"In mid-March this year, I came back from United States.
Originally planned to go to Yunnan to visit Yunnan Agriculture Group's Cheng Jiaxun Chairman.
Yunnan Agriculture is my first cross-border investment after taking over Henglong. I pay more attention to it and want to talk to him in person about this year's plans."
Team Leader Zhou did not interrupt him.
"But time has not been arranged. There are too many backlogs on Henglong. Board of Directors needs to be launched, Haoyu Construction's debt reduction plan needs to be monitored, and Bubble Mary's Existing Share Acquisition needs to be completed.
I really couldn't leave, so I had to call Director Cheng."
Zhao Chen paused, picked up the water glass on the table and took a sip.
"We chatted for a long time. We talked about Yunnan Agriculture's production capacity planning, this year's pig price trend, and the impact of environmental protection policies on the industry.
When it was almost over, Director Cheng suddenly mentioned a company."
"What company?" Team Leader Zhou asked.
"Shunxin Agriculture. Director Cheng said that this company is also building pig farms on a large scale. It has built bases in Hebei and Inner Mongolia, and its actions are not small.
He said their slaughter volume this year may exceed 500,000."
Meeting Room was quiet for a moment. Two young investigators quickly recorded on their notebooks.
"I didn't know anything about this company at the time."
Zhao Chen continued, "But since Director Cheng mentioned it, I kept it in mind.
After hanging up the phone, I asked Chen Xi to investigate the situation of Shunxin Agriculture--
Find out what the company does, how big it is, and what its financial situation is."
"Why Chen Xi?" Team Leader Zhou asked.
"Chen Xi used to be my counselor, then became my assistant, and now is the general manager of Henglong Capital.
Henglong Capital's positioning is to make foreign investments, and researching Listed Company is her job. It is reasonable and reasonable for her to investigate Shunxin Agriculture."
Team Leader Zhou turned over the materials in front of him.
"Chen Xi, are there some of the research materials submitted to the investigation team that you have not read?"
Zhao Chen nodded.
"Yes. Chen Xi is very detailed in her work. She not only collected research reports from brokerages, but also did cross-verification of data herself and drew up many forms.
Some of the data was too detailed and I didn't read it.
What I see is the core conclusion she compiled - the proportion of Baijiu's business in Shunxin Agriculture is increasing rapidly.
The national layout of Niba Mountain Erguotou has been rolled out, and brokerages generally expect a good performance in the first quarter report."
"So your decision is based on the research report of Chen Xi?"
"Not exactly." Zhao Chen's body leaned forward slightly,
"My decision-making is based on two levels.
First, the research report of Chen Xi tells me that this company is undervalued by the market.
Second, I made my own judgment - Shunxin Agriculture's Baijiu business will become its core growth engine in the future.
This judgment does not require looking at inside information, only public data.
Niba Mountain Erguotou grew by more than 70% in Yangtze River Delta, Fujian and Xinjiang grew by more than 50%, and 18 provincial markets exceeded 100 million.
These data are included in the brokerage research reports, and anyone can see them."
Team Leader Zhou asked, "Then why did you start building a position after the end of Board of Directors? Why didn't you wait until the first quarter report came out before buying?"
Zhao Chen looked at him, his voice was very calm.
"Captain Zhou, if you wait until the first quarter report is released before buying, the stock price will not be 18 yuan.
This is what the capital market is like - deploying before the performance is realized, and harvesting after the performance is realized.
This is not insider trading, this is value investing.
All brokerages are saying that Shunxin Agriculture is undervalued, and all channel surveys are reporting that Baijiu's business is growing rapidly. I understood the public information, so I bought it."
Team Leader Zhou was silent for a few seconds, and then asked a more in-depth question.
"Mr. Zhao Chen, when you invested in Bubble Mary and Yunnan Agriculture Group before, you entered the market accurately before the company's performance exploded.
Some people in the market say you are the 'stock god', while others say you have special information channels. How do you explain that?"
Zhao Chen leaned back on the chair and thought for a while.
"Captain Zhou, let me tell you something, don't think I'm arrogant."
Team Leader Zhou looked at him.
Zhao Chen said, "I see further than others. Not because I have inside information, but because I am willing to spend time studying industries that others think are 'too small', 'too biased' and 'incomprehensible'."
Designer Toys, others think it is a children's toy, but after research, I think it is Emotional Consumption.
