King of Capital

The temperature in Zhuhai dropped slightly in the evening at the end of November. Walking along the river bank, the cool evening breeze blew through his thin white shirt, and Fan Haonan couldn't help but hug his arms tightly.

On the way from Beijing to Shenzhen, Team Leader Chen revealed a lot of information that she shouldn't know: for example, Jingxing Group is backed by many state-owned giant shareholders, and the inquiry letter sent by the special investigation team was not delivered to Xie Jingxing, but was sent back by the Shanghai Financial Regulatory Bureau.

For example, during the stock market crash last year, the central bank directly granted a credit line of 2000 billion yuan to Jingxing Group through the four major banks. Its purchase of Vanke shares was part of a rescue plan jointly formulated by various parties.

In addition, Xie Jingxing's wife's surname is Yu. She should have sided with China Resources half a year ago and joined forces with the Baoneng Group, so that the three parties could have easily divided up Vanke.

Instead, he chose to stand by and watch, publicly warning Wang Shi not to try to bring in foreign capital from the Blackstone Group. He also indirectly signaled Yao Zhenhua to stop and gave up the high-end real estate project in Hangzhou that he was cooperating with Evergrande.

Team leader Chen patiently talked about many trivial details. To sum it up, Jingxing Group was really able to come up with tens of billions of dollars and swallow up Vanke and Gree at the same time through normal business practices, and the regulatory authorities were unable to intervene.

Through administrative means and tracing back to the source, we can see the shadow of the central bank level, which is even more impossible to shake.

So can we hope that Xie Jingxing's position is not what the public thinks? Maybe it is important to understand his inner thoughts. In any case, the Wanbao dispute lasted for more than a year and has left the financial regulatory system in tatters. It's time to end it.

Finally, when the high-speed rail passed through Guangzhou Station, Fan Haonan took the initiative to get off the train and went south to Zhuhai alone in his private capacity and on behalf of the investigation team.

“The current domestic financial regulatory system is a series of rivers.”

Walking along the river bank to the fork of the river tributary, she stopped and looked up and said: "People only focus on the fish in the river, but don't know where the water flows from and where it flows to."

"I know that after the stock market crash last year, plans were already underway to resume mixed-industry supervision."

Xie Jingxing went to Beijing to give several private lessons at that time. He knew more about financial regulatory reform than Team Leader Chen. Every systematic adjustment symbolized the progress of the times.

In the early days, people lived in the present and focused on eating from the big pot, and the central bank was sufficient to manage all financial operations.

In the 812s and s, people were full of hope for the future and ambitious people were eager to try. The treasury bond incident made the entire regulatory system take notice. When the complexity of financial capital was seen, industry-specific supervision was imperative.

The regulatory structure of one bank and three regulatory commissions came into being and accompanied the financial industry through its wild growth.

Now, people have gone from not being able to finish the meat on the table in front of them to having to grab the meat from the table next to them. It is only natural to resume mixed-industry supervision - the miracle of rapid economic growth is over.

It is conceivable that declaring the end of an era is not an easy decision to make.

Strong men and strong things are indispensable. The Wanbao dispute may have been a turning point event, ushering in the next era.

"take it easy."

Xie Jingxing stated his attitude frankly: "You don't need to try to convince me of anything. I have never thought of being your opponent, and I don't think I should play an important role in this process.

"I'm just doing business and following the macro trends."

He shook his head helplessly and chuckled as he concluded that he had intended to eliminate the impact of the Wanbao dispute on the regulatory risks of the entire industry, but it triggered a strong backlash from the regulation itself.

It is difficult to say whether the result is good or bad at this point, but since the responsible party has chosen to step forward to control the situation and lead the direction, there is no reason for Xie Jingxing to continue to regard it as his own responsibility and just do his job as a private financial institution.

As for what Yu Nian cares about, bearing the consequences should be something that adults should consider before taking action. It would be shabby to mention it later.

"If you don't have any other questions, Team Leader Chen will come to Zhuhai tomorrow. How about you two meet?"

After all, Fan Haonan is just a small soldier who was fortunate enough to be selected by the investigation team because of his personal background. No matter how nice it sounds, he is just a vanguard. Team leader Chen will come to discuss the specific details tomorrow.

Xie Jingxing thought about it and refused: "I don't have time, you take him to the Magic City, are you still in touch with Tang Man?"

"...Thank you, Jingxing."

Fan Haonan was stunned for a moment and then his face turned red, feeling ashamed and embarrassed.

"Don't waste the opportunity. I hope that one day you will be my biggest connection in the regulatory unit."

Xie Jingxing waved and walked away. To this day, he can still see clips of him participating in variety shows on Weibo. Many of his peers regard them as their white moonlight. If possible, why not keep it going?
According to Fan Haonan's statement, regulatory reform has been put on the agenda, and the Wanbao dispute will add a golden edge to her work resume.

