Chen Qiaoshan has a habit of going to the school’s electronic reading room every noon every day.

What's different from others is that he usually stays for not long each time, as short as ten minutes, and at most half an hour.

Yan Xiaoqin was a little worried at first, because she was afraid that Chen Qiaoshan would be addicted to online games like her cousin. She consciously had the obligation to supervise, so she followed her every time.

Chen Qiaoshan knew that it would be no problem to continue like this, and he still had to buy a computer.

But at the moment, I can only think about it. He is not at a good time now. He can easily get tens of thousands of dollars in a laptop, and the configuration is not very good. He can only talk about it later.

Chen Qiaoshan didn’t read Professor Yan’s article until noon on the 18th, and it was more than a day late.

There is no way. Today's mainstream news media are still television, newspapers, radios, and online media. They are inevitable that they will lag behind.

Without exception, several major online portals are on the front page of the homepage. The full text reprinted "Delong Capital Chain Tight" signed by Professor Yan, which shows the importance.

Chen Qiaoshan felt very bitter in his heart. This time it was really wrong.

He had never read the specific content before, but he clearly remembered the title. There was no way, the subsequent impact of Professor Yan's article was too great.

...

2003 was undoubtedly a watershed in Tang Wanxin's life.

In just a few months, all of Delong's companies were first cut off by banks, and then forced collection. The financing channels that Tang Wanxin had worked hard to establish were directly cut off by half.

More serious is that the financial companies under Delong have a large number of financial management products that need to be redeemed in the fourth quarter, and the funding gap faced is an astronomical figure.

Chen Qiaoshan knew that if he still followed the original historical trajectory, the Delong Group would finally survive the current hurdle.

Of course, the price Tang Wanxin paid for this is also huge.

Delong Group also tried its best to mortgage all the legal person shares of the old three stocks, and then sold the st Zhongyan, which completed the asset restructuring, and finally sold the headquarters building located in the Shanghai Stock Exchange, which barely dealt with the crisis of breaking the capital chain.

But this only solved the urgent problem, and the crisis in the Delong Group's capital chain did not ease at all.

On the contrary, with a series of unusual actions, the funding problems of the Delong Group gradually exposed themselves, and its financing channels gradually dried up.

Chen Qiaoshan had read a report before. When the Delong group was in the most difficult time, Tang Wanxin even borrowed usury from the south. This was like drinking poison to quench thirst. The ending can be imagined.

Finally, in March 2004, Professor Yan published a predictive article titled "Delong's capital chain tight", which completely collapsed the Delong Group, a private giant who was already terminally ill.

Unfortunately, this crisis has arrived early.

Chen Qiaoshan knew in his heart that due to his early intervention, the Delong Group must be doomed this time.

Delong’s problem is actually very simple. To put it to the bottom of it, the problem lies in the capital chain.

Tang Wanxin is too inflated. In just five or six years, the scale of the Delong Group has expanded by nearly a thousand times. If you take too much, it will inevitably lead to problems in funds.

Chen Qiaoshan searched the information of the Delong Department and the results obtained were a bit amazing.

The Delong Group is good at "short-term financing and long-term investment". Through its controlled financial companies, it raised a large amount of short-term financing at the cost of high returns to conduct corporate mergers and acquisitions and chain investments.

This kind of operation is undoubtedly quite dangerous, and these investments will definitely not generate enough profits to subsidize interest losses in a short period of time.

For this reason, the Delong Group tried every means.

They constantly draw out their own funds from mergers and acquisitions, or mortgage loans, or illegal guarantees to embezzle funds to subsidize financing losses, which can barely maintain the normal operation of the capital chain.

It is undoubtedly very dangerous to do this. As long as there is a problem in one link, life and death will be between the front lines.

As expected, due to the bank's complete loan cut, the source of funds of the Delong Group was cut off, the position was tight, and the bank run was approaching.

Chen Qiaoshan knew that because of the early launch, Tang Wanxin's original response strategy must not work now.

The stock pledge of the Delong listed companies has just begun. The restructuring plan of st Zhongyan has not been approved yet, and the sale plan of the headquarters building in the Shanghai Stock Exchange was exposed by Chen Qiaoshan. I think it will definitely not be able to sell it in a short period of time.

Chen Qiaoshan can be sure that Delong Department will definitely not be able to withstand this time. It was precisely because of his intervention that Professor Yan released the article in advance.

He read "Delong's capital chain tight", and thought about it while reading it, and the more he read it, he became more and more shocked.

After all, Professor Yan is an expert, and the articles he wrote are well-known and are not comparable to those of Chen Qiaoshan, a novice.

