In the rest of September, Fang Hong began to go to class most of the time, and Qunxing Capital was steadily advancing according to the established plan.

Listen to the daily work report of the beautiful assistant, and keep track of the major projects.

The institutional account of individual trading is currently the main position to do medium and long-term trend trading, and it is easy to lie down after the position is opened, and it is basically rarely moved, and it is also a weekly level T operation to move.

In the past few days, he has not done anything in the short term, Fang Hong is now holding a double coin share, and the stock has been adjusted for about a week after the ninth board was blown up, and the adjustment range from the high point is about 26 percentage points.

And now it has begun to go to the second wave of the market, and on September 10, the second wave of the double money shares market has once again walked out of the four consecutive price limits, and the stock price has rushed to the price of 25.41 yuan.

The stock has risen +194.78% since its first day on August 17.

If you count from the bottom of the market at more than 1,600 points, the lowest point of Shuangqian shares is 2.67 yuan, the stock has risen so far to a terrifying increase of +851.68%, as if it is going to run for ten baggers.

Today's trading volume of this ticket released a huge amount of more than 1 billion, and Fang Hong also threw away all the 80,000 or so chips he held, and cashed out 195 million yuan with interest.

The yield of this handful reached about +175%, and the absolute profit was close to 124 million yuan.

……

"The company's recent operation has been stable and orderly, and the judicial auction process of Ruihe Pharmaceutical Group is continuing to advance, and another thing is that the company sent people to participate in the resolution of the shareholders' meeting of Wantador Group on September 15." Tian Jiayi, who returned to Jingxinju from the company, reported on related work.

As Fang Hong's role in the "projection" of Qunxing Capital, Tian Jiayi is quite competent and more and more proficient.

"Ten thousand tadpoles? Oh? What do they want to vote on at this shareholders' meeting? Fang Hongyi was immediately interested when he heard about this company, and at the same time, he was also retrieving some memory information related to his previous life in his brain.

However, before he could retrieve it, Tian Jiayi had already said: "According to the refinancing plan announced by Wan Tador on August 27, it is planned to publicly issue additional A shares of no more than 8% of the total share capital on the date of the announcement of the letter of intent, and the net amount of funds raised after deducting the issuance costs will not exceed 11.2 billion yuan." ”

The shareholders' meeting was held on September 15, that is, five days later, Wan Tador is the leading domestic real estate giant, with a market value of 100 billion, and a total market value of more than 120 billion according to the current stock price.

Qunxing Capital is also a shareholder of Wan Tad, and its current shareholding ratio accounts for 3.2% of the company's total share capital, which is the result of the company's top 10 shareholders.

Previously, when the A-share market as a whole went to the rising stage, Qunxing Capital held about +4.7% of the company's total equity ratio, and Wan Ta A in the first half of the market until the market peaked at 3478 points, the stock price rose from the bottom of 4.8 yuan to 14.94 yuan, more than tripled.

At present, the equity held by Qunxing Capital is the result of running away from the high point and then bottoming out around the beginning of this month.

This real estate giant is very interesting, a giant with a market value of 100 billion, but no actual controller.

That is to say, the largest shareholder of Wan Ta Group does not have more than 30% of the equity ratio, according to the relevant regulations of large A listed companies, shareholders only need to hold more than 30% of the proportion of a listed company, they belong to the actual controller of the company.

But the real estate giant's largest shareholder is now Huayan Group, which holds less than 15% of the shares.

In other words, there is no actual controller for Wan Tad.

The company has no real boss, the equity is super dispersed, in a sense, the market belongs to the situation of the dragon without a leader, even if Qunxing Capital holds about 3.2% of the shares, it is a proper top major shareholder in the Wan Ta Group.

"Hehe...... it's kind of interesting." Fang Hong suddenly laughed to himself, he had already thought of a lot of things, and the beautiful assistant sitting on the side saw him laughing as if he was thinking about something, and couldn't help but be curious: "What does it mean?" You don't mean to do things again, do you? ”

Fang Hong glanced at the beautiful assistant and said with a smile: "Suddenly I thought of something, Wan Tadpole is a piece of fat, it's hard not to be tempted." ”

As soon as these words came out, Tian Jiayi's face was stunned for a moment, and after reacting, he looked at him in surprise and said: "The matter of Hengtong has just settled, and you are eyeing Wan Tadsor?" Do you want to attack Wan Tador and let Hengtong M&A copy it in the company? ”

As soon as the beautiful assistant's voice fell, she couldn't help but be taken aback on the spot, this real estate giant is very different, first of all, it is not a private enterprise, and secondly, its volume is huge. The volume of Hengtong is large enough, but the volume of Wan Tadpole is more than ten times that of Hengtong Pharmaceutical Group, and even the volume of Hengtong is an order of magnitude apart.

"It's not enough to copy Hengtong's whale swallowing operation, but the start must be the start, since I know that it is a big piece of meat, it seems unreasonable not to take a bite, it can't be said." Fang Hong said with a smile.

Tian Jiayi looked at him suspiciously: "Why did Wan Tador become the fat in your eyes?" There doesn't seem to be anything wrong with this company, right? ”

Fang Hong smiled and said nothing, not planning to reveal the reason to her.

Of course, there is no problem with Wan Tads now, but it will be a problem in about five years, and the problems that will occur in five years will be precisely the seeds that have been planted in recent years.

According to the original historical trajectory, during 2015, Wan Tador will be targeted by the "barbarian" Mr. Yao because the stock price in the current period was extremely low and the company was seriously undervalued.

Mr. Yao tried to stage a big show of snakes swallowing elephants by continuously raising cards in the secondary market through "multi-way army ambushes", and used more than 10 billion funds to leverage a giant with assets of hundreds of billions.

