The Son of Finance of the Great Age Chapter 235

  Chapter 235 Relisted

"According to your logic, as long as we look at the forward positions of Thai banks in Singapore and other markets, we can estimate how much money BOT has consumed?" After hearing Harvey's guess, everyone gasped. I can't believe what Harvey said is true. On the contrary, Julian Robertson was the calmest, only surprised for a moment before asking the key to the matter.

Some time ago, officials of the International Monetary Fund just visited Thailand. During the visit, Thailand announced in a high-profile way that there are still up to 30 billion US dollars in foreign exchange reserves to defend the Thai baht. Naturally, the IMF officials did not doubt him. After returning to the United States, they also submitted A report stating that Thailand does not need to consider aid for the time being.

  After hearing the news, many capitals who attacked the Thai baht stopped. Of course, they believed the judgment from the IMF. Moreover, with their current capital scale, it is difficult to shake tens of billions of dollars of foreign exchange reserves in the short term.

   And now all of this has turned into an "empty city plan" in Harvey's mouth, which of course caused a great shock to almost all the senior management of Tiger Fund. They would never have thought that officials of a country's central bank would lie to the outside world, and it was a big lie.

   To check whether the BOT is lying, you need to check the forward position of the BOT in the foreign exchange market. Under the free floating interest rate system, a country's central bank cannot easily intervene in currency fluctuations in the foreign exchange market, and naturally it cannot actively participate in operations in the foreign exchange futures market. Although the Thai baht is not a free-floating currency, it is impossible for BOT to operate directly in the forward market, and it can only be operated through the accounts of other commercial banks.

  Naturally, BOT will not operate through foreign exchange banks, but only through local banks in the territory. The positions of these forward contracts of local banks dare not not be presented on the balance sheet, because most of them are listed companies and need to disclose their financial status to the public on a regular basis.

  After hearing Julian Robertson's rhetorical question, Harvey thought for a while, and then nodded emphatically after a long time.

"Then it's up to you!" Julian Robertson said immediately, his tone full of doubts, "In addition, until the results of the investigation come out, our position in the Thai baht will remain unchanged. Not only will it remain unchanged, we will also To consider the possibility of continued increase, funds will be withdrawn from the national bond market.”

Investing in treasury bonds is one of the safest ways to invest, so most hedge funds have bet heavily on the treasury bond market, and with good liquidity, so when the fund needs to use a large amount of funds, it can also be the first time appropriate funds were raised.

  Julian Robertson's final decision undoubtedly set a final conclusion for this meeting. After Julian Robertson's voice fell, everyone got up and left one after another, and began to prepare for the next stage of attacking the baht.

"Zhong Sheng, do we still want to short the Thai baht?" Although he didn't understand why Zhong Shi didn't make the slightest move in this operation, Andrew knew very well that Zhong Shi had borrowed 13 billion baht in January. Loans, this part of the funds have been continuously lent out in the inter-bank dismantling market, earning a little bit of interest.

   "Uh..." Zhong Shi turned his face and looked at Andrew with a half-smile, "Don't even the famous people in the financial circle understand?"

Andrew's face turned red, and then he retorted with some dissatisfaction: "Didn't you ask me to say that? Now it seems that your judgment is indeed correct. But I still don't understand why you still don't Holding these baht, is it possible that you really plan to invest in Thailand?"

"Thailand? Heh, how is it possible? With this money, I might as well invest in the mainland. The return on investment in China is extremely high now. Don't you see that the Hong Kong stock market is now very enthusiastic about the factors in the mainland?" Zhong Shi sneered slightly, his tone full of disdain.

  At this time, Hong Kong is in the "prosperity" stage where the fire is cooking oil and the flowers are blooming. The Hang Seng Index is between 14,000 and 15,000, and the stocks of red-chip state-owned enterprises are extremely red. The capital market is so crazy that if any third- and fourth-tier junk stocks get news of being acquired by a red-chip company, regardless of whether the news is true or not, the crazy shareholders will immediately push up these stock prices by 100% to 200% on the same day. increase.

   At the same time, almost 70% of the stocks that rise in the Hang Seng Index (Dragon and Tiger List) every day are red-chip state-owned enterprises. With the surge in the trading volume of these red-chip state-owned enterprise stocks, the demand for relevant analysts has also increased rapidly, and even the annual salary of the best among them will increase by three or four times, reaching the level of a senior analyst at Tianyu Fund.

  Although the market is so crazy, the entire Tianyu Fund generally has an extremely calm attitude towards this kind of frenzy. They don't take this kind of pursuit seriously, and even think it is a false prosperity. And its Hong Kong fund has begun to aggressively reduce its holdings of Hong Kong stocks, and has increased the positions of many bearish futures and warrants.

  This is related to the general environment in which Hong Kong is facing the reunification, and also benefited from the strong economic growth data in the Mainland. In the past few years, under the management of Zhuge Guan, the mainland's economy has become more market-oriented, various reform and opening-up measures have been implemented in an orderly manner, and investment promotion has gradually become the top priority of various local governments. In this general environment, companies with domestic capital background listed in Hong Kong have become the favorites of capital.

