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"The key point of conflict is the difference in understanding of Qingyuan Securities' stock credit transactions and the use of stocks as collateral to issue special corporate bonds. Each country has its own regulations. The Korean judicial and financial circles are somewhat cautious about this matter. ."

Sitting in the office, Lei Hao listened to Ye Liu's analysis. He knew how the South Korea Qingyuan Securities case would be judged and which path it would ultimately take, but he wanted to know more about the current situation.

Whether stock credit transactions are compliant or not depends entirely on the laws of the country.

Financial institutions use stocks as collateral to issue corporate bonds, and then use these bonds to sell to investors as financial products. But with a hundred yuan of collateral, you cannot issue a hundred yuan of bonds. Furthermore, there are also regulations on the debt ratio of enterprises. , so the risk here doesn’t seem to be big.

My company has assets of RMB 100 million and a very low debt ratio. I hold a total of RMB 30 million of the stocks of some large companies that have been stable for several years. I use all of them as mortgage loans. It is difficult to bear a debt of RMB 20 million, but It shouldn't be difficult to borrow 10 million.

However, Qingyuan Securities' self-operated securities holding department adopts an asset management approach to bond issuance, converting loans into bond issuance and bonds into wealth management products. These wealth management products are not included in the balance sheet and are not included in the balance sheet. Just like shadow banking, the debt disappears.

Then... South Korea's incredible prosecutors said no, and would directly file a lawsuit against Qingyuan Securities, requiring them to hand over documents and accept trial.

If you have no liabilities on your balance sheet, doesn't it mean that you can use 10 million stocks to borrow several million, and in turn, you can use these millions to make another sum of money? After doing this a few times, you will find: All the money has been put into the stock market.

If everyone plays this way, then it won't matter. The leverage in the securities market is so high.

Therefore, the responsible Korean prosecutors insisted that Qingyuan Securities violated the law, asked them to stop this behavior, and asked the court to find them guilty.

But everyone knows that this is a confrontation between the financial and judicial circles. As long as this model works, how much money can the Korean financial industry make?

A Qingyuan Securities company can only get 18 billion won (almost less than 100 million U.S. dollars) at most, and a financial circle can easily get 18 billion U.S. dollars.

Moreover, using stocks to borrow money to buy stocks, isn’t this financing? What's too much?

When a financial institution borrows money from stocks and invests it again in the securities market, it will push up the price of securities. The increase in the price of securities means that bonds are completely risk-free. If the original stock of 100 yuan is lent out 50 yuan, when the system continues to operate, the stock price will rise. It will rise to 110 yuan or 120 yuan, and the risk has been reduced.

Even if it is not invested in the securities market but is used to support the industry, it is still supporting economic development and stocks will still rise.

However, smart people know that this will cause the inflation rate to soar. If the problem continues, you will see, oh, the Korean government said last month that it will strive to achieve an inflation rate of 2% this year.

"South Korea's prosecutors are very knowledgeable. They even dare to impeach the president. The financial circle may not be able to suppress them." Ye Liu expressed his opinion.

"But the Korean stock market has risen amid controversy during this period." Lei Hao said with a smile.

Yes, as long as there is a chance, the stock market will respond to the corresponding variables. The variables are reflected in the stock market, which are prices. When the results come out, they will rise when they should rise and fall when they should fall. This is the financial market.

"Speaking of which, Bangzi was also forced to panic." Another smile appeared on Lei Hao's face.

There are loud calls for the appreciation of the U.S. dollar, China is promoting financial marketization, and Japan is going crazy... A series of financial events, coupled with conflicts between South Korea and neighboring countries such as China and Russia, have led to a sluggish economy. They We are very worried about the rapid outflow of funds, so an appropriate inflation rate must be guaranteed.

Lei Hao didn't need to think too much to know how hurt a Korean stock market with a foreign-owned stock market share of close to 35% would be when capital outflows.

Under this situation, people in South Korea's financial circle said that they wanted to play with fire and exploit the people. If they successfully control the situation, they can keep the economy running healthily, and there will be a glimmer of success.

"But the financial market is a complicated thing. The acquittal of Qingyuan Securities will not necessarily cause the stock market to rise. Some people may clear their positions and invest in fixed assets. Besides, if the value of the Korean won rises more than the expected investment income, this will Another point to consider…”

Various variables came to Lei Hao's mind. South Korea's foreign exchange reserves were less than 400 billion US dollars, and he had 20 billion in his hands. Coupled with the magnitude of the capital it brought, it would be extremely difficult to move.

Margin financing and securities lending have always existed, capital allocation and shadow banking have always existed. The Korean financial circle has only revealed a possible direction at present. Those who rush in foolishly will either make a lot of money or be eaten without even leaving their bones. Only then It is a normal financial market.

"What a pity, I must make it fluctuate!" A strong light flashed in Lei Hao's eyes.

At the current level, Lei Hao not only looks at making money, but also takes into account the overall situation. South Korea, Japan and the United States are all wearing the same pants. When China is struggling with the Asian BRIC Bank, it can only let private institutions extend its tentacles first.

Lei Hao knows very well that as long as the Asian Investment Bank, similar to the Asian BRIC Bank, takes action, he will be greeted by a series of confrontations in the financial market, and he will be on the defensive.

But is it necessary to defend? Archimedes said that if you give me a fulcrum, I will move the whole earth. Lei Hao dared to say, give me a chance, and I can knock South Korea down first! Take profits and turn your guns to face the challenges that are about to hit you.

"The most important thing is," Lei Hao thought silently: "If you don't make money, you are a bastard. In the financial market, as long as you keep winning, it is correct!"

"The funds in the international market are gradually converted into Korean won and entered into accounts in the Korean market."

"Tell Leo that I don't want to see the devaluation of my money due to exchange rate fluctuations, and I should use the exchange rate to hedge the risk."

"Keep the money for now. I need to watch it for a few more days and notify Hanlon, Qingyu, and a group of institutions like HSBC and Keda that are interested in participating in the Asian Financial Investment Bank project... Before it is established, we may be able to go Take a stroll around the Korean market.”

"As long as Koreans dare to seek death, I will bury them!"

Lei Hao continued to give instructions to Ye Liu and Li Yingfeng. Although he was not 100% sure that he would enter the Korean market, preliminary preparations must be made.

Throughout financial history, which major financial event was not caused by the economies seeking their own death? But if you look at it from the other party's perspective, you will find that they just want to strive for the possibility of further development. They are just confident that they can control the situation.

Huge funds flow to the Korean market...