翟山鹰:马云的蚂蚁金服没能上市的原因丨Asset Management丨Investment丨Company Operation丨Make Money


Recently, our father Ma , everyone knows that Mr. Ma gave a speech at a conference on finance in Shanghai. This speech made many people very excited . Father Ma was very sharp and raised many questions . Everyone in our circle knows. What about ants? This pit will be more than many pits. There are more pits. Teacher Ma (Yun) is not interested in money. Don’t be ridiculous. Who said that Teacher Ma loves money ? Yes, I’ll tell you about ants. Money is not interested, he won’t do it , he won’t talk about it today , because one of the topics we are talking about is finance, everyone knows that the topic of finance is a relatively sharp topic, so the topic of finance is a relatively sharp topic. It is not ruled out that when we talk about finance, there may be things that the platform doesn’t like to hear, so maybe the platform will , uh, delete me. Haha, it’s possible that the finance-related topic I’m talking about today will be blocked by the platform, uh, yes, if it is blocked . Well, I will log out and log in again .


You may have to wait for my time a little bit, because what we are talking about is a topic about finance. This topic is quite sensitive. Everyone knows that it is sensitive when talking about this thing. So let’s chat with you about this name . I came up with a more interesting name called 30 years of financial turmoil. Some people say that China’s reform and opening up has been 40 years .


Yes, that’s right, reform and opening up is indeed 40 years. November 3, 1978 The 40-year reform and opening up of the Central Plenary Session from 1980 to 2020, but the history of China's finance is indeed only 30 years of real financial history. We will tell you why there is a 30-year financial history . Why do I want to talk about such a topic today ? Let’s talk about such a topic. Recently , our Papa Ma, as everyone knows , gave a speech at a conference on finance in Shanghai. This speech made many people very excited. Papa Ma was very sharp and raised many questions. Papa Ma What about some of the questions here? In fact, I said a lot of questions 10 years ago. There are some differences between what I’m talking about later, but because of the topic that Papa Ma raised, many of you may know that Papa Ma brought up this topic very much.


Sharp , but because of the topic that Papa Ma brought up this time, I have some bad thoughts in my heart. I used to like Teacher Ma very much. I used to like Teacher Ma very much because I think Teacher Ma is a down-to-earth entrepreneur who is serious and serious. A person who is OK in doing things, advances, retreats, advances and retreats is great. Self- control, I can do whatever I want . One financial speech made my impression of Ma's father have a relatively large subversion , overturning my personal What do you think? If Papa Ma doesn’t change his style anymore, maybe I’ve blocked Papa Ma from now on.


I won’t watch any Papa Ma’s stuff anymore. I think Papa Ma has become very different from the person I originally imagined. Everyone knows that I used to like him very much. I said to do charity, plant trees, do this, and that, and he has really He is the richest man in China. I don’t know what Papa Ma is doing . I really don’t know what Papa Ma is doing . The first one is that Papa Ma doesn’t work in finance . Everyone knows that Ma Yun doesn’t have much connection with finance. He has one under his name. The company is called Ant Financial. To put it mildly, what Ant Financial does is called Mutual Finance and Internet Finance, but to be precise, it actually does three things . Open the Alipay interface, right? In addition to a third-party payment from the central bank, he actually earns money from these three parts.


One is small loans , the other is wealth management, and the third is insurance . And the small loans from Papa Ma are the middle income. The handling fee and interest, the comprehensive interest is very high. We have calculated the annualized interest rate of about 15% with you . The income of Papa Ma’s financial management is still quite low. The average income and a large amount of income are actually almost the same as our bank fixed deposits.


But Stability is not as good as bank deposits. Yes, some people say that Papa Ma is supporting small and micro enterprises in China. But when we saw the prospectus of Ant, we found that Papa Ma used it to support small and micro enterprises in China. The entire funds and profits generated are in his In the overall business, it is less than 5% in such a range , that is, less than 5%. So , the whole business of Papa Ma is actually a very small part of the financial currency market. I used to listen to horses. Dad said something , that is, Mr. Ma is not very familiar with finance, he is not a person in the financial circle, and everyone knows that there is an old saying in China that the insider looks at the way, and the layman watches the excitement.


The ignorant is fearless. In fact, Mr. Ma himself does not understand In finance, the industry he works in is at most a small generation. In the financial market , the three aspects of knowledge required by the profession, financial knowledge, legal knowledge, and financial knowledge, Mr. Ma , we all know that they are relatively lacking in the course of other lectures, especially professionally . From this, Mr. Ma put forward such sharp and in-depth criticisms on the financial market . I am still quite shocked. Among the five in Chinese culture, there is one that is the most taboo . As a layman, you don’t understand all the rules and regulations and the mechanism of the process.


You stand outside and evaluate, right? You don’t know how to cook. You stand outside and say that people’s cooking is good or bad . You can give it a try . The entire environment , the entire resources that people see, ranging from the entire structure and system to every detail, may be much deeper than that of an outsider like you. If you do this, there may be reasons why he has to do it. And the reason, but as a layman, I really feel that I should not speak nonsense , just that some things sound right, but because I am doing this, they sound very similar to me, and after a while, I am not the same as vigorously analyzing the essence. This is the first I think there is a big problem, that is, he is too unlike Papa Ma, that is, why does he talk nonsense, he talks about business He can do business and education , and he has something to do with it, but he only talks about finance . The first and second, Mr. Ma, this matter makes me feel very strange. Why do you do it ? We all know that being a human being is very difficult.


One important thing, I'm used to call it non-establishment and non-breaking If you say others can’t do it, you have to propose how to do it. This is the foundation of our life. In my group, the premise of any leader who dares to criticize others is to propose a better and better solution than others. But we all listen to this. One of the characteristics of Mr. Ma’s speech in the first speech was that he sharply criticized a large number of problems but did not propose any solution to the problems, which is very strange .


