A dealer refers to a large investor who can affect the market conditions of the financial securities market. A dealer usually uses large funds to control the market, which can effectively affect the rise and fall of the stock price and make huge profits. Especially in the domestic A-share market, investors are deeply moved by the market makers' power. A dealer can not only manipulate stock prices and create bubbles, but also make stocks rise sharply in the short term. The dealer's emotions towards the dealer are complex. They thank the dealer when making money, and scold the dealer when losing money.

But dealers are common, especially where the regulatory system is not perfect.

In the early 1990s, as the stock craze in Shenzhen became more and more fierce, the activities of dealers also flourished. However, at this time, dealers mainly used positive or negative means to influence market sentiment and thus influence stock prices. These earliest dealers were the most mysterious and fierce group of people in the Chinese stock market. They worked hard in the market where regulations were not yet mature, and were very arrogant, and played with millions of investors again and again with their omnipotent violations and lies.

With the improvement of the stock market system and the reduction of market arbitrage space, the first generation of dealers gradually withdrew from the main market force. The second generation of dealers, which emerged around the millennium, used the platform of one or more listed companies to continuously raise stock prices through release mergers and acquisitions and reorganizations, and used stock market funds to continue to control more companies, realize fund lending and refinancing between each other, and further acquire more companies for financing. This method of mainly a certain enterprise group and serial market share is usually called the "XX Series".

However, since most of the main businesses of the second-generation dealers lack effective cash flow, with the bursting of the stock market bubble, they often form a chain effect, and their prosperity and decline are also vigorous. Most of the second-generation dealers have not had a good end. For example, the powerful Delong Group and the Nongkai Group collapsed one after another.

But the story of the dealer is not over. With the rapid development of China's economy, the operating conditions of listed companies are also improving. A new generation of dealer has moved towards PE, VC, venture capital and other fields. They have sung and compliant capital operations by supporting emerging companies to go public, and survived under the pressure of market and supervision, and established a huge financial empire. This is the third generation of dealer.

In the process of the first generation of dealers transforming into the second generation of dealers, most of them were eliminated by the market; in the process of the second generation of dealers transforming into the third generation of dealers, most of them were eliminated by the law; there are very few dealers who can truly achieve this transformation, and even fewer of these dealers are still active in the financial market today.

The person in front of Ren Pingsheng is obviously one of the people who have gone from the first generation of dealers to now.

Through investigating memory images, Ren Pingsheng has connected the former dealer in front of him with a current financial tycoon.

In the era when the first generation of dealers were rampant, there was a trading war in the securities market that caused a sensation across the country, which was later called the "723 Incident".

The reason why this trading war left an indelible chapter in the history of Chinese securities is that in addition to involving billions of transaction amounts and deficits, the most dramatic thing is that both the long and short sides of the trading war are basically dealers, and they are both dealers who were rampant in the securities market that year.

The incident originated in 1994. At that time, the representatives of short parties were Qianguo Securities and Shen Guofa. The representatives of many parties were Guojing Development and a group of big dealers in Jiangsu and Zhejiang. The bulls and shorts competed for 723 treasury bond futures.

723 was the code name of a "treasury bond futures" contract at that time, corresponding to the three-year spot treasury bonds issued in 1992 that expired and redeemed in June 1995. Since the hairstyle of treasury bonds was difficult in the early 1990s and the people were generally unwilling to buy them, the national finance decided to subsidize some treasury bonds. In the three years when the inflation rate remained high from 1991 to 1994, the interest rate of preservation of treasury bonds was always at the level of 7 to 8%.

But by the end of 1994, in the early 1995, after macro-control, the inflation rate had been accused of being lowered by about 2.5%. According to these data, Qianguo Securities, the largest securities firm in China at that time, predicted that the interest rate of 723 treasury bonds' preservation interest rate could not be increased, and even if it did not decrease, it should be maintained at the level of 8%.

According to this calculation, the 723 treasury bonds will be redeemed at a price of 132 yuan. Therefore, when the market price fluctuates between 147 and 148 yuan, Qianguo Securities and Chenning Guofa Group began to short selling heavily.

