Dec. 5, 2:30 p.m. Pen ~ fun ~ pavilion www.biquge.info

Xu Teng took a special elevator to the news hall on the second floor of Huateng Science and Technology Building, and when he entered the hall, hundreds of media reporters from all over the country had gathered in the news hall, and there were many international media, and dozens of cameras were set up in all directions.

People don't lose the sky, the world turns around, don't believe and look up, who does the sky spare?

Xu Teng had long known that he would finally usher in such a day.

At this moment, although his mood is not apprehensive or too calm, it may not be necessary to say that he deeply regrets and repents to the shareholders of the whole country and the 1.4 billion people.

He simply arrived on time, grabbed a tablet PC and a stack of pre-printed materials, sat down at the podium in the press room, and told a story that had been around since 1994 and was gradually evolving, and which so far many people did not know.

"As the chairman of the Huayin Consortium, I must apologize for the 2006 A-share stock market crash, but before I formally apologize to the national shareholders and the public, I hope to use the national media to make the truth clear, because people have the right to know the truth. Xu Teng's expression was a little serious, in fact, he wanted to say, yes, I made money, but I didn't break the law!

"The truth of the matter actually starts from 1994, as we all know, my father is the earliest investor in the stock market operation in China, began to speculate in stocks in 1993, and began to speculate full-time after being laid off in 94, from 1994 to 2002, based on Huatai Securities Company, my father and a group of like-minded friends formed the best securities investment research institute in China at that time. ”

"This institution still exists today, it was named after my father, it was called Dachang Securities Research Institute, and now it has been changed to Jiangtai Securities Research Institute, and the Southeast Asian financial crisis in '97 was the first time that Jiangtai Securities Research Institute participated in overseas hedge fund and short selling operations. ”

"In 2004, after I took over as the chairman of Tencent Group, I made significant improvements to the Jiangtai Securities Research Institute, expanding the global economic data collection and research through the global network system, especially in China, Jiangtai Securities Research Institute has a very complete national economic data analysis ability. ”

"Since 2002, the domestic A-share market has ushered in a historic low-tide, which lasted until 2006, roughly, Jiangtai Securities Research Institute predicted in 2004 that A-shares will grow, but when it began to rise, and finally to what extent, it was difficult to say at that time. ”

"We have more information and more courage than anyone else, and starting in October 2004, my father made a decision that seems reasonable today, but at the time seemed dangerous. We pledged all our assets to banks to raise capital into A-shares, and we analyzed all A-shares and selected 420 of the best listed companies to determine that there was room for long-term growth, and this number eventually increased to 477 in April 2006. ”

"From October 2004 to November 2005, my father and I pledged more than $40 billion in assets, the main of which came from my father's dipping during the Southeast Asian financial crisis and the NASDAQ dot-com bubble crisis, as well as all my shares in Tencent, including all of my parents' assets in Galaxy Gaming & Entertainment Group. At the end of November, we invested all the funds and loans, totaling more than 300 billion RMB, and in the stage when everyone was crazy about selling, we kept on 420 listed companies to take over, and it took a year to pull the market from the lowest 998 points to 1250 points. ”

"At that time, the interest we had to pay every month was 2.2 billion RMB, and if it failed, the A-shares did not rise, but fell, and we would pay a heavy price, but we won the bet in the end. ”

"Our judgment is based on 14 factors, the most important of which are three fundamental factors. ”

"First, when the United States ultra-loose monetary policy to cope with the military spending of the wars in Afghanistan and Iraq, the adoption of the linked exchange rate system China will inevitably adopt a long-term loose monetary policy, coupled with the characteristics of high domestic savings, will inevitably lead to the over-quantification of the M2 base, a large amount of savings funds concentrated in banks, and will inevitably stimulate the loose lending policy, so that real estate prices will grow rapidly, completely exceeding the growth of personal income, or even 3 or 4 times. ”

"Second, when the growth rate of China's real estate market exceeds the growth rate of residents' average income, this coefficient expands to more than 2.5 times, the real estate investment bubble will expand rapidly, and any government must introduce policies to restrain the real estate bubble. In fact, in 2004, the growth rate of housing prices in major cities across the country has exceeded the growth rate of local residents' income by 4.7 times, and the magnitude of this bubble is not inferior to that of the Japanese real estate bubble in the 90s. ”

