Chapter 116 Level (5k)


    Yu Xing stood behind Lu Haiying, staring at the user who was read out on the screen and spoke.


    Jiahan Forestry, as the name suggests, is mainly a forestry company.


    Seeing that his senior brother had not spoken, Lu Haiying looked back and smiled and said, "Senior brother, this is in line with our topic? Can you understand it?"


    Yu Xing smiled slightly, shook his head and said, "I can''t understand, it''s interesting."


    Lu Haiying said "um" and pulled down the web page. This very suitable "Jiahan Forestry" did not receive much discussion, and there were only some comments about "I also want to be such an intermediary".


    Yu Xing withdrew his gaze and did not immediately check the relevant information about the suspected target, and said, "Don''t delay your time in the car, I see you two are leisurely."


    Zhong Zhiling responded with a smile: "I''m sitting here leisurely, Brother Xing, it''s very strange. I actually feel very enjoyable. Alas, Bai Xiaosheng doesn''t seem to have been for too long, but why do I feel busy for a long time?"


    He took the cigarette thrown by his senior brother, but did not ignite it, and said thoughtfully: "From last summer to now, if you count this way, it will take longer, and it seems that you have been running on the road. Today..."


    Today I was sitting in the company that was already on holiday, looking at the word "Fu" posted on the window, thinking that I was about to go home to see my parents, and somehow, I enjoyed this moment particularly.


    "Okay, I haven''t made a lot of money yet." Yu Xing smiled, "You have to run faster after the New Year. The faster you run, the more money you have."


    Zhong Zhiling nodded slowly, lit the cigarette, looking forward to the busyness of the coming year.


    At three o''clock in the afternoon, the second and third-in-commands went home. The staff on duty got off work early, and Yu Xing was the only one left in the company.


    Very quiet.


    It''s really enjoyable.


    Yu Xing rubbed his face, lit a cigarette, raised his foot on the table, and began to simply search for information about the suspected target.


    He actually doesn''t believe that it is easy to find a suitable target for shorting.


    However, regardless of the company''s listing position or its extremely unreasonable business model, it is worth letting Yu Xing take a break.


    - Jiahan Forestry, a Canadian listed company.


    - Headquartered in Canada and Hong Kong, it was established in 1995. The following year, founder Chen Deyuan bought a shell on the second-board market in Canada, and then moved to the main board and issued new shares to raise US$5 million.


    - The company mainly engages in "living trees", that is, forest rights, which are trees growing in the forest land.


    - According to its claim, it is in the forest purchase model, which buys ownership of the live wood through a procurement agent, and transfers it to the customer after operating and management for a period of time. Then the customer cuts the wood and produces wood.


    ——In addition, Jiahan Forestry also has a "forest building model", that is, plant, manage, log, produce and sell it on purchased or leased forest land.


    ——Now, the revenue of forest buying model accounts for about 75%.


    Yu Xing also found the content of the company''s speech by Chen Deyuan, founder of Jiahan Forestry.


    -I am a fast-growing and abundant forest. Eucalyptus can be grown in five years and can produce economic benefits quickly.


    - If you don''t cut it, it will grow every year, and the growth will be about 12% to 13% every year. Moreover, if the asset does not depreciate, the factory will depreciate and the machine will depreciate, but Lin will only climb up.


    - The tree cut down is wood, which is raw materials. Global production cannot be without raw materials. There must be goods sold and orders.


    ——The most important thing is to cut down trees without orders, and if the assets increase, I will cut down trees. If I want to buy them from me, I will cut down trees. Once the trees are cut into wood, I will sell them, and there will be no problem of backlog inventory.


    - The market in China is developing rapidly, and there is a huge demand for wood. This market must be in. My forests are five years a cycle, which means the first five years are harder. Then in the sixth year, I started to cut down the first year planted and the second year planted. But I finished cutting this year and planted again next year, and it is sustainable.


    Yu Xing was smoking a cigarette and looking at the words on the screen, as if he could see a Xiangjiang businessman giving passionate speeches to foreigners on the stage.


    According to this logic, this model seems to be in a closed loop.


    Yu Xing lit another cigarette and searched for information about eucalyptus trees. It was indeed fast-growing, but the disadvantage was that it absorbed water.


