Kong Xiangxi, as a representative, hundreds of Jin businessmen are still more interested in collecting the mining shares in Yang Chao's hands, because the economy has been prosperous in recent years, the price of minerals is very good, and their families have saved a huge family business, and Kong Xiangxi's family has formed a one-stop giant from the financial industry to minerals and trade, and is a number of capital predators in Shanxi. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

Jin Shang miners mainly operate iron ore, coal and gold mines in Siberia, iron ore is a popular mineral, everyone wants to operate, coal mines are the strength of Jin merchants, many of them are first in Shanxi mining to make money and then to Siberia to develop, gold mines of course are also stable profits, but the fixed investment is very high, because many mines are bought from the hands of the Russian nobles in Siberia at a high price, but the victory is stable, gold will not depreciate, because gold itself is the benchmark of value, they are the unit of price, there is no problem of depreciationThere is a gold mine that can be said to be eaten for a long time, and it is also a popular mineral.

However, the value of these assets is not large, although iron ore is a strategic resource, but the profit margin is too low, the price of about 20 taels per ton, and from the underground hard work to dig up, it is impossible to have too high profits, the entire Siberian iron ore output is only more than 10 million tons per year, worth 6 million taels, and the profit is only at the level of millions, so the price of these minerals cannot exceed 100 million, and the Jin merchants can also make up this money, because they were engaged in minerals before, Most people are engaged in the ticket number industry, and they have not fallen behind until now, but many of them are time-honored brands in the financial industry, and they can still get money?

After selling the last batch of minerals, Yang Chao only has one Tyumen oil field in his hands, and Yang Chao still plans to invest here, of course, it is impossible to sell it at this time.

Soon the Rothschilds raised enough money, issued 3 billion in London, issued 2 billion US dollars in oil bonds in the United States, and easily raised 5 billion US dollars, after all, it is still a period of great prosperity, even if it is about to face a major economic collapse, just like the dawn is coming, money is the darkest, and before the crisis is coming, it is the most prosperous, it is the peak of prosperity, so it is very easy to raise funds, and thousands of banks in the United States alone can easily eat this bond.

But here comes a problem, 5 billion US dollars is equivalent to 5,000 tons of gold, all exchanged for gold and shipped to China is obviously unlikely, it will alarm the British and American governments, the specific problem has long been discussed with the Rothschild family, can be stored in London, England in the form of British government bonds, in fact, Yang Chao is not very short of gold, does not value gold, this money to stay in London, can be used as his capital in Europe during the big crisis.

Shanghai's railway company listing is still in progress, the entire Shanghai market is crazy, as one of the best profit performance in recent years, China Railway Corporation is obviously a star enterprise, but also has the right to issue bonds, the railway is one of the most important bonds in the market, is a lot of banks as a reserve of bills choice, but who doesn't want this kind of company shares, this era of Shanghai's banking industry is still very free, not simply limited to deposits, most banks are involved in stock trading, There are also a number of investment banks in the name of direct investment in industry and commerce.

As the underwriting bank of the railway company, the Yangzi bank group has conducted a professional evaluation of the assets of the railway company, and the most important asset of the railway company is, of course, the railway line, which has been built in addition to Lhasa, and even Xinjiang has opened two railways, with a total mileage of 70,000 kilometers, surpassing Germany's 50,000 kilometers, becoming the world's second largest railway mileage country, and crushing Japan, which ranks second in Asia.

The second asset, which may even later surpass the railway line itself, is the telegraph and telephone company, which was spun off from the railway company and became a separate accounting company, but which was the sole property of the railway company, since the telegraph and telephone lines were built along the railway and the largest user was the railway company.

In order to complete the electrification of the Jinpu Road, the railway company has built dozens of power plants along the railway line, from Beijing to Shanghai, and laid high-voltage transmission lines, and the railway company's power grid covers dozens of prosperous cities in eastern China along the Jinpu Road.

Railroads, telegraphs, telephones, and electricity, these three assets are all very important assets taken out of their own, and in the United States, for example, the Telegraph and Telephone Company has surpassed the American Steel Company established by Morgan to become the most valuable company in the United States; General Electric is also one of the largest companies. There are 20 railroads in the U.S. that have discovered stocks, each of which is the largest by market capitalization.

The top three companies in the United States, the third is General Motors, with a market value of 4 billion US dollars, close to the US steel and telegraph and telephone companies, the three have similar market capitalization, and the US steel companies and the telegraph and telephone companies are hovering around 5 billion, you are chasing me, competing for the best, and the combined market value of the three companies exceeds 14 billion US dollars.

