(The author said in advance, don't spray about some plots, most of these plots are based on what the big players said on the news back then.) Xiao said . The author has studied it!)

On August 20, 1992, the Pearl Stock Market ushered in a new stock: Eternal Life Pen. Although the stock market had fallen below 1,000 points before this, because the face value of the circulating disk of the immortal pen was only 400,000 yuan, the small Jews and several big households discussed it and planned to enter the market to speculate.

Note that this circulating stock of 400,000 yuan represents 40,000 shares with a par value of 10 yuan!

It doesn't mean that these stocks are only worth $400,000!

In fact, the stock of Yongsheng Pen has a face value of 10 yuan, but the issue price is 72 yuan. On the first day of listing, Yongsheng pen opened with a premium of 290 yuan, and they ate all the way, the stock price was speculated by them to 307 yuan, and finally the closing price of Yongsheng pen on the first day of listing closed at 293 yuan, and the daily K-line was a small yang line, and the turnover rate was 32.5% throughout the day.

After winning the first battle, the little Jews celebrated on the same day, thinking that the immortal pen making thing could be done!

So on the morning of August 21, the little Jews went all the way down regardless of the overall market trend, increased funds to speculate on the immortal pen, and the stock price was stubbornly above 290 yuan.

Who knew that half an hour before the afternoon closing, the stock price suddenly abruptly changed, a large number of sell-offs poured out, the bottom line of the stock price of 290 yuan was broken down, and the end of the Yongsheng pen market closed at 285 yuan.

After this day, although the small Jews and a group of big investors tried their best to support the stock price of Eternal Life, the continuous decline of the market and the panic selling of shareholders made their efforts in vain.

By September 14, in less than a month, the Shanghai Composite Index had fallen from 930.08 points on August 20 to 734.98 points, and the share price of Yongsheng Pen also fell to 208.50 yuan to close, which has fallen by 1/3 compared with the closing price on the first day of listing.

The speculation of large individual investors about the immortal pen making ended in failure, and the stock market myth that speculating on new stocks would definitely make money began to be shattered.

The Shanghai Composite Index then plummeted and collapsed!

"But this kind of thing shouldn't be, if there are only 40,000 shares in circulation of the Immortal Pen, how can so many of them not be able to speculate?" Jia Lei asked suspiciously.

"Some corporate shares took the opportunity to get involved, and the little Jews were too careless at the time, and they planted it without finding out about it!" Ah Fei said helplessly.

In 92, the stock exchange and the securities market were immature, and there was not much regulation of corporate shares, which led to the fact that corporate shares could be listed and traded like ordinary shares.

Of course, this matter must be out of order, but because corporate shares were still a regulatory blind spot at the time, what is it......

"Even if that's the case, the little Jews won't be so miserable, right? They are all old people in the stock market of Pearl City, who doesn't have a net worth of millions? Can just such a small cap stock turn their group of big investors into this?" Jia Lei asked puzzled.

"Of course it's not one, although the little Jews have lost a lot of money by speculating on the immortal pen, but everyone has a thick foundation, at least the remaining stocks in the account are still worth some money!" Ah Fei said and couldn't help but take out a cigarette and smoke.

"What happened later?" asked Jia Lei with a frown.

"Later, ah......" Ah Fei said with a cigarette in his mouth and squinting his eyes.

Hunting geese all day long, but being pecked blind by geese! How can the little Jews, their old fritters and big investors in the stock market, just forget it......

So the little Jews were unwilling to speculate on the newly listed small-cap stocks such as First Food, Tape Shares, and Fenghua Yuanzhu.

"Little Jews lost their eyes at the time, and at first they still used their own funds to speculate, and then when the money was not enough, they began to continue to speculate with securities companies overdrafting. But now that all the stocks in the stock market are falling, how can they win it! Finally, the little Jews have finally put themselves here?" Ah Fei said helplessly.

"Overdraft? Doesn't the state let securities companies help customers overdraft?" Jia Lei asked with a frown.

"On the surface, securities companies are not allowed to overdraft, but in fact, they are secretly doing this! First, they are here to win over large customers, and second, they are to charge high fees. There are a number of big players in the Pearl stock market, and it is especially easy for small Jews to overdraft in a securities company, after all, they are too familiar with the securities company!" Ah Fei explained.

Although overdraft trading is prohibited by the national securities regulatory authorities, it has never been eradicated in the securities market for a long time.

The pursuit of high profits by securities operating institutions and large individual investors provides the most direct impetus for overdraft transactions.

For securities operating institutions, overdraft funds for large individual accounts, on the one hand, can increase the transaction volume of large individual accounts to increase their own commission income.

More importantly, securities operating institutions can use this condition to attract more large individual investors to become their own customers, so as to gain greater living space in the fiercely competitive Pearl Securities trading market.

