Market makers refer to large investors who can influence the financial securities market. Market makers usually use large funds to control the market, so as to effectively influence the rise and fall of stock prices, and obtain huge profits from them. Especially in the domestic A-share market, shareholders are deeply touched by the power of market makers, who can not only manipulate stock prices and create bubbles, but also make stocks rise sharply in the short term. Stockholders' emotions towards the dealer are complicated, they thank the dealer when they make money, and they scold the dealer when they lose money.

But bookmakers are universal, especially in places where the regulatory regime is not perfect.

In the early nineties of the last century, as the stock boom in Shenzhen became more and more fierce, the activities of market makers also flourished. However, at this time, the market maker is mainly outside the market, using the means of singing good or bad to affect market sentiment, thereby affecting the stock price. These earliest bookmakers are the most mysterious and ferocious group of people in the Chinese stock market. They are very arrogant in the market where the regulations are not yet mature, and they play with tens of millions of shareholders again and again with all kinds of violations and outrageous lies.

With the improvement of the stock market system, the market arbitrage space is reduced, the first generation of market makers gradually withdraw from the main force of the market, the second generation of market makers that emerged around the turn of the millennium, with the help of one or more listed companies, continue to raise stock prices through mergers and acquisitions, and use stock market funds to continue to control more enterprises, mutual realization of capital lending and refinancing, and further acquisition of more enterprises for financing, this kind of enterprise group-based, serial way is usually called "XX system".

However, due to the lack of effective cash flow in most of the main business of the second generation of bookmakers, with the bursting of the stock market bubble, a chain effect is often formed.

But the story of the bookmaker is not over, with the rapid development of China's economy, the operating conditions of listed companies are also improving, a new generation of bookmakers to PE, VC, venture capital and other fields, they through the support of emerging enterprises to go public, etc., the means of capital operation sunshine, compliance, survived under the pressure of the market and regulation, and established a huge financial empire, this is the third generation of bookmakers.

In the process of the transformation of the first generation of bookmakers to the second generation of bookmakers, most of them were eliminated by the market, and in the process of the transformation of the second generation of bookmakers to the third generation of bookmakers, most of them were eliminated by the law.

And the person in front of Ren Pingsheng is obviously one of the people who has gone from the first generation of dealers to the present.

Through the investigation of memory images, Ren Pingsheng has connected the former bookmaker in front of him with the current financial predator.

In the era when the first generation of market makers were rampant, there was a trading war in the securities market that caused a sensation across the country, which was later called the "723 Incident".

The reason why this trading war left an indelible chapter in the history of China's securities is that, in addition to the billions of transaction amounts and deficits, the most dramatic thing is that the long and short sides of the trading war are basically market makers, and they are all market makers who were rampant in the securities market in those years.

The incident originated in 1994, when the short side was represented by Qianguo Securities and Shen Guofa, and the multi-party representatives were China Economic Development and a group of large Jiangsu and Zhejiang market makers, and the long and short sides competed around the 723 treasury bond futures.

723 was the code name for a "Treasury futures" contract at the time, corresponding to the issuance in 1992 of a three-year spot Treasury note due and paid in June 1995. Due to the early 90s, the hairstyle of treasury bills was very difficult, and the people were generally reluctant to buy, so the state finance decided to give some treasury bills a discount on the value of the bonds, and in the three years when the inflation rate had been high in 1991~1994, the interest rate had been at the level of 7~8%.

However, by the end of '94 and the beginning of '95, after macroeconomic control, the inflation rate had been lowered by about 2.5%. According to these data, Qianguo Securities, the largest brokerage firm in China at that time, predicted that the hedging discount rate of 723 treasury bonds could not be raised, and even if it did not decline, it should be maintained at the level of 8%.

According to this calculation, the 723 treasury bonds will be redeemed at a price of 132 yuan. Therefore, when the market price fluctuated at 147~148 yuan, Qianguo Securities and Shenning Guofa Group began to short on a large scale.

But they forgot their identity as opponents, and the main long-term 723 treasury bond futures at that time was the State Economic Development and Investment Corporation (China Economic Development and Investment Corporation), which had a deep background.

