legendary trader

Chapter 803 804
"When did you buy the stock?"

Zheng Xiaopang asked on the side.

After reading the information quickly, Chen Fan said: "The end of last year was the time when the country entered rice stocks on a large scale. It should have been at that time. The buying lasted until the middle of last year. The estimated cost price was around 50 yuan, hehe , bought 1 million shares."

Speaking of which, Chen Fan handed the paper in his hand to Zheng Xiaopang, and said abruptly, "I just don't know how many shares the Mu family owns in Southern Investment Group?"

"It's not easy to search for foreign ones, but it's much easier for domestic ones. You can call Zhang Quan again, and the information will probably be delivered right away."

Zheng Xiaopang took Chen Fan's information and said casually, seeing that Chen Fan was still a little hesitant, Zheng Xiaopang took out his mobile phone and dialed it. He said what he wanted to check, and Zhang Quan said he would send it over later.

Zheng Xiaopang took back his phone and said with a smile, "The information will be delivered in a while."

Without waiting too long, Zhang Quan came here again, still holding a few pages of paper materials.

Chen Fan took it and buried himself in the documents in his hand, then casually pointed to the location next to it.

"Xiangjiang Industrial is the root of the Mu family, right?"

Chen Fan quickly browsed the shareholder list of Southern Investment Group and suddenly asked.

"Yes, Xiangjiang Industrial is the foundation of the Mu family, and they control other groups through Xiangjiang Industrial."

Zheng Xiaopang answered from the side.

"Only 36% of the shares."

After hearing Zheng Xiaopang's words, Chen Fan nodded slightly and said.

Suddenly Chen Fan raised his head and asked, "Hey, is the Southern Department mentioned earlier the Southern Investment Group?"

"Southern?"

This time it was Zhang Quan, who was sitting next to Chen Fan, who was speaking. He nodded and said, "Yes, the Southern Department in the stock market is this group company, but they didn't end up in person, but the following sub-companies.

"Is the debt ratio of this type of financial company so high? The total assets are 9 billion yuan, and the net assets are more than 3 billion yuan."

Chen Fan asked again.

"Southern Investment's debt ratio has risen sharply in the past two years. They have merged a number of companies. For example, the Southern Insurance Group under the group is formed by absorbing and merging several small and medium-sized insurance companies such as Asia Pacific Insurance and Hongtai Insurance, as well as their banks. system, they control and participate in major commercial banks in Guangdong Province, these are the main reasons for the increase in the debt ratio.”

Zhang Quan explained on the side, before he came, he had a quick look at the information collected by the Southern Investment Group, so now he opened his mouth to ask the questions Chen Fan asked.

"Banks, insurance, trusts, all of which are invested in the South."

Chen Fan said in a low voice, by this time he had almost read the information, and handed the things to Zheng Xiaopang casually.

"940 billion, 320 billion, hey, good guy, this is quite a large scale."

Zheng Xiaopang was attracted by the data that Chen Fan said earlier. After getting the information, he looked at the financial data of Southern Investment Group for the first time, and was also amazed. "This company is a little short of money, and it has invested so much in Enron stock."

"Enron's current data can still support the stock price, especially its dividends. Although the data we have found now shows that a large part of its dividends comes from new financing, at least the dividends they distribute each period are still very generous."

Zhang Quan explained with a smile, "From the perspective of financial investment, if Enron Company distributes dividends with the money earned from normal operations, such a company is still worth investing money in."

"Go back and help me find out which other companies have Southern Investment Group, and try to find out all the stocks they invest in, including his subsidiaries."

Chen Fan suddenly said to Zhang Quan, "Of course, this can be done slowly, there is no rush."

"Okay, recently there is news that Southern Investment Group is extending its tentacles into the energy industry. Now their assets are still expanding rapidly. The total assets of the previous period were only more than 8 billion yuan. It is possible that Southern Investment Group is borrowing heavily to enter In the energy industry, from this point of view, there may be more companies that have invested, and may even be planning to acquire them, and Enron should be just one of them.”

