Luo Tsai is the one who points through the eyebrows, even if it is a trivial matter like stealing chickens, he does not forget the name of the rival club left behind the most, if it is really investigated at that time, the government can only attribute this headless public case to the head of Heyinghe.

After the work was finished, these people quickly divided the remuneration they received, and then carried the duffel bags that had been prepared for a long time, and left the different gates, as for when they would come back, it is estimated that they will wait until the limelight has completely passed.

……

On January 5, just one day after Soros' visit to South Korea, the Hang Seng Index began trading for the second day of '98. Since Soros has not yet made remarks about the South Korean market at this time, the bigwig's travel has attracted widespread attention from the market, which has also affected the Hang Seng Index to a certain extent.

The opening was 10,673 points, followed by several heavyweights that performed well, triggering a rally in the broader market index to some extent. It's just that this rally didn't last long, and after a slight 25-point increase in the index, the Hang Seng Index began to slowly fall, which analysts considered a normal pullback and did not pay much attention.

It was only after noon that the speed of this so-called "pullback" suddenly increased a lot, which surprised many investors and analysts, and this unexplained decline can most cause panic in the market. Although the Hong Kong stock market is known for its roller coaster ride and investors' confidence is particularly lacking, after several large-scale declines last year, and even a drop of more than 1,000 points in one day, the nerves of Hong Kong stock investors are undoubtedly much thicker.

Soon, news that Soros would make a speech that would be unfavorable to the South Korean stock market and even the Asian stock market spread. This gives a good reason for the current decline in the stock market. Some investors who believe in this statement began to try to sell, and then more investors began to sell, in which case the decline of Hong Kong stocks was inevitable. But after all, this statement is most likely aimed at the South Korean Seoul market, and even if Soros is strongly bearish, because Hong Kong and South Korea are not closely linked economically, today's decline is limited.

Under this bearish expectation, Hong Kong stocks fell 370 points throughout the day to close at 10,303 points, or 3.53%. The first two trading days of 98 continued to fall, and Hong Kong stock investors couldn't help but have a haze in their hearts. Intuition tells them. I'm afraid it's not going to be a good year.

The Asian currency crisis, which began to recur in mid-October, began in Hong Kong and spread to South Korea in the north after more than half a month. South Korea, the world's 11th largest economy, is powerless in the face of the currency crisis. Resistance was easily given up (the truth is that it was not possible at all). After South Korea was hit hard. The currency crisis has spread back to Southeast Asia. And this time it is no longer as simple as a currency crisis, many countries have fallen into a financial crisis, even an economic crisis.

In the process. Business closures, unemployed employees, bank closures, runs, property market price reductions, and so on are all present in various countries or regions. In mid-November, Hong Kong's richest man, Li Ka-shing, announced that he would sell his Changhe property at a price of 30%, causing an uproar for a while. Under the influence of this price, other real estate companies in Hong Kong have also announced that they will sell their properties at a reduced price, and the entire Hong Kong property market has also entered a slump.

In this case, Liao Chengde is naturally extremely busy, collecting buildings and houses outside all day long. Due to the fall in the market price of houses, many people have stopped paying for the house, and there is even a phenomenon of free delivery, that is, as long as the other party is willing to continue to supply, the owner will give the unit to the person who is willing to take over without a penny.

For example, a 100-square-meter house, the original market price is 3 million Hong Kong dollars, and the owner takes it with a down payment of 600,000 Hong Kong dollars, and pays the house for 30 years, which is about 80,000 Hong Kong dollars per year, and a total of 2.4 million yuan (interest omitted). But now that the property price has suddenly dropped to the point that the unit is only worth 2 million Hong Kong dollars, then if the owner continues to pay for the property, it is better to buy a new house, so in this case, the so-called zero down payment housing has appeared in large numbers, and to some extent, the decline in housing prices has accelerated.

Seeing that Lao Liao worked so hard, Liao Xiaohua naturally accompanied him all the way without hesitation, and the father and son traveled all over Hong Kong Island, the New Territories and Kowloon during this time, and continued to buy one after another. With billions of Hong Kong dollars as the backing, they almost don't bargain much, and many times they make a decision on the spot. This also led to more and more properties under Zhong Shi's name, and even one building was allocated to his name.

Zhong Shi didn't know anything about this, he had already explained everything to the Liao father and son, and he was left at ease. At the close of the day, he had a few thousand more Hang Seng Index futures contracts under his account. After the transaction, he and Ma Jiarui were chatting over tea in the coffee room.

"Today's market is strange, are investors really taking a bow?" Ma Jiarui threw a sugar cube into the cup and stirred it vigorously, then asked with a frown.

Since their main task during this period of time is to short the Hong Kong stock futures index, along with the selling point Indonesian rupiah, so Ma Jiarui's main focus is on Hong Kong stocks, and after studying the performance of Hong Kong stocks during this period, he noticed that something was wrong.

