At the beginning, the articles of Peking University Qiaoshan did not attract the attention of Sohu Finance website editors.

This is not surprising. The content of his manuscript is actually not convincing. The editor mainly reads the title and is eye-catching, so he posted it.

This is no wonder that others are. In today's securities industry, securities companies embezzle customer margins one after another, but few people are really caught, and the evidence provided by Qiao Shan of Peking University seems to be very ridiculous.

The reason inside is very simple. The entrusted financial management business of securities companies does not need to be disclosed to the outside world, and funds do not need to be deposited by third parties. There are many loopholes to exploit. While it is easy to be jailed, it is difficult for outsiders to find conclusive evidence.

When I saw this submission, Sohu's financial editor was very disdainful.

The problem can be found with just a public financial report, and the amount is so huge, 19 billion, why don’t you just write 19 billion? Do you really think that a large number of accounting personnel under the securities company are making a living?

Those who have been dealing with data all year round can make people easily catch mistakes? If you really make such a low-level mistake, you will have to lose your job eight times.

This is probably what most people think, because no brokerage firm is so stupid that it can find problems in financial reports.

But the matter is so evil. There is indeed a loophole in Southern Securities' financial report, and this loophole is fatal.

...

Things were beyond everyone's expectations. This financial news in Qiaoshan, Peking University, became popular, and it was a big hit. The most important thing is that the way it became popular was very strange, which made people laugh and cry.

When the news first came out, it did not attract the attention of relevant professionals. Instead, it was discovered by many retail investors in the stock market, and criticized this inconspicuous financial news as a hot news.

No wonder, in the current stock market, there may not be anyone who loves Chen Qiaoshan, but there are many people who hate him.

In the last two trading days before the National Day, due to the bombardment of Peking University Qiaoshan, many small and medium-sized retail investors who hold Tunhe shares cut their losses and fled.

These people were originally very grateful to have escaped this disaster, but the situation suddenly changed after the National Day Golden Week.

Stimulated by the successive positive effects of the Delong Group, the third stocks had several daily limits after the holiday, not only to make up for the decline, but also to rise a lot of additional stock prices.

Those investors who cut their losses and left the market undoubtedly suffered a big loss, and lost a lot inside and outside. The original glory turned into resentment.

Since that day, there have been people cursing Qiao Shan, Peking University, everywhere on the Internet.

After half a month, things had almost subsided. Who knew that he had switched from Sina to Sohu Finance again. This wasn’t a swearing question, it was too hateful.

In a short while, similar comments appeared on major financial websites and bbs forums: Peking University Qiaoshan is emerging again. At Sohu Finance, brothers, go and watch!

In this era when the Internet was first born, many people would inevitably go to hunt for curiosity. Although many people were not sure about it, there were many people who joined the fun in the past. Therefore, the news spread like a plague, and more and more people were watching Qiaoshan, Peking University and making excitement.

In fact, there are not many investors who actually lose money on the third stock market, but the matter has started, which has attracted many investors to share the same hatred.

In the background of Sohu.com, it was a bit strange that migrant workers were kicked, so they watched the surveillance curves of pv, uv and ip on the screen soared sharply.

The staff thought that the software was wrong, so they debugged it, but found that there was no problem at all. After some screening, they found that the number of visits mainly appeared on the financial channel, which immediately attracted the attention of many people.

In the Internet field, the audience of financial news is relatively single, and it is far from comparable to current political hot topics and entertainment news.

But today's events are a bit strange. The sudden increase in visits all point to the financial page, which is a bit unexpected.

When the matter was reported to the financial editor, the matter was well known and the problem was easy to check. All the new visits were concentrated on the news of Peking University Qiaoshan on the financial page, and the comments below were already cursed.

Peking University Qiao Shan finally entered the vision of Sohu Finance Editor Chen Jie and Director Fang Gang in a strange way.

What the two didn't know was that this incident indirectly promoted the long-term cooperation between Chen Qiaoshan and Sohu Finance. Of course, these are all later stories.

...

The number of website users has increased sharply, and Sohu Finance is also happy to add fuel to the fire. It specially found out the articles posted by Peking University Qiaoshan, and put them together to create a special topic, which is placed in the special topic of the financial channel.

Not to mention, the effect is pretty good, and the number of views on a single page is almost as good as the news about Shenzhou 5 flying in the previous few days. After all, this is exclusive, without a few major portal diversions, the effect will naturally be immediate.

The scolding here has attracted the attention of professionals. Let’s not mention anything else, the authenticity of this news content is easy to judge.

Southern Securities' financial reports are easy to find. For professional accounting professionals, the transaction fund settlement formula is a matter of having fun, and it only takes a few minutes to calculate it clearly.

Soon, someone came to the same result. Southern Securities was indeed suspected of embezzling 1.9 billion yuan in customer margin, and the evidence was undoubtedly conclusive.

Unless Southern Securities admits that it is fake in financial reports, it is really difficult to remove the suspicion, but it is really difficult to judge which of these two crimes is more serious.