Pig farming, others think it is a cyclical stock, but I think it is the long-term logic of increasing industry concentration.
The low-end Baijiu, others think it has no technical content, but I think it is the biggest beneficiary of the trend of consumption downgrade."
He paused and his voice slowed down a bit.
"These judgments do not require inside information.
What is needed is to do research earlier than others. The way I do research is to let Chen Xi dig.
I will make a judgment on what she dug up.
Shunxin Agriculture This investment, from the time Director Cheng mentioned this company, to Chen Xi to complete the research report, to Board of Directors to pass the resolution, to Secondary Market to start building a position--
Every link is well documented. No information is non-public."
Meeting Room was quiet for more than ten seconds.
Team Leader Zhou wrote a few lines in the notebook and then closed the notebook.
"Mr. Zhao Chen, today's inquiry will be here first. If there is anything we need to add later, we will contact you again."
Zhao Chen stood up and stretched out his hand. "Captain Zhou, thank you for your hard work. Henglong will fully cooperate with the investigation."
Team Leader Zhou shook his hand and nodded.
When Zhao Chen walked out of Meeting Room, the corridor was empty.
Chen Xi stood at the end of the corridor. When he saw Zhao Chen coming out, he quickly came up to greet him.
"Zhao Zong, how about it?"
Zhao Chen glanced at her. "Tell the truth. It's okay."
Chen Xi let out a sigh of relief.
"That's good. I was so nervous that my hands were shaking just now."
Zhao Chen smiled. "Why are you shaking? You didn't do anything wrong."
Chen Xi shook his head.
"I know I did nothing wrong, but sitting in that Meeting Room with three people staring at you and the recorder on, the feeling of oppression... is completely different from usual."
Zhao Chen patted her shoulder. "Thank you for your hard work. Go back and rest."
In the following days, the investigation team additionally interviewed several other directors and core executives of Henglong Group.
Song Zhongping, Chen Qiming, Chen Wei, and Zhang Qingxue were all called for questioning.
The contents of the inquiries are similar - the procedures for investment decision-making, the sources of research materials, and the basis for judgment on Shunxin Agriculture.
Everyone's answer points to the same conclusion:
Henglong Capital's investment decisions are based on public information and independent research, with compliant procedures and no insider trading.
The investigation team also retrieved all WeChat chat records between Zhao Chen and Chen Xi regarding Shunxin Agriculture.
From the investigation of Shunxin Agriculture on March 20th by Chen Xi, to the convening of Board of Directors on March 22nd, to the execution of opening a position - all the chat records are there.
Not a single message mentioned words such as "insider", "know in advance", or "first quarter report".
Every message is normal and open work communication.
The investigation team also retrieved the call records between Zhao Chen and Cheng Jiaxun.
The call took place on the afternoon of March 20 and lasted about 18 minutes.
The content of the call - according to Zhao Chen - was mainly about Yunnan Agriculture's production capacity planning and pig price trends. Cheng Jiaxun mentioned Shunxin Agriculture and Animal Husbandry on the phone.
This is the starting point for Zhao Chen to invest in Shunxin Agriculture.
The investigation team also contacted Cheng Jiaxun himself to verify Zhao Chen's statement.
Cheng Jiaxun confirmed on the phone that he indeed mentioned Shunxin Agriculture and Animal Husbandry during the call,
But his understanding of Shunxin Agriculture and Animal Husbandry was limited to "this company is rapidly building pig farms" and he did not know Shunxin Agriculture's Baijiu business.
Zhao Chen's investment decision is entirely based on Chen Xi's follow-up research and its own independent judgment.
The entire investigation lasted nearly two weeks.
The stock price of Henglong fluctuated violently during the investigation, but it never fell below the key support level.
The debate in Stock Bar is becoming more and more intense - some people firmly believe that there is something wrong with Zhao Chen, while others firmly believe that Zhao Chen was wrongly accused.
The two groups were quarreling in the comment area.
But Zhao Chen didn't read those comments again.
He put his cell phone on the coffee table, leaned on the sofa, and looked out the window at the night.
The night view of Shan City spread out outside the glass window, and the cruise ship on the Yangtze River turned on its lights, stretching out a long strip of light on the water.
He knows that those who are pure will become pure themselves.
When the investigation results come out, everything will come to light.