legendary trader

Chapter 810 Chapter 811 Confidence
"Earlier you said that Goldman Sachs wanted to withdraw?"

Chen Fan asked suddenly. At this time, he had forgotten that he was opposed to investing in these projects before, but he began to think about other things.

"Goldman Sachs participated in the first round of financing, and it paid out 2 million yuan. The current shareholding is 9%. They want to exit according to the market value of this round of financing. If they take over, they will need 1620 million yuan, doubled in two years. 8 times, the asking price is a bit steep.”

As she spoke, Liu Ying shook her head, but she didn't express her attitude.

"I'm afraid not many are willing to invest money now."

Chen Fan blinked and said, it was not easy to raise 2 million RMB in China in the past two years, let alone now.

"It should not be much, but the horse luck is still very rigid, saying that if we are willing to invest, the maximum cap is 1 million, and we cannot cover everything."

Hearing this, Liu Ying sneered and said.

"They still pick and choose? I really think this project is very good."

Chen Fan was also amused, he was so confident and pretended to be able to say this in front of the benefactor.

"According to private contact, they really bite hard and don't let go."

Liu Ying shook her head and said.

"Forget it, according to the valuation they gave, the market value of that wholesale website is now over 2 million yuan, I'm sorry, no number of companies are worth this price.

Let them look for it for a year, and the money is almost burned out, so let's see if they can still be tough. "

Chen Fan said cheerfully at this moment, "Tell Xie Kai that the valuation is too high, at least double before we take over."

Speaking of this, Chen Fan rolled his eyes, and continued, "I'd better tell them that Mr. Liu is still very optimistic about the project and willing to invest, but the valuation is indeed too high to accept."

"Well, let's hang on for the time being and express our meaning. If no one accepts the offer, they will naturally find it. According to Xie Kai, that horse luck looks very smart, saying that his company is not short of money. It is estimated that it is also bluffing.

After all, there is not much money to spend in the investment field now. It is estimated that he is worried about the worsening environment in the future, so he raised funds in advance to reserve cash. It is estimated that if there is no good result after a round, he should find it again. "

Liu Ying knew what Chen Fan meant. At the beginning, she was a little tempted by this project, but she thought that investing 5 million yuan would be enough.

She also noticed the high valuation, so she was a little hesitant, otherwise, she would be in charge of such a small project, and there was no need to ask Chen Fan's opinion.

Of course, Chen Fan rejected the matter of e-commerce at the beginning, which was also one of the important reasons why he approached Chen Fan.

"If they ask back, what do we say about the valuation we gave?"

However, Liu Ying quickly thought about the follow-up of the negotiation. Even if she refused on the grounds of high valuation, at least she should have an attitude.

"The last financing was 1 million yuan. The price itself is a bit high. When did it happen?"

Chen Fan asked suddenly.

"It was January last year. At that time, Internet stocks in the United States were very hot."

Liu Ying replied.

"There's no need to ask Xie Kai and the others to estimate the value of the other party, just give an offer of 1 million to 1 million, in meters."

After finishing speaking, Chen Fan shook his head, "I don't understand, these Internet companies like to quote prices in Yuan.

Calculating, their 2 million yuan is about 9 million yuan. After burning for more than a year, it can be burned for another one or two years. Then his annual cost is about 3 to 4 million yuan. It is estimated that it can last for a year. look. "

Here, Liu Ying started to deal with the affairs of the company, while Chen Fan stayed at home with his family, and sometimes went to Oaktree Capital to watch the rice stock market at night. Although he could watch it at home, there were people together, and he could discuss any problems at any time. Down.

Enron's stock price oscillated and resisted below 5 yuan in late May, but eventually collapsed.

After entering June, Enron's intraday buy orders began to decrease significantly. Although there were various bullish rumors circulating in the market, it was rumored from time to time that Enron had reached an agreement with others to sell those loss-making assets, but Enron officials never came forward to clarify.

At the same time, there was a lot of bad news about Enron. The most important thing was that more and more reporters began to track and investigate Enron's actual financial situation, especially some of the items disclosed in Enron's financial report. After signing in, I learned about the situation through on-the-spot investigations and interviews, and found that there seemed to be a deviation from the situation reflected in the financial report, and the media questioned Enron's financial report even more.

