Chen Qiaoshan has a habit that as long as it is a stock trading day, he will go to the school's electronic reading room at noon every day to surf the Internet.

Unlike others, he usually doesn't stay for a long time at a time, ranging from a dozen minutes to a half an hour.

Yan Xiaoqin was still a little worried at first, afraid that Chen Qiaoshan would be addicted to online games like her cousin, and she felt that she had an obligation to supervise, so she followed her every time.

Chen Qiaoshan knew that it would be okay to go on like this, and he still had to buy a computer.

But at present, I can only think about it, he doesn't have enough money now, a notebook is often tens of thousands, and the configuration is not good, so he can only talk about it after a while.

Chen Qiaoshan did not see Professor Yan's article until noon on the 18th, more than a day late.

There is no way, today's mainstream news media are still television, newspapers, and radio, and online media has not yet fully developed, and lag behind is inevitable.

Without exception, several major network portals are in the position of the front page of the front page, and the full text of "Delong Capital Chain Tightened" signed by Professor Yan is reprinted, which shows the degree of attention.

Chen Qiaoshan was very bitter in his heart, this time something really went wrong.

He hadn't read the specific content before, but he clearly remembered this title, and there was no way, the follow-up impact of Professor Yan's article was too great.

……

03 is undoubtedly a watershed in Tang Wanxin's life.

In just a few months, all the enterprises under Delong were first cut off by the bank, and then forced to collect, and more than half of the financing channels that Tang Wanxin had worked hard to establish were directly cut off.

What's more, Delong's financial companies have a large number of wealth management products that need to be redeemed in the fourth quarter, and the funding gap is astronomical.

Chen Qiaoshan knew that if the original historical trajectory was still followed, the Delong system would finally survive the current hurdle.

Of course, the price Tang Wanxin paid for this is also huge.

Delong Group also tried its best, first mortgaged all the old three shares of the corporate shares, and then sold ST Zhongyan, which had completed the asset restructuring, to cash out, and finally even sold the headquarters building in Shanghai, which barely coped with the crisis of broken capital chain.

But this is only a solution to the urgent need, and the crisis of Delong's capital chain has not been alleviated in the slightest.

On the contrary, with a series of unusual moves, Delong's financial problems were gradually exposed, and its financing channels gradually dried up.

Chen Qiaoshan had read a report before that when Delong was in the most difficult time, Tang Wanxin even borrowed usury from the south, which was tantamount to drinking water to quench his thirst, and the outcome can be imagined.

Finally, in March 04, Professor Yan published a predictive article entitled "Delong's Capital Chain is Tight", which completely collapsed the already terminally ill private giant Delong system in one fell swoop.

Unfortunately, this crisis came early.

Chen Qiaoshan knew in his heart that due to his early intervention, the Delong Department would definitely be in a catastrophe this time.

Delong's problem is actually very simple, in the final analysis, the problem lies in the capital chain.

Tang Wanxin is too inflated, in just five or six years, the scale of the Delong department has expanded nearly a thousand times, and the steps are too big, and there will inevitably be problems with funds.

Chen Qiaoshan searched for the information of the Delong system, and the results were a bit surprising.

Delong is good at "short-term financing and long-term investment", and through its holding financial companies, at the cost of high returns, a large amount of short-term financing has been raised for corporate mergers and acquisitions and chain investment.

This kind of operation is undoubtedly quite dangerous, and these investments will certainly not generate enough profits in a short period of time to subsidize interest losses.

To this end, the Delong department has tried its best.

They continue to withdraw the M&A company's own funds, or mortgage loans, or illegal guarantees to arbitrage funds, to subsidize the loss of financing, which is barely enough to maintain the normal operation of the capital chain.

This is undoubtedly very dangerous, as long as there is a problem in one link, life and death are the line between life and death.

Sure enough, due to the complete loan cut-off of the bank, Delong's source of funds was cut off, the position was tight, and the run was imminent.

Chen Qiaoshan knew that because of the early launch, Tang Wanxin's original coping strategy would definitely not work now.

The stock pledge of Delong's listed companies has just begun, ST Zhongyan's restructuring plan has not yet been approved, and the sale plan of the headquarters building in Shanghai has been poked out by Chen Qiaoshan, and it will definitely not be sold in a short period of time.

Chen Qiaoshan can be sure that the Delong department will definitely not survive this time. It was because of his intervention that Professor Yan released the article in advance.

He carefully read "Delong's Capital Chain is Tight", pondering while reading, and the more he read, the more frightened he became.

After all, Professor Yan is an expert, and the articles he writes are well-argued, and he is not comparable to Chen Qiaoshan, a novice.

