Sun Kai is standing in front of the row of monitors at the entrance of the hall at the moment, these positions were originally reserved for retail investors to watch the market, because now the sales department has canceled the retail hall, in the past, those uncles, aunts and aunts sat in the hall and stared at the big screen to see that the time of the day has long been worn out by technology.

Naturally, brokerages are also keeping pace with the times and reducing their business area. When the collective transformation is carried out, there must always be some space reserved for emergencies. Therefore, these locations are called beautiful names: exhibition area, experience area.

Xia Yu was also standing next to the exhibition area at the moment, staring at Sun Kai and muttering, "They haven't arrived yet." ”

Sun Kai nodded, looking down at the monitor screen thoughtfully, as if he was worried about something. Li Yan, Wu Zhilin and others pushed open the door and walked in.

Xia Yu hurriedly greeted Wu Zhilin, Sun Kai was stunned and turned around to look at Wu Zhilin, and noticed that Li Yan was walking in front of Wu Zhilin, and Wu Zhilin actually helped Li Yan push the door of the hall. All these small changes are in Sun Kai's eyes, and his heart is full of all kinds of envy, jealousy and hatred......

Even so, Sun Kai still squeezed out a kind smile on his face and greeted Li Yan.

"What's wrong?" Sun Kai politely asked, and then asked Li Yan tentatively.

"Mr. Sun, I have something I want to confirm with you. After Li Yan said this to Sun Kai, Sun Kai immediately let everyone go in the direction of his office.

When sitting on the sofa in Sun Kai's office, Li Yan couldn't help but sigh. The person in front of him used to be like a god to him. Xia Yu, who was chatting next to him, was also the top boss of his own boss. In the past, when I met and greeted Xia Yu, although the other party also greeted me with a smile, the kind of superiority that emanated from the cracks in the bones couldn't be covered up no matter how much I covered it up.

But now, Xia Yu looked at himself with a stammering face.

Of course, Li Yan didn't understand either. Now it's Wu Zhilin who is still stammering, not the leader of the alliance. But while pulling the tiger skin and pulling the banner, he has gradually secured the position of the Demon Hunting Alliance, and Xia Yu's eyes have gradually become different when he looks at him.

"What do you want to know? As long as I know, I must know everything!" Sun Kai patted his chest at Li Yan, which was regarded as a package ticket.

"I want to know about the stock pledge financing, Mr. Sun will tell me about it......? Well, I should say that I was a little caught off guard. Li Yan muttered to Sun Kai. Sun Kai shook his head and said, "Are you caught off guard......? Let's put it this way. I have news, I learned that a medium-sized brokerage firm in Shencheng has just established the internal project standard for stock pledge financing business, that is, the proportion of all stock pledges of listed companies shall not exceed 50%. Profits in the first and second quarters of this year should not be negative, and industries with excessive debts, such as the real estate industry, and some insurance stocks in their hands will not be accepted. ”

Li Yan nodded and said, "I already know this." Anything else?"

Sun Kai pondered for a moment and continued: "In addition to the above requirements, a large listed brokerage company in southern Fujian has added two special requirements for stock pledge financing: one is that the financing amount cannot exceed one percent of the total market value of the listed company, the pledge rate shall not exceed three percent, and the final financing amount shall be in accordance with the minimum value of the above two conditions. ”

Li Yan sighed and asked, "Is the news reliable?"

Sun Kai nodded and said, "A general manager of the sales department of that company and I are friends. Not long ago, he complained to me: "Not long ago, when I came into contact with a project, both parties agreed that the major shareholders of the listed company would pledge financing, but because of the scale of 1 percent and the pledge target of 300 million market value, the company's final financing amount was less than 20 million! What do you say the customer will do?"

Li Yan came out of the brokerage, and of course he knew what the result would be.

Sun Kai sighed and said, "The customer directly refused to find another home to do." ”

Bi Peilin on the side couldn't help but interject and asked: "Why don't you pull it to Modu Securities to do it?"

Sun Kai looked up at Bi Peilin, and didn't seem to be displeased by Bi Peilin's intervention. After all, Sun Kai also knew a little about the situation of the eldest lady of the Bi family in the demon capital, and said with a wry smile: "Miss, there are rules for doing things. A list that my friend can't eat, don't say if I can eat it. If it's not in line, can we just consider our friends' feelings?"

