Editor Yang Jie
Xu Xiang should have never thought that after so many years in prison, there would still be achievements in crushing his peers. Because the shady capital market is on the hot search, the role is "pimping".
These days, the capital circle is very popular. A private equity investor named Ye Fei. As early as May 9, Ye Fei publicly reported to the listed company Zhongyuan Home Furnishing (603709. SH) Weibo said that the trader found by the latter's market value management failed to pay the final payment to the next home (the takeover party) in time, and because the share price of Zhongyuan Home Furnishing continued to fall, the managers in Public Offering of Fund and the brokers involved suffered huge losses in asset management, so it was difficult for them to explain to the next home as an intermediary.
It can be seen that Ye Fei has no patience with the "black eating black" phenomenon that he broke the news, but the judgment of the outside world is mostly "larger foe", so it is difficult for him to get away with it. Some lawyers pointed out that if the stock price is manipulated, both the listed company, the middleman and the receiver should bear legal responsibility.
But compared with the consequences of listed companies and Ye Fei, investors are more concerned about their own money. If Ye Fei's disclosure is true, investors and citizens will be the ultimate payers of this matter, while Ye Fei said that at least 18 listed companies will be disclosed one after another, which aroused investors' greater curiosity and anger towards relevant institutions. However, some insiders told AI Finance that such incidents are not the mainstream. "I have heard of them but I have never touched them, and I have never seen such a bad phenomenon."
Market value management has become a "black eat black"?
Reporting incidents continues to ferment. Although Zhongyuan Home Furnishing responded quickly after receiving the inquiry from the Exchange on the evening of 13, it denied the so-called "market value management" and said that it had no acquaintance or contact with Ye Fei and his "home" Pfeiffer. However, the listed company's share price opened sharply lower in early trading on Friday, and finally closed down by 3. 14%.
Prior to this, Ye Fei said at the Weibo that if the chairman and secretary of Zhongyuan Home Furnishing failed to contact him in time and did not deal with it seriously, but breached the contract or continued to defraud him, he would report his real name to the China Securities Regulatory Commission.
According to the information released by Ye Fei through the Internet and the media, the purpose of this transaction is that the traders of Zhongyuan Home Furnishing are trying to find funds to control the shares of listed companies, so as to further boost the company's share price. Ye Fei is just a middleman in the whole incident. His last company was Liu Peng from Qingdao Sales Department of Shenwan Hongyuan. At that time, he told him that "this single business is very reliable", but in the end, not only did he not get the agency fee, but his next company, Public Offering of Fund and brokerage asset management, also did not get the final payment.
Because of this, Ye Fei also had an economic dispute with a "trader" named Pfidi, and was taken to the police station in a hotel in Futian, Shenzhen at the beginning of this year because Ye Fei "temporarily detained" Pfidi's bank card and ID card.
The authenticity of the report is still difficult to determine, but many market participants have said that the content of the report basically conforms to the common stock sitting mode in the A-share market. The so-called "party" is also the "banker", and all parties collude to manipulate the stock price, and finally it is called "market value management".
In the A-share market, investors' speculation about "sitting in the village" is not new, but there are not many really open behind-the-scenes details, which is also the main reason why Ye Fei news can be "hot". According to insiders, under the general mode of sitting in the village, when the dealer manipulates the stock price to a high level and needs to ship or continue to pull up, he will find other powerful fund-raisers and traders to buy the stock, and pay the receiver according to a certain proportion.
Ye Fei also broke the news to the media that middlemen and agents can get a part of the agency fee, but the bulk still belongs to the agent, and the middlemen get between 5% and 1%.
Although Ye Fei has been in the private equity circle for nearly twenty years, he still miscalculated this time. After meeting the stall owner for the first time, Ye Fei found that the middleman may be more than Liu Peng, Liu Peng and himself, so the total agency fee given by the other party far exceeded this ratio.
If all goes well, Ye Fei and Pfeiffer don't have to meet, and the whole process is an oral agreement. Some insiders also revealed to AI Finance and Economics that all parties involved in market value management will also choose "physical isolation" in order to avoid supervision. However, as the share price of Zhongyuan Home Furnishing moved backward, the balance of the offer stood up, and it was difficult for Ye Fei to explain to the next family he was looking for.
