Song Yuanping did not go back. He still had a lot of things to communicate with Fan Wubing, so the two of them simply stopped sleeping and stayed at the company headquarters, drinking tea while talking about the stock market.

"For me personally, I don't like the domestic stock market. The policy is too strong, and the cheating method fills every stock, which looks disgusting. Even some policies introduced by the government level are often offensive and utilitarian, regardless of the feelings of ordinary investors." Fan Wubing said to Song Yuanping.

"The market is chaotic and poor supervision, these are all prerequisites for serving in the market." Song Yuanping replied with a smile, "If the market management mechanism is perfect and the supervision is strong, we dealers will have no food to eat."

When it comes to domestic policy markets, the two have a common view on this point, and they believe that manipulation is probably the same as the domestic stock market around the world.

For example, the 327 Treasury bond futures incident occurred in February 1995.

327 is the code of the three-year treasury bond issued in 1992. The 24 billion yuan treasury bond expires in June 1995. The face interest plus the value-preservation subsidy rate should be redeemed for every 100 yuan bond maturity. However, the price of 327 treasury bond has been fluctuating below 148 yuan, because a saying circulating in the market is that the Ministry of Finance believes that compared with the bank savings deposit interest rate during the same period, the return of 327 is too low, and the interest rate may be raised at that time and paid at a face value of 148 yuan.

Supporting this statement is that it is made in 327 varieties. Zhongjing Development, a wholly-owned subsidiary of the Ministry of Finance, its first chairman was the former deputy minister of the Ministry of Finance. All the general managers were from the Ministry of Finance. The general manager at that time was also the former director of the Comprehensive Planning Department of the Ministry of Finance. Anyone with a little national condition will follow Zhongjing Development and will go long, at least not confront it.

However, Guan Jinsheng, the general manager of Wanguo Securities, disagreed. He believed that it was undoubtedly a fantasy to ask the Ministry of Finance to pay out 1.6 billion yuan of subsidies of 327.

As a result, the Ministry of Finance really released the news that the interest rate of 327 treasury bonds was raised. Guan Jinsheng was desperate and illegally sold orders worth 140 billion in eight minutes before the market closed in the afternoon, causing the price of 327 treasury bonds to plummet.

That night, the exchange canceled the last illegal transaction, and Wanguo Securities lost 1.3 billion yuan in a row.

In this incident, although Zhongjing Development Corporation was a big winner, the profits flowing into the books were not even 100 million. Where did the huge wealth be transferred still remain a mystery. At that time, the person in charge of the business of Zhongjing Development Corporation was assassinated in Beijing at the end of the year and almost died. After that, he has been recuperating for a long time, and his whereabouts are unknown.

The 327 incident followed the Shenzhen subscription certificate incident, the second disaster that affected the development of China's securities market exposed the systemic and chaos in the Chinese stock market, and truly touched the government's fear of social instability, which greatly hindered the development of new products in the securities market, especially derivatives.

Song Yuanping said to Fan Wubing, "In 1996, the Shenzhen Stock Exchange had more investment value than the Shanghai Stock Exchange. The Shenzhen Stock Exchange's price-to-earnings ratio was only eight times, while the Shanghai Stock Exchange's lowest price-to-earnings ratio was twenty-six times. At that time, the two local governments linked the stock index to the financial center. It seemed that whoever the stock market rose faster would be the financial center of the country. Therefore, from the municipal government to the bank to the exchange to some securities companies to some municipal companies to local securities media, they almost publicly planned how to move the stock market."

In the past, the taxation and image of exchanges in both places were valued by local governments, and it was natural to support and help the stock market, but it was the first time to directly interfere with the stock market with such a big fanfare.

In terms of sea, the city leaders directly commanded, and his mobilization speech was conveyed to securities firms by the editor-in-chief of Hai Securities News. Initially, to encourage the market, it was just to write something full of hints or reposts, and it would not indicate the rise and fall of individual stocks. But at that time, he ignored everything and asked securities firms to write articles in newspapers without any concealment to cooperate with their own stocks in the banker, which was a taboo in running newspapers.

Song Yuanping said, "At that time, in order to find a leading stock in the Shanghai Stock Exchange that was in line with Shenzhen Development, Haifang first launched Haipec and later launched Lujiazui. The hype momentum of Lujiazui not only comes from his imagination of the bright prospects of Pudong Financial and Trade Zone, but also his expectations for it to pay dividends and shares. But one afternoon, Lujiazui company sent a major announcement, and its distribution plan was much lower than market expectations. At that time, I worked for the newspaper and worked on the night shift as an editorial board member. I saw this business

I knew that Lujiazui would not be able to fall sharply tomorrow. But at 7 or 8 o'clock in the evening, we suddenly received a notice from the exchange to remove the already-typed announcement. It seems that someone has informed the exchange and even the government of the interests. In order to see the decision of the company's board of directors, it is obvious that the chaos at that time was revealed. By the way, the leading stocks confirmed by the government were not recognized by the market, and in the end the market chose Changhong, the color TV king at that time."

