Chapter 459 [Get out of our own valuation system]

As of the close, Weibo surged +10.00% daily limit, the closing price was 188.94 yuan, the trading volume for the whole day was able to expand to 7.054 billion yuan, and the market value rose to 99.95 billion yuan, just a little bit away from returning to the 100 billion market value mark.

Today's market index is also going very strong, and the Shanghai stock index once stood at the 2900 point mark in the intraday session.

The three major indexes closed up sharply across the board. The Prev Index rose +2.54% to close at 2899.13 points; the Shenzhen Component Index rose +3.62% to close at 12737.80 points; the ChiNext Index rose +1.40% to close at 1086.56 points.

Just today, stockholders can already participate in the new purchase of "ATL Technology", but this ticket is to apply for listing on the GEM, and there is still a certain threshold, and retail investors without GEM authorization cannot participate.

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

Stocks with authority on the Growth Enterprise Market do not hesitate to subscribe, because in the minds of the majority of stockholders, as long as they win the lottery, they can make money in new shares, which is comparable to winning the lottery. Although the probability is very low, what if they win?

...

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

At present, most of the company's employees basically don't know him. Needless to say, new employees, only the senior management knows that he is the real super boss behind Qunxing Capital.

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

"...Whether it's Weibo, Ruihe Pharmaceutical, or ATL that will be listed on the GEM soon, including other listed companies in the galaxy system in the future, they must use market management methods to get rid of the influence of the North American capital market. , Get out of our own valuation system." Fang Hong sat on a single sofa in the office rest area and looked at Hua Yu as he said.

Immediately afterwards, Fang Hong said: "ATL Technology, we set the issue price so low, it is not for nothing to give Zhong Tai, Pengrui and other institutions a floor price bargaining chip. If they can't manage the market value well, they will change to new partners. .”

"Understood." Huayu nodded. After thinking for a while, he looked at Fang Hong and added, "However, what does this North American capital market have to do with it?"

Fang Hong 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 use the risk-free interest rate to adjust the company's valuation, but in fact it is the nominal interest rate of the US dollar. Or the real interest rate determines the global valuation, there is no way, the current global financial system is the hegemony of the dollar.”

"In the current capital market environment, mainland investment institutions want to invest in venture capital in the primary market. 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. So far, I don’t think there are many institutions in China that understand this well.”

"In the past few days, I have read a lot of reports written by securities companies, which basically extend from the bond-making department to the judgment of RMB interest rate whether to raise or lower the interest rate. The operation logic of the global capital market is almost the same, and it is very simple. Everyone has benchmarks for the valuation of various companies in the mainland, and basically you have benchmarks in the North American capital market for what you want to do, and then decide how many times your valuation should be given.”

"That is to say, the North American financial capital market is at the top of the world. One of the important reasons is that the old American financial market has played 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 list the high-quality assets of Qungalaxy without lack of money, and I have to start from benchmarking. Breaking away from the valuation system of the North American capital market, at least for listed companies in the galaxy system, we have to do it, and we can do it.”

Huayu couldn't help but suddenly realized that the big boss wanted to manage the market value of the listed companies in the galaxy. As for the cooperation with external capital institutions, Huayu was very clear about this. There is always one rule when playing finance. Try not to use your own money for your own affairs, and it doesn't matter if you pay others a little interest.

Fang Hong said clearly: "If you want to break or tear apart this system and establish your own valuation system, one of the key things is to be a technologically innovative company. Furthermore, your company must be a top-notch company that can If you become the anchor of the industry, then all other latecomers, including investors, will take you as the vane.”

Tian Jiayi on the side listened thoughtfully, but Fang Hong still said unhurriedly: "Well, your financial market transactions are traded in RMB, so your valuation and your risk-free interest rate are other people's Valuation and risk-free rate benchmarks."

Hua Yu couldn't help but nodded.

Fang Hong went on to say: "This is also the place where Laomei is so powerful. The world's innovations, leading companies from all walks of life are priced in U.S. dollars after listing on the U.S. stock market, so Laomei's financial system and Laomei's financial institutions participate in transactions, forming With such a system, you will find that the interest rate of the U.S. dollar naturally determines the pricing power of assets around the world, whether it is H shares or A shares.”

Huayu nodded and said: "That's true. Basically, the current situation is basically that when everyone invests in any industry, the first thing that comes to mind is to go to the North American capital market to find a benchmarking reference, and then decide that your valuation level can probably be given. How many times the price-earnings ratio."

Fang Hong said again: "So, Qunxing Capital puts good companies on the A-share market and raises the valuation. You can't exceed 20 times the price-earnings ratio of Twitter and my Weibo can't exceed 20 times? No, labor and capital are not according to your valuation. In terms of the value system, labor and capital will reach 40 times the price-earnings ratio. The capital market feels that the bubble is serious. Shareholders are waiting for it to fall. Then you just wait. Wait for one year, three years, five years or even ten years, but it will not come down. , can continue to rise.”

Of course, there is a prerequisite for doing this, that is, high-quality assets. The listed companies themselves must have materials and real capabilities. Based on this prerequisite, the valuation of these companies is not benchmarked against the US stock market. An investor who tried to use the benchmarking reference of the U.S. stock market to evaluate the value all sold out or fell short.

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

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

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

After a while, Fang Hong said with a faint smile: "One word is, don't ask if you are angry, just ask if you are convinced."

Fang Hong does not want to directly overthrow the feat of Laomei’s global asset pricing power. Pricing comes and goes, which is completely achievable.

At this time, Huayu couldn't help but said: "In the long run, one year, three years, five years, ten years, investors in the mainland will finally have to accept the facts, and I have to say that this requires far more courage than ordinary people to make a decision... "

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

There is no other reason, the stars are rich in money.

In the asset pool of Qungalaxy, there is no problem in accomplishing this with one-third of an acre of land.

...