From the very beginning, Chu Yunfei heard that Li Yueting's phone was hands-free. But this didn't mean that Chu Yunfei wasn't surprised when he heard Li Yan speak!

Li Yueting frowned, and his face sank when he stared at Li Yan with his eyes like a knife. Wu Chaoqun frowned slightly......

"Mr. Chu, the question I want to ask you is: If I tell you, I can resolve the risk of your equity pledge. Are you willing to accept my help?" Li Yan asked in a flat tone.

"Yes, of course you can!" Chu Yunfei's voice and tone changed. At this point, he was more like a drowning man who suddenly grabbed a straw!

With the chain effect of a series of general declines and plummeting in the market. A series of equity pledges have triggered the warning line and even the liquidation line one after another, and the equity pledge is facing the risk of full liquidation, and there are many people like Chu Yunfei who are in a state of anxiety at this moment!

How scary is equity pledge?

To put it simply, cash flow is the lifeblood of a business's survival and development. Operating cash flow is an indicator that can better reflect the ability to collect cash and the risk of bad debts, and is a true portrayal of the company's operating ability.

The risk of liquidation caused by interest and stock price decline is unacceptable to a company. What should I do if I can't pay the interest? After the stock price falls and the position is closed, the pledged shares are someone else's. worked hard all his life, but the final result was to make a wedding dress for someone else. Who can accept being swept out of the house? In the end, all that comes back is a bamboo basket for water.

After listening to Chu Yunfei's answer, Li Yan raised his head and smiled at everyone present.

Only the expressions of those people standing behind Li Yan became unnatural. Yang Muye on the side grinned in embarrassment, while Wu Zhilin rolled his eyes. Bi Peilin looked at Li Yan with a stunned expression, while Dao Jianxin simply lowered his head and said nothing.

In the face of the catastrophe that the equity pledge of a listed company is about to be liquidated, Li Yan said that he can resolve this risk, and no one behind him does not think that he is bragging.

"Blowing the gods?" Yang Muye suddenly thought of something, and muttered indistinctly.

Everyone didn't hear what Yang Muye said, but Li Yan continued: "Recently, many research reports have calculated an account, and they found by comparing the net cash flow and short-term debt on the balance sheet of listed companies that all listed companies currently have only about 300 billion net cash, which is equivalent to more than 10% of the free float stock market value of the company corresponding to the net cash. This net cash accounts for less than one percent of the total market value of the entire market value of 40 trillion yuan, which means that it is unrealistic to expect current companies to pay real money to solve the problem of equity pledge......"

Chu Yunfei's voice came out of the phone: "The problem that our listed companies can't solve, can you help me solve it?"

"Perhaps. But it's better than those who can't help it, isn't it?" Li Yan curled the corners of his mouth, and after responding with some bitterness, he continued: "The current situation of the operating cash flow of listed companies has made many people start to worry. For example, the decline in the operating cash flow of more than half of the enterprises indicates that their operating ability is weakening, and the most immediate problem is that the short-term debt repayment ability is weakening, and it is difficult to repay interest, right?"

If everyone could see Chu Yunfei at this time, they would definitely be able to see Chu Yunfei's embarrassing predicament.

As Li Yan said, the current pledged shares may become short-term debt at any time. Not to mention that the stock price market has continued to fall in the past period of time, but the stock prices of some well-run listed companies have also been in a downward state, and their stock prices have been generally cut in half as early as last month. Many investors believe that the stock price of a listed company is very likely to be cut in half again!"

"Who are you?" Chu Yunfei suddenly asked loudly on the phone.

Li Yan asked lightly: "Do you have a hard time repaying the interest?"

"Who the hell is it?" Yueting...... Li Yueting, who is this person?" Chu Yunfei anxiously asked on the phone.

Li Yueting glanced at Li Yan, and just wanted to speak, but opened his mouth, and finally only said one sentence: "A friend." Friends who don't know each other very well. ”

Originally, when he heard the word friend, Chu Yunfei's heart just fell. Immediately after hearing Li Yueting say that he was a friend he was not very familiar with, his hanging heart was immediately lifted again.

