The Case of "Zhongke Venture" in the History of Securities (1)
◆ Wu Xiaobo
In 2007, China stock market ushered in the hottest bull market in history. At this time, reviewing some special moments in China's securities history,
Very necessary. It is recorded in the book The Great Failure Ⅱ (Zhejiang People's Publishing House, April 2007) newly published by Wu Xiaobo, a financial writer.
With regard to the case of "Zhongke Entrepreneurship", this paper reviews the era when the bookmakers danced wildly from a new perspective.
Zhu's close contact with Mr. K.
1998 One autumn day, Zhu flew from Shenzhen to Beijing to meet the most important person in his life.
Zhu's name is Zhu, and he is a famous stock market expert in the south. He doesn't have much education. In his early years, he drove a big loading and unloading truck on the construction site.
Around the 1990s, I made some money by subscribing for stock warrants, and I have been hanging around in the stock market ever since. His eye for stock selection was poisonous and he gradually made money.
Earned a lot of money and became one of the earliest billionaires in Shanghai and Shenzhen stock markets. 1996 or so, the wind of manipulating stocks gradually rose, and some people established themselves by eating stocks.
Warehouse, manipulation of the stock price made a fortune, and Zhu also moved this idea. He took a fancy to a Shenzhen stock called Candal (stock code 0048).
Tickets. Originally a chicken company in Baoan District, Shenzhen, it supplied most of the live chicken market in Hong Kong, with stable business and fair benefits. 1994.
After the listing, it was tepid. Zhu was familiar with Bao 'an District, and thought he might be a farmer, so he quietly bought Candal shares in the secondary market.
In less than half a year, it has accumulated tens of millions of shares, accounting for 90% of Candal's outstanding shares. Zhu spent 200 million yuan on this, more than half of which was his.
A small part of our property is borrowed at a high interest rate. Just when Zhu wanted to roll up his sleeves and fry Dahl, 1997, the port was suddenly attacked by "birds"
When the "flu" struck, Candal's business was paralyzed, and its share price naturally sat on the slide, from the highest 15.40 yuan.
One share plunged to 7 yuan, with a drop of more than 50%. Zhu stuck all the 200 million yuan in it. He told people in dismay: "In
1997, except those chickens that were killed, I am probably the most unfortunate in Shenzhen. "
Zhu went to Beijing for his last struggle. The person he wanted to meet was Mr. K. Mr. K's name was Lvliang, and he often used this antique.
Strange name. Write some stock review articles in the securities media. In fact, his real name is Lu Jianxin. He wrote novels, played painting and published works in his early years.
In Harvest. 1992, Lvliang went to Shenzhen to explore the world. As soon as he got there, he met the subscription card storm in August, and millions of investors flocked to him.
However, in Shenzhen, there was a collective riot because of fraud. In this storm, Zhu colluded inside and outside and seized tens of thousands of forms to subscribe for lottery tickets.
Just dug the first bucket of gold. Lvliang is still a curious bystander. In those days, he excitedly ran from one subscription point to another.
Interviewed many investors and wrote a long documentary report "Millions of investors" speculating in Shenzhen ". This was China's most vivid description of the Shenzhen incident at that time.
Dozens of newspapers in China have adopted this manuscript. Lvliang became a frequent visitor to Shenzhen Stock Exchange, but he didn't make much money. fast
Then he returned to Beijing. It seems that he has bad luck in making money. At first, he saved millions and turned them into futures, only to be smashed in.
After playing for two years, I owe tens of millions of debts. Starting from 1996, he simply set up a Mr. K's studio and used K frequently.
Mr. Wang writes stock reviews under a pseudonym, and at the same time guides others in stock trading. As for why he got such a strange name, he has two explanations: first,
The stock market chart is also called the K-line chart; Secondly, K is the initials of KING, implying that he is the "king of stock review".
When Zhu went north to look for Mr. K, he was studying the stock bible of Warren Buffett, the second richest man in the world. flaxen
Especially the contemporary "stock god". He founded a private equity fund company called Berkshire Hathaway, which started from tens of thousands of dollars and developed into ownership.
23 billion dollars financial empire. His stock has risen 2000 times in 30 years. Mr. K said to Zhu, "I want to learn from Buffett, in China."
Be the first private equity fund company. "Said to Zhu," I will cooperate with you, so let's start from Candal.
