At the end of December 90, Lin Qi conducted a TV program interview in China and discussed some post-IPO issues with domestic investors.

"Many investors, because of the rise and fall of Konka's stock, are constantly optimistic, pessimistic, and so on. This is a must, the quality of the company's operation, the cycle is relatively long. It's not that the stock price is rising today, and the business is doing well. If it falls tomorrow, the company's performance will deteriorate. In fact, it is mainly the pessimistic and optimistic expectations of investors, or the operation of blind followers, that cause the stock price to rise and fall. But whether the stock price rises or falls is good or bad, we have to look at it in two. ”

"Is it a good thing that the stock price has risen? Some people are a good thing, for example, if they hold shares, the stock price has risen and the stock price has risen and made a floating profit, which is naturally a good thing. But it's not necessarily good for everyone, such as...... Some people like to chase the rise and kill the fall, a stock rose ten times and began to chase the rise, and the investors who made a lot of money sold the stock to him, and then it fell by 80%, which is naturally a bad thing for the investors who took over later. ”

"Even if it is a good company, the stock price has been fluctuating after listing, Graham said well, the price of assets is always from undervalued to overvalued, and then from overvalued to undervalued, and the cycle repeats, never stopping, this is the law of the capital market. ”

"In the world's stock market, the most difficult thing is to make others accept their own investment philosophy, just like an entrepreneur, it is difficult to convince another entrepreneur to do business according to his own business philosophy. ”

"However, we can always rely on common sense to see through the fat and thin at a glance. For example, if you have invested so much money, can you afford to build a factory and production line as big as Konka? Can you ensure that production and sales are booming like Konka, and the domestic sales volume is the first, and now it even exports more than 2 million TV stations and more than 3 million monitors overseas every year. ”

"Domestic stock investment is very immature, I have to say, mature investors, based on the value of the enterprise to measure whether it is worth investing. Although, the value of the enterprise is sometimes difficult to measure, after all, it is not a professional understanding, it is difficult to judge whether an industry is prosperous, whether a company has an advantage in a certain industry. However, we can look at the common sense of fat and thin at a glance, if we believe that the financial statements of a company are true, then, simply based on the performance of revenue, profits, dividends, etc. over the years, let's see whether it is worth investing. ”

"You ask me if Konka is worth investing in? And why don't I continue to buy? God, if I want to continue to buy, if there are not enough outstanding shares, wouldn't it automatically start the delisting process? Why should I delist a company that is so good to be listed?"

"I can't guarantee 100% that your stock investment will make money. However, as the controlling shareholder, I will be consistent with the interests of all shareholders, taking into account Konka's continuous improvement of the management system, and constantly improving the market share, brand reputation, product profit margin and so on. At the same time, Konka is now a stable and mature enterprise, so our annual dividend is not less than 30% of net profit. Take into account the growth of the enterprise and the dividend return of investors. I believe that the current stock price, even if you forget about stocks and get dividends every year, is a very valuable investment target. ”

Because Lin Qi can be said to be the richest Chinese in China since the reform and opening up. Moreover, Lin Qi is self-made, has very little reputation in the business world, and usually seems to be very close to the people, so it is inevitable that there will be a large number of brainless fans.

"Mr. Lin said on TV that it is definitely not a loss to sell Konka!"

"That's right! Xinai Industrial Group even said that if it is still less than 10 yuan next year, then it can sell all the shares to the controlling shareholder Xinai Industrial Group at a price of 10 yuan. ”

"Xinai Industrial Group has more than one million employees, such a large company, it will definitely not default, and when the time comes, the map will be 10 pieces, and Xinai Industrial Group will be in the end. ”

In less than a month, Kangjia Electronics' share price bottomed out and quickly rebounded from the lowest 3 yuan to 5.7 yuan.

After the bottom of the stock price rebounded, although many people who bought the bottom and made profits have begun to sell, more investors have begun to analyze "arbitrage"!

