Source: GPLP Rhino Finance (ID: gplpcn)

On June 18, the official website of the Shenzhen Stock Exchange showed that the IPO review status of Shenzhen Han’s CNC Technology Co., Ltd. (hereinafter referred to as “Han’s CNC”) was changed to “Inquired”.

It is reported that Han’s CNC intends to issue no more than 42 million shares this time, and raise funds of approximately 1.707 billion yuan, which will be used for equipment production transformation and expansion and equipment technology research and development center construction projects.

Han’s Laser Splits the Pledge of Han’s CNC Listed Shares

The prospectus shows that Han’s CNC was established in 2002. Its main business is the research and development, production and sales of PCB special equipment. The registered capital is 378 million yuan. The controlling shareholder is Han’s Laser (002008.SZ). Han’s Laser directly holds 94.15% of the company’s shares.

In addition, the actual controller of Han’s CNC is Gao Yunfeng, who directly holds 9.03% of Han’s Laser, and indirectly controls 15.17% of Han’s Laser through Han’s Holdings, and controls a total of 24.20% of Han’s Laser.

The Han’s Laser’s split and listing of Han’s CNC also caused investors to worry.

On May 27, an investor asked Han’s Laser that there are a large number of related transactions and related guarantees between the parent company and listed subsidiaries. How does the company deal with such problems? It is true that the splitting of subsidiaries can better obtain financing to facilitate the further development of the subsidiaries, but it is an act at the expense of all investors. Does Han’s Laser consider the position of investors?

Han’s Laser stated that after this spin-off, Han’s Laser and Han’s CNC have no related party transactions that affect independence or are obviously unfair, which meets the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange on related party transactions.

However, GPLP Rhino Finance noticed that Han’s Holdings and Gao Yunfeng’s holding of Han’s Laser pledged shares have certain risks, which may indirectly affect the stability of Han’s CNC decision-making and management and the company’s production and operation.

As of April 30, 2021, the cumulative number of pledged shares of Han’s Laser held by Han’s Holdings was 5.36 million shares, accounting for 36.68% of its holdings and 5.56% of Han’s Laser’s total share capital.

The accumulated pledged shares of Han’s Laser held by Gao Yunfeng are 89.140 million shares, accounting for 92.55% of the shares held by him and 8.35% of the total share capital of Han’s Laser. The total number of pledged shares of Han’s Laser held by Han’s Holdings and Mr. Gao Yunfeng totaled 149 million shares, accounting for 57.52% of the shares held by the two and 13.92% of the total share capital of Han’s Laser.