In Mr. K's view, although Candal is a "plague chicken stock", it also has its own advantages: First, its circulation is small and its acquisition cost is low.
It is easy to fry; Secondly, Zhu, who was in trouble, basically controlled all the dishes.
Mr. K signed an agreement with Zhu. He will organize funds to take over 50% of Candal's tradable shares in Zhu's hands, and Zhu will cooperate for a long time.
Lock the warehouse, but also help arrange the purchase of some state-owned shares of Candal, and finally realize the control and reorganization of the company. Zhu Xiang promised that no matter what the stock price is in the future,
No matter how it goes up, he will transfer his stock to Lvliang at the agreed price of 13 yuan. The cooperation goal of this strategic investment is five years.
Zhu, who was trapped to death, was treated as a dead chicken without changing a word of the agreement. In this way, in a dry and cold winter, 200 million people were trapped.
Yuan Zhu and debt100000 yuan Mr. K came together. No one would have thought that both of them looked unlucky and down and out.
Will set off an unprecedented confrontation in the China stock market.
Magical Xiaoding
Mr. Wang and Zhu want to make a difference in the stock market, but they still need a pragmatic and professional super trader. This man is Xiaoding.
Ding Fugen is one of only two employees in K research room. Birth 1965. He has a super IQ, excellent memory and is good at calculating, right?
The figures are almost unforgettable, and more importantly, he has an unusual enthusiasm for securities, as if he was born specifically for the stock market. He was originally from Beijing.
A trader in a securities department, Mr. K is his client. After several years of trading, he was deeply impressed by Mr. K's ideas and stock talents.
Take it. So, he resolutely resigned from his job as a high-paying trader and followed Mr. K to run a small studio.
1998165438+1October 26th, Xiaoding suddenly received a fax, and Shenzhen Securities Business Department of China Coal Trust will transfer 2.279 million shares of Candal.
The way of management was passed to the securities business department of Beijing Asian Games Village of ZTE Trust. Intuition told him that a big play was about to be staged. Soon, Mr. K will become a teacher.
A generous project proposal was given to him. On the first page of the proposal, the first eight words are "long-term investment, long-term position". Lvliang
He used Buffett's stock value theory, which he just learned, to elaborate his efficient investment logic and put forward the viewpoint of "being a good farmer and working with small and medium investors"
* * * win, introduce the concept of American market maker. "The most attractive thing is that he gave 15% of the financing agency fee. Mr. K told Xiaoding that with this copy,
The project proposal and 2.279 million shares sent by Zhu, the studio must raise 400 million yuan within three months.
The first person Xiaoding found was Dong. This person is the general manager of an industrial development company in Shanghai. Before going to sea, he worked in the State Planning Commission.
He has deep connections in finance and industry, and most of Mr. K's tens of millions of debts are owed to him. Interestingly, Mr. K was treated by Lao Dong.
Stock market theory is also obsessed. When Xiaoding described the Candal project, he was immediately tempted and said, "I won't do anything else this year."
, aiming to find money for Lao Lu. "A week later, he brought financing of 6.5438+million yuan. With Dong's help, Xiaoding kept flying.
Shanghai and Shenzhen, negotiate entrusted wealth management business with familiar or unfamiliar securities business departments around the country. His financing agreement is basically a tripartite agreement.
That is, Mr. K's studio, investors and securities business department. Mr. K takes the stock in his hand as pledge, the business department provides guarantee for him, and the fund side operates.
According to the Ministry, one of the conditions is that it can only operate in the sales department, thus creating trading volume for it.
Under the temptation of high agency fees, things went surprisingly smoothly. After Xiaoding got a sum of money, Mr. K used the money to buy stocks from Zhu.
Tickets, and then take the bought shares to Xiaoding for mortgage financing. In this cycle, by March of the following year, Xiaoding passed the investment management.
Finance, cooperation agreements, mortgage loans and other forms, signed agreements with various groups of people 100, and invested 398 million yuan. Mr. k uses this
With money, he successively bought130,000 shares from Zhu, and transferred them to custody170,000 shares, thus achieving the established opening goal of controlling 30 million shares, that is, 50%.
Mark. According to the law, anyone holding more than 5% shares must post an announcement. In order to circumvent this clause, Xiaoding used 1500 people successively.
Accounts, that is, stocks are hidden in various accounts, and more than 80% of these accounts are sold by local securities business departments at the price of 190 yuan/shareholder card.
For him.