In the article, Professor Yan carefully analyzed the advantages and disadvantages of the "industry-financial integration" of Delong's department from an academic perspective.

In his article, he mentioned that the biggest problem with the Delong Group is that it blindly expands, completely ignores its own development needs, and deliberately ignores its own hematopoietic ability, which violates the objective laws of economic development.

Professor Yan also bluntly pointed out that today's securities market has the problem of focusing on development and neglecting supervision.

If enterprises are busy manufacturing themes and "making money" in the stock market, they will not deepen industrial reforms, nor will they have the motivation to improve production technology and enterprise management.

In the long run, it has led to a strange phenomenon of reverse elimination of the industrial industry.

Those who are focused on industrial development are being used for financial mergers and acquisitions, a large amount of private financing has entered the industrial field, and large-scale capacity expansion has led to a large number of duplicate construction in a short period of time.

This will inevitably lead to the emergence of a large number of economic bubbles, and the development of the Delong Group in the past three years is undoubtedly the most true portrayal.

...

Chen Qiaoshan sighed a little in his heart. Professor Yan really dares to say anything. This is him. If someone else doesn’t have the courage to post the article.

He also had a headache, and the problem broke out early. The Delong Group faced the financial difficulties, and the restructuring of St. Zhongyan will definitely add a lot of variables.

As he expected, the market responded immediately.

The third stock under the Delong Group fluctuated slightly on the 17th.

Tunhe Co., Ltd. closed at the 17th, down 0.2 percentage points, Alloy Holdings fell 0.5%, and Xiang Torch remained stable for the time being.

Chen Qiaoshan knew that the market was still in a wait-and-see period. After all, the Delong Department was not easy to mess with. Even with Professor Yan's reputation in the economic world, the market would not agree with his views at the first time.

Chen Qiaoshan was a little lucky that St. Yan was not affected much for the time being, but the stock price soared has stopped.

Throughout the 17th, the stock price of st Zhongyan rose by 2.7%.

This increase is actually quite amazing, but compared with 18 consecutive daily limit increases, it seems unsatisfactory.

Of course, this idea may be very irrational, but this is the domestic A-share market.

The prospects of Yan in St suddenly became very unclear, and Chen Qiaoshan was also a little hesitant.

He knew in his heart that the reason why the Delong Group spent a huge price to hold st Zhongyan was to complete the asset restructuring as soon as possible and then sell and cash out.

But in this situation, the possibility of st Zhongyan’s restructuring plan being approved by the China Securities Regulatory Commission has become less optimistic.

Chen Qiaoshan finally made the decision to clear the position. Of course, this decision undoubtedly made him feel very painful.

He called and waited for the phone to hang up. Yan Xiaoqin asked curiously: "What's wrong? Are you really going to sell st Zhongyan? Isn't the stock price still rising today?"

"It's still rising, but the Delong Group is in trouble, and the upward momentum may not last for a few days."

"Then why don't you wait a few days before selling it?" Yan Xiaoqin asked again.

Chen Qiaoshan was speechless. He asked this question a bit amateur, but it was no wonder that Yan Xiaoqin was a layman.

He explained patiently, but depending on the situation, Yan Xiaoqin may not agree with his explanation. After all, the situation in st-China Yan is now very good, so it would be a pity to sell it like this.

Chen Qiaoshan smiled bitterly in his heart. This is a common problem for most domestic investors.

He suddenly remembered a sentence: controlling risks is far more important than making money. This is the most solemn warning to investors by Wharton professor Jeremy Siegel.

For domestic stock markets, short selling is restricted, selling is much more important than buying.

There is a saying in the stock market that the most powerful thing in the market is not the one who can catch the rising market every time, but the one who can avoid it every time the plummets.

In the financial market, no matter how much money you have made before, it cannot be explained.

If you don’t know how to control risks, then just one big mistake is enough to waste all your previous efforts.

...

After more than twenty days, Chen Qiaoshan's stocks have almost doubled. Although they are far from meeting his expectations, they can only find another way.

He knew in his heart that the Delong Group would definitely not sit still and wait for death.

St. Zhongyan's stock price may have a daily limit price, but he is not ready to continue taking risks.

Chen Qiaoshan thought it very clearly that this money was his only capital, and it was all in the future, so there was no need to be careless.

After careful calculation, he also held a small 100,000 yuan in his hand.

This money is a lot, which is equivalent to the income of a civil servant in Yanjing who does not eat or drink for three or four years. However, it is basically a drop in the bucket for Internet entrepreneurship, and Chen Qiaoshan has to think of other ways.
Chapter completed!