When he got home, Qian Feng sat down in front of the computer to check the information, and naturally paid attention to 003826, the only listed company in the county.

There are more than 3,000 listed companies in Shanghai and Shenzhen, and even a professional investor like Qian Feng cannot be as good as a few treasures, but they can basically have a concept. In fact, 003826 Qian Feng has long had the impression that because it is a listed company in his hometown, when the IPO was first issued four years ago, Qian Feng also deliberately played a new one, purely out of the original and simple feelings of applauding his hometown, although he did not win the lottery, he still followed it for a period of time.

In general, the texture of the 003826 is still okay, small cap stocks, new materials industry, relying on the rich graphite resources in the county to make graphite materials. For this new material, in the long run, Qian Feng is still very optimistic, the international research and development investment in the preparation and application of graphite is continuous, and the results are continuous, but the transformation of economic benefits requires a process, so the industry is still in the stage of dormant accumulation, once it breaks out, the prospect is gratifying. Reflected in the stock market, because the profitability can not be reflected for a while, the attractiveness is poor, little attention, except for the occasional conceptual hype, the stock price will be reversed, and then fall again, the overall performance of the stock price of this type of company is sluggish.

According to the latest public quarterly report, Mr. Wu holds 10%, his son Wu Haoming holds 8%, and his daughter Wu Shanshan holds 4%, and the three of them act in concert to constitute the controlling shareholder, and several other executives each hold a few tenths of a percent, and together hold less than 4%, these people constitute the top ten shareholders, and the total market value is more than 5 billion.

Qian Feng now has the ability to grasp all the shareholdings through the transaction statement, and he found that in the remaining 74% of the stock holding distribution, not only is there not a single institution, but even there are no large holders, and the retail investors of a water hold the most than 100,000 shares.

Looking at the historical record, the total market value was the highest at 12 billion, and now the total market value of 5 billion is the lowest in history. There is always a reason for the worst performance in the same industry, and Qian Feng is looking for the context.

Check the past equity changes, at the beginning of the IPO, the concerted actors, the issuer Wu Laozi's family and a group of executives held 38% of the original shares, in the advantage of holdings, after the lifting of the ban on stock circulation, these original shareholders began to slowly reduce their holdings, especially in the past year, the number of shares reduced is increasing, there were originally institutional funds to hold a certain number of shares, but they could not withstand the pressure of the original controlling shareholders, and these institutional funds were gradually abandoned.

Qian Feng also saw an announcement that 8% of the company's shares held by Wu Haoming had been pledged for financing two months ago, which also led to the recent decline in the stock price.

Blindly reducing holdings and pledging financing, is there a problem with the operation? Qian Feng thought about it, and called up the public financial statements year by year and quarter for careful analysis.

From the analysis of financial statements, it does not reflect the situation of the operation, corporate liabilities, expenses, cash flow, accounts receivable, profit margin, return on assets and other indicators. Qian Feng was born in a professional class and has a talent for human sensitivity to numbers, if there is a problem with the 16 consecutive quarterly financial reports in four years, Qian Feng will not fail to see the clues.

Isn't that weird?!

It is easy to understand that executives reduce their holdings of stocks, they do not hold much, and it is not surprising to cash out and take money, but as the founder of the company, the controlling shareholder should not do this, and it is good to have a demand for funds, but the controlling shareholder has reduced its holdings all the way down, and has lost its dominant holding position, leaving only 22%, once it is targeted by the object of interest, a barbarian invasion will come, and only 23% of the shares need to be bought in the secondary market, which is enough to complete the acquisition of the company as the largest shareholder, and the company will no longer be their Wu family.

Based on the current total market capitalization, buying 23% of the shares only costs 1 billion yuan to get a listed company, even if the quality of the company is poor, it is worth buying a listed company's shell resources.

Moreover, if there is a problem with the 8% shares pledged by Wu Haoming, the son of the Wu family, the Wu family will only have 14% of the controlling stake left, and if someone buys 15% of the shares, according to the total market value, it will cost seven or eight hundred million yuan, and they will be able to obtain the status of the largest shareholder, and they can kick the Wu family out of the company.

Suddenly, an idea popped into Qian Feng's mind to buy 003826 company.

Buying 003826 is a good opportunity and a good investment. Moreover, he really responded to the words of his brother and cleaned up Wu Haoming.

Intuition also told Qian Feng that as far as Wu Haoming looked like a loser, he reduced his stock holdings and equity pledge must be related to Wu Haoming's loser behavior. Putting aside these appearances, there is nothing wrong with this company itself. The elder brother of the family also said that Mr. Wu has a physical problem, which means that the successor will be passed on to this loser, so the company's executives and professional investment institutions can't see the future of this company at all, and it is not surprising that they abandon it.

But Qian Feng wants to buy 003826 company now, how can he buy it? The resources in hand are nothing more than his own funds of 1.1 million, by the way, there are also 200 million newly established private equity funds, and it is estimated that there will be 1 billion yuan in funds.

How to solve the problem of funds?! Qian Feng's head was spinning rapidly.

It is impossible to let the investors of private equity funds increase, 1000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

It's not that there's no way, it's just leverage.

You can put 5 times leverage, use the funds in the private equity fund to buy 200 million yuan of stocks with a market value, borrow 1 billion yuan from financial institutions and then buy stocks, and these stocks are pledged in the hands of financial institutions. If the stock price falls, the total market value of 1.2 billion yuan will shrink, and the shrinkage will exceed the warning line, affecting the safety of 1 billion yuan of loan funds, and financial institutions will forcibly close their positions and sell stocks on the stock market to recover funds.

In the way of stock financing, there are restrictions on which stocks to be financed from brokerages in the stock market, the leverage ratio is not allowed to exceed 2 times, although financing from trust companies can be agreed, but the normal rules do not exceed 4 times, and there is no restriction on financing from over-the-counter gray capital institutions without qualifications, but there is no security guarantee for such a large amount of funds.

If the stock price falls by 15% after the acquisition 003826, if there is no follow-up funds to ensure the safety of the financing party, once the position is forcibly liquidated, the 200 million in the private equity fund, together with the stocks, will also evaporate, not only the acquisition will be completely failed, but even the principal will be wiped out.

Qian Feng was thinking that in order to do this, he must also find a channel to raise a loan of 1 billion, and ensure that its stock price will not fall after the acquisition of 003826.

PS: There are a lot of professional words in the stock market in this chapter, and friends who are not familiar with it will feel jerky and tasteless, and they have been written in an easy-to-understand way as much as possible. Anyway, this chapter can be summed up as Qian Feng found that he could eat a very good listed company, it doesn't matter if he has no money, there is no trick.

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