GPLP Rhino Finance noted that the sponsor of Han’s CNC this time is CITIC Securities Co., Ltd. (hereinafter referred to as “CITIC Securities”). As of December 31, 2020, CITIC Securities held approximately 1.0635 million shares of Han’s Laser, accounting for approximately 0.10% of Han’s Laser’s total equity. Han’s CNC stated that if Han’s Holdings and Gao Yunfeng cannot repay the loan on or before the due date of the guaranteed loan, the pledged Han’s Laser shares may be subject to the risk of forced disposal, which may lead to changes in the equity structure of Han’s Laser, which may be indirect Affect the stability of Han’s CNC decision-making and management and the company’s production and operation. There are still connected transactions with Han’s Laser, and the high cash flow of accounts receivable is under pressure However, Han’s CNC still has connected transactions with Han’s Laser. From 2018 to 2020, the related sales amount of Han’s CNC is 17.2676 million yuan, 48.292 million yuan and 22.107 million yuan respectively. The sales between Han’s CNC and related parties are mainly the sale of laser forming machines and mechanical drilling machines to the controlling shareholder Han’s Laser, and the testing and sales of mechanical forming machines and mechanical drilling machines to the associated company Mingxin. The related-party purchase transactions of Han’s CNC were 127 million yuan, 60 million yuan and 118 million yuan respectively. The purchases between the company and related parties are mainly purchases of chillers, linear motors, lasers, etc. from the controlling shareholder and its controlled companies Han’s Motor and Han’s Tiancheng. Can the performance of Han’s Laser be able to maintain steady growth without Han’s Laser’s Han’s CNC? The prospectus shows that Han’s CNC has seen a sharp decline in its performance in 2019, and will only pick up in 2020. From 2018 to 2020, Han’s CNC’s operating income was 1.723 billion yuan, 1.323 billion yuan, and 2.21 billion yuan, and net profits were 374 million yuan, 227 million yuan, and 304 million yuan. The revenue growth rates in 2019 and 2020 are -23.24% and 67.10% respectively; the net profit growth rates are -39.25% and 33.86% respectively. Despite the support of Han’s Laser, the gross profit margin of Han’s CNC is far lower than the industry average. From 2018 to 2020, Han’s CNC’s gross profit margins were 34.03%, 35.90%, and 34.92%, while the industry averages over the same period were 49.94%, 46.52%, and 44.01%, respectively. (Source: Han’s CNC Prospectus) In addition, the inventory of Han’s CNC has increased year by year and accounted for a relatively high proportion. From the end of 2018 to the end of 2020, the company’s inventory book value was 246 million yuan, 261 million yuan, and 799 million yuan, accounting for 14.32%, 15.19%, and 28.69% of current assets, respectively. From the end of 2018 to the end of 2020, the total book value of Han’s CNC’s notes and accounts receivable was 1.124 billion yuan, 972 million yuan, and 1.269 billion yuan, accounting for 65.51%, 56.66%, and 45.56% of current assets, respectively. In this regard, Han’s CNC stated that in 2020, due to the increase in orders for PCB special equipment, the company increased its inventory, resulting in a relatively high inventory balance. Han’s CNC stated that the high inventory balance will occupy a large amount of its working capital on the one hand, which puts the company under pressure on working capital; on the other hand, if there is an order cancellation or customer return due to changes in customer demand or major adverse changes in operating conditions Circumstances, may lead to the risk of stagnation and impairment of inventory, and the company’s operating results will be adversely affected. GPLP Rhinoceros Finance noted that in 2020, the substantial increase in operating receivables combined with the accumulation of inventory, Han’s CNC’s net operating cash flow turned from positive to negative. From 2018 to 2020, its net operating cash flow was 185 million yuan, 270 million yuan, and -509.714 million yuan. Han’s CNC stated that if the company cannot obtain financing in a timely manner, it may result in insufficient business operating funds, which will further negatively affect its financial status and production operations. (This article is for reference only, does not constitute investment advice, and operates at your own risk accordingly)

Billionaire Elon Musk speaks at an event. Photo: AFP/VNA Tesla Inc CEO, billionaire Elon Musk, on June 13 posted on his personal Twitter page that the electric vehicle maker will accept bitcoin transactions when miners use a lot of energy. more renewable in the operation of “mining” this digital currency. The post of the head of Tesla states: “Once there is confirmation of a reasonable (about 50%) use of clean energy by miners with an upward trend in the future, Tesla will continue to allow bitcoin transactions”. Bitcoin jumped 5.1% to 37,360.63 USD/bitcoin on June 13 following the post of billionaire Elon Musk. The above post comes after the scientific journal Nature recently published a study that found China’s bitcoin “mines” pose a threat to the country’s climate goals. These mines account for nearly 80% of the world’s cryptocurrency transactions and partly use the energy of coal-fired power plants. Billionaire Tesla expressed his belief that digital currency has a promising future, but it cannot come at a hefty price for the environment. In addition, Mr. Musk also reacted to the article raising the possibility that billionaire Elon Musk regularly affects the value of bitcoin in one direction or another for his business benefit. The Tesla chief said that the company sold about 10% of its bitcoin holdings to confirm that the digital currency has easy liquidity without volatility to the market. Earlier in February 2021, Tesla revealed that it had purchased $1.5 billion in bitcoin and would accept it as a form of payment for cars. But in May, billionaire Musk reversed the decision, citing long-standing environmental concerns around mining this coin. Bitcoin dropped more than 10% in value shortly thereafter.

Hearing before the BGH Are CumEx transactions a criminal offense?

Status: 15.06.2021 4:41 p.m.

The first proceedings on CumEx transactions have begun at the Federal Court of Justice. The judges must decide whether the deals are a criminal offense as tax evasion. The verdict will have far-reaching consequences. From Klaus Hempel, ARD legal editors They led to one of the biggest tax scandals in German history, in which the German tax authorities were duped and the state suffered billions in damage: the CumEx business. Investors used loopholes in legal regulations to make big money. They were supported by banks and top lawyers who work in large commercial law firms.

