The storm has changed.
01
"clearance-style" retreat
Ali series boss once again became the focus of public opinion.
Just yesterday (September 8), a message spread across the Chinese Internet.
information shows that co-founder of Alibaba Group Cai Chongxin 's family office is quickly withdrawing from the US stock market and is increasingly focusing on the private equity market.
Tsai Chongxin's family office is called Lanchi Capital, founded by Tsai Chongxin and Alexander West in 2004.
is obvious, this is a wealth "back garden" for Cai Chongxin and even Jack Ma .
According to the disclosure of Blue Pool Capital in early 2018, as of the end of 2017, the company held shares in 34 U.S. stock companies worth US$211.5 million.
By the end of March 2021, the company holds shares in more than 30 companies.
But the latest news shows that by the end of June this year, there were only 31 US stock companies held by Lanchi Capital -
1.
This is an asset management company called Blue Owl Capital . Even in the face of this "only seedling", Lanchi Capital's shareholding ratio has dropped from 14% in December last year to 9.8%.
In other words, in the past year or more, Lanchi Capital has sold stocks of more than 30 American listed companies, and has come -
clearance retreat. Among the companies such as
, most of them are well-known technology companies, such as Microsoft , Google parent company Alphabet, Twitter , etc. After
withdrew from the US stock market, where did Lanchi Capital go? The answer is non-listed companies. While clearing the US stock market, Lanchi Capital has invested in more than 10 unlisted startups around the world since the beginning of 2021, covering sports, blockchain, and healthcare.
Investment rounds are relatively scattered, and there are distributions from seed turn to later rounds.
Some time ago, Buffett , Berkshire Hathaway , sold BYD stocks one after another, and continued to increase their holdings of Occupy Oil Company stocks. It was criticized for selling "new energy" and buying "old energy" ”.
Buffett is constantly buying, and the Tsai Chongxin family is constantly selling. Faced with the same US stock market, why did the two bigwigs make completely different choices?
Or, what signal did the Cai Chongxin family smell?
02
The man behind Jack Ma
Before clearing the US technology stock , Cai Chongxin had already made overseas capital layout.
Among them, two large assets have attracted attention from the outside world, one is the NBA team and the other is the Manhattan Apartment.
In April 2018, Cai Chongxin invested more than $1 billion to buy 49% of the NBA Brooklyn Nets.
A year later, Cai Chongxin completed the Nets' 51% stake in $2.35 billion. The price of
directly broke the record of $2 billion set by Ballmer when it acquired Clippers .
Since then, Cai Chongxin has become the only investor of the team with a huge investment of more than 3 billion US dollars and the first Chinese boss of the NBA team.
After taking over the NBA team, Tsai Chongxin bought the Nets' home Barclays Center for more than $700 million.
In addition to buying the team, Cai Chongxin also waved his hand and bought an apartment located in Central Park .
According to previous reports, Blue Pool Capital also bought a high-rise duplex in Manhattan from American billionaire Daniel Ochi , with a total value of US$188 million.
JP Morgan provides it with a mortgage of 30 years with a total of US$71.5 million.
Cai Chongxin can buy overseas because of a "big bet" he many years ago.
Originally, Cai Chongxin represented AB investment company to see if he wanted to invest in Alibaba .
When I went to Hangzhou, I found that Jack Ma didn’t even have a company, only a website that had been running for several months.
After contacting Jack Ma, he decided to do a big vote.
——Resigned from his job of $700,000 and joined Alibaba, which only offered a monthly salary of $50 at the time.
At that time, Cai Chongxin's income was, to use Jack Ma to joke about it: Cai Chongxin could buy more than a dozen Alibabas at that time.
Cai Chongxin’s greatest contribution to Alibaba is financing and listing.
2000, just before and after the Internet bubble burst, the difficulty of financing was unimaginable.
In this situation, Cai Chongxin helped Jack Ma to make important capital increase four times.
not only allows Alibaba to survive the cold winter in the industry, but also takes Alibaba to a higher level every time it increases its capital.
The most noteworthy thing is the second capital increase. This time he received US$420 million in SoftBank Masayoshi Son html.
Most of the outside world only pay attention to the two protagonists, Jack Ma and Masayoshi Son, and often ignores the significant contributions of Tsai Chongxin.
Masayoshi Sun said that it would be $40 million and hold 49% of the shares.
40 million is too tempting, anyone will be in trouble.
Only Cai Chongxin smelled the crisis behind it. With his years of experience in the investment industry, he knew very well -
Once 49% of the equity is transferred, the company's equity will be diluted too much, regardless of the later financing, or the founding of the company. People will have major crises when they control the company.
The company is seeking financing, but the founder was kicked out, so there are not too many miserable cases.
Moreover, I gave up my high salary and came to Hangzhou, and I bet on Jack Ma to a large extent.
The founder was eliminated and it would definitely be harmful to him.
Based on this, Tsai Chongxin persuaded Jack Ma and Masayoshi Son to drop it to US$20 million and subscribe to 34.4% of the shares.
Following this, Cai Chongxin helped Alibaba get a total of US$82 million in investments in SoftBank, Fidelity Investment and GGV.
and assisted Alibaba in acquiring Yahoo China and obtained a $1 billion investment from Yahoo.
