Wealth

Song Yuanping didn't go back. He still had a lot of things to communicate with Fan Wuyao, so the two of them simply stopped sleeping, staying at the company headquarters, drinking tea and talking about the stock market.

"Personally, I don’t like the domestic stock market. The policies are too strong, and the cheating tactics are flooding every stock. It looks disgusting, even if it’s some policies introduced by the government. It is also often offensive, too utilitarian, regardless of the feelings of ordinary investors." Fan Wubing said to Song Yuanping.

"The market is chaotic and the supervision is weak. These are the prerequisites for being a dealer." Song Yuanping replied with a smile, "If the market management mechanism is perfect and the supervision is strong, we dealers will have nothing to eat."

When it comes to the domestic policy market, the two have a common view on this point. They believe that the domestic stock market is no better than the world in terms of manipulation.

Take, for example, the 327 Treasury Bond Futures incident in February 1995.

327 is the code name of the three-year treasury bill issued in 1992. The 24 billion 327 treasury bond matures in June 1995. The coupon rate plus the hedging subsidy rate will expire every 100 yuan. One hundred and thirty-two yuan should be paid. However, the price of 327 Treasury bonds has been fluctuating around 148 yuan, because there is a theory circulating in the market that the Ministry of Finance believes that the return of 327 is too low compared with the bank savings deposit interest rate in the same period and may increase at that time. The interest rate is paid at a face value of 148 yuan.

Supporting this statement is China Economic Development, a wholly-owned subsidiary of the Ministry of Finance that has done more than 327 varieties. Its chairman is the former deputy minister of the Ministry of Finance, and all the previous general managers came from the Ministry of Finance. The Director of the Comprehensive Planning Department of the Ministry of Finance, as long as people with a little bit of national conditions and common sense will follow the China Economic Development and Development, at least not against it.

However, Guan Jinsheng, the general manager of the International Securities Company, didn't take it seriously. He believed that it is undoubtedly a fantasy for the Ministry of Finance to spend 1.6 billion yuan in subsidies 327.

As a result, the Ministry of Finance really announced the news of raising the interest rate of the 327 Treasury bond. Jinsheng was desperate, and in the eight minutes before the market closed in the afternoon, it illegally threw an order worth 140 billion yuan, causing the price of the 327 Treasury bond futures to plummet.

That night, the Shanghai Stock Exchange cancelled the last illegal transaction, and the Universal Securities Securities lost 1.3 billion.

In this incident, although China Economic and Technological Development Corporation was a big winner, the profits that flowed into the book were not even 100 million yuan. Where the huge wealth was transferred is still a mystery. At that time, the person in charge of the business at the China Economic Development and Development Development Corporation was assassinated in Beijing at the end of the year and almost died.

The 327 incident is the second disaster that has affected the progress of China's securities market development after the Shenzhen subscription warrant incident. It has exposed the systematic ups and downs of the Chinese stock market and chaos, and has really touched the government’s fear of social instability. , Which has greatly hindered the progress of new products in the securities market, especially derivatives.

Song Yuanping said to Fan Wubiao, "In 1996, the Shenzhen Stock Exchange had more investment value than the Shanghai Stock Exchange. The Shenzhen Stock Exchange had a price-earnings ratio of only eight times, while the Shanghai Stock Exchange had a minimum price-earnings ratio of 26 times. The local government linked the stock index to the financial center. It seems that whoever’s stock market rises quickly is the financial center of the country. So, from the city government to the bank to the exchange to some brokers to some listed companies to the local securities media, almost How to openly conspire to get the stock market up."

In the past, the taxation and image of the exchanges in the two places were valued by the local governments, and it was natural to support and help the stock market, but it was the first time for such a large-scale direct intervention in the stock market.

In Shanghai, it is directly directed by the city leaders, and its mobilization speech is conveyed to the brokers by the editor-in-chief of the "Shanghai Securities News". The original intention to stir up the market was nothing more than writing something full of hints or retelling others, and it would not indicate the rise or fall of individual stocks. At that time, it didn't matter what it was, it was a big taboo of running a newspaper to let the brokerage to write an article in the newspaper without any cover to cooperate with the stock of the dealer.

Song Yuanping said, "At that time, in order to find a leading Shanghai stock market that was opposed to Shenzhen Exhibition, Shanghai first launched Shanghai Petrochemical, and then launched 6 Jiazui. The hype of 6 Jiazui was not only driven by the imagination of the bright prospects of the Pudong Financial and Trade Zone. It also has a very good expectation of dividends and shares. But just one afternoon, six companies sent announcements of major issues, and their distribution plans were much lower than market expectations. At that time, I worked for the newspaper as an editorial board member. During the night shift, when I saw this announcement, I knew that Liujiazui would not be able to afford it. But at 7 or 8 o’clock in the evening, we suddenly received a notice from the Shanghai Stock Exchange to withdraw the announcement that was already on the page. It seems Someone has already informed the Shanghai Stock Exchange and even the government of the stakes. In order for the market to rise, the company's board of directors has changed its decision. This shows the chaos at that time. By the way, the leading stocks confirmed by the government are not recognized by the market. The market still chose Changhong, the king of color TV at the time."