In my opinion, the second one is particularly bad. Why did I say that I might put Mr. Ma is blacklisted because Chinese people are not good enough to solve this problem. I used to say that Mr. Lang from Taiwan, I said that he has been saying this is bad and that is bad for 20 years. We all know China There is a saying that standing up and talking does not hurt your back, that is, you can see all the shortcomings when you look at them alone. We stand outside and see, but what is the most difficult thing is not to see the shortcomings of others. You have to be able to talk about how to do it, and then mention this shortcoming.


That ’s right. Like me, I’m not boasting . I said that China’s finance has problems, so I have been talking about it for more than ten years . But for more than ten years, my theory is called the financial system with Chinese characteristics. I have been telling everyone that I have to tell how to change it so that the financial A large number of problems have been solved, 1233 important points are missing dozens of subpoints, and it is possible to change it in practice.


Then I think there is a big problem with the second one. It is that you don’t understand , and then you still go after you don’t understand. Criticism The result of criticism is that you do this and you have no art. For example , if I tell you a concept, you will understand it after listening. If you don’t understand , maybe we here don’t understand finance . I will tell you one . Everyone knows that my group has A product called Ceyun China is currently being used by more than 10,000 companies. It has just been launched for more than a month and more than 10,000 companies. I believe that by the end of this year, there may be 100,000 companies.


There may be 10 million companies using it next year. Jack Ma’s Alipay It is drawing a behavioral portrait of an individual user. Yes, all their consumption behaviors and various behaviors are used to determine how much money he can borrow, how much money he can borrow, how much interest he has, and credit value Zhimaxin. Enterprise Strategy Cloud is for all enterprise types Portraits range from 24 to more than 200 data , but the purpose of Enterprise Strategy Cloud portraits is also to help companies raise funds , but through portraits to correct bad behaviors in business development, through year-on-year comparisons, through big data analysis , to tell companies how to do better Well, what are your differences compared with others? By what method can you make up for the difference? At the same time, it can help you raise funds and help you establish a credit system .


In theory, the improvement cloud is for enterprises , and Alipay is for individuals. In fact , they both look alike , but I know that they both have completely different starting points. For my improvement, Yun is also drawing the company's behavioral planning system and helping them with financing , but in the end I am helping them solve their problems and let them They become better and more optimized, better able to develop better, find the resources they need in their development, optimize their own conditions, change them and optimize them, but what is Alipay? Indulge you to overdraft, let you use Huabei borrowing crazily, stimulate you countless times, whether it is financial management Huabei borrowing, repaying insurance, crazy stimulation, you go to Alipay, all stimulate you, make you have to pay for it .


The purpose of making Sesame Credit for the money is to better and more conveniently see how much money he can dig out from you so that you can spend or use it. I personally think that the difference in essence is too different. It is just for a layman. It may be very similar to me, but it is different to me. Yes, I think the future development direction of Internet financial transactions . I call it unfavorable. In theory , it is called a financial system with Chinese characteristics . In practice, I have a large number of products to use. I think that if the real China understands What you should do in finance is to build first and then break . You have to build something that makes everyone do better and better , and then make the whole people better and the people happier because of it. We are not because of Ant Financial. The essence is what I just said. An intermediary company for the three businesses of small loan plus wealth management plus insurance. Yes, besides that, can you tell me what third-party payment Alipay has , which is given by the central bank? He is making money.


He makes money in these three areas. In essence , no matter what he looks like, is there any essential difference between him and our ordinary Internet finance companies? He is not called technology finance , but his purpose of doing technology It is to make the people who use it borrow more money from there and spend more money instead of correcting these people's consumption habits . It means that these people are learning and working hard and giving them room to improve their lives. It is to make the gap between the rich and the poor bigger, not more. I’m young, so I think the disadvantage of Mr.


Ma is not broken , and he will always be there. This one can’t be done , that one can’t be done, so how can you do it? You can even talk about it, how can you do it? Not at all. Ah, this is a very confusing thing. Yes , I think First of all, the first China must not be Chinese . I said just now that you can’t say that you don’t understand finance. You have never worked in finance. I ’ve worked in finance for 26 years. I also scold people every day, satirizing this and that .


Everyone knows that I am a very sharp teacher, but Teacher Ma’s words sound similar on the outside, but they are not the same inside. The second thing is that I said a very important thing that Teacher Ma said. The reason is that I think a person should have something. When I have no way to change these things, I didn’t recruit them . They have already done it and I have no ability to change it. What should I do? It’s better, I’ll let you know if you didn’t do well, and then you can do it better.


That’s right, it’s not right now. Now I don’t know how to do it well, so I will destroy everyone’s things. The reason for the destruction is The third one is I think Teacher Ma has a big problem, wait a minute. Disclaimer: This video is only played on the URL: https://www.youtube.com/@ZhaiShanYing_Channel Well, then I think the third big problem is that Mr. Ma is Mr. Ma’s speech. In fact, in his heart, he is doing publicity for the listing of ants. My feeling is Ma. The teacher's speech this time is a typical publicity for the listing of ants , then you promote it for the listing of ants Then I always do publicity . Everyone knows that every time I advertise for Puhua, it’s time for the final advertisement. I think it’s over if you just say it frankly. You said that my ants are going to be listed. I’m at such a meeting.


Make an advertisement for my ants, make a publicity , you are an entrepreneur, seek the right in your place, you are an entrepreneur , there is nothing wrong with promoting your company , then don’t lick your face and say that you are speaking on behalf of the Chinese people What, say something on behalf of the general public, you can’t represent what you say, first, you are not a professional, extremely unobjective, and second , you have no solution to existing problems, yes , and then you are actually advertising your own business. Use your pressure to slow down some businesses of your company. To slow down is to slow down, but you are not honest.


You should be honest. Anyway , I am quite honest. When I advertise for Puhua, you say that I will do some advertising when it is time for advertising. The public offline class also said that now I will do my advertisement for everyone. I don’t think there is anything I can’t say. I am an entrepreneur . I want to promote my company.