Due to the inside information, the bulls led by the National Economic Development Co., Ltd. made a large number of long 723 treasury bond futures, and the final announced treasury bond hedging discount rate was increased to 12.98%, with this good news, the bulls pushed the price of 723 treasury bond futures to 152 yuan in one fell swoop, and Shen Guofa, who was originally the main force short, also turned short into long, seeing that the main force of the short side Qianguo Securities was about to be forced into a dead end.

At this time, the bears also resorted to the last resort, and in the last eight minutes before the futures closed, a series of huge sell orders appeared in a row, sealing the price of 723 treasury bond futures at 147.50 yuan. In this way, it means that the bulls not only lost all their profits on the day, but also lost at least half of their principal, and all of them were liquidated.

According to post-mortem statistics, Qianguo Securities sold a short order with a total value of 210 billion yuan in the last eight points, equivalent to 1/30 of the domestic GDP in 1994. According to the Treasury Bond Futures Trading Measures introduced in 1993, sellers are allowed to short sell under the margin system, but there is no limit on short selling. As long as the seller redeems all the products before the expiration date, it is not a violation, let alone an illegality.

However, the outcome of the incident was unexpected, and the exchange was ordered to declare that all orders sold within 8 minutes before the close of the day were invalid! The closing price of the day was set at 151.30 yuan. According to this result, Qianguo Securities suffered a huge loss of 1.6 billion yuan, and the person in charge of securities at that time was imprisoned. The China Securities Regulatory Commission (CSRC) also suspended the pilot trading of treasury bond futures due to the adverse impact of this incident.

And the biggest winners in this incident are, of course, the main longs of the China Economic Development Corporation at that time, and Han Xi, the president of the National Economic Development Co., Ltd., who was only in his 20s at the time.

After the 723 incident, Han Xi established Yongjin Industry by himself, and conquered the city in the capital market at an astonishing speed: fully participated in the primary market and primary and semi-market businesses such as the transfer of shares, the transfer of corporate shares, and the placement of new shares;

Due to the serious sequelae of the 723 incident, many bookmakers who participated in the speculation did not die well, so Han Xi, who smoothly avoided all risk traps along the way, is known as the last big man in the rivers and lakes.

Facing this legendary boss, Ren Pingsheng had basically understood the purpose of being called here today, so he no longer played with the other party, and asked bluntly:

"Mr. Han, what are you going to do?"

Han Xi had a confident look on his face, and he tapped his fingers on the table and said:

"I have a few listed company platforms in my hands, and I plan to refinance before the market changes, and now the market supervision is very strict, and it is difficult to pass the refinancing plan without good themes and good words. ”

"Mr. Ren, the game company in your hand is very good, I asked people to investigate, the gross profit margin is more than 90%, the net income is 5 or 6 billion a year, and the market valuation can be about 10 billion. ”

"I asked my listed company to acquire your game company, issue an additional 30 billion in private placement, and the stock price will have at least 7 or 8 price limits, and you can earn more than 4 or 5 times at will, and take advantage of the market atmosphere to be good, give your brothers some meat. ”

After listening to Han Xi's words, Ren Pingsheng had no expression on his face.

Han Xi's approach is a common method for this generation of market makers, usually using large restructurings or mergers and acquisitions to release good news, and then bringing in strategic investors to issue new shares and cash out when the market speculates on the stock price to a high point. This set of methods has often been unpleasant in the A-share market in the future.

These strategic investors, of course, are allies of the bookmaker, or the object of interest transfer.

This is the bookmaker's game, which needs to be completed, and in addition to allies, benefit transmitters and capital, a good subject matter is also needed.

And Ren Pingsheng is their subject.

After understanding all this, what Ren Pingsheng wanted to know was how many chips the other party had in his hand and how much they wanted to take away from him.

So Ren Pingsheng asked rhetorically:

"I sell the company to you, what good do I have. ”

Han Xi smiled and said:

"I'll give you 2 billion, you are so young, with this money, there are many things you can do in the future. Don't you still have a real estate company, and after selling the game company to me, you can develop that land properly. ”

Ren Pingsheng's heart suddenly became clear.

