"......" Seeing Xiang Qiu Ning's recounting of the resentment and entanglement of going back to Guangcheng to eat behind closed doors this time, Chen Li asked her to sit sideways in his arms.

Xiang Qiu Ning had just taken a bath, her hair was half-dry, lush and black, as if black lacquer, her skin was more and more white and delicate, revealing a porcelain-like luster, her delicate facial features were soft and bright, and her deep eyes were like a deep pool of water in the dim light.

What's even more heartwarming is the plump and charming body under her slender neck, soft as boneless, full of elasticity and charming curves, which can arouse men's endless desires at any time and indulge in the affairs of men and women.

Chen Li reached into Xiang Qiuning's nightgown and lingered among the charming peaks and ravines.

Xiang Qiuning enjoyed it happily just now, but she was not in high spirits at this time, and she was still entangled in the crisis that Xiang Qiang had brought to Nanhua Real Estate in her daze, and grabbed Chen Li's hand and didn't let him touch it.

"Forget it, I'll make an announcement tomorrow to announce the reduction of the Nanhua stocks in my hand and let them cool down a little, the situation may not be so serious," Chen Li withdrew his hand, hugged Xiang Qiu Ning in his arms, and said, "We have made enough money this time......

Xiang Qiang got carried away, indulged in the vanity and glory brought by the title of the richest man, and could not get rid of it, mortgaged the shares of Nanhua Real Estate to financial institutions, borrowed huge amounts of money to acquire the shares of Wanbang Real Estate, and the biggest risk was high leverage.

Theoretically, the higher the share price of Nanhua Real Estate, the more funds can be borrowed from the pledged shares, but as the leverage increases, the higher the risk involved.

The risk is not that Xiang Qiang has to pay more than 10 or 2 billion yuan of interest on the huge amount of money borrowed every year, but that the stock price of Nanhua Real Estate may fluctuate sharply, resulting in a significant reduction in the value of the mortgaged assets.

Chen Li announced at this time that he would reduce his holdings of Nanhua stocks, and strive to control Nanhua's stock price within a limited range of fluctuations, firstly, even if it turns around and falls in the future, the magnitude will not be particularly steep, and secondly, it also limits the amount of funds borrowed from the strong can be mortgaged, reduces leverage, and forces it to acquire Wanbang real estate shares, there is no way to be so aggressive......

Moreover, with Chen Li's first move, other institutional investors smell the breath behind it, in addition to reducing the attention to Nanhua Real Estate, it will also reduce the expectation that Xiang Qiang will continue to increase his holdings of Wanbang Real Estate after considering that the amount of funds borrowed from Xiang Qiang is limited, so as to suppress the stock price of Wanbang Real Estate.

Since persuasion is useless, then use practical actions to let Xiang Qiang know that it is not possible to blindly act brutally.

Of course, Chen Li initially held 5% of the shares of Nanhua Real Estate, and only used 4 billion funds, at this time, the market value of this part of the stock has risen to 10 billion, from the perspective of pure financial investment, after locking in and holding for more than half a year, it should also be reduced and cleared.

Xiang Qiuning thought that this might be no longer a solution, and asked Chen Li again: "Can Zheng Wenyuan's side also reduce his holdings and bring down Wanbang's stock price, so that the strings of both sides don't be so tight?"

Zheng Wenyuan finally borrowed 5 billion funds from Xiang Qiuning, and Zheng Wenyuan did not raise his card to Wanbang in the end, so this part of the shares held by him is not subject to the lock-up period and can be reduced at any time.

Zheng Wenyuan increased his holdings in Wanbang Real Estate as an independent third party from the beginning, and then he was unable to sign a concerted action agreement with the trust investment funds and investment companies controlled by Zheng and Han behind the scenes, and merge voting rights.

Zheng Wenyuan borrowed a huge amount of money to increase his holdings of Wanbang Real Estate, and the goal was to help Han Zirui and them gain a certain buffer time, but Han Zirui and they have been slow to act until they increased their holdings of Wanbang to 15%, and then they were flustered and temporarily suspended for a week to find countermeasures, and Zheng Wenyuan did not need to help them lock up their positions.

Chen Li summoned Zheng Wenyuan, Xu Yuanzhou, Ding Yang, and Huang Chaocheng to determine that Chen Li would first issue an announcement on reducing the holdings of Nanhua Real Estate, and they would wait for the suspension period of Wanbang Real Estate to start reducing their holdings of Wanbang shares. Of course, whether they can drive other institutional investors to follow the shipment and suppress the stock prices of the two depends on the will of God, this is no longer within their key considerations, Xu Yuanzhou and Zheng Wenyuan are already making a lot of money with Chen Li anyway.

Chen Li holds the market value of Nanhua Real Estate's shares as high as 10 billion, and Nanhua Real Estate has shrunk at a high level, and the daily trading volume is more than one billion, Chen Li wants to reduce his holdings, and it is impossible to clear his position in one day, and it is also on Monday, he first reduced his holdings of 0.5% of Nanhua Real Estate's shares, and then issued a clearance announcement after the closing of the day's trading, that is, he plans to reduce all the shares of Nanhua Real Estate in three months, and no longer increase his holdings of Nanhua Real Estate's shares within six months after the reduction.

This announcement is still quite shocking, the next day the stock price directly jumped three points lower, and then fell all the way to a decline of 5%, only with the enlargement of the volume to stabilize the stock price; after a few days, the share price of Nanhua Real Estate continued to fall, and the overall market value evaporated 20 billion in just one week.