The state escapes taxes running into billions

Essentially, these CumEx deals were about stock dividends. These are profits from stock corporations that are distributed to shareholders. Taxes are deducted directly from this and transferred to the tax office. The shareholders can get the money back under certain conditions. In the CumEx business, investors have used an extremely sophisticated system and have taxes reimbursed that were never paid. At some point the dizziness was exposed. In March 2020, the first defendants were convicted by the Bonn District Court: two British stock traders involved in such transactions. Because they cooperated closely with the prosecutor, they were sentenced to relatively mild suspended sentences. Nevertheless, they appealed to the Federal Court of Justice. He must now clarify in a landmark judgment whether the CumEx business is actually a criminal tax evasion. “In the present proceedings, the Federal Court of Justice is dealing for the first time with so-called CumEx transactions from the point of view of tax evasion,” explains Chief Public Prosecutor Thomas Heise from the Federal Prosecutor’s Office. “He will decide whether the peculiarities of these transactions allow a tax that has not actually been paid to be reclaimed from the tax authorities.”

June 15, 2021

Warburg-Bank rejects responsibility

One of the two stock traders had earned 14 million euros from the deals, which he is supposed to repay. The private bank MM Warburg was also involved in the business. According to the judgment of the Bonn Regional Court, 176 million euros are to be collected from her. The bank is defending itself against this at the BGH. Your lawyer Ali Norouzi believes that the law does not justify skimming off the funds. “There were no representatives of the bank in the dock, but traders from other companies who traded for their own account and not for the bank,” argues Norouzi. “They made substantial profits and damaged the bank considerably. Their actions cannot be attributed to the bank.”

06/01/2021

Judgment expected at the end of July with far-reaching consequences

Nevertheless, the public prosecutor said that the millions in profits would have to be collected. The Bonn Regional Court followed this legal opinion. The Federal Court of Justice now has the final say. He plans to announce his verdict at the end of July. His decision is very significant for the lower level of justice. Hundreds of suspects are being investigated for tax evasion nationwide. If the BGH evaluates the CumEx transactions as criminal tax evasion, there will probably be further convictions in which those primarily responsible must expect long prison sentences. File number: 1 StR 519/20

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App Store currently has more than 4.3 million apps and games serving Apple’s mobile platform. In addition, “Apple” also revealed, its anti-fraud platform has also prevented and removed nearly 1 million applications that are potentially risky or vulnerable to attack from the App Store. Parallel to the data release, Apple also describes how to combat fraud in the online application market, highlighting the need for application censorship and tools powerful enough to deal with behavior. cheating in ratings and reviews of the app. The company also closely monitors developers’ accounts for misconduct. Apple says 180,000 developers successfully launch new apps on the App Store in 2020. However, during the same time period, nearly a million new apps and one million “problematic” updates. Was rejected. Of these, more than 48,000 cases were blocked because of hidden features or not enough paperwork required. Approximately 150,000 cases were rejected for causing misleading, spreading junk information or copying piracy. Apple also said it has wiped out 215,000 privacy-violating apps, including asking users to provide more information than necessary and using the collected information for the wrong purpose. Apple also removed more than 250 million ratings and reviews for not meeting content censorship guidelines. The US technology giant also warned of a new wave of “crime” on app stores. Just over the past month, they’ve had to deal with a bunch of conversion-functional apps after they have been approved for release. Among these, the most popular are applications that solicit money, distribute pornography, and gambling applications. With violations discovered, a total of 470,000 developer accounts on the App Store were removed. Apple also rejected 205,000 newly registered accounts due to concerns of fraud.

