Soft and delicate reborn, she is a beautiful boss

Today, Song Hewan finally understands what "beauties bring disaster" and what evil concubines bring disaster to the country.

Presumably, Bao Si gave Xia Jie a charming smile, and Daji whispered softly to King Zhou, which attracted the other party's soul and willingly gave everything for them.

From then on, the king did not go to court early.

Song Hewan felt that she had been slacking off spending time with Jian Zhiyan every day during this period. If things continued like this, she was afraid that she would sink into beauty and stop making progress.

She made up her mind to start a business as soon as possible after returning to Ninghai City. Shop decoration, internship work, reading and taking exams were all put on the agenda and she started working on them seriously.

On the sixth day of the first lunar month, Song Hewan and Jian Zhiyan said goodbye to their reluctant father and mother, and left Qingzhou.

The two elders of the Song family watched their daughter's figure gradually disappear from sight, and they suddenly felt sad and felt empty in their hearts.

The sea is wide enough for fish to leap, and the sky is high enough for birds to fly. When children grow up, they will eventually want to fly freely in the wider sky. What fun is there in this small Qingzhou!

On the seventh day of the first lunar month, office workers returned to their jobs one after another. Ninghai City resumed its morning and evening peak hours, and the CD area was once again filled with all kinds of busy "workers."

Song Hewan, Jian Zhiyan and Chen Lu started their lives as interns again.

On the first day of work after the holiday, people can't help but feel a little slack. However, Ling Yi seems to have been given a shot of chicken blood, with a glowing face and high morale.

"Everyone in the credit management department, including the two interns, will have a meeting in the second conference room at 9:30." Ling Yi stood in the aisle of the department's large workplace and told everyone.

"Oh my god, we have a meeting right now. I feel that although my body is here, my soul has not arrived at the company yet." Chen Lu muttered dissatisfiedly.

Song Hewan just smiled and didn't say anything.

Ling Yi held a meeting for everyone. First, he talked about the entire work arrangement and work goals for this year. Second, he reminded everyone of the tasks to be completed in the first quarter.

Finally, he convened an impromptu credit review meeting.

The main content is that the investment manager of the Fixed Income Investment Department sent an investment request. During the Chinese New Year, they contacted an investment target with a very good price and wanted to invest in several bonds of related entities.

When the matter became urgent, Ling Yi retained Tang Yuwen and three other senior credit analysts, and asked the researcher responsible for the industry in which the bond belonged to stay to make a report.

"You two, if you want to listen, just stay." Ling Yi looked at Song Hewan and Chen Lu and said.

Song Hewan was very curious about what the review meeting would be like, and wanted to see the world, so she stayed. Chen Lu saw Song Hewan staying in the conference room. Although she didn't want to stay with Ling Yi longer, she resisted her boredom and stayed.

.

The researcher began to report and analyze the target entity. Song Hewan was shocked when he heard him say the name of the company. It was - Kangyang Construction Group Co., Ltd.!

Kangyang Construction is a company with a relatively long history in the construction industry and has experienced ups and downs for decades.

But for Song Hewan, this was more than just a seemingly strong construction company. What happened after it almost became a landmark turning point in the financial bond market.

Song Hewan calculated the date, if she remembered it correctly.

In April this year, a Sino-foreign joint venture credit rating agency will lower the main rating of Kangyang Construction from - to -, and the rating outlook will be lowered to negative.

By July, Kangyang Construction's entity rating will be downgraded to - by this agency. Next, several leading domestic credit rating agencies will successively lower the entity rating of Kangyang Construction, and the rating outlook will be lowered to negative.

At that time, the market still did not believe that Kangyang Construction would default.

Because there has never been a situation in the domestic bond market where a subject breaks the rigid payment and defaults. What’s more, a long-established construction company like Kangyang Construction?

But the reality is not as beautiful as people imagine.

By early August, major credit rating agencies had downgraded Kangyang Construction's main rating to .

