Chapter 1138

The glass fiber reinforced plastic giant sailing building in front of Aida building has become a distinctive feature of the building. It is not only the location of Jinhu commercial north company, but also the location of the headquarters of Kunteng online, the world's first Chinese portal. The blue sail shaped icon is directly used in the enterprise logo of Kunteng online, which means sailing.

The news department worked overnight on the news topic of "network stock disaster and crisis", and the senior executives of Kunteng online such as Ma Xiangdong and Liang Wenjiang looked dignified and couldn't relax. When they were young, they established a website when they were in college. With the support of Jinhu, they gradually developed the website into the world's first Chinese portal, Kunteng online, and successfully listed on NASDAQ. At the peak of their career, the total market value of the company's shares held by the whole management was as high as $600 million, which became a popular wealth myth.

They have experienced the hardships and persistence of entrepreneurship, enjoyed the joy and passion of success, and have not experienced the hardships of setbacks. Kunteng online has lost 20% of its market value in two days, which is somewhat surprising and hesitant about the future.

"It's so fast that I don't know if I can stop the decline tonight..." Ma Xiangdong patted Liang Wenjiang on the shoulder.

"The operation of the company is as usual. Eight billionaires have shrunk in two nights. I really didn't think of it before," Liang Wenjiang said.

"We didn't and didn't expect to get so much!" Ma Xianglong smiled. "Remember when I put on the film in the school auditorium? I only planned to dig the first pot of gold in my life before I was 30, and I was very satisfied to become a millionaire."

Even if the market value has shrunk, the total market value of the shares held by the company's management is still more than $400 million. For them who were hairy boys a few years ago, they simply do not dare to expect wealth.

Rather than worry about the shrinkage of personal wealth, it's better to worry about how Kunteng online should deal with the menacing Internet stock disaster.

"The video conference is connected!" administrative secretary Xiao Ma came in and told them that the video conference was ready. Ma Xiangdong and Liang Wendong walked into the conference room. All the senior executives of Kunteng online in Beijing sat in the conference room. We are very familiar with each other, start a business together, have no points with each other, and the meeting will not be very boring. Even now, everyone is chatting and joking with each other. It is still difficult to hide their inner worries: what should they do if the decline of the NASDAQ index can not stop and form a rare stock disaster?

The picture on the plasma display screen of the ultra wide screen hanging on the wall of the conference room is a slightly messy study. The study is empty. There are bookshelves filled with exquisite porcelain against the wall. In front of the bookshelf is a red maple desk on which laptops, mobile phones and ceramic pen holders are placed, filled with all kinds of pens and a wallet, In addition to a few cards with exposed gold or black edges, you can see from the display that there is only a ten yuan note in the wallet and a novel "Jinge Temple" written by Yukio Mishima.

"If Zhang Ke and I were left alone in a remote town without an ATM, maybe I would be richer than him..." Ma Xiangdong pulled a chair and joked with Liang Wenjiang, waiting for Zhang Ke to appear on the screen. Today's meeting is to discuss the current crisis faced by Kunteng online and the strategies to be selected. Zhao Zilin, President of Oak Park venture capital fund, did not participate, but Zhang Ke personally participated. After all, it is not a formal board meeting, and other shareholder representatives were not notified to participate.

"It turned out that he could also read Yukio Mishima's novels. Would he worship foreign countries?" Yuan Jing, chief financial officer, has not had the opportunity to contact Zhang Ke, but as a senior manager of Kunteng online, many things are clear. The people and things that created the Jinhu economic empire are full of mystery in front of her, I didn't expect that there would be a RB literature on his desk.

The picture shook, a huge hand appeared on the screen, and then there was a tall and handsome nose. When the nose occupied one-third of the screen 46 inches wide, the nose was very limited. People in the conference room were shocked. They watched the face occupying the display screen gradually distance from the lens, and the whole display was on the screen.

"We haven't slept well these two days. Let's see that everyone is listless?" Zhang Ke sat down behind his desk and spoke to the camera. The picture and voice were clearly transmitted to the display screen here, but Zhang Ke still had a mobile phone in his hand.