After saying this, Bi Peilin nodded thoughtfully. The mouth has become a playful cuteness. At this time, Sun Kai looked back at Li Yan and continued: "Some other brokerages that are still engaged in stock pledge financing, I learned that the approximate threshold is basically the same as the above standards. There are only slight differences in the specific details, such as the pledge of tradable shares, for example, cannot exceed the proportion. The rise and fall of individual stocks in the secondary market cannot reach a certain proportion, etc. ”

Li Yan smiled at this time and asked, "Is there anything else?"

Sun Kai glanced at Li Yan, as if he couldn't understand why Li Yan was so interested in pledges. continued: "Of course, there are indeed some securities companies that have a little room for maneuver. For example, individual stocks that have lost money this year must be able to explain the logic of making a profit for the whole year or next year. For example, the purpose of the financing must be stated, and the exact source of repayment must be used. ”

When Li Yan listened to this, he seemed to find that these were not what he wanted to hear. Xia Yu noticed something, and said beside him: "The risk of stock pledge mainly comes from the market trend, in fact, the understanding of almost all front-line salesmen of brokerages is that the risk of stock pledge is mainly derived from the subsequent trend of the market. Many front-line salesmen in our sales department do not understand the business orientation of their own company, and think that with the current market trend, it is almost impossible for the overall decline of 50%, so they conclude that there is no risk in the pledge financing business of many high-quality stocks. ”

"It is not enough to implement the spirit of the instructions from the top level. Li Yan sighed and subconsciously said such a sentence.

When he said this, everyone glanced at Li Yan. Especially Xia Yu's eyes when he looked at Li Yan were obviously different. It is true that if it was in the past, if Li Yan was still in his work position, he would definitely think so.

Mortgage financing business, for front-line personnel. That's a lot of money from commissions. And with Li Yan's character, it is estimated that he will also complain about the above policies, but today Li Yan said such a sentence.

It is enough to prove: location determines vision, vision determines pattern!

Xia Yu tilted his head and looked at Sun Kai, thought about it and continued: "I personally think that now is the best time for far-sighted brokerages to accumulate projects and accumulate customers, otherwise when the market improves, compared with large brokerages like us, there is no advantage at all from projects to funds, from pledge rate to financing costs." ”

Of course, Sun Kai understood that this was said to himself, tilted his head and looked at Xia Yu and said lightly: "Your idea is said at the level of the business department, and in the eyes of the senior management of Modu Securities, the real risk of stock pledge financing is far less than disclosed by public data!

"Isn't it to stabilize finance?" When Xia Yu refuted a sentence a little weakly, Sun Kai laughed and said: "Yes! At present, the stock pledge data of listed companies are all derived from the pledge disclosed in the announcement of the listed company. The publicly disclosed pledge financing is only the tip of the iceberg, and a large number of over-the-counter pledges and bid-by-bid pledges have not been disclosed at all. ”

Li Yan understands that the so-called over-the-counter pledge is stock pledge financing through the over-the-counter market. These do not need to go through the state settlement, nor do they need to notify the listed company for disclosure.

OTC pledge financing, compared with on-site pledge, generally has a higher pledge ratio, but the cost is also higher. For example, the pledge around the bid, which is mainly a combination of on-site financing and over-the-counter options, does not need to be announced, and is highly efficient and convenient, and it is also one of the favorite financing methods of shareholders of many listed companies, and the cost and discount are slightly higher than that of on-site pledge financing.

Li Yan asked Sun Kai at this time: "Actually, the trading market has been relatively bleak in the past few years, and the two financial businesses are not prosperous. The stock pledge business has become the driving force and growth point of the credit business of securities companies. Now the risk is gone?"

Sun Kai shook his head with a wry smile and said: "At the beginning of this year, the regulator strengthened the risk management of the stock pledge business, introduced the strictest new regulations on stock pledge, and under the influence of comprehensive factors such as deleveraging, the stock pledge business of all brokerages is shrinking. ”

After saying this, Sun Kai didn't continue to speak, on the other hand, Li Yan also lowered his head as if he was thinking about something. After a long time, Sun Kai saw Li Yanyi raise his head and hurriedly asked, "Do you still want to know anything?"

