As a well-known financial company in China, although Shengxin Capital is not as terrifying as Sequoia and Hillhouse, it still owns a 36-story headquarters building in Dongpu, Donghai.

at this time.

In the large conference hall on the 23rd floor of Shengxin Donghai Headquarters, elites from branches from all over the country gathered together, with about fifty people.

Deng He and Zhou Junchu are among them.

"I didn't expect that Zhang always looks younger than in the photo."

Looking at the man who was present, like most of the people present, Zhou Junchu's eyes showed unconcealed yearning and admiration.

Zhang Yanqing.

Shengxin Capital CEO.

He is only thirty-eight years old this year.

Confident and elegant, he exudes the strong charm of a mature man all over his body.

The ring finger of his left hand was wearing a conspicuous diamond ring, but this did not affect the light cast in the eyes of some female staff members on the scene.

Women's feelings have always been born out of looking up to them.

Men like him are indeed fatal attraction to women.

"When everyone can come here, they are all outstanding talents from various branches, and they must be quite familiar with the business part."

Zhang Yanqing smiled and said like a spring breeze: "Today, we won't talk about anything else. I want to ask you a question. What is your biggest gain when you enter Shengxin Capital?"

As the words come to the ground, everyone looks at me and I look at you.

Those who can survive in the financial industry will not have low IQ. If they can break through the siege and come here, they will naturally be the best among smart people.

Everyone understands that if they can leave an impression in front of Mr. Zhang, it will definitely be of great help to their career future.

"The biggest gain I have brought to me by entering Shengxin Capital is that I am afraid I will never be deceived in money-related matters in my life."

A female employee mustered up the courage to get up and speak first.

According to the self-introduction just now, she comes from Northeast Hacheng Branch.

The audience burst into laughter.

certainly.

All are kind laughter.

"Your name is Cai Juan, right?"

Zhang Yanqing looked at her with a smile.

Seeing that Ceo actually remembered herself, Cai Juan was extremely excited, her face turned red, and she nodded vigorously.

"Yes, Mr. Zhang, I don't study finance, but after three years of entering the company, I have really learned a lot. Studying finance may not make us richer, but it can help us avoid being deceived as much as possible."

Zhang Yanqing nodded and signaled her to sit down.

"Cai Juan is right. Basically, in college finance classes, they will regard what she said as the first lesson."

More than fifty people here, and everyone just introduced themselves, but he was able to remember Cai Juan's name. Invisibly, his high-ranking ceo brought him a distance from these employees, and he was more affinity in the hearts of these employees.

This is leadership learning.

"Is anyone else trying to say something?"

Zhou Junchu, who was ready to move, finally couldn't help but stand up immediately afterwards.

"Hello, Mr. Zhang, I am Zhou Junchu from Rongcheng Branch."

Zhang Yanqing nodded and signaled him to speak.

Zhou Junchu, who had been preparing for a day in the hotel, took a breath in secret.

"After entering the company, there are three things I have learned or felt the most deeply."

He said slowly: "1. Capital is profit-seeking, and there must be arbitrage where there are price differences. Second, capital needs to tell stories, and business models need market verification. Third, the economy is cyclical and the industry is cyclical."

Zhang Yanqing's eyes showed an interest.

Seeing this, Zhou Junchu seemed to be inspired and his voice became more steady and powerful.

"I am different from my colleague Cai Juan just now. I am from an undergraduate finance class. After graduating from graduate school, I joined the Rongcheng branch and currently serve as an investment analyst. It has been two years since then. It is not until now that I understand what the professors said when I was studying: Capital is profit-seeking. When I switched from the perspective of ordinary people to the perspective of investors, I saw two different worlds."

Everyone began to become focused.

"Taking education and commercial real estate as an example, I have come into contact with many listed education companies, namely opening schools, an ordinary person or a parent. Of course, they hope that the lower the tuition, the better, and the lower the student-teacher ratio, the better. However, from the perspective of school organizers and investors, we hope that they can increase tuition fees every year at a higher level than their peers. We pay attention to how many more places the school can add to each year, how many dormitories can be expanded every year, how many more land can be bought and how many schools can be built in the next two or three years, so as to provide a valuation model for enterprises, which not only looks at endogenous growth but also looks at the potential of extension."

"For commercial real estate, we pay attention to the rental level and occupancy rate of operators. Some time ago, I participated in a performance meeting of listed real estate trusts. Investors are most concerned about how much rent can increase in the company's office buildings this year. The management told the investors sitting below that their office buildings in a first-tier city are already the highest in the city. They will continue to optimize the merchant structure and the rent level will continue to rise. From the perspective of merchants, of course, they hope that the lower the rent, the better, but from the perspective of capitalists, they hope that the company's rent will increase and the company's performance will increase."

"From this perspective, capitalists and the people are always opposite, capital is profit-seeking, bloody, and has no sympathy."

"Capital needs to tell stories, and business models need to be verified by the market. This is feasible for non-listed companies and is also feasible for listed companies. We regard shared bicycles as an example in the primary market. Shared bicycles first appeared on campus in 2014. At first, it was a bicycle for students to share and use, but later it was gradually introduced to the market and became popular in the entire capital market in 2016."

"At that time, the story that entrepreneurs told investors was: shared bicycles were the best tool to solve the last kilometer, and there was a huge market in China to explore. At that time, entrepreneurs told stories to capitalists. Early venture capital such as Sands Venture Capital, Idg, and Sequoia... After they entered, they kept telling stories about shared bicycles, and told the whole story (bubble) became bigger and bigger. In 2018, when shared bicycles went bankrupt one after another and first-tier cities restricted the number of shared bicycles, shared bicycles gradually walked down from the altar. From the trend of being popular to the random pile of waste."

"Shared bicycles have become the biggest bubble in the capital market in 2018. Looking back at the entire development of shared bicycles, it is not difficult to find that at the beginning of the story, entrepreneurs packaged the story first and told it to investors. After investors enter the market, don't worry about whether the final business model will work. Everyone will understand the package and then talk about it."

Zhou Junchu was full of eloquence and eloquence.
Chapter completed!