The market value of the market for half a month is super Ali Petroleum. What is the company?

Produced ｜ San Yan Finance Author ｜ Doraemon

Less than half a month after listing, the market value exceeds Alibaba, Jingdong, Pinduoduo and other giants. Do you dare to believe it? I am afraid that even the plot of the online novel dare not write like this?

However, such a "magic" thing really happened.

In the past two days, the circle was shocked by this monster stock called "Shangbian Section". As of the closing of the local time on August 2nd, the number of divisions was US $ 1679, an increase of 126.28%, and the total market value reached 310.7 billion US dollars.

At the same time, Alibaba's stock price was reported at $ 92.62, with a total market value of 245.3 billion US dollars;

JD.com's stock price was reported at $ 59.73, with a total market value of 93.283 billion US dollars;

Pinduoduo's stock price reported at $ 48.98, with a total market value of 61.930 billion US dollars;

The stock price of PetroChina was reported at $ 45.54, with a total market value of 83.348 billion US dollars.

Take a look, the unknown of the class has soared in the past few days, and the stock price has soared in the past few days. Now the total market value has not only exceeded Alibaba, but also the elder brother such as PetroChina has been thrown away several streets. If calculated according to the RMB, the market value of the number of divisions has exceeded the trillion mark earlier.

Not long ago, BYD spent 20 years before achieving a trillion -dollar market value breakthrough; this good guy, it will be done for half a month after the number of departments, what is the company?

Li Ka -shing concept stock?

The Shangbo Digital Section was split from Shangbo International in 2019. Shangbo International is currently listed in New York and Singapore. The market value is around 800 million US dollars.

Therefore, before the introduction of Shangbo Division, we must first understand the Shangbo Group.

In 2003, the Shangbang Group was established, and the group was involved in financial services, digital technology, art, culture and entertainment. One of the founding shareholders was Li Jiacheng's Yangtze River Industrial Group and Hutchison Huangpu.

However, the Shangbo Digital Prospects did not disclose its equity structure. Therefore, it is impossible to know how much money can be found from the "stock price myth" from this "stock price myth".

However, currently Li Jiacheng's long -term and indirect relationship with the stills of the Shangbuki Division lacks relevant information.

In 2003, the Shangbo Group was jointly established by Changhe and the Australian Federal Bank to provide financial services.

According to media reports, at the end of 2015, Ji Rui Capital acquired most of the rights and interests of Shangba Group, and the previous management team was replaced. In January 2016, Cai Zhijian was appointed as the chairman of the Shangrae Group.

In addition, in October 2004, it took the insurance solution business; in July 2016, the digital investment business was launched, and then in December 2017, it launched a cobwear ecosystem solution.

In September 2019, the Shangbo Digital Division was established and was a wholly -owned subsidiary of Shangbo Group. In December 2019, it was reorganized and became the digital financial services, the cobweb ecosystem solutions, digital media, content and marketing, and Holding company of digital investment business.

In December 2020, Shangcheng Group signed a repurchase agreement with Ji Rui Capital to repurchase the specific shares that were previously assigned to Lauru Capital; and other shares held by Yurui Capital in Shangcheng Group were It was sold to a third party on the 31st, and since then, Ji Rui Capital is no longer a shareholder of Shangbo Group.

On February 23, 2022, Shangbo International acquired the rights and interests of Shangbuke.

According to the prospectus of the Shangbo Division, the number of shares of the Shangbian Multiplier has issued 97.1%and has 99.9%of the voting rights. After listing, Shangbo International held 88.7%of Shangbo International and 99.4%of voting rights.

Shangbo Group holds 50.6%of Shangbao International's equity, and Shangba Group also holds 32.5%equity by Cai Zhijian's wholly -owned company Infinity Power Investments Limited, and is the largest shareholder of Shangbao Group.

From this point of view, Cai Zhijian is the biggest beneficiary of the current divisions of the shares.

Who is Cai Zhijian?

