legendary trader

Chapter 276 275 Skyrocketing
"It seems that the possibility of a transaction is already very high, only the transaction price and transaction method are left." Chen Fan looked up at the people in the room, and then turned his gaze to the computer screen, "Continue to scan the goods, 21 yuan is not the end point, we may have pushed up the price now, but the current stock price is one of the basis for their negotiation, the higher the stock price of Netscape, the higher the negotiated purchase price.”

"Using the stock price to force the transaction price? It's possible, it depends on the determination of Miguo Online's acquisition." Xu Jing understood Chen Fan's meaning after thinking for a while, and nodded.

Soon, the stock price of Netscape stock started to really take off today, and the increase far exceeded the trend on the day when the acquisition plan was just announced. The funds entering the market were pushed across, and Netscape's stock price was pushed to a price close to 20 yuan in one breath, and then the rising speed was slightly slowed down.

With the impact of the stock price soaring in a short period of time, selling orders began to increase gradually, and Netscape's stock price began to show a downward trend, but the stock price remained firmly above 22 yuan, and the trading orders reached a temporary level in the short term. balance.

Chen Fan stared at two traders who continued to buy Netscape shares above 22 yuan, but as time passed, the news that MOL and Netscape were stepping up their negotiations gradually spread, and more market participants were arrested. attract.

When news of the acquisition first came out, although most investors felt that the acquisition might be successful, after several days of intense negotiations between the two sides, today they even issued a joint draft. The two parties will seize the time to negotiate the acquisition. It gave the market a shot in the arm and strengthened the market's confidence in the acquisition deal.

As the first acquisition among high-tech companies, there is no doubt that the recent moves of MOL and Netscape have attracted the attention of all parties in the market.

At this time, the stock price of Netscape Corporation rose sharply, and even the stock price of MOL also rose to a certain extent. Gradually, the willingness of OTC funds to enter the market was strengthened again, and a large amount of funds began to enter the market above 22 yuan. The increasing buying orders have gradually overwhelmed the selling orders entering the market during the same period, and Netscape's stock price began to push up slightly.

Such a market change was immediately discovered by Chen Fan and others, and Zheng Xiaopang kept muttering beside him, "It has risen so much, why is there still money coming into the market, and the fuck is still rushing to raise money."

Xu Jing's reaction is much faster than Zheng Xiaopang's. She may have seen some scenes before, but she just smiled and said: "It means that there are more funds for the transaction, and everyone's expectations for the transaction price are relatively high. After all, this is the first transaction between high-tech companies, and everyone is betting on high premiums, haha”

"I said Sister Xu, you are a bit out of place." Zheng Xiaopang turned his head and glanced at Xu Jing, "At the beginning you told me that you had the shares of Xinchao Network in your hand and wanted to sell them to me, what happened? It's not for sale anymore."

Xu Jing was startled at first, and after hearing Zheng Xiaopang's complaints, she laughed like a silver bell again, "Hehehe, that matter, yes, yes, it was my sister who did it unethically, but I can't help it, holding shares belongs to the family. What I hold is not my sister's private property."

"Speaking of which, it's your fault too." Xu Jing looked at Zheng Xiaopang and blinked.

"Don't tell me you lied to me, and you'll put the blame on me in the end." Zheng Xiaopang shook his head and yelled in dissatisfaction.

"Of course it's your fault." Xu Jing refused to give in at all, looked at Zheng Xiaopang and said, "When you said this, you wasted your time. When you came over to make a deal, the market has changed. You do you know?"

"A money-losing item, like a treasure." Zheng Xiaopang still curled his lips in disdain.

"Hehe." Xu Jing found it interesting, "It's a money-losing product, that's right. But now there are many people who want to buy this money-losing product. Who to blame."

"Besides, the deal was agreed upon at the beginning, and you quickly come here to sign the contract and handle the delivery, so there will be no such troubles." Xu Jing looked at Zheng Xiaopang with a resentful face, "If the future of the website business is bleak, we It turned out that the deal was agreed upon, but who knows if you are willing to make this deal at this time."

Seeing that Zheng Xiaopang was about to speak, Xu Jing interrupted directly and rudely: "Don't tell me that you will abide by the verbal agreement and trade according to the price agreed at the beginning. Who will believe it now?"