Han Zirui obviously has not come up with any good countermeasures, and applied to the Securities Regulatory Commission for a temporary suspension of trading for a week, first lock the transaction, so that Xiang Qiang has the opportunity to continue to increase his holdings; and in the second week, Chen Li continued to reduce the shares of Nanhua Real Estate, and continued to suppress the stock price of Nanhua Real Estate, and by the end of December, Chen Li reduced all the shares of Nanhua Real Estate in his hand, and the stock price of Nanhua Real Estate fell by 15% compared with a high level, and the market value evaporated by 30 billion yuan in more than half a month.

Chen Li settled, this operation, deducting the management fees for Chaoying Investment, almost 4 billion net profits, giving people the feeling that it is indeed much better than the industry.

During this period, Wanbang Real Estate also resumed trading.

In addition to Zheng Wenyuan, there are also many institutional investors who analyze the decline in Nanhua's stock price, which may fall further in the future, which will seriously affect the funds that can be borrowed from Xiang Qiang.

Zheng Wenyuan and Xu Yuanzhou have retreated greatly in their market value, but after clearing the position and settling it, they also made a lot of money - Zheng Wenyuan made a net profit of 2 billion after repaying Xiang Qiuning's principal and interest.

This wave of decline in Wanbang Real Estate is actually the best opportunity for Han Zirui and them to increase their holdings in Wanbang Real Estate and open up the gap between their shareholdings and Xiangqiang. Even if Han Zirui and they only raised three billion new funds in their hands, this is a secret that Xiang Qiang does not know, and Han Zirui can resolutely increase even 2% of his shareholding ratio in this process, which may repel Xiang Qiang's ambition to fight for control of Wanbang.

However, Chen Li accompanied Zheng Suxin and Lu Chuanxue to have dinner with them several times, and when they got the news, Han Zirui felt that Wanbang's stock price was too high at this time, and they hoped that Wanbang's stock price would fall by another twenty or thirty percent, and then increase their holdings when it was almost halved from the high.

In this regard, Chen Li was also quite speechless, how can the battle for controlling the controlling stake be taken into account for a momentary gain or loss?

Zheng Wenyuan and a large number of institutional investors chose to significantly reduce their holdings at this time, and the market value of Wanbang Real Estate has been suppressed from a maximum of 200 billion yuan to less than 150 billion at this time, which has greatly reduced the cost of Han Zirui's reduction.

In the final analysis, it is the factor in the personality that wants to take advantage of the cheap that determines everything.

Of course, Chen Hai felt that the stock price of Nanhua Real Estate was high and decided to reduce his holdings, but in the eyes of many people, it was still reduced halfway up the mountain.

At the end of December, Zhao Yuan, the representative of Huayuan Investment, issued an announcement, declaring that he was full of confidence in the future development of Nanhua Real Estate, believing that Xinruicheng's reduction of Nanhua was a complete miscalculation of Nanhua's development potential, and Huayuan Investment would increase its stake in Nanhua Real Estate by no more than 5% in the next three months; Yue Yuen Investment also issued an announcement claiming that it would continue to lock up 5% of its shares in Nanhua Real Estate for six months without reducing its holdings, and did not rule out the possibility of continuing to increase its holdings.

The equity of Nanhua Real Estate is much more concentrated than Wanbang, with 32% of Xiangqiang's shares, 15% of other management and founders' shares, Huayuan Investment's shareholding will reach 22% at the end of this increase, and Yue Yuen Investment's 5% locked-in shareholding, which adds up to 74% of the shares.

Therefore, after the two announcements of Huayuan Investment and Yue Yuen Investment, coupled with the influx of conclusive large buy orders, the share price of Nanhua Real Estate soon stopped falling and rebounded, and soon exceeded the previous high, and the stock price climbed to a new peak.

From this point of view, Chen Li threw away 5% of Nanhua Real Estate in his hand, but he did not make enough money.

However, Wanbang Real Estate's equity is relatively much more dispersed, Zheng and Han plus the new major shareholder Xiang Qiang, a total of 35% of the shares are locked, once the decline starts, it is more difficult to stop the fall and rebound, but after Zheng Wenyuan and Xu Yuanzhou have cleared their positions, the share price of Wanbang Real Estate in late December, but also maintained around 15 yuan shocks, and did not decline further.

During this period, Xiang Qiang did not continue to increase his holdings of Wanbang Real Estate's shares, and Han Zirui and their consciousness was a little relaxed.

At the end of December, when the two institutional investments in the new position of Wanbang Real Estate increased their holdings by 2% and 3% respectively, Yinghai Investment, which was under the name of Lu Wenbing and entrusted by Xiang Qiang to carry out the acquisition, announced that it had signed a concerted action agreement with these two investment institutions, which represented that Xiang Qiang's shares in Wanbang Real Estate had reached 20%, ostensibly becoming the largest single shareholder of Wanbang Real Estate, equaling the shareholding ratio of Zheng and Han, and even the fourth round of additional holdings cost was only 8 billion, much lower than expected.

At this moment, Chen Li didn't care about Han Zirui at all, what they thought, and together with Xu Yuanzhou and Zheng Wenyuan, they took out their floating profit of up to 8 billion yuan in the early stage, bought 4.9% of Wanbang's shares backhandedly, pinched this part of the stock in their hands, and waited for the final hand-to-hand battle between the two of them.