"Third, in the environment of low borrowing costs and easy approval, once real estate investment is curbed, a huge amount of capital will inevitably flow to the stock market, housing prices will fall, the stock market will rise, the stock market will fall, and housing prices will rise, which is the unbreakable truth of the international investment market. ”

"Based on these three points and other factors, my father and I made a big bet at the end of 2004 that the government would introduce policies to curb the property bubble. If we win, we will make a profit several times in A-shares, and if we lose, the government will not introduce policies to curb the real estate bubble, and let the real estate continue to increase in value to stimulate economic growth, which will eventually lead to the bursting of the real estate bubble and a hard landing of the economy, my father will go bankrupt, and I will lose the controlling stake in Tencent. ”

"In the end, we won the bet, and in October 2005, the government introduced eight new measures to curb the property bubble, which kicked off a surge in China's stock market that followed the following year. On the basis of the real estate bubble, many professional real estate investors and institutions will choose to mortgage their real estate to banks, borrow a lot of money to speculate in stocks, more precisely, the stock market crash in 2006 is the inevitable result of the formation of China's M2 giant and real estate bubble. ”

"As for the scale of the stock market that was able to break through to 8,000 points at that time, this is also beyond our estimates, the most important factors are 3 points, 1. The monetary aggregate base is too large; 2. The borrowing and financing costs of the financial industry in China and the United States are too low; 3. At that stage in 2006, it was too easy for the wealthy class to make money, and the vast majority of investors only took out loans to buy a few houses in the past few years, and they could break through tens of millions of net worth. ”

Xu Teng has said everything he wants to say, but he still wants to give everyone the truth, "In 2005, we started to take over from about 1300 points of A shares, and at the lowest stage in the middle, A shares also briefly fell below 1000 points, until 1700 points, we stopped entering the market, invested a total of 317 billion RMB, and began to withdraw at 6500 points, with an average after-tax rate of return of 7.3 times. After the market plummeted, it fell to 1,400 points, and we reinvested 700 billion yuan to take over, and finally when the market rose by more than 3,000 points, beyond the reasonable range determined by the Securities Research Institute, we left the market again. In these two investments, our capital exit did not directly cause a heavy blow to the broader market, because the size of the capital entering the market was four to five times the size of the capital exiting the market each time. ”

Xu Teng's sentence is very subtle, in fact, the departure of Xu's funds did not cause the stock market to fluctuate in the rising period, mainly because the private equity funds under the Huayin consortium entered the market at the same time.

The quiet departure of these private equity funds will make the market more unstable, and once more other institutions follow the wind and withdraw, it will cause the market to plummet.

"As of today, the securities assets held by the Xu family in the stock market, excluding the holding company of Huateng Company, have a market value of 1.3 trillion, a total of 70 private equity fund agents, and diversified investments in 450 listed companies. ”

"I want to emphasize that the Xu family's capital in China has never been withdrawn from the country on a large scale. Xu Teng had to refute another rumor, and calmly told the story to analyze the Xu family's investment methods, "All my investments at home and abroad are completely independent in terms of funds, and the most commonly used means is to mortgage assets on both sides." There is room for investment growth in China, I mortgage overseas assets to borrow RMB, foreign investment growth space, I mortgage domestic assets to borrow US dollars, and finally cash out through profits to repay debts. The main dividing line here depends on whether the RMB is strong, or the US dollar, or the euro is stronger. ”

"Finally, on the issue of the stock market crash in '06, I would like to apologize to everyone on behalf of my family, on behalf of my father and colleagues, maybe it was all our fault. ”

"Whether it's right or wrong, on the basis of paying taxes, operating according to law, and investing according to law, I hope everyone can forgive me and give me a low-key and quiet business environment. I'm tired of running around for business, I'm tired of lobbying abroad for the acquisition of a business, and I'm tired of endless responsibilities. ”

"At my age, I don't want to cause any trouble, I just want to do things quietly, and every day is like a clock, just like a clock, simple and quiet. Wake up at 7 a.m., go to work at 9 a.m., leave work at 5 a.m., and go to bed at 10 p.m. ”

"If people think that I should take on all the problems of the '06 stock market crash, I can resign as chairman of the foundation. I also promised that all the shares I hold in Huateng Company can be transferred at any time, without premium acquisition, how much is the market value, one-time settlement, and all the funds remain in the domestic Huateng Foundation, I will not take a penny from China, and I don't need it. ”

This is Xu Teng's apology.

