legendary trader

Chapter 857 858 Huaguo Storm
On Monday, Enron formally filed for bankruptcy protection in the U.S. District Court in Houston, Texas, so far, all the dust has settled.

After the news was released, the stock price of Enron Company, which had just started trading, continued to fall, but at this time, Chen Fan had already stopped paying attention to this company.

The project has been completely over, and he set himself a one-month rest period, but he hasn't figured out how to live it.

After staying at home for two days, until Monday afternoon, Chen Fan received another call from Zhang Quan, informing him that the representative of Enron Company had just gone to the court where the headquarters of Enron Company is located to apply for bankruptcy protection.

At this time, Chen Fan remembered that he hadn't told him his latest decision to stop touching Enron, so Zhang Quan didn't need to continue to pay attention to Enron's movements.

Chen Fan once thought of taking advantage of Enron's bankruptcy and reorganization to buy some valuable assets as part of his industrial layout.

In fact, this is also because Chen Fan has noticed that the numbers in his overseas bank account are a bit large, and he plans to use part of the money to buy some assets that can make stable profits. He does not require a high rate of return, as long as it exceeds the bank's Deposit interest becomes.

Of course, Chen Fan didn't want to earn more than bank interest, but wanted his assets to be more reasonable.

Now his assets are mainly concentrated in China, and the media group established by Liu Ying in Europe. There are no assets in the Americas, and most of Enron's assets are in the energy industry, such as power plants and natural gas assets.

As for the trading platform Anran Online, Chen Fan has already given up.

As a native of China, it is impossible for him to win this trading platform. The US government will not allow it. The same situation is placed in China, and the government of China will not feel at ease.

But now Chen Fan still thinks not to touch it, what he needs is investment, and buying these assets directly is actually not the best choice.

If you really have an idea, why not just buy the stocks of a promising company, get a seat on the board of directors, and invest financially, so that it will be easier for Americans to accept, and the funds will come in and out quickly. Buy stocks if you want them, and directly if you don’t want them Sell ​​and exit.

After all, the United States, as the world's largest asset-importing country, has very few restrictions on foreign investment. As long as it is not a very important industry that requires technical confidentiality, or an industry that is related to the national economy and people's livelihood, do not hold a controlling stake, but only financial investment, because only these companies can make profits. guaranteed.

After hanging up Zhang Quan's call, he sat on the sofa and was still thinking about Zheng Xiaopang's call earlier.

I don't know why Zheng Xiaopang's news is so sensitive this time. It took only two days to know that the Anran project had been cleared, so he called and asked Chen Fan to go back to the company when he was free, and guide them to work on the project of Maojian Co., Ltd. operate.

Originally, Chen Fan planned to go to Europe as well. After all, his family is there now. The last time he went there was the year before last. He only stayed there for ten days. Just in time, Chen Fan planned to go there, but when Zheng Xiaopang called, Chen Fan decided to go there to see the situation before going abroad.

The operation of Maojian Co., Ltd. is a long-term project. So far, it is still in the initial stage of building warehouses, but it is coming soon. With the publicity for more than a year, the brand of Maojian Liquor is now established. After the price increase next year The sales volume will determine when the project operation will be launched.

In Chen Fan's imagination, raising the stock price of Maojian shares will definitely require the cooperation of the company's performance growth. It is possible to rely solely on funds to promote it for a short period of time, but it will not work for a long time.

Just when Chen Fan shifted his attention from the rice stock market back to the domestic stock market, the media in Huaguo was once again stimulated by the news of Enron's bankruptcy filing. Although they had already roughly figured out the reason for Enron's bankruptcy, after all It took only one year for a world-class company to go from its peak to filing for bankruptcy.

They continued to report the news of Enron's bankruptcy at length, and at the same time invited economists and entrepreneurs to participate in the analysis and summary of the experience and lessons of Enron's success and failure. Naturally, they also explored the subsequent impact of the Enron incident.

And this excavation, unexpectedly, really dug up a big melon.

