landscape.

If it weren't for the fact that he had just held Cheng Xi's hand yesterday, things would have become a bit complicated. Cao Mo felt that he might not be able to suppress his inner urge at this time.

"You're staring at me. What's on my face?" Zhou Han still felt guilty. He glared at Cao Mo and then sat back in his seat. After all, he was afraid that if Cao Mo couldn't control his inner desire to tease her, she wouldn't

Know how to respond.

"Ahem, I'd better go directly to my sister and ask. I don't want to bother her sister-in-law to come here..." Cao Mo decided not to let Jiaying get involved in this matter, and went directly to Jiaying to see if she knew about the equity.

Some things about the split-trading reform, and by the way, let’s take a look at how she usually makes securities investments.

…………

…………

For the purpose of training, Cao Mo asked Jiaying to register a compliant investment company so that when the time comes, he can register a formal private equity fund in the country in a serious manner.

East China University of Finance and Economics has great preferential policies for students to start their own businesses. In order to achieve both study and entrepreneurship, Jiaying registered her first private company, Muxiang, in the Entrepreneurship Park at the University of Finance and Economics headquarters.

invest.

Cao Mo took a taxi and rushed to Caida Entrepreneurship Park not far from Dongsheng Building. He saw Shen Ji and Jiaying, who had arrived a step ahead, standing downstairs waiting for him to come.

"Why did you come here alone?" Shen Ji asked doubtfully.

Cao Mo called and said he wanted to discuss the share-trading reform of New Steel Union. Shen Ji thought Zhou Han, Chen Feng, and Song Yuqing would come with Cao Mo, but he didn't expect him to take a taxi and come here alone.

"I am the most leisurely person!" Cao Mo said with a casual excuse. He looked up at the two towering office buildings in Caida Entrepreneurship Park. They had all-glass curtain walls and looked quite high-end. He curiously asked Jiaying, "Your school is so rich and powerful that it gives you such a good office building to start your own business?"

"What do you call play?" Jiaying took Cao Mo's arm and said unhappily, "Our school encourages students to start their own businesses. The market for these two office buildings is so good, but the rent is only one-third of the same lot... "

"You brothers and sisters are really amazing. I didn't know that Cao Jiaying was actually involved in securities investment in a company registered in Ba Jing!" Shen Ji just heard Cao Mo talk about Muxiang Investment on the phone, so he specifically dropped the work at hand. run over here.

The three of them took the elevator to the sixteenth floor.

Muxiang Investment rented nearly 200 square meters of office space on the 16th floor. The monthly rent is only 8,000 to 9,000 yuan, which can be said to be quite cheap.

At present, in addition to herself, the company also has three researchers and traders and one logistics staff member.

In addition to the logistics staff recruited directly from the society, three researchers

The members were all seniors in their school, and Cao Mo had heard Jiaying mention it on the phone before.

The year before last, the University of Finance and Economics teamed up with Dongjiang Securities to hold a securities investment competition for college students. Although the simulated disk competition ended after two sessions due to the poor social impact, there were many winners in the two sessions of the University of Finance and Economics. In the Xinhai Securities investment community It is still relatively well-known, and some people have invested in private equity companies while in school, or have decided early to work in securities companies after graduation.

Jiaying had just started to register a company, and she was not yet qualified to directly hire senior students or graduate students who had participated in securities investment competitions and received good rankings from her school, and she could not offer an exciting salary, so she directly hired these three She owns 60% of the shares, and the other 40% is divided equally between the three of them. They use the 20 million yuan that Cao Mo gave her to invest in securities.

In addition to the company's front desk and a small public office and reception area, the other six small offices are partitioned by transparent glass, making the space quite transparent.

Cao Mo and Shen Ji stood at the door of Muxiang Investment. Through the partition glass, they saw three researchers and traders. Although their faces were still a little childish, they were all sitting in front of the computer screen in their respective offices, staring at the market and market. Time-sharing trend chart of individual stocks.

"Muxiang is not yet qualified to raise funds directly, and is still in the stage of managing money on behalf of clients. However, my sister is very supportive of me. If I lose 20 million, it will all be mine. In addition to such a high management fee, In addition, they will also take away 30% of the profit commission." Cao Mo did not rush in and complained to Shen Ji at the door, "She also told me that this is the rule of managing money on behalf of clients. Later I realized that I am such a big person. If you really need a professional team to manage your funds, it would be polite to give you a 10% commission on profits. Don’t mention any management fees at all. Don’t let her fool you later..."

"Brother! You have to save me some face later and don't talk nonsense!" Jiaying yelled coquettishly, "Also, my partners don't know that I use family money to invest. Both of you are The clients I brought over are not allowed to tell the truth!"

"Okay!" Cao Mo surrendered, "I wonder why you changed your temper and actually came downstairs to greet us in person? It turns out you were afraid that we would spill the beans!"

Sitting in Jiaying's office, Jiaying waited until the market closed at 11:30 before calling the three partners over.

Chen Zhiyu and Cheng Xin are two very bookish boys. They are both finance students who are about to enter their senior year. They were the bronze medal winners of the Dongjiang Securities Golden Flower Cup College Student Securities Investment Competition last year; and Wu Ruifang, the golden flower cup silver medal winner the year before last, is currently studying in finance. In her second year of graduate school, she is a pretty girl wearing thick myopia glasses and a few pimples on her face.