State treasury officer in Nam Sach – Hai Duong is in control of the budget capital payment documents To prevent this situation and to avoid state budget loss, the State Treasury is promoting the management of digital certificates in electronic transactions. Strictly obey the management of digital certificates Implement reform of administrative procedures in the field of State Treasury (State Treasury) in accordance with the direction of the Government and the Ministry of Finance, in addition to focusing on implementing Decree 11/2020 / ND-CP of Government regulations on administrative procedures in the field of the State Treasury and the State Treasury have promoted the application of information technology in transactions with budget spending units (SDNS) by online public services (public services). Up to now, the State Treasury’s payment service system has completed connecting 100% of the SDNS units that are required to conduct transactions via telecom service. This has created many advantages for the management units and SDNS because transactions are done quickly, transparently, safely, economically and efficiently. In the coming time, the State Treasury will soon improve many functions and utilities on public service, both creating more favorable conditions for management units and SDNS, and moving towards digitizing treasury in all professional activities. However, in the period of the 4.0 technology revolution which is strongly developing, besides the outstanding advantages, there are still many potential risks and high risks such as information “hacking” if the security is not guaranteed. said. Moreover, the risk often occurs when SDNS units do not strictly manage digital certificates, digital signatures, CFS program accounts. For example, many account holders (usually the heads of the SDNS unit), because of work, do not have time, so they always deliver pin codes, digital certificates, digital signatures to the chief accountant or representative ( authorization is not allowed). Notably, many account holders who are not familiar with computers should hand over all digital certificates and pin codes to others in contravention of regulations, or ask someone else to use their digital certificates to sign them for payment transactions in financial activities. In addition, there are also cases where, subjectively, account holders disclose information about their pin codes, fail to maintain digital certificates in accordance with regulations, especially regularly install and plug digital certificates on their personal computers. exiting the public service service program after finishing the job … Taking advantage of this loophole, bad objects have conditions to try to misappropriate the fund, causing loss of money from the state budget. Synthesizing from reality over many years, there have been many cases of money and state property loss of management units and SDNS from the authorization and authorization of the use of digital certificates, digital signatures and passwords. not in accordance with the law in electronic transactions. In order to prevent risks in the management of state budget funds, the State Treasury sent an official dispatch to the local State Treasury units to request the management units and SDNS to fulfill their assigned tasks and functions. and work position. At the same time, thoroughly grasp the contingent of cadres, civil servants and public employees who are specialized in the State budget accounting to perform their functions and powers, strictly comply with the accounting process and budget expenditure from the state budget. In addition, the State Treasury also requires heads of SDNS units to pay attention and carefully consider the process of comparing and confirming monthly account balances with the State Treasury. If detecting the unreasonability, it is necessary to promptly contact the State Treasury where the transaction is conducted for specific consideration. At the same time, the account holders must be fully responsible for the information registered for transactions on the cash register system of the State Treasury, especially the information about email notification received from the treasury. The whole state treasury system took part Determined to build a healthy, transparent, economical, efficient national finance, especially, not letting the state budget be lost, the entire State Treasury system has joined the “risk warning”. Ms. Tran Thi Khanh Trinh, Head of State Accounting Department, Ninh Thuan State Treasury, said that the IT service level 4 has been deployed to 100% of compulsory SDNS units in the area. With 757 units of SDNS and payment vouchers per month of over 10,000 transactions, the peak month of nearly 20,000 transactions has contributed to strong administrative reform, creating favorable conditions for SDNS unit, reducing travel time. and reduce operating costs for entities in transactions with the Treasury. However, along with the advantages, the risk of risks also increases. Therefore, Ninh Thuan State Treasury has sent an official dispatch on strengthening the management of digital certificates in transactions with the State Treasury to send to SDNS units and investors. In this dispatch, Ninh Thuan State Treasury has recommended heads of SDNS units to manage and use digital signatures, digital certificates, and the issued CFS program account to transact and send documents of state budget expenditure control via the system. The State Treasury’s payment services ensure strict compliance with current regulations. Heads of SDNS units, investors absolutely do not let their digital signature handover, digital certificates, or CFS program accounts be issued to others for management, revealing information about digital certificates. and login accounts (login codes and passwords) of the members of the unit on the cash register system of the State Treasury. SDNS units, investors are fully responsible for the information registered for transactions on the State Treasury’s transaction service system (especially the information about email notification received from the system). The State Treasury’s public service services are also highly appreciated by the SDNS units in Quang Nam when simplifying administrative procedures towards reducing documents, reducing paperwork, reducing the focal point of document delivery and receipt, and reducing direct transactions with customers … However, according to the report at Quang Nam State Treasury, during the implementation process, a few SDNS participating units are still subjective, not strictly complying with regulations on electronic transactions in financial activities. easy to lead to violations of the management and use of the state budget. Accordingly, Quang Nam State Treasury also recommends SDNS units to strictly comply with regulations on electronic transactions in financial activities. In particular, in order to make transactions through telecom services smoothly, reduce congestion, cause insecurity in transactions, Quang Nam State Treasury has asked SDNS units to subscribe to large-capacity packages; equipped with high-configuration computers and had to exit the application when no longer participating in digitally signing on electronic vouchers in financial activities. With recommendations given to SDNS units, the State Treasury is calling on individuals and organizations to work together to make the management of the state budget fund more transparent, safe and efficient. This is also the desire of the State Treasury to strictly comply with the process and regulations on electronic transactions with the State Treasury via public service providers. Deploying risk warning application on a large scale Since August 2019, the State Treasury (State Treasury) has deployed a large scale application of risk warning. The application has provided an additional online information channel via mobile devices to inform customers about: The fluctuation of the account balance of the budget user unit at the State Treasury; processing and delivery status of dossiers, vouchers of payment requests, cash withdrawal papers of budget using units in the course of transactions with the State Treasury. At the same time, adding the process of direct delivery and receipt of documents – this is a function that is closely linked to the online public service system, assisting the treasury officer to print the instruction sheet for completing the application. records, records receipt and results delivery appointment for applications submitted directly at the headquarters of the State Treasury unit.