"If you listened to my phone call with Yueting just now, you should know...... The pressure on my side for interest ...... OK. Although Chu Yunfei's voice could hear that he was forcibly stabilizing his emotions, he still couldn't hide the trembling in his words at the moment.

"It's all right, isn't it? That's good...... The debt ratio is a thing that is a matter of opinion, and the creditors of the bank must hope that your debt ratio is as low as possible, so that their borrowing risk is small. However, companies and shareholders only care about the cost of borrowing, and when the profit is higher than the interest, the higher the debt ratio, the better, ......right? Mr. Chu, your debt ratio seems to have exceeded the warning line of 70 percent, right?"

On the phone, Chu Yunfei was silent for a few moments and said, "Our financial costs are indeed a bit high. ”

Knowing that it would be like this, Li Yan nodded clearly. After all, under the general policy of deleveraging, the financial expenses of banks tightening monetary enterprises have increased, and the first of them are private enterprises with weak credit ability. After listening to the phone call just now, Li Yan felt that Chu Yunfei was completely the representative of this.

At present, the financing cost is rising, and private enterprises are significantly affected by this, and the decline in the net flow of many enterprises is the main culprit. In the final analysis, equity pledge is also a helpless move for private enterprises operating normally, and its interest is higher than the interest rate of bank loans. Can borrow money from the bank, who wants to spend this unjust money?

Of course, it is not without the existence of such a situation, such as cashing out and planning to hollow out the enterprise......

Li Yan had already heard Chu Yunfei's words just now, and he also knew that the equity he pledged was also discounted.

The rules are established from the moment the equity pledge becomes a financing tool. Although equity is a type of pledge of rights, it is also a common way to supplement liquidity in the market. However, if an enterprise chooses to pledge equity, the pledgee will also discount the amount of its financing to protect the safety of its own capital! This has to mention the issue of pledge rate.

In other words, in the process of equity pledge, the company discounts the equity value by a certain percentage, and the discounted amount is the amount of the loan. The general pledge rate is 30% to 60%. That is, when shareholders pledge their equity, they need to make a three- to six-fold discount in exchange for a loan.

For example, if Chu Yunfei pledges 1 million stocks, he can only take out a loan to get 300,000 yuan.

At present, Chu Yunfei has approached the cordon.

Under normal circumstances, when the stock price falls by 25%, the financial institution will ask the shareholders to make up the position. If there is no margin call, when the stock price falls by 35 percent, Chu Yunfei has no way to make up the position, and the financial institution has the right to forcibly sell the pledged shares in the stock market. Once the financial institutions are forced to sell, it will further hit the stock price, and the consequences of the large-scale sell-off will be disastrous for the stock market, and a large number of real enterprises will follow suit, and it will really take decades of hard work to return to the pre-liberation period overnight.

And it's good that this situation occurs, and more financial institutions will choose to auction their shares directly. At that time, whoever gets the equity will get the dragon slayer knife of the listed company.

At that time, the other party can also insert his waist and shout: Martial arts supreme, sword slaying dragon, command the world, don't dare to disobey!

"Since you know everything, then tell me how you can help me, what do you want?" Chu Yunfei asked with a trembling voice at this time.

Li Yan's thoughts instantly returned to a passage he overheard at the Securities Regulatory Commission. At that time, because the environment was a bit chaotic, I didn't pay attention to any equity pledge. But when he heard Chu Yunfei speak just now, that conversation resurfaced from Li Yan's mind.

"In the process of stock price reduction, there is a phenomenon of passive deleveraging, which mainly refers to equity pledge. ”

"Now the risk of stock pledge by major shareholders is particularly severe. Some private listed companies that are still doing well are in liquidity difficulties. These circumstances should not affect the stable and healthy development of the financial market and the real economy. ”

Li Yan remembered that when he heard this, he tilted his head and looked at a few people not far away. Then I heard those people say: "As far as I know, a special working group has been set up, and at the same time, it seems that tens of billions of special funds have been arranged, which is responsible for coordinating and resolving the risk of stock pledge of listed companies within the jurisdiction." Moreover, it seems that I heard that the current "risk mutual aid" funds are in place!"

