Delong originally had nothing to do with Southern Securities, but due to Chen Qiaoshan's repeated bombardment, the two were implicated.

Chen Qiaoshan is now famous, in the hearts of ordinary shareholders, he may be a disaster star, basically an unlucky child who is pregnant.

After a week, the investigation of Southern Securities was basically conclusive, and the details of the problem were not disclosed, but no matter what era it is, there is always no shortage of well-informed people or mysterious insiders.

According to the media, the self-operated business of Southern Securities has suffered huge losses, and the interest on the monthly principal and interest-guaranteed financing is as high as more than 200 million yuan, and the annual additional operating costs are more than 2 billion yuan, which is undoubtedly moving forward in debt.

What makes people speechless is that since Chen Qiaoshan stabbed the powder keg of Southern Securities, many well-known scholars and experts have jumped out and joined the ranks of criticizing Southern Securities, which has made the news media very lively.

Chen Qiaoshan is accustomed to this, and the experts of the hindsight are not unique to today, so there is really no need to worry about them.

Because the problem of Southern Securities was confirmed, voices questioning Delong's system began to appear on the Internet, and Qiao Shan's previous doubts were turned out one by one.

Chen Qiaoshan has bombarded a total of three companies, the results are very shocking, the chairman of hops was detained, the stock fell 14 times, and now it has been suspended for rectification, and Southern Securities was directly investigated by the Securities Regulatory Commission.

Now that the Delong system is only fruitful, there is also a comprehensive drop limit in the last two trading days before the National Day, which makes people think about it and inevitably arouse suspicion.

Although Delong Group's National Day period continues to be good, many people can see it.

The so-called good is empty talk, and none of them can bring actual benefits to listed companies in the short term.

The most important thing is that Tang Wanshan's original explanation confirmed Chen Qiaoshan's report, the implementation of the cheap sale of assets, coupled with the guarantee crisis implicated in hops, there are more and more suspicions.

Whether it is Peking University Qiaoshan cooperating with QFII institutions to short Tunhe shares and make foreign capital profits, or whether there is really a problem with the Delong capital chain, many people have a preliminary judgment in their hearts.

……

Just in the last few days, some media began to break the news that Delong Group has begun to lay off employees again, and the scale is much larger than in July.

When Chen Qiaoshan saw this news, he realized that the long-awaited opportunity had come.

On the very next day, the news of the large-scale layoffs of Delong Group appeared in the media, and the report was very detailed.

This news is very intriguing, Delong Group is the largest private economic entity in the country, has developed from the original troika to today's nine golden flowers.

There are 9 affiliated listed companies under the group, and there are countless non-listed companies directly or indirectly controlled, and even the employees of many companies do not know who the boss is.

And this time it was revealed that it was Delong's non-listed company that was laid off, which is a bit unclear, Chen Qiaoshan knew that the real black hand hidden behind the scenes began to act.

Sure enough, in the next two days, the "Financial Times" published a series of articles, and successively disclosed the large-scale layoffs of three companies: Delong International, Youlian Research, and China Enterprise Oriental.

CE Orient is known as the largest securities and industry research center in China, and is the core enterprise of Delong engaged in industrial research and financial services.

According to media reports, the research center, which once had hundreds of employees, now has less than 30 people left, and Delong International, not to mention the core company of the Delong family, has also begun to lay off employees on a large scale.

The status of Youlian is also very important, and the comprehensive coordination and operation of the holding subsidiaries of the Delong system is the actual controller of Tang Wanxin's brother, which shows its importance.

Regardless of the layoffs of other subsidiaries for the time being, the large-scale layoffs of the three core companies will inevitably arouse questions in the market, and the stock prices of the old three shares have fluctuated slightly.

……

Now the person who has the deepest understanding of Delong's predicament, in addition to the senior management of Delong Group, is none other than Chen Qiaoshan, not because he is prescient, but because there are too many cases in later generations.

Delong pursues the concept of combining industry and finance, and now it looks lofty, but in fact, it can be summed up simply: leveraged buyout plus chain holdings.