Private equity champions are good at "pimping"?
With such a toss-up, Ye Fei became a "red man" in the capital circle, and he himself exposed more inside details in Weibo, saying that he "has hundreds of grams of materials, which is estimated to be exposed in 40 days."
Just as Ye Fei's Weibo's name is "Ye Fei Private Champion", he is indeed a "Private Champion". Ye Fei 1994 started stock trading, engaged in private placement in 2003, and was also a long-term special financial securities lecturer of CCTV Securities Information Channel. In 2007, he won the first place in "China Stock Market Folk Masters Competition".
On 20 10, Ye Fei, who idolized Xu Xiang, founded his own private permanent investment. Its product "Eternal Yali No.3 Fund" achieved a yield of 35 1% in the first half of 20 15, and was rated as "the champion of the stock strategy group of Sunshine Private Equity Fund in the first half of 20 15" by the institution, while its idol Xu Xiang only achieved 15 in the same period.
Also in June this year (1 1), Xu Xiang was taken criminal compulsory measures by the public security organs for allegedly violating the law and committing crimes. This is another story.
Despite the stock market crash of 20 15, Ye Fei's products still achieved a profit of 200%+ during the year, reaching the peak of its investment. However, during the fuse period of 20 16, the monthly net value of eternal investment reached 45%, and the eternal investment was directly cancelled on 20 19.
Ye Fei has a bad reputation in the capital circle. On September 20 15, Ye Fei, who just won the champion of private placement, began to teach people how to trade stocks, targeting a group of high-net-worth EMBA students. As a result, many EMBA bosses have suffered huge losses of hundreds of millions of yuan, and the tuition fees paid by the bosses for this loss are not low, and the training fees are often hundreds of thousands or even two hundred thousand. In the following comments that Weibo broke the news recently, many netizens told him about it.
In addition to Zhongyuan Home Furnishing, Ye Fei also mentioned listed companies such as Visionox, Haozhi Electromechanical, Longji Machinery and Oriental Fashion in the news. The response of some companies is basically similar to that of Zhongyuan Home Furnishing, to the effect that they don't know and have never contacted Ye Fei. In this regard, Ye Fei did not forget the last time he threatened to expose similar inside information of at least 18 listed companies on social platforms.
Ye Fei claimed that Xu Jianhua, general manager of Huayu Mining, had twice reported illegal stock recommendation and market manipulation, and said that the company had been "ST" at present, and the information released by it had been accepted by the CSRC. However, from the reasons, the company was "ST" because the related party transactions were issued by the audited institutions with non-standard opinions, which were not directly related to the reported events.
Judging from the public information, Ye Fei's capital record is not "clean". He has been in the private equity circle for more than 20 years and is already familiar with the line of "pimping". Also in September, 2065438+2005, Ye Fei, who just won the championship, received a ticket from the Securities and Futures Commission. Because of its manipulation of shares of Xinwei Group, Jinxi Axle, Jianghuai Automobile, Autoxun and Zhongqingbao, all the proceeds were confiscated and fined 199 13700 yuan, totaling more than 26 million yuan.
With the increasing exposure, Ye Fei also mentioned this matter in the Weibo recently, saying that he was "undercover" with his own money at that time, and his lawyer complained unsuccessfully for six years.
In the process of breaking the news, Ye Fei also exposed the personal information of the above-mentioned related parties Pfidi and Liu Peng, of which the latter said that he had contacted a lawyer on this matter.
Sickle and leek
Market value management is a way for regulators to encourage listed companies to protect shareholders' rights and interests, expand and strengthen their business and improve their core competitiveness. But in the end, it was "played" by capital players and became the carrier of interest transfer and stock price manipulation.
In addition to the intermediary ABC involved, this time Ye Fei also "pulled down" Public Offering of Fund and brokerage asset management. This also means that the final bill will be paid by countless investors and citizens.
