"People like Lu Shen don't trust anyone easily."
Chen Xi said, "Lin Wanqing went to him to cooperate and said, 'Henglong Property is very valuable and I know the trump card.' Why should Lu Shen trust her?"
She paused:
"So she has to take out the real money Silver to prove that she is serious. That 100 million is her 'ticket'--
You put your money in, you win a penny, you lose everything."
Zhang Qingxue nodded:
"It makes sense. And with this money, Lu Shen is more certain of the value of the asset package Henglong Property.
He provides liquidity to Lin Wanqing's private company through Blackstone.
Lin Wanqing helped him buy Henglong Property.
Maybe they still have Drawer Agreement, and if they make money, everyone can share it. If they don't make money, they can use Lin Wanqing as a 100 million subsidy.
No matter how you calculate it, it's a good deal."
Chen Xi continued:
"That's what I think too. The logic is roughly like this - Lin Wanqing took the information and went to Lu Shen, and Lu Shen said:
I believe the information, but you have to pay to prove your sincerity.
Lin Wanqing paid 100 million, and Lu Shen used Blackstone's funds to inject capital into her company in return.
In this way, Lin Wanqing has the money to make money, and Lu Shen gets Henglong Property's trump card."
She paused:
"Lin Wanqing used 100 million to leverage the liquidity of its industries. This price-performance ratio is too high."
The office was quiet for a few seconds.
Zhao Chen said nothing in the song.
He looked out the window and his eyes fell on the glass curtain wall of a building in the distance.
Lin Wanqing.
Deeply cultivated Henglong for so many years.
In the end, I ended up like this - putting my life on the line and making a deal with people like Lu Shen.
What you get in exchange is just a number on Blackstone's account that can be erased at any time.
"Chen Xi." He said.
"Here."
"Continue to investigate. How did Lin Wanqing and Lu Shen come into contact, who pulled the string, and when did they start talking. All the details, as much as you can dig up."
Chen Xi nodded:
"Understood."
Zhao Chen stood up and walked to the window.
"As for that 100 million--"
He paused:
"If she is willing to take custody, let her take custody."
Zhang Qingxue looked at him:
"Aren't you worried?"
Zhao Chen shook his head:
"What are you worried about?"
He turned around:
"She is betting on the future of Henglong Property. But I am betting that property assets will fall."
He looked at Chen Xi and Zhang Qingxue:
"Lin Wanqing In Henglong for so many years, I can only see what's in front of me.
She thinks the property is valuable because it has increased in value over the past ten years. But she can't see the future."
He paused:
"The same goes for Lu Shen. He thought he was getting a bargain, but he was actually taking over."
Chen Xi thoughtfully:
"So you are..."
Zhao Chen has no answer.
He just looked out the window and said:
"We'll see."
The sun fell in, illuminating the entire office warmly and brightly.
A new chess game has begun.
But this time, the opponent thought he had a good hand, but he didn't know--
A real poker player never looks at the cards in front of him.
What he was looking at was what was hidden under the card table.
That night.
The news that Henglong Property was sold to Jiahe for 2.6 billion eventually leaked out.
The first thing that broke out was the news from a certain Financial Media:
<Breaking News: Henglong Property changes owner for 2.6 billion, the buyer is mysterious Jiahe Assets>
The comment section instantly went viral.
"2.6 billion? Crazy! Henglong Property's profit last year was only 130 million!"
"What kind of god is Jiahe? Taking over this price, are you out of your mind?"
"Zhao Chen This is a high-level cash-out, awesome!"
"Cash out is nothing. This is killing a chicken to lay eggs! If the property management company sells it, who will be in charge of Henglong's real estate in the future?"
"What they are selling upstairs is a property company that is already in operation, not management rights. New properties should be subject to bidding, so it will not affect it."
"It doesn't matter to me, the brand premium is gone!"
The debate is getting more and more intense.
But what really shocked the market was the subsequent stock price performance.
The next day, at 9:30 in the morning, Hong Kong Stocks opened.
Henglong's stock price opened at 12.37 Hong Kong Dollar, which was 10.5% higher than the previous day's closing price of 11.2 Hong Kong Dollar.
Then it fluctuated all the way up.
At ten o'clock, it broke through 13 Hong Kong Dollar.
Eleven o'clock,15 Hong Kong Dollar.
At midday, it closed at 16.8 Hong Kong Dollar, an increase of 50%.
It is nearly 1.8 Hong Kong Dollar higher than the original agreed closing price of Short Squeeze After the Great War, which was 15 Hong Kong Dollar.
On the Snowball platform, a user with the ID name "Valuation Hunter" posted a long post:
<Calculate an account: Henglong is selling property, is it worth it?>
"Today, many people called Jiahe stupid, and Zhao Chen Prodigal Son. I'm here to help you settle the score, and then I'll scold you after reading it."
Let's first look at the data before Henglong sold the property:
Total assets: 15.2 billion
Total liabilities: 7.8 billion
Net worth: 7.4 billion
Off-Balance Sheet Liabilities: 2 billion (Note: Proper handling will not form a real liability)
Let's look at the individual data of Henglong Property:
Book value of assets: 500 million (net book value after years of depreciation)
Actual liabilities: 300 million (mainly Jiangbei Complex mortgage loan)
Last year's profit: 130 million
Now it has been sold for 2.6 billion. How to calculate this account?
Step One: Changes on the Asset Side
The property company sold had book assets of 500 million and received 2.6 billion in cash.
Increase in total assets: 2.6 billion - 500 million = 2.1 billion
New total assets: 15.2 billion + 2.1 billion = 17.3 billion
Step 2: Changes on the liability side
The property company that was sold took away 300 million in liabilities.
Total debt reduction: 7.8 billion - 300 million = 7.5 billion
Step Three: Changes in Net Assets
17.3 billion - 7.5 billion = 9.8 billion
Compared with the original 7.4 billion, a net increase of 2.4 billion!
Step West: Changes in debt ratio
Original debt ratio: 78/152 = 51.31%
Current debt ratio: 75/173 = 43.35%
Debt ratio after adding Off-Balance Sheet Liabilities: 95/173=54.91%
Note: Off-Balance Sheet Liabilities is not an actual liability.
Step 5: Cash Reserves
After selling the property, Henglong had 2.6 billion more cash in his account.
Including the previous Working Capital, he now holds more than 3 billion in cash.
Conclusion:
The property company's book assets were 500 million, but they were sold for 2.6 billion, and the premium of 2.1 billion was first converted into net assets.
The debt ratio dropped from 51.31% to 43.35%, and Cash Reserves exceeded 3 billion.
This is called Prodigal Son?
This is called divine operation!"
Half an hour after the post was posted, there were over a thousand comments.
"Holy shit, after this calculation, Henglong's current net worth is 9.8 billion? The market value has only been over 9 billion after today's surge?"
"Seriously underestimated!"
"So Zhao Chen is not selling assets, but doing market value management?"
"They are cashing out at a high level, reducing liabilities, and increasing net assets. It would be strange if the stock price does not rise after a set of punches are completed."
"I sold it for 11.1 yuan yesterday... I want to die."
"My condolences upstairs, I'm still here."
The market does not always have the same understanding, and there are many people who are still young and proud of Zhao Chen.
Amid the cheers of stock investors, some different views emerged.