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Beijing-Shanghai high-speed rail will be listed tomorrow, IPYuanhua. Private enterprises without money need to diversify their borrowing. But in fact, diversification is much harder than doing a business exclusively. For companies that are loyal to diversification, to avoid them in time, the story of LeTV’s “ecosphere” should not be forgotten.
3. Too many related transactions: Related transactions are unreliable major shareholders to hollow out the listed company’s artifacts, and through their affiliated companies let listed companies buy raw materials at high prices or sell company products at low prices. It also directly allows listed companies to make secured loans to their own companies.
Good company and good stock are two different things.
We can look at a company similar to the Beijing-Shanghai high-speed railway. The Guangshen Railway, which went public in 2006.
With investors’ expectations for railway reform and development, Guangshen Railway was listed on A shares on December 3, 2006, becoming the first listed company in China, the United States, and Hong Kong.
Guangzhou-Shenzhen Intercity connects two world-class cities with population scales. It crossed the Pearl River Delta with the most prosperous economy and the most active population flow in China at that time.
Thirteen years ago, the capital market generally believed that the core assets of the Guangzhou-Shenzhen Railway have a natural monopoly attribute and are expected to become a platform for railway passenger asset operations. (How similar to the Beijing-Shanghai high-speed rail)
Guangzhou-Shenzhen Railway IPO has oversubscribed multiples of 35.5 times. However, after 13 years, the K line of the Guangzhou-Shenzhen Railway is like this: 13 years are not zero returns, but negative returns.
Investing should not just analyze the company’s business model and financial performance. It should also make clear the underlying research that affects both. As an individual investor, you must choose companies that wear a pair of pants with small shareholders.
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