Not only did they directly quote foreign media, but they also reported the list and amount of companies that suffered the most losses due to Enron’s bankruptcy. Duke Group lost 1 million yuan, and Milente lost 8000 million yuan. , Di Nuoji lost 7500 million yuan.

These are companies that have daily business dealings with Enron, and they are obviously not the ones who have suffered the most, because the losses of the bank consortium that provided guarantees and loans for Enron have gradually been exposed.

In the consortium, J. P Morgan and Citigroup.

Only J. P Morgan's unsecured loan to Enron was as high as 5 million yuan, and it is said that Citigroup's losses were roughly equivalent to this.

In addition, Enron’s creditors also included Deutsche Bank, Huaguo Bank, Huaguo China Merchants Bank and the three major banks in the island country. Some of them provided direct loans, while others held long-term and short-term corporate bonds issued by Enron. At this time, these things have obviously become waste paper.

These are only banks that have direct loans to Enron or hold corporate bonds. The amount of loans concealed in affiliated companies is also being exposed. However, what really caught the attention of the Huaguo media was the company's shareholders announced by Enron in recent issues. The roster and the names of Huaguo Company on it were exposed by the media one by one. Obviously, the investments they held were basically in vain.

Among them, Southern Investment Group was the one that occupied the main page of the newspaper. The media could easily see his name from Enron's shareholder roster, and basically estimated the cost of Southern Investment Group's entry into the market.

No way, a simple comparison between the time of entering the roster and Enron's stock price at that time can roughly analyze the investment amount. Although it is definitely different, the difference between this point and the unit becomes "[-] million", and it naturally becomes much smaller.

Undoubtedly, Southern Investment Group's investment this time can be described as a disastrous failure. The tens of millions of shares that entered the market before entered the market when Enron's stock price was rising. Very objective.

Unfortunately, during the plunge of Enron's stock price, the media noticed that Southern Investment Group did not enter the market to reduce its position at all. It just took an elevator and enjoyed it up and down.

With this discovery, the media, who thought there was nothing better, naturally seemed to have been beaten again. Soon, the headquarters of the Southern Investment Group was surrounded by reporters from all over the country.

Faced with such a situation, the public relations team of Southern Investment Group immediately took action, looking for contacts to press the release, hoping to make the media downplay the news. They mobilized all the relationships that could affect TV and newspaper reports, and tried their best to downplay the impact of the incident. They don't want to be the protagonists of the Enron incident in Huaguo.

Although they acted quickly, it did reduce the attention of TV and newspapers a lot, but the news has spread, and more reports have appeared.

Of course, these reports did not come from TV and newspapers, nor did the Southern Investment Group's network build them up. The dissemination channels of these news were mostly through the Internet, and spread rapidly in websites and forums.

However, it is clear that Southern Investment Group didn't pay much attention to the unfavorable news circulating on the Internet, and their relationship with this kind of new media is also very general, and they couldn't find a channel to contact and delete this kind of information, so they just let it go.

There are only tens of millions of netizens in Huaguo. For a population of one billion, they still feel that as long as they control TV and newspapers, it is completely enough.

However, for those banks and companies that have close ties with the Southern Investment Group, their blockade is naturally a step slower. Almost after the news broke, the business personnel of the Southern Investment Group received some of the banks and companies they were in charge of. Company inquiries.

For those companies, most of the business transactions with Southern Investment Group are, of course, there are also some funds borrowed, and the overall impact is actually not very big.

And for the banks, here comes the trouble.

In the past few years, the rapid expansion of the Southern Investment Group has incorporated a large amount of bank loan funds. In particular, several large banks in Huaguo have huge loans to the Southern Investment Group, and they are also the institutions that have the most information on the true financial status of the Southern Investment Group. .

Southern Investment Group's total assets exceed 9 billion yuan, but its liabilities are as high as nearly 7 billion yuan, of which bank loans account for nearly 4 billion yuan. However, what really worries these bank bosses is the series of acquisitions by Southern Investment Group. Most of the operations use the method of starting at a high price, that is, a large number of premium acquisitions in order to purchase assets.