Yeah, isn’t it just for your business to earn more money? Yes, for your ants to earn more money? Yes , why? Because everyone in our circle knows about ants. This pit will be more than many pits. There are more pits. Ants raised more than 200 billion yuan this time, right? More than 200 billion yuan , more than 200 billion yuan . Almost, ah , but there is a big problem , what is the big problem, that is, Mr. Ma (Yun) is not interested in money. Don’t be ridiculous. Who said that Mr. Ma loves money very much ? Yes, I will tell you about ants. I know that I’m not interested in money, he won’t do it, and he won’t talk about it.


Let me tell you first , Mr. Ma’s style is not high, but his style is low. I think a rich person like Mr. Ma ca n’t do it. There are many things, but what Mr. Ma did is the reason why I said I might block him. Mr. Ma, this incident changed my view of him too much. The business of the prospectus is actually nothing new .


I talked about his technological finance and Internet finance. In fact, it still revolves around his small agency and insurance business. But everyone knows that this is only a small part of the comprehensive business system, and all the licenses and insurance he has. Some qualifications , such as the Industrial and Commercial Bank of China and China Construction Bank , are still far behind these large national commercial banks. These Dashan Banks have obtained more national resources , central bank resources , and various things than Mr. Ma. There are a lot of central banks, so let’s take a look at the introduction of Gongshang Bank to see its annual profitability. That’s Alipay, which ca n’t catch up with this rocket. That is, their annual income and profits are not known to be much higher than Alipay. Yes , but they It’s not the biggest IPO in the world. Let me make a statement first. Then , these four major banks, China Agricultural Industry and Construction, which have the best resources in China, are small banks.


Their adaptation rate for listing is less than 10 times . What is the adaptation rate ? The prices of stocks that depart from their concept of making money are less than 10 times . Yes, those are super profitable, super stable businesses , and endorsed by the national government. Their listing is less than 10 times, and their profitability is far inferior Resources are far inferior to policies , far inferior to Ali, who is inferior to everything else. Why did you come to Ant because the marketing ability is too strong? Mr. Ma’s face is too high . Then when they pay their own salary, what is the estimated price ? Tell everyone 100 times the adaptation rate, yes , so what? What does it mean? This is when new shares are issued, that is, when they issue new shares. The concept stocks of financial institutions such as Mosai, Goldman Sachs, etc. all over the world are about 10 times. Let me tell you first that China Merchants Everbright and others are also about 10 times.


Listed companies on the right , that is, the best financial concept system in the world, are all about 10 times. Even if there are a lot of over-issued ones at the beginning, they will be quickly knocked back, and those like storage will return to less than 10 times , which is the world's Financial Laws Mr. Ma’s main business is exactly the same as others’. The profit is not as good as others’, the qualifications are not as good as others’, the license plate is not as good as others’, and the profit margin is also low . It can be seen that the profit margin in the prospectus is much lower than others’, but the trial operation rate is 100 times.


Yes , then the concept is What is the concept? Then everyone will know how much risk you are taking if you want to buy his stocks. Do you understand? That is, he has deviated from all the finances in the world. His main business has no industry other than finance, so he has deviated from everything. The law of the world's financial affairs, a stock is issued , relying on Teacher Ma's unique marketing ability , we know that Teacher Ma is too powerful, the entire ant is too powerful in marketing ability , and the entire circle of hundreds of billions of money has been taken away from the market.


Then I sold one at the most expensive price and the second one. What is even more terrifying is how many customers this company already has. Let me tell you more than 700 million in 2019 and 2000. Let’s look at the basic number. Everyone in China knows what to do. Small loans, financial management , this kind of insurance, JD.com is also doing it, 360 is doing it, a bunch of companies are doing it, and state -owned companies are also doing it. It’s impossible that 1.4 billion people in China are monopolized by ants. It’s impossible, it’s impossible , so he’s already It has monopolized half of China , and the other half is given to other people . The development in the past two years is called extreme , that is, the number of Ant’s business in China has grown to the extreme , and it has been stabilized. It may take more time and effort to invest in the development of Ant. I don’t know how much bigger than in the past , so in this case, everyone should think of a stock with such a high trial operation rate . Its customer requirements have reached half of that of the whole of China, and there is room for further decline.


How big is right Anyway, I can’t see his new one in the prospectus . I can’t see any benefits for investors who buy him and invest in him. But his user numbers and flow have calmed down. What about these people’s money ? Let’s take a look at this . We can see that there is no room for growth in the RMB deposits of the central bank and the capital flow of ants The rate is falling, yes , the deposits of non-bank financial institutions have sucked up all the objects, so you can see the final result because I am in finance, yes , I am in finance, and I am an expert in the doorway.


I don’t listen to journalists, I don’t listen to nonsense from outsiders. All my stuff comes from data , so it comes from data. When I see a listed company, its source of income is not clear, its income from care has no clear change, and its customer target has no clear change . The size and payment ability of the customer target is short-term It is impossible to greatly improve the company ’s profit margin and income level . For example, China Construction Bank, China Merchants Bank, China Everbright Bank, and Industrial and Commercial Bank of China are much lower . In many cases, the profit margin is correct. It’s about data, and those companies with much higher profits than him only have a 10 times adaptation rate.


Ants can post 100. The copyright of this video belongs to YouTube Unique ID: @ZhaiShanYing_Channel I don’t know I do n’t know but It doesn’t matter . There are a lot of leeks in China. There are a lot of leeks in China. If someone asks why the social security fund buys them, why don’t you calculate how much the social security fund has lost ? An institution, the social security fund decides whether to buy a person or an institution.


Can a person be publicized? Ah, I will talk about the financial system with Chinese characteristics and you will understand. Yes , the financial system with Chinese characteristics will be mentioned in a while. Let me tell you in advance that I am here. Old classmates all know that the first one is to replace carbon-based civilization with silicon-based civilization as much as possible. I have been working in finance for so many years . Why I mention the financial system with Chinese characteristics is because everyone is a carbohydrate. Summarize semiconductors, Internet computers, when you can’t use these things to limit people’s energy to the minimum , finance is a joke, having a Jock is really a joke. Finance has developed in China for 30 years.