Faced with such a scene, Beijing will of course have to happen. With the recurrence of the Shenzhen-Shanghai market in October 1996, the China Securities Regulatory Commission began to issue multiple notices and comments in succession, warning all aspects of the market not to engage in financing transactions, strictly prohibiting market manipulation, and investigating institutional violations. It published an editorial on the front page of the People's Daily, and made an exception to read it on CCTV's "News Broadcast" the night before.

The Hai Securities News and Securities Times, which represent the positions of the exchanges in the two places, ignored this important editorial and did not reprint it in time. Beijing was so disgusted with these two newspapers that the two deputy editors-in-chiefs suspended their posts for inspection and stopped the municipal company's information disclosure qualifications for one month.

It doesn't matter if you sacrifice a deputy editor-in-chief. This is a common thing for the media, but the latter has to cut off the financial path of the Securities News. Without the monopoly of designated information disclosure, the two newspapers have to close. From then on, the two securities newspapers began to follow the CSRC's baton obediently.

However, the markets in Shenzhen and Shanghai have been in high spirits. Every time they suppress, they can only make the stock index pull back slightly, and then move forward bravely. The market seems to be numb to the negative policies that they fear most in daily life.

Finally, in the "News Broadcast", the article "Correctly Understand the Current Stock Market" to be published in the People's Daily the next day. The article pointed out that the current rise in the two markets is abnormal and irrational.

As usual, it is a serious matter for a special commentator to publish an article in the People's Daily. The day before, the management had already transmitted the article to various provinces, cities, autonomous regions and ministries and commissions in the form of telegrams to greet him in advance. This is an unusual move.

The stern tone of the article and the sharp words used, such as "shooting oneself in the foot" and "clearing the 'black sheep' that disrupted market order out of the securities market", etc., are all reminiscent of the political storm of the past.

The next day, except for one new stock, all 610 stocks and funds hit the limit, and the next day, the entire limit was hit the limit. At this time, the management was scared again and hurriedly lowered his figure and said how he cared about the stock market. The Chinese stock market was still bright, etc.

On the third day, after the stock market opened sharply, funds entered the market to buy at the bottom and stabilize the market.

"In short, management can be slutty with their temperament, why can't we?" Song Yuanping said to Fan Wubing, "In some aspects, we at least follow the stock market rules. We have to pay taxes when buying and selling. It is always much better than some people who can make fat money by turning their mouths down with their red mouths? Although the dealer makes a lot of money, there are times when he loses, let alone we have to tax them!"

Fan Wubing scratched his head and said, "Well, in essence, the so-called banker is just that big funds have raised many small vests. This seems to be wrong. However, the regulators say that you are wrong, you are wrong, and you are not able to defeat others. Are you obediently admitting defeat? The rules are set by others, and you can only abide by them. Even if you can find a bg and use this to hit a b, they can also clearly stipulate that it is not allowed to use bg to hit a b, and you will still be in vain!"

"I just don't agree with this, so I want to be a banker by myself. I must build a high-priced stock under the nose of the regulatory authorities, and then leave after making enough money. The government emphasizes the regulations of the stock market, but the main focus is on investment behavior, and it is open to municipal companies and intermediary institutions. What is a municipal company? It is a commodity in the stock market. It just emphasizes that there are no thieves or scammers in stores, but sells counterfeit goods, substitutes, and fake goods to customers. What is this?" Song Yuanping said to Fan Wubing, "Why can people do this, but I can't do this?"

"Look, you're a fight of intentions, it's meaningless." Fan Wubing sighed, "It's because the domestic stock market is very muddy that I don't want to get involved. You can't get involved in the affairs of the yamen. So if something goes wrong, you will still be the ones who have no background. Unless you sell yourself to other people's big forces, you will be handcuffs and cells waiting for you. This is beyond doubt."

Although Song Yuanping thought Fan Wubing's words were reasonable, he still felt a little dissatisfied, but when he thought that he was going to the United States to make dollars, and there was also a lot of funds authorized by Fan Wubing to use. When he thought of his salary of 100 million yuan and dividends of 100%, he felt that his money had a bright future.

"Haha, it's just a complaint. I'll make money from American investors in the future!" Song Yuanping smiled at Fan Wubing.

"I hope you make more money, the more you earn, the more you get." Fan Wubing nodded and replied, "But you don't have to worry, I have many legal experts there, and I promise that you won't suffer any losses."
Chapter completed!