As we all know, the "double-faced" Goldman Sachs, from June this year, the CPI reached 4.4%, 1 1, a 25-month high, it should be a high probability event for China to raise interest rates in the future. However, we are also very clear that it is to raise interest rates. At present, the one-year interest rate of bank deposits is 2.5%, which is still at a negative interest rate compared with CPI. In order to make the wealth growth rate of the people catch up with the rising rate of CPI, investment has become one of the options that the people have to do, so raising interest rates will not have much impact on the decline of the stock market. As for the increase in stamp duty, it is even more ridiculous. At present, the stock index fluctuates around 2800 points, and the price-earnings ratio of blue-chip stocks is only about 10 times. There is no sign of "speculative overheating" in the market. How about raising stamp duty? As for the news that Mr. Fan Yonghong, a mainland fund tycoon, was detained, it was even more funny. As a leading figure in the domestic fund industry, the news that Mr. Fan Yonghong was double-checked naturally attracted the attention of the market, which in turn triggered a big shock in the A-share market. In fact, the Shanghai Composite Index plunged 3.98% again to close at 2,894.54 points. Rumors have played a role in confusing people. Although Mr. Zhang Houqi, the spokesman of Huaxia Fund Management Company, quickly clarified on June 1 17 that this was a market rumor, which was purely out of thin air. But the negative impact of rumors on the market has been done. What is worth pondering is the rumor that Goldman Sachs is bearish on A shares. If we refer to the overseas edition of People's Daily of 65438+February 1 and publish an article entitled "Watch out and crack down on international capital predators who manipulate the market", our feelings will be clearer. This paper clearly points out that the rumors of raising stamp duty and a large number of China shares mailed by an internationally renowned investment bank to investors are the fuse of the crash. In particular, the article points out that not long ago, it was this investment bank that issued a strategic report with a positive attitude towards the investment prospects of China stock market, which was suspected of manipulating the stock index for profit. Accordingly, Nanfang Daily also wrote that the internationally renowned investment bank referred to in this article obviously refers to Goldman Sachs truthfully. No wonder some media said that before this round of plunge, Goldman Sachs provided two "Yin-Yang" research reports with different contents to the media of China and overseas clients. One is to publicize the China stock market more to the mainland public; The second is to issue selling orders to customers, covering customers' selling in Hong Kong and mainland capital markets. Why did the shadow of Goldman Sachs appear again this time? Why do domestic mainstream financial media often question Goldman Sachs, and whenever there are major domestic policies or adjustments, it can "accurately" bet, so that customers and themselves can reap huge benefits? What role does Goldman Sachs play in China's capital market? Grandma Wolf or Vampire? Then, let's take a vivid example to see what role Goldman Sachs plays in China's capital market. As a crocodile of international investment banks, Goldman Sachs has always been willing to make "quick money" in the capital market, thus cultivating its high sensitivity to the international political and economic situation. 1984, the grand anniversary celebration held in China on the 35th anniversary of the founding of the People's Republic of China showed Goldman Sachs the momentum of China's economic rise. In order to closely observe and study the economic development trend of China and formulate the strategy of entering China's capital market, Goldman Sachs set up its Asia-Pacific headquarters in Hongkong. 1990, the establishment of domestic securities market made Goldman Sachs smell fragrant business opportunities. To this end, Goldman Sachs used its network resources in American political, business and financial circles to pave the way for it to open China's financial capital market. Goldman's efforts were not in vain. 1994, Goldman Sachs was approved to set up representative offices in Beijing and Shanghai. At the same time, Goldman Sachs became the first foreign investment bank to be allowed to trade China B shares on the Shanghai Stock Exchange. Goldman Sachs, which got the "passport" to enter China's capital market, did not delay this "falling from the sky" pie at all, and took the first step to invest in China's capital market in its most familiar financial market:1In June 1994, Morgan Investment Bank of the United States and Goldman Sachs formally participated in China Ping An Insurance Company, and obtained 13.7% of Ping An shares at a price of more than six times the net assets per share. Among them, Goldman Sachs contributed 35 million yuan. In 2005, HSBC spent HK$ 865,438+0 billion to acquire 9.965,438+0% equity of China Ping An held by Goldman Sachs and Morgan. After Goldman Sachs transferred Ping An Insurance shares, the investment income of 10 was as high as 30 times. Interestingly, when China Ping An was listed on March 1 in 2007, Goldman Sachs Gaohua Securities Co., Ltd., a shareholder of Goldman Sachs, participated in the IPO of Ping An in China as the lead underwriter, adding another sum to the already lucrative Goldman Sachs. The first knife to kill China's financial capital made Goldman Sachs taste the delicious food in China's capital market, and the return on investment of 30 times made Goldman Sachs taste the thrill of "bloodthirsty". Therefore, Goldman Sachs has pointed its finger at domestic financial capital. In 2002, Goldman Sachs served as the lead underwriter of BOC Hong Kong's initial public offering. In 2003, Goldman Sachs and Huarong Asset Management Company established a joint venture company, and invested in the acquisition of the non-performing loans and real estate assets portfolio of the joint venture company worth 654.38+0.9 billion yuan. At the same time, in view of Goldman Sachs' position as a crocodile in international investment banks, Goldman Sachs has also become the first financial institution to obtain a qualified foreign institutional investor license issued by the China Municipal Government, with a quota of US$ 50 million, which can be invested in the domestic A-share market. 