Today, Song Hewan finally understands what is called "red face and troubled water" and what is the demon concubine disaster country.

Presumably, Bao Xi smiled at Xia Wei, and Da Ji whispered softly to the king of Xu, and then hooked the other party's soul alive, and willingly gave everything for them.

From then on, the king did not come to an early dynasty.

Song Hewan felt that she was really slacking off with Jian Zhiyan every day during this time, and in the long run, she was afraid that she would sink into beauty and not want to make progress.

She made up her mind to start her career as soon as possible after returning to Ninghai City, and all of them were put on the agenda and seriously engaged in shop decoration, internship work, and reading books and certificates.

On the sixth day of the first lunar month, Song Hewan and Jian Zhiyan bid farewell to their reluctant Song father and mother and left Qingzhou.

The two old men of the Song family watched their daughter's figure gradually disappear from sight, and they were suddenly sad, and their hearts were empty.

The sea is wide and the fish jumps, and the sky is high for the birds to fly. When the child grows up, after all, he wants to fly freely in the broader sky, and what fun is there in this small Qingzhou!

On the seventh day of the first lunar month, office workers have returned to their jobs, Ninghai City has resumed the morning and evening rush hours, and the CD area is once again filled with all kinds of busy "workers".

And Song Hewan, Jian Zhiyan and Chen Lu started their lives as interns again.

On the first day of work after the holiday, people can't help but be a little slack. However, Ling Yi was like being beaten with chicken blood, his face was full of red light, and his fighting spirit was high.

"Everyone in the credit management department, including the two interns, will meet at 9:30 in the second conference room." Ling Yi stood in the aisle of the department's workplace and instructed everyone.

"Oh mom, I'm going to have a meeting here, I think my body is here, but my soul hasn't arrived at the company yet." Chen Lu muttered dissatisfied.

Song Hewan just smiled and didn't talk.

Ling Yi held a meeting for everyone, firstly, he talked about the entire work arrangement and work goals for this year, and secondly, he reminded everyone of the tasks to be completed in the first quarter.

Finally, he convened an impromptu credit review meeting.

The main content is that the investment manager of the fixed income investment department sent an investment demand, and during the Chinese New Year, they contacted an investment target with a very good price and wanted to invest in several bonds of related entities.

In an emergency, Ling Yi left Tang Yuwen and three other senior credit analysts, and asked the researcher in charge of the industry to which the bond belonged to stay to make a report.

"You two, if you want to hear it, stay here." Ling Yi looked at Song Hewan and Chen Lu and said.

Song Hewan was very curious about what the judging would be like, and she also wanted to see the world, so she stayed. Chen Lu saw Song Hewan staying in the conference room, although she didn't want to stay with Ling Yi more, she couldn't help but stay bored.

The researcher began to report and analyze the subject of the target, and Song Hewan was shocked when she heard him say the name of the company, which was Kangyang Construction Group Co., Ltd.!

Kangyang Construction is a company with a long history in the construction industry, and has experienced ups and downs for decades.

But for Ms. Song, this was more than just a seemingly powerful construction company, and what happened after that almost became a milestone turning point in the financial bond market.

Song Hewan counted the date, if she remembered correctly.

In April this year, a Sino-foreign joint venture credit rating agency downgraded Kangyang Construction's main rating from - to -, and the rating outlook was downgraded to negative.

By July, Kangyang Construction's main rating will be downgraded to -. Next, several leading domestic credit rating agencies will successively downgrade the main rating of Kangyang Construction, and the rating outlook will be downgraded to negative.

At that time, the market still did not believe that Kangyang Construction would default.

Because the domestic bond market has not yet seen a situation where the main body breaks the rigid payment and defaults. What's more, a veteran construction company like Kangyang Construction?

But the truth is not as rosy as people think.

By the beginning of August, major credit rating agencies downgraded Kangyang Construction's main rating to.

Financial markets began to be in an uproar, because the rating means that the entity has a weak ability to repay its debts, is highly affected by the adverse economic environment, and has a high risk of default.

Many financial institutions began to panic, and the belief in credit bonds seemed to be being broken, and what awaited them was a bloody storm that had never been seen in the credit history of China's financial bonds.

In late August, Song Hewan couldn't remember exactly what day, Kangyang Construction failed to complete the release of the resale and interest payment funds, which constituted a material breach of contract.

This event kicked off the prelude to frequent credit risks in the bond market.

The market began to break the rigid payment, and the reasons were different, but the result was that many entities began to default one after another. This caused panic in the financial markets, and then defaults became the norm, and credit assessment and risk control, which were not so important, became an increasingly important part of the financial markets......

Song Hewan thought back to what happened in her previous life and listened to the researchers' analysis and research. She never imagined that she would be able to get in touch with this "history" so close to Hengchuan.

She turned on the computer and looked at the financial statements of Kangyang Construction and the prospectus of the latest issue of bonds. She remembered that in the previous life, the China Securities Regulatory Commission later investigated the financial fraud of Kangyang Construction.

The company's financial statements for three consecutive years violated the accounting standards by "offsetting" the accounts receivable and accounts payable of the projects it undertook, and at the same time inflating the accounts receivable and accounts payable, resulting in a significant increase in net profit for three consecutive years.

Now that she knows the results, she can naturally work backwards to find evidence.

However, she had to sigh that the financial statements were "beautiful", and it was really difficult to see the clues if she didn't know the correct answer, and the certified public accountants of major firms were really not vegetarians.

While pondering, she heard the credit conclusion of Wang Hao, a researcher in the construction industry, that it was possible to vote.

During this time period, there has been no default event in the market, and most of the targets are investable as long as they are not too big, not to mention a large-scale old construction enterprise like Kangyang Construction.

It's just that the top Hengchuan in the industry will also make this kind of mistake?

