Zhangjiangko Real Estate Under the cloak of the heart of a venture

In just two months, the two companies listed in the investment company, a meeting, the intensity of the shot, the success rate is high. To the market's surprise, it was not a professional investment company, but a real estate company with a 88% Zhangjiangko (600895, closing price of 9.92).　　What kind of story is behind the success of Zhangjiangko venture? Third-quarter venture cast a succession of "flowering" relying on the geographical advantages of the Yangtze River Delta, Zhangjiangko High-tech Park is already the development of Shanghai Pudong New Area "engine."　　However, in the three quarter of this year let Zhangjiangko go to the spotlight, but the company has only been the development of the sideline: venture. August, the Fine Hall (002462, closing price 24.26 yuan) landed in the SME board, Zhangjiangko held its 25.1486 million shares to 15.72% of the proportion of its second shareholder; September 17, Zhangjiangko shareholding subsidiary Zhang Jianghan Century Venture Capital Co., Ltd. (hereinafter referred to as Zhang Jianghan century) investment in Shanghai Super Sun Solar Technology Co., Ltd. first application was approved and will be listed; September 24, by its wholly-owned subsidiary Shanghai Hao Cheng Venture Capital Co., Ltd.　　(hereinafter referred to as Hao Chong Investment) equity participation in the minimally invasive medical treatment in Hong Kong listed. With minimally invasive medical care yesterday　　(November 12) The closing price of HK $8.19 Zhangjiangko, which held 146 million shares, made the book float more than HK $1.194 billion, and the company's fine Hall, at a closing price of 24.26 Yuan, also reached 610 million yuan, while the company's net profit for the whole year was only 707 million yuan. The daily economic news reporter looked at Zhangjiangko's history and found that it had already started equity investments.　　Data show that the company's direct holdings of Zhangjiang Biomedical Co., Ltd. (Fudan Zhangjiang) in 2002 and then listed in Hong Kong, followed by the 2004 in Hong Kong and the United States listed SMIC, as well as 2007 in the United States Nasdaq listing of the exhibition newsletter, are the successful sample of their equity investment. Zhangjiangko Securities Department manager told reporters that the company initially only "pure" to the quality of the company's equity investment, in 2006, the company put forward to the real estate, to services and High-tech Investment as a supplement to the "one-wing" development direction, the investment formally into the main business. "From the beginning of the venture to the harvest, is a long process, and not overnight."　　So what is the real estate company's secret in terms of VC? Only to invest in familiar enterprises "investment under the nose of the enterprise is the secret!" Mr. Xu told reporters that the Zhangjiang high-tech Park, founded in 1992, is dominated by integrated circuits, software and biomedicine, and has been in rapid development.　　2000 settled enterprises and 5,000 registered enterprises, is the company's choice of investment goals of the rich "Enterprise Library." Take minimally invasive medical treatment as an example. As early as 2000, the company entered the Zhangjiangko vision. Minimally invasive medicine has developed rapidly in several years and has its ownBrand。 In the 2007, Zhangjiangko and minimally invasive medicine began to "become attached", and last year, the company to increase holdings. Today, minimally invasive medical products are well-known medical device brand, its implantable stent products in the domestic market accounted for the first rate.　　The successful listing of minimally invasive medical treatment confirms the correct choice of Zhangjiangko's "only investment familiar enterprise". To this, Century Securities analyst Wang Binqing said, Zhangjiangko to the park's high-quality enterprises in the chest, the more familiar, risk control the better, this is Zhangjiangko unique side.　　In his view, "Industrial real estate leasing +pe Investment" mode, with the successful listing of investment enterprises in the case gradually increased, the company's brand effect will gradually form, which will make the company venture capital business to a higher level. Potential quality investment is quite conceivable so, can profit from investment be reflected in the annual report, so that the company's performance by leaps and bounds? Mr Xu said that it could not be reflected for the time being. First of all, investment such as the Kerry Church is still in the restricted period, this year's report will certainly not have the relevant profits merged.　　After the lifting, some sales or dividends will be incorporated into the profits according to the company's arrangement. Wang Binqing that although the listing of investment companies can not be reflected in the income statement, but the company's access to quality assets is also real visible.　　According to the company's report, its Investment income column clearly stated that the investment income of equity-equity law of the participating companies increased by 56.46 million yuan over the same period last year, which increased by 127.25%, while the current period of the three quarterly increase was 224 million yuan, the growth rate reached 410.58%, and the investment return was abundant. Zhangjiangko's investment in "inventory", how much is the quality of the listed assets? The reporter found that Zhang Jianghan century in the early years to invest 80 million yuan holding million information (wind information) 9% of the shares. Wind information is China's leading financial data, information and software services companies.　　In the domestic market, wind information customers cover more than 80% of the market, internationally, has been approved by the China Securities Regulatory Commission, 60% of qualified foreign institutional investors (QFII) is its customers. According to people close to wind information, wind information has developed rapidly in recent years, the composite growth rate of 200%, is expected to reach revenue of 600 million yuan this year, according to the profit margin of about 40%, net profit can reach more than 200 million yuan, far higher than the listed counterparts. To 240 million yuan net profit, 400 million equity, 50 times times P/E, if the company listed, can have more than 30 yuan/share, Zhang Jianghan century shareholding 9%, the part of the book will have at least 1 billion yuan floating surplus.　　Of course, these people pointed out that because wind information is not publicly available, there are complex factors such as capital increase and expansion of shares and agreements, the specific valuation is difficult to calculate. And the 2011 is expected to be listed in the tripod horizontal shipping, Zhang Jianghan Century 2008 years will be involved in it, to 80 million yuan shareholding 8%. Data show that the company's business set international, domestic chemical waterway transport and chemical vessels, liquefied gas/natural-marine construction as a whole. The target customer is the international famous Lard Company (MajorOil/chemicalcompany), with BASF, Shell, Lucite, Exxon Mobil, Dow Chemical, total and other multinational companies have good relations of cooperation. is operating and management of a total of 14 chemical vessels, the total tonnage of more than 70,000 tons, in the domestic similar enterprises in the three-a-stable.　　The company's top executives have revealed that in the 4 years since its inception, the company's revenue has grown by an average of 360% a year, and its profits have grown 300%, with the industry valuing more than 1 billion yuan. Yuhao in Shanghai is a professional engaged in the production of disposable medical equipment supplies, research and development, sales of transnational group, product exports covering the United States, Germany, Brazil and more than 50 countries, for the national export volume of the same industry first.　　At present, Zhangjiang holds its 9.91 million shares. Related to the listed companies also have Shanghai Digital, Confucianism and competing electronics, star-flying cooling equipment, ding technology and microelectronics and so on.