Rebirth: The Financial Giant

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This time, Lu Ming personally explained the reason for Tiansheng Capital to issue convertible bonds through his personal social media. There is no doubt that this is the most authoritative voice in the entire market, and everyone does not need to analyze and interpret it.

This is the most authoritative definition. The biggest purpose of Tiansheng Capital's issuance of convertible bonds is to provide retail investors in the A-share market with a channel to invest in the stocks of the group company.

By holding convertible bonds, and then carrying out the debt-to-equity swap after the end of the conversion lock-up period, small scattered people can also hold Tiansheng Holdings.

Small stocks with little capital can’t buy one hand, but there is no problem in converting one or two shares through convertible bonds. Can get cheap prices.

The market value of one or two shares is also in the tens of thousands, which is quite a lot for a small company with a monthly income of several thousand yuan.

Of course, retail investors with slightly larger funds can also buy more convertible bonds after the convertible bonds are listed, and then hold them until the arrival of the conversion period.

But to buy bonds from the secondary market, you have to pay a relatively higher premium than when you win the new lottery.

And it is really not that easy to earn this amount of money. Retail investors must overcome the price fluctuations during the convertible bond period and endure the short-term surge in convertible bonds, because the hype after the listing of Tiansheng Zhuan 2 will even reach Less than the exaggerated height of the first convertible bond market, there will definitely be large funds pulled up.

You must know that this time, the big capital did not enjoy the treatment of offline placement. In theory, it is a fair deal with all retail investors, and it will definitely attract funds through the secondary market. The big capital creates short-term speculative fluctuations to lure the winning retail investors. Hand over the chips to complete the purpose of changing hands.

There will also be a large number of retail investors who have won the lottery to be washed away. This is beyond doubt. Most of the retail investors have a loss-aversion psychology and price anchoring effect. money and annoyed that he didn't sell.

Big funds have repeatedly created this kind of speculative fluctuations of big rises and falls, and many retail investors will definitely be unable to resist the urge to sell high and sell low to expand profits. It was sucked away by big funds, and the retail investors who dared to take it back must be less than the retail investors who sold it, because retail investors are afraid of heights.

From the perspective of short-term speculative volatility profits, convertible bonds are definitely much higher than the underlying stocks, because there is no limit on the rise and fall of convertible bonds, and the maximum intraday amplitude of the underlying stocks is 20% per trading day, which is still acceptable. In the case of floor and ceiling.

However, from the perspective of long-termism with an annual cycle as the unit, Tiansheng's underlying stock returns must far exceed convertible bonds, even if convertible bonds mirror the trend of underlying stocks, but with the extension of the time period, eventually The return on investment in underlying stocks will outperform bonds.

The difference is the dividend distribution from the underlying stock. Investors who hold convertible bonds can only enjoy the annual interest promised by the bonds when they are issued every year. Only when you hold shares can you become a shareholder of the company and enjoy the company's dividends.

Tiansheng Holdings' dividend distribution is generous. Investors from all walks of life in the market have seen it in the past two years. The boss is called a rich man. In terms of dividends and dividends, Tiansheng Capital currently ranks second, and no other company dares to say it. first.

For long-term value investors of this stock, every time the company distributes dividends, their position cost line will move down, and the cost price of some investors has long been negative.

After Tiansheng Zhuan 2 is issued and listed, the most difficult period for them is the first half of the year, whether they are the retail investors who have won the lottery or the retail investors who bought in the secondary market. This kind of temptation, intimidation, greed and fear will accompany you, and you have to overcome the desire to trade cheaply. Most of the retail investors can’t control it and always want to trade.

But if you successfully survive this half year, it will be much easier after the debt-to-equity swap is completed. After converting to stocks and holding stocks, it can greatly urge retail investors to stick to long-termism, and they can control their hands and no longer easily change hands. traded.

The reason is also very simple. At this time, if a retail investor wants to sell the stock to complete the change, he will definitely think that he has worked hard for more than half a year to get such a few shares. If he sells it with a flick of his hand If you want to buy in the future, there will be no chance, because the minimum purchase is one lot, that is, 100 shares, which is two or three million funds.

