Who will drink the "financial tea" worth millions of yuan/piece?
Pu'er "Financial Tea"
The speculation of a financial model that uses Pu'er tea as a medium, led by a very few brands, can ask a tea customer to pay the deposit as long as there is a manifest, but no actual transaction is made. After the tea price rises, the last tea customer will Sell it to the next tea customer, and repeat this cycle, "beating the drum to spread flowers."
How to fry
After the manufacturers release the news of the new tea, the core circle of the market, that is, the several large market players who have been playing futures, will collide with futures.
For example, I think this tea is worth 100,000 pieces, but if you think it is not worth 100,000 pieces, the two parties will conduct a transaction and then negotiate a delivery date.
At this time, the two of us have already generated a transaction price, and more and more people will join this game one after another.
Where is the problem?
The risk of "futures" is mainly to pay first and then pick up the goods on the specified date.
It is this "gap" that has become a game window for countless speculators.
Due to the asymmetry of information in the "futures" trading, various trading operations such as cash out, short orders, and cash replenishment are emerging one after another. Once there is a problem, such as a cash flow break, it will cause a chain reaction.
In addition, this model is betting on credibility. In the face of interest or under a large gap, some people may run away, leading to more and more cases of incompatibility.
And many of these transactions are verbal promises, phone screenshots, or handwritten receipts, which are not protected by law from contract law.
Chengdu Commercial Daily-Red Star News reporter Ren Jiangbo
Figure According to Dayi Forum WeChat Official Account
A few days ago, Yunnan Dayi Tea Group Co., Ltd. (hereinafter referred to as "Dayi") officially released a distribution information called "Likaitiandi" Year of the Ox tea: the total issuance is 10,000, of which 5,000 are Dayi's official APP "Yiyouhui" membership subscription quantity, 5000 offer is the traditional distributor distribution channel, the sale price is 30,000 yuan / withdrawal.
On a Pu'er tea market website, the price of this tea rose from the earliest 48,000 yuan per mention to 70,500 yuan per mention. The current price is stable at around 65,000 yuan.
"On the opening day, trading at 11 o'clock in the morning was still more than 40,000, and by the afternoon it had already fetched more than 50,000."
In fact, the phenomenon of using Pu'er tea as an investment began to show signs in 2006 and reached its peak around 2013. As a province of Pu'er tea consumption and a distribution center for Pu'er tea, Guangdong region has a particularly prominent "performance".
At that time, there was a popular saying, "It is better to save Pu'er tea". For a time, "saving tea" became a means of financial investment, attracting a large number of people and funds to participate.
In recent years, although this "craze" has gradually cooled down, as certain Pu'er tea brands and related "star" Pu'er tea products have become "futures", the game surrounding the so-called "financial tea" is still in a small range Prevail.
Some people think it is a manifestation of value, while others think it is a scam.
phenomenon
Stir-fried tea against gambling, some people run away
An independent tea person once described his experience of drinking "financial tea" on the Internet.
The author stated in the article that his friend brought a small bag of "Xuanyuan Hao" tea samples over to try brewing.
This tea was fired to the highest price of 1.1 million yuan/piece in July last year. The latest price is 880,000 yuan/piece. When it first appeared on the market in 2017, the price of a "Xuanyuan" was only 30,000 yuan. In 3 years, the value has "exploded" by more than 30 times.
Fangcun, Guangzhou, is the country's largest tea distribution center with the largest concentration of shops and the widest coverage. It is also an incubator for famous domestic tea brands and is known as the "Tea Wall Street".
The whole area includes 23 tea wholesale markets and 8 tea business gathering places, accounting for 80% of the country's Pu'er tea trading volume.
Unlike the fresh leaf trading atmosphere in the Yunnan origin region of Pu'er tea, this is a gathering place for "financial tea"-in addition to selling tea and drinking tea, the most important thing is "fried tea."
It is difficult for anyone to accurately say when the concept of "financial tea" emerged.
A popular saying is that around 2012, the dealer futures model started by "Dayi" has "taken a step forward" in the Pu'er tea market as an agricultural product.
