Chapter 58 Chapter 58

Ma Yi's spiritual world collapsed.The nerves that were not strong enough were completely torn apart by reality.The fragments of the spirit are like the firecrackers and confetti left all over the ground after the New Year's Eve, it is a mess. The first is the collapse of moral beliefs: Beichai Group clearly caused a huge loss of provincial state-owned assets through systematic bribery of Ren Yan'an, and even caused a bad group bloodshed, but it was not held accountable in the end.The Provincial State-owned Assets Supervision and Administration Commission and Beichai Group have unanimously declared that the equity transfer of Chia Tai Heavy Machinery was legal and valid, and that the so-called legal proceedings against the "Financial Morning Post" and related reporters who proposed to pursue the investigation are really unreasonable!

Since there is a legal lawsuit, let them have a lawsuit with him!On the day Ma Yi saw the Beichai announcement and the provincial SASAC statement, he wrote a fierce article: "Awakening in the Blood of the People".It clearly stated that the loss of state-owned assets of Zhengda Heavy Machinery should be pursued to the end, and combined with the "93" mass bloodshed, pointed out the seriousness of the consequences.Since Yu Wenfa, a former ally, has lost power, the door of "People's Securities" was closed. After the article was written, Ma Yi posted it on the Internet.But in less than half an hour, it was deleted by the network administrator, and when it was hung up again, it was deleted again.In an extremely short period of time, whether the provincial SASAC and Sun Heping saw this harsh and sharp article, Ma Yi didn't know, only that the lawsuit he hoped for did not happen at all.

What frustrates Ma Yi even more is the fact about the people.He held high the banner of the people in his article, but the "people" who were visiting with a large group of planes did not seem to appreciate it.Qian Jie, who led the group interview, was arrested after the September 3rd incident.Qian Jianshi's wife didn't know whether she was instructed by someone or out of her own sincerity, but she called and said, "Mr. Ma, don't worry about our business anymore. The relevant department has said that there is a reason for the incident, and Lao Qian will not be sentenced severely." , also two or three years.Certainly the sentence will not be heavier than Ren Yanan's.Beichai Group is also not bad, it took out more than 40 million yuan at one time, and subsidized nearly 20,000 yuan each for all our old employees.The result is good enough, even the old money is quite satisfied.

The state-owned assets lost by Zhengda Heavy Machinery have not been recovered, but this part of the people represented by Qian Jieshi is quite satisfied. What else can he say?Do you want to use the banner of the people to destroy the great situation of reform and opening up, and destroy the harmonious society?I'm afraid I can't destroy it even if I want to. Facts have proved once again that in the face of interests, the moral beliefs of this era are too fragile! However, thinking about it deeply, Ma Yi felt that the satisfaction of Qian Jiejie and his friends was not unreasonable.What does the loss of state-owned assets of Zhengda Heavy Machinery have to do with their interests?How did they, the titular masters and actually the underprivileged groups, enjoy much benefit from the appreciation of state-owned assets during the accelerated period of reform?If you make a fuss, you can get 20,000 yuan each, which is not bad.

The collapse of moral beliefs made Ma Yi miserable.After receiving the phone call from Qian's wife, Ma Yi was depressed for several days.Unexpectedly, what followed was the collapse of market values. Ma Yi never expected that during the days when he was staring at Sun Heping and Beichai, trying his best to defend the state-owned assets for the Provincial State-owned Assets Supervision and Administration Commission, the stock price of Beichai went from a low of more than 37 yuan to a high of 100 yuan. hundred dollars.Northern Heavy Industries also rushed to 80 yuan.The market has given a buy rating to Beichai and NHI.One of the most optimistic famous analysts predicted that Beichai's stock price would be as high as 198 yuan within the year.The broader market is also very strange. It has been able to repeatedly gain momentum and rise under the negative circumstances of raising interest rates and reserve ratios again and again.On October 8, the first trading day after the National Day holiday, it gapped more than 130 points and opened higher, and a new upward trend was established.