The Case of "Zhongke Venture" in the History of Securities (2) (with attached drawings)
Author: Wu Xiaobo Date: June 26th, 2007 Edition: B-8.
The Case of "Zhongke Venture" in the History of Securities (2)
◆ Wu Xiaobo
Mr. K's Cross-century Dialogue and "5. 19 Quotes"
Just when Mr. K gradually turned to buy shares from Zhu, he had instructed Xiaoding to operate Candal shares. At that time, Mr. K and
Zhu has controlled 58.43 million shares of Candal, and there are only 65.438+million shares of retail investors outside. For them, boosting the stock price is a good thing.
As simple as a butcher wanting to eat pig's trotters. From 1998 to 65438+February, Candal's share price fluctuated and rose, and Xiaoding was a first-class trader in the Jianghu.
On the one hand, he remotely controls the traders in the local sales department every day. Some people sell and some people take over, and make a good K-line chart, which fluctuates slightly every day.
Without attracting the attention of the regulatory authorities.
A trader named Pang Bo later admitted in court: "Lvliang and Ding Fugen's instructions are very detailed: from the opening price in the morning to a lot."
The less money is in the middle warehouse, and the more money is in the business department warehouse. In order to conceal the operation, don't dump positions too fast or too slowly, and pay attention to the daily increase when pulling up.
No more than 7%-8%. "He also described in detail the opposite scene of opening positions:" For example, if the price is set at 30 yuan, the trader will give two.
A business department holding shares and funds of Zhongke Venture calls, the quantity is the same, the price is the same, one business department buys and one business department sells. but I
Ding Fugen held the phone in one hand and told both parties at the same time that if 50,000 shares were sold by one party and bought by the other, I would say that there were 50,000 shares in 30 yuan, and the business departments of both parties.
I knew right away, because the one who answered the phone had stock and the other had money. At first, Ding Fugen and I held the phone in our hands, and I pressed Ding.
Fogan said it again with the phone in my hand, and then a man gave instructions to two phones. "
After the Spring Festival the following year, Candal's share price has been firmly standing at the price of 17 yuan.
Since March, Mr. K has begun to show his style as a super stock critic. He published one after another in the Securities Market Weekly, which has a large circulation.
Four dialogues on China's capital market at the end of the century. This is a group of stock market analysis articles with high strategic position and profound theory, absolutely
Most economic people are generally not optimistic about the atmosphere of China's capital market. Mr. K sang bad songs for the stock market with speculative language.
In this group of conversations published every two weeks, Mr. K established a theoretical basis for his stock speculation and clearly described the bookmaker.
The subject matter technique of hype. In the confused stock market, he pointed out a risky but exciting one directly and emotionally.
The development direction of the stock market. This group of articles caused a great sensation.
19 In May, that is, the first 1 1 day after the publication of Mr. K's fourth dialogue article, the Shanghai and Shenzhen stock markets blew out without warning.
"5. 19 Quote" made Mr. K's reputation as "the first stock critic in China" reach its peak. In capital market, everything is so fragile and gloomy.
On the field, people need a prophet who lets many parties win, and they are willing to believe such a prophet. Under the cover of the general trend of skyrocketing market,
Mr. K's actions to boost Candal's share price became unscrupulous, and the share price rose all the way, from 20 yuan to 36 yuan, and by July, it had jumped to.
40 yuan. In August, he organized a full-page article in china securities journal, giving a comprehensive introduction to the rebirth of Candal. This article claims that
Candal has completed major restructuring and will invest in high-quality agriculture, biomedicine, network information equipment, network telecom services and high-tech industries.
A number of emerging industries such as capital have gradually developed into.
An investment holding company with a certain industrial base. Candal has a bright future and is expected to develop into Berkshire in China-
Hathaway
The unexpected arrival of "5 19 quotation" magnified his hype effect countless times. By the end of 1999, Candal had the biggest increase in Shenzhen.
Among the top 20 stocks, the ranking is 17 and the annual cumulative increase is11%,which is completely the image of a high-tech bull stock. 65438+February, approved by Shenzhen Industrial and Commercial Bureau.
Approved, Candal changed its name to Zhongke Venture (Group) Co., Ltd.
Constructing "Chinese Department"
Zhongke Venture was founded by Mr. K in July 1999 with a registered capital of 30 million yuan, which was earned by his speculation in Candal.
