In the conference room of the Bristal Tower Investment Company, located in the hinterland of Lujiazui, everyone listened to the speech of General Manager Zheng Lichen with a certain look of expectation.

They are not looking forward to the content of Zheng Lichen's speech, but looking forward to the well-being of returning from a business trip.

This investment project analysis meeting will focus on Wu Mo's project. After several discussions, everyone knew that if it wasn't for Ankang's obstruction, the company's investment in this project would have been completed long ago.

Wu Mo's project has been reported to the headquarters, but because of the attached analysis report of Ankang, the headquarters also hopes that the Chinese company can understand everything clearly and give them a clear answer.

As the general manager, Zheng Lichen is very difficult to face this situation. But he thought of a good solution to the problem, which was to convene a symposium. Not only did the entire company participate, but also invited colleagues from several companies to sit in the same row, intending to solve the problem at one time. If Ankang's challenge is not unanimously agreed, then Wu Mo's project will be considered passed.

What if the project is risky? If a project is completely rejected because it is risky, then there is no need to start an investment business. After all, in the financial industry, "high risk, high return" is a golden rule.

When Ankang's taxi was still stuck in Puxi, Zheng Lichen summoned all the people to the conference room. Not to discuss anything, but just to keep the few guests he invited from feeling left out. So Zheng Lichen introduced the situation of the projects invested by the company in recent years to several guests, and discussed several temporary topics.

In Ye Qi's countless phone calls, Ankang finally arrived with a suitcase.

Ye Qi went out of the conference room to greet An Kang and asked, "The standard of this meeting is quite high. Mr. Zheng invited a few international referees to come, and it seems that he wants to decide the winner in one game. Are you sure? ”

Ankang patted the computer bag and said, "Everything depends on it." ”

When Ankang walked into the conference room, the sweat on his forehead had not been wiped yet. It's all decadent, depressed, and exhausted. And no wonder so, because he was still catching a report in the taxi. Before entering the conference room, I took the time to print out the report and fax it to the client.

Wu Mo looked disdainful when he saw An Kang's appearance, and Zheng Lichen was even more unhappy. It is not a face-saving thing to make a few guests wait for such an image of the employee.

Since it is a PK competition, Wu Mo will first introduce the situation of the project and the reasons for investment, as well as focus on the risks and methods of avoiding the project.

Wu Mo obviously has a very serious and solemn attitude towards this project analysis meeting. She originally had a strong ability to express herself, and she had rehearsed today's report in advance, so she showed a confident attitude that would not be shocked. His eloquence convinced everyone.

It's a different story when it's your turn to be healthy. When Zheng Lichen called Ankang's name, Ankang seemed to have just reacted. He hurriedly plugged his computer into the projector, which still showed half of the calculations on his computer screen. Obviously, when Wu Mo was talking about the project just now, he wasn't listening at all, but was busy with other things at hand.

Ankang pulled up his report and projected it onto the wall, then looked up and said: "Regarding this project, I mentioned before that since this company is a chain retail enterprise, inventory and inventory turnover must be an important business indicator. From my previous analysis, I concluded that there was a significant deviation between the company's sales and inventory. Please take a look at this data. ”

Instead of presenting his report from the beginning, Ankang went straight to the section on inventories, saying: "In the third quarter of 2001, the company's sales revenue increased by 70 percent quarter-on-quarter, while inventories increased by only 32 percent. In the fourth quarter of 2001, sales revenue increased by 90 per cent quarter-on-quarter, while total inventories decreased by 8 per cent. The company's inventory turnover days also fell from 55 days in the first quarter of 2000 to 28 days in the fourth quarter. ”

Ankang circled a few key data with the mouse and continued: "If there is an anomaly in the data in a certain quarter, it may be understandable. But two consecutive quarters of anomalies are unreasonable. You may think that I don't have a background in the retail industry, and this analysis is not convincing. But I also found the data of more than a dozen similar companies and compared them. No one else will make such a difference. ”

"The data on your report is completely wrong." Wu Mo pointed out first.

