King of Capital

Under Xie Jingxing's strong pressure, no matter what Song Anli thought in her heart, the plan of investing in and controlling five films was aborted.

Although Lin Ning didn't know why Wanda suddenly put on the brakes, he still kept a close eye on Wanda's every move, hoping to return to his old club as a superior one day.

Tsui Hark would also try to fool other investors, so Zhou Ye and Zhang Jingyi would always have endless opportunities to grab.

The brokerage team that depends on them for their livelihood, as well as all the stakeholders of Xiaoma Pentium, can, after expressing their regrets for a few words, continue to invest in the company's promising future at the beginning of its listing.

On the other hand, Xie Jingxing did not interfere with Douyin and Kuaishou. They were in an expected commercial profit space with no upper limit, and they were actively competing for their lives.

Social content has rushed from the text era of Weibo into the era of short videos. Xiaohongshu, the picture community that was skipped, is currently a little hesitant. The high growth of narrative stories about women's rights in the niche business field is also too good to be true, making it difficult for Mao Wenchao to make up his mind to follow the new wave.

However, Hu Weiwei, who lost her competitor, was not confused at all. She was determined and ambitious, and slowly moved towards an independent listing.

Didi is making a big deal about its own bike-sharing business, and its valuation will surely increase by $5 when it goes public. On the contrary, New Dangdai has successfully gone public and is quietly consolidating its absolute market monopoly.

DJI, Pinduoduo, Yinshanbudu, Pop Mart...

All companies have reason to firmly believe that as long as they keep moving forward on their own path, they will one day be able to do anything.

Because the macroeconomic growth rate is 6.9%, everything that is happening is the best golden age of prosperity.

So, on November 2017, 11, the Financial Stability and Development Committee held its first plenary meeting, which was treated by the general public as an ordinary 7-second spoken broadcast on the evening news.

Practitioners are busy attending various year-end industry summary summits to share the pork heads and have no time to listen carefully to the specific instructions. I think it is nothing more than an enhanced version of the tightening of overseas investment mentioned at the beginning of the year.

A few days later, a subsidiary of HNA Group issued US$3 million in short-term bonds with an annualized interest rate of 8.9%.

Today, the average interest rate for corporate bonds in the entire bond market is in the range of 4%-6%, and the government bond interest rate is only around 3%.

Compared with the total asset size of HNA Group, the debt issuance scale + short-term debt + sky-high interest rate are just a drop in the bucket. Thousands of investors thought they had lost their way and walked into the Myanmar industrial park, and the stocks of HNA-related listed companies fell collectively.

It then announced the failure of an overseas acquisition project, and was sued by an American software company for a $6500 million breakup fee due to the failed acquisition transaction. It was also accused by the Swedish Merger and Acquisition Board of falsely disclosing information in an acquisition case last year.

Public opinion was in uproar, and the market judged that HNA was in a dilemma of capital shortage caused by overseas mergers and acquisitions. For a time, the myth of tightening monetary policy at the macro level and strengthening the regulation of overseas currency circulation was widely circulated.

If HNA Group is isolated and without evidence, then Wanda Group is full of rumors.

The cross-border dollar merger and acquisition case failed, and five overseas projects were placed under key control by regulatory authorities. This was because Lao Wang was sanctioned for competing with China Construction for projects overseas; the process of privatizing and delisting from the Hong Kong stock market and returning to the A-share market encountered obstacles. This was because Lao Wang’s background was ruined and he was deliberately made things difficult for him.

Due to tight cash flow, assets are being sold off frantically. Banks are deliberately withdrawing loans and forcing people to pay, warning Lao Wang that even his own money cannot be easily converted into US dollars for spending.

Since the regulation has been upgraded, the focus is not on regulation. They would rather make absurd speculations that every company has various problems, but instinctively ignore the existence of systemic risks in the market.

…………

Before HNA issued bonds, Wanda Group urgently packaged and sold its 13 Wanda Cultural Tourism Cities, and Sunac took over the deal for 438 billion yuan. It packaged and sold 73 hotels, and R&F Group took over the deal for 189 billion yuan.

Following HNA, in December, Wanda took the lead in investment and operation in the e-commerce business, which introduced strategic investments from Tencent and Baidu. The company entity was dissolved and large-scale layoffs were carried out.