Ye Fei found two agents, one is an insider of Public Offering of Fund and the other is an insider of securities management. They are planned to be held with Public Offering of Fund funds and brokerage asset management funds, from which individuals can earn rather than hold fees. However, after the transaction, the share price of Zhongyuan Home Furnishing did not rise by 30% as promised orally (Ye Fei said unilaterally), which made the acquirer miserable as soon as it started.
On the trading day of March 3 1, Zhongyuan Home once fell to the limit, and finally closed down by 8.82% when it opened about 5% higher. Ye Fei said that in the end, Public Offering of Fund didn't buy Zhongyuan Homestead because of intraday limit, and the brokerage asset management bought more than 654.38+0.5 million.
After two trading days, the stock continued to fall. Ye Fei said that due to the requirements of institutional risk control, brokers finally closed their positions and stopped losses.
Prior to this, Zhongyuan Home Furnishing was a typical target of "killing pigs" in the A-share market. What investors heard most was "recommending stock group teachers" and other means of cutting leeks. From April to May of 20 19, the share price of Zhongyuan Home Furnishing fell from 48 yuan to 26 yuan, with a drop of more than 45%. From March to May, 2020, the company's share price fell from 39 yuan to 23 yuan, with a drop of more than 4 1%. From August to September, 2020, the company's share price fell from 36 yuan to 25 yuan, with a drop of more than 30%.
Every time, the share price of Zhongyuan Home Furnishing is characterized by rapid rise, heavy volume and continuous down limit.
Ye Fei said that he still chose to protect the public offering and brokerage asset management that participated in the takeover, but did not disclose the name of the institution. However, some people in the fund industry revealed to Ai Caijing: "Generally, large fund companies will not do (such transactions). For millions of black money, most of them are small funds. "
As we all know in the industry, compared with private placement, Public Offering of Fund has stricter risk control over transactions. It is a routine measure to hand in the fund manager's mobile phone and monitor the trader's specific trading room all day. Therefore, some public fund-raisers expressed doubts about Ye Fei's suggestion that the controlling party make a purchase in the hotel.
Previously, Zhongyuan Home responded to the media, and Ye Fei did not produce any strong evidence, saying that he had touched porcelain. Some people in the capital market speculate that if Ye Fei's report is true, either the seller broke his promise and wanted the middlemen and the acquisition institutions to suffer a "dumb loss", or the dealer found someone to take over the offer in the name of shipment.
A list of the top 200 shareholders of listed companies mentioned in Ye Fei's report is the most powerful evidence of the former speculation. According to an insider of a listed company, this list will be published three times a month (as of the last trading day of last month, this month 10, this month's 20th). It is reported that the recipients of "market value management" of listed companies often have to buy on the day before the roster is announced, so that the recipients can confirm the transaction the next day.
As for the channels for obtaining the roster, the aforementioned person said that listed companies need to download the electronic roster from CSI official website, and shareholders can check the electronic roster in the listed company's office with their shareholding certificates, but they can't take photos or print them away.
This also means that the "paper version of the top 200 shareholders list" that Ye Fei saw is probably the disclosure of the shareholders list of Zhongyuan Home Furnishing. In its reply to the exchange, Zhongyuan Real Estate explained that in order to issue convertible bonds, the company presented some shareholder lists to two intermediaries.
In the latest external voice, Zhongyuan Home Furnishing said that the company has actively communicated with the Zhejiang Securities Regulatory Bureau, the Exchange and other regulatory agencies on related matters, and has reported the case to the public security organ on the grounds of Ye Fei's libel.
Lawyer Zang Xiaoli of Beijing Law Firm told Ai Finance that the so-called "market value management" is actually to control the stock price. If it is implemented, listed companies, intermediaries, and receivers will all bear legal responsibilities, and it is not based on whether they are profitable or not, even if listed companies finally prove that they have nothing to do with the company.
"But it depends on whether Ye Fei can provide further strong evidence, including agreements or recordings." Zang Xiaoli said, "According to Article 192 of the Securities Law, the CSRC has the right to impose penalties. If the circumstances are particularly bad, criminal responsibility shall be investigated. Xu Xiang is a typical case. "