Two days later, Zhai Feng came again, this time the news he brought made Chen Shi completely reassured, Fu Yinhong was just a simple salesperson, she just worked hard, but she was doing a job recommending stocks, just working in an investment company, and she had no ill will towards Chen Shi at all, but he just thought too much about himself.

After Chen Shi saw it, a stone in his heart was put down.

The investment company brought by Zhai Feng is called Yinlu, which is said to have been established for more than ten years, is a qualified and capable investment company, and is very honest, but Zhai Feng told Chen Shi that Yinlu Company is about to go bankrupt, because the A-share market is still sluggish recently. The Shanghai Composite Index fell -17.51% for the year due to the increased supervision of management, the collapse of established growth stocks, and the later effects of the market crash in 2001. Compared with 2001, the range of fluctuations has narrowed significantly, and the turnover has decreased! Of the 1,200 listed companies in the Shanghai and Shenzhen A-share markets, only 132 rose, and 1,067 declined.

Seeing this, Chen Shi suddenly thought of one thing, that is, the problem of the stock market.

"The year 2002 was a year of great historical significance since the founding of China's securities market! In 2002, the management strengthened the governance of listed companies, accelerated the construction and improvement of the enterprise system of listed companies, and standardized the operation of listed companies. At the same time, the management has also increased the supervision and punishment of illegal speculation in the securities market, and a number of illegal listed companies led by Yi'an Technology have been investigated and punished. As a result, the ugly phenomena of listed companies such as fraud, infringement of investors' interests, and being "hollowed out" by major shareholders have been truly reduced.

In 2001, the domestic A-share market plummeted due to the sharp decline in the performance of high-tech listed companies and the policy of reducing the holdings of state-owned shares of listed companies. In order to maintain the positive and healthy development of the domestic securities market, the management of 2002 successively introduced a number of favorable policies and measures. The central bank announced a reduction in interest rates; the China Securities Regulatory Commission lowered trading commissions; on 24 June, the State Council decided to suspend the use of the securities market by domestic listed companies to reduce their holdings of state-owned shares and not to issue specific measures for implementation; the approval of QFIIs; the establishment of a number of fund companies, and so on. Through these measures, we will increase the liquidity of market funds, demonstrate the management's determination to maintain the stability of the securities market, stimulate market sentiment, and maintain the positive and healthy development of the securities market.

However, the fundamental trend of market operation has not changed as a result of the good news, and correction and downturn have been the dominant characteristics of the market for most of 2002. Except for the day when the major positive news was introduced, the stock index came out of an almost euphoric trend, and the trend was weak for most of the rest of the time. Especially after the suspension of the reduction of state-owned shares of 624 listed companies, the market not only did not show the expected steady recovery trend, but embarked on a long bear road that lasted for half a year.

After the collapse in 2001 and a number of black village incidents, due to distrust of market supervision, uncertainty of policy stability, and confusion about the trend of the securities market after the transition, the confidence of over-the-counter funds to enter the market is insufficient. The positive impact of the huge policy benefits on the stock market has disappeared without a trace, which also fully reflects the divergence and contradiction between policy guidance and market orientation.

Although the trend of the securities market in 2002 was bleak, from a long-term point of view, China's very immature securities market has gained a lesson, and protecting the interests of small and medium-sized investors has become the first task of the management, and the investment philosophy of investors is gradually changing, laying a good foundation for the healthy development of the securities market. The above views are from Tencent Finance Network's "China Stock Market Review: 2002"

"These adjustments stem from the 2001 stock market crash and a major management effort to retrench China's stock market, which is carefully accumulating energy. The policy at the end of the year has sent a clear signal that this will support the stock market in the future, but the relevant measures and remarks of the management in 2001 also show that China's stock market has entered an era of equal emphasis on development and regulation, and the strengthening and continuation of supervision will put pressure on the market to rise. It is expected that China's stock market will be a "balanced market" in 2002.

The bubble in the stock market has been compressed by the multiple squeezes of liquidating funds, reducing the holdings of state-owned shares, and cracking down on the falsification of the performance of listed companies, but due to the imbalance between supply and demand and the need to improve the system, the bubble in China's stock market will continue for a long time. The above views are from "NetEase Finance Channel - 2002 China's Stock Market Operation Trend"

Therefore, there was a major adjustment in 2002, and it can be said that the current stock market is not having a good time, and investment losses are common.

