Xu Zhi and his team stayed in Daegu for another 3 days, and Lee Kun-hee and Lee Byung-cheol set the prototype of the cooperation between the two sides.

After leaving South Korea, Xu Zhi returned to Xiangjiang, and at the same time, Xiangjiang's stock market was completely shaken by another news:

Hang Lung, one of the largest Chinese banks in Hong Kong, has been hit by an unprecedented run, with a large number of depositors queuing up all night regardless of their losses, intending to withdraw all their deposits with Hang Lung, even after losing years of regular interest.

What happened to Hang Lung Bank can actually be described as a "wrong".

As early as September last year, after the Iron Lady wrestled, the real estate market in Xiangjiang collapsed, and countless "brick families" jumped out, showing their powers, predicting that some banks in Xiangjiang would inevitably repeat the fate of Liao Chong Hing Bank being run out of the bank.

This view is actually fine, and small banks have been relying on high interest rates to attract depositors, and depositors, although tempted by high interest rates, are also extremely worried that their money will go into a puddle, and if the bank fails, it is very easy to cause a run.

Once the run erupts, the banks will not die from the losses they have made, but they will be immediately crushed by the run.

After all, the banks have absorbed the depositors' deposits and must lend them out, otherwise, how can they pay the depositors' interest? However, once a run occurs, it is impossible for the banks to return cash in a short period of time, and without foreign aid, the only outcome is to declare bankruptcy and be taken over by the government.

In Heung Kong, the main customers of the banks are the real estate companies, and when the local price collapses, the real estate companies and the banks will lose money, and losses will inevitably occur.

But to the surprise of financial "experts", although Hang Lung Bank, which was the first to be recruited, collapsed, the root cause was not because of real estate.

The root cause of Hang Lung's crisis was the collapse of its long-term partner, Xie Liyuan Gold Shop.

Founded in 1867, Xie Liyuan Gold Shop has a history of 110 years, and the scale is not comparable to Cheng Yutong's Chow Tai Fook, but it is a long-standing brand and is the favorite of many people in Hong Kong.

In the 70s, the international gold price rose sharply, Xie Liyuan Gold Shop launched the "Thousand Feet Gold Accumulation Plan": any Xiangjiang citizen can open a gold account in Xie Liyuan, buy paper gold according to the price of the day, Xie Liyuan Company and then buy gold in a unified manner, at any time in the future, paper gold can come to the shop to exchange or buy gold jewelry according to the gold price of the day.

On the surface, this kind of operation is fine, but in fact, after receiving the funds from the customers, Xie Liyuan did not go to the market to buy gold according to the agreement with the customers, but participated in the real estate investment in Xiangjiang.

Although before 81 years, Xie Liyuan used this money to make a lot of money in the real estate market, but in 82 years, land prices fell, and in September, there was a crash.

At the same time, the price of international gold began to rebound sharply, and Xie Liyuan's gold shop was simply not enough to supplement this loophole, so it was forced to go bankrupt.

After the collapse of Xie Liyuan Gold Shop, it was rumored in the market that Xie Liyuan had a close relationship with Hang Lung Bank, so a bunch of investors holding Xie Liyuan Gold Shop gold coupons went to Hang Lung Bank to ask for cash.

Of course, this kind of thing will be rejected by the bank, which has nothing to do with them at all, but it is more business than cooperation.

But at this time, the rumors began to spread, Hang Lung Bank was declared to have incurred huge losses, so it triggered a run on depositors, within two days, was withdrawn 100 million Hong Kong dollars in cash, fortunately, Standard Chartered Bank and Bank of China two giants joined forces to support Hang Lung Bank, only to temporarily quell the run, but the market and depositors' confidence has been lost.

Two months later, a financial company named Diners Club was forced to liquidate because it owed a total of HK$650 million in loans to a number of banks, and at the same time, a financial newspaper broke the news that two directors of Diners Club Finance were also directors of Hang Lung.

According to the original history, in September 1983, because Standard Chartered Bank discovered a debt of up to HK$800 million concealed by the senior management of Hang Lung Bank, and then officially announced that it would give up supporting Hang Lung Bank, which triggered the collapse of Hang Lung.

But in this life, I don't know what the reason is, Sides actually discovered this bad debt in advance, so he gave up supporting Hang Lung Bank and took away Bank of China.

Losing the support of the two banking giants, the news immediately spread, and countless depositors rushed to Hang Lung Bank overnight with the intention of withdrawing their cash.

After losing the support of Standard Chartered and Bank of China, Hang Lung contacted several large banks in Hong Kong with the intention of working capital, or hoped that large banks could provide support, but were rejected by HSBC, Hang Seng and other banks.

At the headquarters of the Bank of East Asia, Xu Zhi, who had just returned to Xiangjiang, immediately convened an emergency meeting of the bank's senior management.

"Tianfan, what is the current situation of Hang Lung Bank?" Xu Zhi asked directly.

Yuan Tianfan replied: "Chairman, according to the information provided by Standard Chartered Bank, Hang Lung Bank currently has two important issues:

First, HK$266 million was borrowed by the former directors and affiliates of the company in a lump sum with minimal collateral, which is already a serious violation of the law of Hong Kong.

The second is that Diners Club, which has gone bankrupt, still owes Hang Lung Bank a debt of 800 million Hong Kong dollars, which the senior management of Hang Lung Bank has been desperately hiding from shareholders, but it was still found out by professionals from Standard Chartered Bank. ”

At the end of last year, when Hang Lung's first run crisis broke out, Standard Chartered Bank stepped in to protect Hang Lung, and afterwards, the Hong Kong Financial Secretary and Standard Chartered naturally conducted a comprehensive investigation of Hang Lung, and finally found these two problematic payments.

"Then how much is the loss of the entire Hang Lung Bank now?" Xu Zhi asked.

Yuan Tianfan said: "The illegal money of 266 million Hong Kong dollars is easy to say, and several people who borrowed money have been restricted from leaving the country or have been criminally investigated, and these people are worth okay, and they should be able to spit out the money."

The biggest trouble is the 800 million Hong Kong dollars lent to Diners Finance, and now that Diners Finance has gone bankrupt, this money has become a dead account, and the bank itself can only bear the loss. ”