    He stared at the introduction information of the eucalyptus, considering whether this shortcoming makes it difficult to be as sustainable as Chen Deyuan said, but then checked the domestic planting situation, most of which were in Guangxi.


    Well, the precipitation in Guangxi should be quite sufficient.


    Yu Xing searched for the relevant rainfall and confirmed that this impression was fine. The tree species that needed water were in areas that were not water-deficient. As for whether there were other related effects, at least the sustainability of this project is promising.


    Then, it may be a problem with its business model.


    What kind of "procurement agent" can do all the dirty and tiring work and hand over the profits to Jiahan Forestry?


    If Jiahan Forestry has resources and relationships to control the customer base, it may seem that such a model still exists.


    However, looking at Jiahan Forestry''s own introduction, even downstream customers are connected by "procurement agents", which is too unreasonable.


    Why is it willing to give up profits when it can manage and contact customers?


    This goes against human nature!


    What''s more, the "procurement agent" is not just a single family. This group of people are willing to sell profits for many years, so that Jiahan Forestry can maintain the high gross profit on the books. How can it make sense?


    Yu Xing breathed a sigh of relief and fell into deep thought. He felt that Jiahan Forestry had a big problem.


    However, verification issues require more data.


    He crushed the cigarette in the ashtray and stretched his body, intending to talk to Xiaoying about this issue when he met tomorrow morning.


    Badell Meinhof phenomenon, Badell Meinhof phenomenon, now not only short sellers are hiking in front of themselves, but it seems that even fake companies are trying hard to drill.


    Yu Xing drank the cold tea and got up and walked out of the office.


    I want to wait for next year.


    Work has ended this year.


    …


    On January 23, at 9:15 a.m., a passenger plane from Xiangjiang landed in Jinling.


    Liu Wanying felt the chill from her hometown when she got off the plane.


    So cold!


    She frowned, got her luggage, went to the bathroom to add a piece of clothing, and soon found Yu Xing who was really here to pick her up.


    "Hi, my LP, welcome to Jinling!" Yu Xing welcomed him enthusiastically when he met.


    I have to say that when Liu Wanying didn''t see Yu Xing, she felt something inexplicable or something that could be called nervous.


    The two have indeed communicated a lot these days, but they all go through phone calls, text messages, and emails.


    In fact, they met only a handful of times, but their interests and careers were indeed mixed together.


    Short selling of Fenzhong won and made money, what should I do?


    Liu Wanying suddenly felt relieved when she heard that Yu Xing could indeed hold the things on the phone without reservation.


    She smiled and took the initiative to stretch out her right hand, then after the other party also reached out, she turned her palm into a fist and hit him on the shoulder.


    "Oh, what are you doing?" Yu Xing caught off guard and reached out to catch Xiaoying''s hand.


    "Don''t be nervous." Liu Wanying said angrily, "Let''s go, Jinling is a little colder than I thought."


    Yu Xing reached out to help pull the suitcase and smiled and said, "Is it much warmer over the Xiangjiang River?"


    "There is nearly twenty degrees in Xiangjiang." Liu Wanying glanced at Yu Xing, who was a male college student last year, the entrepreneur last time, and this time crossing the mountain. "You won''t really take a taxi to pick me up, right?"


    Yu Xing nodded and said, "Yeah."


    A moment later, Liu Wanying and Yu Xing sat in a taxi together and confirmed that this was really a superman.


    "Xiaoying, I''ll give you a New Year''s gift." Yu Xing gave you a slightly mysterious smile in the car.


    Liu Wanying guessed boredly: "Are you a necklace?"


    "A new case." Yu Xing blinked.


    Liu Wanying turned her head and looked for the man''s eyes whether it was what he imagined.


    Then, she was surprised to find that the other party''s eyes were very serious.


    The first thing to be surprised is speed.


    Liu Wanying said in surprise: "How could there be a new case so soon?"


    "So, the power of the people is strong." Yu Xing said with a smile, "In a vertically subdivided workplace website, when nearly 100,000 users are working people, they know or hear about things from all walks of life must be more than you imagined, even if you were in Bain before."


    He told the topic that is still on the website.


    It sounds like this is a very common topic on a workplace social networking website, and it is not at all abrupt.