He had always wondered why the National Development Bank would obstruct the site of the National Expo Park, and whether there was a more reasonable explanation than the political reasons that some people had speculated.

Ren Pingsheng has finally figured out now that the reason why Wen Yi's promise at the dinner will not count, and the reason why Guan Huanting wants to let her come to Han Xi, the only explanation is that they have taken a fancy to Ren Pingsheng's game company.

The land in the National Expo Park is just an introduction, the purpose is to push Ren Pingsheng into a desperate situation, and also to lead Ren Pingsheng to Yanjing and the overall capital situation designed by Han Xi.

Obviously, Wen Yi is Han Xi's backstage and the object of his interests.

And Han Xi, a capital predator, really wants Ren Pingsheng's game company, and their ultimate goal is to make money in the A-share market.

Ren Pingsheng would never have thought that the piece of land he auctioned for political investment would become a bargaining chip for others to lure him into the game in the future.

This is the "end of Qingping" that Ren Pingsheng has never guessed.

But Ren Pingsheng can't show weakness at this time, in front of this dealer giant crocodile whose hands are soaked in the blood of countless people, if he puts on a weak posture from the beginning, it is easy to be swallowed up by them, and he has to find out their bottom number first.

So Ren Pingsheng was expressionless, and he said in general:

"What if I don't sell it to you?"

Han Xi's face instantly turned cold, and his eyes behind the brown glasses seemed to be searching for something, he might have never seen such a calm opponent.

Over the years, relying on his family background and relying on the financial king behind him, the "swimming gold system" has been rampant in the capital market, never missed, and no one has ever dared to resist their overall capital situation.

Before setting up this bureau, Han Xi had already investigated Ren Pingsheng's background in depth, and knew that this person was not covered by anyone above, although he had some connections in Hanhai City, but the energy of the princes in these places was not enough to resist the forces above, and he was far from being the opponent of those forces behind Han Xi.

Is this young man crazy or stupid?

It didn't look like it, and Han Xi felt the need to put another pressure on him.

He lifted Erlang's legs and said lightly:

"Mr. Ren, you look like a smart person, smart people don't do stupid things. ”

Ren Pingsheng pretended not to understand, and asked rhetorically:

"What do you mean by stupidity?"

Han Xi didn't have any expression on his face, but his tone became very cold, and he said:

"Since I found you today, I'm naturally not afraid that you will leave. ”

"If your game company wants to go public overseas, it's not enough to have a VIE structure. If you are in the country for a day, you will have to be supervised by the relevant authorities. Have you filed your foreign exchange declaration, have your investments been filed with the Ministry of Commerce and Trade, and whether your company's tax payment is watery, can you stand up to inspection?"

Han Xi sneered, tapped his finger on the table, and said gloomily:

"Let me tell you bluntly, I have someone in this financial line, unless you don't want to go to the capital market, you can't escape from the palm of my hand. ”

Ren Pingsheng looked at the capital giant in front of him expressionlessly, he knew that the other party was not lying and threatening.

Doing business in China, it doesn't matter if you are small, if you become big, you will definitely be targeted by all kinds of bloodthirsty crocodiles, which is why Ren Pingsheng has always kept a low profile.

But all this was changed by the auction of the land in the National Expo Park, although Ren Pingsheng auctioned this land, but also exposed his strength to the public, which naturally attracted the attention of those bloodthirsty animals.

In front of these bloodthirsty animals, if there is no certain political background and no certain protective umbrella, ordinary people are not their opponents at all, they will definitely be devoured and bitten clean by them, and they will not even have bones left.

Ren Pingsheng has always been very clear about the key to this, so he has been committed to establishing his own umbrella and has made some progress.

But he overlooked the fact that the umbrella he was hoping for at the moment had not yet reached a position sufficient to shelter him.

And Ren Pingsheng's career is constantly developing, and he will always encounter those murderous and bloodthirsty animals.

Just like now, what is in front of him is a profound and far-sighted capital situation.

And he has no strength to rely on except himself.

Will he be able to make it through this game?

Ren Pingsheng himself has no bottom in his heart.

。 Sogou