Chapter 1140

Domestic people enjoy the long holiday of the golden week of labor day. Enterprises and institutions are on holiday, and the Shanghai and Shenzhen stock markets are closed to stop trading. The securities market on the other side of the Pacific is still in full swing, attracting the attention of most investors around the world - American people can't enjoy the public holiday of labor day until the first Monday of September.

After three days of avalanche like decline, the NASDAQ index began to see saw oscillation on the third day of May after a short pause on the weekend; Although there are some signs of rebound, it will not be on a large scale in the end - the three-day avalanche decline of NASDAQ has made ordinary investors understand how fragile the new economic prosperity wave advocated by Wall Street investors is.

During the domestic gold perimeter, the NASDAQ index has been falling continuously, without a decent rebound - Zhang Ke and many people believe that a considerable number of investors who get out earlier will turn around and join the short selling camp, increasing the pressure on the index to move downward.

In early May, the night in Jinshan was as cold as water. Tang Jing stepped on the floor barefoot. She was wearing a thin printed cloth Pajama with slight light transmission. She hugged Zhang Ke from behind and knocked his chin on his head. The soft, greasy and smooth chin tickled his short hair. Staring at the mail displayed on the laptop screen, she asked, "does Nicholson send such a long report every day?"

Hong Kong University Labor Day is only a one-day public holiday. On weekends, Tang Jing can only go back to the mainland for three days. She spent the first night in Jianye and naturally went back to Jinshan to accompany her parents the next night. Zhang Ke's time with Tang Jing is limited. Naturally, he also wants to accompany her to Jinshan for another day. Fortunately, Tang Xueqian and Gu Jianping have recognized his prospective son-in-law. After arriving in Jinshan, they don't need to sleep in fake rooms with Tang Jing.

Tang Xueqian had business activities to attend at night. Zhang Ke and his colleagues simply had dinner and went back to their room to take a bath and rest. While Tang Jing was taking a bath in the bathroom, Zhang Ke sat at his desk in his pajamas and took the time to finish reading the email. Nick Leeson has sent him an email every day for a week in a row.

"How can it happen every day? It's just a few more days. If it happens every day, I'll kill his heart!" Zhang Ke grabbed Tang Jing's little hand, hugged her in his arms and let her sit on her lap.

Tang Jing sat on Zhang Ke's lap and twisted restlessly. She dragged the email down by pressing the mouse and stared at the long and boring report for a while. She couldn't help yawning and turned her head around Zhang Ke's neck. "Since she can judge that Na Zhi is in the downward channel for a long time, why not adjust more funds to sell short..."

"The NASDAQ index oscillates violently. Even if we can judge that the situation will continue to deteriorate, the whole process will be more complex and dangerous than ordinary people think..." Zhang Ke patiently explained to Tang Jing, "Japanese and Korean consortia such as Mitsui and Samsung secretly control hedge funds of different numbers and sizes, but the speculation of hedge funds has never been the main business of these consortia. Once the industrial capital is labeled as a speculator, it is bound to reduce the trust of the market and consumers in the industrial capital... No additional funds will be mobilized, and the funds under the hedge fund will not be used It will not focus on making profits in one market. In addition to dispersing risks, it should also distract the attention of other forces. "

During the Asian financial turmoil, the hedge fund secretly established by Jinhu overseas invested in currencies such as Thai baht, Korean won and Indonesian rupiah in the international foreign exchange market and made a lot of short transactions. After that, almost $300 million in profits were included in the account of Jinhu commercial in the name of corporate creditor's rights.

As the core of Jinhu's industrial capital operation, Jinhu commercial has a debt scale of up to US $2.5 billion.

In fact, the transfer of US $300 million from shorting Southeast Asian currencies to the account of Jinhu commercial did not play much role. Perhaps it can only give some psychological comfort to the senior management of Jinhu: the actual debt scale of Jinhu commercial is not US $2.5 billion on the book, but US $2.2 billion. But what's the difference? With the financing ability of Jinhu commercial, it can reduce the negative debt The debt scale was controlled at about US $2.5 billion. Even if there was no US $300 million transferred from hedge funds at the beginning, Jinhu commercial could raise this fund from other financial investment institutions.

After the initial transfer out of 300 million US dollars, Zhang Ke, ye Jianbin, sun Shangyi, Ge Mingde and others still have nearly 100 million US dollars of capital in the hedge fund account managed by Nicholson in their private name. This part of the capital in the hedge fund account has made considerable gains in the overseas investment market in the past two years, with a capital gain of about 60 million US dollars. This is already quite high Good results, but compared with the development of Jinhu's industries, it is not enough to see - that's why all people in Jinhu lack enough interest in speculation in the financial market.