Since then, Alibaba’s “Taobao” foundation has been built and has become the leading e-commerce platform in China.
In 2014, Cai Chongxin led Alibaba to go public in the United States. He participated in all aspects of the IPO process, including the design of the company's structure and the selection of underwriters.
More than a year later, Jack Ma commented on Cai Chongxin-
"People like Cai Chongxin cannot be trained within the company, they can only look for it outside the company, but most of the companies are about to go public when they look for it. Their purpose is to prepare for listing. . In the early stage, entrepreneurs have made all the mistakes they should make and paid a heavy price, and some investment mistakes are simply irreversible. "
This is not difficult to explain. Before Alibaba went public, there will be four seats on the board of directors. One of them is Cai Chongxin,
. In Alibaba's partner system, only two are permanent partners, and one is Jack Ma.
Another one is Cai Chongxin.
is different from Jack Ma's frequent appearances. Cai Chongxin is extremely low-key and does not participate in the interview.
Therefore, Tsai Chongxin is also known as the man behind Jack Ma.
03
Behind the clearance
US technology stocks have a significant pullback, which may be the reason for Cai Chongxin's clearance.
On May 18 this year, the US stock market plummeted again, and the S&P 500 index fell 4.04%, the worst single-day performance since June 2020;
Dow Jones fell 3.57%, the largest drop since June 11, 2020 .
This time, the six major technology stocks were most affected -
Apple fell 5.64%;
Tesla fell 6.8%;
Amazon fell 7.16%;
Microsoft fell 4.55%;
Google A fell 3.93%;
Meta fell 5.12%.
According to 21 Caiwenhui, the six major technology stocks evaporated a total of US$453.1 billion.
While the US stock market plummeted, Chinese stocks listed in the US are also staging a "delisting wave".
"Return of Chinese stocks" has also become a hot word in the capital market.
According to incomplete statistics from the International Financial News reporter, as of May 20 this year, Chinese stocks listed in the United States have experienced two waves of large-scale delisting, with more than 170 Chinese stocks listed in the United States delisting.
The delisting of Chinese stocks is one of the microcosm of China-US confrontation, and on the other hand, the stock market turmoil caused by the continued inflation in the United States.
From the perspective of the general environment, the United States' supervision of Chinese stocks has become stricter.
related actions include but are not limited to strengthening the regulatory policies of Chinese stocks listed in the United States, expanding the list of restricted transactions, and implementing the "Foreign Company Accountability Case"...
Following, the number of exits of Chinese stocks listed in the United States will follow the supervision The environment has become stricter, but it has increased.
At present, in order to hedge the turbulent risks of US stocks and to consider their own trading, Chinese stocks generally choose to return to Hong Kong for a second listing, or introduce listing.
It can be foreseen that the tide of return to Hong Kong in China Hong Kong stocks is about to come.
After the epidemic, the United States has expanded its credit many times and tried hard to print money, causing inflation.
Now it’s time to swallow the bitter fruit.
The inflation data in June soared to 9.1%, directly reaching a swelling situation, hitting a 40-year high.
Even though the US dollar had raised rates 43 times in succession, CPI in June not only did not control it, but the inflation rate increased. The signal
is extremely bad.
The horrible aspects of inflation are the depreciation of currency and the soaring price, resulting in a lack of overall confidence and a decline in purchasing power.
It was the end of July that CPI was on a downward trend. The overall inflation rate was 8.5%
CPI was adjusted downward, at the cost of interest rate hikes.
hikes interest rates mean that there is less money in the market and has the greatest impact on the stock market.
Powell has changed his normal state before and expressed his determination to curb inflation by raising interest rates and no longer allowing inflation in the United States to worsen.
One sentence directly scared the US stock market, causing the decline to continue to intensify and shattered the hope of a bull market restart.
According to data observed by CMEFeder , the probability of the Fed raising interest rates by 75 basis points in September has risen to 72%, while the probability of last Friday was only 57%, and the probability of raising interest rates by 50 basis points was 28%. Last week, Five is 43%.
market expects the Federal Reserve to raise interest rates by . heats up, and from the previous moderate interest rate hike, it may turn into violent interest rate hikes.
Rate hikes have a huge impact on US stocks, and technology stocks will be particularly painful.
Cai Chongxin’s clearance is not an isolated case.
According to documents disclosed by SEC, Microsoft's chief financial officer Amy Hood sold a total of 75,351 shares of Microsoft stock at an average price of $259.46 per share, cashing out about $19.55 million.
Microsoft CEO Satya Nadella also sold over $14 million of its own stock.
04
Conclusion
In the market, it has been circulating that the relationship between Big A and the US stock market is to follow the decline but not the rise.
, since May this year, Big A has rarely seen an independent market.
When the Federal Reserve announced a 75 basis point rate hike, it caused pressure on global stock markets, the Shanghai Composite Index stood at 3300 points.
Big A can stand out in the depression of the global market, which fully demonstrates that Chinese assets are recognized by global investors.
Chinese companies no longer follow the lead in listing in the United States, and gradually return to A, return to Hong Kong, or go to Europe. Behind the series of signals of
, a financial game is slowly unfolding.
