When the annual meeting of the new venture electronics group was held, the listed company new venture publishing group also issued an annual report advance announcement.

“…… In 84 years, the company's main business revenue scale has achieved a 150% growth, and the growth mainly comes from the development of market channels. Among them, Japan New Venture Publishing Co., Ltd. achieved a revenue of HK$237 million in the first year of operation, close to 50% of the revenue of the parent company's self-operated Hong Kong region. At present, the publishing business in the Japanese market has begun to take shape, and there is still room for significant performance growth in the next few years. Because the Japanese market is in the development period, the channel marketing cost is large, so it does not contribute to the profit. ”

"The company has invested a total of 100 million Hong Kong dollars to establish a printing and content editing department in the Chinese mainland market, effectively taking advantage of the low labor level in mainland China and creating a lot of cost advantages for the parent company. ”

“…… Invested 8 million yuan to establish a chain of member rental bookstores in Shenzhen and Shanghai in the Chinese mainland market, and has received 5 million yuan in revenue. The gross profit of this business is higher than that of traditional book publishing and distribution, and the company has a firmer control over the channel and market, and is currently actively striving to expand the chain of book rental stores in more cities in the Chinese mainland market......"

"Listed companies actively explore comic copyrights, film and television, and game adaptations to form new growth points. Cooperate with new start-up film and television companies to invest in a number of TV series, movies and animations. Invest 30 million yuan in the "Court of Avalon" game project, accounting for 30% of the income rights of the game project. At present, the listed company has reserved 17 peripheral projects such as games, film and television, animation, etc., with an investment of 168 million yuan. Each project is based on the copyright of the main publishing business, and is derivative development. ”

"It is estimated that in 84 years, the company will achieve operating income of 1.16 billion yuan, with a revenue growth of about 50%. net profit of 250 million, an increase of no more than 20%...... The company has a total share capital of 150 million shares, total assets of 3.1 billion yuan, net assets of 2.58 billion, and plans to pay dividends of 100 million yuan......"

After the annual report was announced, the stock of New Venture Publishing Group fell in response.

This is because some investors are disappointed with the company's low growth.

Because, the profit growth rate of New Innovation Publishing Group in the first year of listing was less than 20%, and the return on net assets was only 10%!

Such performance is far below the expectations of so-called high growth.

Because, in two trading days, the stock price fell sharply from HK$70 to HK$50, and the market value evaporated by HK$3 billion!

Even banks and securities companies have begun to contact Lin Qi, and his pledged shares are at risk of liquidation.

It seems that in order to redeem the equity of the Japanese branch of New Venture Electronics last year, Lin Qi mortgaged the shares of New Venture Publishing Group and obtained financing from financial institutions. 39 million shares of listed companies raised 200 million US dollars, and the stop-loss line set by financial institutions was 40 Hong Kong dollars per share, and 50 Hong Kong dollars was started, and risk warnings were carried out.

Once it falls below HK$40 and no measures have been taken, then financial institutions have no choice but to use these pledged stocks for a large auction and cash out to stop losses.

The purpose of mortgaging the shares of a listed company was to raise $200 million to buy a 20% stake in a new Japanese start-up.

However, Lin Qi did not plan to give up the controlling stake in the listed company, so after receiving the notice from the financial institution, Lin Qi repaid the $200 million loan owed to the institution with principal and interest, and released the pledge of the listed company's equity in advance.

The funds for repaying loans from financial institutions come from the dividends of the new venture electronics group company.

……

And after Lin Qi redeemed the shares and repaid the arrears, the short-selling profits of the New Venture Publishing Group seemed to disappear overnight.

Lin Qi inquired a little and knew what was going on!

It was some financial speculators who tried to short arbitrage, and Lin Qi pledged 39 million shares at a pledge price of 40 Hong Kong dollars.

Previously, the stock price fell sharply from HK$70, and it is likely that some capital is looking for institutions to borrow and lend short.

If it falls below HK$40 and Lin Qi's pledged shares are successfully liquidated, the short seller can take over the shares at a price of HK$40. In this way, the success of arbitrage is ensured.

What short-selling investors are most afraid of is that they borrow a large amount of shares to sell, but then the stocks rise sharply, then, when they want to repay at maturity, they need to buy at a more expensive price, so they will cause huge losses.