Lao Wang said in an interview that he regretted giving Qu Dejun unlimited financial support. The unfavorable development of the e-commerce business under the group's financial sector was one of the few mistakes he had made in recent years.

Moreover, although Tencent and Baidu nominally invested in the company, they actually dragged their feet for more than two years and never put out any real money.

But it doesn't matter. Wanda Group reduced more than 40 billion yuan in debt and obtained more than 70 billion yuan in cash flow by selling assets. This is the transformation to a light-asset management model that he had decided on long ago.

Everything is within the long-term strategic development plan, and there will be no problem in maintaining stability and improving!

Please continue to support us, investors and partners.

As for the more than 350 billion yuan of debt involved in the privatization of Hong Kong stocks involved in the failure of the A-share listing, a reliable solution has been found and will be implemented after the new year - Lao Wang said this at the Wanda Group's year-end business public summary meeting.

As he wished, the date quickly turned over the winter of the old year and came to early January 2018.

Under the guidance of the Financial Stability and Development Committee and the leadership of the Ministry of Commerce, the Ministry of Foreign Affairs and other departments jointly issued the "Interim Guidance on Overseas Investment Regulations and Directions", and real estate, hotels, and film and television were included in the list of sensitive industries for overseas investment.

Companies with a single M&A scale exceeding US$3 million will trigger the game’s red name mechanism and be included in the key risk control supervision list.

The central bank made an emergency call to name the companies last summer, and it took half a year to come up with this standardized regulatory document.

In the future, we will have a basis to rely on and there is no need to handle each case individually.

Less than ten days after the administrative guidance opinions were issued, Lao Wang fulfilled his promise.

Grapefruit Capital officially announced that it led the investment in Wanda Group, followed by Tencent and JD.com. The three parties invested a total of 300 billion yuan to acquire a 12% stake.

In other words, during the privatization and delisting process of Wanda Group's Hong Kong stocks, the nine investment entities and dozens of external institutional investors that participated in the "Feast of the King" all withdrew.

Xie Jingxing arranged a feast, holding Xiao Ma Ge with his left hand and Dong Zi with his right hand, and the three good friends started a new round of sharing the feast.

Of course, Lao Wang has not lost too much so far.

The son is a good-for-nothing, but the father is unusually aggressive. Last summer, he made the heroic decision to sell off the real estate projects to generate blood in just four days, which allowed him to wait until the documents were issued before compromising with Xie Jingxing.

The introduction of Tencent and JD.com to follow up the investment avoided the situation where Grapefruit Capital monopolized 12% and acquired 2.3% during the privatization process, for a total shareholding ratio of up to 14.3%.

After this transaction, Xie Jingxing was too busy to attend the signing ceremony for the stock transfer. Lao Wang put his arm around Miao Nan, a senior partner of Grapefruit Capital, and confidently declared that he would respond to the call to keep the investment in China and not go anywhere!

Many reporters present recalled his famous quote three years ago that was talked about by everyone, and were somewhat tempted to ask questions to slap him in the face, but when they thought about it carefully, it was quite boring.

It is true that Lao Wang was once young and frivolous, and Fosun boss Guo was also not carried away by success. He previously made a public statement calling on private enterprises to invest overseas and align with international high-quality development. In this regard, I personally agree very much with young Mr. Xie!

As a result, rumors spread that he had lost contact in the past two days, and he was so anxious that he ran back to China in sweat.

Before the plane landed, I couldn't wait to tell everyone that I would be back in Shanghai in five hours, and as soon as I landed, I would rush to attend the Fosun Group's New Year's work meeting. It felt so good to be home!
It is said that these are the original words spoken by Boss Guo in the online meeting, and he no longer compares himself with Young Marshal Xie. He believes that today's macro-financial regulatory actions are very timely and necessary, and will definitely help companies eliminate many potential risks.

With all this going on, it's the same as if everyone did nothing, and no one can laugh at anyone else.

After all, these two entrepreneurs are at best flexible. They were both named by the regulators in the summer. Anbang Insurance, which had participated in the Wanbao dispute and hid its position the most, even concealing it from Xie Shaoshuai. Its parent company, Anbang Group, has overseas assets of nearly one trillion yuan. The current chairman is unable to perform his duties due to personal reasons... The regulators have officially made a judgment, Wanda has survived the crisis, Fosun has remained calm, Anbang has a new leader, and HNA's beautiful stewardesses with unique looks have also put on a new generation of blue and white porcelain cheongsam work uniforms.