. Mr. K, who has been hanging out in Beijing for a long time, is superstitious about the names of enterprises with the prefix "zhong", which sounds a bit like national enterprises. It's called.
"Zhongke" is because the chairman he hired is the deputy director of the high-tech research and development center of the institution directly under the Ministry of Science and Technology. have
Because of this relationship, he often boasted that Zhongke Entrepreneurship "has a background in the Ministry of Science and Technology". Mr k, who won the first world war in Candal, is ambitious at the moment.
After great success, he decided to build a "science department" composed of a number of listed companies. Warlords in the Republic of China can be called "Bu", such as Feng Bu.
Anhui and Yunnan represent an interest group whose interests blend with each other and live and die together. Mr. K, who is familiar with history, creatively applied it to the stock market.
, with the dominant momentum.
In March and July, 2000, it received the legal person shares of Chinese and Western medicine held by Pudong Spark Development Zone United Company twice and became the company.
The largest shareholder of the company. In June, it bought 9 million shares of Shengli held by Junan Securities Company, becoming the fourth largest share of the company.
East; In the same month, he acquired part of the outstanding shares of Suibao Thermal Power and became its fourth largest shareholder.
In just four months or so, Mr. K moved frequently and completed the project of building a "Chinese Department". These companies are all related to Kang.
Dahl's similar characteristics: small circulation, small-cap stocks in the stock market, poor operating performance for many years, and the state-owned assets management authorities lost interest in it.
The characteristics of the industry are clear, and there is room for imagination in theme speculation.
Mr. K naturally needs a lot of money to buy these companies and engage in stock price manipulation. At this time, he and Zhongke Venture are already very powerful in the securities circle.
Famous, quite like the legendary master who can turn stone into gold. At this point, Xiaoding has no difficulty in finding funds for him, which is a door for Zhongke to start a business.
Tinjo city. Xiaoding later admitted in court: "The people who sent the money lined up, so that investors below 6,543,800 yuan were turned away." he
It has established financing relations with 120 securities business departments in more than 20 provinces and cities across the country, and these business departments are trying to grab coveted trading volume and intermediary agents.
The cost is to find money for Zhongke Venture, and the financing amount exceeds an astonishing 5.4 billion yuan. In this way, around the "Chinese department" formed a full of evil.
A huge interest chain with a bad temper is very rare. Mr. K's financing method is very similar to international private equity funds, but this kind of line
Because it is against the relevant laws of China, even Mr. K himself admits, "If you take out those financing agreements, you will be a lawyer who witnessed and signed them.
They're all going to jail. "However, almost all the people involved are determined to take risks and regard the law as nothing. These people are very knowledgeable,
Proficient in legal provisions, everyone is the top elite of this commercial society, but under the temptation of huge interests, everyone has broken through.
The bottom line of professional ethics. In this sense, the formation of "Zhongke Department" and the success of Mr. K can be said to be a great shame for the securities industry in China.
When the equity is in hand, the funds are in place, and the criminal structure is formed, Mr. K and Xiaoding begin their banker operation. Its technology and skills.
During the period, it was almost exactly the same: the good news of asset restructuring was continuously released and the stock price was pushed up on a large scale. And one of its reorganization ways is him.
Arrangement and combination between companies in the controlled department.
In July, 2000, just after he succeeded in Chinese and Western medicine, he hastily announced the establishment of wholly-owned companies by companies such as Zhongke Venture and Chinese and Western Medicine.
Division, set out to produce and sell advanced cancer treatment equipment-neutron afterloading therapy machine (hereinafter referred to as neutron knife), and later announced that the two companies will * * *
Build "China E-commerce Joint Network", form a 18 large alliance of enterprises with different ownership, and build a large-scale cross-regional and cross-border network.
Taiwan Province, to build a "super e-commerce building with great innovative consciousness". In addition, he also announced that Zhongke Venture will cooperate with a company named Hainan Zhongwang.
The company-naturally a department company registered by Mr. K himself-established "China Feed Industry E-commerce Investment Co., Ltd."; Will be at
Northwest China has invested heavily in developing alfalfa projects, which has dual benefits of preventing quicksand and drug development. Ironically, in
All the golden light major projects that have been well-argued are castles in the air, except for the alfalfa project, which invested 1 10,000 yuan, none of them.
Implemented.
The Case of "Zhongke Venture" in the History of Securities (3)
◆ Wu Xiaobo
Collapse caused by infighting.
