Hello everyone, I'm Xiao Yu. Let's continue to talk about the stock market today, China's stock market has been up and down for 25 years, from the 80s of the last century to the present, China's a stock market value from groping to the beginning, and now it has ranked second in the world, and the rapid development is amazing. In the past 25 years, there have been several ups and downs, and the stock market not only sincerely reflects the ups and downs of enterprises and the economy, but also reflects the changes in the world pattern.
In the early days of the birth of each market, there will be such a group of entrepreneurs, they are the market's "cattle", are the "tree planters" of posterity, when the Chinese stock market is faltering, urgently need people to lift bricks and feet, these people rush in without hesitation, becoming the first batch of very "cattle" people, "stepping on mines to block the gun hole", for the successor to cross the river, for the government to find a way, because in the early stage of the development of the stock market, all aspects of laws and regulations are still very imperfect.
The establishment of the China Securities Regulatory Commission in 1992 marked the final establishment of a unified regulatory system for China's securities market. However, this is just the beginning, the first chairman of the CSRC, Liu Hongru, just took office, he said a sentence, he said that he is like sitting on the crater, pointing out when the stock market will "erupt" and "engulf" himself. Liu Hongru is not joking, the stock market can create both "myths" and destroy "myths".
In the two early capital markets of Shanghai and Shenzhen, there were several figures who were once prominent, who were called fierce people in the stock market circle and even revered as "godfathers", and to this day, these people are still active in today's capital market. This includes the myth of Shanghai Beach, Kan Zhidong. In 1985, he was selected by the Central Committee of the Youth League to study securities in Japan for a year, at that time, few people understood stocks, when he returned to Shanghai after completing his studies, he entered the trust company under the Industrial and Commercial Bank of China, he was a gifted player, before he opened the Shanghai Stock Exchange, he had already founded the earliest stock price index, that is, the Jing'an Index, and single-handedly founded the Treasury Bond Quotation Information Network.
In 1986, Shenyin Securities was established, Kan Zhidong served as the president, Shenyin Securities under him, full of momentum, profits almost doubled every year, at that time In Shanghai, Wanguo and Haitong's momentum was equally fierce, and Shenyin Securities showed a hidden three-legged standing situation, of which the competition between Wanguo and Shenyin was particularly fierce. In fact, Shenyin is slightly inferior to Wanguo, because it mainly relies on the Industrial and Commercial Bank of China behind it as a support. However, the two of them are not divided into upper and lower, Wanguo Securities is known as the kingdom of securities, Shenyin is "blooming everywhere", and the treasury bond business is all over the country.
As a result, there was a big problem in Wanguo, and I talked about it in the last issue, the 327 treasury bond shorting incident, a big gamble sent Guan Jinsheng, the president of Wanguo Securities, to prison, and Wanguo Securities directly went bankrupt. So Kan Zhidong decided to merge Shenyin and Wanguo. After the merger, Shenyin Wanguo regained its new life, which was the crown of China at that time, and was known as the first aircraft carrier of China's securities industry. Kan Zhidong single-handedly created the Shanghai business network pattern of Shenyin Wanguo, and until now, Shenyin Wanguo in Shanghai still has the shadow under kan Zhidong's jurisdiction. However, Kan Zhidong, the president of Shenyin Wanguo, only did it for one year and ended. That's right, the stock market is turbulent again.
In 1996, Xiaoyu had just come to this world, and in the same year, Shanghai and Shenzhen were already fighting for the status of the national financial center. At that time, the national stock price was rising, investors in order to grab stocks, scrambling, afraid of a late step to cut off the road to fortune, and even some people in order to speculate in stocks, the belongings are sold out, the securities regulatory commission in order to stabilize the situation, issued 12 documents to stabilize the market, but there is no effect, everyone has been crazy. In order to completely curb this improper situation, on December 6, 1996, the People's Daily published a front-page article, saying that the stock market surge was abnormal and irrational, and needed to be strictly cured. As soon as this article came out, it could be called "a piece of paper that shook the world", and the stock prices of Shanghai and Shenzhen fell to a halt on the same day.
When this improper surge finally stabilized, the government intervened, and in June 1997, Xinhua News Agency issued an article saying that a number of financial institutions had illegally obtained bank funds and manipulated the stock market by continuously buying and selling and a large number of knocks. And the manipulator behind this scene, after a round of investigation, was finally confirmed, is Shenyin Wanguo. Kan Zhidong's glory came to an abrupt end in 1997.
However, his story did not end, 5 years later in 2002, Shenzhen's Southern Securities poor management, because of securities investment and industrial investment mistakes for many years of losses, Kan Zhidong at this time, was arranged as a firefighter to Southern Securities, Southern Securities has a lot of capital holes to fill, so Kan Zhidong demolished the east wall to supplement the western wall, the customer to the securities security deposit embezzlement, to fill the capital loopholes. In addition, Kan Zhidong returned to the stock market in an attempt to manipulate the stock price again and fight a turnaround battle.
