Winning the new financial era

Chapter 663

The next day, the three companies of the Yimin Department launched operations.

The announcement stated that the Audit Committee has cooperated with well-known local law firms in the United States and Deloitte Accounting Firm to carry out self-examination.

At the same time, he accused Muddy Waters of confusing the public, the so-called "evidence" was untenable, and everything he did was to seek benefits for the short hedge funds behind it.

At the same time, the three Yimin companies also clarified the acquisition of Zhongjiang Trust.

There are no related transactions, including bad debts left by former shareholders and management, and only the investment company formed by the Yimin Department is responsible for recovering them, so there is no need to cover them.

Other issues, such as "the technology of the risk control engine is not up to standard" and "the borrower evaded the debt" were also clarified one by one.

Muddy Waters will naturally not let it go, and issue another short report.

This report was written by Muddy Waters, which hired survey companies from various countries to personally visit borrowers in Indonesia, Malaysia and other Southeast Asian countries and China and other countries where the people-friendly business is carried out.

According to the report, the borrowers believed that the loan interest rate of several financial companies of Yiminxi was too high, and made it clear that they would not repay these high-interest loans.

Yimin Department has a total of hundreds of billions of RMB in loans, and it is conservatively estimated that bad debts will not be less than 500 billion RMB.

Finally, it also said that several Yimin companies were suspected of inflating revenue and profits.

Muddy Waters produced a lot of evidence, which seems to be the case.

This can scare some institutional investors in US stocks.

Bad debts of RMB 500 billion!
With such a big hole, the combined market value of several Yimin companies is only a little over US$50 billion, which is not enough to fill the hole.

A large number of sell orders were thrown out, directly smashing the stock prices of the three US listed companies into an avalanche!
What followed was a class action lawsuit jointly initiated by more than a dozen law firms.

From the perspective of the outside world, the three Yimin companies are like a three-leaf boat in a precarious situation, and they are in danger of capsizing at any time.

The well-connected investors, led by Shen Beipeng and Xu Xiaoming, called one after another to express their condolences and concern.

Institutional investors who still hold shares in the three companies, such as Gopher Asset Management, Morgan Stanley, and Bank of America Merrill Lynch, are more excited.

"Mr. Zhang, we want to fight back, fight back fiercely!"

Morgan Stanley no longer holds many shares in Yimin Department, but it still has certain interests in it.

Evans talked about fighting back, but didn't say what Morgan Stanley planned to do.

Zhang Yida almost understood what they meant, he just wanted to encourage himself to be tough so that they could hide behind and pick up the fruits of victory.

Really worthy of the old driver of Wall Street!If you have money, you can earn it together, and if you have difficulties, your teammates will carry it.

"Obviously, this is a malicious short sale!
But many institutional investors don't understand my companies, and they make a fuss at the slightest sign of trouble, much like our big A-share companies.

Let them build it hard, and we will respond to all changes with the same.

When our transformation plan is successful, the stock price will naturally rise back.

We should take a long-term view. Mr. Buffett's value investment theory is very good. "

Zhang Yida's words made Evans hesitate, what does this mean?Did you just give up the treatment?Shouldn't it?
Evans persuaded: "Mr. Zhang, if left alone, the market is likely to lose confidence and the stock price will remain depressed for a long time.

At the same time, the company may face many troublesome lawsuits.

The most important thing is that our company has no problems at all!Could it be that he was allowed to be bullied by muddy water?

The securities investment market pays attention to the law of the jungle. If we do this, we will definitely be regarded as weak and bully targets, and more hungry wolves will pounce on us. "

"Hungry wolves pounce on..."

Zhang Yida smiled, it's good to pounce on it, so that the meat is fat enough.

Evans felt that all he had to say had been said, and whether Zhang Yida was willing to listen was his own business.

The combined market value of the Yimin stocks held by Morgan Stanley is less than 1 million U.S. dollars, so it will not take the risk to help Zhang Yida get ahead.