Ma Xiangdong exchanged glances with Liang Wenjiang. They knew that Zhang Ke would have a spare mobile phone, but the spare mobile phones would be in the hands of his assistant. He had only one mobile phone in use. If the mobile phone in his hand was his, who's the mobile phone on the desk? No wonder I think that mobile phone is an eyesore. It turned out to be too delicate.

Ma Xiangdong joked: "did you sleep well?"

At this time, a delicate green finger appeared on the screen. The finger pointed to the mobile phone on the table. Zhang Ke picked up the mobile phone on the table and handed out the picture. It's really a reverie: who is the owner of the finger? Seeing the green jade finger, I subconsciously thought that the owner of the finger should be a stunning beauty.

Obviously, it is impossible for ordinary female staff to put their mobile phones on Zhang Ke's desk.

"You cousin, you can clap your horse in your next life." Wang Cailing leaned over and whispered with Liang Wenjiang, "I remember Tang Jing has always been in Hong Kong. His two secretaries also went to the Hong Kong headquarters for internship..."

Liang Wenjiang smiled helplessly. His aunt often complained that the girls around Zhang Ke were too beautiful, which might not be a good thing. He couldn't gossip about who the women outside the camera were.

Zhang Ke's eyes saw the camera again. He seemed to realize that the female finger suddenly appeared on the picture would cause some comments. He went straight to the subject: "The situation is not very optimistic. The sharp decline in these two days is likely to be just the beginning. The share price of Kunteng online is forced to be $30 per share. You should be prepared. The share price of Kunteng online is likely to be forced to be $10 per share in the future..."

Zhang Ke's words surprised everyone here. The opening price of listing on NASDAQ a year ago was close to $10 per share, which rose nearly fivefold driven by the new economic wave and the enthusiasm of China US bilateral agreements. Zhang Ke predicted that the share price of Kunteng online would soon return to its original shape, so that if you weren't surprised? No one would be interested in paying attention to Zhang Ke's affair, Ma "Can the crisis really be so serious?" he asked eastward

"We can communicate without barriers thousands of miles away, thanks to the development of telecommunications technology and large-scale telecommunications investment. However, there is little communication demand at this level, which highlights the excessive investment," Zhang Ke said, "Most of the network companies are developed in the form of capital operation, and most of the operating capital is provided by venture capitalists. All of us who know something about the nature of venture capital know how to suppress bubbles in the process. Carefully designed lies, gorgeous and bright packaging, repeated and repeated bubbles will be very incomparable. Venture capitalists try their best to publicize the number of hits on the website or the attention they attract, so that investors ignore that what they should really care about is the practical business model and future profitability... Once there is a turning point, these venture capitalists will slip faster than rabbits... The situation should be contained unless these venture capitalists and those investors are required to cooperate with each other Don't hold your ground. "

"Is there no turning point?" Liang Wenjiang couldn't help interrupting.

"Crisis is only at the capital market level. The excessive speculation of the concept has brewed a huge bubble, but the actual application demand has been increasing continuously over the years. After all, we are still on the right road, but only a little ahead. If we turn back early, maybe two or 35 years, the capital market will be extremely dangerous. The decline of taste and too detailed prediction are not the tasks that economic analysis institutions can complete... "

Ma Xiangdong put his hand to his lips, which is his usual action when thinking. Zhang Ke's prediction is specific enough. Kunteng online is far from being able to make a profit. In the event of a crisis in the capital market, the door of refinancing will be closed. Kunteng online can only rely on the existing funds to make a profit or wait for the turning point.

Ma Xiangdong put down his hand, smiled and said, "now we have to tighten our belts..."

In the influence of Jinhu, after Kunteng online was successfully listed on Nasdaq, it still did not turn to the direction of radical investment. The biggest investment was to inject capital into Zhuoyu, an e-commerce website, which was only two or three million US dollars. At this time, its financial situation was still relatively abundant. Although the advertising business revenue could not fully make up for the expenditure, it was also steadily increasing The key is to tighten the gap and prepare for a protracted war.