2005 was undoubtedly a very busy year for Goldman Sachs to play the role of "killer" in China's financial capital market. Goldman Sachs has successively served as the joint global coordinator of the initial public listing of H shares of Bank of Communications with a value of US$ 265.438+0.6 billion, the financial adviser of Temasek Holdings' investment in China Construction Bank with a value of US$ 654.384+0.4 billion, the financial adviser of Royal Bank of Scotland's investment in Bank of China with a value of US$ 654.386+0.6 billion, and the acquisition of Carlyle Investment Group. The most striking highlight of this year is that Goldman Sachs invested US$ 654.38+0.8 billion in ICBC. With the development of domestic economy and the reform of financial system, it is an irreversible trend for domestic banks to go public in the capital market, and Goldman Sachs is also very optimistic about the business opportunities for domestic banks to go public. However, in order to reduce the cost of participating in ICBC and increase the right to speak on the price of participating in ICBC, Goldman Sachs also has a lot of trouble. First, rating agencies are used to talk about things. In a report evaluating ICBC at that time, Fitch Ratings pointed out that it remains to be seen whether the recent balance sheet improvement can be sustained for a long time. Fitch believes that the asset quality of China Industrial and Commercial Bank is still very poor, as evidenced by its non-performing loans accounting for 4.7% of the total loans at the end of February 2004. In this context, international investors, represented by Goldman Sachs, require domestic banks to improve asset quality. For this reason, before the listing of the four major state-owned banks, the government set up four asset management companies through administrative means and took over 2.5 trillion yuan of non-performing assets stripped by banks. This not only made the four banks lose weight greatly, but also greatly improved their asset quality overnight. What is sold to "overseas strategic investors" is the bank equity with excellent assets, which makes the country bear the huge cost of bank restructuring, leading to the low issue price of ICBC. On April 28th, 2006, Goldman Sachs subscribed for 65.438+06.476 billion shares of ICBC at a total price of 2.582 billion US dollars. After Goldman Sachs successfully bought shares in ICBC at a relatively low price, driven by interests, Goldman Sachs sang praises for domestic banks, and ICBC jumped from a bank with poor assets to "the most profitable bank in the world" overnight. While Chinese people are intoxicated with the title of "the most profitable bank in the world", Goldman Sachs is burying its head in a low voice and making a fortune. Its ICBC stock earned nearly $654.38+0.2 billion in four years, and its assets increased by 4.65 times. Goldman Sachs sold about 3.032 billion shares in June last year and has cashed in $654.38+0.9 billion. At the same time, Goldman Sachs swung its knife at the domestic industrial capital that has become a "world factory", and launched a new round of "shearing wool" campaign for domestic excellent enterprises by using capital advantages and network resources. Second, the prominent position of industrial capital Goldman Sachs in international investment banks provides unparalleled convenience for domestic enterprises to develop investment banking business. Many large state-owned enterprises lack understanding of the international capital market and communication channels with international capital when seeking overseas listing financing, which opens the door for Goldman Sachs to "eat two carrots at the same time". From 1997 when Goldman Sachs was the lead underwriter of China Mobile's $4 billion initial public offering to 2006, China Southern Airlines, China Petroleum, China Netcom, SMIC, Dongfeng Motor, BAIC Holdings, Shanda, Ping An Insurance, ZTE, TCL, Lenovo Group, CNOOC, Focus Media and Shanghai Advanced Semiconductor all participated in the financing and listing. In 2006, Goldman Sachs once again showed its superb capital "vampire" game to the Chinese people. On April 26th, 2006, Goldman Sachs won the bid for Shuanghui equity auction at a price of 20 1 10,000 yuan, and obtained 0/00% equity of Shuanghui Group, indirectly holding 35.7 15% equity of Shuanghui Development, and then holding 60.7 15% equity through the transferee. On June 1 day, 2006, Goldman Sachs put forward a comprehensive tender offer. After Goldman Sachs participated in Shuanghui Development, it used Shuanghui to develop this "golden egg" hen, trying to quickly recover the participation cost by increasing the profit dividend ratio. Especially in 2006 and 2007, the dividend plan was to distribute 8 yuan for every 10 share, of which the cash dividend was 410.844 million yuan in 2006 and 484.7959 million yuan in 2007. In 2008, the proportion decreased, and 6 yuan was sent for every 65,438+00 shares, but it still accounted for 52% of the net profit. The highest dividend amount accounts for 88% of the net profit, which is absolutely unprecedented in the dividend ratio of domestic listed companies. Moreover, with the arrival of the bull market in the domestic stock market in 2007, Goldman Sachs quietly transferred its shares to companies such as CDH Investment while devouring the dividends of Shuanghui Development, and did not give any hints in