Perhaps it is precisely because of this that Yinlu Investment Company is on the verge of bankruptcy.

Chen Shi suddenly saw an opportunity, maybe this is the best time to acquire an investment company, if he has an investment company in his hand, then there are professionals to find Chen Shi in his heart then the future will be explosive small enterprises, those companies that will be out of control in the future must be very short of funds now, such as many Internet companies, should be in a period of hardship now, the golden age of the Internet should be after 05 years.

Thinking of this, Chen Shi laughed, then looked at Zhai Feng and said, "Your task is complete, you did a good job." ”

Zhai Feng nodded slightly and said, "This is my job, I like this kind of work, I like this environment, you don't have to praise me, I will be proud." ”

Chen Shi laughed, and then sent Zhai Feng out.

After Zhai Feng left, Chen Shi dialed Fu Yinhong's phone, the voice on the other end seemed a little excited, Chen Shi didn't say anything, just simply said that he wanted to meet her tomorrow, and Fu Yinhong readily agreed.

The next day, Chen Shi met Fu Yinhong in the coffee shop, she was in her forties, she was very smartly dressed, wearing a suit and a short skirt, the makeup on her face was very exquisite, and her smile was also very charming.

After meeting, Fu Yinhong praised Chen Shi for being young and promising, saying that at his age, most people are still in school, and there are almost no people who can earn such a large amount of family business. Although Chen Shi did not show excessive excitement, he was still very happy to be praised by others, with a smile on his face, and he has been modestly saying that he has won the award.

After a little greeting, Chen Shi asked, "Ms. Fu, your company had a hard time last year, right?"

Chen Shi knows that 2001 was the most chaotic year for China's stock market, because there were many miracles in this year, such as the miracle of B shares rising day after day. In February, the China Securities Regulatory Commission (CSRC) made a decision to open up the B-share market domestically. The introduction of this policy has led to an explosive surge in the supply of funds, which has caused the B-share market, which has been dormant for 9 years, to burst into a peculiar market that has been rising for days.

B-share trading was temporarily suspended from the afternoon of February 19, and resumed trading on February 28, six days later, with 112 B-shares all firmly sealed on the daily limit without exception, and buying orders poured in. Among them, the buy orders of Shenzhen CSG B, Guangdong Electric Power B, and Bengang B in the Shenzhen Stock Exchange show "999999", indicating that the total number of buy orders exceeds 100 million shares, which exceeds the maximum capacity of the Shenzhen Stock Exchange's market transmission file. On February 28, including a small number of buy orders that were later withdrawn, the buy orders of these three B shares were far greater than 1 million lots, totaling 6.3 million lots. Among them, the buying order of Shenzhen CSG B was 132.47 million shares, Guangdong Power B was 237.17 million shares, and Bengang B was 259.64 million shares, with a total amount of 1.88 billion yuan. The total amount of buy orders listed on the price limit in the two cities reached 13.54 billion yuan, equivalent to nearly 25% of the total market value of B shares.

The great enthusiasm of investors was met with great disappointment on the day. On the day of February 28, due to the unprecedented consensus on the understanding of the explosive market of B shares, everyone is long and no one is short, so there is an unprecedented strange landscape of price and no market, and no amount of empty rise. On this day, SSE B shares closed at 91.42 points, with a turnover of US$602,000, and Shenzhen B shares closed at 946.41 points, with a turnover of HK$1.11 million. Almost all sales departments are "bald", and there is no record of B-share transaction returns throughout the day.

On March 1, there was another immeasurable comprehensive daily limit for B shares in the two cities. Shanghai B-shares closed at 100.47 points, a new high since 1995, while Shenzhen B-shares closed at 1,035.32 points, also a three-year high. The trading volume of the two markets shrank even further, with the trading volume of B shares in the Shenzhen Stock Exchange only 266,000 Hong Kong dollars. At the end of the day, 7 stocks had a total lot size of "0" (less than one lot), and 47 stocks ended the day with a symbolic 1 lot.

It was not until March 5, after the weekend, that the Shenzhen and Shanghai stock markets continued to block the daily limit of all B shares, and the trading volume was enlarged. In this way, China's B-share market has set a world record of 3 consecutive days of unlimited daily limits. A stock market that had been dead for years became the craziest stock market in the world overnight.

There is also a spectacle of the two-market limit.