Zheng Xiaopang lost his temper after being told, and bowed his head in silence.

Seeing that Zheng Xiaopang was pushed back by herself, Xu Jing just smiled, "Look at the market, Netscape's stock price is about to break through 23 yuan, today is a big deal, the stock price of this broken company is probably going to explode. "

Zheng Xiaopang heard Xu Jing's words and looked up at the computer screen. At this time, Netscape's stock price had been pushed up to a high price of 22.86 yuan, which was about to hit a new intraday high today, only a few cents away.

Zheng Xiaopang suddenly sighed, "Our bargaining chips are short, only 4 million shares, hey."

"That's right, it's not that you haven't seen the transaction volume a few days ago, we've done a good job." Chen Fan said with a smile, "Maybe, maybe we'll raise the price earlier, maybe we can get more Stock out."

As he spoke, he shook his head. Such a hypothesis is actually meaningless, because there is no correct answer, and it is all guesswork.

Just when the few people were chatting without saying a word, suddenly several consecutive large buy orders appeared in the market and directly opened the 23 yuan sell order.

Seeing this, Chen Fan was startled, and hurriedly asked, "Did we enter the venue to sweep just now?"

"No."

"no."

Chen Fan was taken aback by the simple and clear answers of the two traders. This was a price of 23 yuan, and there were less than 20 shares on it, so they were immediately robbed.

"There is a crowd scrambling, what should we do? Continue scrambling or forget about it?" Zheng Xiaopang asked hurriedly, seeing that Chen Fan was paying attention to the bills in the market.

"Of course I grabbed it, such a cheap price." Chen Fan said angrily, "If there is a big sale on the top, just sweep it away, don't give them any chance." Chen Fan quickly said to the two traders.

"Now the market value of Netscape is close to 25 billion?" Xu Jing frowned and said, "Do they think Netscape is worth 30 billion?"

"I don't know how much Netscape is worth. I only know that the higher the stock price of Netscape, the better it is for Netscape shareholders. This is a negotiating resource. You never think that Netscape's major shareholders will accept a price lower than the market price." trade plan." Chen Fan said.

"It should be more or less expensive, otherwise the name of high-tech will be in vain." Zheng Xiaopang also said on the side.

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"Then do you think MOL will pay billions to buy Netscape? Does he have so much money?" Xu Jing frowned and thought about it, then continued, "If you spend billions directly, MOL's liquidity is afraid. It's going to be spent, it's not going to happen."

"The possibility of cash transactions is indeed very low, unless a bank is willing to provide acquisition funds. It is impossible for a company like America Online to spend all its money for an acquisition. If it plays like this, the company will have problems sooner or later." Zheng Xiaopang also echoed. .

"Bank loans? There is a possibility, but probably not. These Internet companies actually don't have much assets. Most of their book assets are intangible assets such as technology patents. It is difficult to win the favor of banks, unless Miguel is willing. Use other assets as collateral."

Xu Jing has seen a lot of market transactions, and soon came to a rough judgment, thinking that the banks in the United States are unlikely to support this acquisition.

Although the stock prices of companies in the high-tech industry are very high in the stock market, the foundation is actually very weak. Most of them are asset-light companies, and most of the assets in their hands are so-called high-tech companies whose prices are difficult to evaluate.

And with the continuous development of technology, these technologies will soon be surpassed by newer technologies. If you want to use technology to go to a bank for a mortgage, Xu Jing believes that no bank is a fool, and she is willing to use it as collateral to handle loan business.

"Comprehensive transaction, cash plus stock model, or all stock replacement, as long as the transaction price is recognized, the transaction method is actually not a big problem. You have also seen that the company's stock price of Mi Online is also affected by this acquisition news. The increase means that this acquisition is a transaction approved by both investors." Chen Fan interrupted abruptly.

"No way, the stock price is going to break through 24 yuan." Just as Chen Fan finished speaking, Zheng Xiaopang exclaimed.

"I see, what are you yelling about?" Xu Jing said angrily, then turned to Chen Fan and asked, "How much can Netscape increase today?"

Chen Fan smiled wryly, shook his head and said, "I don't know."

