Chapter 1 Preparatory Work

As a main trader, he plays a vital role in planning a project and grasping the general direction of a project. The success or failure of the project is closely related to the correctness of the main operator's planning and decision-making. Before and after the planning of each project is established, it should be repeatedly reviewed and demonstrated: including unpredictable risks and risk response measures that may occur in the future, including the feasibility study report of the project and the demonstration of the report, to the source of funds; From the source of funds to the reasonable and scientific arrangement of the distribution of funds.

Then, what the main trader of the institution needs to do is to conduct further detailed research on the general trend and policy aspects, and then conduct detailed and detailed planning of the project. In this way, a large overall conceptual framework has been gradually established. Once the large-scale framework of the project is established, it will generally not be changed easily. In the rest of the specific operation process, the finishing touches should be assisted by traders or main traders. They should operate flexibly according to market popularity and local environmental conditions, and strive to make the project the icing on the cake during the operation. The unique function of a wonderful touch (for those who have strong funds, no experience in bankrolling, or losers in bankrolling, the author recommends finding an investment consulting company with a good reputation to act as an agent for bankrolling planning).

This is like the construction of a building. First, detailed construction drawings must be made to arrange the height, structure and construction progress of the building. After the general direction is fixed, no matter how the construction is carried out, it must be based on the detailed construction drawings. There may be some flexibility during the actual construction process, but it must not deviate from the general direction. The same is true for the main trader. In the operation of every detail of the project, he should choose the corresponding method according to the market popularity. Without affecting the larger operational framework of the project, he should strive to use the method to its fullest extent to achieve the purpose of operation. . For example, when the stock price is at a high level, we should fully mobilize the greed of market participants and open up their imagination; when the stock price is at a low level, we should make full use of the fear of market participants to make them feel that there is still sufficient room for the stock price to fall, forcing them to They hand over cheap chips.

Section 1 Sources and Allocation of Funds

For a major trader, properly arranging the sources of funds is also a required course.

According to different customers (such as large individuals, institutional investors, listed companies, banks, etc.) and under the premise permitted by my country's current laws and regulations, reasonable capital arrangements are made:

1. Adopt reasonable response strategies to the funding sources of large individuals and institutional investors. The proportion of self-owned funds among these customers, and the corresponding part should be allocated to the strategic position building part in project planning. They come from banks. Or the proportion of the corresponding part of the funds where there are uncertainties in other channels such as customer margins, should be allocated to the rolling pull-up part with strong redemption ability. The remaining risk response funds are used to guard against various risks that may arise during the operation. Unpredictable risks of the channel.

For example, in 1997, a securities company misappropriated a large amount of customer deposits to participate in stock speculation. After the stocks were trapped, it was unable to exit, which triggered a conflict between the customer and the securities company, which directly led to the regulatory agency’s suspicion of the securities company. Investigate and impose penalties for violations. There are numerous such examples.

2. For listed companies, regardless of their own funds, or funds raised from allotment, or listing, must be through their reasonable and legal channels, and can be displayed on the financial statements of the listed company For normal outflow. This kind of capital outflow often takes the form of holding a large proportion of shares in investment companies or securities firms, and holding assets and cash custody in an effort to make the outflow of capital reasonable and legal. For equity holding funds, since there is no conceptual limit on time, they should participate in lock-up or strategic position building operations to the greatest extent. For funds with many uncertain factors, they should be used to continuously increase the stock price.

For funds flowing out of assets, cash custody and other means, they should be reasonably arranged according to the length of time. Longer periods should be used to lock positions and strategically build positions. Shorter periods can be used to participate in buying low and selling high, and rolling up the stock price. .

For example: During the bull market in 1997, a listed company misappropriated a large amount of raised funds in violation of regulations, speculated on its own company's stock, and launched a high-proportion bonus (10 bonus) when the stock price reached its peak. 10) plan, after the ex-rights, under the direct control of the company, the benefits continued, and the stock price continued to rise. The main players successfully exited with huge profits, and the bookmakers began to backhand short selling, in order to cause the stock price to fall (to prepare for the next wave of market conditions), When the main force used the few remaining chips to suppress the stock price, it was caught by the regulatory agency. This kind of self-directed and self-acted behavior was personally caught by the chairman. The mentally retarded behavior of "being tough on both hands" eventually became the director's fault. The direct trigger of Chang Cang Dang’s imprisonment.

In recent years, the vast majority of listed companies have paid more attention to risk control (from regulatory agencies’ supervision of market violations) when speculating in stocks. They often adopt a flexible and changeable form, establishing subsidiaries of various names and natures (such as investment companies, capital operation companies, other industrial companies, etc.), and then these subsidiaries will establish subsidiaries, or jointly establish subsidiaries with other companies. company of its generation. In this way, through related transactions, the funds raised by listed companies are transferred layer by layer and gradually settle in the hands of these children, grandchildren's companies, or joint ventures, and then they turn around to choose the right time to gradually invest in the secondary market. Collect circulating chips. After the conditions are mature (when strategic position building and lock-up are completed), the listed company will gradually release news (good or bad) according to the situation, and (other media can also be used) to cooperate with the main force to take the market position. In this way, no matter the outflow of funds reflected in the financial statements of the listed company or the source of the profit of the listed company, there will be an entry and exit channel that can be reasonably legalized at least on the surface. (Of course, you can also use other more methods and channels to create some more complex capital outflows and inflows to evade management supervision. Due to time and space constraints, here is just one example. In particular, it is worth noting that the amount of cash or asset custody should not be too large. The main trader should strive to reasonably allocate most of the funds in the project planning, leaving only a small part for cash custody. . Recently, we have discovered that many listed companies, perhaps due to time constraints (or perhaps omissions in planning), frequently put into custody the hundreds of millions of funds they have just raised with great efforts on a large scale. This cannot but be It has aroused high vigilance and attention from investors and regulators.