Finance Minister Ho Duc Phoc works with the General Department of Taxation. The period of 2021 – 2025 is expected to collect about 6,558,500 billion VND On the afternoon of April 23, the Ministry of Finance held a conference to report on the implementation of the task of State budget revenue management (state budget) held at the headquarters of the General Department of Taxation. Director General of the General Department of Taxation Cao Anh Tuan affirmed that the revenue structure of the tax sector is becoming more and more sustainable, with the increasing proportion of domestic revenue in the total state budget revenue (on average, in the five-year period 2011-2015, it accounts for 67 , 5% of total state budget revenue, by 2020, accounts for about 85.6% – the set target is 84-85%). Meanwhile, crude oil revenue accounts for a decreasing proportion, from 12.9% on average in 2011-2015 period to 3.6% on average in 2016-2020 period. In which, the average rate of mobilization of state budget revenue in 5 years in the 2016-2020 period will reach 25.2% of GDP (the target of 23.5% of GDP), of which mobilization from taxes and fees approximately meets the set target. 21% of GDP. Regarding the State budget revenue target for the period 2021-2025 mentioned in the draft Financial Strategy for the period of 2021-2030, which is being submitted to the Ministry of Finance’s leaders for approval, in which, the General Department of Taxation sets targets on state budget revenue for the period of 2021-2025. paragraphs 2021-2025 as follows: First, the average rate of mobilization into the state budget in the period 2021-2025 will reach about 15-16% of GDP, of which mobilization from taxes and fees is about 13-14% of GDP. Second, the proportion of domestic revenue in total state budget revenue by 2025 will reach over 85% of total state budget revenue. Third, the proportion of crude oil revenue by 2025 will decrease to 1.4% of the total state budget revenue. In which, the expected state budget revenue collected by the tax authority in the period 2021-2025 has been reported to the National Assembly at the 10th session, the 14th National Assembly is expected to be about 6,558,500 billion VND, including: Crude oil revenue. VND 108,200 billion; Domestic revenue was VND 6,450,300 billion, of which, revenue excluding land use fees, dividends & profits, lottery, and the difference between State Bank revenues and expenditures was VND 5,311,600 billion. In addition, it is expected that the 5-year 2021-2025 collection to update the 5-year financial plan 2021-2025 has been coordinated by the General Department of Taxation and functional units to submit to the Ministry of Finance for updating the 5-year financial plan. 2021-2025. Accordingly, the estimated total state budget revenue managed by tax authorities in the five years period 2021-2025 is about VND 6,844,700 billion, 1.2 times higher than that of the 2016-2020 period; 286,200 billion higher than the expected revenue in the five years from 2021-2025 to report to the 10th session of the National Assembly, XIV National Assembly (6,558,500 billion). In the field of tax administration reform, General Director of the General Department of Taxation Cao Anh Tuan affirmed that the Tax Department is determined to reduce the time to implement tax administrative procedures to strive to be one of the leading countries by 2025. Southeast Asia is ranked as having a tax advantage. In which, striving: The rate of electronic tax declaration procedures at level 3 and 4 reaches at least 95%; The rate of online public services at levels 3 and 4 integrated with national public service portals reaches at least 70%. Director General Cao Anh Tuan reported at the Conference. Consider the regulation rate according to the specific mechanism of Ho Chi Minh City Speaking at the conference, the Minister of Finance Ho Duc Phoc noted important results in the management of state budget revenues in recent years. According to the Minister, in 2020, although the socio-economic situation of the country still faces many difficulties due to the Covid-19 pandemic, but with the drastic direction of the Party, National Assembly, Government, Prime Minister The Government and the entire Finance sector in general have made great efforts to fulfill their assigned political tasks. The Minister asked the leaders of the units under the Ministry of Finance to focus on leading, directing and meeting the task requirements in the new situation. In particular, it is necessary to regularly direct, review and evaluate cadres, civil servants and public employees as a basis for staff evaluation, ensuring good completion of assigned tasks. Minister Ho Duc Phoc requested the Tax Policy Department (Ministry of Finance) to preside over and coordinate with the General Department of Taxation and the General Department of Customs to advise early on the regulation rate according to the specific mechanism of Ho Chi Minh City, in order to avoid the improper application in the implementation process makes it difficult for the state budget management. The Minister noted that in the coming time, the taxation sector needs to focus on completing the estimate, this is the most important task, focusing on building and completing tax legislation, and strengthening the management of objects to combat revenue loss, especially in the fields of potential sectors such as electronic transactions, cross-border transactions, real estate, transfer pricing, transfer transactions. Tax Departments need to link with the land registration office; coordinating with banks to combat money laundering; Residential data connection; enhance propagation and settlement of complaints for taxpayers … In the field of tax consultancy, it is necessary to review and sum up and evaluate the effectiveness of tax agents. In particular, it is necessary to organize training and management organization in accordance with regulations. For the management of state budget revenues, the Minister suggested that the Taxation branch should strengthen the implementation of electronic taxation; expanding objects of electronic tax declaration; coordinating with authorities to determine financial obligations; Need to build big data about taxpayers and apply artificial intelligence in revenue control and build an electronic invoice database through which to promptly identify and handle incorrect invoices to promptly handle them. wrong issues. In addition, it is necessary to focus on researching and developing decrees and circulars on the implementation of e-invoices, proactively implementing appropriate tax and fee solutions to contribute to solving difficulties and supporting businesses. citizen. For tax data storage, it is necessary to continue to upgrade and modernize the server system, ensure the server operates 24/24 and have security and backup systems. At the same time, strengthen tax inspection and examination based on analysis of risk assessment data; strengthening professional capacity, inspecting and strictly enforcing violations and violations of the law; Promote international cooperation to combat tax evasion, create conditions to attract investment. Minister of Finance Ho Duc Phoc especially emphasized: “Promoting the tradition of construction and development, I hope that all units in the entire Finance sector continue to strengthen discipline, solidarity, creativity, and vigorously emulation for a comprehensive victory, exceeding the financial – budget targets and tasks, determined to strive to fulfill well the tasks assigned by the Party and State “.

