Author: Banlou Yaofeng

The private equity investment cycle is generally 3 to 5 years, and the longer period can even be 10 years. Qu Li's investment in Xiangjiang was originally 150 million US dollars obtained through mortgage loans. When he was long on international crude oil, he earned 600 million US dollars, a total of 750 million US dollars.

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Among them, 60 million bought crude oil short options and transferred them to the Vision Fund. Another 690 million was invested in Xiangjiang Company in Xiangjiang, and 500 million soft currency was invested in domestic companies. Due to compliance issues, these funds cannot be withdrawn in the short term.

Not coming out unless the share is transferred to someone else.

So how much money does Qu Li have? 5,000 US dollars in short options on the three major stock indexes and US stocks, 60 million US dollars in crude oil short options, 350 million US dollars in Japanese yen and euro deposits, and 150 million US dollars in loans. Sun Jianhe has 57 million US dollars.

It acquired 15 million shares of Spreadtrum Communications, invested $10 million in Riot Games, and invested $200 million in leveraged shorting of U.S. stocks (Lehman Brothers, etc.).

Domestic soft sister currency is 3.05 billion. In June, BYD added 50 million shares and locked them for 18 months, which cost 440 million. When the stock price fell in August, it bought 50 million shares at a price of HK$8 through block transactions, which cost 400 million Hong Kong dollars.

The soft sister currency is 350 million but there is no lock-up period. 1.17 billion was used to acquire Jumei shares, and after interest income is included, there is still 600 million left.

At the end of the day, Vision Vision had a total of $5.5 in cash plus $150 million in debt, about 600 million U.S. dollars in soft currency, plus $60 million in short options on international crude oil, and $5,000 in short positions on the three major stock indexes and Fannie and Freddie, AIG, and Citigroup.

Options. Other assets include about 1% of Facebook, 15% of Twitter, 35% of Riot Games, 1.5 million US dollars of investment in Youku, and 15% of Xiangcai Securities.

"Should we acquire Xiangcai Securities?"

"I have already acquired 20% of the shares of Xiangcai Securities, and the price is 650 million." Sun Jianhe reported to Qu Li that although there was obstruction from Huxiang's top management, he could not stop the panic caused by the financial crisis and still lacked money.

There are always people willing to cash out. "If the Huxiang government is ignored, we can increase our shareholding ratio to 60%."

"Don't irritate them. After all, we need long-term cooperation." Qu Li interrupted Sun Jianhe. In the past few years, the court was short of money. Super rich people like Li Bancheng could dictate matters in the country, and multi-millionaires could roam around the city. The current situation

Reversal, the corrupt officials in the jail with tens of millions of assets are considered poor.

"A securities company is a large financial operation platform." Sun Jianhe seemed to have heard that Qu Li did not want to acquire Xiangcai Securities.

"I~~" Qu Li wants to find a partner, but he is an Internet high-tech person, and Honor Jumei is not really successful yet. At this time, he changes his career to finance. What will others think? Hunan Province responds to Qu Li's acquisition of Xiangcai

The obstruction of securities may not be due to concerns about his ability and energy.

"What's the purpose of acquiring Xiangcai?" Qu Li had previously intended to acquire Xiangcai. Part of the reason was for Zhang Yiwen's consideration, and also for the future needs of Jupay. Now something has happened to Zhang Yiwen, which he can't grasp, and things naturally become

It's complicated.

"Forget it, let's continue with the acquisition, but after the acquisition, we must insist on digital transformation and wealth management. I will help then..." Qu Li thought that Jumei's third-party sellers now have supply chain finance needs.

"Then we can only wait until Lehman's matter comes to an end..."

"Then just wait, we still have a lot to do, and Spreadtrum is also very important."

"The price charged by Texas Instruments is too high..."

"Then just wait, Lehman goes bankrupt or is acquired, AIG, Citigroup, Fannie and Freddie, and General Motors, there will always be a result..." Qu Li thought, and was convinced of this: "Power batteries and nickel-cobalt

Does Lithium have any ideas?”