All the theory of value learned in college failed in the face of this amazing market performance.Ma Yi really couldn't figure out whether he was wrong or the market was wrong?How could the market be so wrong?Can it still be so strong under such unfavorable financial macro policy?Existence is reasonable, at least part of it should be reasonable, and he may be the one who is wrong. Therefore, on October 8, 2007, Ma Yi's unwavering values ​​were completely shaken.The high opening of more than 130 points and the establishment of a new upward trend in the index forced him to self-examine.His problem is obvious. He did not combine the market situation of China's stock market with the value theory learned in college. He made a dogmatic mistake!

During dinner in the evening, my wife also kept talking, Ma, I am not talking about you, you are also the independent director of Northern Heavy Industry, and you also study economics, you are not as good as ordinary small retail investors!do you know?In this kind of super bull market, you can't sell even if you are dead!Wouldn't it be nice if the 160,000 shares of Beichai weren't sold back then?It's one hundred and eight yuan today.Earning 48 per share less, 160,000 shares less, more than 7 million less! Ma Yi didn't say anything, but he was very annoyed: more than seven million?If he bought Beichai's entire position at 37.8 yuan, even if he sold it now, he could make an extra 18 million.But as the market analysis shows, if it grows to 160 yuan and then sells it, it is hard to even think about how much it will make.But then again, when Beichai was in an equity crisis, would he dare to buy it?Unless he's crazy.

Madam said, Ma, I think you are a lunatic!What does it matter to you whether the state-owned assets of Zhengda Heavy Machinery are not lost?You see you are busy, and you are yelling and accusing.With that kind of vigor, it is better to study stocks, and it will not be completely empty today.Now everyone is saying that the process of a country's currency appreciation is the process of the stock market going bullish.If the appreciation does not end, the bull market will not end.Moreover, China's economy is growing strongly, 10,000 points is not a dream, at least 8,000 points! Even his wife, who majored in arts and crafts, has become an economist. She not only knows the positive correlation between the appreciation of the local currency and the stock market, but also knows that the Chinese economy is growing strongly.Feeling ashamed, Ma Yi rarely asked his wife modestly, should we buy some more Beichai?When it reaches 8,000 points, the stock price of Beichai may grow to 160 yuan.

Madam put the chopsticks on the table, so why hesitate?Buy it, buy it at the opening tomorrow! Although Ma Yi's values ​​have collapsed, the fragments of the collapse are still in effect. After hesitating for a long time, he still can't make up his mind.Think again, Beichai is 108 yuan after all! After dinner, Yu Wenfa suddenly called and asked him to participate in an activity of "People's Securities" on the weekend: as a special guest, he was awarded the outstanding fund manager in the first half of 2007. Yu Wenfa is full of enthusiasm... Chairman Ma, you don't know that the results of the fund's first half of the year are really brilliant, everyone is making crazy money!Hey, you must come and support us!

Ma Yizheng was depressed, and said angrily, why should I go?The fund is making crazy money, but I am not making too much money, and I still have an empty position!Last month, Beichai didn't dare to enter when it fell to more than 37 yuan... Yu Wenfa yelled, and said it!Isn't this all what you asked for?You have to stand up to defend state-owned assets, you almost got me involved too!Hey, Chairman Ma, why don't you come here for a while, it's good for you, and you can hear the views of these outstanding fund managers on the market outlook in person! Ma Yi kept nearly ten million funds in an empty position, and his wife clamored to buy it again. He couldn't wait to hear the fund manager's opinion, so he asked Yu Wenfa, what do you think of the market outlook?I really can't understand it.