Liang Wenjiang asked, "when can I choose to increase my holdings?"

"It's too early to discuss this at this time," Zhang Ke said. "What I can make clear here is that the lock-in period of Oak Park venture capital fund's shareholding in Kunteng online will be extended for another two years. I'll ask someone to send you a fax and announce the news in time, which can slightly restore the decline. As for when to increase the shareholding, we'd better discuss it according to the development of the situation..."

Compared with institutional investors, the reduction of management's holdings is more constrained. For example, Ma Xiangdong and Liang Wenjiang can only reduce a small proportion of shares every year. The amount of reduction has been used up long before the outbreak of the crisis. If you want to reduce all your holdings, you can only resign from all positions of Kunteng online. After the six-month time limit has passed, you can reduce all your holdings without restrictions - this scheme is obvious However, it is not a feasible plan. They can only sit and watch their personal wealth shrink seriously with the deep decline of stock prices. Due to the reduction of a certain proportion of personal holdings at a high level, senior private individuals such as Ma Xiangdong and Liang Wendong still have plenty of money, with a total of almost $40 million. Compared with investment in other fields, they focus more on their own development and choose to increase their holdings appropriately, It can also enhance the management's control over the company, but it is also necessary to choose the time to increase holdings.

Oak Park venture capital fund is only an institutional investor for Kunteng online. It can immediately reduce its holdings by issuing a paper announcement. The only restriction is to prohibit reverse operation within the six-month time limit. Because ESS is associated with Oak Park venture capital fund, and ESS didn't completely empty its shares of Kunteng online until early April, Oak Park venture capital fund needs to increase its holdings until early October.

Oak Park venture capital fund gives up the reduction. Although it will suffer some losses economically, it is necessary to ensure the relative control over Kunteng online, the stability of Kunteng online management team and the ability to guide Kunteng online in the correct development direction.

Shanghai Securities News and other major domestic financial media reported the network stock disaster outside the country, and the network concept stocks in Shanghai and Shenzhen were filled with grief.

A new weekly website published by finance and economics weekly pointed out that China's first e-commerce website enterprise, which was constantly stacked up with large amounts of capital, was the largest network bubble in the country. The market of Haili technology had a stake of only 8818 of 30%, and its market value was up to $8818 billion, which is a bubble in the bubble.

Caijing new weekly is published every Thursday. It calls to trace the past. The report was finalized as early as a week ago. They were unlucky to give Haisu technology a stick when the stock disaster broke out.

Stride forward singing militant songs has been a controversial topic since the beginning of the year, but the stock market has been advancing vigorously. The voice that claims the existence of bubbles in the network has been very weak, and there is not much influence. However, at this time, such a report was reprinted by several portals, and the impact was suddenly big.

As soon as the Shanghai stock market opened, Haisu technology poured out a large number of orders, and the stock price hit the limit board within a few minutes. There was a large backlog of orders, and occasionally small and medium-sized retail investors who did not know how to live and die bought them, but they were not large at all.

"There won't be any big problem!" Hu Jinxing sat on the semi arc light brown swivel chair, restlessly turning around, but his eyes seemed to stare at the LCD screen. He and Chen Yong were watching stocks in the manager's room of Chuangyu Internet cafe. Although he spoke easily, the huge order was still pressing on his heart. It was good yesterday. They raised 30 million yuan from Yunlin securities to invest in Haisu technology. Yesterday, they accumulated a profit of more than 2 million yuan. Today, they vomited clean within a few minutes of opening and lost hundreds of thousands. Even if he knew that Hongxin and Jingdian had planned their big moves in Haisu technology for nearly a year, he would never give up easily. Hu Jinxing always had some worries in his heart.

