That night at the teahouse, it was almost ten o'clock when Shen Jue got home.
He changed into his pajamas and sat in Study, flipping through the research report from Zhongxin Construction and Investment again.
He has long been familiar with the asset structure of Henglong and the logic of investment from Real Estate Transformation.
He can also recite the hidden asset values of Bubble Mary and Green Energy Technology.
But his eyes weren't on the numbers--
He was looking at the valuation table on the last page of the research report. There was a very small line of notes at the bottom of the table, which was circled by Song Zhongping in red pen:
"This report does not include the brand synergy between Era Vanguard and Henglong Group into the valuation of Model."
He read this line several times, then closed the paper and turned off the light.
I turned over several times while lying on the bed, and Song Zhongping's words "Henglong's greatest asset is Zhao Zong" were still running through my mind.
And the subconscious correction I made at that time - "No, it's the credit of Zhao Zong."
He suddenly realized that he had said something more accurate than any financial Model.
The next morning, he put the research report into the Briefcase, took the elevator downstairs, and got into the dark gray Audi that had been driving for several years.
During the morning rush hour, Jiangbeizui was full of traffic, and the Two Rivers Confluence river was covered with a layer of mist.
He parked his car in the Henglong underground garage and did not go back to his office directly.
Instead, walk through the lobby towards the one reserved for directors Small Meeting Room.
Opening the door, Liu Mingyu has arrived - the work and rest habits of the secretary-general, rain or shine all year round.
In front of him were Bloomberg Terminal and a laptop, with the real-time stock price trend of Henglong and the announcement background of Hong Kong Stock Exchange on the screen at the same time.
"Mr. Shen, we may be able to stand at 95 when the market opens today."
Liu Mingyu turned the screen to Shen Jue, "Institutional seats continue to be net buying."
Shen Jue put Briefcase on the table, sat down, and without looking at the screen, picked up the phone and clicked on the WeChat group of six people.
He stared at the dialog box for a long time, his thumb hovering above the screen, as if he was considering something.
Then he started typing, carefully considering each word and sentence, and when he sent it out, there was no trace of deletion--
"Our Henglong stock price was supported by real estate in the past.
Last year, as real estate shrank, stock prices also fell.
Later, it was supported by the positions of A-share - Bidiya, Wuliangye, Pianzaihuang. Those few stocks held the bottom of Henglong in the bear market.
Now that the stock price has risen to 95, the explanatory power of A-share's position is no longer enough.
The extra premium is not given to Henglong by the market - it is given to Zhao Zong."
Song Zhongping replied almost instantly and only sent a question mark.
It's not a question, it's just asking Shen Jue to continue talking.
Shen Jue sent a voice, and his voice was neither urgent nor slow, like the rhythm of thinking and speaking when speaking on Board of Directors.
"Zhao Zong announced the pledge financing compensation plan at the media meeting, with annual compensation of Listed Company Two Hundred Million Hong Kong Dollar.
At that time, the market thought that this was just a remedial measure after Major Shareholder violated the regulations.
But then you see - he transferred real money Silver into Listed Company's account and released the pledge in advance.
From the beginning to the end, Henglong did not bear any substantial losses.
After the release of Henglong annual report and first quarter report in April,
The stock price began to rise slowly, but the increase has been very moderate, indicating that the market is observing.
The point that really caused the market to reprice was after the SEC Response Letter letter was made public in June--
The source of funds of Era Vanguard has been stamped by global regulatory authorities as legal and compliant.
Zhao Zong's personal credit completed the transition from 'domestic excellent investor' to 'global top fund manager' at that moment.
Then you can look at the stock price trend of Henglong - the period from 80 to 90,
Trading Volume is steadily amplifying, and the buyers are all institutions. They are not betting on the performance of Henglong, but buying the credit premium of Zhao Zong."
Song Zhongping was silent for a while and typed:
"So you are saying that our Henglong's biggest intangible asset is Zhao Zong?"
Shen Jue typed slower than usual, as if he was considering his words, but there was no hesitation in the sentence he sent out.
"No. It's the credit of Zhao Zong. Assets can be priced, but credit cannot be priced.
For things that cannot be priced, the market will give a premium.
The premium is not calculated by the valuation Model, but by the sense of security--
Investment institutions think that if you put your money with a person with good enough credit, you can sleep well at night."
Independent Director Xu Yong suddenly came online.
He usually hardly speaks in the group, but every time he speaks he hits the mark accurately.
He sent a Henglong stock price chart from January 2018 to today, and marked several key nodes with a red pen on the chart--
The annual report and first quarter report in April 2019 were released, and SEC Response Letter was made public in June.
In July, the stock price of Tesla exceeded 300, in August, the stock price of Nvidia was locked up, and this week, the stock price of Henglong exceeded 95.
"Look at these nodes, each one corresponds to a stepwise jump in Zhao Zong's personal credit.
Annual report release is performance credit, SEC Response Letter is compliance credit, Tesla Short Squeeze is judgment credit, and Nvidia lock-up is long-term credit.
The market is not pricing Henglong, it is pricing the credit of Zhao Zong one by one.
He has proven his different dimensions on different battlefields, and the market will add different premiums to him."
Sun Zhengping then added:
"I have worked at the Securities Regulatory Bureau for more than 20 years,
I have seen too many Listed Company Major Shareholder violate the rules and try to use various means to cover up the past,
But I have never seen a person like Zhao Zong - he will accept the punishment if he violates the rules, and after the punishment is over, he will prove himself to a higher standard.
His credit is not that he never makes mistakes, but that he can make up for them at a greater cost every time he makes a mistake.
This kind of credibility, to be honest, is more valuable in the eyes of regulators than never making mistakes."
The group was quiet for a few minutes.
Everyone is digesting this conversation,
Or they are looking at the Henglong stock price trend chart on their respective computer screens, or they are savoring those two words over and over again -
"Credit".
Then Liu Mingyu suddenly appeared and broke the silence.
What he posted was not a comment, but a screenshot.
The title of an alert that just popped up on Bloomberg Terminal is--
Henglong Group's stock price exceeded 95 Hong Kong Dollar during the session, and its market value exceeded 53 billion Hong Kong Dollar, setting a new high for the year.
Below the news is a brief comment from analyst Bloomberg:
"The market paid a premium for Zhao Chen's credit. This premium did not belong to Henglong's balance sheet, but it belonged to Henglong's shareholders."
Shen Jue After reading the Bloomberg comment on the screenshot, I stopped typing.
I just read through the group chat records from beginning to end on my mobile phone.
Then he put his phone on the table, leaned on the back of his chair and looked out the window.
Jiangbeizui The night is sinking into Two Rivers Confluence little by little,
No matter how much the Henglong stock price rises, the two rivers will always flow eastward entangled with each other in the same low-pitched waves.
She suddenly remembered what Zhao Chen said when she had a brief conversation with him on an occasion last month -
"Credibility doesn't come only when others believe in you, but when others don't believe in you, you still have it."
He didn't pay much attention at that time. Now he stared at the sentence Song Zhongping asked on the screen, "Henglong's biggest intangible asset is Zhao Zong."
Then I suddenly felt that this was probably the best footnote.