Since then, a unique model of "futures trading" has appeared in the Fangcun tea market-as long as there is a manifest, you can find a tea customer to pay the deposit, but no actual transaction is made. After the tea price rises, the last tea customer will Sell it to the next tea customer, and repeat this cycle, "beating the drum to spread flowers."
This model has never appeared in other teas until today.
Under such a model, the technique of "selling by yourself, buying by yourself" to raise the price was once very common, which led to the unusually active trading volume of Pu'er "future orders", while the price of Pu'er tea also soared, so it was vividly called "Financial Tea".
From the perspective of industry insiders, "financial tea" is a speculation of a financial model led by a very few brands and using Pu'er tea as the medium.
It is different from the usual tea sales. It is a trading circle formed within the market. It is common to buy short and short futures. It is a trading mode under the non-protected state.
The controversy surrounding the "financial tea" has been there since its appearance.
Some people even bluntly said, "The core of tea finance is the Ponzi scheme, nothing else."
The "Daiyi Mouse Cake" incident at the beginning of 2020 is still fresh in many people's memories.
It is understood that when the manufacturer did not announce the "mouse cake" (the year of the rat zodiac tea) information, "futures trading" is a mode of gambling. Some people buy long while others sell short.
Since even franchised stores do not have full boxes of "rat cakes", the market is seriously short of full boxes of goods for delivery. After the official release of "rat cakes" information on the evening of January 1, 2020, its price suddenly increased by 50,000 yuan. Reached more than 100,000 yuan.
Merchants sold for 30,000 to 40,000 yuan lost their money and could not deliver goods at all. As a result, many merchants in Fangcun Market closed their doors and ran away. The risk of market default greatly increased. Many trading platforms even stopped trading "mouse cake".
A game
Someone said, "Fangcun Tea Market has one price per day, regardless of day and night, some people cry bitterly, some people party. From day to night, some people get rich overnight; from night to day, some people lose their fortune." But the people in it But he kept it secret, "I can't explain it in a few words, and the outside world has a lot of misunderstanding."
People who play in the circle are small and big collectors are not willing to participate in the hype
"Large market traders"
Zheng Xu, the founding chairman of the Wanjiang Tea Industry Association and a Pu'er tea value service provider, told reporters that the reason why Pu'er tea has become a "financial tea" satisfies three conditions: First, the Pu'er tea is of good quality and can be marketed. Recognized; second, the Pu'er tea market is mature, and the products can be easily circulated and realized; third, Pu'er tea has the characteristics of aging and fragrant, coupled with limited market retention, which has the characteristics of collection and preservation.
Zheng Xu said that the "futures" risk is mainly to pay first and then pick up the goods on the specified date.
It is this "gap" that has become a game window for countless speculators.
Due to the asymmetry of information in the "futures" trading, various trading operations such as cash out, short orders, and cash replenishment are emerging one after another. Once there is a problem, such as a cash flow break, it will cause a chain reaction.
In addition, tea transactions are different from other commodity transactions. Many times they are based on market integrity and are carried out between friends and acquaintances. Transactions of more than 10,000 or even hundreds of thousands are sometimes only based on transfer records or a simple receipt, so problems arise. , It is often difficult to defend rights, and ultimately lead to a shortage of money and goods.
Now with the transparency and regulation of the tea industry, more and more people are participating.
Although many brands want to make'financial tea', the main thing that can be realized and circulated is'big benefits'.
This kind of head effect is becoming more and more obvious, and it is a bit like Xiao Maotai in our industry.
Of course, tea is not as big as the Maotai market, and it is still a small area.
"
As a value service provider of Pu'er tea, Zheng Xu does not shy away from the term "fried tea".
He and his trading platform often conduct capital operations for large customers. For a favorite tea, use a lot of funds to purchase a certain amount of control, and then use the market to raise prices, build positions, and sell the goods, which helps a lot. The customer made money.
The entire trading cycle is not very short, and there will be constant fluctuations in the process. The purpose is to reduce the circulation of this tea in the market and become scarce. The quality of the tea is recognized by the market and value added.
According to Zheng Xu, "The usual situation is that after the manufacturer releases the news of a new tea, the core circle of the market, that is, the several large market players we have been playing futures, will collide with futures."
