It is precisely in order to build confidence in the independent valuation system of the listed subsidiaries of Qunxing, that Fang Hong does not let the debt of Qunxing Capital be too high, you must know that the current debt ratio of Qunxing Capital is only about 10%.

What does a debt ratio of only 10% mean?

It means that Qunxing Capital has a huge space for leverage, with the company's current asset scale, a double leverage can leverage two or three trillion yuan of liquidity, which is a super terrifying amount of funds.

The purpose of retaining leverage is to have a sudden crisis in the A-share market in the future, resulting in collective irrational killing, such as the stock market crash in 2015 a few years later, and the scene of thousands of shares falling at every turn.

Qunxing Capital can strike hard at that time and inject liquidity into the listed subsidiaries of Qunxing, aren't you smashing the market? Smash casually, smash as much as you want, and want to smash the stock price through? There are no doors.

It is foreseeable that when other stocks are plummeting in half within a few days, the listed subsidiaries of the galaxy will stand out, but they will not be able to fall, even if they release a huge amount of money to escape.

Qunxing Capital leaves enough room for itself to increase leverage, which is to come in handy when this situation occurs in the market.

Faith is built little by little.

Fang Hong wants to build an independent valuation system for the listed subsidiaries of the galaxy, in a sense, it needs the market to have so many black swan panics, when the market has an irrational plunge, the listed subsidiaries of the galaxy to bear the selling pressure of the market is super resistant, but it can't fall.

Investors will inevitably be very surprised, generally speaking, they will make up for the decline after not falling, but they will not fall, and they will not make up for the fall.

The irrational plunge of market panic occurs the first time, the second time, and the third time.

And so many times, and faith came!

Investors will find that these assets are super stable, so when there is a crisis in the future, even if the outside falls into a dog, investors who hold the listed subsidiaries of the galaxy will be very calm and will not follow the smash.

That's faith!

Several black swan crises have occurred in the market, which is conducive to the creation of an independent valuation system for the listed subsidiaries of Qunxing, and is conducive to building market confidence for this valuation system.

Because you are super resistant to declines here, and there is no shortage of liquidity, when confidence is established, there will be another picture: the prices of other stock assets outside have fallen into dogs, and the funds that run out of those stocks will instead flow into the target of the listed subsidiaries of the galaxy for hedging.

Since the price of your assets here is so resistant, and the liquidity is sufficient, and other places are plummeting, it is the safest place to be here, then I will definitely choose to come to you to hedge the risk.

At that time, there is no need for Qunxing Capital to secretly enter the market, and after confidence is established, the market itself will have a lot of "hedging" funds to drag up asset prices and support liquidity.

When there is an irrational plunge in the market, when the listed subsidiaries of Qunxing are regarded as a "safe-haven" place by the market, it can basically declare a phased victory in the construction of an independent valuation system.

……

Fang Hong picked up the document again and looked at the information of the seven public funds, and has completed the fundraising, raising a total of about 1.15 billion yuan, and the scale of each fund is about 164 million yuan.

As the name suggests, the seven public funds are all tracking the targets of the listed subsidiaries of the galaxy, which is also the heavy target of the seven funds.

However, these seven funds are also active hybrid equity funds, the active type means that the fund manager can decide what stocks to intervene in, and the corresponding passive fund tracks the relevant index, and the fund manager itself does not have much authority.

A typical passive index fund is an ETF fund, but ETF is an on-site fund, and investors need to register a securities account to trade, and these seven new funds are all over-the-counter public funds, and the threshold is relatively low.

At present, there are only four listed subsidiaries of Qunxing, namely Ruihe Pharmaceutical, Weibo, ALT Technology and Yixing Video.

Seven public funds first reposition these four, each individual stock chooses to hit the upper limit of 10%, that is, the size of a single shareholding does not exceed 10% of the total size of the fund, and the four stocks just make the fund's position ratio reach about 40%, and the remaining 60% of the funds choose to hold cash.

For example, some passive index funds require that the proportion of positions not less than 80% of the total positions be held, but these seven funds are active hybrid funds and can hold a minimum position of 40%.

The remaining 60% of the funds are used for several other listed companies of Qunxing Capital, namely Kunpeng Technology, Yixing Media, Kyushu Blue Arrow, Youkefang, Makerfang, Kyushu Xing and Xingyu Technology.

In addition to Xingyu Technology, the other six companies will complete the backdoor listing in the next six months.

At that time, the number of listed subsidiaries of the galaxy will increase to 10, no more, no less, just enough to meet the top ten heavy stocks of public funds.

As for the other six subsidiaries, before the completion of the backdoor listing, these seven public funds, in addition to the four companies that have been listed, such as ATL Technology, will also symbolically buy a little bit of six blue-chip weighted stocks to make up for the top ten holdings, and the position accounts for less than 1% of each one, which is pure make-up.

But at this moment, Fang Hong closed the materials and thought for a moment, then looked at the beautiful assistant and ordered: "These seven public funds, after listing, we will first subscribe for 500 million for each of them, and wait for Kunpeng Technology and Kyushu Blue Arrow to land on A-shares for the first time through backdoor listing, and these seven public funds will each subscribe for 10 billion." ”

Tian Jiayi nodded and made notes on the memo.

Why do several major public funds promote the sale of "galaxy theme" funds? How to eat meat? Isn't the answer coming out, each fund raised more than 160 million yuan, which is all the money of the people, and the raising of less than 200 million yuan is already a great success.

How can the little steel hammer in the hands of the public people?

Now the real big customer is Qunxing Capital, which directly subscribes to these seven public funds as an "ordinary basic investor", and the shot is 500 million each, and then the shot is increased to 100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

In the early stage, we can only rely on Qunxing Capital to support the façade of these seven public funds, and when these funds become popular and are sought after by the people, then Qunxing Capital can exit in an orderly manner.

As for now, first prop up the façade, make the atmosphere up, and play out the money-making effect.

However, it is worth mentioning that when Qunxing Capital went to subscribe, it did not directly subscribe in the name of the company, but let the funds cross the bridge and subscribe in other capacities, which was to avoid violations of the rules by reaching related party transactions.

Otherwise, it will give people a feeling of playing Wudang Tiyun Zong, and the left foot pedals the right foot to the sky.

There are many ways to circumvent it, and it is not difficult at all, it may not be reasonable anyway, but it must be compliant.

These galaxy theme funds are the star capital in the future to play the "fixing star", "ballast stone" tool, the galaxy of the listed subsidiaries of the trend to draw a trend range, if there is a group of funds to push the rally out of the trend range, the star capital will redeem the fund, and then these funds sell the position of the stock to bring down the price back to the trend range, if the funds collapse and smash the flight there are signs of falling below the trend range, the star capital will increase the subscription efforts, and then these funds will be crazy to increase their positions to undertake.

……

(End of chapter)