They immediately realized that Qiao Shan of Peking University really broke the powder barrel this time.

It may be a bit exaggerated to conclude now that Southern Securities goes bankrupt, but the problem is indeed very serious. This time the problem is definitely a small one.

Before noon, the news spread in a small way in the industry.

Soon, Sohu Finance also received the news and immediately released the latest news on the front page headline: "Southern Securities embezzled 1.9 billion yuan in customer margin"

Of course, Sohu did not forget to bring the name of Qiao Shan of Peking University. After all, the evidence was found by him, so his shadow was naturally indispensable for news.

Immediately afterwards, Sina Finance, NetEase Finance, Tom, QQ rush to reproduce, and the news finally exploded in the financial circle in a strange way.

Among them, the editor-in-chief of Sina Finance is in the most complicated mood. He killed this article himself.

The reason is very simple. The senior management of the website said hello in private. Delong Group promised to increase the advertising efforts of its subsidiaries on Sina.com, and the purpose is naturally self-evident.

Relatively speaking, Sina Finance’s editor-in-chief is undoubtedly lucky. Now he is not the turn of the most troublesome person. The top management of Southern Securities is the second one, followed by the China Securities Regulatory Commission.

The relationship between Southern Securities and the China Securities Regulatory Commission is extraordinary, and it is no secret in the domestic securities market.

The China Securities Regulatory Commission and Southern Securities were established at about the same time. At the beginning of its establishment, the China Securities Regulatory Commission lived together in the Yanjing office building of Southern Securities for more than three years. It was not until the Yanjing Financial Street office building was completed that the two companies separated, which was a deep connection.

...

To be honest, many people in the financial industry are in a complicated mood. Southern Securities actually made such a low-level mistake. The key is a fatal problem. It is really sad and lamentable.

What's even more bizarre is that professional financial personnel didn't notice it and finally got an unknown junior to reveal it.

This result is undoubtedly very touching. After the emotion, I just watched coldly and waited for the subsequent development of things.

Misappropriation of customer deposits is an extremely serious illegal act. Even at the moment when supervision is not strict, it cannot be ignored.

The margin involves many companies and many ordinary people. Once it is detonated, it is easy to lead to mass incidents.

The news was exposed, which naturally attracted the attention of relevant regulatory authorities. Some people were annoyed, but more people still felt that their faces were lost.

Southern Securities did not even smooth out its financial report. The most outrageous thing is that no one found the problem and made it public in such a way. Isn’t this a slap in the face in public? How can a group of leaders deal with it?

And the top management of Southern Securities in the center of the vortex will be so sad that it is still helpless.

The crisis of Southern Securities has existed for a long time, and the problem did not occur in a day or two, and it has long been difficult to recover.

The development of the domestic securities market is seriously lagging behind, and financial supervision cannot keep up with the pace.

The business scope of securities companies is very wide. Not only underwriting securities business, some have started real estate and rushing to the land, but some have even bought and sold them in a big way and started industrial business. Some have just taken the lead in manipulating the stock market. As for foreign exchange speculation, insider trading, etc., that is normal.

The chaos in the securities industry is hard for ordinary people to imagine.

Of course, direct investment in securities companies is very common around the world, but they have to be subject to strict financial supervision. Domestic securities companies are naturally not listed here. Most of them expand wildly, and the outcome is naturally destined.

Southern Securities is one of them. First, it bought land to speculate on real estate, and it claimed that it had more than one county of land. Unfortunately, the real estate market was bleak and it was lost.

In 2000, the China Securities Regulatory Commission stated that securities firms must divest non-securities businesses.

Southern Securities finally took the opportunity to get rid of the bad physical business burden and prepare to do a big deal.

They first raised a large amount of funds by protecting principal and interest, thinking that they could make a lot of money in the stock market, but unfortunately, the 519 market in 1999 lasted for two years, followed by a long bear market, and Southern Securities suffered heavy losses again.

Kan Zhidong, the head of Southern Securities, was in a very complicated mood. There was no doubt that he knew very well that he would definitely become the role of the top tank this time.

Kan Zhidong stood in front of the office window of the headquarters building, ignoring the phone ringing rings on the desk, staring at the sculpture of the bull-headed bear in the square downstairs, feeling mixed feelings.

It’s all because of the sluggish market, otherwise he would have to try it out, but he smiled bitterly again in a flash. It would be a bit ridiculous to say these things now.

Kan Zhidong was ordered to take over the stormy Southern Securities in the middle of last year, but who knew that what he got was a mess.

Southern Securities is burdened with huge capital losses and its liabilities are far higher than the total asset value. The company not only has to bear high interest rates of more than 200 million yuan per month, but also has to be responsible for high wages of 3,000 employees.

In 2003, the average salary in Yanjing was just over 2,000, but the minimum salary of Southern Securities was 8,000, and the average salary was over 10,000 yuan. This is a huge funding gap. By relying solely on underwriting commissions, it is not enough to maintain the minimum wage of employees and property expenses, let alone get out of the predicament.
Chapter completed!