What small scattered people are most afraid of is meeting rogue listed companies. They sold their shares through various fraudulent means to defraud the hard-earned money of minority shareholders. Analysts often encounter such unscrupulous companies. The writer was an analyst at UBS. In his new book "Avoiding Landmines in the Stock Market", he tells several cases he encountered in his work. Text/Zhang Huaqiao Six China stories, the same "gutter oil culture". From these stories, you can see how the bosses of listed companies cheat shareholders. A pharmaceutical company. 200 1 year, the business is fragmentary, and the market value is only HK$ 700 million. The chairman used to work in the central ministries and commissions, which was related to oil import. I'm the research director of UBS. One day, he asked someone to invite me to dinner. After dinner, the chairman said that last week was his birthday and he wanted to give me stocks as a gift. I was shocked! I'll say it right away. Whether you said it or not, I didn't hear it. Because you say so, I will never study your stock! Later, I completely forgot about it. His company has closed down, and I don't know how many shareholders have been hurt. Glass factory. It was listed in Hong Kong in 2004. How magnificent! Three investment banks carried sedan chairs. In the following year, I contacted my secretary more than a dozen times and wanted to see it. However, the company always shirks. Why? Because in 2002, I fought against two rotten companies (Greencool and Eurasia Agriculture), some Hong Kong media called me a "fake hero". Companies with problems are afraid of me going. Until today, I haven't met the management of the company. Of course, I don't need to see it: three years ago, it had a big problem and was being liquidated. An aluminum product company. The president is an old colleague of my investment bank. Their story has been widely known: buy aluminum, process it, have a fixed gross profit margin, and then "sell it at the right price." Although the story is not wonderful, it is passable. In 2003, I also organized several luncheons for the company (meeting with fund managers). I made a profit forecast for 2004 and wrote a report. My recommendation is of course "buy". After more than a month, the company announced its performance and its performance plummeted! I broke my glasses! Why? Their gross profit margin is completely unstable! Management has been lying. Maybe they lost a lot of money on aluminum futures, so they had to cover it up with a sharp drop in the gross profit margin of product processing? In addition to accusing the management of cheating at the analyst meeting, I also wrote to condemn them. A week later, I announced that I would no longer study this stock. Three years later, the company was heavily in debt and went bankrupt. Food distribution company. In 2004, it was solemnly recommended for listing by several investment banks. The stock price soared. The company also issues new shares and convertible bonds. In 2005, I accompanied fund managers to visit their restaurants and super canteens many times. They claim to provide lunch boxes for millions of workers. Customers include TCL, Haier, Hon Hai and a large number of office white-collar workers. How big is the canteen that cooks for millions of people! Although the company says that their canteens are distributed all over the country, it is said that there are also 500,000 people cooking in Shenzhen! I can't see a busy chef, and I can't see a stream of trucks (or dining cars). The company said I went at 9: 00 in the morning, which was too early. So, when is the busiest time? 1 1 point? All right! I'll go at 1 1. Still barren. I called Hon Hai and they said they didn't use the company's food delivery service. I questioned the CFO of the company, and he replied, "Oh! We have delivered meals to Hon Hai before. If you are too busy now, you will no longer serve them. " I was unhappy, so I asked Hon Hai if it had used this company's food delivery service before. The answer is no, and I am even more angry. Ask the CFO of the company again. He said, "I'm sorry, I remember wrong." Besides, their rice warehouse is pitifully small. CFO pointed to a pile of rice in the middle of the warehouse and said, "That's our rice." I estimate that their warehouse in Shenzhen needs at least 400 tons of rice every day. I have cultivated fields and sold rice, and I probably know what 400 tons is. CFO is completely lying with his eyes open. Pharmaceutical factory In 2003, when I was studying in Wudaokou, Beijing in the 1980s, an alumnus colluded with the management of this pharmaceutical factory to make a fake. His name is "ex-brother and post-brother", which is very sweet. Later, I arranged for this company and several other pharmaceutical companies to go to Singapore for roadshows. I don't know why, but I feel inexplicably sad: Do I really know these companies? Am I helping the bad guys or the honest enterprises? A few months later, I heard that this company doesn't even have a factory. I cursed my brother for being dishonest. He tried to protect himself. One day, the stock of this company plummeted by more than 90%, and then the demon fire went out. The amiable chairman was never seen again, and my brother was gone. A Chinese medicine company. 20 10, I took my colleagues to visit when I was an investment bank in Swiss bank. We hope to establish a relationship with them, and take shares or do other business in the future. The chairman's enthusiastic explanation and display left a deep impression on everyone. Suddenly, the chairman carefully took out a yellow thread-bound book wrapped in three layers of silk from the safe. The pages on the outside of that book are all broken, rotten and rolled up. I can tell at a glance that it is an old book, a very old book. Although he is basically uneducated, the chairman doesn't know where he got his doctorate in medicine. I heard that his company is still applying for a postdoctoral mobile station. He is also a doctoral supervisor in several universities. I have an inexplicable contempt for the title of doctoral supervisor in China, just as I despise my own title of managing director. I know this mental state is unhealthy, but I have covered it up very well. The Chairman described with great interest the glorious history of his ancestors learning herbal medicine and aromatherapy techniques from Wu Tianyu, a traditional Chinese medicine practitioner, in the early Ming Dynasty. The vertical pages and the dense text are all shining with wisdom. Of course, the chairman is just dangling in front of our eyes and won't let me wait and see carefully. However, I am suspicious by nature, otherwise where did I get the title of "Hong Kong anti-counterfeiting hero"? At first glance, I saw in the middle of the book "the east wind blows and the drums beat." Who is afraid of who in the world now? " Sentences like this. I almost cried out: Isn't this a sentence from the Cultural Revolution? I put a little pressure on the chairman. I asked him why he "mixed" the pages of the Cultural Revolution in such a precious treasure handed down from generation to generation. The chairman seemed to understand my irony and called everyone to the next study for lunch. Although it is known that this company is a liar, lunch is still held in a relaxed and happy atmosphere. A year later, the company's deception began to be suspected by many media. It is difficult to maintain the situation mainly by a few beautiful women and dancing and screaming who are not very handsome. Now the stock price has fallen by more than 80% from its peak.