Let me tell you about the history and then what we will talk about today The topic and then let’s talk about me. I’ve worked in finance for 26 years. I really haven’t completed these 30 years, but I haven’t caught up with it for only 4 years. I’ve been in business for 26 years. Basically, I followed the development of China ’s finance. China’s finance officially appeared in 1990. In 1990, our The People's Bank of China no longer performs commercial banking business and has become a first-level government agency to start printing money. We in China In the past, there was only one bank called the People’s Bank of China. All loans and deposits went to the People’s Bank of China, so everyone knew that it was not real finance . It was planned by the central bank and the government . In 1990, many commercial banks gradually developed and began to help everyone.


What kind of deposits, loan companies, and credit issues? The People’s Bank of China retreated to the government. In 1990, China’s Shanghai Stock Exchange appeared. China officially began to have a stock exchange market. The Securities Office of the China Economic System Reform Commission coordinates and manages the situation , so 1990 should be regarded as the first year of finance in China . Because of the financial pilot in 1990, Deng Dada proposed in 1991 that finance is an important part of China's socialist economy. It was very classic at that time. One speech is China’s announcement that it has a financial entity 30 years ago. For me, I came into contact with this finance 26 years ago. So everyone knows that when I entered finance, finance started at a stage that was just sprouting. What about the 30-year growth of China’s finance? To some extent, it is almost a small microcosm of Western finance that has grown over hundreds of years. Yes , all the steps and systems in it are very similar to Western finance. What is the essence of finance? Finance is an intermediary.


I can’t do it. There is nothing in finance. The business of finance is to use other people’s money to make his own money. He calls money to make money. The rich money is put here . He lends money from rich people to people who have no money, or lends Rich people get more money on credit from others and then come back. So when someone told me, Mr. Zhai, besides the Nine Generations, there are funds that invest in the stock market. Where did the money for the fund come from? You will find that it is not a financial institution. Yes, all the money in financial institutions still belongs to ordinary people in the end. It’s just that ordinary people who have money are still ordinary people without money. Financial institutions are an intermediary. The earliest human beings came out thousands of years ago , more than 2,000 years ago, and the earliest financial theory was developed . The essence of the role of finance is An intermediary has nothing, so everyone knows how an intermediary makes money by selling its professional knowledge, professional skills , professional information , professional experience , and professional resources to make money.


That’s right, what this financial institution sells is knowledge, skill resources, experience , and er, information . These 5 items Things , so there must be knowledge asymmetry, skill asymmetry, information asymmetry , resource asymmetry, and experience asymmetry . This is what finance relies on to cause something. Rich people’s money, right ? Putting in it can help rich people earn more money. Let it go In markets where there is no money or lack of money, or other rich markets, take them out to earn the price difference.


This is the nature of finance . The essence of finance is the intermediary for more than 2,000 years. Western finance, from the initial intermediary to the last step by step, the process is similar to that in China now Finance is the same , it’s special, so China’s finance has gone 30 years. Yes , what do intermediary people need? What do you need? You have a very strong ability to search for information and questions. Strong knowledge, great technology and experience in trading The ability to integrate resources. At the very beginning, those who worked in finance in the West admired such a group of people . Everyone knows that the source of Western finance did not start from the United States . Western finance first started in Venice, and then from Venice to the Netherlands, which is now the Netherlands. Then I went from the Netherlands to the UK, France , and finally drifted to the United States . The people who started to do finance are very similar to the people who did finance in China at the beginning, so these 5 items must be very good. You must have really special financial knowledge, financial skills, and finance . Experience, financial information and financial resources , you can do a good job in finance.


Without these things, you can’t enter the financial circle . So I still miss our era very much. Because in our era, when we talk about finance, everyone who really does finance needs extremely financial knowledge . The legal knowledge is extremely strong, the knowledge and skills are really like this, the finance is extremely strong, and the surrounding environment is also extremely strong. You ca n’t do finance without these things, but the taste of finance gradually changes during the development process.


I like our era. Back then, because it really depended on one’s own abilities and skills. I have told you many cases of why you can buy a listed company of Huanghe Chemical without spending a penny , right? How to move after buying it? Bought the listed company with the money of the listed company, and finally changed its name to Tomorrow Technology . It didn’t cost a penny, right? How to use the real economy to leverage the financial leverage , just dozens of times the leverage, and then use the listed company, the marketing steel structure, as a bait in the end .


In the end , that fraudulent company easily defrauded more than one billion yuan of funds from this hand. I told you about it, right, including how the three carriages in Tunhe, Xinjiang, how Huang Guangyu turned his left hand back then, and how Boss Huang turned his left hand into his right hand. Right- handed and left-handed, just use the office of the cooking building, and finally form a Hong Kong listed company with huge profits, and then use the proceeds to issue additional shares, and then take away all your assets. I told everyone, yes , including why one point at that time. The money doesn’t cost a year. We all know those people. Let’s not talk about it. Everyone knows Liu Moumou, this , er, introduction group, Yuan Moumou, etc. Is Wei Moumou ’s fate bad? At that time, there were 4 people in the company, one was still at random , and the other was in prison. The richest man in Shanghai at that time, the remaining 3 were all beaten by me for various reasons , or what .


Hundreds of state-owned enterprises are bought in their own hands, but they only use asset depreciation . People don’t understand the concept of real evaluation of asset depreciation. When the depreciation value is greedy, they think that there are no assets on the books. At this time, they don’t understand . Do a new evaluation and return it. It’s just a small excuse to get from the bank to the loan, because there were too many imperfect laws and regulations at that time, and there were too many imperfect market rules, so the financial industry in those years would form a professional level to crush the non-profit.


City ​​of professional The field , that is, what everyone is desperately pursuing is to be more professional, more powerful and more powerful, to increase leverage , expand business, and then use what we have professionally, the advantages of knowledge, skills, information , experience, and resources . The advantage is to make money by maneuvering in the capital market, so I said that at that time, it was really an era when individual heroism or small team heroism could dominate the wind and cloud. It is a very powerful one . When they have no professional knowledge, they all go in one after another. In the end , the results are not necessarily good , but like me, there are some that are invisible to everyone now. I also talked about Hu Haixing, Mr. Hu, Mr. Lin. Wait for a group of people. These people with solid professional knowledge, of course they can live.