He does not feel that he has made a mistake in principle at all, and there is no need to apologize at all, but if all parties believe that he is the original sin of the stock market crash in '06, he can not only apologize, but also give up everything in the country.

Pay in one lump sum and he's gone.

After saying all this, after saying what he wanted to say, Xu Teng still had to get up and bow and apologize, leave this apology on the table, and take his tablet PC, come alone, go alone.

He's seen through it all now.

Humans are always selfish.

He is selfish, and everyone else is selfish.

That's human nature.

When China was still a developing country, he had such a huge wealth, this was his greatest original sin, a sin that could never be washed away, and he did not intend to atone for it by donating money.

Because he didn't feel guilty.

At this moment, Xu Teng knew that he had a clear conscience, he had done almost everything he could do for this country, and now he wanted to go, travel the world, live overseas, and live in Nauru.

On this day, Xu Teng's apology is the hottest news at home and abroad, not only in China, but also abroad.

As for whether this kind of discussion and report is beneficial or unfavorable to China, this is not something that Xu Teng can manage.

If there is no desire, it is rigid.

Xu Teng put himself in a position where he had no desire at all, and he wanted nothing from all parties, that is, he showed his attitude that he would not make any more compromises, and everything ended here.

The development of the situation has indeed changed dramatically, and the various official media, which were still criticizing Xu Teng and the Huayin Consortium a few days ago, have changed their attitude dramatically, and they have begun to emphasize the need to provide free business space for entrepreneurs who operate legally.

"How many assets the Huayin consortium has, this can be counted, and how many assets the Xu family has, it may not be able to be counted. It is not only difficult to count at home, but also difficult to count abroad, in fact, there is no need to count, as long as the Xu family operates legally, it should be respected, not harsh. "A certain official media has finally used social media to evaluate sex.

In fact, all of this stems from the rebound of the state-owned financial system and the people's hatred of the rich.

Xu Teng knew very well in his heart that the forces behind the scenes were mainly from the financial system, and he had the delusion to seize this opportunity to defeat the financial system of the Huayin Consortium in one fell swoop.

The two sides are in a silent war in terms of mobile payment standards.

Xu Teng knew very well that the Huayin Consortium couldn't win, because if he wanted to win one more game, the four major state-owned banks could go to drink the northwest wind, but he couldn't lose either.

In today's international environment and under layers of pressure, he is already very tired, and he has to withstand the bayonets behind the scenes of the state-owned financial system and the big four banks, and he has to deal with the requirements of the Development Committee.

Elementary school students want to reduce their burden, and he needs to reduce his burden now.

Xu Teng, Huayin Consortium can have a good relationship with all state-owned enterprises and central enterprises, and create a set of win-win cooperation system, but there is no way to achieve a win-win situation with the state-owned financial system.

Because the core of the Huayin Consortium is its own financial system, which is the source of the strength of the Huayin Consortium.

According to the thinking of some leaders of the state-owned financial system, it is not only necessary to "control and control" the financial system of the Huayin Consortium, but also to do a good job in all aspects.

Nowadays, the environment is so poor, in the real economy at home and abroad, which one can make more profits, and if you want to develop by leaps and bounds, isn't it supported by the financial system of the profit center?

Some people just think that the Huayin Consortium and the Xu family have made too much money, and they should contribute in vain and take out half of it to subsidize China's industrial development and the real economy.

Neuropathy!

Xu Teng rolled his eyes lazily.

After the sharp turn of public opinion in China, Xu Teng has nothing to say, he quietly does his own business, and there are still a lot of things to deal with every day.

His talent lies in the fact that he can always hand over these seemingly messy things to the right team, find a suitable general direction, and when there is no right team, he can always find a way to build a suitable team.

Late December.

After more than half a month after the sharp turn of public opinion, Xu Teng finally began to fight back, exposing a large number of scientific research progress, from basic scientific research, natural scientific research, theoretical research, material research and development to industrial product technology research, continuous exposure.