The financial market began to be in an uproar, because the rating means that the entity has a weak ability to repay debts, is greatly affected by the adverse economic environment, and has a higher default risk.

Many financial institutions began to panic, and their belief in credit bonds seemed to be being broken. What awaited them was a bloody storm unprecedented in the history of China's financial bond credit.

In late August, Song Hewan could not remember the specific day on which Kangyang Construction failed to complete the sale-back and the issuance of interest payment funds, which constituted a substantial breach of contract.

This incident kicked off the frequent occurrence of credit risks in the bond market.

The market began to break the rigid payment. The reasons varied, but the outcome was this: many entities began to default one after another. This caused panic in the financial market, and then defaults became the norm. Credit evaluation and risk control were not so valued at first.

It has also become an area of ​​increasing concern in the financial market...

Song Hewan recalled what happened in her previous life and listened to the researcher's analysis and research. She never expected that she would be so close to this "history" in Hengchuan.

She turned on her computer and looked at the financial statements of Kangyang Construction and the prospectus for the latest bond issue. She remembered that in her previous life, the China Securities Regulatory Commission investigated Kangyang Construction's financial fraud.

This company's financial statements for three consecutive years have violated accounting standards. By "offsetting" accounts receivable and accounts payable for the projects it has undertaken, it has also falsely reduced the company's accounts receivable and accounts payable.

This resulted in a substantial inflated increase in net profit for three consecutive years.

Since she knows the result, she can naturally work backwards to find evidence.

However, she had to lament that the financial statements were "beautifully done". It was really difficult to figure out the correct answer. Certified accountants in major firms were really not vegetarians.

While she was thinking about it, she heard the credit conclusion of Wang Zhuo, a researcher in the construction industry, that it was investable.

During this period of time, there have been no defaults in the market, and most of the targets are available for investment as long as they are not too big, not to mention large and established construction companies like Kangyang Construction.

However, will Hengchuan, the top player in the industry, also make such mistakes?

Ling Yi didn't make a sound for a long time after hearing the conclusion. There was silence in the conference room for a long time, and the scene was quiet. Ling Yi has always been strict in internal discipline, and it is normal for people in the department not to dare to express their anger.

Half a moment.

Ling Yi slowly said: "What do you think? Tell me."

No one answered.

Usually at this time, only Tang Yuwen speaks first, and others will follow suit, and this is indeed the case.

"I think there is nothing wrong with this company. It focuses on its main business of construction and construction, and its business is spread across the country. In the past three years, its orders and revenue have maintained steady growth, and its sustainability is not bad."

Immediately afterwards, two other male credit analysts also expressed their opinions.

"After taking a look at the cash flow statement, Kangyang Construction's net cash flow from operating activities is very stable, and the coverage of interest expenses is relatively good. There is no problem with its solvency. The bonds we want to invest have a one-year term. I think

The risk is controllable and it is investable.”

"Mr. Ling, I have noticed a problem. The scale of Kangyang Construction's project receivables has continued to expand in recent years, and the payment collection cycle is also lengthening. This is likely to hinder the company's liquidity in the future."

Ling Yi raised his eyebrows and looked at the male analyst, "Then what is your conclusion?"

The male analyst thought for a while, then hesitantly said: "I think the risk of one-year bonds is actually not big, and it is still controllable. After all, this company is an old construction company, and it also has a large-scale bank credit.

, it’s no problem to repay open market bonds, so I think it’s an investment.”

Ling Yi's eyebrows were tangled, with a hint of irritation between his brows. He asked slowly: "So, everyone's opinion is that this debt of Kangyang Construction can be invested?"

The atmosphere in the room suddenly became extremely dull, making people breathless. Everyone was trying to figure out what Ling Yi meant.

I have to say that Chen Lu has some talent for comedy. When no one dared to say anything, she suddenly took a deep breath, exhaled, and then burped.

In the silent conference room, only the sound of her burping echoed.

