After Professor Yan's persuasion, Chen Qiaoshan was still a little touched.

He suspended his original plan and spent several days preparing a detailed piece of information to ensure that there are no flaws left.

On October 18, a signed article was published in an inconspicuous corner on Sohu Finance’s page, and the author was Qiao Shan, Peking University.

Although the place where this report was published was not very good, it attracted a lot of attention in an instant because this article was too sensational.

"Southern Securities' suspicion of bankruptcy" is simply too low-key. It is difficult for any financial person to not pay attention. There is no title party in this day, otherwise the hat must be worn on Chen Qiaoshan.

The title is undoubtedly terrifying and really eye-catching, but the problems revealed by the article are indeed shocking because it aims at the leader of the domestic securities industry, Southern Securities.

...

Southern Securities has a history of more than ten years and is located at the top of the pyramid of the domestic securities industry. It is one of the only three securities companies in China with registered capital of over one billion yuan. Its scale is average.

So far, Southern Securities' underwriting business and economic man business are still among the top three in the industry, and its strength cannot be underestimated.

Chen Qiaoshan knew that Southern Securities seemed powerful, but in fact it had become the last of its strength, and in fact it had reached the brink of bankruptcy, even more urgent than the crisis of the Delong Group.

Just over two months ago, Southern Securities announced its unaudited balance sheets for 2001 and 2002.

According to the financial system of securities companies, entrusted financial management business does not constitute a project that must be disclosed to the public, so the market does not know how large the real capital scale of Southern Securities is.

Chen Qiaoshan clearly remembers that the funds entrusted by Southern Securities are as high as 26 billion yuan, and there are generally signing "principal guarantee guarantee" agreements that promise to repay the principal and interest on the financial management funds.

This means that the entrusted financial management business of Southern Securities is equivalent to operating with high interest rates, which undoubtedly greatly strengthens the company's operating costs. In addition, the stock market is now in a downturn, and the operating risks are rising sharply.

Although Southern Securities' approach violates the Securities Law, it has not attracted the attention of relevant regulatory authorities.

This practice is very common in today's securities market.

Many listed companies even publicly disclosed in their annual reports that the guaranteed amount of securities firms' entrusted financial management funds is made public, but the regulatory authorities choose to turn a blind eye. The chaos in financial market management can be seen now.

...

Chen Qiaoshan knew that Southern Securities had huge losses in its proprietary business in the past two years, and the company had been seriously insolvent. In order to maintain normal operations, all the deposits entrusted by customers' financial management have been misappropriated, with a scale of up to 8 billion.

He knew in his heart that the crisis was actually on the verge of an outbreak and there was no need for him to push it.

Southern Securities is about to face the run of entrusted financial management clients. In less than half a month, the company's head Kan Zhidong will resign. The problems within Southern Securities will finally be revealed to the world, and the crisis will completely break out.

The reason why Chen Qiaoshan wanted to be this promoter was carefully considered.

The first is the time. Regardless of whether he or she is out or not, the powder keg of Southern Securities was also exploded at the end of this month. This is a rare opportunity and it is really not to be missed.

At the same time, he knew in his heart that the danger of doing so was very little.

Southern Securities is a state-owned holding company. The funds of customers are covered by the government. Even if they are broken, there will be no major hidden dangers.

Chen Qiaoshan clearly remembers that the bankruptcy and restructuring of Southern Securities involved more than 100,000 shareholders and tens of billions of bonds. In the end, these holes were all repaid by the government.

...

The Southern Securities case has a huge impact and plays an important role in the history of my country's securities industry.

Ironically, bankruptcy liquidation measures such as merger and liquidation of affiliated companies, bookkeeping deposits, physical distribution of heavy holdings, etc., were all first in the Southern Securities case, and it has also made a significant contribution to my country's securities banks.

It’s just a pity that the huge funding gap left by the restructuring of Southern Securities still needs real money to be filled in by the national treasury.

...

The Southern Securities case is Chen Qiaoshan’s last killer move, the last powder barrel he is preparing to explode, and the last link of his overall plan.

From hops, to Delong Group, and then to Southern Securities, the influence of several companies is greater than that of the other, and Chen Qiaoshan has put a lot of effort into this.

The process of breaking the hops is very simple. After all, the company has little influence and is successful when it goes smoothly. Unfortunately, this is just foreplay, without any practical effect, and it will not benefit at all.

The main focus of the Delong system is, but unfortunately the other party is huge, stinky and hard, and it is not something that ordinary people can touch. The result is that Chen Qiaoshan almost collapsed several front teeth, and the online curses on him continue to this day.

Chen Qiaoshan was not worried at all. He knew very well that the destruction of the Delong system had long been destined and no one could save them.

Chen Qiaoshan knew very well that the Delong system had been targeted by someone.

He even suspected that someone was silently pushing the fall of the Delong Group behind him.

Chen Qiaoshan just wanted to take the opportunity to get some benefits. That's it. Perhaps the mysterious power hidden behind him is still happy to see it happen. After all, it's good to have someone as a target.

