The promulgation of the Nine Articles of the People's Republic of China is the second comprehensive regulation of the market implemented by the government since the formal establishment of the domestic securities market, and its purpose is to vigorously develop the securities industry and steadily solve the problem of equity division.

It should be said that the government's intentions are good, but the stimulus effect on the market is completely contrary to the intentions of policymakers.

Capital is always realistic, but also short-sighted, when Chen Qiaoshan saw this important news from the TV, he came up with this sentence in his heart, as a person who has come over, he naturally knows the negative impact of the introduction of the nine articles on the securities industry, but on the other hand, economists who can see the future clearly are rare after all, and it is not impossible to say no.

Chen Qiaoshan is not ready to do anything, everything he has to do has been done in advance.

Be wary of policy risks, and don't be unpredictable.

His risk warning was issued years ago, and the article that used FM365 to guide Aolong.com eventually attracted the attention and reprint of the financial media.

Chen Qiaoshan doesn't want to be in the limelight, then he will undoubtedly be blown to the sky, and it is extremely stupid to go against the policy, he doesn't have the ability to question the government's administrative directives with people, and it will make people laugh if he really wants to say it.

Chen Qiaoshan wanted to be honest for two days, but the development of things was beyond his expectations.

The nine articles of the country are a major positive for the market.

The reform of equity division is the biggest bane of the bear market, 01 years, the government is short of money, in order to raise funds, hastily introduced a plan to reduce the holdings of state-owned shares, resulting in the collapse of the stock market, this round of bear market has continued to this day.

In Article 9 of the People's Republic of China, the government clearly stated that it should actively and steadily solve the issue of equity division to avoid causing market turmoil.

Both investors and scholars have a positive attitude towards the nine articles of the country, and it can be said that the introduction of this policy has ignited investors' confidence in the securities market.

At this juncture, Li Su jumped out again.

Chen Qiaoshan's article was postponed by Sohu Finance, and it was only posted on the Internet on February 1, his remarks were decent, of course, traps are indispensable, which is also his consistent style.

He went to the Internet café to read Li Su's article, which was nothing more than talking about Lenovo and shouting grievances for Delong, which is not unexpected, after all, he had supported Delong at the beginning, and it was not appropriate to change his words at this time.

To be honest, Chen Qiaoshan was a little disappointed, the matter was not as serious as Sun Guangming said.

According to some online media reports, the government is interested in looking for a successor to take over the Delong industry, and it is said that many overseas consortiums and institutions are interested in taking over.

Chen Qiaoshan knew that these rumors were true, but the result was disappointing, the final result of the Delong system could only be trusteeship, but Li Su didn't know, so he took the opportunity to emerge, this is the consequence of information asymmetry.

Chen Qiaoshan was secretly vigilant in his heart, he couldn't always be prescient, and he still had to be cautious in the future, Li Su was the most obvious example.

Li Su is mainly bombarding Lenovo's acquisition policy, in his mind, the current IBM is a behemoth, although the PC business is only a small part of its industry, but it is not something that Lenovo can covet.

It is based on this that Li Sucai concluded that Lenovo definitely has no intention of acquiring IBM, and I have to say that this is also the general perception of most people in the economic circles who know a little bit about the inside story.

According to IBM's financial report for the previous year, the profitability of its PC business is still very considerable, at least not Lenovo can compare, although the industry is generally not optimistic about the future market development, but it can also be preliminarily estimated about the volume, at least about 25 to 3 billion US dollars.

This money, for Lenovo in 2004, must not be able to come up, if you want to acquire, you must finance, and it is astronomical financing, if you really want to do this, Lenovo will inevitably embark on the road of high debt ratio, what is the difference between this and Delong?

Li Su thought very clearly, in this way, it basically washed away his past involvement with Delong, don't you all support Lenovo's acquisition, I thought so back then, but Delong collapsed, which can't blame me.

His idea was good, but he had no choice but to run into Chen Qiaoshan.