Ling Yi pouted in dissatisfaction. He stared at Chen Lu and said, "It seems that our intern wants to remind me that you two haven't expressed your opinions yet! You two have been listening for so long, so tell me.

Have an idea."

Chen Lu saw that Ling Yi's expression had changed a bit, as if he was trying his best to control his anger, and she suddenly felt bad because she had offended this evil god again.

She was so frightened that she stopped burping instantly.

"I...I also think I can vote." She whispered.

"What's the reason?" Ling Yi chased after him.

Chen Lu thought for a while, but still felt a little unconfident. She replied in a low voice: "Kangyang Construction has a special qualification for general contracting of housing construction projects and many other related qualifications. The qualifications are relatively good. Moreover, this company has a long history of development.

, has won more than 1,000 honors, especially the Luban Award, Magnolia Cup, etc., which have great influence in the field of construction. In the construction industry, it has a high market reputation. In addition, Kangyang Construction is famous for its achievements in East China in Zhejiang and Shanghai.

The market layout is focused on the market, with the Northeast, Northwest and South China as the supplementary ones, and the main business capabilities are outstanding."

Ling Yi smiled, and the expression on his face made people wonder what he was thinking. He said playfully: "Hey, I don't think your idea is suitable for credit reviews. You seem to be doing acquisitions.

?」

Immediately, he stopped paying attention to Chen Lu and looked at Song Hewan, "What about you, tell me, don't be silent."

Song Hewan sorted out her thoughts. She just glanced at the financial report and the prospectus. For now, she just wanted to briefly talk about it. So she first expressed her opinion, "I think Kangyang Construction is not an investment entity."

As soon as he finished speaking, several senior analysts who were looking at the computer all looked at Song Hewan. Tang Yuwen, who had been busy looking at her phone to reply to her mother-in-law's WeChat message, stopped and looked up at her.

"Please tell me your reasons." Ling Yi's tone still made it difficult to guess what he was thinking.

"First, in May of the previous year, the one-year corporate bond issued by Kangyang Construction was notified by the exchange due to illegal use of raised funds and inaccurate information disclosure in the prospectus. Although the bond has been redeemed, I checked and found that this

However, 1.5 billion yuan of the funds raised from the bonds was transferred to an unrelated party company of Kangyang Construction. The boss of this company is the wife of the actual controller of Kangyang Construction. I speculate that there is a suspicion of transferring assets."

"Secondly, almost all of Kangyang Construction's construction engineering business is carried out through internal contracting. This model is simple and easy to implement. If managed properly, Kangyang Company can actually obtain profits without any investment (or less investment).

Management fee income. However, I think there are certain deficiencies in Kangyang Company’s internal risk control mechanism. His business layout is too broad, and it is actually difficult to effectively control the engineering projects undertaken by branches other than traditional core areas. In the past five years,

There are many such news. Due to market reasons and the project manager (actual constructor)'s own reasons, project losses occurred, and project funds were misappropriated and evaded. The project manager (actual constructor) was evading funds or project losses.

After that, he gave up and ran away, and the corresponding losses were passed on to Kangyang Company."

"Third, this is actually a continuation of the second point. Combining the amount of pending litigation disclosed in the news, the Judgment Documents website, and the prospectus, and comparing it with the financial statements, I found that there is a big discrepancy in this part of the amount, which is not stated on the statement.

So many. This shows that the authenticity of the content of this company’s financial report is questionable.” New

"To sum up, I think it is not investable. In addition, there are some things that I think are strange, such as accounts receivable and payable, paid-in capital and other aspects, but I have not looked into it so deeply at the moment, and I need to study it carefully.

.”

Song Hewan was talking eloquently, and Tang Yuwen stopped everything she was doing to listen and compare what Song Hewan said. After a moment, she showed an expression of disbelief.

It was a kind of uneasiness, a kind of panic.

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Chapter 55 Jury Meeting is free to read.