Teacher Duan and others are living very comfortably. They are also living very comfortably today . Gradually, it is the same in the West. It is not this stage because finance is the most important in China. At the beginning, there were no circles , and too few people understood them . They couldn’t do things like circles, and they couldn’t do things that interacted with resources. That’s right . At that time, they were introduced from abroad. China was crossing the river by feeling the stones, so many things were not understood. If there is no resource and no circle, then there is no way to rely on the government, because the government is also changing people frequently, and the government is also exploring .


So at that time, China’s finance was completely different from China’s actual economy. China ’s powerful economy All those who get rich are directly or indirectly, relying on the government to get rich. As I said, the government has invested tens of billions of funds for 40 years. China is called an infrastructure madman. These funds have built high-speed rails and built cities.


The details of these funds have flowed into countless companies. Countless companies have money to buy, buy, buy, buy, and these funds flow to their own things. China does not buy them, but sells them to the world. So, the core development that drives China to today is the government’s massive printing of money and massive spending . China is just in a Western world. A blind spot of capitalism, Westerners started it like this, but because of their country, the number of people is relatively small , and it took a long time for more than 100 years to enter into a situation that can’t be solved, called overcapacity. The appearance of this statement means that the entire video violates YouTube Unique ID: @ZhaiShanYing_Channel copyright At this stage , China has a large land, rich resources , many people, many places, and the people are smart, so in the past 40 years of development, China has not entered into a complete overcapacity no matter how much the government pays . At that time, a huge crisis appeared. Like all Western economies, there was overcapacity , so a large amount of funds from the government came in.


In such a poor place in China, the vast number of people use government funds. There is no production in China. With the red line of surplus , if the development is crazy, the whole country will be rich . Under this kind of endowment, the finance is just relatively slow . At that time, there were very few resources from the government because the government didn’t understand. The government doesn’t dare to do it.


You probably don’t know that when China’s A-shares first appeared, they were daily limit-up or limit-up. Let me tell you a joke. Don’t you know, don’t be happy at 1%, that is, the daily limit can only increase by 30% in a month . You understand. Because the rules and systems at that time were all rocks. I was the first listed company at that time. I also said that the 771 Institute of the Ministry of Aeronautics and Space, right? Today’s ZTE was listed at that time. Indicators give you a few indicators. The State Council’s securities department gives you a few indicators.


You can get a few indicators and go public. The indicators are only distributed to state-owned enterprises and central government agencies. This is the case in every locality. So this buying and selling of indicators can make money . At that time, finance was not The same, so you really have to form a group of circles that rely on the market economy and rely on the government to make money. So at that time, the financial circle was really like a group of talented people from the rivers and lakes. They went in and used the rules to make use of their own knowledge, skills and experience. This kind of ability then kills the Quartet and earns a huge amount of money.


Of course, if you stick to the law, you will be the same as me until now. You have been rich until now, and you have kept it until now. If you don’t have it legally , it’s not the same, but it’s different after that. As the government gives more and more power, the financial circle is gradually formed . The West is also similar to the entity. So the final finance is like this today.


China is doing a good job in finance today. Otherwise, you can rely on the circle, regardless of whether it is domestic or foreign. Otherwise, rely on the mixed government to do finance in China. To be honest, the last thing you need is technology. You have no technology and no knowledge and experience. This is why I graduated from CCB in 2007. Yes, because China now you Make any system , or you will rely on it, or you will rely on it, or you will rely on it, or you will rely on it . This is similar to many industries in our Chinese film industry , right? If you don’t have a way or a system in the SARFT for many years, you think about yourself. Even if you have a shooting license , you don’t have a broadcasting license. SARFT You can’t even get past the screening office.


Yes , it’s very similar. It’s the same now . There are many barriers in industry and commerce, and finance is the same, so the last circle of finance is very important . Why is this circle, for example, like district TV? It’s typical for you to be in the circle . He’s been in the circle for 10 years. He’s not in the circle for 10 years . When people in the circle say that we’ll put this thing on top and let him make money , it’s OK. So today you saw LeTV and you saw Rui Xing Coffee, you saw GSX, you saw Kang Dexin, you saw Kang Mei, you saw SD Qiulin, you saw Zhang Zidao, you understand, that is, these things are in the same circle from beginning to end Li, it’s all about making money, I can understand , so someone told me about today’s finance, Mr.


Zhai, I want to do a good job in business and learn about finance I said what kind of finance do you study ? I said you can just mix in circles. Why I said it is because it is very simple . Securities companies help you get listed. Investment banking departments of securities companies, auditors, appraisers, lawyers, financial consultants, general financial public relations coordinators, credit rating agencies, etc. are companies They know each other well. They do one more thing. It’s not for the government to maximize corporate profits for the people .


As long as they don’t break the law or commit crimes , they can naturally build a system under the profit-maximizing platform. So what you say to them Simple, just say how much money they can earn from you , not whether you are really a good thing. The more they can earn from you, the more benefit systems are all enterprises. There is no government . I have said it many times. I said you look at a brokerage and help one . A company with an asset size of 50 million yuan goes public. Helping a company with a assets scale of 500 billion yuan go public .


The 50 million to 500 billion yuan of time and effort he spent may not be much different if the scale and shape are similar. But the second listing Earn about 5%, the transaction fee can earn 10,000 times more than the first one. Who do you think he helps Ma Yun? Does someone understand the matter and don’t talk too much ? Do you understand it? Do you understand it? That’s why I said that this matter is very confusing, Cheng Consumption, do you know what Cheng Consumption is ? Hundreds of billions of funds are Cheng Consumption, do you understand ? What is the comparison under this system? Why do you see that so many unprofitable companies can go , right ? It’s simple because economic interests come first.


The bigger your assets, the bigger the market, and you can earn money from the people inside. The more you have, the more everyone will help you. From the first step of investing in venture capital, you will expand your asset scale and follow the rules and regulations of the circle to build your business. Of course, after the final listing, will this company be under your control? I do n’t know if you do it or not. If you have time to read it, I’ll understand what I just said . Yes, I’m sure you’ll carry mine . Since you’re in the same circle and you want to work for such a company , then think about it.


