Professor Yan's persuasion, Chen Qiaoshan's heart was still a little touched.

He put his original plan on hold and spent several more days preparing a detailed document to ensure that there were no flaws.

On October 18, on the Sohu Finance page, an inconspicuous corner published a signed article written by Qiao Shan of Peking University.

Although the position of the article was not very good, it still instantly attracted a lot of people's attention because the article was so sensational.

"Southern Securities is suspected of bankruptcy", the title is simply not too low-key, it is difficult for any financial person not to pay attention to it, and there has been no title party in this year, otherwise the hat will definitely have to be worn on Chen Qiaoshan's head.

The title is undoubtedly thrilling and really eye-catching, but the problems exposed in the article are indeed shocking, because it targets the leader of the domestic brokerage industry, Southern Securities.

……

Southern Securities has a history of more than ten years, located at the top of the pyramid of the domestic securities industry, and is one of the only three securities companies in China with a registered capital of more than one billion, and the scale can be average.

So far, the underwriting business and economic business of Southern Securities are still among the top three in the industry, and their strength should not be underestimated.

Chen Qiaoshan knew that Southern Securities seemed to be strong, but in fact it had become the end of the crossbow, and in fact it had come to the brink of bankruptcy, even more urgent than the crisis of the Delong system.

Just over two months ago, China Southern Securities announced its unaudited balance sheets for '01 and '02.

According to the financial system of securities companies, entrusted wealth management business is not a project that must be disclosed to the public, so the market does not know how large the real capital of China Southern Securities is.

Chen Qiaoshan clearly remembers that the funds entrusted by Southern Securities for wealth management are as high as 26 billion yuan, and they generally sign a "principal guarantee and minimum guarantee" agreement, promising to repay the principal and interest on the wealth management funds.

That is to say, the entrusted wealth management business of Southern Securities is equivalent to operating with high interest, which undoubtedly greatly strengthens the company's operating costs, coupled with the current stock market recession, the operating risk is rising sharply.

Although this practice of China Southern Securities violates the Securities Law, it has not attracted the attention of the relevant regulatory authorities.

In today's securities market, this practice is very common.

Many listed companies even publicly disclose in their annual reports that the minimum amount of financial funds entrusted by securities companies is made public, but the regulatory authorities choose to turn a blind eye, and the chaos of financial market management can be seen today.

……

Chen Qiaoshan knows that there have been huge losses in the self-operated business of Southern Securities in the past two years, and the company has been seriously insolvent, and in order to maintain normal operations, the margin entrusted by customers for financial management has been misappropriated, with a scale of up to 8 billion.

He knew in his heart that the crisis was already on the verge of erupting, and there was no need for him to push it.

Southern Securities is about to face a run on entrusted wealth management customers, and in less than half a month, Kan Zhidong, the head of the company, will resign, and the internal problems of Southern Securities will finally be revealed to the world, and the crisis will completely break out.

The reason why Chen Qiaoshan wants to be this promoter is also after careful consideration.

The first is the timing, whether he can get out or not, the powder keg of Southern Securities will be punctured at the end of this month, this is a rare opportunity, it is really not to be missed.

At the same time, he knew in his heart that there was very little danger in doing so.

Southern Securities is a state-owned holding company, and the customer's funds are covered by the government, even if they are pierced, there is no big hidden danger.

Chen Qiaoshan clearly remembers that the bankruptcy and reorganization of Southern Securities involved more than 100,000 shareholders and tens of billions of bonds, and in the end, these holes were paid off by the government.

……

The Southern Securities case has a huge impact and plays a pivotal role in the history of China's securities industry.

Ironically, bankruptcy liquidation measures such as the merger and liquidation of affiliated companies, the bookkeeping deposit of property, and the physical distribution of heavy stocks were all pioneered in the Southern Securities case, and it can be regarded as making a significant contribution to China's securities banks.

It's just a pity that the huge funding gap left by the restructuring of Southern Securities still needs to be filled by real money from the treasury.

……

The Southern Securities case is Chen Qiaoshan's last killer weapon, the last powder keg he is ready to explode, and the last link in his overall plan.

From hops, to Delong, to Southern Securities, the influence of several companies is greater than the other, and for this reason, Chen Qiaoshan has also tried his best.

The process of popping the hops is very simple, after all, the company has little influence, and it was a success very smoothly, but unfortunately this is just foreplay, it has no practical effect, and it does not reap any benefits.

The hard Delong system is the highlight, but unfortunately the other party is huge, smelly and hard, and it is not something that ordinary people can touch at all, and the result is the same, almost broke Chen Qiaoshan's several front teeth, and the scolding of him on the Internet continues to this day.

Chen Qiaoshan was not worried at all, he knew very well in his heart that the destruction of the Delong system had long been doomed, and no one could save them.

Chen Qiaoshan knew very well that the Delong department had long been targeted.

He even suspected that someone was behind the scenes quietly pushing for the downfall of the Delong family.