"Then when will we return these bahts?" Seeing that Zhongshi had no intention of investing or reducing holdings, Andrew naturally thought that Zhongshi might choose to repay the loan after the loan expired instead of choosing to extend the loan Class operation.

Zhong Shi shook his head, denied Andrew's idea, and slowly said in Andrew's puzzled eyes: "We will not repay at this exchange rate level, so we will only lose interest in vain. I plan to exchange this part of Thai baht in the near future into US dollars, and then replenish it when the Thai baht falls.”

"Sure enough!" Andrew murmured to himself, and then came back to his senses, and asked inexplicably, "Then why didn't we sell it some time ago? If we sold it in time at that time, I am afraid that the Thai baht has already been sold. Free floating!"

  It is now June 6th, and it has been a week since Thailand announced its successful defense of the baht. But Zhong Shi knew that behind this seemingly calm, there was an undercurrent brewing that was about to shock the whole world.

"No, we can't do this." Zhong Shi shook his head and calmly analyzed, "Our foundation is in Hong Kong, which is too close to Southeast Asia, so we must always consider political influence. Those capitals far away in the United States may There's no way, but we can't."

   "Moreover, the most important thing is that they have already consumed a large amount of US dollar foreign exchange in Thailand. Now, I am afraid that there is not much US dollar funds for them to squander. Now, it is up to us to complete the final blow!"

When he said this, Zhong Shi looked at the busy hall of the Hong Kong Stock Exchange. The traders were all dressed and ready to start their day's work. No one noticed the existence of him and Andrew, and naturally they would not hear their discussion Attacking a country's foreign exchange system.

  Even if someone notices, they will only think that they are chatting. The traders on the floor have seen a lot about the nervousness of the executives of these listed companies before the listing, and no one will pay too much attention.

  This is the hall of the Hong Kong Stock Exchange. When the market opens, Zhong Yi will ring the opening bell together with other Huade Real Estate executives. This is the practice of the exchange, which means that listed companies will have a good start here.

  The re-listing of Huade Real Estate has attracted the attention of the entire Hong Kong capital market. In January 1997, Zhong Shi began to contact investment banks frequently. In the end, Macquarie Investment Bank, with an underwriting fee of 4.9%, came out on top and won this large order with a total financing amount of 7 billion Hong Kong dollars. Although the underwriting fee rate of Morgan Stanley Hong Kong was lower, it was flatly rejected by Zhong Shi because of Zhong Yi's relationship.

Originally, Zhong Shi didn't intend to let Tianyu Fund enter the foundation investors because of the interest relationship, but later he liked to return from the United States, so he changed his mind and put Skyline Financial Company in the ranks of foundation investors Part of the share is in Zhong Xiaohui's name. Zhong Xiaohui, who was completely unaware, didn't notice at all, and she became a super rich with a net worth of more than one billion Hong Kong dollars without knowing it.

  With the existence of Tianyu Company Hong Kong Fund, when Macquarie Investment Bank finally set the issue price, it wanted to play its usual tricks, but it was easily spotted by Zhong Yi. In the end, Macquarie Bank could only raise the issue price in desperation, and finally set the new share price at 20 Hong Kong dollars per share.

Investment banks are like this. Their relationship with funds is much closer than that of listed companies. Therefore, although the investment banking department hopes that the issuance price should be as high as possible, the sales department hopes to lower the issuance price and leave it to the basic investment. A part of the profits of the latter creates a contradiction. This is also the underlying reason why a well-known online bookseller in later generations had a falling out with the underwriter shortly after it went public.

  Zhong Shi put Tianyu Company Hong Kong Fund in the list of fundamental investors just to prevent investment banks from playing tricks. Sure enough, after Macquarie's trick was seen through, the final issue price was much higher than the previous quotation, which also made Huade Real Estate enter the ranks of tens of billions of large groups in one fell swoop.

   After relisting, Huade Real Estate was also included in the constituent stocks of the Hang Seng Index. If such a behemoth cannot be placed among the constituent stocks, the Hang Seng Index may be questioned by the market as to its rationality. As for Huade Real Estate, it reserved part of the shares for the Hong Kong Stock Exchange according to the weighted ratio.

  After the re-arrangement, Zhong Yi will serve as the chairman of the board of directors of Huade Real Estate, and together with Zhong Xiaohui and Tianyu Hong Kong Fund, will become the three largest shareholders holding more than 50% of the total. According to this arrangement, after the re-listing, Huade Real Estate is still firmly in the hands of Zhongshi, and it also prevents him from showing his face.

  Although he felt that something was wrong, Andrew couldn't find a reason to refute it for a while, so he could only follow Zhong Shi's gaze and look at the trading hall where people came and went, silently considering the possibility of attacking the Thai baht in his heart.

   "Dangdang—" At ten o'clock in the morning, at the opening time, Zhong Yi with a red face and several other high-ranking officials rang the opening bell for the day under the instruction of the staff. As the bell rang, the entire trading hall burst into warm applause.

   Tomb-sweeping Day is so deserted...I hope everyone can support me a lot, thank you~

  (end of this chapter)

Chapter end