If you are allowed to go public , everyone must make money from it. In the end, you must be responsible for carrying the mine. Yes , because everyone’s money can go . Some people will carry the mine. If no one will carry the mine, how do you play it? Anthead Let’s take a look at who will carry the mine. Someone must be carrying the mine . Don’t worry about it. So why do you know that when I graduated from finance in 2007, I suddenly discovered that finance has become a very strange thing.


Everyone is in the social bureau together, and this kind of thing is in the circle. Transparent. Everyone knows. Everyone knows. Everyone knows where they are. The only thing they don’t understand is whether this institution is good or not. Why, don’t tell me about asset management plans , dart products , and debt issuance. It’s all the same. Why do you know why? Because everyone knows that for 40 years, the operating model of the enterprise has become more and more complicated, and the internal organization and management have become more and more difficult . No knowledge or experience to look at the company from the perspective of business model, corporate development strategy , corporate governance structure , company’s operational organization management, product design , market promotion, sales and financial personnel , legal risk control , administrative informationization, and every link and every person you ask to work in finance To understand, how is it possible, how is it possible, yes , I told you before, don’t tell me, if you understand , you just pick one at random.


I often joke with them, and I rely on them . I said you tell me about the 12 basic rules of a company’s financial department. What is it? The last time I did a live broadcast, I told everyone that no one could explain it. You could n’t even explain the basic rules of the financial department. How can you show this company their relevant operating system and rules? When the business is becoming more and more complicated, the professional knowledge is getting worse and worse , and the finance is becoming a real circle of finance at this time. So this time you know, hehe, Ants , think carefully about what I ’m talking about. Everyone in the circle benefits from each other, so the circle must be external, it must be external, you know ? If there is no internal one, then think about it yourself.


Internally , it is a common interest subject . For common interest subjects, we can do it together. That’s different, so I’m going to tell you why, because I’m qualified, and you all know it . For some students, let me ask you. I ’ve studied finance for 26 years, and I’m qualified . Yes, I’ve done too many listed companies. Right , 26 years ago, when Sino-British Communications was opened, aerospace power rocket shares , China Tiandi Satellite, China Fan rate, etc.


How many companies are there in Shandong, how many companies are there in Shanxi, etc., until the listing of Beijing Construction Bank in Hong Kong. In 2007, I resigned from CCB , the executives of the investment banking department of China Construction Bank . Everyone can look up my history, so in this, I think I have worked in finance in China for 26 years, and I have achieved such a high-level position . Look at all the systems. I do n’t think there are many, but I can live as long as I am now .


There are not many people with such good conditions. But I came out in 2007 to switch to a real entity . Everyone knows that . Switch to a physical entity because I want to understand the physical entity. It ’s because I discovered that the real entity is like this when I was doing finance. The difficulty is not that people who work in finance can understand it. Those who do finance do not understand the entity. The gap between the entity field and the financial field is huge. It is extremely huge. There is no way. Why is finance an intermediary ? Let me repeat that finance is nothing. Give him the rich money He has to put it in the entity, turn it into more productive value and exchange it for money. People in finance can return the money they should have to others and make money by themselves . They are all liars, everyone just wants to recite Lei , but how about actually throwing in this thing, right? Can Leshi make money? Can Dexin make money? Can Zhang Zidao make money? Can you make money ? Rui Xing Can you make money? No one cares .


Anyway, Lei went out. We have completed a process of boundary because everyone does not understand entities . Until now, everyone Knowing you now, I have worked as an entity for more than ten years , and I can say responsibly that it is really impossible for finance to understand entities. I have studied finance for so many years, and I think I understand entities well. All the problems that arise in the management of entities are Unlimited and super complicated, I have to do the entity. I have to understand the entity. After working for more than ten years, I came back to do finance, and then I know what its essence is. So it is also mentioned in this process. The financial system with Chinese characteristics, the three firsts This is based on my understanding of Internet civilization. I won’t talk about it . You are willing to see that the previous Internet civilization was a typical fusion of carbon-based and silicon -level civilizations compared with the previous industrial and agricultural civilizations.


The previous civilizations were all pure. Carbon-based, so now the world's finance is purely carbon-based. To establish a carbon-based civilization, it is necessary to establish a financial system that integrates silicon-based and carbon-based to minimize the impact of people. I am the same in my company. It is a full information system. As I told you, I call it four modernizations, specialization , digitalization, standardization, and automation . Yes, all the recruitment of the enterprise is based on the EH system. The internal office OA , all financial product production and manufacturing are all ERP , and all marketing and sales are all owned by CM. All the projects are collaborative systems, listed on the record as the warehouse system , so my ability , as the actual controller of the chairman of the company, for my group of thousands of people, a group full of highly knowledgeable and educated people, my control is even a front desk It can’t be achieved because all the business models are well established in terms of informatization, so everyone is responsible for revising all the processes and standardization systems, and the human factor must be minimized.


When the human factor is not minimized, there is no way out for finance . Because everyone has greed. In a China that has emphasized economic construction for 40 years, you all know the people around you. How many people have you seen who have ideals and beliefs? How many people around you can completely stick to your bottom line for a cause and do nothing? Such a person , if you don’t have such a person, how can you expect him to use such a fair and fair attitude to make you a thing called finance, which can make you money? Impossible , can this be realized? Can it be realized? I know that most of the people in my group are technical R&D personnel, and I work in computer technology. Yes , I have won dozens of national awards from last year to today . The progress award for Chinese scientists is our group .


Yes, we must make this path clear and use it. Technological changes The second is that the real and the virtual must be integrated, and the virtual and the virtual cannot be merged together. It is impossible to achieve a win-win situation if only the finance comes out. The interests of both parties cannot be integrated . Now I am doing very well . Being able to integrate entity and finance together, I can easily finance a company of any size within one year of establishment There is no problem in going public easily, and it must be merged together to earn profits.