"Power batteries are more difficult. Nickel ores are mainly divided into nickel sulfide and laterite nickel. Nickel sulfide ore is high-cost and is mainly distributed in South Africa, Canada and Russia; laterite nickel ore is mainly distributed in Indonesia, Australia and the Philippines..."

"Cobalt mines are mainly distributed in Congo, and 73% of lithium resources are distributed in North and South America. In terms of countries, they mainly include Bolivia, Chile and Argentina, the United States, Australia and China..."

"There is no leading company in nickel mines. There is a company called Huayou Cobalt in Zhejiang Province, there is Ganfeng Lithium in lithium mines, and there is a lithium mining company in Australia called Talison that acquired the world's largest Greenbushes lithium concentrate..."

"We are now investing in Huayou Cobalt and Ganfeng Lithium to support their development, and will cooperate with them after establishing power battery companies to ensure supply..."

"I think even if the pure electric vehicle industry can develop, it will take more than ten years. There is no need for us to start the layout so early..." Sun Jianhe felt that it was too much for Qu Li to lay out the entire industry chain at this time.

In line with investment logic.

"This is the difference in our thinking. You think in terms of finance, I think in industry. Assuming that pure electric vehicles can replace fossil fuel vehicles, is nickel, cobalt and lithium considered a new era of petroleum resources? Does it have strategic value? We are investing now

"If you fail in the end, how much will you lose? Once you succeed and win the bet, what will be your gain?" Qu Li didn't get angry either.

"I understand, and I will strictly implement it." Sun Jianhe took a deep breath. Is this the overall pattern of entrepreneurs?

"The nickel ore industry still needs to find a partner. The cost of developing laterite resources in Indonesia is the lowest; for lithium ores, Australia has a better market environment..."

"Australia?" Qu Li remembered that he invested in FMG, the world's fourth largest iron ore company, last year. He bought more than one yuan per dollar, which rose to more than 11 yuan last month. If he hadn't been worried about the depreciation of the Australian dollar, he would have really wanted to go short. Crude oil prices

With everything collapsing, how can iron ore maintain high prices?

Of course, this is important. As one of the Five Eyes Alliance, Australia has learned what Lafayette is good at: measuring Australia's material resources and marrying the favor of the United States. There will be no small conflicts in the future. So if you can transport some resources from Australia back to China, then try to transport as much as possible.

Come back. Australian capital can flow freely, and it is enough to run away half a year in advance.

"Well, I also discovered one thing. There is a university in China that can become the Huangpu Military Academy of the lithium battery industry. The core teams of a large number of battery companies come from this university."

"Tsinghua University or Peking University?"

"No, it's Central South University in Hunan Province. BYD's Mr. Wang graduated from this university, and Professor Ouyang Gao, the director of the National New Energy Vehicle Task Force..."

"So what battery companies are there in Hunan Province?"

"...it seems like there really isn't..."

Is Hunan Province unable to retain talents, or does it not have an environment for business growth?

If you want to make money, then investing in CATL is the best choice. For example, Pei Hua from Ningbo Lianchuang, their largest shareholder, met Lever who worked at CATL when he was studying at China Europe Business School in 2014.

Due to national policy restrictions, CATL had to change from foreign investment to domestic investment, so Pei Hua had the opportunity to take over the 15% share transferred by ATL for 89 million yuan. A few years later, CATL's market value exceeded 1 trillion, and his shareholding ratio dropped to

7.75%, the market value of this part of the stock is as high as 77.5 billion yuan.

If Qu Li is reborn a few years later, he might be able to seize Pei Hua's opportunity. This is a win, comrades! If anyone is reborn, don't forget to attend EMBA training and seize this opportunity...

It's a pity that the business ideas are different. Like Samsung Group and BYD, only by integrating the upstream and downstream industrial chains can they maintain their competitive advantage. Therefore, having a power battery company of his own is imperative for Qu Li who wants to build a car.

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Chapter completed!