Xu Jing just nodded, and seemed to be talking to herself: "It's really hard to judge the price at this time. It's entirely because funds have entered the market to push up the stock price, and there are acquisitions to support it. It is no longer possible to use fundamentals and technicals to analyze it. Stocks are going."

"Yes, everyone is gambling now." Chen Fan nodded in agreement with Xu Jing's words, "However, I guess that MOL may not be willing to raise the purchase price of Netscape, after all, it is the first market among so-called high-tech companies. If the acquisition action raises the value of Netscape, does it mean that the valuations of companies in the high-tech industry similar to Netscape are underestimated by the market.”

"Huh? What do you mean?" Xu Jing was caught by Chen Fan's words, and it took a while to slowly understand what Chen Fan meant.

"You mean, MOL may think that Netscape's transaction price was raised in order to increase the valuation of Internet technology companies?" Xu Jing asked Chen Fan a little uncertainly, because she felt that this reason was a bit unbelievable.

"Look, the market's valuation of Netscape is actually less than 20 billion yuan. If Migo sets Netscape's company value, that is, the transaction price at 30 billion yuan, does that mean that the market underestimated Netscape? The value of the company, this is a gap of 10 billion yuan."

After Chen Fan finished speaking, he smacked his lips, took a sip from his teacup, and continued, "If the deal is concluded, then Netscape's value will be the market value of 30 billion yuan given by Miguel Online, rather than being determined by the market. 20 billion yuan. Correspondingly, is there any possibility that the valuation given by the current market of Mi Online may be underestimated?"

While Xu Jing and Zheng Xiaopang were still savoring Chen Fan's words seriously, Chen Fan directly gave his judgment, "Actually, this is a matter of self-promotion."

"Everyone thinks that buyers won't bid up the price of the goods, so the market will accept the valuation of Netscape by MOL, and MOL may, let's just say that it may have paid a high price for Netscape, but this The logic of the valuation will affect the market's valuation of MOL."

"Look, as long as the deal is concluded, the stock market will soon re-study the valuation of high-tech companies." Chen Fan simply finished his point of view, leaned back on the back of the chair, and stared at the computer screen .

Xu Jing was not so optimistic, she just shook her head after listening to Chen Fan's words, "Unless the market unconditionally agrees with the valuation given by MIOL, otherwise it is wrong, if the valuation of Netscape is increased, the valuation of MIOL will be increased accordingly, There is absolutely no need for MOL shareholders to trouble management because their interests have not been violated."

Obviously, Xu Jing also reacted as she spoke.

At first, she felt that what Chen Fan said was in vain for the interests of MOL's shareholders. Inflating Netscape's purchase price was a loss of interests for MOL's shareholders.

But as she talked, she also realized that, in fact, not only did the shareholders of MOL not suffer a loss, but they seemed to have taken advantage of it a little bit.

After recovering, Xu Jing began to believe in Chen Fan's guess when she saw that Netscape's stock price was firmly standing at 24.38 yuan.

Calculating and calculating, it seems that raising the valuation of Netscape has nothing to lose to MOL, and considering the large number of high-tech listed companies on the Nasdaq market in the United States next year, there may be a big market. MOL's acquisition of Netscape seems to be preparing for this wave of technology stock market.

Warm up the market and increase the market's valuation of high-tech companies.

These thoughts appeared in Xu Jing's mind unconsciously. If Chen Fan's guess is true, how to analyze this wave of technology stock market?
How to value these high-tech companies is a matter that directly affects stock prices and is related to the success or failure of investment, but it cannot be sloppy.

If you overestimate, you may suffer huge losses.

Underestimated, when you sell your stocks and can only watch the stock price go up and down the Internet, how will you feel then?
"The current valuation system in the market has been summed up after a long time. If the valuation system is overthrown according to what you said, the entire stock market will be in chaos." Xu Jing thought of this and directly asked Chen Fan this question.

"Maybe this new valuation is only for technology companies, and has little impact on companies in traditional industries." Chen Fan replied with a smile, "It seems that Netscape's stock price is going to break 25 yuan today, and it is already unstoppable."

Xu Jing turned her head to look at the computer screen. At this time, Netscape's latest stock price had reached 24.90 yuan, and there was only time left to break 25 yuan.

(End of this chapter)