The Shan City and Jiangbeizui ginkgo trees in September have not yet begun to lose their leaves.
In Meeting Room on the top floor of Henglong Group Headquarters, Liu Mingyu arrived nearly an hour earlier than usual.
Today is not Board of Directors, there are no issues that need to be voted on,
But Bloomberg Terminal and Wind Terminal on his desk are on at the same time.
What scrolls on the screen are two completely different sets of data--
On the left is the stock price chart of Henglong Group from the year to date.
From January's 40 Hong Kong Dollar to today's breakthrough of 90 Hong Kong Dollar, an almost perfect upward channel has run through the entire nine months;
On the right is the latest Henglong Group research report released by several leading domestic securities firms. Each title is more eye-catching than the last.
The top one was sent by Zhongxin Construction and Investment Hong Kong Stocks Strategy Team just this morning--
"Henglong Group: From real estate developers to investment holding platforms, when revaluation of hidden assets is underway, the target price is raised to 110 Hong Kong Dollar".
Liu Mingyu used a red pen to draw two horizontal lines under the words "hidden assets".
He can almost recite the core points of this research report -
On Financial Statement of Henglong, Unlisted Equity is measured using the cost method, and there is a huge gap between the book value and Fair Value.
Bubble Mary's valuation has nearly doubled from Series B's financing last year to this year. The 31.2% equity held by Henglong corresponding to Fair Value has already far exceeded the book cost.
Green Energy Technology Series B's post-investment valuation is 1.5 billion US Dollar, and the 32% equity held by Henglong is also seriously underestimated.
Although Yunnan Agriculture Group has not conducted external financing,
However, based on their breeding scale and profit level, the valuation multiples of Muyuan Shares and Wens Shares are
The 20% equity held by Henglong is also undervalued.
If these three hidden assets are all revalued according to Fair Value, the actual net assets of Henglong are far more than 14.3 billion people RMB.
"Zhao Zong said something during last year's annual report--
Henglong's asset structure has changed from real estate to investment.
The P/E ratio given by the market to real estate companies and the P/E ratio given to investment holding companies are not the same standard."
Liu Mingyu turned to the last page of the research report, wrote today's date in the blank space, and then added his own comment next to it:
"The revaluation of the pricing system is worth more than the revaluation of the asset itself."
At the same time, on the trading terminal of Hong Kong Stock Exchange, the stock price of Henglong Group climbed steadily after the opening.
From 90 Hong Kong Dollar to 91.5 Hong Kong Dollar, every integer breakthrough is not as thrilling as Tesla Short Squeeze.
However, the steady amplification of Trading Volume shows that it is not short-term funds chasing the rise, but institutions gradually building positions.
Liu Mingyu called up the transaction data, and several familiar seats appeared repeatedly on the net buying list--
They are all dedicated channels for domestic Top Public Funds funds and insurance asset management.
They are not betting on the performance of a certain quarter by buying Henglong.
Rather, it is reconfiguring the weight of the entire investment holding sector.
At the same time, Shen Jue and Song Zhongping met in the private room of an old teahouse in Chongqing.
The office of Shen Jue is located in the high-rise area of an office building in the financial core area of Jiangbeizui, not far from Henglong Headquarters.
He often looked at Jiang Wu rolling over the same paragraph Two Rivers Confluence and thought about the structural adjustment of Henglong.
At this moment, outside the window, Jialing River slowly merged into the Yangtze River in the drizzle. The lights on both sides of the river had just turned on, turning into a blur of golden color on the river.
"Henglong's stock price has risen from 40 to 90, and its market value is approaching 50 billion."
Song Zhongping took a sip of tea and placed a printed Zhongxin Construction and Investment research report on the table.
"An analyst from this brokerage called me last week and asked when the hidden asset revaluation of Henglong would be reflected in the financial statements.
I told him - you have to ask Zhao Zong, Zhao Zong knows best about the asset structure of our Henglong."
Shen Jue did not answer immediately.
He turned the research report to the valuation page and used the tip of his pen to draw a small circle next to the two rows of numbers Green Energy Technology and Bubble Mary.
Then he leaned back in his chair and looked at the river through the old bamboo curtain of the teahouse.
"It wasn't his asset allocation that I kept noticing, it was something else."
Shen Jue Tighten the cap of the pen and place it on the table.
"Since he pledged Henglong shares, several of us have said it more than once in the Henglong director group -
This amount of Risk Exposure is too big. If the round of replenishment in May fails, the entire Henglong will be dragged down.
As you can see, he realized the floating profits of SpaceX and Nvidia before the end of the year and released all the pledges in advance.
From the beginning to the end, Henglong did not bear any substantial losses. Instead, the money earned on Nvidia was taken back for compensation, capital injection, and share expansion.
People in the market are now analyzing his positions, but I am more concerned about his operating discipline--
A person who can file every statement in advance even in the most dangerous position,
His credibility is not built on promises, but is accumulated every time he fulfills them."
Song Zhongping was silent for a while, then picked up the teapot and poured it for Shen Jue.
The tea was Iron Goddess of Mercy for the third time, and it had no flavor anymore, but neither of them asked the waiter to change the tea.
"I said something on Board of Directors last year - our Henglong's biggest asset is Zhao Zong."
He put down the teapot,
"At that time, you replied to me in the group and said, 'No, it's the credit of Zhao Zong'. Now I think we both said it wrong."
He leaned back on the chair and looked out the window at Jiangbeizui in the rain and fog,
"Henglong's biggest asset is that the market believes that Zhao Zong's credit will continue to be honored.
When the stock price goes from 40 to 90, the extra premium is not for Henglong, but for him."
Shen Jue picked up the tea cup and took a sip. The lukewarm tea slid down his throat.
He put down the cup, closed the research paper, and picked up the coat hanging on the back of the chair.
The rain outside the teahouse has stopped, and the water surface of the Jialing River is glowing with tiny lights in the night.
Two Rivers Confluence The familiar boundary blurred into a deep ink in the darkness,
Just as the market reprices Henglong, it no longer distinguishes which ones come from assets and which ones come from credit.