As of the close, Weibo rose +10.00% to the limit, the closing price was 188.94 yuan, the full-day trading volume could expand to 7.054 billion yuan, and the market value rose to 99.95 billion yuan, which is a little bit away from returning to the market value of 100 billion yuan.

Today's broad market index is also very strong, and the Shanghai Composite Index once stood above the 2,900-point mark during the session.

The three major indexes closed up across the board, with the Shanghai Composite up +2.54% to close at 2,899.13 points, the Shenzhen Component Index up +3.62% to close at 12,737.80 points, and the ChiNext Index up +1.40% to close at 1,086.56 points.

Just today, shareholders can already participate in the new subscription of "ATL Technology", but this vote is to apply for listing on the GEM, there is still a certain threshold, and retail investors who do not have GEM authority cannot participate.

Among the 136.955 million shares issued by ATL Technology in the IPO, 36.955 million shares were listed online, accounting for 26.98% of the issuance ratio.

Stocks with GEM authority do not hesitate to subscribe, because in the minds of the majority of shareholders, as long as the new shares are won is more profitable, comparable to winning the lottery, although the probability is very low, but what if you win?

……

In the afternoon, Fang Hong also came to Qunxing Capital, which was his first time in the company in the new year.

At present, most of the company's employees basically don't know him, not to mention new employees, and only the senior management knows that he is the real superboss behind the scenes of Qunxing Capital.

In Hua Yu's office, Fang Hong and Tian Jiayi were also there.

“…… Whether it is Weibo, Ruihe Pharmaceutical, or ATL, which is listed on the GEM immediately, including other listed companies in the galaxy in the future, we must get rid of the impact of benchmarking the North American capital market through market management and get out of our own valuation system. Fang Hong sat on a single sofa in the office lounge area and looked at Hua Yu and said.

Immediately afterwards, Fang Hong said: "ATL Technology, we set the issue price so low, but we didn't give Zhongtai and Pengrui these institutions floor price chips in vain, if they don't do a good job in market value management, they will change to new partners." ”

"Understood." Hua Yu nodded, he thought for a while and then looked at Fang Hong and added, "However, what does this North American capital market have to do with it?" ”

Fang Hong immediately said in an orderly manner: "The domestic capital institutions, whether they are doing VC investment or PE equity investment, think that the mainland's monetary policy department can adjust the valuation of enterprises through the risk-free interest rate, but in fact, the nominal or real interest rate of the US dollar determines the global valuation. ”

"In the current capital market environment, mainland investment institutions should make venture capital in the primary market, and whether the valuation of a company is 25 times or 50 times the price-earnings ratio is not determined by the RMB interest rate, but by the US dollar interest rate.

"In the past few days, I have read a lot of reports written by brokerage institutions, which basically extend from the debt department to the judgment of whether the RMB interest rate is to raise interest rates or cut interest rates, and the operating logic of the global capital market is almost the same, and it is also very simple, everyone has a benchmark for the valuation of mainland enterprises, and what you want to do is basically a benchmark in the North American capital market, and then decide how many times your valuation will be given."

"In other words, the North American financial capital market is at the top of the world, and a very important reason is that the financial market of the United States plays an anchor role in the pricing of global assets."

Speaking of this, Fang Hong paused for a moment, and then continued: "So, I want to break this situation, which is also the main reason why I want to let the high-quality assets of the galaxy be listed even if there is no shortage of money, and we must get rid of the valuation system that benchmarks the North American capital market, at least the listed companies of the galaxy we have to do, and we can do it." ”

Hua Yu couldn't help but suddenly realize that the big boss still has this intention to do market value management for the listed companies of the galaxy, as for finding cooperation with external capital institutions, Hua Yu is very clear about this, playing finance always follows a rule, if you can use other people's money to do your own business first, try not to use your own money, and it doesn't matter if you pay a little interest to others.

Fang Hong said clearly: "To break or tear this system and establish your own valuation system, a key thing is a technological innovation enterprise, and further speaking, your company must be a top line and an anchor in the industry, so all other latecomers, including investors, will take you as a weather vane." ”

Tian Jiayi on the side listened thoughtfully, but Fang Hong still said unhurriedly: "Okay, your financial market transactions are traded in RMB, then your valuation and your risk-free interest rate are the benchmarking reference for other people's valuation and risk-free interest rate." ”

Hua Yu couldn't help but nodded.

Fang Hong continued: "This is also the great place of the United States, the world's innovation, leading companies from all walks of life are priced in US dollars after being listed on the US stock market, so the financial system of the United States and the financial institutions of the United States participate in the transaction to form such a system, you will find that the interest rate of the US dollar naturally determines the pricing power of assets around the world, whether it is H shares or A shares." ”

Hua Yu nodded and said: "That's true, the current situation is basically, the first thing you think of when you invest in which industry is to go to the North American capital market to find a benchmarking reference to take a look, and then decide how many times the price-earnings ratio you can give at your valuation level." ”

Fang Hong said again: "So, Qunxing Capital has made good companies listed on the A-share market and put the valuation on top, and your Twitter P/E ratio of 20 times can't exceed 20 times on Weibo?" No, if labor and management do not follow your valuation system, labor and capital will reach 40 times the price-earnings ratio, and the capital market feels that the bubble is serious, and the shareholders are waiting for it to fall down, then you just wait, wait for a year, three years, five years or even ten years, but it will not come down, and it can continue to rise. ”

Of course, there is a prerequisite for doing this, that is, high-quality assets, the listed company itself must have materials, must have real skills, based on this premise, the valuation of these companies is not to benchmark with the US stock market, Fang Hong wants to let every investor who tries to use the benchmark of the US stock market to evaluate the value of all the sell or go short.

As for the overestimated cost, it doesn't matter, Qunxing Capital is in charge.

Where does the money come from? Of course, it is harvested from the overseas market, harvested from the U.S. stock market, and then supports the valuation of listed companies in the A-share market.

Who will do the city? Partners such as Zhongtai Capital and Pengrui Capital will do it.

After a while, Fang Hong smiled faintly: "In a word, I don't ask you if you are angry or not, just ask you if you are convinced." ”

Fang Hong does not seek to directly overthrow the feat of global asset pricing power dominated by Lao Mei, which is a long road, but with the current strength of Qunxing Capital, it is completely possible to achieve that there is a corner of the world where some assets are not priced according to Lao Mei's valuation.

At this time, Hua Yu couldn't help but say: "If this goes on for a long time, in one year, three years, five years, or ten years, mainland investors will finally have to accept the facts, and I have to say that this requires far more courage than ordinary people can make decisions......

Fang Hong obviously has this courage, and Hua Yu also believes that he has this strength.

For no other reason, the stars just have a lot of money.

In the asset pool of the galaxies, this acre and three points of land, there is no problem at all to do this.

……

(End of chapter)