Central is the political and commercial center of Hong Kong, home to many banks, multinational financial institutions and foreign consulates.

Since the second half of last year, Hong Kong's investment banks have begun to downsize and expenses through layoffs and internal cost control, as well as the impact of the Wall Street subprime mortgage crisis. High rents for office space in Central and pessimism about the future have led many investment banks to move out of Central.

As an internationally renowned financial and commercial center, Central has always been a vanity fair, with some people leaving gloomily and others striding in with their heads held high.

When Ting came to Hong Kong last year to set up the Black Panther Fund, after much deliberation, he finally decided to address the company at One IFC in Central.

At that time, the "landlord" was eager to find tenants to share the vacant area, so on the basis of the lowest offer, he also took the initiative to give a 10% discount, 93 Hong Kong dollars per square foot per month, even so, the monthly rent of 100 square meters of office is 100,000 Hong Kong dollars.

In Ding Jianye's words, there are also advantages to high costs, and when everyone knows that the rent in Central is expensive, the company's office in Central is an invisible advertisement, which is enough to show the strength of the company.

When he registered and established Galaxy Investment, he chose the company's address in Lujiazui CBD for the same reason.

After Bear Stearns fell, the Wall Street media, a good thing, quickly dug up the list of several short-selling institutions, and the Black Panther Fund, which had been hiding behind the bears, finally revealed its mysterious figure.

The Black Panther Fund gave Wall Street investment institutions a resounding slap in the face with dazzling returns, and Wall Street institutions, which had previously ridiculed Black Panthers for not being able to measure themselves, collectively lost their voices.

As the details of the Black Panther Fund's short Bear Stearns transaction were exposed by Wall Street financial media, Hong Kong's Merrill Lynch Securities also received pressure from New York, and the old American brokerage canceled its leverage support for the Black Panther Fund on the grounds that it was affected by the subprime mortgage crisis and contracted its business.

Without the blessing of leverage, Ding Le's strategy of shorting Wall Street again has been greatly limited.

Hit by this, Ding Le suddenly remembered that Merrill Lynch suffered a loss of more than $50 billion in the subprime mortgage crisis, and was finally acquired by Bank of America, the second largest bank in the United States.

The gentleman does not stand under the dangerous wall, Ding Le decisively made the decision to change the brokerage, and no one can stop him from shorting Wall Street.

On March 18, local time in the United States, the day before the collapse of Bear Stearns, Lehman Brothers released its financial results for the first quarter of 2008 (December 1, 2007-February 29, 2008), and the company achieved a profit of 489 million US dollars.

After the news was released, the capital market was shaken, and the stock price jumped 46% on the day to close at $46.49.

But all kinds of bears are not buying it, they are still openly short, and short sellers have always questioned the accuracy of Lehman's disclosure data, suspecting that the profit in the first quarter came from unrealized one-time gains.

In order to calm the market's doubts about Lehman's lack of funds, on April 1, Lehman Brothers announced that it would issue $4 billion of preferred shares and promised to exchange them for company shares at a 32% surcharge.

As soon as the news was released, Lehman Brothers' stock price soared 18% to $44.34 per share, investors showed great confidence in Lehman Brothers, and Wall Street media also voiced their support.

After all, Lehman Brothers has a history of 158 years and has had several spectacular turns from the brink of death.

For example, in the most recent 9/11 attack in 2001, Lehman Brothers was one of the institutions that suffered the most from the attack on the World Trade Center in the United States.

However, Lehman Brothers quickly emerged from the catastrophe, and Smith, a famous professor at New York University, called Lehman "a cat with 19 lives".

In order to seize this once-in-a-lifetime short-selling opportunity, Ding Le worked tirelessly, he took his staff to travel between major brokerages on Hong Kong Island, and at the same time opened accounts with a number of securities companies that opened U.S. stock trading business, and deposited a margin of 500 million US dollars.

In just a few days, he not only completed the adjustment of the existing positions of the Black Panther and closed the positions that had generated profits, but also paid sufficient margins in various brokerages and continued to short the position through securities lending.

With the disclosure of the first-quarter financial reports of various listed companies, the data is better than investors' expectations, and investors on Wall Street believe that the most violent time of the subprime mortgage shock has passed, and they have survived the most pessimistic stage.

Taking advantage of the spread of optimism in the market, the Black Panther Fund constantly borrowed shares of various companies from brokers.

When shorting Bear Stearns, the Black Panther had already amazed once, and this time Ding Le built a portfolio and formulated a package of securities lending in order to hide his eyes.

This includes shares of Bank of America, Barclays, Citigroup, Goldman Sachs, HSBC Holdings, Lehman Brothers Holdings, Merrill Lynch, UBS and many other listed companies.

In just 7 trading days, the margin of the Black Panther Fund in various brokerages has been fully used, Ding Le has completed the opening of the position without danger, and the position of Lehman Brothers in the portfolio accounts for 50%, excluding the interest and other costs of securities lending and borrowing of brokers, the average price of Lehman Brothers shares he borrowed is about 35 US dollars.

Long before the subprime mortgage crisis broke out last year, Goldman Sachs, the largest investment bank in the United States, shorted subprime securities, and his opponents, including Lehman Brothers, were all long. Investment banks' long positions in subprime securities, if no one else takes over, will remain on their balance sheets forever. If Goldman Sachs does not turn over, other investment banks will not have the possibility of turning over, so Goldman Sachs is in an active position in the subprime mortgage crisis. After Bear Stearns fell, Goldman Sachs focused its fire on Lehman Brothers.

In addition to Goldman Sachs, Greenlight Capital is also an important short-seller of Lehman, and its founder Einhorn boldly proposed as early as July 2007 that "the geography and extent of the impact of the subprime mortgage crisis may be far greater than expected". In late March, with the collapse of Bear Stearns, the fifth largest investment bank on Wall Street, Einhorn became more firm in his position, and he began to disclose every one of his short actions in a high-profile manner.

This time, there are big investment banks and well-known institutions to snipe Lehman Brothers, Ding Le plans to wait until August to start closing the position, and eat with the predators, he doesn't want to be the last person to leave.

After opening the position, Ding Le adjusted the trading process of the Black Panther, and he set himself up as the last line of defense, and all transactions must be authorized by him before they can be finalized.

He also followed Ding Jianye's suggestion to directly promote Gao Renqiang, a previously recruited trader, to be the director, fully responsible for the daily management of the Black Panther Fund, and promised to give an additional million dividends on the basis of the annual salary.

Gao Renqiang, 32 years old, married and childless, aboriginal of Hong Kong Island, rich trading experience, he had been in a private equity for many years, after the subprime mortgage crisis affected Hong Kong, the private equity was dissolved, Ding Jianye found him through the recommendation of Dahua Accounting Firm, after these months of observation, this person has a stable personality, although he is not good at words, he is trustworthy.

Ding Jianye recruited another 4 analysts, Ding Le is also adjusted in accordance with the annual salary of top investment banks, several of them have work experience in Wall Street investment banks, professional ability is undoubted, for capable and responsible people, Ding Le has always been stingy.

"The Black Panther will do wonders, and I'm honored to witness this history with you!" Ding Le said demagogically at a company meeting.

Professional people do professional things, traders keep an eye on the market every day, analysts collect information every day, analyze and report, everyone performs their own responsibilities, and everyone has a big improvement in team cohesion and work efficiency after being promoted and raised.

When Ding Le was busy in Hong Kong to straighten out the management of the Black Panthers, he learned a shocking news on the news: at 14:28 Beijing time on May 12, 2008, a major earthquake occurred in Wenchuan......