Anyway, the size of hedge funds managed by Nick Leeson is over three hundred million US dollars. The global new economic wave is bursting and the financial turmoil is surging again. It is precisely the moment when they come out to stir up trouble. Nick Leeson has to communicate with Zhang Ke on the development of the situation almost every day.

The collapse of the new economic wave is not an accident. Even if it is not the case of Microsoft's anti monopoly case, there will be other things that will become the last straw to promote the bubble's collapse. The financial storm rolled out of the bubble is bound to spread to the real industry. There may be twists and turns, but the long-term development of the situation is clear at a glance. Memory, the judgment of the situation is not necessarily sharper than the figure at the top of the Wall Street pyramid; the judgment of the short selling or rebound time of the NASDAQ is not necessarily more accurate than Nick Leeson.

In his email, Nicholson mentioned that the appeal decision of the U.S. Supreme Court on Microsoft's antitrust case in mid June is likely to be the next key time node.

If Microsoft's appeal is rejected by the Federal Supreme Court, the fate of Microsoft's spin off will not be changed; However, the Microsoft antitrust case directly caused the oscillation of NASDAQ and the global new economy capital market like a financial tsunami. Its far-reaching and bad influence far exceeded the expectations of ordinary people. On the contrary, the possibility of Microsoft's spin off has been greatly reduced - the United States federal court is likely to make an appeal ruling in favor of Microsoft in mid June, At that time, it is also very likely to induce a strong rebound of the NASDAQ index.

If Wall Street speculators have similar views, the decline before and rebound after the U.S. Supreme Court's appeal ruling on Microsoft's antitrust case are likely to far exceed ordinary people's expectations.

Zhang Ke can only echo Nicholson's judgment. The actual performance over the years has also confirmed that Nicholson is an excellent and tactile investor, especially sensitive to the opportunities contained in the financial crisis.

In fact, although Zhang Ke still has a deep influence on the fund, he no longer has direct control. Hedge funds have become private equity funds dominated by Nicholson. Zhang Ke and sun Shangyi also participate in investment purely as private investors. If they mobilize funds from the accounts of Jinhu member enterprises, it will complicate the difficult relationship.

Tang Jing stayed in Jinshan overnight. The next morning, she flew directly from Jinshan to Hong Kong. Zhang Ke sent Tang Jing on the plane and then left the airport for the construction site of Zhongjing microchip Jinshan factory. Tang Xueqian was busy on business and had no time to send the plane. He also made an appointment to meet Zhang Ke at the construction site.

The construction of Jinshan factory has only been started for more than two months. A large area is surrounded by a brown iron fence, and there is a Metasequoia forest in the distance. Zhang Ke and Tang Xueqian parked outside the Metasequoia forest and walked into the Metasequoia forest. On the other side of the Metasequoia forest, there was a clear river, 17 or 18 meters wide, with miscellaneous grass on the beach. They knew that this was a water river that usually didn't receive much attention. Zhang Ke did not expect that there would be such clear water within the scope of Jincheng new town.

"How deep is the financial tsunami caused by the collapse of the new economic bubble?" Tang Xueqian still concerns the development of enterprises.

"It's hard to say," Zhang Ke can't directly say that the NASDAQ index is likely to fall to about a quarter of its peak. He doesn't want to pretend to be a prophet. He still takes the reports submitted by Jinhu Economic Research Center and Nicholson to explain to Tang Xueqian, "It is an inevitable trend to spread to entities... Such a deep decline in the stock market is bound to drag the whole new economy down the abyss. Even if the securities capital market and venture capital funds do not close the door to Internet companies, the door left should be extremely limited. Most small and medium-sized Internet companies without risk capital support are difficult to survive again - except for the large number of closures of Internet companies In addition to the significant reduction in the market demand of optical fiber and other communication infrastructure industries, the demand for electronic components such as storage chips and software will also decline significantly... "

Tang Xueqian looked at the construction site opposite the beautiful Metasequoia trees and said, "the wafer manufacturing industry in Asia has not improved in the past two years. Will it be affected again this time?"

"Well," Zhang Ke nodded and said, "if the wafer market demand will shrink significantly as I judged, the global wafer industry, especially the OEM field, except a few wafer enterprises can make profits, most wafer enterprises will fall into the mud of loss..."

Huaxia NEC's continued loss was a result that could have been predicted for a long time. Zhang Ke also saw that Samsung might delay the construction plan of macrocore Electronics - joint investment in the wafer factory with Samsung Electronics was originally a hot spot in the hype of Haisu technology market. Samsung's delay in the construction of macrocore Electronics should be a lot of blows to Haisu technology, but it is not clear when it will happen.

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