Rebirth: The Financial Giant

The newly acquired funds of 200 billion will enter the company's depository bank account in the next month. At present, Tiansheng Capital still has liquidity of more than 88 billion. In December last year, Ge Feng's team and ByteDance finally negotiated. The D round of financing, and this round of financing is the exclusive investment of Tiansheng Capital.

Originally, Sequoia Capital and Jianyin International also participated in the lead investment, but in the end, ByteDance chose Tiansheng Capital. For no other reason, Lu Ming gave too much.

In this D round of financing, ByteDance intends to obtain a financing of 1 billion US dollars in the primary market to sell 9% of the company's equity, while Tiansheng Capital directly quoted 1.25 billion US dollars for this 9% equity, and finally took over D round of financing.

In 2014, the primary market valued the company at only US$500 million, and now the valuation after the D round of financing has reached as much as US$11 billion.

There is no way to miss the early investment stage of ByteDance, but it is not too late to drive halfway, and it is worthwhile to take more equity and spend more money, although in the VC world, Tiansheng Capital seems to be this kind. The operation is really "Kay", but as long as you think about the valuation of this company in the next few years of more than 100 billion US dollars, this investment will bring more than ten times the return on investment of Tiansheng Capital.

...

Two days later, Tiansheng Capital had an internal meeting.

The participants were mainly people from the investment and research department, and Ge Feng and others were all present at the meeting.

"Not surprisingly, the currency will be tightened next month, the management will further de-leverage and deleverage, and the domestic capital market will definitely usher in a relatively large adjustment." Lu Ming at the meeting said in an orderly manner: "This is It’s also a good time to enter the market and build a position.”

The capital market has always been adjusted due to the guidance of management, and it is also a good opportunity to enter the market and open a position. Of course, the premise is that you have to invest in the right target. After all, although there are many treasures in Big A, there are more thunders.

In fact, the management is still worried about the risk that foreign capital will further push up the market in this round of adjustment of the capital market. Since the beginning of the new year, foreign capital has been buying and buying frantically. Many domestic institutions basically have no opinion and follow the pace of foreign capital. .

No matter he ignores the risks and goes up all the way, there is no doubt that the management does not allow the capital market to operate beyond the expected range, and the stock market crash of the previous year is still fresh in my mind.

Lu Ming looked around the crowd and continued: "Taking advantage of this opportunity, I plan to fully restructure and optimize Tiansheng Capital's investment matrix in the domestic capital market. For the 'Tiansheng 150' portfolio, I will split it into 'Tiansheng Shang 50' and For the two combinations of 'Tiansheng Shen 100', our company internally compiles a set of 50 and 100 indices and publishes them on the official website. The latest data on rebalancing and share swapping is updated in the middle of the next month after the end of each quarter. Synchronized to major market software for investors' reference."

In this way, investors can see the Tiansheng Shang 50 and Tiansheng Shenzhen 100 indexes on Dongcai, Tonghuashun and other market software.

Lu Ming is not afraid of the disclosure of the assets of the company's investment, and it is very necessary to disclose it, because the position has been established long before the data is disclosed, and the open position will allow others to carry the sedan chair, and every quarter and the next month, it will announce the transfer of positions and shares. The latter data means that the information seen by the outside world is delayed by one quarter, which is equivalent to staggering the time of one quarter.

In a quarter, if you want to run away, you will definitely be able to build a new position. At this time, it will not have any impact.

As for the assets that hold more than 5% of the shares, if you want to sell chips, you must announce the reduction of holdings in advance. These are first- and second-tier blue chips, and they are the same as private and public.

Tiansheng Shang 50, this combination is composed of 50 constituent stocks selected from the Shanghai Stock Exchange, but the sampling of the constituent stocks is very different from that of the Shanghai 50 passive index. Tian Sheng Shang 50 is active and subjective. The 50 index is a passive index, which includes super-capped bank stocks, brokerage stocks and so on.