The purpose of his comparison is not to show that China Railway Corporation should be compared with these three, but to tell investors that the market value of these three companies is the market value of China Railway Corporation!

Yang Zi Bank's appraisal directly stunned Zhan Tianyou and a large group of people, they only knew that the company they created had the potential to become one of the largest companies in the world, but they didn't expect that the value directly assessed by Yang Chao was the largest company in the world, not one, and it was also the sum of the market value of the three largest companies in the world.

Of course, only limited to listed companies, the value of Ford Motor Company must be greater than that of General Motors, but unfortunately Ford has not been listed for financing, and the shares of Ford can only be held by people from the Ford family, and Krupp's large family businesses will not be too small, but to say that the largest company deserves to be the largest company before the split, I am afraid that there is no Standard Oil Company (Rockefeller built an oil empire) before the split, if this company had not been split, the market value would have exceeded 10 billion.

But compared with Yangzi Bank's valuation, it is still much worse, everyone knows that $140 is nearly half more than $100, and this is only the reserve price estimated by Yangzi Bank.

Under the promotion of Yang Zi Bank, soon the railway company was listed, on the first day of listing, the first 10,000 shares of the pending order were sold out in an instant, Yang Chao printed a total of 1 billion shares, each stock face value of 10 taels, the total valuation of 10 billion taels, equivalent to 13 billion US dollars, is indeed close to the market value of the three largest companies in the United States.

But Yang Chao still underestimated the madness of the market during the great boom, the stock has been listed, the price continues to rise, starting from 10 taels to grow wildly, and soon broke through 15 taels, then the total market value of the railway company is equivalent to 15 billion, Yang Chao sold 100 million shares in one day, before suppressing the stock price at about 15 taels, otherwise I don't know how much it will soar, Yang Chao of course wants to sell more money, but also to consider the benign development of the entire market, otherwise it is too easy to stimulate the market to collapse in advance, Yang Chao didn't want to puncture this bubble too quickly.

Yang Chao's own attitude towards the great prosperity is also very contradictory, because this is a great opportunity not to lose to Europe, in the great prosperity, China's various industries are developing rapidly, if it is possible, Yang Chao would rather prosper for ten or eight years, even if the crisis is deep, but the basic strength accumulated during the prosperity period can not run, as long as it is started, it can become a huge national strength at any time.

But he also didn't want to continue to stimulate this illusory prosperity, because this prosperity would collapse sooner or later, and the more prosperous it was now, the more terrible it would be, so Yang Chao didn't want to stimulate the bubble.

Under the two contradictory attitudes, Yang Chao chose the natural way, that is, not to intervene, when the prosperity ends, let the market decide for itself, although he is not a superstitious person of a free economy, but at this time there is no better way than to go with the flow.

Therefore, he should not stimulate the market too much.

It's just that the optimism of the Chinese market has indeed exceeded Yang Chao's expectations, Yang Chao has always thought that the United States is the most optimistic market, and now it seems that Shanghai's financial market is probably no worse than the United States.

Unlike the United States, there are far fewer types of securities available for trading in the Shanghai market, where there are 6,417 different types of securities traded, including more than 2,000 bonds.

Shanghai's financial market is relatively strict in its management of securities, and in addition to the more than 20 provincial-level local governments across the country, bonds can be issued.

The only companies that have issued bonds are the railway company and the public housing company, and the railway company alone issues three types of bonds, railway bonds, telegraph and telephone bonds, and electrification bonds, which are respectively for the financing of railway construction, telegraph and telephone and electricity grid projects.

The stocks of major companies have just exceeded 2,000 kinds, all of which are stocks of various industrial enterprises, of which 1,000 are listed in the past five years, because of the condition of a continuous profit of more than 3 years, the vast majority of industrial enterprises will be blocked out of the door of the stock market, and it is quite easy to go public in the United States.

The scarcity of selectable stocks is a big reason why the Shanghai market is crazier than the U.S. market; Of course, Chinese are actually more confident than Americans, which is also one of the reasons, the optimism of the United States comes from the natural mentality of a rising nation, China's rise is obviously stronger than the United States, and the Chinese have reason to be more optimistic than the Americans; Another reason is that the experience of Chinese investors is far less than that of Americans, who have been playing stocks for more than 100 years, while the vast majority of Chinese investors are actually just getting into the new thing of stocks and securities, so they are much more blind.

A series of complex reasons have caused the shares of railway companies to be popular, soaring all the way to 15 billion taels, which is equivalent to almost 20 billion US dollars. (To be continued.) )