Chen Qiaoshan was not willing to be a chess piece, but he also understood that if he wanted to achieve something, he would have to pay some price. It might be immoral to do so, but the financial industry has never been a place to be moral.

Although he didn't know who was coveting the Delong system for the time being, he was not very anxious. As long as the Delong system fell, those people would naturally jump out, and by that time, it was the time for him to go up and cut his flesh.

...

Southern Securities has many problems and its foundation is not clean, which is not a rare thing. There are not many securities companies these days.

Chen Qiaoshan knew that 2004 was the darkest year in the securities industry.

A large number of securities companies went bankrupt, and more than half of the total securities companies were on the blacklist of supervision by the China Securities Regulatory Commission. The crisis of Southern Securities is the biggest driving force for strengthening supervision.

As the saying goes, listen to people's advice and have a full meal.

Since he was persuaded by Professor Yan in Yannan Garden, Chen Qiaoshan has figured out a truth: If you want to block others' mouths, you can only rely on real evidence. If you blow it out, you will inevitably be seen through by smart people.

Chen Qiaoshan came prepared this time, and he had sufficient evidence to expose the problems of Southern Securities.

The misappropriation of customer margin by securities companies is one of the most stringent industry issues under the CSRC’s supervision. However, the unauthorized misappropriation of customer margin has always been the favorite thing for my country’s securities companies to do, and this is a deadlock that cannot be solved.

Chen Qiaoshan knew that Southern Securities misappropriated customer margins, and the amount misappropriated was still an astronomical figure. As long as it was exposed, the market would undoubtedly face a violent shock.

Chen Qiaoshan was also very sober. With his current reputation on the Internet, no one would believe him. The biggest possibility was to attract some abuse. The stock investors who had cut their losses in the Delong Group a few days ago hated him to the core. Seeing him emerging, they were likely to attack him.

But it was a coincidence that he had conclusive evidence this time. The source of the evidence was reliable and convincing. Southern Securities had no idea how to refute it.

Of course, Chen Qiaoshan is not a financial genius. This time he is looking for trouble with the answer. Even though he knows that the client margin of Southern Securities has been misappropriated, he followed this line to check, but he still picked out the bones from the egg.

In May 2001, the China Securities Regulatory Commission issued the "Regulations on the Management of Customer Transaction Settlement Funds", which clearly gave a formula for how to calculate the amount of customer transaction settlement funds for securities companies misappropriating them.

The calculation formula is very simple, it is just a simple four-character operation, and only involves addition and subtraction. Primary school students can calculate it, but the finance involved is a bit large, and they are all addition and subtraction of more than 9 digits. However, these do not have problems for high school students.

What is embarrassing is that Chen Qiaoshan is an amateur, knows nothing about financial statements, and cannot pretend to be a fool. He can only stay in the library and think about it while searching.

Southern Securities' financial statements are easy to find in the past two years, and they are available online, but such as securities transactions, entrusted funds, liquidation reserves, margins, and entrusted assets... Chen Qiaoshan's head was dizzy, and he was not discouraged. He calmed down for several days and finally got the same result as in his memory.

Chen Qiaoshan calculated several times. Southern Securities misappropriated nearly 2 billion yuan of customer margin in 2002, but no one found this problem. He knew that this was only one-quarter of the amount involved, and most of them had been hidden.

It’s not that Chen Qiaoshan is extremely talented and has learned financial auditing in three days. He found problems that professional accounting has not found. The real reason is that this financial report has not been audited at all.

Securities companies are not listed companies. They only need to disclose financial reports to members or banks in the same industry, and do not need to undergo audits. These days, these are just a formality, and few people will pay attention to it, which makes it cheaper.

This is Chen Qiaoshan. He knew in advance that there was a problem with the client margin of Southern Securities, so he found conclusive evidence after counter-examination. Otherwise, ordinary people would not have noticed these.

Chen Qiaoshan knew that either he would not take action, and he would not let others find out the problem if he did it.

Since Sina.com rejected his manuscript, Chen Qiaoshan has been thinking of other solutions.

He reorganized the manuscript, attached a complete link of evidence, made a thrilling title, and then sent it to Sohu Finance. The whole process was very simple.

Sina.com didn't know that the manuscript they accidentally rejected became the most important annual financial news of the year.

Sohu Finance didn't know that a report they didn't value much was, but it turned the domestic securities industry upside down within a few days, causing the long-awaited regulatory wave of Chinese stockholders to arrive ahead of schedule.

Chen Qiaoshan also didn't know that with the release of this news, the impact on the domestic financial industry far exceeded his expectations.

He was named "Joe Supervision" by industry insiders for this, and also laid a solid foundation for him to gain a foothold in the economic field.

A new week, a new beginning. First of all, thank you for your support, thank you for your monthly tickets, recommendation tickets and subscriptions. The update of Soy Sauce is not good, and I know that I am guilty of being a serious crime, but I still want to give up votes with shamelessness. Recommended tickets, monthly tickets, etc. Brothers who are capable will help you invest, and I will try my best to get more, thank you everyone! orz!!
Chapter completed!