$SEAZEN(01030.HK) Thoughts on ZhiPu's 4.19 property purchase announcement: @SnowlinTeahouse: $ZhiPu(02513)$ The story behind this announcement makes me quite emotional. This essentially discloses an office building transaction. ZhiPu spent 360 million yuan to buy a standalone office building in the Zhongguancun Science Park, with an average unit price of about 16,000 yuan per square meter. This building is for commercial/office use, without the many industrial constraints of research-oriented buildings. For ZhiPu, this price is obviously a very good deal.

However, what I'm more concerned about is the counterparty in this transaction, Anshi Asset. Anshi Asset is a real estate asset management company jointly established by former DTZ Greater China Chairman Zhang Guozheng and GLP after his departure. This building was precisely what he bought from Sino-Ocean Group for 850 million yuan in March 2021. At that time, given its location, price, and the scarcity of its property rights, it would have been very difficult to secure without Chairman Zhang's connections. Yet, five years later, this building can only be sold for 360 million yuan, a loss of 60%; moreover, this building was purchased with leverage from bank loans. Looking solely at the equity capital, it went from 570 million yuan (850-280) to recovering just over 8 million yuan, a drop of over 80%...

What does this show? It shows the future is unpredictable. Even the top experts in the industry cannot see through it. The same applies to the investment market. Retail investors like to blindly follow influencers, track the movements of major players, but never consider: what if the experts are wrong, and the major players are wrong too? — State-owned capital can lose money, so why can't the big players in the capital market lose money?

No matter how professional the judgment, it's based on analysis of the present. The situation is changing, and analysis and decisions also need constant fine-tuning, and major adjustments when necessary — of course, easier said than done. Let's encourage each other.

Making mistakes is not a big deal. What's important is to establish an executable correction mechanism.

ZhiPu bought this building. Twenty years from now, this office building should still be among their own assets, but whether the company will still be around after the AI wave is another story.