Zheng Xu told reporters that although there are very few people who play "futures", every year in Fangcun, some retail investors will run away because they make "futures" that are beyond their tolerance.
Instead, many rational big collectors are unwilling to participate in such short-term hype behavior.
Fangcun Tea Merchant
Tea that hasn't fallen is too labelled as "getting rich overnight and bankrupted"
Mr. Ma, who has been engaged in the tea business in Fangcun since 2006, is now a staff member of a Pu'er tea trading platform.
The trading platform he works on is one of the earliest companies engaged in Pu'er tea brokerage in China, and has a new, middle and old Pu'er tea value evaluation system and broker team.
In addition to providing comprehensive information on Pu'er tea consultation, the platform also provides customers with professional bulk transaction services such as purchase, shipment and commission.
Mr. Ma told reporters that the so-called "futures" refers to the fact that the spot has not yet reached the market and everyone is buying and selling this "futures order". This form of trading actually appeared in 2007.
He said that not all Pu'er teas have financial attributes. After the market was eliminated in previous years, the brand "Dayi" will basically remain after 2016.
"Affected by the epidemic in 2020, I originally felt that the industry was going to be depressed. I didn't expect a lot of hot money to flood in in April, which would double the price of new tea."
He believes that the people involved in the "Dayi" tea business are "people who understand the rules" and they are doing business among experts.
In Mr. Ma's view, people who lack understanding of the industry will think that "financial tea" is speculation on the platform, but for those who have been deeply involved in the industry for a long time, a certain amount of speculation is needed for new brands to go public.
Mr. Zhang, a Yunnan native who has been operating a tea business in Fangcun for nearly 8 years, told reporters that internal transactions in the market rely entirely on credit. Without credit, there is basically no way to gain a foothold in the industry. Most people will not break this rule at the expense of credit loss.
It is precisely the tens of thousands of merchants in the Fangcun market that are connected together to form the trading rules of the Pu'er tea "future market".
"Futures are very risky, and prices are determined by market supply and demand. There are very few teas that have not fallen, which are all up and down. The words'getting rich overnight' and'bankruptcy' are too labelled. I understand. The industry is normal trading, the collection and transaction of tea are only, and the threshold can be high or low. In theory, it can be resold countless times under the premise that the tea storage is good." Mr. Zhang said.
Regarding the "hype" of Pu'er tea, the chairman of Dayi Group Wu Yuanzhi once responded indirectly in media reports. "Before the Pu'er tea is drunk, the microorganisms have been working, and the quality of the tea has been changing. He believes that the cake of Pu'er tea bought 20 years ago and the cake of Pu'er tea preserved to this day are two different products.
"With the passage of time, the quality of tea has improved and its value has increased. However, due to consumption, the number of survivors has decreased, so the price has naturally increased. It is equivalent to buying one at a higher price. New products, this has nothing to do with finance."
What kind of market?
According to the China Agricultural Futures Index (CAFI), the China Futures Market Monitoring Center, as of the end of 2020, with the approval of the China Securities Regulatory Commission, the types of domestic futures commodities that can be listed and traded do not include Pu'er tea or even tea.
Critical voice
Tea is used for drinking, not for frying
"Financial tea" is an unhealthy factor in industrial development
"With the properties of Pu'er tea becoming more and more aging, the concept of receiving new tea and drinking old tea is correct, but it must be based on the value of an agricultural and sideline product." In the opinion of independent tea expert Liang Hongliang, although "financial tea" The scale of the tea industry is negligible in the 500 billion-level tea industry, but the impact on the entire industry cannot be underestimated. The biggest news in the tea circle every year is about the various disputes caused by "financial tea", which is more harmful than the development of the tea industry. Profit.
Liang Hongliang told reporters that the price of Pu'er tea is not expensive except for the popular Shantou tea such as Iceland, Banzhang and Yiwu.
At present, merchants use "financial tea" as a prop to spread the fancy hype method, just like the Dutch tulips in the 17th century, after the final collapse, the losses were passed on to retail investors.
"To say that you are willing to bet and lose is a kind of gambling. I believe that the'big benefit' blending technology is okay. As for the value of this tea, it is a different matter. How much the price can reach depends entirely on Hype. The most important thing about tea is to drink as an agricultural product. It is definitely not right to use it as a gambling prop. It can easily mislead consumers and run counter to social values."