What makes people feel is that the collapse of this fat liar is not because of the truth or operational mistakes, but because of the people in the department.
Hey.
The first person to start infighting is Zhu, who is the biggest beneficiary of this hype. In the past two years, Zhu didn't actually take part in the competition.
There are many specific manipulation businesses, and his job is to cling to the stocks under his name, regardless of the ups and downs. According to him and K.
He must stick to the promise of life for five years. In the past two years, the market value of his stock has sharply increased from a loss of 200 million yuan to a profit of more than 654.38+0 billion yuan, which is almost like doing it.
I had a sweet dream. However, it is a torment for him to hold such a large amount of wealth every day. He almost days.
The sky is troubled by some very real doubts and temptations. What if the CSRC finds out that Zhongke Entrepreneurship is a scam? If Mr. k secretly
What if we dump him? The more terrible news for him is that the CSRC in Beijing has released the news of strengthening supervision. Is it?
Do students really don't understand the game of "Chinese Department" reorganization, which is almost a pediatrics department? In this huge and inexplicable anxiety, Zhu decided
Don't play.
In May 2000, just as Mr. K, who was newly married, struggled for the stock market and set up a "Chinese Department" ambitiously, Ding Xiao suddenly stared at the market day by day.
However, I told him that there is an unknown giant in the market, constantly throwing out stocks to cash out. On several occasions, it was150,000 yuan per day.
That's right. According to his judgment, no one has so many stocks except Zhu.
When Mr. K found Zhu, he was also very calm and made no secret: "I don't want to play." Zhu broke the contract and forced Mr. K.
In an extremely dangerous situation. One morning in August, Mr. K was awakened in his sleep. The family has a deep cooperation with him, and it is dark in Hong Kong and Macao.
Winner-takes-all "Jinghua Company" told him that Zhu rented several small speedboats and smuggled dozens of boxes of cash out of the country. The number should be
It is about 1 1 100 million yuan. Wei Qiang immediately found Zhu. Mr. K threatened that the heads of the institutions that cooperated with Zhongke Venture were gone.
They often preach angrily that they will never tolerate treachery. However, Zhu was dead and never looked back. He told k first.
The last thing Sheng said was, "You have to sell stocks to make money." . After the negotiation, Mr. K called his lawyer and asked him if.
Zhu is completely out of control. What should I do? The lawyer was surprised, and it took a long time to say, "Have you made it clear to him the seriousness of the matter?"
? "Mr. K said with a wry smile:" Is it useful to tell farmers about the seriousness? "
If Mr. K was stabbed in the waist by Zhu's half-way escape, it seems that the "rat warehouse" inside the "Zhongke Department" is.
A group of children are biting his limbs.
The stock of Zhongke Venture has risen every day for more than 20 months, which naturally tickles people inside the company, so they have privately opened positions to buy stocks.
Open secrets. Many executives even use their familiar relationship with the sales department to pledge the company's shares. Mr. k is interested in this kind of
The situation is not unknown. I used to turn a blind eye. When Zhu began to sell in large quantities, he was afraid of knowing something.
Company insiders also fled in succession, so after the talks with Zhu broke down in September, they ordered an inventory of the "rat warehouse" and asked all the public.
Our funds will be settled before the end of the year. His original abacus was to gather all the funds of the company by cleaning up the "rat warehouse", and then
After New Year's Day, I gradually sold off and completely quit Zhongke Venture.
What he didn't expect was that the scale of the "rat warehouse" would be so large. The company's biggest "rat warehouse" is actually his most trusted.
President Shen, together with Xiaoding, is also called "the right-hand man". She took out the company's shares and pledged them privately, and the scale of opening positions reached tens of millions of yuan. Before k
Under the strict orders of students, the "rat warehouses" headed by President Shen have closed their positions and shipped them. Ordinary investors are already very sensitive to high stock prices.
Any sign of trouble will immediately lead to a large-scale flight, so the myth of zhongke, which was based on lies, collapsed.
The stock price crash of Zhongke Venture began on February 25th, 65438, and soared for nearly two years after an auspicious Christmas Eve.
On Christmas Day, the stock price suddenly went down. What is even more frightening is that this daily limit has been nine consecutive times, and the stock price has fallen all the way from 33.59.
Yuan fell all the way to 1 1.7 1 yuan, and the market value of 5 billion yuan went up in smoke. The collapse of Zhongke Venture quickly spread to other members of "Zhongke Department" and Chinese and Western medicine.