And if a listed company has a large number of shares pledged to a financial institution at a certain price, then, for some scavenging vultures, it is equivalent to seeing a corpse. All you need to do is collect enough chips to focus on breaking the price floor in the short term.

After that, the pledged stocks are forced to liquidate, so that the short seller is not afraid that he will not be able to buy a larger number of shares cheaply, so as to complete the entire short process.

And Lin Qi decisively lifted the equity pledge, that is to say, there is no longer a target of the short, and if it is smashed down, it will not become safe for his short-selling plan, but will increase the risk of failure.

And shorting is not the goal, making money is the goal. In this way, the bears are naturally not allowed to cover the stock in the market and close the position. Although, in the process of short-covering turning into a long position, it will make a lot less money, but it can also be profitable.

For most retail investors, this short selling is completely confusing. However, as far as Lin Qi is concerned, a little investigation will show that those people did it!

The overall leader of the short sellers is Goldman Sachs, which previously underwrote the issuance of shares of the New Venture Publishing Group Company. Because Goldman Sachs has a large number of chips in hand, selling can not only settle down and cash in floating profits, but also increase the yield by shorting the trend.

In addition to Goldman Sachs, the biggest short is Liu Luanxiong!

"It turned out to be him!" Lin Qi knew that Liu Luanxiong was the number one person, at least, among the speculators in the Hong Kong financial market, Liu Luanxiong's fame and assets were the first. Liu Luanxiong started out in the manufacturing industry, but as he tasted the sweetness of financial speculation, he became more and more obsessed with financial means. In addition to being a low-key institution, Liu Luanxiong should be the most active bookmaker in the market.

Basically, any company, he dares to speculate. After the hostile takeover inflated the shares, and then, forcing some of the company's major shareholders to buy them back, Liu Luanxiong took the opportunity to sell them for a profit. By borrowing a large number of shares, the positions pledged by some major shareholders can be smashed and liquidated, so that the benefits can also be obtained.

Later, there were more complex arbitrage methods, for example, buying a listed company, and then hollowing out the assets of the listed company, leaving only the shell resources, and then, whether it was selling the clean shell resources to buyers who needed them, or using the platform controlled by them to sit in the bank and smoke money, it was a profitable business.

After decades of turmoil in the market, Liu Luanxiong's capital scale is getting bigger and bigger. Subsequently, Liu Luanxiong got involved in real estate again, and developed from real estate and finance in parallel, and he did not understand finance as well as he did in finance, and he did not understand real estate as well as he engaged in finance, and he was also a relatively high boss among the rich people in Hong Kong.

Li Ka-shing and Bao Yugang, who fought with Liu Luanxiong in the capital market, did not get a good deal, but because they were clumsy, they were beddled by Liu Luanxiong. Of course, those bigwigs don't think it's worth bothering with him, as long as they are careful, no one will be taken advantage of by him. Only occasionally unguarded, after revealing a huge flaw, will it be exploited by it and steal some profits.

However, Liu Luanxiong should never mess with Lin Qi, after all, he is younger than those traditional bigwigs, he is more angry, and he also likes to write down the people who offend him in a small book, and if he has a chance in the future, he will settle accounts sooner or later!

Liu Luanxiong made at least 200 million yuan in this move, but later Liu Luanxiong recalled and said with palpitations: "At the beginning, I calculated Boss Lin, and I felt quite proud, Boss Lin is such a powerful person, and he can't get my old Liu in the stock market, so he can only watch me short his company and make a lot of money." But then everyone knew that Boss Lin slapped him, and my Lao Liu lost nearly 1 billion yuan, and he lost all his old money for many years, and he even had the thought of dying for a while......"

Of course, Lao Liu is also powerful, at the end of the 80s, he was almost bankrupt by Lin Qi. Later, he came to apologize, and Lin Qi didn't care. Subsequently, Lao Liu counted the only millions of capital left in his pocket, and started again in the 90s, becoming a financial tycoon worth billions.

But since then, Liu Luanxiong has often flaunted his value investor, saying that he has not sold a single share of Lin Qi concept stocks for more than ten years, and the return on investment of these stocks has been dozens or even hundreds of times. Of course, Lao Liu's real fortune is still by doing evil in the market and grabbing money as a bad guy, rather than by holding a very small number of Lin Qi concept stocks for a long time.