According to past historical experience, the control of overseas investment chaos should end here, and now we can return to a peaceful and stable life!
Two days before the Northern New Year in early February, Xie Jingxing, who had not appeared in public for a long time, appeared in the Changbai Mountain Resort in his hometown.

A skiing tourist happened to take the cable car up the mountain with him and filmed a video and posted it on Tik Tok. Netizens in the comment section were very resourceful and recognized that the unprepossessing middle-aged man next to him was the local leader.

The next day, Wanda Pictures, a listed company under Wanda, issued an announcement that it sold 77.94% of its shares for 12.77 billion yuan. Alibaba took over 7.66% and became the second largest shareholder. The remaining part was taken over by a local state-owned enterprise in Beijing, and there was no trace of Pony.

On the day of the Northern New Year's Eve, Sunac disclosed that it would sell the Wanda Changbai Mountain Resort, which it had acquired only half a year ago, as a whole to Jilin local enterprise Yunshan Agriculture and Animal Husbandry Holdings, and continue to invite Wanda to be responsible for operation and management.

The two transactions appear to be completely unrelated, but it is far-fetched to analyze that Lao Wang always keeps his word and his asset-light operation strategy is very successful, which further confirms his judgment in the market that the boat has already sailed through thousands of mountains.

In fact, after Sunac took over, it suffered a severe fight and was humiliated by the entertainment regulatory authorities' rectification of the large amount of land occupied by golf courses. Sun Hongbin couldn't stand it anymore and asked Wanda for after-sales guarantee.

When Lao Wang was extremely embarrassed, Xie Jingxing stepped forward to act as a matchmaker, and the local enterprise Yunshan Agriculture and Animal Husbandry took over. As a result, the relationship between the two warmed up and they have been very close recently.

As for Wanda Pictures, that’s another story.

…………

The Lunar New Year is over and time is rushing forward like flowing water.

The general public still remembers Xie Jingxing’s suggestions last year. After a whole year of being overwhelmed by major business events, he once again mentioned his suggestions for financial mixed-ownership reform supervision at the March meeting in the new year.

Pony Ma mentioned the construction of the Greater Bay Area and digital security, Geely's Li Shufu talked eloquently about new energy vehicles, Suning's Zhang Jindong talked in a conventional way about e-commerce poverty alleviation, and Lei Jun said that we should play with bionic robots.

Zhou Hongyi was quite interesting and talked briefly about the big model of artificial intelligence.

It is not surprising that Xie Jingxing's proposal was mixed in. However, on March 3 during the meeting, the China Banking Regulatory Commission and the China Insurance Regulatory Commission announced their merger and reorganization into the "China Banking and Insurance Regulatory Commission", with regulatory functions covering the banking and insurance industries, and being parallel to the Financial Stability and Development Committee as a directly affiliated public institution.

Two super regulators + the China Securities Regulatory Commission form a new financial industry order, but this is not enough.

The closing ceremony of the conference concluded that our financial industry is on the long march of the new era...

After attending the meeting in Beijing, Xie Jingxing went to Hainan without stopping. At the end of March, the warm spring breeze melted away the harsh winter. The real estate bosses no longer felt pain in their legs or backs, and they gathered together happily, laughing.

At the Real Estate Industry Finance Summit, real estate intermediary platforms and financial institutions jointly produced a research report, which showed that housing prices rose across the country in the first quarter of this year, especially in quasi-first-tier and second-tier cities, with an increase of more than 15% in Haikou, where the summit was held.

What else is there to say? After the storm comes the rainbow, and then comes the music and the dancing!
But then again, Vanke was almost crushed to death by financial capital in the past two years, Wanda seems to have barely recovered from the blows, and a wave of investigations into domestic guarantees and foreign loans in the banking industry has forced everyone to join the challenge of stopping the slack.

If you don't have any lingering fear about the dynamic changes in the financial industry, you will not be qualified to sit in the summit forum in a dignified manner.

It is obviously inappropriate to brag like the two Wangs and Sun Hongbin did in the past. We should be more cautious and keep the conversation to ourselves. Everyone knows this.