Li Qijing, secretary-general of the Dongguan Tea Association, has had a long-term and in-depth observation of the local tea market. He told reporters that the pursuit of funds has caused "financial tea" to completely break away from the taste of tea. As a tea industry association, he has always insisted that "tea is used The principle of "drink not for speculation" does not support or participate in "financial tea".
"This model is a bet on credibility, but you also know that in the face of interest or under a large gap, some people may run away, leading to more and more cases of incompetence. And there are many such transactions. It is verbal promises, phone screenshots or handwritten receipts. These are not protected by law from the contract law." Li Qijing concluded, "'Financial tea' is a market behavior, and we think it is unhealthy for the development of the tea industry. The normal tea trade goes against it."
This view of Li Qijing is not a minority.
China Pu'er Tea.com previously pointed out in an analysis that because Pu'er tea "futures brands" produce only trading symbols rather than consumption as a purpose, quality has become the most important issue-with "big benefits". For example, tea products that have not been opened in the original box can only be circulated in the "future market", and this is precisely contrary to the consumption of Pu'er tea.
Lawyer interpretation
Not listed in the types of futures that can be traded
Relying solely on credit to maintain transactions is extremely risky for buyers
According to the China Agricultural Futures Index (CAFI), the China Futures Market Monitoring Center, as of the end of 2020, with the approval of the China Securities Regulatory Commission, the types of domestic futures commodities that can be listed and traded do not include Pu'er tea or even tea.
Regarding the emergence of the "financial tea" futures model, the reporter contacted the Pu'er Tea Professional Committee of the China Tea Circulation Association. The staff said that the association did not know the relevant situation; then the reporter contacted the Guangdong Tea Industry Association and received no response as of press time.
In response to such problems, lawyer Qiu Hengyu of the Beijing Yingke (Guangzhou) Law Firm stated that under the circumstance that the government has not included "financial tea" into the futures control, the situation of the tea spot held by the merchants and the asset status of the merchants are not transparent. It is difficult for a family to accurately determine the degree of risk of a transaction.
Therefore, buyers must first be fully aware of the transaction risks that they will face, and secondly, collect relevant evidence to reduce the risk of disputes and increase the chance of winning.
For example, try to sign sales and purchase contracts, agree on transaction steps, payment methods, payment time, delivery time, location, quality standards, default standards, etc., and keep relevant payment vouchers.
Attorney Qiu Hengyu believes that if the transaction procedures are too rough and the seller’s assets are not sufficient to bear the corresponding responsibilities, relying solely on credit to maintain, the so-called transaction rules cannot guarantee transaction security.
“This kind of speculation is not not protected by the contract law, but is extremely risky: First, because of the lack of evidence, the rights protection fails; second, even after winning the lawsuit, the merchants who often run away do not have enough property to pay the arrears. It is easy to cause the winning judgment to become a dead letter, and the buyer is still the loser." Attorney Qiu Hengyu said.
Attorney Zhang Yanmin from Beijing Weiheng Law Firm told reporters that a trading venue is a platform that provides all market participants with equal and transparent trading opportunities and conducts orderly trading. It has strong social and openness and requires regulated management in accordance with the law to ensure safe operation.
From the current point of view, some Pu'er teas have shown the attributes of futures in some trading venues.
Many teas have already been sold at market pre-sale prices before they are produced. When the tea is officially listed, the opening price may be higher than the pre-sale price or lower than the pre-sale price. For participating in investing in Pu'er tea, " As far as futures people are concerned, they have deviated from normal distribution and consumer demand.
Attorney Zhang Yanmin said that for such trading venues, it is recommended that the relevant departments clarify the regulatory agencies and functions, strengthen daily supervision, and do a good job in statistical monitoring of trading venues, handling violations, and risk management.
Subsequently, the reporter called the Guangzhou Municipal Market Supervision Bureau about the phenomenon of Pu'er "financial tea" in Fangcun Market. The staff said that it was not under the supervision of the institution; when the reporter called the Guangdong Provincial Financial Supervision Bureau, no one answered the call until press time. .