The release of the Nine National Regulations is the second comprehensive market regulation measure implemented by the government since the official establishment of the domestic securities market. The purpose is to vigorously develop the securities industry and safely solve the problem of equity split.

It should be said that the government's starting point is good, but its stimulus effect on the market is completely contrary to the intentions of decision makers.

Capital is always realistic and short-sighted. When Chen Qiaoshan saw this important news on TV, this sentence suddenly popped up in his heart. As a veteran, he naturally knew the negative impact of the introduction of the Nine Techniques on the securities industry. However, on the other hand, economists who can see clearly in the future are rare after all, and it is not impossible to say that there is no.

Chen Qiaoshan is not going to do anything, and everything he wants to do has been done in advance.

Beware of policy risks and do not say that you are not prepared.

His risk warning was issued a few years ago. The article directed to Aolong.com by using fm365 eventually attracted the attention and reprint of the financial media. I think that when the stock market crashes, he can reap another wave of attention.

Chen Qiaoshan doesn't want to show off in the wind, so he will undoubtedly be blown to heaven. It is extremely stupid to sing a counter-topic with policies. He doesn't have the ability to question the government's administrative instructions with others. If he really wants to say it out, it will only make people laugh.

Chen Qiaoshan wanted to be honest for two days, but the development of things exceeded his expectations again.

The Nine Measures of the People's Republic of China are a major benefit to the market.

The reform of equity split is the biggest disaster for this bear market. In 2001, the government was short of money. In order to raise funds, it hastily introduced a plan to reduce holdings of state-owned shares, which led to the collapse of the stock market. This bear market has continued to this day.

In the Nine Regulations of the People's Republic of China, the government clearly proposed to actively and steadily solve the problem of equity split to avoid causing market turmoil.

Both investors and scholars have a positive attitude towards the Nine Regulations of the People's Republic of China. It can be said that the introduction of this policy has ignited investors' confidence in the securities market.

At this node, Li Su jumped out again.

Chen Qiaoshan's article was postponed by Sohu Finance and was only posted online on February 1st. His remarks were normal. Of course, traps were indispensable, and this was also his usual style.

He went to the Internet cafe to read Li Su's articles, but he was just talking about Lenovo and calling for justice for Delong. This was not surprising. After all, he had worked hard to support Delong, and it was not appropriate to change his words at this time. It was rare to encounter such a suitable opportunity, so he naturally took advantage of the issue.

To be honest, Chen Qiaoshan was a little disappointed, and the matter was not as serious as Sun Guangming said.

The Delong Group has completely collapsed. According to some online media reports, the government intends to find a next company that can take over Delong Industry. It is said that many overseas consortiums and institutions have the intention to take over.

Chen Qiaoshan knew that these rumors were true, but the result was disappointing. The Delong Group could only be custodian in the end, but Li Su didn't know, so he took the opportunity to emerge. This is the consequence of information asymmetry.

Chen Qiaoshan secretly reminded himself that he could not always be prescient, and he should be cautious in the future. Li Su is the most obvious example.

Li Su is mainly criticizing Lenovo's acquisition policy. In his opinion, the current ibm is a huge player. Although the PC business is only a small part of its industry, it is not something Lenovo can covet.

It is precisely based on this that he concluded that Lenovo definitely has no intention of acquiring ibm. It has to be said that this is also the general perception of most economic people who know the inside story.

According to the financial report of the previous year disclosed by ibm, its PC business profitability is still very considerable, at least not comparable to Lenovo. Although the industry is generally not optimistic about future market development, it can also initially estimate the approximate size, at least about 25 to 3 billion US dollars.

This money is definitely not something that Lenovo in 2004. If you want to acquire it, you must raise funds, and it is astronomical financing. If you really want to do this, Lenovo will inevitably embark on the road of high debt ratio. What is the difference between this and the Delong Group?

Li Su thought it very clearly. In this way, he basically wiped out his past involvement with Delong. Don’t you all support Lenovo’s acquisition? I thought so back then, but Delong collapsed, so I can’t blame me.

His idea was good, but he had no choice but to meet Chen Qiaoshan.

