Living Room was quiet for a moment.
The last ray of sunset on the Hudson River outside the window sank, and the lights on Manhattan began to light up one by one.
"In other words, the valuation of Bubble Mary has doubled compared to last year's financing, if a new round of financing is launched in the second half of the year."
Su Wantang put down the tea cup and looked at Zhang Qingxue's face.
"And the value of the thirty-one and two points in Henglong's hands continues to increase."
Zhang Qingxue nodded,
"Zhao Zong, Wang An said something on Board of Directors - Thank you Henglong for your trust and giving me two tens of billions of IPs.
Now Labobo's first IP data proves his judgment.
IP licensing income plus Blind Boxes sales revenue share, the gross profit contributed by Labobo IP to Bubble Mary in the first quarter has exceeded Mololoy."
Chen Xi turned the laptop around, and on the screen was a simple valuation comparison table.
On the left is the data from last year's financing - Henglong holds 31.2% of Bubble Mart's shares, with a post-money valuation of 2.75 billion, corresponding to Fair Value's approximately 858 million.
The right side is now - if calculated based on the pre-investment valuation of 4.5 billion, 31.2% of Henglong corresponds to approximately 1.4 billion;
If calculated based on the pre-investment of 5 billion, it corresponds to more than 1.55 billion.
From 858 million to 1.55 billion, it doubled in less than half a year.
Zhao Chen listened to everyone's words, but did not speak.
Outside the window, the lights of New York spread out on the Hudson River surface into a flowing sea of light.
He leaned on the back of the sofa and slowly moved his fingers around the edge of the teacup.
The data in the first quarter report is indeed good, so good that any Listed Company or Chairman will feel good after seeing it.
But what he is calculating in his mind is not the floating profit in the first quarter, but how the market will interpret these data once they are disclosed.
The stock price of Henglong has gone from forty Hong Kong Dollar to forty-nine Hong Kong Dollar, and it will most likely continue to rise after the first quarterly report is disclosed.
Once the valuation of Bubble Mary exceeds 5 billion, the equity value of 31.2 points in the hands of Henglong will be revalued.
After Green Energy Technology's Mass-Production Line is put into production in the second half of the year, the valuation of Series B's 1.5 billion US Dollar will also be re-examined.
"When will this quarterly report be officially disclosed?" he asked.
"The audit will take another two weeks. It is expected to be in mid-to-late April." Chen Xi said.
"After the disclosure, the stock price of Henglong will not stop where it is."
He put the tea cup back on the coffee table,
"What we have to do now is not to celebrate, but to prepare for the next round of revaluation.
Henglong's asset structure has changed from real estate to investment. The market's price-earnings ratio for real estate companies and the price-to-earnings ratio for investment holding companies are not the same standard.
Henglong's current net assets are approximately 18 billion, and its market value is less than 30 billion Hong Kong Dollar, which is equivalent to less than 25 billion RMB per person.
This discount rate will slowly narrow after two consecutive rounds of data disclosures in the annual report forecast and the first quarter report."
He tapped his fingers lightly on the coffee table,
"In addition, if Aunt Zhang and Bubble Mary really start a new round of financing in the second half of the year, can Henglong join the investment?"
"Yes." Zhang Qingxue answered for him,
"The anti-dilution clause in last year's financing agreement was very clear --
Henglong has preemptive rights in every subsequent round of financing of Bubble Mary, ensuring that the shareholding ratio will not be diluted.
The terms have no time limit."
"That's good." Zhao Chen picked up the teacup and took a sip.
The tea is already a little cold, but the deep sweetness after the mellowness of Pu'er melts on the tip of the tongue becomes clearer.
On April 18, Henglong Group officially disclosed its 2018 annual report and 2019 first quarter report.
The data market for annual reports has already been almost digested through forecasts.
But when the official audit report listed the position details of Henglong Capital one by one,
The impact that comes from black and white words is completely different from a few lines of summary in the forecast.
Tongce Medical, Pianzaihuang, Bidiya, Shanxi Fenjiu, Wuliangye--Five A-shares, the total investment is over 1.1 billion.
The notes to the annual report also list the investment details of Unlisted Equity:
Yunnan Agriculture Group is twenty percent, Bubble Mart is thirty-one percent, and Green Energy Technology is thirty-two percent.
Each row is an independent valuation story.
But what really set the market ablaze was the first quarter report.