Ling Yi didn't say anything for a long time after hearing the conclusion, and there was silence in the conference room for a long time, and the scene was quiet. Ling Yi has always been strict with internal discipline and restraint, and it is normal for people in the department to dare not come out.

Half a day.

Ling Yi slowly spoke, "What do you think, let's talk about it."

No one answered.

Generally, at this time, only Tang Yuwen takes the lead in speaking, and others will follow to express their opinions, and this is indeed the case.

"I don't think there's anything wrong with this company, it focuses on the main business of building construction, and its business is all over the country. In the past three years, orders and revenue have maintained stable growth, and the continuing operation is also okay."

Immediately afterwards, two other male credit analysts also gave their opinions.

"A glance at the cash flow statement shows that Kangyang Construction's net cash flow from operating activities is very stable, and the coverage of interest expenses is relatively good, and there is no problem with its solvency. The bond we want to invest in is a one-year tenor, and I think the risk is controllable and investable."

"Mr. Ling, I have noticed a problem, the scale of Kangyang Construction's project receivables has continued to expand in recent years, and the payment collection cycle is lengthening, which is likely to hinder the company's liquidity in the future."

Ling Yi raised his eyebrows and looked at the male analyst, "Then what is your conclusion?"

The male analyst thought for a while, hesitated and said, "I think that one-year bonds, in fact, are not very risky and controllable. After all, this company is a long-established construction company, and it has a large bank credit facility in hand, so it is still no problem to repay the open market bonds, so I think it can be invested."

Ling Yi condensed his eyebrows, there was a hint of irritability between his eyebrows, and he asked slowly, "So, everyone's opinion is that Kangyang Construction is a debt, can it be invested?"

The atmosphere in the room was suddenly extremely dull, and people were breathless, and everyone was wondering what Ling Yi meant.

I have to say that Chen Lu has some funny talent. When everyone dared not squeak, she suddenly took a deep breath, then exhaled, and then, belched.

In the silent conference room, only the sound of her burping echoed.

Ling Yi pursed his lips in dissatisfaction, he stared at Chen Lu and said, "It seems that our intern wants to remind me that you two haven't expressed their opinions yet!" You two have been listening to this for a long time, so let's talk about your thoughts."

Chen Lu saw that Ling Yi's face was a little worse, as if he was trying his best to restrain his anger, and suddenly said that he was not good, and he provoked this evil god again.

She was so frightened that she stopped her burps in an instant.

"I...... I think I can vote too." She whispered.

"Why?" Ling Yi chased after him.

Chen Lu thought for a while, still a little unconfident, she replied in a low voice: "Kangyang Construction has the special qualification for general contracting of housing construction projects and many other related qualifications, and the qualifications are good. Moreover, after a long period of development, the company has won more than 1,000 honors, especially in the field of building construction, which has a great influence on the Luban Award, Magnolia Cup, etc. In the construction industry, it has a high market reputation. In addition, Kangyang Construction focuses on the East China market of Zhejiang and Shanghai, supplemented by the Northeast, Northwest and South China, and has outstanding main business capabilities."

Ling Yi smiled, the expression on his face made people wonder what he thought, he said playfully, "Yohe, I don't think your idea is suitable for credit evaluation, you seem to be going to buy?"

Immediately, he no longer paid attention to Chen Lu, and looked at Song Hewan again, "What about you, talk about it, don't be silent."

Song Hewan sorted out her thoughts, she just glanced at the financial report and prospectus a few times, and now it was better to talk about it briefly, so she first showed her opinion, "I think Kangyang Construction is the main body, and it is not possible to invest."

As soon as the words fell, several senior analysts who were looking at the computer looked at Song Hewan in unison, Tang Yuwen had been busy looking at her mobile phone to reply to her mother-in-law's WeChat, but at this time, she also stopped and looked up at her.

"Tell me why, too." Ling Yi's tone still made it impossible to guess what he was thinking.

"First, in May of the previous year, the one-year corporate bonds issued by Kangyang Construction received a notice from the exchange due to violations in the use of raised funds and inaccurate information disclosure in the prospectus. Although the bond has been redeemed, I checked and found that 1.5 billion yuan of the funds raised by this bond was allocated to a non-related party company of Kangyang Construction. And the boss of this company is the wife of the actual controller of Kangyang Construction, and I speculate that there is a suspicion of transferring assets."

"Second, almost all of Kangyang's construction business is carried out in the form of in-house contracting, which is simple and easy to implement, and if properly managed, Kangyang can actually obtain management fee income with no (or less investment). However, I believe that Kangyang's internal risk control mechanism has certain deficiencies. His business layout is too extensive, and it is actually difficult to effectively control the engineering projects undertaken by branches outside the traditional core areas. In the past five years, there have been many such news, due to market reasons and the project manager (actual constructor) himself, there have been project losses, misappropriation and arbitrage of project funds. The project manager (the actual constructor) will throw off and run away after arbitraging the funds or the loss of the project, and the corresponding loss will be passed on to Kangyang."

"Third, in fact, it is also a continuation of the second point, combined with the amount of pending litigation disclosed in the news, judgment documents, and prospectus, compared with the financial statements, I found that there is a big difference in the amount of this part, and there is not so much written in the statement. This shows that the authenticity of the company's financial reports is in doubt." new

"To sum up, I don't think it's okay to vote. In addition, there are some things that I find strange, such as accounts receivable and payable, paid-in capital, etc., but I haven't looked at it that deeply at the moment, and I need to study it carefully."

Song He talked eloquently, Tang Yuwen stopped everything in her hand, and listened to what Song Hewan said. After a moment, she had an incredulous expression.

It was an uneasiness, a panic.

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Chapter 55 is free to read on the judging panel.