But they forgot their identity as their opponents. At that time, the main force was longing for 723 Treasury bond futures. The National Economic Development Investment Company (Guo Economic Development) with a deep background.

As the insider information was obtained, the long troops led by Guojing Development Corporation were longing 723 treasury bond futures, and the final announced treasury bond preservation subsidy rate actually increased to 12.98%. Taking advantage of this good news, the bulls pushed the price of 723 treasury bond futures to 152 yuan in one fell swoop, and Chen Guofa, which was originally the main short seller, also turned short to long, and Qianguo Securities, who was about to be forced to death, was about to be forced to death by the big main force of the short side.

At this time, the short side also used the last trick. In the last eight minutes before the futures closed, a series of huge sell orders appeared continuously, blocking the price of 723 Treasury bond futures at 147.50 yuan. This means that the bulls not only lost all their profits on the same day, but also lost at least half of their principal and all their positions were over.

Afterwards, Qianguo Securities sold a short order of 210 billion yuan in the last eight minutes, which was equivalent to 1/30 of domestic GDP in 1994. According to the treasury bond futures trading regulations issued in 1993, the seller allowed to short sell under the margin system without specifying the short selling limit. As long as the seller redeems all products before the expiration date, it is not a violation, let alone an illegal one.

However, the result of the incident was unexpected. The exchange was ordered that night to declare that all orders within 8 minutes before the closing of the day were invalid! The closing price on the same day was set at 151.30 yuan. According to this result, Qianguo Securities lost 1.6 billion yuan, and the securities manager at that time was imprisoned. The China Securities Regulatory Commission also suspended the pilot trading of treasury bond futures due to the severe impact of the incident.

The biggest winners in this incident were of course the main force at that time, and Han Xi, the president of Guo Economic Development Corporation, who was only in his 20s at the time.

After the 723 incident, Han Xi established Yongjin Industrial himself and conquered the capital market at an astonishing speed: fully participated in primary markets such as share allocation, legal person share transfer, new stock allocation, and first-level and semi-market businesses; he also transformed into PE and incubated multiple startup companies. Later, his company controlled Shizhitang, Baijin Pharmaceutical and Guojing Securities, established the "Yangjin System" with a market value of tens of billions, and successfully transformed into a third-generation dealer.

Because the sequelae of the 723 incident was very serious, many dealers who participated in the hype back then were unable to end well, so Han Xi, who successfully avoided all the risk traps along the way, was called the last big boss in the world.

Facing this legendary boss, Ren Pingsheng had basically understood what the purpose of being called here today, so he no longer played with the other party and asked directly:

"Mr. Han, what are you going to do?"

Han Xi showed a confident look on his face, and he tapped the table with his fingers and said:

"I have several platforms for listed companies in my hands and plan to refinance before the market changes. Now the market supervision is very strict. Without good topics and favorable topics, it is difficult to pass the refinancing plan."

"The game company you have in your hands is very good. I asked someone to investigate. The gross profit margin is above 90%, and the net profit is 5.6 billion yuan a year. The market valuation can be given to about 10 billion."

"I asked my listed companies to acquire your game company and issue a targeted additional 30 billion yuan. The stock price has at least 7 or 8 daily limits. You can earn more than 4 or 5 times. While the market atmosphere is still good, give your brothers some meat."

After listening to Han Xi's words, Ren Pingsheng had no expression on his face.

Hanxi's approach is a common method for this generation of dealers. They usually use large-scale restructuring or mergers to release positive news, and then introduce strategic investors to issue new shares, and cash out when the market specifies the stock price to a high point. This method will be common in the A-share market in the future.

These strategic investors are of course allies of the dealer or the targets of interest transfer.

This is the dealer's game. This game needs to be completed. In addition to allies, interest transferors and capital, it also requires a good topic.

And Ren Pingsheng is their subject matter.

After understanding all this, what Ren Pingsheng wanted to know was how many chips the other party had in his hands and how much they wanted to take away from him.

So Ren Pingsheng asked:

"What are my benefits if I sell the company to you."

Han Xi smiled and said:

"I'll give you 2 billion. You are so young and have this money, and you can do a lot in the future. Don't you have a real estate company? After selling the game company to me, you can develop that piece of land."