So when Xie Jingxing used Yunhe Logistics' logistics real estate business as an example to imagine the possibility of real estate securitization and public REITs business, most real estate bosses and experts and scholars remained silent.

China began to explore REITs derivatives as early as ten years ago, and in 2008 financial regulators explicitly promoted the real estate REITs pilot program.

As a result, after the financial crisis, 4 trillion yuan was released, and real estate companies' European and American counterparts who had low bank loan interest rates wanted to cry. Only idiots bothered to raise funds in the secondary financial market.

Although the administrative level has continued to promote real estate public REITs since then, market participants have voted with their feet. The current total scale of domestic public REITs pilot products is less than 500 billion yuan, and the general interest rate is 3%-4%.

How many investors would buy this stuff? Wouldn’t it be better to put the money in the bank?
On the other hand, from the perspective of the enterprise, the loan only has a few interest rates, so why should we compare with similar foreign products and offer a 6/7 percentage point rate of return?

The most critical issue is that the relevant tax management is not sound.

Foreign public REITs products are tax-free, and domestic financial regulators say we are also tax-free. However, before the transaction tax is exempted, the finance department has already collected income tax. This tax exemption is mainly used to distinguish the big and small kings...

Xie Jingxing did not rush to leave after attending the real estate summit at the end of March, as the Boao Forum will also be held in Hainan in April.

He privately met with several senior people in the relevant business for advice, but they all just shook their heads. An MD of UBS Greater China, who had participated in the REITs derivatives research expert group organized by the securities regulatory authorities in his early years, was kind enough to share a few more words, but his words were full of frustration and helplessness.

It was mainly a matter of rate of return and taxation. Xie Jingxing nodded repeatedly after summarizing it. This was too easy to solve.

When a disaster that goes down in human history strikes, the market will use facts to tell real estate bosses that they cannot get bank loans despite low interest rates; it will also tell financial units that while income is important, expenditure is equally significant.

When local governments are unable to afford the maintenance costs of public infrastructure and cry out for money, no matter how powerful a party is, it will be helpless.

And this day will not be far away.

Just a few days after the Boao Forum ended, the China Securities Regulatory Commission, together with urban and rural construction units, issued several notices to promote work related to real estate securitization.

Xie Jingxing was quite excited and in a good mood. He planned to treat the MD of UBS to a meal before going home. It was a very creative talent that could be poached by Yunhe Logistics.

He was happily packing his things in the hotel when the uninvited guest whom he had been avoiding for half a year suddenly showed up.

"HNA can no longer afford to pay the fuel costs for its fleet, and the debt collector from China Aviation Oil is sitting in my office right now. Marshal Xie, please lend me a hand since your father once invested in HNA!"

The chairman of HNA, who was nearly 60 years old, broke into the hotel room, stretched out his hands without saying a word, firmly grasped the arm of the young commander in front of him, and treated him with sincerity and brotherly courtesy, as if the two of them had sworn brotherhood by beheading a chicken and burning yellow paper in Taoyuan in their early years.

Xie Jingxing was so frightened that his heart was trembling. Not to mention that he was not as righteous as Guan Yu, even if Lu Bu rode on Zhao Zilong and bravely drove back Cao Cao's three armies at Changbanpo, he couldn't compare to Hua Tuo's ability to save the world!
Besides, the real Hua Tuo treated Cao Cao, a thief, and died by taking the medicine he was trying out. So what if he was better than Hua Tuo?

Run, run quickly!
Anyone who looked back at the explosion or was knocked down by the aftermath would have been forgiven for not having a head.

Xie Jingxing fled back to the Demon City base camp overnight, took a shower, changed his clothes, and ran to the Baiyun Taoist Temple to burn incense for the Three Pure Ones to get rid of the bad luck of the fatal disaster.

The next day, when I woke up, I saw new news about the funeral promotion on WeChat Moments.

The chairman of a rural commercial bank locked himself in his office and let blood to cure poison, but he died due to excessive blood loss due to poor medical skills. During his lifetime, he had produced star-level performance while serving in a certain position, all of which was due to the super high returns he earned from buying HNA bonds.

This is the third round of inspections covering the entire country in the financial industry since last summer.

The boat only passed the tip of the iceberg, and the mountain shape beneath the water surface suddenly appeared majestic, and the Titanic was about to sink. (End of this chapter)