Xie Jingxing vaguely remembered the dinner party in the dormitory that year. Song Anli, who was slightly drunk, said that her idol was Xu Xin, and Brother Haonan clamored to be a regulatory boss. He couldn't remember what the other friends said, but it didn't matter. Everyone had a wonderful life in the past few years.

"So she was moved to hug you?"

Xie Jingxing returned to the courtyard villa on the top of the mountain. Yu Tong stretched out two fingers and pinched a long hair from his shoulder, interrogating him severely with an expressionless face.

Yu Nian sat at the dining table without looking around, not because he was afraid of being implicated, but mainly because there was no need to provoke a shrew who was four months pregnant. Besides, she was pregnant with a son, and her mental state was very sensitive during this period, not to mention how arrogant her words and deeds were.

The birds in the sky had to fly quietly for fear of being shot down. Xie Jingxing naturally had no ability to resist and could only coax her to sit down and eat dinner.

"What are you two planning to do?" Yu Tong had enough of the trouble and glanced at his cousin with satisfaction.

"What are your plans?"

"She has been going to Zhuhai all the time recently. What should we do after the Vanke incident is over?"

Yu Nian was determined that she would be invincible if she was shameless. Yu Tong didn't want her children to grow up and be laughed at for their father and aunt committing incest, so as a victim, she had to help cover up the shame.

Xie Jing Xing was speechless, and glanced at the two sisters with an awkward look, and said thoughtfully: "Vanke and Gree will finish the follow-up work, and the sales cycle of Meizu's flagship phone will end at the same time. Our family will return to Shanghai at the end of the year."

"When I get a job transfer, you can move into our house." Yu Nian continued.

Yu Tong's eyes widened immediately: "What do you mean?!"

"The organization has decided to send me to Fudan for further studies for a year to solve my personal problems and adjust my job position next year." Yu Nian was unusually calm.

Yu Tong laughed in anger: "What personal problem?"

"I will have a stable job starting next year. When our son is born and your parents come to visit us often, this old house won't be big enough for us now. I plan to buy a piece of land in the suburbs and build a house." Xie Jingxing interrupted immediately.

Yu Tong was indeed distracted and confirmed: "You don't have to run around next year?" "Yes, I have done everything I should do."

Xie Jingxing responded vaguely, silently adding the unspoken half sentence in his heart - it depends on the supervision performance next.

…………

In early December, Vanke and Shenzhen Metro Group held a press conference, announcing that the latter would acquire a total of 30% of the former's shares through a combination of cash acquisition and targeted issuance of assets, thereby achieving actual control.

Baoneng Group, Evergrande and China Resources had no objections, but Jingxing Group was absent. The next day, the official website announced that it would continue to increase its holdings in Vanke.

At the CSRC's routine press conference that week, the main spokesperson stated that market transactions of any nature should be conducted within the scope of reasonable business behavior, and the results of cleaning up the chaos cannot be based on disregarding the interests of retail investors.

Vanke did not make a public response to this. The company officially released the strategic investor introduction plan version 2.0 in a low-key manner: Shenzhen Metro Group will acquire the 30% of Vanke shares held by China Resources Group and Jingxing Group in cash.

Some plans for a targeted share issuance have quietly disappeared.

In mid-December, Vanke's stock price gradually returned to stability, and a number of financial articles reviewing this classic financial war emerged in the market.

There are many different interpretations from different angles, but the conclusion about winning or losing is very consistent. China Resources held shares in Vanke for 15 years and cashed out more than billion yuan. If it was regarded as a financial investment, it would have made a huge profit.

Unfortunately, someone found a short report from the corner of China Resources Land's official website. The company's chairman Wu Xiangdong made his most recent public appearance. When he participated in the ribbon-cutting ceremony of a project, he choked up several times while reviewing the company's development history and gave a heartfelt speech, saying that he had done his best for the company's development.

The unusual words show that this chairman, who still has great ambitions, is counting down to leaving China Resources after failing to take over Vanke.

China Resources lost a key general, faced public doubts, and left the market in disgrace with tens of billions of profits.

Evergrande is in a pure loss, as it entered the market too late and its holding costs are too high. Its estimated losses are no less than 100 billion yuan. Baoneng Group benefited from entering the market early and made huge profits, but of course it is only a temporary profit. Due to the restricted sale period mechanism for holding shares, no one knows whether Vanke's share price will rise or fall when it exits next year.

Only for Jingxing Group, many brokerage institutions estimated its shareholding cost and believed that Xie Jingxing made a net profit of 130 to 170 billion yuan in this transaction.

Apart from a few insults, he suffered no loss. Moreover, since he led the WhatsApp acquisition case when he debuted, industry insiders have worshipped him and the general public has criticized him for being spineless. His personal reputation has been mixed for many years, so a few insults don't matter at all...

On the other hand, amid the discussion surrounding Xie Jingxing, a few rumors occasionally flashed across the grapevine, saying that Meizu Technology was going to break its bet agreement with ZH City and move the entire company to Guangzhou.

Before the media reporters had a chance to rush in to confirm the authenticity, Meizu Technology and ZH City signed a formal gambling contract.