Faced with such a scene, Beijing certainly has to do it. With the renewed explosion of the Shenzhen and Shanghai market in October 1996, the China Securities Regulatory Commission began to issue multiple notices and comments, warning all aspects of the market not to engage in financing transactions, strictly prohibiting market manipulation, and investigating violations of institutions, in the People’s Daily. The headline on the front page was the editorial, and it was read by an exception in CCTV's "News Broadcast" the night before.

The "Shanghai Securities News" and "Securities Times", which represent the positions of the exchanges in the two places, were so dizzy that they ignored this important editorial and did not reprint it in time. Beijing was so disgusted with these two newspapers that the two deputy editors suspended their duties for inspection and suspended the qualification of designated newspapers for information disclosure by listed companies for one month.

It doesn't matter to sacrifice a deputy editor. This is a common thing in the media, but the latter is to cut off the financial path of the securities report. Without the monopoly of designated information disclosure, the two newspapers have to be closed. Since then, the two securities newspapers have obediently followed the baton of the Securities Regulatory Commission.

However, the markets in Shenzhen and Shanghai are already in excitement. Every time the pressure is suppressed, the stock index can only pull back a bit, and then move forward. The market seems to be numb to the negative policies that are most feared on weekdays.

Finally, in the "News Broadcast", the full text of the special commentator's article "A Correct Understanding of the Current Stock Market" that will be listed in the "People's Daily" the next day was read. The article pointed out that the current rise in the two cities is abnormal and irrational.

As usual, the special commentator’s article was a serious matter on the People’s Daily. The day before, the management had telegraphed this article to various provinces, municipalities, autonomous regions, and ministries and commissions to greet them in advance. Unusual behavior.

The stern tone of the article and the sharp words used, such as "lifting a rock and hitting one's own feet", "clearing the'black sheep' that disrupted market order from the securities market", etc., are all reminiscent of the political turmoil of the past.

The next day, except for one new stock, all 610 stocks and funds dropped their limits, and the next day they fell their limits across the board. At this time, the management felt scared again, and hurriedly lowered his posture, saying how he took good care of the stock market, that the Chinese stock market was still bright, and so on.

On the third day, after the stock market opened sharply lower, there was funds to enter the market to buy the bottom and stabilize the market.

"In short, the management can do things with their temperament, why can't we?" Song Yuanping said to Fan Wuyao, "In some respects, we at least follow the rules of the stock market. Taxes are better than some people who have red mouths and white teeth with two mouths flipped up and down, and they can make a lot of fat oil, right? Although the dealer earns a lot, but there are times when it pays, not to mention that no matter what the loss is, we are all It's going to be taxed!"

Fan Wubing scratched his head and said, "Well, in essence, the so-called sitting house is nothing more than raising a lot of small vests with big funds. Wrong, you are not capable of knocking down others, are you not obediently surrendering? The rules are set by others, and you only have to follow them. Even if you can find the bug and use this to hit SS, they can also clearly stipulate that it is not allowed. Using bugs to fight SS, you are still in vain!"

"I'm not convinced by this, so I want to take a position on my own. I must start a high-priced stock under the eyes of the regulators, and then make enough money to leave. The government places more emphasis on the regulation of the stock market, but sticks to it. The main is investment behavior, but it is open to listed companies and intermediaries. What is a listed company? It is a commodity in the stock market. It blindly emphasizes that there should be no thieves and scammers in the store, but fake, substandard, and counterfeit goods are sold. For customers, what is this?" Song Yuanping said to Fan Wubing~www.wuxiaspot.com~Why people can do this, but I can’t do that? "

"Look, you are a dispute of mood, it's very meaningless." Fan Wubing sighed, "It is because the water in the domestic stock market is so muddy that I don't want to get involved in it. You can’t get in, so if something goes wrong, you will still be shot by those who have no background, unless you sell yourself to other big powers, otherwise, what’s waiting for you is the handcuffs and prison cells. There is no doubt."

Although Song Yuanping felt that Fan Wubing’s words were reasonable, he still felt a little unconvinced, but thought that he was about to go to the United States to make US dollars, and that there was a large amount of funds authorized by Fan Wubing, and he thought of a salary of 100 million yuan per year. With a 1% dividend, I feel that my money is boundless.

"Haha, it's just a complaint. I'm going to make money from American investors in the future!" Song Yuanping smiled to Fan Wuyao.

"I hope you earn more. The more you earn, the more points you get." Fan Wubian nodded and replied. Suffered a loss."

Song Yuanping also nodded to express his understanding. After all, if people are abroad, safety is the most important thing. There is always enough money.