Because of the reporter's on-the-spot investigation, there is indeed a discrepancy between the situation and the financial report. This is the reason for the decrease in bargain hunting in the market recently. I have to be cautious for a while, after all, there are no waves without wind.

Moreover, regarding the media's doubts, Enron's external departments did not comment, and their attitude was very strange.

In terms of operation, Lin Hong chose a stepwise decline method. After the stock price was lowered, he traded sideways. In many cases, the number of short-selling stocks far exceeds one million shares, but they try to suppress the number before the market closes, that is, buy stocks to cover their positions.

In fact, occasionally for more than three days, the short-selling stock did not cover in time, and the dealer just called to inform him, but he did not strictly follow the regulations and must complete the cover-up work on time. To Lin Hong Of course it's a good thing, and it's more open when trading.

For traders, it is not a big deal that occasionally a dozen or two short positions of 10,000+ shares are not covered. For traders like them, this number can be easily smoothed out, and now Enron The downward trend of stock prices has become more and more obvious, and the risk of shorting is very small.

In fact, even if the risk is high, traders still dare to accept it, because there is a lot of money in these accounts, and this type of credit transaction is very safe, and there is no risk at all.

However, Chen Fan didn't think so. He still asked Lin Hong to strictly control his positions, and short-selling stocks must be covered within three days.

Now that the buying orders in the market have begun to decrease, the market trading volume has declined, and occasionally some resistance prices appear, and there is no need to spend a lot of time throwing a large number of stocks to smash the market, and the subsequent operations will become simpler and easier.

According to Chen Fan's intention, Lin Hong covered the position in time according to the trading regulations, and it didn't have any impact on the operation.

After three consecutive steps, in mid-June, Enron's stock price has successfully fallen below 6 yuan, and the lowest intraday fell to around 50 yuan.

It has been adjusted at 45 meters for two days. Lin Hong was not surprised by Chen Fan's sudden arrival today. He has long been used to Chen Fan's whereabouts like this.

Not long after the stock price fell below 50 yuan a few days ago, Chen Fan called Lin Hong to ask how he felt during the session.

At that time, Lin Hong's judgment was the same as before. There were not many bills, and the trend was weak, and Chen Fan didn't say anything. Although he didn't know what Chen Fan was doing in the trading room today, Lin Hong still took the initiative to say hello.

"What is our short sale quantity now?"

After Chen Fan nodded at him, he immediately asked about the current position.

The previous securities lending position has not changed, and interest is still being paid every day. What he asked was how much stock needs to be covered by selling now.

"112 million shares, more than [-] shares were sold at the opening of the market."

Lin Hong glanced at the account data and replied.

Chen Fan started the computer, nodded after hearing Lin Hong's answer, and then asked, "How many stocks need to be covered today?"

"41 shares, 36 shares tomorrow, and 21 shares next Monday."

Lin Hong answered quickly. When he looked at the account data earlier, he noticed that there were a lot of stocks covered today. He planned to suppress it again today, hoping to suppress the stock price by 42 or 3 yuan to cover the position.

"How about the opening buy order?"

At this moment, the computer has been turned on, and Chen Fan is clicking the market icon to enter the market interface, but he continues to ask.

"Today I feel the same as the previous few days, and the bill is not too much."

Lin Hong replied, but he was still a little surprised why Chen Fan had so many questions today.

"When the market closed yesterday, I saw that the market turnover was a bit heavy. Are you covering your positions or are there funds buying outside?"

Regarding Chen Fan's question, Lin Hong probably knew what was going on.

"We didn't make the big buy order at the end of yesterday. It should be that someone in the market wanted to buy the bottom, maybe they wanted to bet on the second quarter report."

Lin Hong laughed.

"Now that the downward trend has taken shape, so early to buy the bottom?"

Chen Fan shook his head. It's only mid-June now, and Enron's financial report will be after mid-July, or even later.

Of course, it is not ruled out that the current situation is not good, and the possibility of producing a good-looking financial report and releasing it in early July will boost the sluggish stock price.

The reason why Chen Fan is a little nervous now and came here specially is actually related to the phone call two days ago.