The China Securities Regulatory Commission announced on October 22 that before the promulgation of specific operational measures, it will stop implementing Article 5 of the "Interim Measures for the Administration of Reducing State-owned Shares to Raise Social Security Funds" on "when a state-owned company limited by shares issues and issues additional shares to public investors for the first time, it shall sell state-owned shares at 10% of the financing amount".

The Shanghai and Shenzhen markets opened 121.56 points and 279.96 points respectively, and almost all stocks rose to the limit, although there was a shock in early trading, and some individual stocks were opened, but then they all returned to the daily limit. In the afternoon market, there were few selling orders, and the number of transactions decreased. As of the close, the Shanghai Composite Index rose 149.9 points, with a turnover of 15.109 billion yuan, and all stocks rose, with the broader market up 9.85%; On the same day, the stock market created another great spectacle in the world stock market, with 95% of the stocks closing the daily limit.

The spectacle of B-share fundraising vacancies.

China's B-share market has basically lost its fund-raising function, especially in 2001, creating another embarrassing miracle of zero new share issuance, additional issuance of listed companies, and allotment of shares.

In fact, the establishment of the B-share market is only later than that of the A-share market. In February 1992, vacuum B shares were issued and listed in Shanghai, and Shenzhen CSG B was issued and listed in Shenzhen, announcing the birth of China's B-share market. After a brief period of glory for four months, it was followed by a long bear journey that lasted for seven years.

The original intention of the establishment of the B-share market is to seek foreign capital for domestic enterprises, so as to raise funds from abroad and avoid the impact of foreign capital on the domestic securities market in the infancy stage when the renminbi is not freely convertible. However, after 1993, with the acceleration of the pace of direct overseas listing of H-share and N-share enterprises, coupled with the poor liquidity and small scale of the B-share market, the window function of mainland enterprises to raise foreign capital through it was greatly restricted, resulting in a shortage of market capital sources and a stagnant market scale.

At present, there are 1,151 listed companies in the A-share market, while the number of listed companies in the B-share market is still in the original 114, and the total number of listed companies in the B-share market is less than 10% of the A-share market, and the circulating market value is even smaller, only about 2% of the A-share market. In the early stage, there were many rumors about the expansion of the B-share market, but there has been no movement so far. The miracle of zero fundraising in the B-share market is a miracle that suffocates investors.

PT stock speculation spectacle.

On February 22, the China Securities Regulatory Commission issued the "Implementation Measures for the Suspension and Termination of Listing of Loss-making Listed Companies". At that time, some good market participants predicted that the introduction of the delisting mechanism would inevitably trigger a frenzied sell-off of PT stocks, and PT stocks may have a stock price of less than 9 cents, and they were also worried that their stock prices would never be able to exceed the 9 cents line.

However, the fact is just the opposite, after the introduction of the delisting measures, PT shares not only did not plummet, but soared all the way, and the PT family responded to the crazy price limit for the exit mechanism, and some speculated to about 20 yuan. The chicken feathers of PT junk stocks have risen to the sky, which cannot but be said to be another miracle of China's stock market. Among them, PT Rural Commercial Cooperative, PT White Cat, and PT outlets had the largest annual increases of 353%, 259%, and 241% respectively.

Out of the management's surprise, the PT system will actually give birth to a sector that is so favored by investors, creating such a hot market! But it is precisely because of the crazy speculation on PT stocks that the process of the death of the PT sector has been accelerated. The bookmakers who made a windfall by speculating on PT stocks, looking back in 2002, can only pay tribute to the dead of PT.

There are also the wonders of the high platform diving of Zhuang stocks, the wonders of the social security fund, the wonders of the loss of the Jing fund, and the spectacle of public condemnation of the company.

The above eight wonders come from the Beijing Morning Post "Shocking Ghosts and Gods: Eight Wonders of China's Stock Market in 2001"

This year's stock market is really rampant with demons and monsters, and the degree of chaos is simply indescribable, of course, it is also after this year of chaos that there will be six or seven consecutive years of growth, and there will be 02 years when the state has issued a lot of documents to stabilize the market.

And Fu Yinhong's company is undoubtedly a loser in this chaos of demons and monsters, so it will face bankruptcy.

Fu Yinhong's face changed slightly, she didn't know how much Chen Shi knew, but it was obvious that Chen Shi didn't invite her to buy stocks today.