129756501054531250_190International capital markets is the hottest topic of discussion recently is FaceBook listing, valuations are expected to be over hundreds of billions of dollars. We looked in his prospectus, its total assets of only 6.3 billion, of which only 1.4 billion in fixed assets, only little more than account for the value of 1%. FaceBook's value, mainly in what? Not touchPlace, intangible value can support such a large market capitalisation, which is light charms of assets. Recommended reading appearing 6 times new shares of the Fund Annual Report Manager cargo base into the main battlefield of the 108 women executives change Hong Kong Hui flood fund compulsory acquisition of Kim won-KBC 49% equity funds and monthly 3rd daily analysis reports the latest fundsSuch light speed query asset of the company there are many, abroad, such as Apple, Google, Coca Cola, domestic Baidu, Tencent, Changyu and so on, these companies are also favored by the capital market, brings considerable returns for our shareholders. Past, the engine too much reliance on investment-led growth of the economy, business is too much reliance on fixed assets investmentInto the. Now, China has not the lack of capital, fixed assets not only build a strong barrier of the great, but in technology development in a rapidly changing market environment increasingly become a burden.
����We believe that, in the context of economic restructuring, business to sustainable development, should rely more on light assets model. Light assets at home is still a new term, in fact, PakistanBuffett on the general meeting of shareholders of 2011, pointed out that the on light assets the company's favor. He likes and to hold those companies, including Coca Cola, poems, candy, Gillette, none is not a lighter asset model. Pakistani old pointed out to us the future direction of development, especially in the context of inflation, people who have substantial inventory and accounts receivable assets will become shortLacking attraction
tera power leveling, enthusiasm for those who need a large amount of capital from capital markets industry gradually reduced, more and more biased towards companies that hold less capital. In contrast, excellent light assets can often maintain a high margin, substantial profits
tera power leveling, fluctuations in the proactive, develop faster than similar enterprises, thereby creating value for investors. We believe that enterpriseBranding, cohesive, selling consumer models of innovation and cost control of core competitiveness of enterprises constitutes a moat.
����Said to some extent, light asset of the enterprise is the enterprise key "moat" asset light advantages more obvious, the more wide moat, the more attractive to investment. It is also, need to continue to rely on fixed asset investment to sustain growth companies, Maybe the size of the company is more and more big, but really can create benefits for shareholders is very limited, or even destroy shareholder wealth.
����In the capital markets
tera power leveling, we are not just looking for ways to grow larger and larger companies, but can find could be sustained for a return to shareholders of the company, asset light company has a comparative advantage in shareholder return. As a public-fund, We have to look for is who has a wide "moat", can bring sustainable returns for our shareholders in excellent company, Apple, Coca Cola is to dig out China and FaceBook. At present, China has first had some of these companies on the capital market, and believe in the future of capital markets must also be the rise of a number of such enterprises.
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