Li Yan shook his head and said, "No need, I think I already know more deeply." ”

After saying this, Li Yan stood up and beckoned Wu Zhilin and Bi Peilin to leave, Sun Kai and Xia Yu followed to see off the guests, and just as they were about to step out of the gate of Modu Securities, Li Yan suddenly asked: "Has our stock pledge financing stopped?"

Sun Kai raised his head and squinted at Li Yan, as if the treacherous and cunning Sun Kai just listened to Li Yan's words, and seemed to understand the meaning of the eyes.

"The conditions are harsh. Sun Kai whispered a response to Li Yan.

In the trading room on Zhichun Road, a person is holding a boxed lunch and is eating with his head down. Li Yan sat in the center of the crowd, and his hands continued to radiate in a scattered shape.

After eating, Li Yan got up and walked a few steps and threw the lunch box into the trash, then suddenly turned around and said, "Have you paid attention to Hang Seng recently?"

Dao Jianxin's chopsticks stopped suddenly, and his head with crooked cheeks and rice grains muttered to Li Yan: "I probably took a look." ”

Li Yan nodded with a smile and said, "I think everything in Hengsheng is the dawn of the darkest hour, and then I thought of our Qianhe flavor page." I actually want to be seen by everybody and give everybody confidence a boost. And I want to set an example!"

Dao Jianxin held a boxed lunch and picked up a pinch of shark fin with chopsticks. He looked at Li Yan with a confused expression, his lips moved, but in the end he didn't speak, as if he wanted to wait for Li Yan to finish speaking.

Li Yan wiped his mouth, walked to a computer and tapped the keyboard a few times, then pointed to the plate and said, "If you have time in a while, I suggest you take a look at Hang Seng!"

"What are you doing looking at Hengsheng?" Although he thought so in his heart, Dao Jianxin just nodded slightly. It seems that he is telling Li Yan that he has seen it all.

"The repurchase amount of most listed companies in Hang Seng has exceeded the same period of the Olympic Games, and has hit a record high!"

"Hang Seng is in the darkest moment...... Li Yan finished speaking, and after looking at the people in the room, he noticed that Zhang Qihua seemed to have something to say. Then he smiled at him and asked, "Brother Zhang, what do you want to say?" ”

Zhang Qihua didn't seem to want to speak, but seeing that everyone's eyes in the room fell on him, he finally cleared his throat and said: "At present, under the attack of multiple factors such as foreign trade frictions, the varieties that have fallen high in the past have been falling endlessly for nearly half a year! How much has the penguin empire in the Hang Seng Finger that fixed the Poseidon Needle fallen? In just a few months, it has already been 30 percent, right? It is said that the Dinghaishen Needle will not fall, and the reality has given those people a powerful counterattack. ”

Zhang Qihua took a breath and continued: "In the past eight months, how much has the Hang Seng Index fallen? 6,000 points! The decline has been 20 percent. What is the definition of a bear market in the European and American markets? It is 20 percent! They believe that as long as the expected decline is 20 percent, it means that a bear market is coming, and history has also proved that a correction is at most 20 percent, and although there are all kinds of black, they are all short-term, and they have risen back in a few months or years. Hang Seng has fallen to the present, it can be said that it has fallen out of value, and many institutions have begun to be bullish on Hang Seng. ”

Wang Qihua's rebuttal did not make Li Yan depressed, but showed a faint smile on his face.

At this time, Wang Qiling, who was standing beside Wang Qihua, frowned, tilted his head and muttered: "Brother, this time is different!"

The corners of Li Yan's mouth curled, and Wang Qihua also smiled. Everyone saw Wang Qihua tilting his head and asking his younger brother, "When did you say that no one was facing a risk, this time was different?"

Wang Qihua, who asked in one sentence, was a little speechless.

At this time, Dao Jianxin on the side suddenly frowned, and then suddenly said: "Are you sure that this time is different because it means that it is risky? After failing to invest, people often "make persistent efforts" and think in their hearts: This time it is different, I will definitely be able to earn back! But what is the truth? There are many people who lose in this kind of mentality, and there are quite a few people who repeat the mistakes of the past!"

Wang Qihua was stunned when he heard this, tilted his head and looked at Dao Jianxin, who was slowly walking towards him.