On April 6, 1993, the foreign department of the Tokyo Stock Exchange, Xinfei Electronic Technology Co., Ltd., an overseas listed company with the largest market capitalization, officially began to apply for suspension of trading and tender offer.

Although the Japanese side has saved, it is a pity that Lin Qi is determined to delist, and according to the rules of the market, it is impossible to prevent it.

In fact, some time ago, it was rumored that Xinfei Electronic Technology Company was going to be privatized and delisted. Not long after the news was released, some investors who had obtained inside information began to buy in large quantities.

The new venture electronics group company also took the opportunity to redeem more than 5 million shares. As of the suspension of trading, only 42.09 million shares remained, still held by different investors.

As a result, the share price of Xinfei Electronic Technology Co., Ltd. has also risen from 10,000 yen per share to 20,000 yen per share, and the market value has rebounded to more than 2.5 trillion yen.

On the afternoon of April 6, Xinfei Electronic Technology Co., Ltd. announced that it would officially temporarily trade on the floor, and the suspension time was tentatively set for 2 months. In the past two months, investors who hold shares will only have one buyer, Shinsei Electronics Group, who wants to sell, buy an unlimited amount at a tender offer price of 25,000 yen per share.

Lin Qi, as the actual controller of the company, said: "Xinfei Electronic Technology Co., Ltd., the delisting is only for a better layout of the future, and I think that the current plan does not really harm the interests of investors. Before our privatization and delisting plan, the stock price fell to 10,000 yen per share, but as the news of our privatization and delisting was digested by the market, it has doubled in the short term, and some investors sold at the price of 20,700 yen, which has reduced a lot of losses compared to the previous stock price. In addition, after the privatization and delisting was initiated, we made a tender offer for 25,000 yen per share. Any shareholder who holds shares of Xinfei Electronic Technology Company, no matter how many shares there are, will buy them at the price of privatization and delisting! The Japanese stock market now has more cheap stocks than it was in '89, and you can cash out Xinfei's shares and buy shares of other cheaper companies! By July 1, we will conclude the tender offer and hold a general meeting of shareholders to discuss the delisting...... After the delisting, we will be a non-listed company for a long time, and the channels for shareholders to cash out their shares will be relatively narrow. With this colleague, after the delisting, we will invest in more new technologies and plan for the long-term future, rather than focusing on short-term profits......! I suggest that some investors who are short of funds can consider selling Xinfei's shares! As for more patient investors, it can be used as a long-term investment, so you can hold it!"

After seeing that the overall situation has been decided, the entire market regrets and scolds the delisting of Xinfei Electronic Technology Company.

The main regret is that the time window for such a good arbitrage opportunity is very short. Many investors did not buy before the official cessation of trading. After buying, even if it is 20,000 yen per share, you can apply for 25,000 yen per share and sell it to Shinsei Electronics Group. It can be said that this is almost risk-free arbitrage.

After all, the parent company behind such a large company as Xinfei Electronics has strong financial resources. Since it has been iron-hearted to privatize and delist, it must be ready with funds, no matter how many chips investors eat to resell to the new venture electronics group, the new venture electronics group has absolute financial resources to eat.

Many investors bought shares of Xinfei Electronic Technology Company at a more expensive price, hoping that the next round of bull market would come, so as to earn back the principal with profits.

But...... For these investors, Lin Qi said: "You think too much......! There will be no bull market in the next 30 years, only 7,000 points ~ more than 20,000 points of fluctuations!"

Measured by a long-term bull market, Japan must break through at least 39,000 points and refresh the 89-year index record in order to be said to have walked out of the long-term bear market and started a new round of bull market.

But the problem is that the Japanese economy has stagnated, and individual companies may buck the trend and achieve better development. However, the overall revenue and profits of listed companies are basically synchronized with the economy. The economy is stagnant, and the stock market, as an economic barometer, is naturally unlikely to outperform the economy too much.

The long-term bull market ultimately depends on the performance of the long-term economy.

If an economy is still growing at a high rate, even if it encounters a bear market, it is expected to reach a new high. For example, in the Japanese stock market in the 60s, there was a 1200-point defense battle, and a large number of companies had a price-to-earnings ratio of 3~4 times, and not many people thought that Japanese companies were worth investing in. A small number of investors, such as Templeton, a representative of contrarian investing, invested in the Japanese stock market, which was the worst performing in the world in the 60s. At that time, the Japanese stock market was the world's largest in the short term, but the economic growth and corporate earnings growth were very strong. So, speculators like Templeton are earning more than the US stock market.

In the 90s ~ 21st century, although the Japanese stock market squeezed the bubble, the price-earnings ratio may be lower than that in the 80s. However, Japan's economy is not growing, and overall earnings growth is lackluster. It is precisely because of that stagnation that it is difficult to have a long-term bull market similar to that in the United States.

Comparatively speaking, the U.S. market may be alone. Many investors study the stock market by taking the Dow Jones to talk about things, but ...... The Dow Jones is not representative, and the long-term correlation between the stock markets of most countries in the world and the US stock market is not very high.

The Japanese market has been studied by countless people in later generations, and it is amazing - Nima, the bear for so many years, the most bearish record, no stock market in that mainstream market can surpass it, it is really a long time to see!

Therefore, in the long run, it may not be correct for any country in the world to copy foreign experience for research. For example, if Japanese investors were to copy the experience of the United States, they might ...... After all, the United States has never had a long-term bear market like Japan, even if it was an epic bear market that triggered the Great Depression and World War for 29 years, by 1933, it had actually bottomed out, and then, in 1932, it fell to 40 points, and gradually began to recover, and in 1954, it had exceeded 400 points. It took 15 years to break through the 29-period bubble before the collapse of the 381.17 points. It can be said that the 15-year bear market should be the longest bear market in the United States, but as the US economy continued to grow, the Dow Jones index did not only break through the 380 points that it once thought would never return. Moreover, it has successively exceeded 500 points, 1,000 points, 2,000 points, 5,000 points, 10,000 points, and 20,000 points......

If it was an American investor who jumped from the top of the Dow Jones index by more than 40 points in the 30s, knowing that the US stock market would be more than 20,000 points in a few decades, would he pick it out of the coffin and scold, wo grass!

People look at their predecessors from the perspective of hindsight, and they may feel that it is ridiculous and worthless, but they can usher in the light after boiling through it. However, many people will not survive 15 years......

Many investors in the Japanese market still continue to summarize the laws of the past bull market and bear market, and always do not believe that the bear market in their own country will create a world record of Gillis. Because, every year that passes, the record will increase by one more year, as long as it has not exceeded 39,000 points, then this record can be maintained until the end of the day, no one can break it!

Therefore, investors who fantasize about untying after the bull market and making more money, Lin Qi can only say, you really think too much, and the stock market of another country may be like this, but ...... This is the bearest Japanese stock market in history, the record of the longest bear market in the future, and no one can break the Japanese stock market!