As for why Wan Tad's stock price was suppressed extremely low, it was actually the result of the company's management's deliberate suppression, and the root cause was the fault of "performance gambling".

At the moment, Wan Tad's ROE index, that is, the company's return on equity, is very low.

According to Wan Tad's financial report data in 2008 last year, its return on net assets was only 12.7%, which means that if it invests 1,000 yuan in the company, it will only generate 127 yuan of income per year.

This value is far lower than the current average social return on net assets, and since last year, with the launch of the "four trillion stimulus" plan, the national property market has risen again.

And Fang Hong knew that the investors who were holding Wan Ta shares were speechless and anxious.

Obviously such a good company, the return on net assets is like this? To say that there is no criticism of Wan Tad's management is definitely false.

In other words, now the shareholders of Wan Tad, large and small, are actually not happy with the company's management, and if nothing else, Wan Tad's shareholders and management will sign a performance valuation adjustment agreement.

After a while, Fang Hong made a decision on the spot, instead of sitting and waiting for history to go by itself, it would be more secure to control it and push it personally, so as not to deviate from the original historical trajectory when the time comes, and it is not easy to control the field.

Fang Hong immediately looked at the beautiful assistant and ordered: "You remember, go back and bring my meaning to Hua Yu, and let him arrange it." ”

Hearing this, Tian Jiayi nodded and opened the notepad for a notepad, and immediately looked at Fang Hong waiting for his decision.

Fang Hong, who thought for a moment, said in an orderly manner: "Wan Ta is going to hold a shareholders' meeting on the 15th, just take this opportunity to contact other shareholders, discuss, and complain, just say that Wan Tad's management is really pulling his hips, and the ROE index of such an excellent company can't even reach 15%. ”

Fang Hong continued: "In order to unite a group of shareholders to reach a consensus, and then put pressure on the company's management to sign a 'performance bet' agreement with the shareholders, the general content of the agreement is that if the management can pull up the company's ROE index in the next three years, they will pay bonuses to their senior management group, but if the ROE index cannot be pulled, it will be directly deducted from their salaries and commissions." ”

Tian Jiayi, who was sitting next to him, began to make a memo.

Not surprisingly, Wan Tad's management will definitely sign this "VAM agreement", the original history they signed, and after signing this performance VAM agreement, Wan Tad's management will work hard to do the performance, the result of the ROE index is really the team to do, to 2013 or so, Wan Tad's ROE index has risen to 19.66%, according to the VAM agreement every year to pay the management a generous bonus.

But what Fang Hong also knew was that Wan Tad's management then did one thing, that is, the arrangement of bonuses, although the bonuses were distributed to their management team, but the head of the company asked no one in the senior management team to take the bonus, but put the bonuses into a pool to roll.

Fang Hong estimated that there were two main reasons why Mr. Wang did this.

One is that those executives will have money after receiving large bonuses, luxury cars and mansions will be bought, and the economy will be free, so they will not be motivated.

Another reason is precisely that Vanke's crisis five years later has laid a huge hidden danger, when the bonus pool more and more money, Mr. Wang did such a thing, he implemented a mechanism called "business partner" to play, he felt that just to give bonuses to the company's executives is not enough, will not let them have a sense of belonging to the company.

So how can you give them a sense of belonging to the company?

The answer is to rely on this so-called "business partner" mechanism, that is, those bonuses issued under the "performance betting" agreement, and these funds are used to buy Wan Tad's shares.

Previously, the management was all professional managers, but after such a "business partner", the bonus pool formed by the bonuses in the hands of the executives was used to buy Wan Ta shares, and those executives became the shareholders of Wan Tad.

In this world, working for others is called work, and working for yourself is called career, and only by doing it for yourself will you become more and more energetic.

Therefore, Mr. Wang's operation is actually an indirect equity incentive method, so he set up a fund called "Yinamine Partnership" to buy Wan Tad's shares with the money in the rolling bonus pool.

In fact, there is no problem with the "business partner" mechanism engaged in by Mr. Wang, and it is even very good.

But the problem lies in the word "greed", because the money in the bonus pool is limited after all, but the company's senior management team wants to buy more shares, so how to use the limited bonus pool to buy more tadpole stocks?

Assuming that there is 100 million yuan in the bonus pool, and the stock price of Wan Tads is 1 yuan, then you can buy 100 million shares, and if the stock price of Wan Tads rises to 5 yuan, then you can only buy 20 million shares.

Therefore, the cheaper the stock price of Wan Tad, the more shares will be bought with the same money, and then the company's management will not want their company's stock to rise at all in the next few years, so that they can buy more shares, which will also lead to Wan Tad's stock price being almost pressed to the floor price in the next five years.

Fang Hong remembers that in the epic round of leveraged bull market during 2015, Wan Tad's stock price only doubled when the market index peaked, and the market index rose more than 1.6 times from more than 1,970 points to 5,178 points in the same period.

In the market environment of a mad cow at that time, when any junk stock could multiply several times at every turn, a good company like Wan Zhen actually underperformed the market by 50 or 60 percentage points in the same period, let alone individual stocks.

This is all because the company's management does not want its company's stock to rise sharply at all, and it is the result of continuous suppression.

The crux of the problem is that in the past few years, the company's performance growth has been very powerful, and it is really growing, so the deviation between the company's actual value and the stock price has become bigger and bigger over time, and the stock price has been seriously undervalued, and it was finally targeted by the "barbarian" Mr. Yao.

Mr. Yao didn't talk about martial arts, and quietly ambushed and stole his ass.

But in the final analysis, there is a problem with the management, if they don't suppress the stock price, even if Mr. Yao doesn't talk about martial arts, he can't talk about it.

……