Industry, Suibao Thermal Power, etc. The diving tragedy was staged, and the stock price halved in a few days.
At this time, Mr. K, like the main commander after the decisive battle, was helpless in the face of defeat. Zhongke Venture's share price fell.
On the fifth day, he sent a message to Yang Lang, editor-in-chief of the Financial Times, expressing his willingness to disclose the inside story about Zuozhuang Zhongke's entrepreneurship.
. Yang Lang is an old acquaintance of his. He used to be a famous editor of China Youth Daily. Eight years ago, the article "Millions of Shareholders" changed Lvliang's life fate.
Yang Lang is responsible for publishing the article "Bombing Shenzhen" on the page. Now, everything has changed, and Mr. K probably wants his story too.
There is a complete witness.
Two days later, at 200 1, 1, 1, the share price of Zhongke Venture is still in the storm of falling limit. Mr. K and Yang Langxiang are at their home in Beichen Garden Villa, Beijing.
Sit opposite, make a pot of tea and talk about the past of Zhongke. He believes that his fate today is the result of being cheated and willful.
On the one hand, the weakness of literati temperament delayed my fighter plane and failed to grasp the turning point. "He revealed that in the process of sitting in the village, with him
More than 400 organizations have been infected, many of which are very famous. He claims to be writing a banker's self-report, and has already written 60,000 words, and he will write more in the future.
Tell the whole truth to the world.
Just when Mr. K was talking about Kan Kan in the villa, the interior of the "Zhongke Department" was in a mess, and all the creditors who cried for money that day cried.
Surrounded by Zhongke Venture Headquarters on the 33rd floor of the International Trade Building, some people flocked to Beichen Villa. The top management of Zhongke resigned one after another, and the chairman and president.
See the media one after another, claiming that "we are like Emperor Guangxu, and we are overhead by Lvliang"; We don't know the inside story and are the biggest victims.
On October 5th, 65438/KLOC-0, Shenzhen Zhongke held an emergency meeting and declared "a complete break with Lvliang".
The Tragedy of "Zhongke Entrepreneurship"
The abandoned Mr. K spent the rest of his life at home. While sorting out relevant documents and agreements, he declared that he was waiting.
The judicial department or the Securities and Exchange Commission will subpoena him. Many people are puzzled by his initiative to expose the inside story. "China Business Times" commentator Shui Pi is in "
"Why did Lvliang jump out" said: "At this time, he felt safer to stay in prison than to stay outside and be hunted."
In the end, Mr. K didn't get what he wanted. On the morning of February 3, 20001year, Beijing police met him at Beichen Garden Villa.
Capture. On the 9th, Mr. K, who was under the surveillance of the public security organs, suddenly disappeared mysteriously. It is said that "he sneaked away in a military coat that day and disappeared in the early spring.
Among the endless crowds in the village. "According to the analysis, in the end, he may end up in three ways: hiding somewhere in China so far; Flee to the countryside
Somewhere outside; Murdered somewhere on earth. Dead or alive, young literary artist Lv Xinjian, stock critic Lvliang, banker K.
No or no chance to tell all the secrets.
The magical Xiaoding ended up like this: he and his wife hid in a relative's house, fantasizing that Mr. K would call him after a narrow escape, and then
Stand up again He received a threatening phone call from his mother-in-law in Beijing, threatening to cut off his feet if he set foot in Beijing.
The public security organs arrested him in April, 20001year. In the detention center, he lost half his head overnight. In April of the following year, he was convicted of "manipulating securities"
The crime of trading prices was sentenced to 4 years in prison and fined 500,000 yuan. He said in court: "In the face of those investors who have suffered losses, I feel
Very ashamed. "
Candal's ending when the stock price once hit the ground was this: 200 1 year, which was passed by Zhongke Venture (Group) Co., Ltd.
Announcement of Shareholders' Proposal Since 10/29/0, the company name has been changed to Shenzhen Candal (Group) Co., Ltd., and the company's stock is referred to as "Zhongke" for short.
Start a business "was changed to" Saint Candal ". For investors who don't know this history in the future, compare Candal at the end of 1999 with Candal at the end of 20001.
You will find that the company's head is nothing more than a "ST" loss hat, and you will not think that there is such a bloody and spectacular "China"
The tragedy of science and entrepreneurship.
(Selected from The Great Failure Ⅱ, Zhejiang People's Publishing House, April 2007)