    However, the same information can play a very different role in the hands of different people. Yu Xing did not mention the name of the target company in the taxi, but only handed the few pages of information that had been preliminarily sorted out from his bag to his partner.


    Liu Wanying took it and studied silently.


    The key parts on the data have been marked with red lines.


    Listed in Canada…


    Jiahan Forestry...


    Liu Wanying frowned after just looking for a while, which undoubtedly conforms to the screening experience of the two in the previous preliminary exchanges. In this way, the separation of listed exchanges and the main business markets is easy to passively or actively form information asymmetry.


    When the taxi was about to arrive at its destination, Liu Wanying commented: "The procurement agent is very kind."


    Yu Xing laughed: "Yes, I also think they are too kind. But from yesterday to this morning, I repeatedly searched for relevant information, but I couldn''t find these kind purchasing agents."


    Liu Wanying said "um" and looked out the window: "What are you doing here?"


    "Can I come to the door empty? You can''t buy tea or anything." Yu Xing said.


    The two got off the car, and the mountains passing through the supermarket were communicating with new targets in tea, candy, drinks and biscuits.


    "Its model is true, but its gross profit margin is not true."


    "Yes, this box of tea is OK, right? It''s red and suitable."


    "In fact, we can quickly verify the so-called procurement agent, that is, to call Jiahan Forestry directly and be its agent to see how it reacts."


    "Buy some cookies for the junior sister. She likes to eat them. The junior sister is toothless. I won''t buy them for her this time. I''ll wait until she gets older."


    Liu Wanying stopped and said helplessly: "Have you listened to me?"


    "Yes, I nodded in response to you. With the information I saw, I was almost 99% sure there was a problem." Yu Xing smiled, "So, if there is a problem, there is no hurry. Don''t everyone have to recover from the financial crisis."


    Liu Wanying''s eyes lit up: "Are you going to wait for its stock price to rise again?"


    "Yes, the bigger the bubble, the more satisfying it is to poke it, the more profit it will make, and we will have more time to prepare." Yu Xing nodded.


    Liu Wanying took two steps and suddenly said suspiciously: "Are you afraid that I won''t invest money to Bai Xiaosheng?"


    Yu Xing laughed: "Somewhat."


    Liu Wanying thought about it and said objectively: "Bai Xiaosheng''s B round should not be too long. Kestrel''s investment will be a good business."


    "You have a strong confidence in Bai Xiaosheng." Yu Xing swept the shelves.


    "I have a strong confidence in you." Liu Wanying said seriously, "But now, I have a question. Have you ever thought about how much you have done to the peak?"


    Yu Xing turned around: "Why do you ask me like this? What kind of answer do you want to hear?"


    "When I was on the plane, I was thinking, if you have the ability to build a social website in the workplace, if you can really improve the profitable business model, once it goes public, it may be more valuable than tossing over the mountain." Liu Wanying said in a casual manner, "It''s like the 1 million invested in the mountain. If the B round is successful, it will increase by at least 3 times. How much time will it take?"


    Yu Xing was silent.


    He frowned slightly and pushed the things to check out.


    Liu Wanying walked beside her, waiting for the man to respond to this question.


    "I haven''t thought about it too much." Yu Xing tied the bag to the handle of the suitcase, first gave such a honest answer, and then said, "Xiaoying, I saw the logic of Jiahan Forestry yesterday, and I was a little confused. Since the model allocation it claimed was so contrary to human nature, why did there not be any problems in so many links over the years?"


    He wondered: "I saw that Paulson, the big bear on Wall Street in the United States, was the big boss who just made a profit from the financial crisis. He was also buying stocks of Jiahan Forestry. Isn''t that strange?"


    When Yu Xing first heard Lu Haiying read the speech of the website user yesterday, he thought some short seller had scrambled in, but after searching and research, it was not how able the user could analyze and summarize, but that Jiahan Forestry itself made public speeches.


    This company itself doesn’t think there is any problem with this model.


    Strange.


    "In the past, when I was doing M&A consulting at Bain, I sometimes encountered outrageous company assets." Liu Wanying gave the answer easily, "It''s the kind of thing we went to the field to see it, and after an audit, it really didn''t match the number. Then, the source analysis was traced and everyone just looked at the paper data."