This is the leverage we often hear in the stock market, and the market makers in the stock market rely on this means to raise a large amount of money to sit in the bank and speculate on demon stocks!

****

Generally speaking, the dealer will not lose money when sitting in the bank, except in one case, that is, the stock market crash!

Unfortunately, Little Jew encountered the biggest stock market crash in Chinese history......

"Why didn't you stop him at that time?" Jia Lei asked with a frown.

"I happened to go to Hainan Island to pick up a batch of goods, and by the time I came back, it was too late!" Ah Fei said with a wry smile.

"Hey, it seems that the little Jews are destined to have this catastrophe in their fate!" Jia Lei said with a sigh.

"I knew that I had stayed in the first place, I really wished I had poured his medicine into the house like you did in Pengcheng City, so that he wouldn't have such a big incident!" Ah Fei said angrily.

"Forget it, what's the use of talking about it now? What do you want to do now?" Jia Lei asked, and then he waved his hand to disperse the second-hand smoke in front of his nose.

"Of course, we want to get the little Jew out, think that when Hong Chen and I were in prison, the little Jew didn't hesitate to take out half of his net worth and help us pay back the loan shark!

"Oh, how much does that little Jew owe to the securities company?" asked Jia Lei.

"8 million!" Ah Fei said with a wry smile.

"How can you have so much money?" Jia Lei asked with a frown.

"I've already found someone to take over and sell my auto repair shop, and I sold it for a total of 4 million yuan with the goods and factory building! There are 2 million yuan here in exchange for the 200 cars you left for me, I originally said that I wanted to use these 2 million as the capital of your shares! Now ......" Ah Fei looked at Jia Lei in embarrassment and said.

"I said I borrowed this money, you can spend it however you want!" Jia Lei nodded and said.

"After Dasha and Hong Chen came back yesterday, they each made up 1 million, and now we are only 2 million!" Ah Fei said.

"Then do you want me to lend you the 2 million?" Jia Lei asked.

"No, we will pay for this money ourselves!" Jia Lei suddenly heard an old lady shouting at the door.

So as soon as Jia Lei turned around, he saw a jeweled gold box in the distance, and this gold box was very familiar!

"Grandma Sha, why are you here?" asked Ah Fei worriedly.

"Of course I'm going to come and see my unassuming grandson when something so big has happened!" said the little Jewish grandmother.

"Oh, there's so much smoke in this room that you can't smoke you all the time, let's talk about something outside. Jia Lei hurriedly said.

"My precious son, it's only been a few days, why have you been so thin?" said the little Jewish father, who immediately touched the little Jew's body in distress.

"Uncle, you wait outside, I'll take the little Jew out!" Jia Lei finished speaking, invited the two people out, and then asked Hong Chen and Dasha, who had just arrived, to drag the little Jew out.

"Brother Fei, this is the money I made up with Dasha, you help the little Jew collect it!" Hong Chen said as he gave Ah Fei two checks before leaving.

"You can't take someone away, he owes money to our company!!" said a man from a securities company who stopped at the door.

"Let them go out, I will be the guarantor for the money owed by the little Jews, right?" Jia Lei asked with a frown.

"We're bringing the money!" the little Jewish grandmother hurriedly handed over her jewelry box.

The people from the securities company immediately reached out to pick it up!

"Can't you give this thing to them? What if someone loses their hands and feet?" Jia Lei said unhappily.

This group of people who are engaged in finance are really the Lord who lends you an umbrella on a sunny day and takes it back on a rainy day!

It's shameless!

"What? Is my guarantee not good in your securities company? There is a kind of you call your manager over and ask, you just ask him, I, Jia Lei, don't even have this face in Mingzhu City?" Jia Lei asked.

"You have, of course you have!" At that moment, someone in the distance said that the manager of the securities company had received the report and rushed over.

"Hong Chen, you take the little Jew to take a bath! Jia Lei said.

"Then this is for you!" The little Jewish grandmother hurriedly stuffed the jewelry box to Jia Lei.

"Good ......" Jia Lei hugged the jewelry box and squeezed out a word from between his teeth.

Damn, this solid gold jewelry box is too heavy!

The little Jew was carried away by Dasha like a sack on his shoulder, and Jia Lei stayed behind and began to negotiate with the people in the securities company.

*****

"Brother Fei, you give them the money you pooled first!" Jia Lei said as he sat down at the negotiation table.

"Here's a check for 6 million, you can take it!" Ah Fei put three checks on the table and handed them over.

"Okay!" said the manager of the securities company, who carefully examined the check.

"But Mr. Sha owes us a total of 8 million, and there is still a difference of 2 million here?" asked the manager cautiously.

He didn't dare to offend Jia Lei!

"Do you see that this box and the contents are worth 2 million?" Jia Lei said and opened the jewelry box and asked, he pushed the jewelry box over for the manager to see.