Zhang Quan said, this is what I noticed when I read the information just now, but this is a rumor. After all, Southern Investment Group is not a listed company, and their information is not released to the outside world, just some gossip circulating in the market.

"Is there any accurate information about investment in the South, that is, whether they are optimistic about electric power companies, or crude oil or natural gas. The energy industry is too broad."

Chen Fan frowned and asked, the Mu family had been making tricks behind their backs before, and it was a rare opportunity to catch them once, and Chen Fan planned to at least scrape off a layer of their skin safely.

"It's hard to be sure. I can only go down and find someone to check."

After Zhang Quan left, he checked that it was more than 9:[-] p.m., the rice stock market had opened, and Lin Hong should have started selling securities.

"Will you go and have a look now?"

Zheng Xiaopang suddenly asked, Chen Fan said earlier that there is no need to keep staring at the rice stocks like last time, as long as the account changes, Zheng Xiaopang feels that it is the first day of operation today, it seems that he should go Look better.

"Then go take a look."

It doesn't matter to Chen Fan, it doesn't matter whether he goes or not, now he just gets the stock from the broker and sells it at a high price. Follow the instructions, Chen Fan thinks it should be very simple, and directly hand it over to the traders below who are familiar with the market. May be better.

For the next week, the first thing Chen Fan did at work every morning was to turn on the computer to receive the transaction data of the previous day, and to learn about the situation of shorting Enron stock.

After entering the second half of February, Enron's stock price continued to slump in intraday trading, because there were constant selling orders on the market. Even though there were various reports issued by market analysis agencies that Enron's stock price was a bit low, the stock price was always at a low level. Can't get up.

Lin Hong also came to the conclusion that there was a short-selling force in the market a few days after he started to operate. Although he didn't know whether their stocks were obtained from securities lending, or they held Enron stocks themselves, they were just reducing their positions. After all, some Wall Street institutions have begun to liquidate Enron stocks since last year.

However, judging from the persistence of these selling orders and the situation of the securities lending market, it should be that some hedge funds are doing the same work as them, and the other party should enter the market earlier.

So far, the information from the United States has not come back, and it is indeed not so easy to obtain transaction information.

However, Chen Fan felt that it was enough to have a performance on the board. At least under the influence of Lin Hong's judgment, he knew that he still had allies in the short market.

Although there is not much good news from the United States, Lin Hong has already sold 287 million Enron shares to the market.

It seems that the rice stock market is still very easy to sell such blue-chip securities, and there are a lot of them. It is just because it is not sure when Enron will explode. For safety and cost considerations, they choose to operate with lower interest rates. It is necessary to compare the quotations given by several large brokerages. After all, not all channels provide securities lending services, and only the stronger brokerages have this service.

Lin Hong still conducts securities lending in an orderly manner, and sells securities, trying not to affect the stock price. Chen Fan does not want to prematurely lower the stock price of Enron, and first establish a short position above 70 yuan, and then consider when to sell The news got out.

So far, Zhang Quan has not come up with a charter for technical work such as how to spread news. The main reason is that Enron has always had a good reputation in the US market. If it is just a simple exposure, it will definitely not achieve the goal. The success of Bai Shani's report in the newspapers may not shake Enron's position in the US market, which requires continuous exposure.

And if you just expose those data repeatedly, it will definitely not affect Enron. This requires a gradual increase in layers, and new things will be released gradually. Stock prices collapsed.

The plan can be taken slowly, but Chen Fan still has a little opinion on Lin Hong's speed. After all, he only sold more than 2 million shares in a week, and what Chen Fan wanted was at least 4 million short-selling shares, so speed up The speed of securities lending has become urgent.

Chen Fan did not approach Lin Hong directly, but transferred the meaning through Zhang Quan. After all, he and Zhang Quan had more phone calls during this period, and Zhang Quan and Lin Hong were very familiar. After all, they often met in the same company. Recently, Zhang Quan has also been working overtime continuously, mainly to cooperate with the people in the United States.

After conveying your own meaning, the effect is still immediate.

In the last week of February, Lin Hong's side significantly accelerated the speed of securities lending, and the acceptable interest rate also increased a lot, and the annualized interest rate gradually approached 2%.