Zhong Shi took a sip from the teacup and said nonchalantly, "What's wrong?" I think this is a normal reaction, the Hang Seng Index has always been so abnormal, just like riding a Ferris wheel or a roller coaster, and the ups and downs have become the norm for a long time. ”

Although Zhong Shi said this, Ma Jiarui still had doubts in his heart, touched his chin and thought for a long time, sat opposite Zhong Shi, and said with a solemn face: "Zhong Sheng, I have this intuition, as if this fall was premeditated, you must know that the last time something similar happened in Lu Dao, Stanley Company stabbed him in the back." ”

In mid-October, Stanley, which had been singing long Hong Kong stocks in a high-profile manner, suddenly turned into a pioneer in shorting Hong Kong stocks. The day after their chief analyst sang about Hong Kong stocks, the Hang Seng Index plummeted. It also led to the breakdown of Huaxia Telecom, which chose to go public on that day.

The so-called breakage refers to the initial public offering (IPO) issuance, the underwriting investment bank after the roadshow consultation, the issue price can be accepted by the majority of investors in the market, this price directly determines how much capital the listed company can raise, so it is very important.

Huaxia Telecom was listed in Hong Kong, and the underwriter was Joaquin, a mainland investment bank with a blood relationship with Stanley, but because Stanley's chief analyst suddenly sang about Hong Kong stocks the day before, and the market saw a huge sell-off. Huaxia Telecom, which was listed on the first day, broke through the issue price. Not enough money was raised as expected. It is said that this incident aroused strong dissatisfaction from Wang Qifan, chairman of Huaxia Commercial Bank, a major shareholder of Huajin in the mainland.

At that time, the market generally believed that this was a head-to-head confrontation between Stanley Hong Kong and Joaquin, but now that I think about it, Ma Jiarui has experienced a little different. In addition, foreign investment banks have frequently sung long Hong Kong stocks recently. This made the doubts in his heart a little more intense.

For foreign investment banks, this pair of urine. Zhong Shi knew it for a long time. It's just that he never broke it. In fact, strategy is a matter of your willingness, if you want to rely on the analysis of investment banks all the time. It's basically the same as gambling.

The key reason why foreign investment banks have "strong research capabilities" is that they have funds that can leverage the market, which is incomparable to Hong Kong or mainland investment banks. And in some aspects of research, their logic and research methods are indeed convincing, and this creates a Matthew effect, which makes the strong always strong.

For example, if Stanley gives a stock a "highly recommended buy" opinion, and the foundations that use their research report get the relevant information in advance before the report comes out, and wait for them to sneak in before it is released, these funds will naturally make a lot of money, and in the long run, their research report will become a weather vane that affects the direction of a stock market.

Over time, even their macro strategy reports have become the main source of reference for fund operations, and their influence is naturally increasing day by day.

But if it is blatantly contrary to the market, will these fund managers who are more clever than ghosts not notice it? The problem lies precisely in this gambling, in fact, in many cases, operating in the capital market is almost the same as gambling, especially in some gray corners. In order to protect their reputations, these investment banks may issue several to dozens of reports with very different conclusions, such as seven long, two short, and the last one unchanged. In this case, there are few people who can tell what the other party's intentions are.

When the market comes out, these foreign investment banks will hype it up again, and we will see it right, and then launch those researchers who were once bearish to come out and become dazzling stars in the market. And so on and so forth, and in the end, it is these fund managers who use their research reports that are unlucky.

Of course, this is only a small part of the game between funds and investment banks, in fact, it is impossible for each fund to use only one investment bank's research report, usually they will summarize the research reports of three to five investment banks, and choose the most likely one. Moreover, powerful funds usually set up their own internal research departments, and combine the research reports of investment banks and brokerages with their own research to strive to make profits in the market.

These are all things that practitioners know, and what makes Ma Jiarui puzzled is that not only Stanley is singing more, but Goodman is also singing more. With such a consistent pace, either they are planning a conspiracy, or they really feel that the prospects of the Hong Kong stock market are very good.

"A stab?" Zhong Shi chuckled, "Your analogy is very appropriate, but we can use other people's investment reports. For example, Macquarie, Merrill Lynch, or the local Peregrine. ”

At the mention of Peregrine, Zhong Shi suddenly thought of one thing, that is, the number one investment bank in Asia is now very likely to be on the verge of bankruptcy. As soon as he thought of this possibility, he suddenly felt a thrill, and he didn't care about continuing to drink tea, so he quickly stood up and walked to the office.

"Hey, is it Song Ling?" After dialing the other party's phone, Zhong Shi didn't say much to greet, and said straight to the point, "I have a hunch that international speculators will soon launch another attack on Hong Kong, and if you have time, I hope to be able to meet and talk as soon as possible." ”

"What?" Song Ling on the other end of the phone frowned, unable to believe what he had heard, "Do you have any solid evidence?" You must know that although the market is not good now, it is not bad. If there is no solid negative news, it will be difficult for them to attract investors. ”

Since November, many Hong Kong politicians, including the chief executive, have expressed their support for Hong Kong's linked exchange rate system, and even Yenching has expressed its support, which has boosted the confidence of the Hong Kong government. Moreover, the Hong Kong government has also announced its foreign exchange reserves in a timely manner, and after the attack of international speculators in October, the foreign exchange reserves of the Hong Kong government have increased instead of falling, and they have added several billion dollars.

Song Ling was very unimpressed, but since the other party said so, he was embarrassed to refuse, and after thinking about it for a while, he agreed on a place and was ready to have a good talk with Zhong Shi. (To be continued......)

PS: Thank you book friend Invincible Flying Dragon King for your reward for this book!