When the capital market is relatively mature, there are various arbitrages. For example, if the major shareholder agrees on 20 yuan, he can sell the stock to the major shareholder at a market price of 15 yuan. Investors believe that the major shareholders will not default, so they buy the shares traded in the secondary market one after another, and then sell them to the major shareholders for arbitrage.

There are also some spot arbitrage, and the futures and spot prices are not the same. For example, eggs in a certain place cost 5 yuan, and eggs in the futures market cost 2.5 yuan. After considering the transportation cost and wear and tear, investors sell spot eggs in the market while buying contracts in the futures market, waiting for the cost of 2.5 yuan to be delivered, so that the purchase cost may be lower than the cost of other channels.

Or, there is a 10% difference between stock index futures and the corresponding stock index. As a result, index futures and index ETF funds carry out risk hedging arbitrage. The profit earned is mainly - the difference between futures and spots. Based on this model of arbitrage based on shorting and longing at the same time, it is also known as hedge funds. In a mature market, it is difficult to have a large price difference between futures and spots, because once there is a price difference, there is room for arbitrage, and if someone arbitrages, the difference will be smoothed out efficiently.

This way of taking advantage of price asymmetry and information asymmetry to arbitrage market price differences with low risk is the so-called arbitrage.

Lin Qi's awesomeness is that it has been advanced by 20 years, providing a low-risk arbitrage opportunity for the domestic market.

"I believe in Mr. Lin's vision. ”

"Yes, Konka's current market share is the absolute first, and such a good company should not be so low no matter how you look at it. ”

"When I think about it, it is said that when Mr. Lin was inspecting the business last year, he gave a speech at the University of Tokyo, and in front of many Japanese experts and professors, he sang about the decline of the Japanese economy and turned the faces of those people green. You see, right now, there's no going on in the Japanese stock market, so ...... Lin Qi's speech can't be seen as a joke, he is really awesome!"

"Anyway, I believe in Konka with the support of Mr. Lin. ”

"Follow Mr. Lin to mix meat to eat!"

Follow Mr. Lin to have meat to eat!

This sentence has been widely disseminated, and the power driven by the celebrity effect is often very powerful, and many people have turned to buy Konka Electronics.

Of course, in fact, the real main force that buys Konka is Konka's corporate employees. Although Konka did not make it mandatory, it carried out some mobilization and issued the financial statement information of Konka after its listing, and, combined with the business that employees can understand, let employees know that the stock price of Konka listed now is abnormal!

Buy it!

These employees are naturally clear about Konka's assets and competitiveness!

Therefore, Konka currently has 50,000 employees, of which tens of thousands have gone to buy shares and become shareholders of Konka. Although the collected funds are not much, there are more than 300 million!

In the A-share market in this era, except for a giant like Konka, the total market value of other companies may not be 300 million!

In recent years, many ridiculous bookmakers have millions of funds that can be forced. Tens of millions of funds are actually giant crocodiles.

Therefore, the general trend of Konka is basically unstoppable, exceeding the imagination of the fledgling market in this era!

"Main funds!"

Many people always like to fantasize about what force is manipulating the general trend of the stock market, which is the so-called main capital.

But......

The capital market is tradable by everyone, and the scale is so large that there is really no institution other than the state that can be regarded as the main force.

However, the purchase of Konka employees with a capital of 300 million yuan, the torrent of funds formed in this era is the absolute main force. God blocks and kills God, and Buddha blocks and kills Buddha!

Many years later, some old employees began to pretend to be forced - I scraped together 5,000 yuan to buy 1,000 shares of Konka's newly listed stock. It's only 5 yuan per share. Later, I kept giving away shares, transferring shares, etc., and the original 1,000 shares were already more than 20,000 shares, and now each share is still more than 40 yuan, which is almost a million. Well, now the annual dividend is more than 50,000 yuan! 20 years, more than 200 times the rate of return, although it is a little worse than Gree and Midea, but the gap is not big.

Then, many young people were envious and jealous, hating how they were not born a few years earlier, so that they could catch up with the downturn in the stock price when Konka had just been listed.