"Why don't you ask Wang Haisu out for dinner?" Chen Yong was even more uneasy. Hu Jinxing had a closer relationship with the other side. He was still connected with the other side because he was mixed with Hu Jinxing all day. He didn't expect that Haisu technology had risen 30 times in a row in the past 11 months. When they were determined to make a big deal, they caused a global new economic stock disaster. Although it is still too early to say that it is a stock disaster at this time, the aggressive reports of the media are shocking.

"There's nothing to worry about. I'll see if he has time to come out for dinner." Hu Jinxing picked up her cell phone and tried to call Wang Haisu.

Wang Haisu's ass is almost stuck on the chair and can't leave the headquarters building of Haisu technology at all.

The total market value of Haisu technology was once close to 17 billion, of which nearly 70% of the shares were corporate shares and private placement shares with restricted listing and circulation. The market value of shares with unrestricted listing and circulation was 5 billion, and the circulating market value of Haisu technology shares held in a large number of affiliated accounts held by Hongxin investment was almost 1 billion, In other words, there are still 4 billion worth of tradable stocks scattered in the hands of other investment institutions and retail investors. The external situation is vicious. We can't use funds to support the market rashly. We always have to let the pressure go first - but we didn't expect the pressure to be so huge. After the opening of the morning trading, the falling limit quickly accumulated orders with a market value of more than 600 million. By 3 p.m, Selling orders accumulated to a market value of one billion.

Even though it was predicted that there would be a lot of pressure, I didn't expect that the selling pressure would be so huge.

At three o'clock in the afternoon, the stock market stopped trading. Yan Wenjie, Lin Xue, Wang Haisu, Liu Qijun, Zhang Wenxin and several managers of the investment department held a strategy response meeting in the meeting.

"In another half an hour, the major European stock markets will start trading. After the closure of the major European stock markets, it will be the turn for the opening of the North American stock market. If there is no reversal news in Europe and America tonight, the orders will be more turbulent tomorrow," Liu Qijun analyzed. He has not closed his eyes for 40 consecutive hours. His eyes are bloodshot and his voice is a little hoarse, "We can only use 500 million yuan now. Without the cooperation of media and public opinion, I'm afraid it's difficult to resolve the selling pressure..."

"Will you still do nothing tomorrow?" Wang Haisu asked.

Lin Xue's disgust is that she can understand the truth, but Wang Haisu wants to ask more. If the 500 million funds on hand are consumed, they will fall into complete passivity in the future. Now several major financial media are reporting the stock disaster wantonly. Even if we want to create a favorable public opinion atmosphere, it is impossible to be stubborn. If we put too much pressure on them tomorrow, we can only let them go.

"Tomorrow is the May Day holiday. The Shanghai and Shenzhen stock markets will be closed for nine days. In the past nine days, the European and American stock markets should be relieved again," Liu Qijun ignored Wang Haisu's questions and analyzed, "we should also make good use of these nine days..."

"Well, I'll leave this to you. I'll go to Beijing in the evening." Yan Wenjie decided, "Even if we can't reverse the media opinion round, we have to muddy the water. Most economists who are able to muddy the water gather in Beijing. I have to hurry up to visit a few people - of course, we are not the only one who doesn't want to see the situation deteriorate. Xinghe securities will be entrusted to President Lin..."

"It's just more than twenty days. I stare at them every day." Lin Xue said.

Liu Qijun said to Yan Wenjie, "do you make more preparations for funds?"

When Wang Haisu heard Liu Qijun say so, he also turned to look at Yan Wenjie's face and saw him think by touching his nose. Knowing that he had no intention of seeing good, he didn't say anything annoying.

Wang Haisu didn't notice that several missed calls on his mobile phone were from Hu Jinxing until the end of the meeting. After Yan Wenjie and Lin Xue left the headquarters building, he returned to the office to call Hu Jinxing back. Looking through the floor glass window, Yan Wenjie and Lin Xue's cars drove into the software Industrial Park. He went downstairs and drove to Xuefu lane to find Hu Jinxing.