Jingxing Group and Gree Group announced that they will form a joint action agreement on Gree Electric Appliances' shareholdings, and the two parties will make an agreement on the company's performance growth with the attached supplementary catalogue terms.

If Gree Electric's performance fails to meet the agreed standards after seven years, ZH City State-owned Assets will transfer all of its shares in Gree Electric to Jingxing Group at the same price. In order to meet the performance growth requirements, Gree Electric will need to issue performance incentive shares to Jingxing Group on a targeted basis.

The shocking gamble happened again, and ZH city inexplicably rose rapidly to become the king of poker alongside Luzhou, and the name "Nanzhu Beilu" became famous instantly.

But compared with the leaders of the two places who specifically promoted major projects, Director Yang of Luzhou has made a step forward; Director Wang of Zhuhai was transferred to Jinwan District, which has a large wilderness, and he started from scratch to create glory again...

Even a blind person could sense something was amiss. Just when several well-known financial bloggers who had always been attracting traffic by scolding Xie Jingxing were thinking about writing short essays, at the end of December, the New DAE Group officially announced the completion of a new round of financing - it had introduced $240 billion in strategic financing at a valuation of 30 billion.

Early investors such as Grapefruit Capital and Tencent appeared on the list of follow-up investors, with Temasek Sovereign Fund leading the investment.

As one of the unicorns that took off in the mobile Internet wave, Xindashi was the first to launch an effort to go public, instantly attracting the attention of the entire market.

This would be the first venture capital project that Xie Jingxing had truly fulfilled in three years. Several financial bloggers angrily deleted and revised the essay, thinking about what angles they could use to criticize him.

Immediately in January, Kuaishou, a star project in the venture capital circle, announced a new round of financing of US$5 million. After missing out on a good opportunity to acquire a stake in the previous year, Tencent finally took the lead in the investment and successfully acquired a stake.

ByteDance is not willing to be outdone. With its daily active users increasing by 600 million in half a year and Douyin dominating the Apple app download list for 18 consecutive days, it has launched a new round of financing.

The two projects turned the venture capital circle in January into a carnival for the rise of the short video track. At the same time, Pinduoduo, a sinking e-commerce platform from Shanghai, quietly acquired the twin brand Pinhaohuo and launched a new round of financing.

Tencent led the investment, and many star institutions including Sequoia Capital, Grapefruit Capital and Taihe Capital also joined in.

Hot topics kept changing so fast that financial bloggers had to revise their negative articles over and over again. They were so angry that they couldn't sleep in the middle of the night. They went out cursing and scanned a shared bicycle to drink some late-night fish porridge to slightly ease the anger in their hearts.

Go home, park the yellow bike, and remember to immediately use the app to withdraw the deposit.

The conflict between ofo founder Dai Wei and Alibaba has become public, and they have been unable to launch a new round of financing. I heard that their cash flow has dried up and they have misappropriated user deposits. To be on the safe side, it is most reliable to withdraw the deposit as needed.

There is nothing we can do about it. After the macro investment restriction order was issued, Mobike obediently cancelled several parking spots in the city center, but ofo didn’t care about it. Otherwise, you would simply not ride their bikes.

As the night deepened and the dew got heavier, the financial blogger yawned sleepily and turned into bursts of white mist.

The cash withdrawal interface on his phone screen kept refreshing. He thought impatiently that he would call and complain about the poor mobile network tomorrow, at least to get a 50-yuan phone bill compensation voucher.

"Buzz."

The phone vibrates and prompts you, "Dear, your network condition is poor. The withdrawal failed. Please come back later."
The financial blogger was no longer sleepy. He stared with wide eyes and frantically scrolled through the screen. After a long while, he inhaled the cold air deeply into his lungs and said in a shrill and resentful voice: "Fuck your dad!"

……

In the cold winter of February, the ideal building that countless entrepreneurs regarded as their spiritual home was occupied by workers. Starting from the early morning when the failure of the ofo deposit refund became a hot topic on Weibo, employees of surrounding companies took advantage of the geographical location and rushed to ofo headquarters.

The long queue of people returning their deposit stretched from the fourth floor to the lobby entrance of the office building. The property manager was so annoyed that he had to bring security guards to maintain order.

Wouldn't it be nice to buy seven pounds of spare ribs with a deposit of 199 yuan? Based on such a simple logic, the relevant law enforcement units could only watch when they arrived at the scene. This was originally the job of the industrial and commercial departments, so why make trouble and seek trouble?

Whoever supervises is responsible, it has always been like this.

"Hey, wife, don't come and make trouble! Don't worry, I've remembered the address this time. I'll get off work, go home and change my clothes, and then line up to return the deposit!"

The young comrade hid in the fire escape holding his cell phone, full of annoyance. He and his wife were reluctant to buy clothes that cost more than 400 yuan when they went to the outlet mall. It would be better to let them supervise these swindlers who ran away with money in the name of business! (End of this chapter)