It must be a win-win situation. It must be tied together . There are many regulatory systems in it, including the dynamic regulatory system of Auto Cloud for enterprises that I mentioned . The digital model of the complete operation of the enterprise is dynamically provided through weekly data, and then the third-party cloud financial system is used to implement a full development plan for the enterprise, drawing all the behavioral data model systems of the enterprise, whether it is present or future, and then It is easy and easy to form a win-win situation with the capital market entering the market, so the second is very important , that is, finance and entities must be integrated . The third is that it is very important if we can neither replace human functions with numbers nor integrate financial entities.


The functional departments or conceptual positions in the financial field must be led by the government, not enterprises . Enterprises must be the first in terms of economic benefits, and being an enterprise must be the first in terms of income. Yes, some students don’t believe it. If you don’t believe it, you can try it if you don’t believe it. You can try it , yes , Mr. Zhang is the most powerful and the least afraid is to try it. This year , everyone knows that I am in front of us. Go back and review how many things I told you in our live broadcast. In the end , everyone found out whether they listened to me. I’m making money . I didn’t listen to me. I didn’t make any money. Try it, including stocks, including various situations, right? If you don’t believe me, you can try it.


You can come to Puhua. It can’t be done, it can be done 100% of the time, it’s impossible, it can’t be done , I won’t tell you if it can’t be done, then the third thing is that when it can’t be controlled, the government must control it, let me tell you, this is not true I boast about Puhua’s theoretical depth. In the new Internet civilization, Puhua’s theoretical depth is one of the best in the world.


We should know that there are financial reference books written by Chinese people about finance. Everyone knows my name. Go online and check it out. There are 3 Encyclopaedia Britannica that can be received and the financial tools books written by Chinese in the Library of Congress. I wrote all three of them. Yes , this is very strange, and I am also very strange, because no one really works. People go down to do theoretical research, but everyone should know that the higher the building, the deeper the foundation must be, and the higher the tree , the deeper the roots must be. If you can’t do the bottom-level thing, you can’t do it if you can’t get this, so I’ll tell you. Ah , finance. The financial system with Chinese characteristics is really the direction of future financial development. Where are the financial problems in China ? We have a unique mechanism of socialist system, but what we learn is the financial system from capitalist industrial civilization, which is industrial civilization. The financial system comes from capitalism, which itself has a serious conflict with our system itself, so if we can’t optimize and revise it according to the socialist development model , China’s finance will always be plagued by this contradiction, and it will continue to develop.


A large number of problems occurred under this condition. If you want to change this fact, you must really take into account China's national conditions. Re- plan our financial operating system and mechanism. I have been making this kind of attempt . I have been doing this kind of attempt for so many years. Have you ever thought about the many people who are talking about Mr. Zhang ? Have you ever thought about it? I have thought about one person. For more than ten years, I have invested an infinite amount of money and conditions . One person who works in finance comes out of finance, and another small partner and two people use this dream of my own The core purpose of a technology -led company with more than 1,000 employees is to create and practice a financial system with Chinese characteristics. Over the past decade or so, it has been able to win many awards and certifications in many fields in China. Is there any one of you? If you are as persistent as I am in doing one thing , if you can do it, you may have such an achievement today.


Yes, I guess there may be none of you. Most of you are like Jack Ma as I said. The second point is not bad. Let ’s talk about others No, no, no, you can come and try how to do it. Yes , if you haven’t tried it, have no investigation and research, and have no right to speak, don’t make any inferences. This is a basic character. You must be serious, down -to-earth , and interested in me. Or that it will be available next Monday. I don’t want to advertise, because I don’t charge any money. You can watch Puhua or ask the assistant of Puhua you know. The old Wang next door will inform me that it will be free on the Internet next Monday. I will tell you about a standard model and a style of the entire financial system.


After listening to it, I believe that every one of you can understand as long as you are a business owner . Those with more than one year can get funds unconditionally and unconditionally in this system, and form a win-win situation between the entity and the finance. No mortgage, no pledge, no guarantee, a complete fund , a win-win closed- loop system, you can listen to it and then listen to you If you think about it again, you will experience it, and you will find that there is nothing to question. This thing will inevitably appear . Of course, this requires a lot of patents, a lot of technology, and a lot of platforms. What I’m talking about will tell you that we have already done a dozen key points. After research and development , everything has been done and practiced, so we can make a main body like today. You have to ask about the specifics . Ask about this, er , the assistant in it is the assistant of PwC, or if you can’t, go to the official website of PwC. The official website of Puhua Group, it’s OK to ask the customer service on the official website, because I don’t remember the exact time, but I know it’s at night, Monday night, so everyone can listen to it if you want , and you can go back after listening Think about what I said, yes , because of me, my system has been demonstrated with some people, and I’m not kidding, it may really represent the first version of the future development of commercial digital asset securitization In this country, the first version of the model model that truly fits entities and finances must be a win-win situation.


It must be a win -win situation. It must be a key link in it. After listening to it, I will know it . Of course, I am not saying that it is meaningless to advertise to you today. I just Let me tell you about the financial changes in China in the past 30 years. Up to now, as enterprises have become more and more complex , the possibility of being able to understand the real economy in finance is getting smaller and smaller.


The role of power is becoming more and more important, but both the government and the circle know less and less about the companies that they will invest in and benefit from in the future Everyone is very clear about their thinking, either in the capitalist circle or in the government to earn money from these places. This is the thinking habit of the Chinese people . Well, in these structures, is it possible to even pour dirty water on children ? Find the best and best companies from it, and they can really achieve capital investment and make money. I’m not kidding, and I’m very responsible to say that people who work in finance in China can’t understand everything. I also often interview and chat with them . Some relatively profound topics require both depth and breadth , knowledge and skills , a comprehensive system of experience, resources, and information.