After all, Wang Haisu is nominally the president of Haisu technology. He can't go to the Chuangyu Internet cafe without anything. He meets Hu Jinxing and Chen Yong in the cafe opposite the inner lane. They sit on the second floor and can see 1978 across the glass window. They hide the shadow of the sunset, but the door opening of 1978 is golden and red to the sunset.

"What will happen tomorrow? If there is another limit, the deposit you lent us will be compensated..." Chen Yong said anxiously, "we can only jump Xiaojiang and compensate you."

Hu Jinxing is a little calm. To put it bluntly, he and Chen Yong want to make some extra money by frying the shares of Haisu technology. Even if he has some losses, he can bear them.

When Haisu technology was founded to build a software industrial park, his uncle Hu Zongqing accounted for a considerable proportion of dry shares in Haisu technology in his name. Haisu technology was listed in the backdoor. In order to avoid exposure, all the shares in his name were transferred to Hongxin investment. In addition to the huge funds in the overseas account, Yan Wenjie also let him work directly in Haisu technology and promised to distribute his personal shares in the name of equity incentive.

Even if there are hundreds of millions of wealth to be obtained in the future, Hu Jinxing is very short of money at present. Hu Jinxing only persuaded Chen Yong to fry the shares of Haisu technology in the periphery to make some extra money. On the one hand, he didn't expect Haisu technology to be hot for Hongxin before. He felt that the previous distribution suffered some losses, so he wanted to get some compensation outside. Now, even if there is a loss, it is just a little heartache. He doesn't think losing millions is a loss.

Chen Yong placed all his hopes of becoming rich on this. He was anxious. If there was another limit tomorrow, they just wanted to be strong and break their wrists.

The tone of tomorrow's operation has been determined. Unless the European and American stock markets reverse, they still choose to continue to relieve pressure tomorrow. Wang Haisu doesn't know how to comfort Chen Yong. If Chen Yong's Lao Tzu hadn't been useful and didn't bother to comfort him, he said: "The European market is about to start trading. Maybe there will be some good news. NASDAQ has fallen sharply for two consecutive days, so it should slow down. Even if the situation tomorrow is not optimistic, the domestic market will be closed for nine days on May Day, and the situation will ease down after nine days..." The mobile phone rang a few times, and a text message came in. It was the short message notice of the investment department. The main stock markets in Europe began to trade. The new science and technology economy sector was gloomy, and there was a trend of falling into a vicious circle. The decline was even fiercer than yesterday.

Wang Haisu had a simple dinner with Chen Yong and Hu Jinxing in Xuefu lane. He continued to stay at Haisu technology headquarters building at night. At night, the North American stock market still failed to give people hope. The NASDAQ index showed no signs of cheer up. In the early morning, it fell 7% again.

Internet stocks have once again become the hardest hit areas, and Internet stocks with a decline of more than 10% can be found everywhere.

Both Kunteng online management and Oak Park venture capital fund announced no reduction plan, which only made it look better than the decline of other Internet stocks. After all, venture capital funds such as Goldman Sachs and Walden, which jointly participated in Kunteng online investment, wanted to escape at this time. Everyone envied ess for resolutely emptying 17 million Kunteng online shares in the past four months, otherwise they would follow this time Seizing the road to escape, the share price of Kunteng online will fall even worse.

In three days, the index of the global new science and technology economy, NASDAQ, fell by 20%, and more than $500 billion of wealth evaporated in three days, which is shocking and comparable to the Asian financial storm in 1997. The direct inducement of the Asian financial storm has been brewing for nearly half a year, and the NASDAQ index overturned almost overnight. The apparent inducement is the federal judge Thomas Jackson's public remarks to the media caused Microsoft's share price to turn from bull to bear.

Major securities markets in the Asia Pacific region, including Internet concept stocks in domestic Shanghai and Shenzhen markets, continued to be hit hard. Haisu technology gave orders with a market value of more than one billion to the drop limit as soon as it opened.

Chen Yong wants to cry without tears. It takes only two days for him to make a profit of $2 million to make a loss of $4 million.

