like bad debts in banks, and there will always be some investments that have lost their money. ”

"What is the overall return on investment?" Asked.

"It's not easy to estimate, after all, movies are generally winning and losing, and there should be more loss-making movies than money-making movies. At the same time, the rate of return varies from company to company. Even if the same director and different film works, the rate of return may not be the same. Wang Qinian affirmed, "However, our platform has more long-term benefits, so it can attract big-name directors and actors who are willing to lower their prices." Reduced costs naturally increase the likelihood of profitability and profit margins. In addition, their professional ability and risk control ability will turn away projects with a high probability of loss, I think it is possible to achieve a return on assets of more than 30% a year for small partner film and television investment funds! ”

With a yield of 30% a year, within five years, Wang Qinian feels that it is not very difficult, and even it is quite easy to overachieve. As for whether such a rate of return can be maintained after five years, Wang Qinian thinks that people can't be too greedy.

I was very interested in this film and television investment fund and proposed to subscribe for 1.5 billion yuan.

This subscription was applied for in December, but the funds arrived a few months later. In this way, it is also necessary to wait for the income of "Thai Embarrassment" to be confirmed and the net value of the fund to be determined.

In other words, the share subscribed by Ping An cannot obtain the investment income of "Thai Embarrassment".

Otherwise, the old investors will suffer a loss, they have invested in the share before, and now "Thai Embarrassment" has been released, and it is determined to be a big hit, but to determine the net value, you need to wait until the movie theater line pays over. Therefore, the current net value does not reflect the income of "Thai Embarrassment".

Subscribing according to the current net value is tantamount to temporarily cutting the queue and diluting the interests of old investors.

The small partner company is principled, and it is impossible to offend hundreds of old customers for the sake of Ping An, a big customer.

Of course, after Ping An's subscription funds arrive, the parent fund of the small partner film and television investment fund will have a capital of more than 3 billion yuan.

Investors who hold the fund of funds are also eligible to subscribe to various sub-projects. Overall, the small partner film and television investment fund has generally attracted 5 billion yuan of capital.

The scale of this capital has exceeded that of many first-line film and television companies in China. Even, many listed film and television companies have reached a market value of two or three hundred billion yuan, but their net assets cannot reach 5 billion yuan at present.

It is also said that if a small partner company invests in a fund at will, it can dominate the domestic film and television industry. (To be continued.) )