And Lu Ming is basically impossible to let Tiansheng select all the four major banks in the 50. The securities companies will basically not consider them. For a long time, the securities companies will only be allocated one, that is his own company Tiansheng Holdings, and the bank stocks in the Shanghai stock market will only be Configure one, that is Zhaoshang Bank.

For the banking sector, Lu Ming valued only three varieties, Ping'an Bank, Zhaoshang Bank and Ningbo Bank. The two banks, Ping'an and Ningbo, were tickets in the Shenzhen market, and naturally they were placed in Tiansheng Shen 100.

Tiansheng Shenzhen 100, of course, this combination is composed of 100 constituent stocks selected from the Shenzhen Stock Exchange.

"Taking advantage of the market adjustment phase in April, we should also adjust our positions." Lu Ming took out a few copies of the documents from the documents in front of his conference table and handed them to everyone. Everyone took it and opened the list.

BOSS has already selected both investment matrices of 50 and 100.

Lu Ming added: "In addition, small and mid-cap stocks cannot be ignored. Although 80% of them are garbage, they will become penny stocks in the future, but there are some good companies with high growth potential, and even promoted to 100 billion yuan. Leaders, it is a huge failure for these high-quality small and mid-cap stocks to not participate.”

Having said that, Lu Ming distributed another copy to the attendees present.

Tiansheng Small and Medium Cap 300, this combination is composed of 300 constituent stocks selected from the Shanghai and Shenzhen stock markets. The market value of these listed companies is between 5 billion and 20 billion.

A participant looked at the materials in his hand and said with a smile: "Isn't the outside world always complaining that Tiansheng Capital is only concerned with working **** big blue chips, regardless of the life and death of small and medium-sized companies, this is coming."

The crowd couldn't help laughing.

It is true that Tiansheng Capital has successively invested more than 200 billion in the big A, but it has all flowed into the first- and second-tier white horses and blue-chips, and a group of institutions have followed suit.

As a result, the index did not fall much, but the small and mid-cap stocks continued to fall, while the big blue chips rose very well.

During this period of time, the subject matter began to gradually turn off, and the current market situation gradually became the active market of institutions. Because funds began to flow into large-cap stocks, the entire market began to change from hot money-led to institutional-led.

Lu Ming said: "In the Small and Medium Cap 300 Index, the shareholding ratio of each target must be limited to less than 5% of the total share capital of the target. Among the small and mid-cap stocks, there are very few that can grow into large-cap stocks of hundreds of billions of dollars. It is out of the staged market, so the small and medium-sized caps are mainly trend trading, and they are ready to run away at any time.”

Some small and mid-cap stocks are very good now and are favored by the market, but they will be ST or even delisted in a few years. For example, Amintong Holdings, which is very good now, will be ST in a few years, and it still has stars~www.novelmt. com~ This can only be done as a trend, and when the trend is over, you have to withdraw with profits.

The vast majority of small and mid-cap stocks will really go down, and it will be difficult to turn over in this life. Unlike the first-tier blue chips, the real core assets are all gold pits, and they will eventually rise and reach new highs.

If the shareholding ratio exceeds 5% of the total shareholding ratio, an announcement must be made in advance to reduce holdings and run away. Large-cap stocks must sell to a certain extent. If there is such a bad announcement insisted by major shareholders in small and medium-cap stocks, the market will not. Beep with you, I will send you two limit-downs to start a chat to show my respect.

Few of the small and medium-cap stocks can get up after they are killed, and naturally they will not go to the funeral with them.

Blessed to share? is acceptable!

Is it difficult to match? Can't!

...

(Ps: half paid, half left, double monthly passes at the end of the month, one vote tops two votes, everyone votes, the last three days, 2000 monthly passes will be enough to break through 10,000 votes, everyone is a little harder, Part of the debt owed by the monthly pass has not yet been counted, and the statistics will be counted at that time, and the 300 votes plus more will continue to the end of this month...)