At present, Jiaying has divided 20 million funds into three accounts and handed them over to three of them for independent trading. In addition to monitoring the market during normal times every day, after the market closes in the afternoon and on weekends, the four people have to gather together for review and discussion. Securities market dynamics, adjust investment strategies.

After listening to Cao Jiaying's introduction to Cao Mo, Shen Ji is currently the company's only two customers, and compared to their qualifications, the amount of funds is already quite large. They are not very sociable, but they all tried their best to show their enthusiasm. .

At noon, he simply ordered takeout and sat in the guest area to eat and chat. Cao Mo mainly wanted to know whether they understood New Steel United's share-trading reform and what differences they could analyze from the complicated surface information. thing.

Share-trading reform is a hot topic in the current securities market, and New Steel Union, as one of the few listed companies in Xinhai Shuoguo that has not yet completed its restructuring, Cao Jiaying and others happened to have researched it, and they paid more in-depth attention than Shen Ji's amateur attention.

Xinhai Iron and Steel, as a long-established municipal state-owned enterprise founded in 1953, mainly introduced scrap steel from domestic and foreign countries for steelmaking in the early years. In the 1980s and 1990s, it reorganized with several rural steel companies in Xinhai Suburban County and introduced new smelting companies. Steel production lines have developed rapidly.

At that time, the ownership structure was already relatively complex, but it was still a municipal state-owned enterprise.

At the end of the 1990s, Xinhai City promoted a new round of state-owned enterprise restructuring. Xindan Group under the name of Yu Jinjie and Dongsheng, Taihua and other private enterprises that had already emerged in Xinhai at the time participated to form the non-state-controlled Xinhai Iron and Steel United Co., Ltd. Limited company, the municipal state-owned shares were reduced to 30%.

However, at that time, in addition to the 40% shares held by private companies such as Xindan, Dongsheng, and Taihua, there were also up to 30% employee shares.

With the listing and issuance of public stocks by New Steel Union and the listing and circulation of employee shares, the municipal state-owned shares have been reduced to 25%, and the shareholdings of Xindan, Dongsheng, Taihua and other enterprises have also been adjusted several times, reduced to 35%, and this totals 60 % of the shares held were non-tradable shares. Their shareholding cost at that time was calculated based on the value of the stock, which was far lower than that of publicly issued public shares. In previous years, employee shares also paid a certain compensation price to obtain the right to be listed and circulated. of.

The share-trading reform was officially implemented in 2005. Because Xindan Group, controlled by Yu Jinjie, wanted to take this opportunity to take over all state-owned shares and obtain circulation rights, things became very complicated. Three separate-trading reform plans were launched successively. Didn't get passed.

Wu Ruifang analyzed the individual cases more deeply:

"It has been a year since New Steel Union suspended trading for the third time. Before the suspension, the bull market had not yet exploded. The stock price was only three yuan. Based on the profit in the first half of this year, the price-to-earnings ratio may have dropped to around 5. The third plan is Xindan Group, together with several investment funds, plans to acquire a total of 2.3 billion state-owned shares at this price, and then compensate 2.2 shares for every 10 tradable shares in exchange for tradable rights. At the same time, the non-tradable shares will be divided into batches after 12 months. The core of the calculation of listed circulation and compensation plans is actually the price-earnings ratio. The price-earnings ratio of listed European and American steel companies is generally below 5.5, but the European and American steel consumer markets have been shrinking in recent years. Use this price-earnings ratio to calculate China's increasingly prosperous steel consumer market , is obviously inappropriate. Of course, the real resistance is not in the shareholders of tradable shares. For them, they are more worried that if the stock continues to be delayed without resumption of trading, they may miss the dividends of this bull market; the real resistance is still a lot of worries about state-owned assets. Lost people. Three times before and after the plan was proposed, many people reported objections to departments at all levels. The current situation is that if the city is not determined to directly submit the third plan to the shareholders' meeting for voting, trading will resume on Friday and wait. The fourth plan is released..."

"When trading resumes on Friday, will the stock price of New Steel Union rise restoratively?" Cao Mo asked.

"It will rise a little, but not by much," Wu Ruifang shook his head and said, "With such a large market, even in a bull market, the power of retail investors is limited. The circulating stock chips used by Xindan Group to suppress the stock price will definitely not Less. However, if we really have this opportunity, I still recommend that all our funds be heavily invested in New Steel Union. Even if New Steel Union's equity split may take a long time, it may drag through this bull market, but after all, its value is there. …”

"If the suspension lasts for a year or more, and our funds are locked up, wouldn't we miss the second half of the bull market?" Cheng Xin and Chen Zhiyu opposed Wu Ruifang's proposition.

Cao Mo and Shen Ji looked at each other.

Although his understanding of securities investment is very limited, from the attitudes of the three of them towards New Steel Alliance, it can be seen that Wu Ruifang still focuses on value investment, while Cheng Xin and Chen Zhiyu are more inclined to trend investment.
Chapter completed!