"Worth it!" said the manager of the securities company with a smile when he saw the box, and then he reached for the jewelry box.

"Smack!" Jia Lei closed the box hard, and then pulled the jewelry box back with his hands.

"Are you really greedy? The price of gold has risen in the past two years, and the gold on this box alone is worth 1 million! Not to mention that there are so many gems on this box, not counting the price of the jewelry inside, this box alone is more than 2 million!" Jia Lei sneered.

"......What about the price? I...... I was going to call our appraiser here to take a look and then we'll calculate how much the box and its contents are worth when he finishes it!" said the manager, sweating profusely.

He was so anxious just now that he forgot that Jia Lei, a difficult young master, was still here!

"Okay, don't call your family's asset appraiser, his price is not as high as the price given by the pawnshop! I also have an asset appraiser, I ......know what they do," Jia Lei rolled his eyes and said.

"What do you mean?" asked the manager unhappily.

Only then did he realize that he had been tricked by Jia Lei!

"Since the old man handed me the box, I'll buy it for the time being! You take this check for 2 million, and the little Jew doesn't owe you anything this time. Jia Lei opened a check and handed it over, and the manager had to take the check.

"Okay! Jia Lei, since the matter is done, let's leave quickly, I'm still worried about the little Jews!" Ah Fei stood up anxiously to leave.

"No hurry...... We're not done yet!" Jia Lei said as he knocked on the table.

The manager who had just stood up glanced at Jia Lei, and could only sit back helplessly!

"My little ancestor, what else are you still up to?" the manager asked with a wry smile.

"Now that we've got the money back. You should also return the little Jewish things, right? I saw that the gold watch on his hand, the gold chain around his neck, and the ring on his hand were all gone?" Jia Lei said slowly, folding his fingers as if he were the same.

Every time Jia Lei said the same, the manager's face turned a little whiter!

These things were all used as collateral by the little Jews when they were financing, and since the money was repaid, of course they had to return the things.

"Wait a minute...... I'll send someone to fetch it!" said the manager, sweating profusely.

None of these things were in his hands now, and he needed to take the time to get them because they were of high value.

"I'm not in a hurry, I can wait slowly, as long as I don't lose anything. Hehe......" Jia Lei asked with a sneer.

Whether it is a bank or a pawnshop, they will find an opportunity to auction it for cash!

Because they are dead collateral, the auction price of these things is much lower than the actual value, and sometimes they are set in advance.

Fortunately, the securities company was not so bold, and these things were just stored in the safe by the custodian and quickly taken out.

"What else?" asked Jia Lei, looking at something on the table.

"No, everything is here!" the manager quickly explained.

"Yes! The little Jewish stuff is here. Ah Fei put things away and said.

"You forgot one of the most important things, what about the little Jewish stock account?" Jia Lei asked with a smile.

"Bang!" the manager was so frightened by Jia Lei's words that he knocked over the teacup on the table.

"This ...... This ......" beads of sweat on the manager's head were visible to the naked eye.

"Jia Lei's little Jews have become like this, why do you still need a stock account? I wish he would never speculate in stocks again for the rest of his life!" Ah Fei said through gritted teeth.

"Are you stupid? If you don't get your stock account back, aren't all the stocks in it cheap for their securities company? Just rely on the little Jews to make money by themselves, when will they be able to repay these millions of debts?" Jia Lei asked with a frown.

"Some of the stocks in this stock account have been sold by us to pay off the debt, what do you think we should do?" asked the manager, wiping the sweat from his head.

Since the little Jew couldn't afford to pay off the overdraft, the securities company froze the little Jew's stock account, and they kept an eye on the stock market while letting his family use the money to ransom him. As long as the stock price rises a little, cut some meat and sell it to make up for the loss, and wait until the stock price falls to buy the stock back.

"You also know that there are more than 200 securities companies in Mingzhu City now, and we have no choice but to do this! After all, there are too many big investors in our overdraft who have lost all of them, and if we don't use the stocks in their accounts to make up for the losses. That's too much loss!" the manager hurriedly said.

"I don't care what you did for what you did! What stocks were in the stock account when the little Jew had an accident, and now I have to give me a single share in the account. Otherwise, I will go to the CSRC to sue you, the CSRC was just established yesterday, and you don't want to be the first case in the stock market after the establishment of the CSRC, right?" Jia Lei asked him.

"No! I don't want to, we definitely don't! Wait a minute, I'll get the stock account back intact in half an hour. After the manager finished speaking, he hurried to ask the people below to buy the stock back.

"I'm the fairest person, and I never take advantage of others! So the name and number of shares in the stock account should be exactly the same as the original, one less share will not work, and one more share will not work!" You know?" Jia Lei said behind him.

The manager was so confused when he heard this that he almost didn't fall!