Chen Qiaoshan did not give it in vain, his first article was very bland, just emphasizing the difference between Lenovo and Delong, and he didn't say much else, he only emphasized that Lenovo's acquisition of IBM's PC business does not have to be financed, nor does it need to spend so much money.

This is a bit mysterious, Lenovo's current market value is there, and it is a complete joke to carry out international mergers and acquisitions without financing.

Li Su naturally won't let this go, Chen Qiaoshan's article came out in the morning, and he spoke out in the afternoon, looking forward to seeing Chen Qiaoshan's jokes.

Chen Qiaoshan looked at the posts on the Internet very proudly, this is what he was waiting for.

300,000 US dollars, naturally the temptation is not small, Chen Qiaoshan has not been able to avoid vulgarity, since Lenovo sacrificed the Jinyuan offensive, he raised the white flag and surrendered, the next day, he agreed to Lenovo's recruitment, and consciously directed FM365 to Lenovo's official website.

Although the money and procedures need to be settled in Yanjing, he is not afraid of the other party's remorse.

There are some things that cannot be bound by contract, and some things that do not need to be bound by contract.

Receiving the money does not mean that Chen Qiaoshan has no opinion on Lenovo, how did Aolong's domain name be lost, this account must still be calculated.

Chen Qiaoshan knew in his heart that at most a month, Lenovo would have to lay off people, and he didn't mind digging a pit in advance, which not only slapped Li Su's face, but also put Lenovo together, which was the best of both worlds.

Of course, there is a third benefit, but the current Chen Qiaoshan is not aware of it at all.

As soon as Li Su's article was posted on the Internet, Chen Qiaoshan's prepared back hand was sent out.

What he wrote is very simple, that is, the routine of Lenovo's acquisition of IBM's personal computer business in the previous life was moved, this is not too simple, this merger and acquisition case was textbook-level back then, and no one can not understand it.

Of course, Chen Qiaoshan can't copy it in its entirety, he is also deleted, deleted, and reduced.

First, he denied the media's valuation of IBM's PC business.

Assuming that this merger and acquisition case really exists, Lenovo does not expect to buy related technologies such as IBM's large servers, the United States' technology blockade of the country has always been quite serious, so it is estimated that it will be greatly discounted, Chen Qiaoshan predicts that it will not exceed two billion US dollars.

Second, for the payment method, it is even simpler.

Chen Qiaoshan directly wrote that Lenovo's diversified development failed, and internationalization became an inevitable choice, and the acquisition of IBM was the need for internationalization, of course, the way of mergers and acquisitions is also debatable.

In the article, Chen Qiaoshan gave his method, joint venture holding, which undoubtedly greatly reduces the difficulty of acquisition, and can also get technical support from IBM while obtaining channels.

The specific implementation method is cash payment plus equity fixed increase hedging, and the remaining part can be repaid in installments or bear the corresponding debt to alleviate the financial pressure.

In 04, in the domestic market, the concept of private placement has not yet been formed, but Lenovo is listed in Hong Kong, and the stock market there copies the Western model to protect the rights and interests of major shareholders to the greatest extent, which is still very easy.

In "Long-term Stock Investment", the various equity trading methods in the West are very detailed, and Chen Qiaoshan is not afraid that someone will come out to find faults.

By the way, he also dug a pit for Li Su.

Li Su questioned in the article, how can a student be so confident and dare to speak wildly, Chen Qiaoshan is very humble at this time, Mr. Li, you always show off your experience of studying in Ivy League colleges in the United States, dare to ask where you always taught?

This is a bit of a slap in the face, but it's no wonder that Chen Qiaoshan, Li Su is so hateful, every time he sees it in the newspapers, he will mention how the United States is, China has just been in line with international standards, not to mention, the Chinese people still eat this set, and it is not one or two who are fooled.

Soon, the edited article appeared on the Sohu homepage.

To Chen Qiaoshan's surprise, this article not only slapped Li Su in the face and caused Lenovo a little trouble, but more importantly, he recruited a **OSS, which attracted the attention of a group of people at Goldman Sachs' Asia-Pacific headquarters.