Delong's so-called combination of industry and finance, generally speaking, is to borrow money to acquire the other party, and then move its cash, part of it is used to repay the funds of the acquisition, and part of it is used to continue mergers and acquisitions, and the company can also be used to continue financing and provide more funds for serial acquisitions.

In this way, the enterprise can theoretically be infinitely enlarged, but in fact, after the two layers of holding, the equity will be diluted, and if there is a problem in any link in the middle, there will be endless troubles.

……

The combination of industry and finance is not a new concept, the most important of which is "finance", high leverage gives rise to high risk, if there is no stable financing channel, the final outcome has long been doomed.

The earliest use of the combination of industry and finance in China is a southern enterprise, 90 years of registered capital of 10 million, through the introduction of domestic and foreign strategic capital, first stabilize the capital channels, 20 years of time scale increased 50,000 times, and finally into the world's top 500.

Chen Qiaoshan remembers very well that the success story of this company will be written into the textbook.

On the other hand, Delong's funds are all based on loans and high-interest financing, and the capital chain is extremely fragile.

Since the second half of this year, the central bank has raised the reserve ratio, the major banks have shrunk their monetary base, and the problem has become apparent that Delong has difficulty obtaining loans from banks, and this is only the beginning, and the bigger crisis is yet to come.

Delong Department adopts the financing model of "short-term financing and long-term investment", and the fourth quarter is the peak period of centralized payment of underground financing, and now without the support of bank loans, the capital position is in an emergency, and the run can be expected, Tang Wanxin may be difficult to survive this winter.

……

Chen Qiaoshan didn't have time to pay attention to the turmoil of Delong's layoffs, and he emptied his SAIC shares as soon as possible.

To tell the truth, it's a pity to clear the position now, the stock price still has a lot of room to rise, but the cycle is long and slow, so I have to give up.

Chen Qiaoshan now has a total of 50,000 yuan in his hands, including Sun Guangming's 9,000 yuan, and he and Yan Xiaoqin entered the market with 30,000 yuan, and the profit in less than two months is already very considerable.

However, it is a bit slow for Chen Qiaoshan, he can't make a lot of money while he is hanging up, he is really shameless to see Jiangdong's father, fortunately, the time has come, and now he can let go.

Chen Qiaoshan used all his funds to buy ST Zhongyan, and the purchase price was six yuan per share, and he bought more than 80 lots in total.

He was a little excited in his heart, this time he smashed all his net worth, it was okay if he succeeded, but if he failed, he was trembling, and he couldn't get a dime back.

Nowadays, it is estimated that there are few people who dare to buy ST in the whole position, especially those who dare to buy ST Zhongyan, the reason is that there is a problem with this stock, not only serious losses, but also disputes between the controlling shareholder and the second largest shareholder, which has reached the edge of forced delisting.

ST Zhongyan is a very amazing company, it may be a bit inappropriate to say this, it should be said that the domestic stock market is a very magical place.

A listed company was unexpectedly controlled by two shareholders, who controlled the board of directors, pinched the funds raised by the listing, and transferred assets without authorization, causing the company to suffer losses again and again, and facing the risk of forced delisting.

Using Gong Dou in the company's operation and playing the major shareholders around, this is undoubtedly a farce, which makes a group of people who eat melons who are not too big to watch the excitement stunned.

ST Zhongyan is a listed company in the county below Yanjing, and the controlling shareholder is Tunhe Co., Ltd., which is located in northern Xinjiang, and Delong is the controlling shareholder.

Tang Wanli has unlimited scenery all the way, but it is a pity that the road of combining industry and finance cannot go through Yanjing, and the strong dragon can't suppress the head snake, and is played around by local small shareholders.

ST Zhongyan is now facing a mysterious situation, Delong has been in charge for two years, just got back control, two restructuring plans all ended in failure, if there is no improvement, there is only a forced delisting option.

Chen Qiaoshan knew in his heart that today's ST Zhongyan seemed to be certain to die, but finally came back to life, and there are many articles to do here.