At that time, after Enron's stock price fell below 50 yuan, the stock price continued to decline, but Enron's stock once again shone brightly, which indicated that there seemed to be a rebound trend.

However, there were no abnormalities in the trading these few days, so Chen Fan did not pay too much attention to it. However, when he was watching the market this morning, he noticed that Enron's stock price had increased significantly in late trading. After checking the transaction details, it also showed that the purchase order in the last few minutes was abnormally enlarged, so today Wan not only came here in person, but also asked this question.

"We will not suppress the stock price for the time being today."

Chen Fan said immediately, but without waiting for Lin Hong to say anything, he said to himself: "Are you going to continue to suppress the stock price today?"

Lin Hong was not surprised by Chen Fan's intervention in the operation. He Li mentioned it before, and sometimes Chen always intervened in the operation suddenly, but usually he did it because he discovered something. That's right.

However, Lin Hong still had his own guess based on Chen Fan's words, "Mr. Chen means that this fund may create a rebound trend in the near future?"

Chen Fan didn't answer Lin Hong's question, but he still responded with a slight nod.

Seeing Chen Fan nodding his head, Lin Hong also began to think about the market trend in the past few days, and whether there were any abnormal buy orders in the market. At the close of the market early this morning, there were indeed large buy orders entering the market to sweep up the stock price, which drove the stock price up by more than ten However, Lin Hong regards these purchase orders as funds with them. He entered the market to sell short a few days ago, and it is estimated that he entered the market to cover his position when the market closed yesterday.

But now Chen Fan's meaning is very clear, he thinks that there are funds buying the bottom, and he wants to make a wave of the market.

"Then we will start covering now. If someone really wants to buy the bottom and enter the market, we may start to drive up the stock price in the second half of today."

Lin Hong also acted decisively and expressed his opinion decisively.

Regardless of whether there is anyone who wants to buy the bottom, first buy back the stocks that you want to cover. If not, then continue to suppress the stock price tomorrow and Friday. I don't intend to fight against these bottom-hunting funds, everything is based on the trend.

"Fill up the position first, wait and see for two days before talking."

Chen Fan turned his head and said to Lin Hong, "There have been a lot of market rumors in the past two days, and I don't know if Enron will take any action."

"Zhang Quan also told me earlier that there are a lot of rumors about Enron in the United States, mainly about the news of the sale of water assets, and that several assets in Europe seem to be close to reaching an agreement. If there is news of signing Come out, it can really stimulate the stock price, and throwing out these loss-making assets is really good for the stock's earnings per share."

Lin Hong nodded in approval.

"You should cover your positions first. I think there are a lot of sell orders at the moment, so it's just right to cover your positions."

Chen Fan nodded, and then told them to start operating.

At the end of the month, Liu Ying and the others were about to leave. Chen Fan failed to stop them several times, and now he could only accept the reality, so he didn't come over much recently, and stayed at home with his family.

After they left together, he became a lonely family again. Although he could do some things again at that time, but now that he has his own children, Chen Fan feels that family is the most important thing in everything, so he doesn't want them to go to the distant continent go.

The replenishment of more than 40 shares had a big impact on Enron's slowly falling stock price. The main reason was that the sales were relatively concentrated, and soon the top [-] shares were wiped out, and then Lin Hong also temporarily stopped. Waiting for new sell orders to enter the market, but still place tens of thousands of sell orders at a higher price. You can't just pull up the stock price just because you want to cover your position. What's the point of suppressing like this.

After grinding around 45 yuan several times, I only covered more than 30 shares. Today's task is not all completed, but the sell orders in the market have also become smaller, and there are no sellers who want to sell at this moment. There are too many, and those investment institutions that hold relatively firm shares will not liquidate their positions until they get definite news.

For most investors, the stock price has fallen from 7 to 80 yuan to the present, which is almost cut in half. In fact, according to the stock price in August and September last year, it has already been cut in half. The false rumors are not very believed.

First of all, the U.S. stock market has the most stringent supervision in the world, and has a complete supervision mechanism. Secondly, Enron's audit firm is also a world-renowned firm, and the possibility of fraud is very low.

Regarding the trust in the market, most investors who hold stocks still regard the current market rumors as rumors created by short-selling institutions.

(End of this chapter)