At that time, if you want to buy, you will have to buy convertible bonds and convert them into shares, but the problem is that even if Tiansheng Zhuan 3 is perfectly connected after half a year, you will have to wait another half a year to convert shares, and there is still time for issuance approval. One after the other is equivalent to staggering the cycle of more than a year.

This is still the premise that Tiansheng Zhuan 3 can be issued smoothly. If Tiansheng Capital does not issue convertible bonds, wouldn't it be dumbfounded?

The stock sold is a swan song.

It is easy to sell and difficult to buy. Retail investors have to pay not only the real capital cost, but also the time cost and opportunity cost. It is not easy to get it. Of course, it is not easy to sell it. It can definitely tolerate its short-term fluctuations better than ordinary stocks, thus becoming a firm long-termist.

If you think about it, it's not worth the hard work that you paid for the shares that you managed to get.

In the next two weekends, the hot topic in the bond market is "Tiansheng Zhuan 2". Many investors have expressed that funds will be freed up for new debts at any time, and they will use Tiansheng Zhuan 2 as a new debt. Waiting for this new bond to go public.

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It's Monday, August 6th.

At around 10:00 in the morning, in the office of the president of Tiansheng Capital, Lu Ming was instructing a document, which was the interim report of Tiansheng Capital. It was a preview before, but now the final semi-annual report is out.

Lu Ming instructed that the semi-annual report can be released after the market closes today, and also gave relevant instructions to the next day's earnings conference call. He will not attend the conference call.

After finishing the work, Lu Ming also glanced at the situation of Big A today.

Very bad.

Since August, Big A has fallen for four consecutive trading days and out of four consecutive days. Today, it fell 1.29% again. It was once again broken down by 2700 points during the session. Today’s drop directly smoothed out all the gains of the previous month.

The market that finally came out of the whole July, it was done in the first four trading days of the opening in August.

Now is the time for the bear army to revel. The bears are shouting that they want to break the 2016 point of 2638 points. The ambition of the bears is not only to break this position. .

Anshi's shares, which fell by the limit of the three-link board, finally had some volume today. They opened at -5% today, and then fell sharply to about -8% and began to rebound. Although they failed to close in the red after the close, they also closed at -2.69 % of the false positive line, there are funds to undertake, it seems that there are signs of stabilization.

But at this time, Anshi's shares have been cut in half, the stock price is only 68.81 yuan, and the total market value has also fallen below the trillion integer mark. The whole trend is a downward trend.

It seems that the reversal can only be in a dream, especially now that the two brothers of the An family are fighting for family property, Mr. An's health is worrying, the future of the An's group is full of uncertainty, and the market is generally not optimistic about the future of An's shares. Most People are eating melons and watching plays.

However, today's bottom-hunting funds for Anshi's shares are not Tiansheng Capital, but some institutions' self-rescue behavior, and institutional funds can't stand it.

If you want to withdraw the main funds, you must first open the daily limit and stabilize the disk.

Now that it has been cut in half, to make a stable K-line form in the trend, there will definitely be some investors who want to make a short-term investment. In addition, they have fallen so much, and they feel safe, so they will try to take a light position and do short-term trading. ~www.novelmt.com~ There are so many retail investors in the market, all of them are short-selling, and the accumulated amount of funds is huge, which is enough for the institutions that want to withdraw to complete the change.

For the target of Anshi's shares, Lu Ming's target price is to see the bottom of the 50 yuan, in other words, there is still a drop of nearly 30%. Tiansheng Capital's shareholding reduction announcement will take 15 trading days to change hands. , it's only been 4 trading days, it's still early.

The announcement of the reduction of holdings means that the proportion does not exceed 3%, which is very interesting, and the proportion of 1 lot reduction does not exceed 3%.

The outside world thinks that Tiansheng Capital is bearish on this stock, and Anshi shares have no hope.

Some people who are ostensibly bears are actually bulls.

It is worth mentioning that Lu Ming will not go to the secondary market to scavenge for stock and raise funds, but directly ask Anshi Group to privately issue additional shares to Tiansheng Capital.

In other words, Tiansheng Capital can also get chips with lower costs than the secondary market.

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