3. For funds from large individual investors or institutional investors, or private equity funds secretly developed by listed companies, if the signing period takes a long time, it is advisable to participate in lock-up or strategic position building actions. If the time is short, it is advisable to participate in rolling stock price increases in order to have a stronger ability to cash out in the future.

As far as the author knows, when a major trader was trading a certain stock a few years ago, at a critical moment on the way to its rise, a certain large fund suddenly proposed to withdraw its capital for special reasons, resulting in an extremely tight liquidity. , had to stop trading, which directly affected the implementation of the trading plan to a certain extent, delayed the best opportunity for promotion, and resulted in a significant increase in the cost of establishing a bank.

4. Funds from banks.

When conditions are mature, subsidiaries established and initiated by listed companies can also guarantee loans to each other, raise funds from banks or trust investment companies, and then put them into project operations. After the stocks are speculated to a high level, these stocks are then used for repeated mortgage financing. Although this method is more effective with half the effort, it is only suitable for sole banker behavior in the process of setting up a banker. If it is a multi-banker behavior, once the binding force of the agreement is not strong and one of the parties unilaterally breaks the contract, it will cause the failure of the entire plan. The consequences are disastrous! During the operation of the project, the periodicity of stock mortgage financing funds and the connection of subsequent funds should have a high level and a scientific overall plan. If any of the links cannot be smoothly connected and coordinated as planned, it will directly affect the smooth implementation of the entire banker plan, and even seriously shake the entire banker plan.

The importance of the source and allocation of funds can be seen from the collapse of the Chinese Science and Technology Department in the early stage. The subsequent speculation funds of the Chinese Science and Technology Department came entirely from bank mortgage loan funds with uncertain factors. . Moreover, it was a multi-banking behavior. When one of the parties unilaterally broke the contract, the bank's large-scale liquidation behavior in order to ensure the safety of its own funds directly triggered the collapse of 0048 Zhongke Entrepreneurship. Therefore, during the trading process, we must pay attention to the source of funds and their reasonable and scientific allocation.

Section 2 Distribution of Funds

After the above allocation of funds, the following will enter the distribution status of funds:

According to my country’s current policies and regulations, institutions If the number of shares held by an individual's account exceeds the circulating market by more than 5, he should raise his plate as soon as possible, which increases the difficulty of holding trading for a main trader. But these cannot prevent and restrict the behavior of the main traders. The main traders can still resolve and disperse this restriction through various means, reasonably distribute the funds, and use different time periods (such as before and after the annual report and the mid-term report) to adjust according to their own needs. If necessary, constantly concentrate and disperse the chips on each account to create the illusion of opening positions and shipping. They often use various forms to collect ID cards from different regions and with different surnames, and use multiple accounts to separate positions while the ownership of the funds remains unchanged. The laws and regulations used to restrict and combat stock price manipulation are reduced to a piece of paper.

As the saying goes, if the Tao is as high as one foot, the devil is as high as one foot. This is also the shadow of the illusory main force that many retail investors often see in the top ten shareholder structures in annual and interim reports. Some of the individual investors who are squeezed into the top ten shareholders may be penniless. , some may have been dead for a long time, or some may have just reached adulthood and have become well-known rich people in the minds of many retail investors. As a main trader, you should try your best to avoid account types with the same surname and similar names. Because the existence of these accounts is likely to trigger the imagination of regulators and investors.

(For example, among the top ten shareholders of Luneng Taishan 0720, there are shareholders with similar names such as Wang Daolian, Wang Daoke, and Wang Daoyin, and their shareholdings are surprisingly similar, all 1.17 million shares. This can easily make investors think of three brothers and sisters, giving investors the impression that the main force is a family workshop-style capital distribution layout similar to that of a handicraft workshop. Whether it is a fake or real main force, it is easy to expose the target) .

There are also some institutions that have become investors or regulators, which have caused investors or regulatory agencies to be highly vigilant. This is largely due to this reason (for example: 0821 Jingshan Light Machinery’s 2000 interim financial statements show that among the top ten shareholder structures, The 6th; 9th; and 10th major shareholders are respectively the Wuhan Sales Department of Junan Securities Co., Ltd.; the Haikou Haixiu Road Trading Department of Junan Securities Co., Ltd.; and the Shenzhen Liaocheng Trading Department of Junan Securities; this cannot but dissuade investors. Think about who is the main banker with the management.) In short, the wider the geographical distribution of the positions, the more complete the surnames on the account, and the lighter the positions, the better the concealment. The size of the position distribution is directly proportional to the size of the circulating market and the market value of the individual stock. For example, usually smaller circulating markets and stocks with mid-priced market capitalization only require more than a hundred accounts to handle.