"Yes, the figures are not at all the same as they are shown on the financial statements. But this data is the real data I collected in the field. The 2000 data are then retrospectively combined with the financial statements. ”

"How do you investigate? How to push back? "Wu Mo is aggressive.

Ankang transferred the report to the section on suppliers and said: "In addition to investigating this company, I also investigated their suppliers, and also went to some suppliers to learn about their production and delivery capabilities on the spot. I found a lot of ridiculous things. Everyone, please take a look. ”

Ankang shows the sales and production data of a supplier, while comparing it to the inventory and purchase volume of the project company. The comparison of the two yields a ridiculous result: the annual purchase volume of the project company from that supplier is about four times the annual sales volume of that supplier.

"If the supplier's data is accurate, then there is indeed a problem with the project company's procurement data." One of the guests invited by Zheng Lichen said.

Needless to say, this fact is also obvious. Even people who don't understand investment and finance understand the problem.

Ankang continued: "Considering that some small businesses have the potential to avoid taxes, it is possible to conceal business data. I also got to know the supplier's production situation on the spot. Their production equipment and the number of employees are not enough to support the purchase volume of the project company. Even if there is an error, the maximum is not more than 1.5 to 2 times. There is a big difference with a difference of 4 times. At the same time, I also went to investigate the suppliers of these suppliers to understand the raw material procurement data of the suppliers, which once again proved that their production capacity is very different from the purchase volume of the project company. At the same time, the supplier's accounting firm also confirmed that although there were adjustments in their financial reports and audit reports, the difference was not much. ”

As soon as he said this, everyone fell silent. Everyone including Wu Mo didn't expect Ankang to devote so much time and energy to this project. In order to confirm the production capacity of the supplier, it is also necessary to understand the supplier's supplier thoroughly.

Mr. Ankang didn't silence the men for long, and he threw out the more striking facts, which took up three-quarters of the length of his analysis — that the company had set up a number of new companies in the last two years to purchase the company's products.

Of course, the so-called procurement only stays at the data level, and the procurement behavior does not actually occur. However, these false purchases are invariably included in sales revenue and into financial statements for investors. Even if an accounting firm comes to audit, it will not be able to confirm whether these goods are actually traded.

In addition to these analysis conclusions, Ankang also showed his investigation process, the original investigation data, the analysis method and his model.

After Ankang finished introducing the main content of the analysis report, he sat back in his seat, grabbed a bottle of mineral water and poured it into his mouth, and looked around at the same time, waiting for them to refute.

Ankang's appearance is really annoying to look at, but there is nothing to be done.

Ankang presents both bloody facts and the fruits of his hard work.

Wu Mo was obviously the one with the most ugly face. Although she has worked on several similar investment cases in the United States, and although she is familiar with Chinese retail companies, everyone knows that many companies operate under the table partly against the government and partly against institutions like Bristol-Stolpeta Investment. The so-called road is one foot high, and the magic is one foot high. This company is obviously not a young bird who has just entered the capital market, but an expert who is well versed in the way of capital. Even people like Wu Mo almost fell into their trap.

After the symposium, Bristal Tower Investment Company set up a special investigation team to investigate Wu Mo's project, and finally came to a conclusion consistent with Ankang's conclusion in his analysis report. Bristal Times then canceled its investment in that company.

Ankang became famous as a result, not only with a good reputation at the Tower, but also in the Lujiazui financial circle with the company with close contact with the Tower, and became the object of emulation by the new investment analysts and investment managers.

Ankang is a mixed bag.

I am happy about my achievements in this project, but I am worried that due to the principle of confidentiality, the project company's fraudulent behavior cannot be shared with its peers in the financial industry. I don't know which investment company will succeed Bristol-Stolmar as the next big one.

The bloody battles in the financial industry are often overshadowed by suits, high-end cocktail parties, and coffee, yachts, and golf.