Ren Pingsheng suddenly realized it.

He had always had a question before, why the National Development Bank interfered in the land of the National Expo Park, and whether there was a more reasonable explanation besides the political reasons that some people speculated about.

Ren Pingsheng finally figured out that the reason why Wen Yi’s promise at the dinner was not counted, and the reason why Guan Pingting wanted to come to Han Xi was that they had a crush on Ren Pingsheng’s game company.

The land in the National Expo Park is just an introduction, the purpose is to force Ren Pingsheng to a desperate situation, and to lead Ren Pingsheng to Yanjing and to the overall capital situation designed by Hanxi.

It is obvious that Wen Yi is Han Xi’s backstage and is also the object of his interest.

What Han Xi, a capital tycoon, really wants is Ren Pingsheng’s game company, and their ultimate goal is to make money in the A-share market.

Ren Pingsheng would never have thought that the piece of land he bought for political investment would become a bargaining chip for others to lure him into the game in the future.

This is the "end of Qingping" that Ren Pingsheng has never guessed.

But Ren Pingsheng cannot show weakness at this time. If he acts as a weak crocodile with his hands soaked in the blood of countless investors, he will easily be swallowed up by them. He must first find out their basics.

So Ren Pingsheng had no expression on his face and said:

"What if I don't sell it to you?"

Han Xi's face suddenly became cold, and his eyes behind the brown glasses seemed to be searching for something. He might have never seen such a calm opponent.

Over the years, relying on his family background and relying on the finance king behind him, the "Yangjin Group" has been rampant in the capital market. He has never failed and no one has dared to resist the overall capital situation of theirs. Today, this young man is rude, which surprised Han Xi, who has been in the world for many years.

Before setting up this game, Han Xi had already conducted in-depth investigations into Ren Pingsheng's background and knew that there was no one above him. Although he had some connections in Hanhai City, the energy of the princes in these places was not enough to fight against the power above, and he was far from an opponent of the forces behind Han Xi.

Is this young man crazy or stupid?

It doesn't look like it, and Han Xi feels it's necessary to put another pressure on him.

He raised his legs and said lightly:

"Mr. Ren, you look like a smart person, and smart people don't do stupid things."

Ren Pingsheng pretended not to understand and asked:

"What is stupid?"

Han Xi had no expression on her face, but her tone became very cold, he said:

"Since I've come to you today, I'm not afraid that you can leave."

"Your gaming company wants to go overseas, and it is not enough to just build a VIE structure. If you are in China for a day, you have to be regulated by relevant departments. Have your foreign exchange declared? Have your investment been filed with the Ministry of Commerce? Is your company's tax payment moisture? Can you stand the check?"

Han Xi sneered, knocked her finger on the table, and said gloomyly:

"I'll tell you in plain terms. I have people in this financial line. Unless you don't want to go to the capital market, you can't escape my palm."

Ren Pingsheng looked at the capital giant crocodile in front of him with expressionless expression. He knew that the other party was not intimidating.

Doing business in China, it doesn’t matter if you do small things. If you do big things, you will definitely be targeted by all kinds of bloodthirsty crocodiles. This is why Ren Pingsheng has always kept a low profile.

But all this was changed by the auction of the land in the National Expo Park. Although Ren Pingsheng bought this land, he also exposed his strength to the public, which naturally attracted the attention of those bloodthirsty animals.

In front of these bloodthirsty animals, if they do not have a certain political background and a certain protective umbrella, ordinary people are no match for them at all, and they will definitely be swallowed and bitten away by them, and they will eat them so much that they don’t even have bones left.

Ren Pingsheng has always been very clear about the key point here, so he has been committed to building his own protective umbrella and has made certain progress.

But he ignored one thing, the protective umbrella he currently hoped for had not reached a position that was sufficient to protect him.

Ren Pingsheng's career is constantly developing, and he will always encounter those fierce and bloodthirsty animals.

Just like now, what is facing him is a profound and far-sighted overall capital situation.

And he has no power to rely on except himself.

Can he get through this game?
Chapter completed!