However, Kan Zhidong's approach directly deviated from the carriage of Southern Securities, and the amount of misappropriation of customer margin continued to expand. Kan Zhidong also manipulated the stock price, making Southern Securities the first and second largest shareholders of Harbin Pharmaceutical and Hafei respectively, and the consequence of high shareholding was that the capital chain of Southern Securities further deteriorated. In this case, Kan Zhidong offered his resignation and voluntarily resigned two months later, and in January 2004, the CSRC and the Shenzhen Municipal Government took over Southern Securities.
After finding out what Kan Zhidong had done, in March 2006, Kan Zhidong was arrested and Southern Securities officially declared bankruptcy. This was the famous "godfather" of the shanghai beach stock market at that time, and with his own strength, he "destroyed" two famous securities companies in a row, which was also a skill.
In addition to this godfather of Shanghai Beach, Shenzhen also has a godfather, he in the era before the establishment of the Securities Regulatory Commission, he became a regulator of the securities market by his own ability, at that time the Shenzhen stock market I also talked about in the last issue, either crazy or crazy, ups and downs, ups and downs, and he is the defender of this stock market "game". After the establishment of the Securities Regulatory Commission, everything began to go on the right track, the three state-owned banks have successively set up their own securities companies, so Zhang Guoqing also "went to the sea" and founded a small securities company, called Junan Securities, speaking of this, everyone should be clear who I am talking about, yes, Zhang Guoqing.
The co-organizers he found were all young people under 30 years old, so although Junan Securities was not a scale at that time, the mechanism was efficient and the spirit was sufficient, Junan debuted at the peak, quickly created a wealth myth, Junan was located in the Great Wall Hotel, which was called "the Huangpu Military Academy of China's securities industry" at that time. Soon Junan Securities achieved the first total assets and profits in the country, so Zhang Guoqing opened a Hong Kong branch, and the business was getting more and more prosperous. In 1997, he gave his deputy a bonus of 20 million. 97 years of 20 million, which is really amazing. Jun'an in that era was like a king ascending to the top, and the Chinese stock market at that time was even called the Jun'an era.
In order to finally achieve control over Junan, Zhang Guoqing began to consider share reform and wanted to buy back through management, but at the same time as Zhang Guoqing carried out this matter, a whistle-blowing letter inside Junan pushed Zhang Guoqing to the cusp of the storm. Under Zhang Guoqing's 18-month operation, Junan's state-owned shares have been greatly diluted and become a company with a large private stake. This kind of operation is perfectly normal today, but in those years, it was an embezzlement of state-owned assets and was subject to judicial investigation. A generation of Shenzhen "godfathers" eventually went to jail for false capital injection. In July 1998, regulators announced the merger of Guotai and Junan securities companies, ending Zhang Guoqing's era.
In addition to these two stock circle bigwigs, the stock market also has a grassroots legend, Yang Million. This person everyone should have heard of, his real name is Yang Huaiding, his family is poor, he became a worker after not studying, and as a result, he was framed, saying that he stole the factory, so he became an unemployed youth. On April 21, 1988, Shanghai opened its treasury bond market, and Yang Million saw this as an opportunity. Standing in front of the counter with 50,000 yuan in cash, I tried to buy 20,000 yuan first, and found that, hey, I made money.
At that time, there were 6 cities that opened up the trading of treasury bonds, but the prices were not the same, Yang Million this person was also flexible, at that time he thought that he could use the difference between cities to make money, he found that the opening price of Anhui was 96 yuan, which was much lower than Shanghai. Yang Million immediately found relatives and friends to make up 140,000, went to Hefei to buy treasury bills and rushed back to Shanghai overnight, all of which were thrown out, and made more than 2,000 yuan in one resale. After that, Yang Million rushed day and night, making a difference between places and earning 1 million in less than a year, and Yang Million came from this.
He shocked the entire Shanghai financial community, but at that time everyone thought that Yang Million was a speculator and was not doing business. So Yang Million, in order to prove himself, came to the municipal government to prove himself legal. After confirming the legality, Yang Million set up his own studio, from stock speculation to investor, Yang Million completed the transformation of identity.
The stock market, let China's Shanghai and Shenzhen get a new life, but also let china's capital development speed beyond imagination, today's Chinese stock market is still developing, high turnover rate, strong speculation, great volatility, bull short bear long, is still the characteristics of our stock market, these need time to precipitate, to prove. Nowadays, the market value of China's stock market is only below that of the United States, but not using stocks to engage in hegemony is the biggest difference between us and the United States.