According to public information, Cai Zhijian was born in August 1978 and graduated from the University of Waterloo, Canada in 2001. He has a bachelor's degree in honorary literature at the university, Ph.D. in honor law, and senior management training for Saide Business School of Oxford University.

Cai Zhijian was one of the earliest groups of Hong Kong people who were engaged in audit services in the Mainland.

From December 2000 to August 2005, he served as senior manager of the Audit Department of Hong Kong and Beijing Office of PricewaterhouseCoopers. During his tenure, Cai Zhijian led or participated in the annual audit of many Chinese and foreign banks in China. Including the audit business of large financial institutions such as Bank of Communications, Bank of China, Minsheng Bank, and JP Morgan Chase China.

From August 2005 to December 2008, Cai Zhijian served as executive director of the Citi Group Investment Banking Department and chief strategic co -officials in China. During the period, Cai Zhijian led the team to complete the CITIC Bank's H -shares IPO, Kuwait Investment Bureau Strategic Enterprise Industrial and Commercial Bank of China, CITIC Bank acquired Hong Kong Jiahua Bank, and Sohu Group's Capital market trading.

From January 2009 to January 2016, Cai Zhijian served as the director of the Hong Kong Enterprise Financing Department of PricewaterhouseCoopers and the director general of the director of the UBS investment banking department.

Since January 2016, Cai Zhijian has served as chairman, president and managing director of the Shangrama Group. It is reported that Cai Zhijian led the equity reorganization of Shangbo Group and introduced strategic shareholders including Morgan Stanley and Tongrui Capital Group. It can be seen that the Shangbian Division is the product of Cai Zhijian after entering the Lord of the Lord. However, Cai Zhijian himself also has some controversial events.

From 2014 to 2015, during his work in UBS, he was investigated by the Hong Kong Securities Regulatory Commission for conflict between interests and information disclosure.

In 2022, the Hong Kong Securities Regulatory Commission issued the "Decision Notice", which ruled that Cai Zhijian had two illegal acts: disclosure and fair treatment, and conflict of interests, and made a penalty decision for two years of banned industry. Since then, Cai Zhijian submitted a review application to ask for a closed door hearing.

The Hong Kong Securities Regulatory Commission rejected its application for closed -door hearing, and the official hearing will be publicly held from December 12th to 16th, 2022.

In addition, Cai Zhijian was accused of financial fraud in 2019, and then his whereabouts began to be low -key. According to Caixin reports, March to April this year, Cai Zhijian suspected to go to Singapore for hiding in debt.

The annual revenue of Shangbo Division does not exceed 200 million Hong Kong dollars

Huili, Jiayu Fund, Cat Eye as shareholders

After talking about the approximate background of the stills, let's take a look at the company's main business related information.

On May 20, 2021, the Shangqi Digital Section submitted a prospectus to the US Securities Regulatory Commission, which is planned to be listed on the New York Stock Exchange.

According to its prospectus, in addition to Shangbo International, the shareholders of the stills also have the shareholders of the Greater Bay Area, one of the largest independent asset management companies in Asia, and the Katan Entertainment Entertainment, and the Jiayu Fund founded by the former Alibaba CEO Wei Zhe Wait.

The company's main revenue comes from four major businesses: digital financial services, athlete web ecosystem solutions, digital media, content and marketing and digital investment.

Among them, digital financial services are mainly through its control entities, investment objects and business partners to provide one -stop cross -market smart digital financial services for retail and corporate customers in Asia.

The cobweb ecosystem solution is to help Asian entrepreneurs and enterprises reach resources and technologies and charge member fees. It is worth mentioning that there are also cooperation with Xiaomi.

At present, the Shangbo Digital Section signed an agreement with its controlling shareholder to empower the Tianxing Bank to use the cobweb ecosystem and support the bank to gradually establish its own ecosystem.