Henglong Group's net assets in the first quarter jumped from 13.4 billion at the beginning of the year to over 180, an increase of approximately 3.877 billion yuan in a single quarter.
Among them, the floating profit of one ticket of Wuliangye exceeded 1.5 billion, the market value of the position increased from 1.29 billion to 2.796 billion, and the stock price rose from 53.8 to 116.51, an increase of 116%.
Bidiya floating profit 1.534 billion, Pianzaihuang floating profit 2.55, Fenjiu floating profit 2.34, Tongce Medical floating profit 2.1.
The total floating profit of Five A-shares is about 3.747 billion yuan, plus the net profit of 130 million yuan contributed by Real Estate Sector. The core of this quarterly report is one sentence--
A former second-tier real estate company used its investment income to overwhelm its main business of decades in just one quarter.
The reaction of the domestic capital market was more violent than that predicted in the annual report.
When the annual report was previewed, the market only saw the shadow of Henglong's transformation, but the first quarter report put the results of the transformation on the table with numbers.
The doubling of Wuliangye is particularly eye-catching - in October last year, the Baijiu sector collectively fell to the limit, and the entire market was running away, but Henglong was aggressively buying stocks at the limit.
Looking back now, that lower limit is the iron bottom of this cycle of the Baijiu sector.
The stock price of Henglong Group started to move up slowly from more than fifty Hong Kong Dollar in early April.
The market has been speculating on the position of Henglong--
I know that Henglong had a heavy position in A-share last year. I know that Wuliangye and Bidiya have gone up, but I don't know how much I bought, how much it cost, and how much floating profit I had.
Before the first quarter report was disclosed, the stock price had already exceeded 60 Hong Kong Dollar presciently, and the market value was firmly above 33.6 billion Hong Kong Dollar.
Funding for foresight is not based on Inside Information, but on logical deduction--
Henglong Last year's annual report forecast stated that the investment income exceeded 2 billion, and the A-share market in the first quarter was another bright sign.
Wuliangye has more than doubled, Bidiya has increased by more than 20%, Pianzaihuang, Fenjiu, and Tongce are all in the red.
Although the position structure of Henglong is not made public, professional institutions have long been able to piece together a roughly accurate picture through cross-referencing the announcement disclosed by Hong Kong Stocks and the shareholder list of A-share's quarterly report.
Hong Kong Stocks opened, Henglong Group opened high.
During the Call Auction stage, Buying Pressure was surging and there were very few selling orders. Opening Price stood directly above 63 Hong Kong Dollar.
In the first fifteen minutes, Trading Volume exceeded 200 million Hong Kong Dollar. The time-sharing line almost never looked back. Each wave of small corrections was supported by a new Buying Pressure.
It closed around 65 Hong Kong Dollar at midday and continued to push upward after opening in the afternoon.
66, 67, 68, there was a brief struggle before each integer mark, but the orders placed by the seller were eaten up by the buyers one by one.
In the last hour before the market close, the stock price of Henglong stood firmly above 68 Hong Kong Dollar, with the intraday highest hitting 69.5 Hong Kong Dollar.
The market value climbed from 33.6 billion Hong Kong Dollar to 39 billion Hong Kong Dollar.
Liu Mingyu called from Shan City. There was uncontrollable excitement in his voice and his speaking speed was much faster than usual.
"Zhao Zong, Hong Kong Stock Exchange requires the disclosure of announcements on unusual fluctuations in stock prices and Trading Volume.
In addition, the Hong Kong Stocks research team of several leading domestic securities firms have issued research reports, and the titles are basically 'Henglong Group Transformation Investment Holding Platform,
The first quarter report verifies the logic. "When the revaluation of hidden assets is in progress, the target price is raised to eighty-five Hong Kong Dollar" and the like.
The market is not looking at the P/E ratio of Henglong now, but is re-pricing Henglong--
Switch from the valuation framework of a real estate company to that of an investment holding company."
Zhao Chen stood in front of Floor-to-Ceiling Window in the hotel Suite, holding Su Wantang in his hand a Pu'er that had just been filled with hot water.
The growth rate of Henglong has exceeded everyone's expectations. After Zhao Jianguo was taken away, the market value of Henglong was about to fall below 2 billion Hong Kong Dollar.
Who would have thought that in less than two and a half years, the market value would be almost 20 times what it was before.
With a stable rear, he can make a big splash in United States and become a globally important asset in one fell swoop.