This difficulty is too great . If they are all rational, they are all judged by basic rules like me. Civilization has never been Relying on all the data and all the environment to speak , many problems will be avoided, many mistakes made by people , and many irrational behaviors of ours will all be avoided here. So what has China's finance gone through? It is the same as Western finance. In the beginning, it was like the era of independent filmmakers or Lone Rangers, and now it’s the same in China outside the Western circles. Some people say that it’s the same in the West . If you are not a Jewish nation in the United States and you want to enter the financial field , why is there no upper-level door? Of course there is no such thing. Yes, in the history of American finance in recent decades, there is only one non-Jewish person who has ever been promoted in finance. The Chinese call him Milken or Milton, which translates to the God of Junk Bonds, but because he is not in the Jewish circle, the Jews easily got him into prison after he came out, and after the prison was dealt with, he was given a sentence of life imprisonment.


What kind of capital and financial market to enter? That’s right, so he finally went to engage in genetics. The genetics required a very smart person, a non- Jewish field, so in this circle in the United States, your natural ethnicity will determine whether you can mix in this circle. If you don’t know how smart and capable you are, you have no chance.


If you are interested, you can read what is called a liar’s poker . Ahhh , what about the barbarians at the door? Look at these books. These books seem to be a thief tide, a thief tide, read these books, you don’t actually You’ve been there and you’ll understand that it ’s all the same. Western finance has come to an end. I’m not kidding. I’ll give you a statistic. I think some of you should know about the 22,000 companies listed on NASDAQ in the United States.


Now there are only 7,000 companies living on NASDAQ. Many people ask what happened to the 15,000 companies. Most of them were delisted due to poor economic benefits. They were delisted forcibly or voluntarily. When I went public, so many investment banks swore that it was great, but then , after I went public, I cut off everyone’s leeks. Finally, you can withdraw from the development department. One company goes public one by one. There are actually more companies delisted than listed companies. Fortunately , he is investing all over the world, a market for financing and hype, so don’t be afraid. As long as humans are greedy , the game of finance may exist , but it must be anthropomorphic. We will step from industrial civilization to Internet civilization. The West is a little later than us . Understand this truth. In Internet civilization , when we enter carbon - based civilization and become dominated by silicon-based civilization , many things we may face are different from what we are now . Silicon-based civilization can do much more than us, but its principles must be It is a carbon-based civilization, and the rules formulated are implemented by a silicon-based civilization.


So I think that what really guides the future is indeed Internet finance , but not the current finance . I have been talking about Internetization for n years. What we do is Internet finance rather than the Internetization of finance. Internet finance is really a combination of two civilizations. It eliminates human factors to a minimum so that he can form a real win-win system in the end. It is Internet finance . Of course everyone is willing to listen to it. Try it now because I hardly teach finance courses. I rarely talked about it in 2017. I hardly talked about it in 18 years. I didn’t talk about it in 19 years . It’s not lost, but I’m not going to class anymore. What I’m talking about now is about the digital economy , and a lot of entities are also digital economy entities. So if you are interested, listen to me. You can listen to me on Monday . That’s right . It is about a model, a financial business , a model in the field of digital economy. At other times, I may not be able to teach financial courses. The reason everyone remembers is that I don’t agree with the current finance.


I think the current finance is really real. The things we make, er, are still things from the time of industrial civilization. They deviate from the overall business development plan , and also deviate from our political system. This kind of thing is not completely changed in the bones. Now how to revise and fill this loophole will cause problems. In fact, I can say frankly that we are in an enterprise, I am in a group , and as the boss of the group, I will have a CEO and a variety of c and o c various o under me. There will be vice presidents or directors of various departments under me. The manager below the manager will have his own employees Because the upper limit of a person's management is 7-10 people, so it can only be arranged in this way. No way, it ’s the same even if there are numbers. What I said, through the CEO, deputy general director, manager, and employees, went through the 5-6 floors, and then the recent problems in the company, everyone can think of it. It’s what I want to do. Although there is digitization in what I said The efficiency of the system , execution and operation is different from the original meaning and speed of what I said.


Then everyone should know that China's financial level must be much higher than that of our company. This is the will and idea of ​​the above leaders. How big is the gap with what is really down to the bottom? There is one reason, so I really want to make a joke. It must be fully updated. I really set up a completely clean team and completely set up the structure of the clean team. Start the pilot with the clean team structure. Then I took the pilot from the bottom and made it look like I will promote it. There will be a huge difference between this thing and the existing ones, but I believe this day will come soon because I really like what our biggest leader said at the Fortune Trade Fair. China's three things will emphasize three things in the future. The digital economy and the sharing economy are placed in an extremely important position, so I especially like what the boss said, because this thing is China, and it can help the economy in the future . The so-called sharing economy is in my eyes.


Win economy , the most alloyed platform that can develop, well , let’s not talk about the others. Every week, we only have one day , one day, so at this time, er, Wednesday night from 9:00 to 10:00, so at this time Let me tell you, but it’s all a family ’s opinion. You can treat it as nonsense . After listening to it, you can laugh it off . If you are interested, you can also deepen your interest . I did it through my 26 years of infiltration in finance and my understanding of the financial market as a whole .


Let me talk about my own perception, from the greatest role of one person to the least role of one person in the financial market, from relying on one person's knowledge, skills, experience and ideas to relying on the entire circle, circle and circle resources and resources . As a result , China 's finance has undergone earth-shaking changes, but this change is not a change that is beneficial to this market, but a change that allows more integration of platforms in this market. So, finally ? Let me tell you about an advertisement . Everyone knows that everyone likes my courses. You can go to my Jinri Toutiao to see the courses in Jinri Toutiao. Look at the one in Jinri Toutiao. You can watch it. I like to listen to my nonsense. Well, if you like the rest, you can also contact the assistant or Lao Wang next door. You can also contact my assistant . Then, uh, you like to listen to my nonsense. Next week Three, you can continue to listen to me at 9:00 p.m. and chatting nonsense , okay? I’ll just chat so much today.


I wish you all a good night and sleep well. China’s finance in the past 30 years has been very exciting. I also want to write down some of the cases in it. After all , our generation is gone , maybe these things are It will be forgotten, right, although it was when the laws and regulations were not perfect, and then, uh, I recently tried to record a video to record some interesting things about us at that time, and then stay with everyone.


I can remember, well , thank you everyone , good night like this, I wish you all.



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