Tiantxing Bank is a virtual bank established by Shangcheng Group and Xiaomi. It has obtained eight virtual bank licenses issued by the Hong Kong HKMA in June 2020.

In terms of digital media, content, and marketing, Digital Media, content and marketing business were launched in May 2020.

In terms of digital investment, Shangbuki Digital Investment directly invested in many innovative technology companies, including Peixing Interactive Technology, Daily Cooking, and Micro -Medicine.

According to the specific financial data, according to the prospectus, the company's fiscal year from 2019 to 2021 and as of February 28, 2022, the revenue of the digital financial service segment was HK $ 8.67 million, HK $ 9.87 million, HK $ 11.72 million and HK $ 10.1 million; the cobweb was The income of the ecosystem solutions is HK $ 5.88 million, HK $ 160 million, HK $ 180 million and HK $ 160 million, respectively;

However, the Shangbian Section mentioned in the prospectus that the ten months as of February 28, 2022 compared with the ten months as of February 28, 2021, the revenue of digital financial services business has been reduced from HK $ 10.4 million to HK $ 10.1 million; profits decreased from HK $ 1.3 million to HK $ 1.1 million.

The income of the cobweb ecosystem solutions increased from HK $ 152 million to HK $ 157.4 million; the profit was stable at HK $ 116.5 million.

In terms of investment, the current multiplication has also made a lot of money.

The prospectus shows that the benefits of the fair value of financial assets admitted through the income statement have boosted the company's net profit performance. The income of the 10 months before fiscal year was HK $ 127 million.

This is mainly because During the During the period, the Division of Division has sold a living platform involving the content -driven style, which confirms the income of HK $ 1307 million. In addition, as of the end of April at the end of April, the Division of Division has also sold an investment involving artificial intelligence technology services to confirm the income of HK $ 55.1 million.

In terms of the company's overall revenue, from fiscal 2019 to 2021, revenue was HK $ RMB HK $ RMB HK $ RMB RMB RMB RMB RMB 167.5 million, and HK $ 195.8 million; the same period of profit was HK $ 22 million, HK $ 158 million, and HK $ 172 million.

In the ten months from May 2021 to February 2022, the company's revenue was HK $ 168 million, with a profit of HK $ 187 million, an increase of 3.8%and 65.5%year -on -year.

Can the stills support its stock price?

From the financial data disclosed by the prospectus, it can be seen that the company's revenue mainly relies on the business of the cobweb ecosystem solution. In recent years, the business revenue accounts for more than 90%of the total revenue.

But even so, the income and profits brought by this business do not exceed 200 million Hong Kong dollars. How can it support the market value of more than 100 billion US dollars?

According to media analysis, on the one hand, the high profitability of the number of families is beneficial to investment income, but in the next period of the global capital market falling into a bear market, whether the number of stills can achieve good investment results, and the company's investment project can be achieved, and the company's investment projects can There are not many inventory, I am afraid that the performance growth cannot be supported in the short term. On the other hand, the various financial data of the Digital Division can be said to be seriously overestimated. The company's revenue and profits are far less than that of Alibaba, but the market value has greatly overtaken, and there is a large bubble.

In addition, there is a point of view that after the IPO, Shangbang International holds 88.7%of Shangbo Technology. This means that the shares of the stills are highly concentrated, making very few shares circulating in the market. Taking the close of August 2 as an example, the transaction volume of the current multiplication was 351,200 shares, and the turnover rate was only 0.19%.

In comparison, as of the close of August 2, Alibaba's transaction volume was 34.43 million shares, with a conversion rate of 1.30%; JD.com's transaction volume was 6.3954 million shares, with a renewal rate of 0.41%; Rate 0.96%.

According to the relevant definition, the higher the turnover rate, the better the stock of the stock, the market is easy, and the transaction is active. share.

Then, from this perspective, the turnover rate of stills is less than 0.2%. It is really weird for a company with a market value of over 300 billion US dollars.

So, how long can the performance of Shangbian Division last?

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