In the previous week, Lin Hong basically only wanted stocks with an interest rate lower than 5%, but in this week, interest rates like 6% and 7% were all received as ordered, which naturally gradually attracted the attention of investors who offered stocks in the market. After all, like Enron Such stocks are really rare in the market for short selling.

In the second week, Lin Hong sold more than 1 million Enron shares to the market, and Enron's stock price also fell below the 6 yuan mark several times.

The ultra-low stock price naturally also attracted more bargain-hunting orders to enter the market. Every time it broke through 70 yuan, market buying orders would swarm out to push up Enron's stock price again.

Lin Hong's operation has long attracted the attention of another fund in the market. They have already discovered their actions on the market the second day after they entered the market. It's just that the opponent's actions were relatively small at that time, and everyone was holding the same position. Whether you admit it or not, everyone is an ally.

What Chen Fan and Lin Hong didn't know was that just after they stepped up their short-selling efforts, such a conversation took place in an office on Wall Street.

"Have you still not found out who the other party is? Their actions are too big, and I am worried that they will startle the snake."

"They are all company accounts registered in places such as the Cayman Islands and Marshall. They are obviously vests. The other party is more cautious than us, so it is difficult to find them."

"Incomprehensible."

"Ha ha.
"It's really hard to understand, but I see hope. I think we should increase the short-selling efforts. They dare to short-sell so aggressively, which shows that they must have evidence that Jeffrey Skilling can't deny, enough to smash Enron's stock price, otherwise Who would sell and short Enron so boldly, this is Enron's stock."

"I also thought of what you said, so add some short-selling funds appropriately?"

"The other party should be hot money, that's why it's so difficult to find out, but we can't, we are a hedge fund, and Enron's stock price collapsed in the end, our name will appear in the newspaper, although I hate that guy Jeffrey Skilling, But he is now serving Bush after all, helping him run for president next year, and I don't want to be remembered by him."

"Then we still operate according to the original plan?"

"Let's do it according to the original plan, someone will look for them then, hehe"

"I'm looking forward to what they got in their hands. I believe that if it is exposed, it will be very exciting."

"In fact, what we have in our hands is enough to explode. Now it's all right. Someone is going to help us produce important evidence. This is a good thing for us, isn't it? Jim Chanos"

The stock price of Enron Company has been suppressed at around 70 yuan for two consecutive weeks. The management team of Enron Company naturally noticed it. In fact, they have already received some bad news. Just from the market trend, it can be seen that someone is shorting the company What's more, the interest rate of Enron stock in the securities lending market in the past two weeks has risen from 3-4% to nearly 10% now.

"What is certain is that Knicks Associates is involved, these sons of bitch vampires," Kesai, Enron's chief financial officer, told President Kenneth Lay and CEO Jeffrey Skies. Lin complained.

"How is our secrecy work?" Kenneth asked suddenly.

Called back to the company urgently today, Kenneth Lai didn't seem very happy, interrupting his wonderful vacation trip.

He is well aware of the company's problems, but what does it matter? He has already discussed with his private lawyer. As the president of the company, although he will be responsible for some things, the problem is not a big one.

Since last year, Kenneth Lai has used various reasons to sell his company stocks at high prices to cash out for himself to buy mansions and private jets for his enjoyment. He has worked hard all his life for Enron, and now he just wants to take a good rest and put Money in hand.

"The company structure is too big, and I'm not sure that no data will be leaked out, but only a few people know the key data, so it shouldn't matter." Ke Sai replied.

"Where is Andersen?" Kenneth continued to ask.

"They may be more nervous than us, hehe"

Ke Sai forced a smile at this time, although he knew the joke was not funny.

At this time, Kenneth turned his attention to Jeffrey Skilling. He was called back from Miami by him. He hadn't enjoyed enough of those wonderful nights, but when he arrived at the company, Jeffrey didn't say a word. .

"Jeffrey, what do you mean?" Kenneth finally asked. After all, he is more familiar with the company's situation than his big boss, and maybe only he can find a solution.

(End of this chapter)