"Zhong Sheng, what is the trick you are talking about Huatou's acquisition of Stanley's shares?"

When Zhong Shi returned to the office, it was already a mess, scattered and full of texts, without the mainframe's monitor, there was no life, and the traders were chatting listlessly together, all with solemn expressions, and it was obvious that they all knew that the current situation was not good.

At this time, when Zhong Shi reappeared in their sight, everyone's eyes lit up, and the backbone of the Lord returned.

However, despite the thousands of questions in their hearts, most of them silently looked at Zhong Shi and cast an encouraging look. They also knew that it was not appropriate to ask questions about "insider trading" at this time. However, Jiang Shan reacted the most cleverly, and approached Zhong Shi to ask the question that had plagued Zhong Shi a few hours ago.

"This ......" Zhong Shi smiled slightly awkwardly, did not answer his question immediately, and after looking around the audience, he said loudly, "Guys, since our guy was taken away by the SEC for investigation, then this time should be regarded as a vacation for everyone, everyone go and have fun." Waiting until the lawsuit is over to come back and rework, I believe it won't take much time. ”

Hearing Zhong Shi's words, everyone breathed a sigh of relief. Zhong Shi had long established an image in their minds, and although some of them had tried to challenge Zhong Shi's authority, the result was undoubtedly a disastrous failure. So after a long time, Zhong Shi naturally established the prestige of "one word and nine peaks" among them. Therefore, even if the opponent this time is SEC, they are full of confidence in Zhongshi.

Traders are in a panic at the moment, and since there is a holiday to take advantage of, they will naturally not miss it. After a hurried cleanup, they left the company in twos and threes.

In fact, so far, after almost a year of layout. All the follow-up work has been done more or less. The main task for these traders now is to constantly fine-tune their previous positions according to the market situation and determine the timing of their final closing. But since Zhong Shi said so, it is clear that the time has not come to close the position, so they can naturally go on vacation with confidence and boldness.

Strictly speaking, it's a kind of blind trust. But because their helmsman is Zhong Shi. And the relevant follow-up operations can be followed up by colleagues in Hong Kong, so after Zhong Shi announced that they would be allowed to rest, they immediately made a bird and beast scatter. And at this time, they really have no intention of continuing to work.

"What I was thinking about was that this part of the bond with a 9% interest rate would have no voting rights after it was converted into common stock." After leaving a few key figures, Zhong Shi returned to his office, lit a cigarette, and then said lightly, "But now it seems." It's not that simple. ”

"Non-voting common stock?" Jiang Shan's face changed, and he frowned and said, "Is it for the demand for dividend income and tax exemption?" If that's the case alone, then it's hard to say the pros and cons of this deal. ”

If we think purely from the perspective of returns, if we invest in a financial institution with good development prospects and a large market share, we do not try to change or manipulate its operating conditions, but only for investment. There is nothing wrong with this abstaining from voting rights or buying preferred shares.

But this qiē is a bit too much to say when it comes to sovereign funds. Like other funds, sovereign wealth funds have return metrics to consider. However, this consideration is different from that of a general fund, because it requires more money and takes longer. Strictly speaking, this is a kind of value investing, and it will not change the strategy because of temporary price fluctuations.

In this case, go to the board. It is inevitable to gain a certain right to speak. Because it is necessary to hold it for a long time, it is necessary to put forward its own ideas and opinions on operation. And unlike other giant sovereign wealth funds in the world, CIC is funded by China's foreign exchange, which in principle does not flow into the domestic market.

Because China's foreign exchange system is very different from the foreign exchange system of other countries, all foreign currency exchanged for exports is collected and managed by the state. In addition, the State issues the equivalent of its national currency to these foreign exchange-earning institutions. This policy of issuing foreign exchange in its own currency allowed China to accumulate a large amount of foreign exchange reserves in a very short period of time, and this foreign exchange reserves were formed at the cost of possible inflation in the national currency market. Naturally, the principle of Huaxia Investment Co., Ltd., which manages these foreign exchanges, is to invest these funds on a global scale, and to try to avoid the return of these funds to China.

Therefore, these characteristics are destined to be long-term and stable returns, and it is best not to return to the domestic market of China. Therefore, under these prerequisites, it has become a trend for Huatou to gain the right to speak without affecting the overall operation.

However, in general, as long as the income can be guaranteed, the acquisition of the right to speak does not have a great relationship. Prior to this, Huatou had invested in Bereroque Investment Co., Ltd. and acquired about 10% of the non-voting shares, which were the shares of Bereroque Investment Co., Ltd. before the IPO, but after the IPO, this part of the shares was only at a premium of 4.5%, and Huatou failed miserably in this investment.

Therefore, after learning the lesson of the previous time, Zhong Shi judged that the personnel of Huatou should want ordinary shares with voting rights.

"Don't think about voting rights for the time being, after all, it will be years before it is unlocked." Zhong Shi decisively gave up thinking in this direction, "because the SEC regulations stipulate that if you hold 10% of a company's shares, then you have to disclose to the market what they want to do, so the shares of Huatou are around 10%." But the problem now is that even if there is a huge loss in the fourth quarter, the price of this 10% stake is too low based on Stanley's asset size and profitability today. ”

Naturally, Zhong Shi's implication is that even if the fact of the fourth-quarter loss is abandoned, based on Stanley's ability to make a profit today, they are definitely capable of pulling the stock price back to the level at the beginning of the year in the next two or three years. That is, judging from the current bargaining power of Huatou, it seems that they have picked up a big bargain.

