On weekend afternoons, Huajia Villa Garden.

In a tea room, four people are in this room, namely Fang Hong and his personal assistant Tian Jiayi, Hua Yongming and his youngest son Hua Yu, who he regards as the successor of Huayang Group.

At this time, after Fang Hong signed the two agreements, he handed one of them to the beautiful assistant sitting next to him, and the agreement was signed, and the replacement of the right to income for the next 30 years signed between him and Huayang Group was released.

After the debt-to-equity swap, Huayang Group's equity in Qunxing Capital rose to 7.7%, Huayu's personal equity was diluted to 0.97%, and the rest was held by the fifth trust fund established by Fang Hong in Hong Kong.

After a while, Hua Yu said, "Father, after the 10 billion capital debt is converted into equity, the liquidity of Huayang Group will face tremendous pressure."

Obviously, even the beautiful assistant next to him could instantly hear that he was saying this to his father, but it was actually for Fang Hong, and Hua Yongming also turned to look at Fang Hong and smiled: "I invested too little last time, and I can't miss the opportunity to convert debt to equity this time, and the return on the equity of the stars is higher."

Fang Hong immediately asked, "I wonder how big the current debt scale of Huayang Group is?"

To put it simply, the scale of debt can basically determine the expansion speed and scale of the current Huayang Group in the commercial real estate, after all, the two sides have cooperation in the Yixing Media Group, where Huayang Real Estate expands, the cinema under Yixing Media will be opened.

Hua Yu, who also serves as the vice president of Huayang Group, answered this question: "At present, the overall debt scale is about 92%, and the total asset scale has exceeded 100 billion."

Last year, the total assets of Huayang Group were only more than 40 billion yuan, close to 100% of the debt, which can be said to be very dangerous.

"The liquidity problem is not difficult to solve." Fang Hong couldn't help but smile, glanced at Hua Yu, and immediately picked up the teacup in his hand and said methodically: "For example, Brother Hua, you sell tea, I sell teacups, you can play like this, Brother Hua, you buy 10,000 teacups from me, and I purchase 1 ton of tea from you, so that you and I will sell 1 ton of tea and 10,000 teacups respectively on our accounts."

When the beautiful assistant who didn't speak heard this, she couldn't help muttering in her heart, "Isn't this just brushing each other's performance?"

Fang Hong still smiled, looked at their father and son, and said unhurriedly: "That's right, it is the performance of brushing, but it is reasonable and compliant, and it is also reflected in the financial statements. Now the two families have accounts receivable for 1 ton of tea and 10,000 teacups on their respective accounts, and Brother Hua said that I owe him 1 ton of tea, and I say that Brother Hua owes me 10,000 teacups."

After a pause, Fang Hong added: "Then use these two accounts receivable to take the market to finance, you see we have money, and there are large group guarantees, assets are hundreds of billions, and there are enough accounts receivable as pledges, the key is to start with more than 10% of the income, just ask whether you take this lie to win or not?"

The father and son were stunned when they heard this, brushing such a performance, and the liquidity was brushed out like this?

Their father and son are not ordinary people, and they instantly understood what Fang Hong meant, for example, they immediately thought that Huayang Group now does not hold 7.7% of the equity assets of Qunxing Capital?

According to the valuation of 350 billion, the 7.7% equity value can be valued at 26.95 billion, even if the premium is cut and evaluated according to the net asset value of Qunxing Capital, it is close to 200 billion yuan.

This asset is dead if it is put as equity, but it can be completely replaced.

Isn't there liquidity?

And if you take it as a pledge, it must be blown to death, and it is not too much to estimate the valuation of Qunxing Capital at 400 billion, the 7.7% equity held is worth 308 billion, and it is not a big problem to replace the liquidity of 200 billion.

At the end, Hua Yongming said bluntly: "How to play?"

Fang Hong said clearly: "In this way, you Huayang Group will continue to finance Qunxing, increase the equity holding ratio to 10%, that is, increase the equity by 2.3%, and this 2.3% equity will be given according to the valuation of Qunxing Capital of 500 billion

It is you who pay another 11.5 billion, and then you take this 10% of the equity assets to the capital market for financing."

Hearing this, Hua Yu nodded, and then said, "But Brother Fang, after Huayang converted the 100 billion debts into equity, the liquidity in his hand now, frankly speaking, 10 billion is enough to take out, where can I get 11.5 billion financing funds?"

Fang Hong said calmly: "Qunxing Capital has money, Qunxing gives you a bridge fund, I will lend you the money, and when you Huayang Group raises funds in the capital market, wouldn't it be good to return the money to me?"