Yu Wenfa said, if you don't understand, you should study hard, and learn as you live!Fund institutions once again entered the market in a big way today.I judge that after the market index stands firm at 6,000 points, it may not make adjustments and directly attack 8,000 points.Chairman Ma, I know your caution, and now I just want to remind you to pay attention to the power of the trend.I also don't understand this market, but I know that once a market trend is formed, it will be difficult for any force, including policy forces, to change it for a period of time. This makes sense, Ma Yi is determined to follow the market trend and surrender to the trend.Going straight to the topic again, Mr. Yu, Beichai has raised 108 yuan today, do you think there is still investment value? Yu Wenfa laughed, oops, my dear Chairman Ma, why are you asking about me?You are a research expert in the mechanical sector, why do you suddenly become so unconfident today? ! Ma Yi said in pain, what should I say?Brother, to tell you the truth, I'm broken! Yu Wenfa said, I'm afraid I can't keep up with the rapidly developing market situation?Chairman Ma, regarding Beichai, you'd better calm down and analyze it yourself.According to the pre-increase announcement not long ago, Beichai's earnings per share will reach more than five yuan, even if it is one hundred and eight yuan, the price-earnings ratio is only 21 times. Ma Yi questioned, but the problem is, more than two yuan is the investment income from stock trading! Yu Wenfa said, yes, this is a very interesting question.Chairman Ma, think about it, how much should Beichai invest in the stock market if it can make so much profit from stock trading?If the index really hits 10,000 points, how much will Beichai's investment income increase?At the end of the year, the earnings per share may be seven or eight yuan! Ma Yi said, yes, if this is the case, Beichai may break through 200 yuan! Yu Wenfa said disdainfully, what is two hundred yuan?Chinese ships are already hitting 300 yuan!In this kind of super bull market that waits once in a millennium, there are only unexpected things, and there is nothing impossible!But he said, but Chairman Ma, I am not asking you to buy Beichai, you have to decide for yourself! After the call with Yu Wenfa ended, Ma Yi was still not sure.Although the prospect of Beichai's investment income in the bull market is promising, the more important thing is that the main business performance must grow steadily.Ma Yi then called Yangliu again to inquire about the production and sales of NHI's heavy truck machinery products. Yang Liu happily said, Chairman Ma, NHI is doing very well!Production and sales are booming. I predict that in the next three years, the growth rate of the main business will maintain more than 80%. The whole industry is doing very well! Ma Yi was very relieved. Director Yang, that is to say, the situation of Sun Heping and Beichai is also the same? Yang Liudao, maybe better than us.As you know, NHI is a large-scale state-owned enterprise restructured and listed, and its non-operating assets have not been completely divested. Beichai is different, and there is no burden!He also said that Sun Heping was lucky enough to keep his shares in Zhengda Heavy Machinery, otherwise... Ma Yi picked it up, otherwise, Beichai wouldn't have grown to more than 100 yuan, I'm so mad! Yang Liu persuaded, Chairman Ma, don't be angry, I also want to understand this matter.There are many things about the loss of state-owned assets, and there are even worse things. If they are all chased, will there be an end?Don't you want to start over?I just found out recently that even Governor Zhao Anbang refused to let him pursue him out of overall situation and market considerations. Ma Yi laughed at himself and said, so I have realized, why bother with such nosy things?Get rich yourself! His determination to make a fortune was just like that, and it had to be distributed on Beichai.Ma Yi thought sarcastically that since he could not prevent Sun Heping and Beichai from embezzling the provincial state-owned assets, he might as well participate in the sharing.What Yang Liu said on the phone was consistent with what he knew.In the next three years, there will be no problems with the main business of the heavy truck machinery industry. Even if there is no investment income from stock speculation, Beichai's annual main business income will remain above 3 yuan.At present, the average price-earnings ratio of the market is more than 50 times, and the reasonable stock price of Beichai's main business has reached 150 yuan. What Ma Yi didn't expect was that on that night, Beichai issued an announcement of additional issuance.According to the announcement, the board of directors decided to issue 100 million additional shares.Thirty million shares were privately issued to fund institutions, and 70 million shares were additionally issued to the market.The additional issue price is 90% of the closing