the information disclosure of Shuanghui Development. It was not until June 5438+February 65438+April 2009 that Shuanghui Development issued a clarification announcement, so Shuanghui Development was supervised by the CSRC. On July 20th, 2006, Goldman Sachs acquired 32.05 million shares from Dongfeng Industrial Company, the former shareholder of Western Mining, at the price of 3 yuan per share. On April 8, 2007, Western Mining held the 2006 annual general meeting of shareholders, and decided to take the company's total shares of 320.5 million shares on February 0, 2006 as the base, increase it to 12 shares for every 10 share of capital reserve, and increase it to 3 shares for every 10 share of statutory reserve. After the transfer and bonus shares, Goldman Sachs' shareholding in western mining soared to more than 654.38 billion shares. On March 5, 2009, Western Mining announced that from August 7, 2008 to March 3, 2009, Goldman Sachs Strategic Investments L.L.C. sold 1 19,150,000 shares of Western Mining Company through the centralized trading system of Shanghai Stock Exchange. According to the average market price of 8.67 yuan during the reduction period, Goldman Sachs has accumulated cash of 654.38+0.03 billion yuan. The total investment cost of Goldman Sachs holding 65,438+92.3 million shares in Western Mining is only 96 10/00000 yuan, and the return on investment is as high as 974.3% in terms of reducing market value and holding cost. Goldman Sachs' investment in western mining was accused by the industry of violating procedures, transferring benefits, related transactions and manipulating the market. On September 3, 2007, Goldman Sachs increased its capital to USD 4,965,438 +0.76 million shares, and its shareholding increased to 65,438+0.654,380+0.25 million shares, accounting for 65,438+0.2%. In 2009, the foreign shares held by Goldman Sachs were changed to 45 million shares, and the average holding cost was about 1.57 yuan/share; Based on the issue price of Shanghai 148 yuan, Goldman Sachs made a profit of 93.27 times. In the following days, on the way of listing and financing in New Oriental, Alibaba, Gome, Focus Media, China Grain and Oil Holdings, Voice, Yingli New Energy, Bank of Ningbo, China Aluminum, Beijing Holdings, Ocean Real Estate, Yurun Food, SOHO China, Southeast Rongtong, Bosideng, Suntech Power, China Want Want, Ocean Real Estate, Maoye International, Pacific Shipping and Geely Automobile, you can see the capital crocodile Goldman Sachs. After tapping domestic financial capital and industrial capital, Goldman Sachs also extended the shadow of capital to domestic small and medium-sized investors who have just passed the "food and clothing" and entered the "well-off". Small and medium-sized capital this year's stock market has made many small and medium-sized investors extremely depressed, because a few markets in the stock market are also in a hurry, and they are also in a hurry, "taking the elevator" straight up and down. Since the date of165438+1October 1 1, the Shanghai Composite Index has changed more than five times in a single day, which has made many senior investors who are used to band operation tired of coping. There are many factors that lead to the stock index going straight up and down. Undeniably, after the curtain of stock index futures opened, China stock market has entered the era of hedging and stock index arbitrage, which can also make money by shorting. There are indications that there are macro reasons for this plunge, but there is a powerful capital unknown to investors in the market, which makes huge profits by manipulating the index and influencing public opinion by taking advantage of the defects in domestic index compilation and financial derivatives tools. Among the big players who can have such strong capital strength and influence market public opinion, there may be the back of Goldman Sachs. Judging from the accurate research report of Yin and Yang teachers at home and abroad released by Goldman Sachs, the timing of its release coincides with the timing of market changes. Because large institutional investors at home and abroad can see the accurate research report of Goldman Sachs, when these institutional investors accept Goldman Sachs' investment philosophy, it is easy for them to form a trend of skyrocketing and plunging in the market with their capital strength, which gives a "green light" for Goldman Sachs to "fish in troubled waters" to plunder the scattered capital of small and medium investors. These capitals that follow Goldman Sachs' investment ideas are realized by pulling up heavyweights to attract followers, gradually laying out short positions in stock index futures when the stock index is high, and spreading bad news to create panic and cause the stock index to fall. Due to the limited amount of funds, small and medium-sized investors cannot participate in stock index futures investment and become victims of "artificial knife, I am a fish". The "three butchers" of Goldman Sachs have done countless harm to the domestic securities market, which has just entered its 20-year-old youth. The reason why Goldman Sachs can "walk sideways" in the domestic capital market depends on the "painted skin" of internationally renowned investment banks? Only rely on senior officials of the Federal Reserve and the US Treasury, most of whom are American political resources from Goldman Sachs? Therefore, for the regulators and investors in the domestic capital market, when the domestic securities market is approaching the age of 20, should our capital market also give full play to the "enterprising spirit" and innovative spirit of young people and explore a characteristic road suitable for the development of China's securities market? Take the road of China's characteristic capital, and let Goldman Sachs, a crocodile in the domestic capital market, earn due benefits instead of profiteering!

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