In the article, Professor Yan carefully analyzed the advantages and disadvantages of the "combination of industry and finance" of the Delong system from an academic perspective.

He mentioned in the article that the biggest problem of the Delong system is that it blindly expands, completely ignores the needs of its own development, and deliberately ignores its own hematopoietic ability, which violates the objective law of economic development.

At the same time, Professor Yan bluntly pointed out that today's securities market has the problem of emphasizing development over supervision.

If enterprises are busy making money in the stock market, they will not deepen industrial reform, nor will they have the motivation to improve production technology and enterprise management.

In the long run, it has caused the strange phenomenon of reverse elimination of the industrial industry.

A large amount of private financing has entered the industrial field and carried out large-scale capacity expansion, which has given rise to a large number of duplicate construction in a short period of time.

This will inevitably give rise to a large number of economic bubbles, and the development of the Delong system in the past three years is undoubtedly the truest portrayal.

……

Chen Qiaoshan sighed a little in his heart, Professor Yan really dared to say anything, this is him, and another person may not have the courage to send out the article.

At the same time, he also has a bit of a headache, the problem broke out in advance, Delong is facing a financial dilemma, and the restructuring of ST Zhongyan will definitely add a lot of variables.

As he expected, the market has reacted immediately.

The old three shares of Delong's department had a slight fluctuation in stock price on the 17th.

Tunhe shares closed down 0.2 percentage points on the 17th, alloy holdings fell 0.5%, and Hunan Torch remained stable for the time being.

Chen Qiaoshan knows that the market is still in a wait-and-see period, after all, the Delong system is not easy to mess with, even with Professor Yan's reputation in the economic circles, the market will not agree with his views at the first time.

Chen Qiaoshan was a little glad that ST Zhongyan was not affected much for the time being, but the soaring stock price had stopped.

On the 17th, ST Zhongyan's share price rose 2.7%.

This increase is actually very amazing, but compared with the 18 consecutive price limits, it seems very unsatisfactory.

Of course, this may be irrational, but this is the domestic A-share market.

ST Zhongyan's prospects suddenly became very uncertain, and Chen Qiaoshan was also a little hesitant in his heart.

He knew in his heart that the reason why Delong spent a huge price to control ST Zhongyan was to complete the asset restructuring as soon as possible, and then sell it for cash.

However, in the current situation, the possibility of ST Zhongyan's restructuring plan being approved by the China Securities Regulatory Commission has become less optimistic.

Chen Qiaoshan finally made the decision to clear the warehouse, of course, this decision undoubtedly made him very painful.

He made a phone call, and when the phone hung up, Yan Xiaoqin asked curiously: "What's the matter, are you really going to sell ST Zhongyan, isn't the stock price still rising today?"

"It's still rising, but Delong is in trouble, and the upward momentum may not last for a few days. ”

"Then why don't you wait a few days before selling it?" Yan Xiaoqin asked again.

Chen Qiaoshan was speechless, this question was a bit amateurish, but it was no wonder that Yan Xiaoqin, she was a layman.

He patiently explained, but depending on the situation, Yan Xiaoqin may not agree with his explanation, after all, ST Zhongyan is in a good situation now, and it is a pity to sell it like this.

Chen Qiaoshan smiled bitterly in his heart, this is the common problem of most domestic stockholders.

He suddenly remembered that controlling risk is far more important than making money, which is the most solemn admonition from Wharton professor Jeremy Siegel to investors.

Corresponding to the domestic stock market, because short selling is restricted, it is far more important to sell than to buy.

There is a saying in the stock market that the most powerful person in the market is not the one who can catch the rising market every time, but the person who can avoid every crash.

In the financial markets, no matter how much money you have made before, it doesn't say anything.

If you don't know how to control risk, then it only takes one big mistake to make you lose all your efforts.

……

After more than 20 days, the stock in Chen Qiaoshan's hand has almost doubled, although it is far from his expectations, but he can only find another way.

He knew in his heart that the Delong family would definitely not sit still.

ST Zhongyan's stock price may have a wave of price limit, but he is not ready to continue to take risks.

Chen Qiaoshan thought very clearly, this money is his only capital, and the future is all in it, so he can't be careless.

Carefully calculated, he also had a small 100,000 yuan in his hand.

This money is a lot, equivalent to the income of a Yanjing civil servant who does not eat or drink for three or four years, but it is basically a drop in the bucket for Internet entrepreneurship, and Chen Qiaoshan has to think of other ways.

Things turned out a bit unexpectedly, and Delong's counterattack was much later than expected, but the formation was extremely strong.