    "A submitted the data, signed it, submitted it to B, B to see the file, there was no problem, transferred it to C, C also looked at the file, all the data were given, and there was no problem below, so he had no problem."


    "The more information is asymmetric, the easier it is to rely on various documents and reports."


    Liu Wanying talked about both Jiahan Forestry this time, but also about the phenomenon that has always existed.


    She added: "When the market value is high, it seems to become an authority. When the company is big, there are celebrities around her."


    "Yeah." Yu Xing nodded, "I really didn''t expect to do anything over the mountain, but I think it''s good to be able to turn out real things and get money in this way. If you have doubts about this kind of thing, you can focus on Kestrel Capital, and you will definitely invest in many good companies in the next few years."


    "You persuaded me, right?" Liu Wanying said disdainfully.


    "I didn''t advise you, I just, um... I feel that the domestic area is not very mature." Yu Xing said, "If you short a few more companies on Wall Street, you will definitely become a star short."


    Liu Wanying smiled and said, "Who became a star? Are you or me?"


    Yu Xing shrugged: "It''s okay, I don''t mind you or me."


    He also said: "Fake-making companies need **** supervision. This should be an ecological chain. Let''s first think of a level that they need to face when they commit fraud. What if they have united front value."


    Liu Wanying shook her head: "The short sellers cannot achieve the value of united front."


    The two of them chatted while walking, and soon changed to Jiahan Forestry''s business model and business performance.


    The 28th day of the twelfth lunar month, Jinling is minus five degrees below the temperature, but the heating at home is still a bit stuffy.


    Yan Lirong held her little daughter who was not yet full month old, gently placed her sleeping on the bed in the room, and then went to the living room. She was about to open the window for a breath when she saw two people walking outside.


    She shouted excitedly at the kitchen: "Old Liu, Old Liu, Liu Jingrong, come quickly!"


    Liu Jingrong was confused, so he hurriedly ran out but saw his wife lying by the window looking out, with a silly smile on her face.


    He walked to the side and looked at the scenery outside and his expression sank.


    Sister Liu Wanying and former disciple Yu Xing walked shoulder to shoulder. Both of them had eager smiles on their faces. The white air they exhaled as they spoke drifted in the air, reflecting the slightly red cheeks, which looked particularly heart-wrenching!


    "Hey, hey, here, here, the couple is here!" Yan Lirong couldn''t hide her happiness.


    Liu Jingrong scolded, "What nonsense? Don''t do this!"


    Boom dong, knocking on the door.


    Yan Lirong went to open the door.


    "Oh, Master''s wife, happy New Year!" Yu Xing brought the suitcase and gifts in, and said with a smile, "Where is the little junior sister? I can''t wait to see her."


    "Change shoes, tuck, change shoes." Yan Lirong took the gift slightly and said with a smile, "She just fell asleep. Yu Xing, I always feel that you have called me old. In this way, we will discuss our own things, call me Sister Rong."


    Liu Jingrong couldn''t help but warned: "Ahhh!"


    Yu Xingheran, I was determined to try this title, but I still didn''t shout it out under the warning gaze of the teacher.


    Liu Wanying rolled her eyes and walked straight to the sofa.


    Yan Lirong said dissatisfiedly: "My man surnamed Liu didn''t say you when he said he changed his shoes, right? You can''t see the slippers prepared for you?"


    Liu Wanying spread her hands.


    Yan Lirong scolded, "Looking at your lazy look, those who don''t know think you are going back to the door."


    Liu Jingrong said dissatisfiedly: "Ahhh!!"


    Liu Wanying''s face suddenly turned red: "Sister Rong, you..."


    Liu Zhishan, who was playing with toys in the room, heard the sound, followed her father''s call and then said, "Hey, hey! It''s my aunt and aunt..."


    At this moment, she received four different eyes on the title she was about to say.


    There are warnings, shame, encouragement, and hints.


    Liu Zhishan thought for two seconds: "Yu Xing, I know my aunt! Happy New Year!"


    Yu Xing laughed loudly, Yan Lirong smiled with her lips, and Liu Wanying sighed helplessly.


    Liu Jingrong looked at this scene and gritted his teeth. The surname is Yu. Don’t think that you have won the likes of everyone in your family, and you can… be unscrupulous! Don’t think about passing this level of my experience!


    (This chapter ends)