This capital operation procedure, simply put, is that Huayang is ready to spend another 11.5 billion yuan to increase its stake by 2.3% from Qunxing Capital.

But Huayang Group can't come up with 11.5 billion yuan now, what should I do? Qunxing Capital said that we are willing to lend you if we have money, and the company now has more than 130 billion yuan lying on its account, and the poor are left with money.

These 115 billion stars have crossed the bridge for you Huayang.

After Huayang Group got 11.5 billion yuan from Qunxing Capital, it backhanded and invested in Qunxing Capital, and the money flowed back to Qunxing Capital, and by the way, it also earned some interest and handling fees for bridge loans.

And what about Huayang Group?

In this way, it obtained an additional 2.3% equity of Qunxing Capital, and at the same time had a debt of 11.5 billion yuan to Qunxing Capital.

Because the 11.5 billion returned to Qunxing Capital is the money raised by Huayang's shares, not the 11.5 billion money borrowed from Qunxing Capital in the past.

The 11.5 billion yuan of the demolition has not been liquidated and repaid, so the financial reflection is 11.5 billion yuan of capital liabilities to Qunxing.

At this time, Huayang Group holds 10% of the company's total share capital, and then what is it doing with this 10% equity? Go to the capital market for refinancing.

At this time, the valuation of Qunxing Capital was topped to 500 billion, so the 10% equity was worth 500 billion.

Are the stars overestimated at 500 billion?

It's hard to tell.

You say it's overestimated, the valuation of 500 billion is indeed a bit exaggerated, but it's not too much of a problem to say it's reasonable.

Because the asset scale of Qunxing Capital is now supported by 300 billion, and then the most important thing is that the company's strong earning ability is actually a super strong expectation, maybe it will soon be able to achieve a scale of 500 billion, then the current valuation will be filled.

Future earnings expectations or something, is to tell a story, it doesn't matter whether you believe it or not, the key is whether the other party believes it or not.

And 10% of the equity is worth 500 billion, get capital market financing, replace more than 300 billion liquidity is definitely not a big problem, that's why to top to 500 billion valuation, its own goal was originally to three inches, but the external bidding is five inches, and finally the bargaining price is two inches, and finally three inches.

After Huayang Group got this liquidity, it left about 20 billion yuan, and the other money was used to liquidate and repay debts, and the 11.5 billion yuan owed to Qunxing Capital was repaid, and the debt relationship between the two parties was liquidated and dissolved, and Huayang had no debt to Qunxing.

At this time, Huayang Group has 20 billion liquidity in its hands, and Qunxing Capital has also obtained an additional 11.5 billion liquidity after such operation.

The beautiful assistant who was listening silently on the side, she didn't say a word but was shocked in her heart, Tian Jiayi couldn't help muttering in her heart: "Is this the so-called capital operation? I'm really good at playing......

Tian Jiayi silently glanced at Fang Hong beside her, and listened to it in her ears the whole time, if she wanted to evaluate, she could only comment like this: empty gloves white wolf!

After a while, Fang Hong explained logically and clearly: "The additional 11.5 billion funds obtained by Qunxing Capital will set up an additional project company, that is, a shell company, and put the 11.5 billion yuan into it, and pledge 100% of the equity to the bank to replace 5.5 billion."

Banks are absolutely super happy to do this, and the 11.5 billion yuan is a real cash asset, which fully meets the risk control standards.

Fang Hong continued: "Another private equity fund will be raised, raising 23 billion yuan as priority funds, and 11.5 billion yuan as inferior funds

Kim, it's still the way to play with the eldest brother and the inferior brother first."

When Hua Yongming's father and son heard it, they said that they were familiar with this and this familiar. This kind of gameplay has been done a few times, and I am familiar with it.

Fang Hong continued: "The 115 billion leveraged nearly 4 times the leveraged funds, that is, about 400 billion, and then signed an agreement with your Huayang Group to use the 400 billion to buy your Huayang house, but not directly pre-sale, bypassing this link."

Because Fang Hong decided to use all the 400 billion to buy the commercial housing developed by Huayang, but now there is no shadow of the house, let alone pre-sale, the documents are not all ready, the land has not been photographed, and even the bricks to build the house have not been produced, how to pre-sell?

So in this case, to engage in pre-sale is a proper violation.

Fang Hong will never do anything that violates laws and regulations, and all operations must be based on the premise of legal integration, so it must be bypassed.

But the actual situation is to use the 400 billion to buy a house that doesn't exist at all.

……