Chen Qiaoshan is just thinking about taking the opportunity to get some benefits, that's it, maybe those mysterious forces hidden behind are still happy to see it, after all, it's good to have someone as a target.

Chen Qiaoshan is not willing to be a pawn, but he also understands that if he wants to make a gain, he must pay some price, which may be immoral, but the financial world has never been a place to talk about morality.

Although he didn't know which people were coveting the Delong system for the time being, he was not in a hurry, as long as the Delong system fell, those people would naturally jump out, and at that time, it was time for him to go up and cut the meat.

……

There are many problems in Southern Securities, and the foundation is not clean, which is not unusual, and there are few clean securities companies in these years.

Chen Qiaoshan knows that 04 is the darkest year in the securities industry.

A large number of securities companies have collapsed, and more than half of the total number of securities companies have been blacklisted by the China Securities Regulatory Commission, and the crisis of Southern Securities is the biggest driving force for strengthening supervision.

As the saying goes, listen to people's persuasion and eat well.

Ever since he was persuaded by Professor Yan in Yannan Garden, Chen Qiaoshan has figured out a truth, if you want to block other people's mouths, you can only rely on real evidence, and if you blow out flowers, it will inevitably be recognized by smart people.

Chen Qiaoshan came prepared this time, and he had sufficient evidence to expose the problems of Southern Securities.

The misappropriation of customer deposits by securities companies is one of the most closely supervised industry problems by the China Securities Regulatory Commission, but for a long time, unauthorized misappropriation of customer deposits has been the favorite thing for securities companies in China to do, and this is a dead knot that cannot be untied.

Chen Qiaoshan just knew that Southern Securities had embezzled customer margins, and the amount of misappropriation was still an astronomical amount, as long as it was poked out, the market would undoubtedly face a violent shock.

Chen Qiaoshan is also very sober at the same time, as far as his current reputation on the Internet is concerned, no one will believe it, and the biggest possibility is to attract some abuse, those who cut the meat in Delong a few days ago hated him to the bone, and when they saw him coming up, they were likely to attack him in groups.

But as it happened, he had conclusive evidence in his hands this time, the source of the evidence was reliable and very convincing, and Southern Securities had no way to refute it.

Of course, Chen Qiaoshan is not a financial wizard, this time he is looking for fault with the answer, knowing that the customer margin of Southern Securities has been misappropriated, and following this line to check, he still picked out the bone from the egg.

In May 2001, the China Securities Regulatory Commission (CSRC) promulgated the Measures for the Administration of Settlement Funds for Customer Transactions, which clearly set out the formula for calculating the amount of settlement funds misappropriated by securities companies from customer transactions.

The calculation formula is very simple, it is a simple four-rule operation, and it only involves addition and subtraction, elementary school students will calculate, that is, the finance involved is a bit big, and it is more than 9 digits of addition and subtraction, but these are not problems for high school students.

What is embarrassing is that Chen Qiaoshan is a layman, he doesn't know anything about financial statements, and he can't fake his hands to others, so he can only soak in the library and ponder alone, looking for it while looking for it.

The financial statements of Southern Securities in the past two years are easy to find, and they are available on the Internet, but such as the funds for buying and selling securities, entrusted funds, liquidation reserves, margins, and entrusted assets...... These words made Chen Qiaoshan's head dizzy, and he was not discouraged, it took him several days to calm down, and finally came up with the same result as in his memory.

Chen Qiaoshan calculated several times, Southern Securities embezzled nearly 20 billion customer deposits in 02, but no one found this problem, he knew that this was only a quarter of the amount involved, and a lot more had been hidden.

It's not that Chen Qiaoshan is talented, he learned financial auditing in three days, and he found the problems that professional accounting didn't find, and the real reason is that this financial report has not been professionally audited at all.

Securities companies are not listed companies, they only need to disclose financial reports to members or banks in the same industry, and they do not need to be audited.

This is Chen Qiaoshan, he knew in advance that there was a problem with the customer margin of Southern Securities, and only then did he find conclusive evidence, otherwise ordinary people would not have noticed this.

Chen Qiaoshan knew that if he didn't make a move, he wouldn't be able to find out the problem.

Since Sina.com rejected his manuscript, Chen Qiaoshan has been thinking of other ways.

He rearranged the manuscript, attached a complete chain of evidence, and made a thrilling title, and then sent it to Sohu Finance, the whole process was very simple.

Sina.com didn't know that the manuscript they inadvertently rejected had become the most important financial news of the year.

Sohu Finance also didn't know that a report they didn't value much had turned the domestic securities industry upside down in a matter of days, bringing the long-awaited regulatory tide to Chinese investors ahead of schedule.

Chen Qiaoshan also did not know that with the publication of this news, the impact on the domestic financial community far exceeded his expectations.

He himself was named "Qiao Supervision" by industry insiders because of this incident, which also laid a solid foundation for him to gain a foothold in the economic field.