Chen Qiaoshan did not give it to him at all. His first article was very plain, but he only emphasized the difference between Lenovo and Delong. He didn't say much about anything else. He only emphasized that Lenovo's acquisition of ibm's PC business is feasible. It does not have to raise funds or spend so much money.

This is a bit mysterious. Lenovo's current market value is there, and it is a complete joke to engage in international mergers and acquisitions without financing.

Li Su naturally would not let this go. Chen Qiaoshan’s article was released in the morning, and he spoke out in the afternoon, counting on Chen Qiaoshan’s jokes.

Chen Qiaoshan looked at the posts online with pride, and this was what he was waiting for.

Three hundred thousand US dollars, of course, is a great temptation, and Chen Qiaoshan was unable to escape the common people. Since Lenovo launched the Jinyuan offensive, he raised the white flag and surrendered. The next day, he agreed to Lenovo's revenge and consciously directed fm365 to Lenovo's official website.

Although the money and procedures need to be delivered in Yanjing, he is not afraid of the other party repent.

Some things cannot be bound by a contract, while some things do not require contractual constraints.

After collecting the money, it does not mean that Chen Qiaoshan has no objection to Lenovo. How did Aolong’s domain name be lost, this account must be calculated.

Chen Qiaoshan knew in his heart that at most one month, Lenovo would have to lay off people. He didn't mind digging a hole in advance. He not only slapped Li Su in the face, but also put on Lenovo, which was the best of both worlds.

Of course, there is a third benefit, but Chen Qiaoshan is not aware of it at all now.

As soon as Li Su's article was posted online, Chen Qiaoshan prepared the move and sent it out.

What he wrote was very simple, which was to move out the routine of Lenovo's acquisition of ibm's personal computer business in his previous life. This was simply too simple. This merger case was textbook-level and could not be understood by anyone.

Of course, Chen Qiaoshan cannot copy the whole set, he also deleted and reduced it.

First, he denied the media's valuation of ibm's PC business.

Assuming this merger and acquisition case really exists, Lenovo should not count on buying related technologies such as large ibm servers. The United States has always been quite serious in its domestic technology blockade. In this case, it is probably a big discount. Chen Qiaoshan gave a conservative prediction that it will not exceed 2 billion US dollars.

Two, for payment methods, it is even simpler.

Chen Qiaoshan directly wrote that Lenovo's diversified development failed, and internationalization became an inevitable choice. Acquisition of ibm is a need for internationalization. Of course, the merger and acquisition method is also questionable.

In the article, Chen Qiaoshan gave his method, a joint venture holding company, which undoubtedly greatly reduced the difficulty of acquisition. While obtaining channels, you can also get technical support from ibm.

The specific implementation method is cash payment plus equity private placement hedging. The remaining part can be repaid in installments or assumed corresponding debts to alleviate financial pressure.

In 2004, in the domestic market, the concept of targeted share issuance has not yet been formed. However, Lenovo was listed in Hong Kong, and the stock market there was still easy to copy the Western model to protect the rights and interests of major shareholders.

In "Long-term Stock Investment", various Western equity trading methods are very detailed, and Chen Qiaoshan doesn't expect anyone to come out to pick on them.

By the way, he also dug a hole for Li Su.

Li Su questioned in the article, how could a Peking University student be so confident and dare to speak wildly. Chen Qiaoshan asked for advice humbly at this moment, Teacher Li, you always show off your experience of studying at an Ivy League school in the United States. How dare you ask your teacher where you have accepted it?

This is a bit of a slap in the face, but no wonder Chen Qiaoshan. Li Su is so hateful. Whenever he sees it in the newspaper, he will mention the United States. Now the country has just been in line with the international community. Not to mention, the Chinese people are just taking this trick, and not one or two people are fooled.

Soon, the edited and modified article was posted on Sohu Finance's homepage.

To Chen Qiaoshan's surprise, this article not only slapped Li Su in the face, but also caused Lenovo to encounter some minor trouble, but more importantly, he attracted the attention of a group of people at Goldman Sachs Asia-Pacific headquarters.
Chapter completed!