The German financial regulator BaFin is examining possible stock speculation by employees at the authority. In a total of two cases, BaFin is investigating the question of whether the reported private financial transactions are to be classified as speculative, said the Federal Ministry of Finance. Two people are affected. The ministry responded to a request from Fabio de Masi, the left wing’s financial expert in the Bundestag. The deals were noticed during an investigation of employee deals with shares in the US companies Gamestop and AMC Entertainment. The federal government pointed out that Gamestop and AMC are US companies and that shares in these companies are not subject to the BaFin’s trade ban for private financial transactions. These companies are also not subject to BaFin’s corporate supervision.

Purely speculative business is prohibited

Basically, trading in these shares would be permitted for BaFin employees. However, this does not apply if it is speculative business, because such private business has no longer been allowed in the authority since October 16, 2020. If the two employees actually carried out such transactions, this would be unacceptable from the point of view of BaFin and the ministry. At BaFin, “speculative transactions” means short-term trading in the market – for example with derivative financial instruments or shares. When speculating, the focus is on short-term gains, while an investment aims to achieve long-term returns.

Course capers at Gamestop

The The US video game retailer Gamestop’s price capers had kept the stock exchanges in suspense for weeks. There was also speculation with shares in the AMC cinema chain. The value of the shares had increased significantly in some cases. At Gamestop, for example, small investors with concerted purchases forced hedge funds to cancel their bets on a collapse in the price of the securities. That drove the price higher as the hedge funds were forced to stock up on Gamestop stocks. But then profits melted again. Anyone who happened to hit the right time could still rake in massive price gains. These had nothing to do with the company’s economic or business success – it was a pure bet. As a retailer in the games industry, Gamestop has long been under pressure as the business is increasingly shifting to the Internet.