"Yes...... There have been bail-out special bonds prepared. It is said to help listed companies resolve the risk of equity pledge. Hey...... It seems that more than a dozen securities companies have recently set up a securities industry to support the development of collective asset management plans for private enterprises, and it seems that substantial progress has been made and has entered the practical stage. ”

After Li Yan listened to that conversation, he didn't go to the heart or kidneys at that time, and at this moment, Chu Yunfei's situation made things in Li Yan's memory resurface.

………………

From the very beginning, Chu Yunfei heard that Li Yueting's phone was hands-free. But this didn't mean that Chu Yunfei wasn't surprised when he heard Li Yan speak!

Li Yueting frowned, and his face sank when he stared at Li Yan with his eyes like a knife. Wu Chaoqun frowned slightly......

"Mr. Chu, the question I want to ask you is: If I tell you, I can resolve the risk of your equity pledge. Are you willing to accept my help?" Li Yan asked in a flat tone.

"Yes, of course you can!" Chu Yunfei's voice and tone changed. At this point, he was more like a drowning man who suddenly grabbed a straw!

With the chain effect of a series of general declines and plummeting in the market. A series of equity pledges have triggered the warning line and even the liquidation line one after another, and the equity pledge is facing the risk of full liquidation, and there are many people like Chu Yunfei who are in a state of anxiety at this moment!

How scary is equity pledge?

To put it simply, cash flow is the lifeblood of a business's survival and development. Operating cash flow is an indicator that can better reflect the ability to collect cash and the risk of bad debts, and is a true portrayal of the company's operating ability.

The risk of liquidation caused by interest and stock price decline is unacceptable to a company. What should I do if I can't pay the interest? After the stock price falls and the position is closed, the pledged shares are someone else's. worked hard all his life, but the final result was to make a wedding dress for someone else. Who can accept being swept out of the house? In the end, all that comes back is a bamboo basket for water.

After listening to Chu Yunfei's answer, Li Yan raised his head and smiled at everyone present.

Only the expressions of those people standing behind Li Yan became unnatural. Yang Muye on the side grinned in embarrassment, while Wu Zhilin rolled his eyes. Bi Peilin looked at Li Yan with a stunned expression, while Dao Jianxin simply lowered his head and said nothing.

In the face of the catastrophe that the equity pledge of a listed company is about to be liquidated, Li Yan said that he can resolve this risk, and no one behind him does not think that he is bragging.

"Blowing the gods?" Yang Muye suddenly thought of something, and muttered indistinctly.

Everyone didn't hear what Yang Muye said, but Li Yan continued: "Recently, many research reports have calculated an account, and they found by comparing the net cash flow and short-term debt on the balance sheet of listed companies that all listed companies currently have only about 300 billion net cash, which is equivalent to more than 10% of the free float stock market value of the company corresponding to the net cash. This net cash accounts for less than one percent of the total market value of the entire market value of 40 trillion yuan, which means that it is unrealistic to expect current companies to pay real money to solve the problem of equity pledge......"

Chu Yunfei's voice came out of the phone: "The problem that our listed companies can't solve, can you help me solve it?"

"Perhaps. But it's better than those who can't help it, isn't it?" Li Yan curled the corners of his mouth, and after responding with some bitterness, he continued: "The current situation of the operating cash flow of listed companies has made many people start to worry. For example, the decline in the operating cash flow of more than half of the enterprises indicates that their operating ability is weakening, and the most immediate problem is that the short-term debt repayment ability is weakening, and it is difficult to repay interest, right?"

If everyone could see Chu Yunfei at this time, they would definitely be able to see Chu Yunfei's embarrassing predicament.

The current state of operating cash flow has many people starting to worry. For example, the decline in the operating cash flow of more than half of the enterprises indicates that their operating ability is weakening, and the most immediate problem is that the short-term debt repayment ability is weakening, and it is difficult to repay interest, right?"

If everyone could see Chu Yunfei at this time, they would definitely be able to see Chu Yunfei's embarrassing predicament.