Among them, the most important is the localization of the core equipment of the 20nm chip process process, and the mass production of the 14nm chip process technology of Huateng Electronics Group.

The second is the official release of Huateng Automobile Group's smart car Huateng A2, which is a new series of models, priced at 580,000 high-end models, full intelligent driving, intelligent parking, language communication skills, can automatically pick up children to school, can automatically pick up family members to and from work, can judge the owner through voice and facial recognition technology.

This is a car that does not need a driver at all, this is not a car, but a member of the family, only need a Huateng mobile phone given with the car, or an APP can be controlled as you like.

This basically can't be sold, but Audi will officially launch a similar model next year, priced at about 700,000, and it is estimated that it will sell more.

Now it depends on the domestic legislation, whether it can release some space in advance and allow trial implementation in Jiangzhou.

This car, Huayin Consortium has been tossing behind the scenes for 7 years, and it is not at all something that an automobile company can handle, and more than 90% of the scientific research is undertaken by Huateng Hi-Tech.

This is really not a single auto group that can be done in a short period of time, even if they join forces with international technology giants to catch up, it will take three or four years to catch up.

Of course, it will take seven or eight years for this market to fully mature.

In addition to these three relatively large breakthroughs, the quantity and quality of other breakthroughs are also very high.

In the field of front-end semiconductor equipment, the four major groups of Huayin Consortium, Huateng Hi-Tech, ZPCON ABB, Huateng Electronics and Haina Optoelectronics have exceeded 10% in global sales of 7 kinds of equipment and 15% of exposure equipment in a total of 12 major equipment projects, and Japan's electron beam mapping equipment, which has long occupied more than 90% of the market share, has also made a historic breakthrough of 21%.

For developing equipment, Haina Optoelectronics broke through 14%.

The market share of the three CVD equipment of decompression, plasma and metal is more than 10% at the same time.

In the three fields of front-end testing equipment, back-end semiconductor equipment and back-end testing equipment, the four major equipment manufacturers and Huateng Industrial Consortium have also reached a new record.

The reason is very simple, among the global semiconductor equipment buyers, only the Chinese market continues to grow, order new equipment, increase new production capacity, as long as China's local semiconductor equipment suppliers break through the technical barriers, even if there is still a large distance from the Japanese, they can also rely on cost advantages to seize the low-end market.

In the field of semiconductor materials, with global sales of more than 2 billion US dollars, the total proportion of Huateng Hi-Tech, Yongtai Chemical and Huateng Industrial has also increased from 7% in 2012 to 34%.

This drastic change has made China the world's third-largest supplier of semiconductor materials after Japan and the United States.

The semiconductor equipment field accounted for 17.5%, and the semiconductor materials field accounted for 34%, all of which is just the beginning, as long as this barrier is broken, the subsequent growth will be faster and faster.

Unless Japanese and American companies go to China to build factories, in China, the world's largest procurement market, the closer to the sales terminal, the greater the advantage.

After Xu Teng played all the cards in his hand, the domestic public opinion was completely reversed, and all kinds of statements about the stock market crash in 06 finally became history.

Xu Teng did not deny that he made a lot of money in the stock market crash in 06, but he did not break the law, did not violate the law, and used these funds where they should really be, and it was a very efficient use.

Since 2013, the battle between the Huayin Consortium and the Huateng Industrial Consortium and the Korean industry has basically ended, and the result has been decided, that is, it will take time to slowly squeeze the market space of the Korean system at home and abroad.

Since 2013, the battle between Huateng Industrial Complex and Japanese industry has officially kicked off.

In the last month of the year ending in 2015.

What Xu Teng has to do is to take out the report card, show off his work achievements over the years, he now has technology, products, team, capital, and market, and will take another step forward every year.

Every time he takes a step forward, his opponent moves closer to death and bankruptcy.

When China will become a developed country, Xu Teng does not know, this is not his business, not his job, not his responsibility, his responsibility is to get the technology, products and markets of developed countries before China becomes a developed country.

As long as Japan can produce it, the United States can produce it, and China can produce it, they can all compete with it.

This is Xu Teng's job.