Because according to their understanding, some of the problems pointed out by muddy water, such as a large number of Chinese borrowers escaping their debts, are real problems.

Zhang Yida probably knows the extent of the internal pitfalls of the Yimin Department.

After Evans, Wang Jingbo also called.

She didn't expect to get out of the pits of Yimin Wangjin and Yimindai now, so she chatted weakly for a few words before hanging up the phone.

Compared with these two old pits, Noah Wealth has stepped on a new pit.

Luo Jing, a strong woman even stronger than her.

Last year, in the "2018 Business Mulan China's Most Influential Business Women Selection" held by Chinese entrepreneurs, Luo Jing won 1.33% of the votes, beating Gree's "Iron Lady" Dong Mingzhu and the heroine He Qiaonv.

Luo Jing sits on three listed companies, Camsing International Holdings, a company listed on the main board of Hong Kong, Boxin, a company listed on the A-shares, and Camsing Healthcare, a company listed on the main board of Singapore.

To put it simply, Luo Jing took an account receivable from Goudong and borrowed 34 billion yuan in supply chain financing from Gopher Asset Management, a subsidiary of Noah Wealth, with equity as a guarantee.

After Luo Jing was arrested at the end of last month, more information about her company surfaced. It is difficult to describe it with such words as riddled with holes.

Goudong began to blame at this time: Camsing International is suspected of forging the supply chain financing business contract with Goudong, and the company has reported the case!

Noah Wealth directly took both Goudong and Chengxing International to court, and is currently waiting for the trial.

Goudong expressed his innocence, and directly disclosed Diss Noah’s wealth: During the process of being defrauded, he did not verify the authenticity of the contract with Goudong in any way, exposing his own major problems in compliance and risk management. defect.

I hope that Gopher will face up to its management problems and do a good job in improving its professionalism, instead of trying to shirk responsibility by confusing the public.

While fighting with Gou Dong, Wang Jingbo was doing all kinds of aftermath work after the thunderstorm.

The current market value of Camsing International Holdings pledged to Noah is only about 4.54 million Hong Kong dollars, or about 4 million yuan, which is far from the financing amount of 34 billion yuan.

Noah's own share price also plummeted from US$44.74 per share in the previous trading day to US$34.5 per share, with the largest drop of 23%.

Investors are also clamoring for an explanation.

Wang Jingbo issued an announcement letter explaining to investors: From a macro perspective, the economy has reached the end of the cycle.

When the economy is going down, collateral is exhausted, and the price of capital goods no longer rises, there will be more and more thunderstorms, and the systemic risk will also increase...

This may also be an irresistible fate in the financial industry!
As soon as these words came out, more people scolded her, and many customers asked to redeem their investments.

This incident once again exposed Noah's unprofessionalism. Many investors plan to invest in Yimin Wealth or Yimin Trust. They are doing practical things, and they don't treat customers as fools.

Wang Jingbo is having a headache, while Zhang Yida and Ding Siyao are counting the gains of the hedge fund.

The market value of Camsing Holdings has evaporated by nearly 2 billion Hong Kong dollars, and they ambushed and shorted the floating profit of nearly [-] million U.S. dollars in advance.

The market value of Noah's wealth has evaporated by more than 6 million US dollars, and their hedge fund has also made a profit of more than 5000 million US dollars.

Combine the two and make $2.5 million!
It's not a lot, but it's easy, just like picking up money.

Ding Siyao was completely convinced now, and said with a smile: "Mr. Zhang, your news is really impressive."

Zhang Yida smiled and said nothing.

"Do you still have this kind of financially fraudulent company?"

Zhang Yida shook his head very violently, "No, you are really like a cabbage on the street!"

"Okay, now that the appetizers are finished, it's time to close the door and beat the dog!"

Zhang Yida looked at the red piece of self-selected stocks on the computer, and the corners of his mouth slightly raised.

(End of this chapter)