View Development Strategy And Operating Gain And Loss Of D-Long Series From Hejin Investment

In recent years, it seems that the frequency of the frustration of Chinese large-sizedenterprises becomes higher and higher, and the defeated enterprises nearly share thecommon character: the growth speed of these enterprises outclasses other enterprisesof the industry, but they decline quickly and even go bankrupt in the event of crisisand fall into the strange circle of "collapse despite of large scale, collapse at highgrowth speed". D-Long International Strategic Investment Co., Ltd., one of China'sbiggest non-governmental enterprises, spends 17 years building an empire bestridingthe boundary of industry and finance. But D-Long's credit is severely challenged andits market value shrinks quickly in 2004 due to the Central Government'smacroeconomic control and tight money policy.What's the real reason for D-Long's collapse? What we can use from D-Long forreference of the integration and updating of Chinese traditional industry? What kindof contribution D-Long has made to the development history of Chinesenon-governmental enterprise and the development of securities market?Shenyang Hejin Holding Investment Co., Ltd. (hereinafter "Hejin Investment", stockcode: 000633) is one of the "Three Major Stocks" of D-Long series. It has played animportant role in D-Long's industrial integration and fund operation. This paperattempts at analyzing the operating achievement, stock market performance and fundoperation of the enterprise before and after D-Long dominates Hejin Investment bylooking back the beginning and end of D-Long's investment and integration ofelectric tool industry, summarizing the internal mechanism problem that universallyexists in the quick growth of non-governmental enterprise and the restriction ofexternal policy environment, and finding out how to incubate and foster morepowerful larger Chinese non-governmental enterprises.