To be honest, the assets acquired by Southern Investment Group are all public utility companies with strong profitability. Although the profit margin is not high, they can still afford interest payments and have a small surplus. However, too much premium will naturally make the company's book assets invisible. expanded a lot.

In the data held by these banks, if the premium part is deducted and measured according to fair value, the "long-term investment" item in the balance sheet of Southern Investment Group will deduct tens of billions of figures, because their premiums are often [-]% , and even reached [-]%.

Of course, because the Southern Investment Group has maintained good credit in terms of repayment obligations so far, they are naturally more at ease, but after the Enron incident broke out, they did not expect that the first fire in China would reach them This makes the banks that lend them a lot of money feel a little uneasy.

In the past few days, bank account managers and even executives at the president level have been coming in and out of the company, hoping to learn more about the company's financial situation. The staff members felt a faint sense of uneasiness.

After such intensive visits, the news that the Southern Investment Group may have lost as much as 10 billion yuan in Enron has gradually spread among senior bankers in Huaguo.

The loss of more than 40 billion yuan seems to have little impact on a company with an asset scale of nearly [-] billion yuan, but it is a big problem in the eyes of a bank that is familiar with the real financial information of the company.

Even without mentioning the tens of billions of premium they possess, the debt ratio of Southern Investment Group has faintly broken through the warning line, which is already very dangerous.

As long as there is a slight error at this time, it may lead to a series of serious consequences.

During their visits, including information sharing within the banking system, they already knew that Southern Investment Group still had billions of funds in its accounts, and it seemed that the chain of funds was still very safe. However, after they investigated these funds in detail, After the source, uneasy worries still arise.

Obviously, the failure of Enron's investment must have hurt the Southern Investment Group. Many of the huge funds on their books are borrowed, and most of them are raised by issuing short-term corporate bonds. Now Southern Investment The group has almost used up all the financing lines they can use, and there is hardly any leftover.

The capital chain of Southern Investment Group has been stretched very tight, which is a very dangerous signal.

The most important thing is that in the asset list of the Southern Investment Group, all visible items are in the bank's mortgage list, and there are basically no assets that can be used for mortgage.

In fact, when purchasing these assets, Southern Investment Group used loans to purchase, and the amount of capital invested was very small, which is also an important reason for the rapid expansion of Southern Investment Group's assets.

Of course, Chen Fan didn't know about this. In fact, he and Zheng Xiaopang stayed at Chaofan Investment Headquarters for the past few days, watching them quietly buy up Maojian shares, making preparations for the future market.

When Chen Fan heard from Lao Liu that there was a problem with the Southern Investment Group, he had actually been preparing for a trip to Europe in the future, and just waiting for his order, the plane flew back from the west He passed.

"Chinese Commercial Bank asked Southern Investment Group to increase assets or reduce the loan amount for the on-lending of a loan?"

Chen Fan looked at the latest message sent from the Rongcheng headquarters in surprise, feeling baffled.

He had obtained the financial information of the Southern Investment Group from Zhang Quan. He knew that the Southern Investment Group had assets of 940 billion yuan, and of course he knew his debts as high as 620 billion yuan. Naturally, he knew that the timeliness of these data was not good enough.

However, as far as the owner's equity is as high as 3 billion, Chen Fan doesn't believe that Southern Investment Group will be short of that little money, so he will pay it back. Could it be that hundreds of millions or billions can't be taken out?

"I don't know. I heard that there is a lot of money in the account in the south, but it seems that they are not willing to reduce the loan by [-]% according to the wishes of the Chinese businessmen. They think that their assets and annual profits are good, and the demands of the Chinese businessmen are too much.

Still, I think they're worried about starting a chain reaction.

You know, they have a lot of loans. If every bank asks for a [-]% reduction in loans, it is estimated that their liquidity will be gone. "

Zheng Xiaopang said cheerfully on the side.

(End of this chapter)