But this matter is not absolute, because Stanley's huge loss in the fourth quarter is unprecedented, if it were not for Hua's capital. The stock price may be much worse than it is now.

"I'm afraid it depends on the bargaining power of both sides and how much information they have!" Jiang Shan said thoughtfully, "But according to my estimates, even if there are people who are familiar with the U.S. market in Huatou, it is impossible to know more than Stanley, who is in the whirlpool of the storm, and this information asymmetry cannot be repaired." So I believe they should be the losing party in this deal, but what is being revealed now is. It's puzzling that they're obviously taking advantage! ”

"Then there's only one possibility!" Zhong Shi pondered for a moment and said slowly, "Huatou must have made concessions in some aspects, but we don't know what it is. Maybe it was the purchase of subprime mortgage bonds in Stanley's hands, or it was the purchase of bonds of other natures, but in any case, this amount will not be small, and it is very likely that it will even exceed the investment in Stanley! ”

……

Zhong Shi was not wrong in his estimate. In fact, in the agreement reached between CIC and Stanley, this part is only a stepping stone for CIC funds. But instead of buying Stanley's subprime mortgage bonds, Huatou turned its attention to other bonds in the market.

"We urgently need cash management, and the bond and note markets are our priority."

On the top floor of the building of Stanley's headquarters, Gao Dongfang, the general manager of China Investment Corporation, who was in charge of the transaction, said aloud to the negotiators on Stanley's side.

Gao Dongfang is about 1.8 meters tall, in his fifties, very well maintained, and looks only in his thirties. Hair is brushed back visibly shiny. Gold-rimmed glasses, a well-fitting suit and fluent English. This qiē shows that this guy is a successful person. In fact, being able to sit in the position of general manager of Huatou at this age, Gao Dongfang does have extraordinary advantages. After graduating from Cornell University with a bachelor's degree in law, he spent two years on Wall Street, then moved to Hong Kong, and later joined a large Chinese state-owned enterprise. As a legal professional, he has also worked in the international financial circle. He was soon entrusted with important responsibilities from above, and became one of the top executives of the aircraft carrier-level fund of China Investment Corporation.

This time, Gao Dongfang was in charge of the negotiations with Stanley, and the team he assembled was all elites from Huatou, with an average age of about 35 years old. Although the team was young, their professionalism and business ability quickly impressed them on the part of Stanley.

As part of the transaction that is not publicly available. Huatou will be responsible for selling Stanley's undigested subordinated mortgage bonds, while Stanley will lead the way in finding a way out for Huatou's money. Naturally, commissions are essential in this process.

Being able to use Stanley's marketing network is of great significance to CIC as a big deal. Because for such a newly established sovereign fund, there is absolutely no problem in terms of funding, the problem is the lack of investment channels. Partnering with a financial giant like Stanley, which has a global sales network, solves the problem of channels.

Richard. Greenham smiled, and after several negotiations, he was finally able to sell the bonds, which was a big achievement. And on the basis of this business, he also unexpectedly gained the role of a broker, which means that he still has a large amount of commissions in the follow-up, how can this not make him excited?

"Mr. Gao, what you said is not a problem, I will let our trading department follow up well and ensure that a batch of investable assets that meet your requirements is selected." Richard. After Greenham's blue eyes spun around, he patted his chest and agreed, "Mr. Gao, since we are now in a cooperative relationship, I don't bother to reveal some top-secret news to you." Now that the U.S. has taken the crisis and risks of subprime mortgage bonds seriously, the Federal Reserve has lowered deposit rates three times and injected a lot of money into the financial system, so in this case, although the real estate market will continue to fall in the short term, it will definitely rebound strongly in the future. So now is the perfect opportunity to buy the bottom, and I personally strongly recommend that you don't miss a similar opportunity. ”

"Really?" Gao Dongfang replied noncommittally, and then replied lukewarmly, "We will make the right judgment on whether the timing is accurate, but thank you, Mr. Richard, for your kindness." I'm sure we'll have a lot of time to discuss these things in the future, so let's talk about the details for now! ”

"Okay, okay." Richard. Greenham nodded hurriedly, but a sneer appeared on the corner of his mouth as he lowered his head, and by the time he raised his head again, the smile had long since disappeared without a trace. (Want to know more exciting news about "The Financial Son of the Great Time"?) Open WeChat now, click on the "+" sign in the upper right corner, select Add Friends to add an official account, search for "Qidianzhongwenwang", follow the official account, and never miss every update! (To be continued......)

PS: Thank you book friend seanju1, the wind waiting for the mooring, the sea breeze must blow, and the book friend 140124234238290 vote for the monthly pass! Thank you all for your support! The author has written a little bit less recently.,But I really don't have that super fast code word ability.,Even if you work hard, you can't reach a fraction of the gods.,I hope you can understand.,Of course, the author will work harder in the future.,At least,Strive to write as much as possible~