In the past 11 months, he has used inside information to fry Haisu technology's shares. His profits have not been $1 million, and he has almost squandered them. This time, he wants to play a big game, even the deposit is borrowed. Because he has succeeded in hyping Haisu technology, doubled the principal dozens of times, promised high interest rates, and swaggered outside in the name of his father, it's natural A lot of people dared to lend him the coffin book, and it was also very convenient to raise money from Yunlin securities with the deposit. As a result, they wanted to make a full ten million yuan. They wanted to add one fifth to one another with Hu Jinxing. Where would they think of a crisis? They came immediately without discussing it at all.

The only thing that comforted him was that Yunlin securities could not close their positions even if they wanted to. As long as they raised the margin, they would have a chance to turn over their profits. Hongxin investment would certainly take action. Chen Yong even wanted Hu Jinxing to ask Hu Zongqing, deputy secretary of the municipal Party Committee, to intervene, so that Yunlin securities did not dare to close their positions by force - if they were forced to close their positions, they would not even be able to There's no chance of turning it back.

He borrowed all the deposits except the hundreds of thousands lent by Wang Haisu. Chen Yong was worried that Hu Jinxing would refuse to recognize them. He sat in the manager's room for a long time and didn't see Hu Jinxing show his face. He didn't know where others had gone.

When the mobile phone rings, it is a strange number. Chen Yong connects the phone:

"Chen Yong, you said that Haisu technology is bound to rise sharply. Why did you drop two limits? I know it's urgent, so I just called to ask. Also, Uncle Wang, I'm a little short of money recently. Can I return the 50000 yuan I lent you in advance, and I don't want the interest."

"Uncle Wang, you're afraid if you don't wash out the weak elements. When they rise sharply, you will become a drag. I can't tell too much about some words - I've invested all the money. Uncle Wang, even if you don't want interest, I won't have any money to pay you back now. Believe it or not, you can see without labor day, What I can tell you now is that important people will stand up to support Internet stocks tonight! "Chen Yong hung up the phone, watched the red line on the trend chart continue to pull a straight line at the limit, and angrily picked up his tea cup and smashed it on the computer screen.

Hu Jinxing just pushed the door in and was startled: "what are you doing?"

"Nothing, it's stuffy! Where have you been for most of the day?" Chen Yong asked angrily.

"What are you guilty about? What do you think I've done? I called my uncle's office to give training for a long time. At Yunlin securities, my uncle said hello to us and doubled the deposit. As long as Haisu technology doesn't make two limit falls, we won't forcibly close the position," Hu Jinxing looked at Chen Yong coldly, Very angry, Chen bravely lost his temper with him and said coldly, "Wang Haisu just got news. Wu Xiaobo, deputy director of the finance and Economic Commission of the National People's Congress, will speak this evening to support the domestic Internet industry... What do you think I did?"

"..." Chen Yong is also young and can't easily wipe away his face. He said modestly: "I'm also sitting here in a hurry. Since there's good news, I'll settle down a little..."

"You're so promising. Hongxin and Jingdian don't worry about billions of transactions behind them. You can't hold your breath here!" Hu Jinxing said in a voice. It's not easy to get angry.

On the eve of May 1 Labor Day, Wu Xiaobo, deputy director of the finance and Economic Commission of the National People's Congress, "inspired the national network economic awareness, catalyzed the upgrading of traditional industries, promoted the synchronization of information industry with the world, and spawned the cultural atmosphere of the whole nation's entrepreneurship" - the positive role of the Internet bubble.

On the night of the website, it announced a financial tightening strategy. It announced that it would implement a number of measures, including reducing management salaries, abandoning new recruitment plans, planning to cut down 8% of the staff, and reducing administrative expenses, and so on.

As the first Chinese portal and the first Chinese network enterprise listed on NASDAQ in China, Kunteng online can almost be said to be the wind vane of domestic Internet enterprises. Kunteng online's financial contraction measures attracted the attention of the media and the public and quickly covered up Wu Xiaobo's influence.

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