price on the day before the announcement, that is, ninety-seven yuan and two cents.Because Pingzhou Iron and Steel fell into the hands of Beizhong Group, the additional acquisition project announced in the announcement is no longer Pingzhou Iron and Steel, but instead acquired 51% of the controlling stake in New Europe Machinery Company.The announcement said that after the completion of this acquisition, Beichai will become the largest heavy truck machinery manufacturer and distributor in the European market, and Beichai has taken an important step in its globalization strategy. Sun Heping and Beichai are really fucking awesome.Lost Pingzhou Iron and Steel in the equity crisis, and immediately set its sights on European projects. The additional issue price reached more than 97 yuan, and it raised nearly 10 billion at a time.So what else is there to say?Comrade Ma Yi, follow up immediately. There is an additional issue price of more than 97 yuan. Even if the market adjusts in the future, Beichai's stock price may not fall to where it is. The next day, Beichai gapped and opened high, rushed to 112 yuan and then fell back to consolidate. After the opening in the afternoon, it fell further, and the lowest reached 105 yuan.Ma Yi entered the market decisively and bought at 105 yuan, and bought it all the way to around 108 yuan. With more than 9 million funds, he bought less than 90,000 shares in total.At the close, the stock price of Beichai was pulled up again, closing at 109 yuan and 50 cents. After Madam returned home from get off work, Ma Yi announced quite proudly, Madam, Chairman Ma entered the market today and went long backhanded. He bought nearly 90,000 shares of Beichai, betting on its great tomorrow! But the lady said, it was 160,000 shares at the beginning, but if you make a fuss, it will become 90,000 shares! Ma Yifu is ashamed, if he made a mistake, he will admit it. I will hold the 90,000 shares, and I will not sell them if I die! Yu Wenfa tried to persuade him to sell, but called to remind him the next day, Chairman Ma, the additional issuance project of Beichai is not reliable.Jane Jack and Bei Chai won't have anything to gain, I'm not optimistic about this project! Ma Yi said confidently, on the contrary, I am optimistic about this project!Jane Jack and what's up, I know.But I know Sun Heping better. Sun Heping is a hero and a bastard. He is shrewd and will not be easily fooled by Jack Jane.Moreover, Beichai uses this to implement its globalization strategy, and the stock price has a lot of room for imagination, and it is worth a shot.So, yesterday I bought 90,000 shares of my entire position! Yu Wenfa said, Chairman Ma, you are too aggressive, even if you fight, you can't put your whole position on it!Hey, I suggest you pay a part of it today, even if you pay a little handling fee, be safe! Ma Yi laughed and said, "It's out today, should I go after it at 200 yuan?"Then my 90,000 shares may become 45,000 shares!Forget it, I bet this once in my life... Only later did I know how stupid the decision-making was when the spiritual world and values ​​collapsed!How terrible the result of value investing turning into gamble, but it's too late to regret! Ma Yi never dreamed that the reversal of the market trend would come so quickly, and the market would turn around at 6124 points a few days later and dive to 1802 points across the year.In the bull market, the large and small non-tradable stocks ignored by the market will be sold so frantically after the market trend changes.Beichai's investment income will evaporate as quickly as dew in the sun, and the stock price will eventually fall to 23 yuan.Fortunately, he took advantage of the rebound and cleared his position at 50 yuan, only to save most of his capital.It's ridiculous to say that this round of big bull market not only didn't make him a penny, but also lost nearly a million. Newton said when he failed in investment, I can overcome the gravitation, but I cannot overcome the greed of the people.Ma Yi thought again and again in his reflection, isn't he the same?I know all kinds of economic theories, and I still consider myself a value investor, but I just can't overcome the greed of people... There is another thing worth mentioning: in December 2007, when Beichai completed the additional issuance and began to dive into a high position, Qi Ming, director of the reporter department of "People's Securities", quietly found Yu Wenfa behind his back, and brought up Zhengda again. On the topic of the loss of state-owned assets, I hope to cooperate with him to explain the nonlinear puzzle and institutional bribery of Beichai Group.Ma Yi hadn't cleared the warehouse at that time, so he said that he was no longer interested in it, and advised Qi Ming to stop.When I was persuading Qi Ming, I thought to myself, my nearly 90,000 shares are still set at more than 100 yuan. If I continue to toss with you like this, I don't know when I will be able to get out of it!