Wang Shi’s spring is here, will China’s barbarians come to an end?

Since 2015, China’s capital market has been in turmoil, with stock market crashes and circuit breaker events happening constantly. The most worrying thing is undoubtedly the full-scale advance of the barbarians at the door. On the cusp of this barbarian attack, the most depressing person is undoubtedly Vanke, the giant in China's real estate market, and the most troubled person is undoubtedly Vanke's leader Wang Shi

1. Major changes in the Vanke dispute

Starting from July 10, 2015, Baoneng raised its flag to Vanke for the first time, breaking the 21-year calm since Junan Securities raised its flag to Vanke in 1994. The era of capital bloodbath of Vanke has officially arrived. For more than a year, During the period, major groups such as Baoneng, China Resources, Anbang, and Shenzhen Railway Group took turns to fight, and various capital acquisitions and anti-takeovers took turns to compete on the battlefield of Vanke, bringing a far-reaching impact to everyone. Capital drama.

Until recently, it seemed that the drama was finally coming to an end. On January 13, when the Lunar New Year was about to come, at 0:36 in the morning, Wang Shi, the head of Vanke, issued a message that was enough to A circle of friends that shocked the world: “When you suddenly see an eye-catching bright yellow and a cluster of green leaves in a dark environment, you suddenly forget the bleakness and withering of the cold. Spring is not far away. ”

What exactly is Vanke’s spring? Before and after Vanke’s equity war, an important name has been flashing in major financial media. This name is China Resources. As one of Vanke’s largest shareholders, China Resources’ attitude has always determined the trend of Vanke’s capital war. However, this Everything came to an end on January 12, when China Resources issued an announcement announcing that it would transfer all its shares in Vanke to Shenzhen Metro, marking the official withdrawal of the largest capital party from Vanke's capital drama. Then we saw an interesting scene:

On January 13, China Evergrande directly stated that it had no intention to increase its holdings in Vanke. Caixin even commented that Evergrande had reported to the Shenzhen Municipal Committee The city government has stated that it will not increase or control Vanke and is willing to transfer its shares in Vanke to Shenzhen Metro.

On the evening of January 13, Vanke's largest shareholder "Baoneng Group" issued a statement, welcoming Shenzhen Metro's investment in Vanke and willing to work together for the development of Shenzhen and Vanke. Baoneng is optimistic about Vanke and, as a financial investor, supports the healthy and stable development of Vanke.

Looking at the statements from all parties involved in the fight, it finally felt like the dust had settled, and it seemed that the story was finally coming to an end.

2. Who is the winner in Vanke’s defense battle?

Now that Vanke’s defense battle is about to come to an end and has entered the final stage, we might as well talk about who won?

Is it Wang Shi?

As the founder of Vanke and a professional manager, Wang Shi is not the owner of Vanke, but he is the well-deserved spiritual leader of Vanke. So in this battle to defend Vanke, let’s use Wang Shi to represent Vanke. On the surface, Wang Shi had the last laugh. Indeed, he persisted to the end and did not fail. Vanke’s founder’s values ??were preserved. In Wang Shi’s view, Vanke’s honor, dignity, and value Judging from that circle of friends, Wang Shi should be very happy, at least on paper Wang Shi won. Speaking of this, the author couldn't help but think of Mr. Jin Yong's Seven Injury Boxing Technique. With each level of this boxing skill, one's own internal organs will suffer an additional layer of damage. The so-called Seven Injuries actually mean hurting oneself first and then the enemy. Obviously, Wang Shi won miserably. He was bruised and bruised, and finally achieved a tragic victory by injuring himself and others. However, for Vanke, this tossing can be said to be very painful for the company.

Is it China Resources?

As China's oldest state-owned enterprise, China Resources' position in China's state-owned enterprises can be said to be true. However, such a big brother of a state-owned enterprise is looking left and right in this battle for Vanke. It seems that every step They are all making choices and speculating, but as a result of speculation, Vanke was lost. After all, as the leader of China's real estate, Vanke is an extremely high-quality investment target, a highly valuable high-quality asset, and is even called the money printing machine of China's real estate. .

Maybe China Resources itself doesn't care about Vanke's ownership, but for a company that doesn't care about 40 billion in revenue, it has lost a high-quality asset that can appreciate in value and got back a sum of cash that is of little use. For China Resources, this deal is Not a good deal. During the entire incident, China Resources' reputational losses may exceed its material losses

So is it Baoneng?

Obviously not. Baoneng can be said to be a powerful representative of China’s insurance capital. Insurance companies that have always been low-key have experienced a big explosion under the leadership of Baoneng. During the capital struggle last year, , Baoneng used leverage, played a barbarian invasion, bloodbathed the management of CSG A, and taught the Chinese capital market a good lesson. It can be said that it is unparalleled in the limelight. However, it has always been said that the style of Guangdong enterprises, especially those in Chaoshan, is to "make money by being friendly and making a fortune silently". However, the Baoneng Department really cannot meet this standard. It is too high-profile, too confident, and too determined to pursue its own goals. It wants to take advantage of the gaps in supervision to achieve its own goals, but the final result will still be to shoot itself in the foot, although it failed to achieve its goals. , fortunately it landed smoothly.

Of course, this is not Evergrande. Although Evergrande has used the dispute with Vanke to realize its large-scale backdoor listing, its Evergrande Life Insurance can be said to be the same as Baoneng, and it has not been able to occupy too much. benefits.

In this way, in comparison, in this Vanke dispute, none of the parties became the final winner, and everything could only return to calm.

3. Capital Market Education Cases of Significance

After analysis by several parties, there is no winner in this Vanke defense battle, but the biggest beneficiary is not the parties who end up gambling. But everyone watching from the sidelines. For a long time, China's capital market has been peaceful, and a large number of blue-chip stocks have grown randomly in the market. I have always thought that the capital market is an ATM where you can come and go whenever you want. When you have no money, go to the market to circle some money, and then you can No matter whether investors live or die. This is because during the long-term development of China's capital market, there has been a lack of some truly powerful investors in the market, which ultimately resulted in the rights of shareholders not being properly taken into account. The function of the price discovery mechanism in the capital market was not demonstrated, and it became purely a corporate function. It’s just a money trap

However, the real effect of Vanke’s defense is that it successfully awakened these sleeping companies. The power of capital could not do anything before just because there was no strong capital market participant. The emergence of Baoneng and Evergrande represents not themselves, but the emergence of capital market participants. Companies that do not pay attention to market dividends, shareholding structures, and investor interests must wake up, although the power of a single investor is not great. , is not worthy of their attention. No company can despise the market or ignore the needs of investors. Once they defy the market, the market will eventually give them a loud slap in the face.

Vanke’s defense war will eventually come to an end, but its educational significance to the market far exceeds the victory or defeat of all parties. A new era has arrived in China’s capital market, and we would like to thank Vanke’s defense war for its contribution. Dear participants, you have taught the market a good lesson.

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