"Mr. Li, I won't tell you the truth, as early as last year, the municipal party committee and government promulgated the "Interim Regulations on the Pilot Project of Demutualization of State-owned Enterprises" to encourage large state-owned enterprises in the special zone to carry out shareholding system transformation. But the actual effect is not ideal, and the opposition below is very strong!

In May, the city government merged 21 rural credit cooperatives in the building to form a new deep-sea development bank. The newly established Shenzhen Development Bank originally planned to adopt a shareholding system and prepared to publicly offer 795,000 shares at a price of 20 yuan per share.

However, the shares of Shenzhen Development have been sold for nearly two months, but the actual progress is very unoptimistic, and less than 30,000 shares have been sold! The shares of the company under your name, Mr. Li, have always been very sought after in Hong Kong! Therefore, I am very presumptuous to learn from you today!

Li Hao was transferred from his post as deputy secretary general of the State Council to the Special Administrative Region to serve as mayor. He has been mayor for less than a year, and at the same time he has served as the secretary of the municipal party committee that has been vacant after Secretary Liang's transfer. This old cadre, who has reached the age of 60, has slightly white sideburns, and his forehead is still a little bald, but his eyes hidden behind gold-rimmed glasses are still sharp.

"The joint-stock system is a new thing in China, and it is also very normal for it to be accepted and recognized by the general public for a while! In particular, the state-owned enterprises in the interior are accustomed to eating 'big pot rice' and 'iron rice bowls,' and if they want to give up the state's unconditional support, there will naturally be many voices of opposition!

In fact, I also know a little about the situation of deep development, in fact, Jiahua Bank has been interested in investing in shares before. But on the government side, we are already in talks with China Merchants Bank to buy a stake. I think the reason why the new shares of Shenzhen Development are very subscribed is mainly because ordinary residents in the mainland have a very low awareness of stocks!

In fact, even many investors in Hong Kong. There is also a big deviation in the understanding of stocks! Hong Kong's stock market has a striking feature, that is, small and medium-sized stockholders, that is, retail investors, who often like to speculate in small-cap stocks.

Because the total market capitalization of small-cap stocks is small, the stock price is prone to stretching. Therefore, as long as the hype theme is appropriate, sometimes only one or two good or negative news is needed, which will cause a big rise and fall. If ordinary shareholders can step on the spot, it is easy to get rich overnight!

Shares represent shareholder ownership of the company. Its price should actually be linked to the actual value of the company. The better the company's performance and net worth, the greater the real value of each share.

And now the Hong Kong stock market. Many 'fairy stocks' are very average in terms of business performance, but their stock prices can soar to the sky! This kind of artificial speculation is like gambling, which seriously distorts the true value of stocks.

In contrast, funds prefer blue-chip stocks, which tend to have a large total market capitalization. Ordinary experts can't pull the stock price at all. And the performance of these companies is also often more assured. Although stock prices rarely skyrocket, they can usually get relatively stable returns!" Li Xuan gave a brief introduction to Hong Kong's stock market.

In his view, there are many similarities between the current Hong Kong stock market and the mainland stock market after 00. Although it has a certain degree of standardization, it is still immature in general, and the risk appetite is relatively strong!

Li Xuan paused, and then continued: "In my opinion, stocks should actually be used as an investment channel for wealth preservation and appreciation. Interest rates in Hong Kong and European and American countries. Marketization has long been achieved, and it has always been very low. The interest earned by people depositing their money in the bank. It often can't even outpace the growth rate of prices, which means that the money in your hands is actually depreciating all the time!

And if you have a good vision and choose the stocks of a company with good returns for investment, then you can often get a lot of returns! Even if you are not confident in your vision, you can also choose to buy a variety of public stock funds, let professional fund managers manage your finances!

For example, if a shareholder subscribes for 10,000 yuan of new shares at the issue price of 20 yuan per share when Jiahua Bank is listed in 84. And if he never sold it, the value of these shares has now increased to 75,000 yuan.

For example, last year, Jiahua Bank's dividend per share was 1 yuan, and the actual dividend obtained by this shareholder was about 2,000 yuan after the stock split!

If we want domestic residents to accept stocks, we must first let them see the benefits of buying stocks! The price increase in China in recent years has also been very strong, so it is actually a very loss-making thing for everyone to keep their money in their hands. Because in a few years, you'll find that there aren't as many things that you can buy with that money as you did just a few years ago!

In this way, stocks with good investment value actually have a very good basis for promotion in China! However, there are two problems that must be solved first, and the first is the problem of exit after the stock is purchased. For example, what should you do if you have just exchanged all your family savings for stocks today, but you suddenly need money urgently tomorrow?

If you are in Hong Kong, you can always sell your stocks on the trading market at a discount through stockbrokers. Even if you feel that there is still room for stocks to continue to appreciate and you are not willing to sell them cheaply for the time being, you can still pledge them to banks in exchange for loans! Therefore, if you want to promote stocks in China, it is very important to allow them to be freely bought and sold and circulated!

If it cannot be discounted, then what is the difference between it and grabbing money for the common people! It is said that in recent years, the work of issuing treasury bills in China has become more and more difficult, and many localities can only carry out compulsory apportionment. In my opinion, one of the most important reasons why Treasury bills are not recognized by everyone is that they are not freely transferable.

Once a resident buys a Treasury bill, it is no different from waste paper before it is due! But there is at least one hope for buying Treasury bills, and those who win the lottery relatively early will get back all the principal and interest in the sixth year, and even if you are lucky, you will be able to get the principal and interest back in the eleventh year!

Of course, it is not accurate to say that it is completely waste paper, because if the company is profitable, shareholders may be able to get a dividend every year! But this involves another problem, that is, the company that issues shares. It must be a profitable or promising enterprise!

For example, the Hong Kong Stock Exchange has requirements for the market value and profitability of listed companies, and only companies that meet the minimum standards are allowed to issue shares publicly, which is to ensure the rights and interests of investors!

And it seems to me. As you just said, its predecessor was 21 rural credit cooperatives under Shenhai City. Rural credit cooperatives are the worst in China's entire banking system, whether in terms of business scale, profitability, or management level!

If the SAR government selects such companies to issue shares, it wants to transfuse the enterprises by collecting money from the public, which is undoubtedly an act of robbing the poor and helping the rich. Those who invest in buying stocks. It's likely to face a situation where you won't be able to return home!"

Li Xuan's last words could be described as merciless, which made Secretary Li, who was sitting next to him, frown.

Since Mr. Li is not optimistic about the upcoming establishment of Shenzhen Development Bank, then before Jiahua Bank. Why are you so eager to buy shares?" Secretary Li Hao pondered for a moment, then quickly raised his head and stared at Li Xuan and asked rhetorically.

Li Xuan glanced at the other party very frankly, then waved his hand and smiled heartily: "On the contrary." I am very optimistic about the future situation of the Shenzhen Development Bank! I can say that the entire banking industry in the mainland. It's all a pool of stagnant water now. Whether it is China Merchants Bank established by China Merchants Group or Shenzhen Development Bank established by the SAR government, as long as they dare to carry out reforms and better integrate into the role of providing convenient financial services for the rapid development of the SAR economy, they will definitely be able to go to rich rewards!

If Jiahua Bank takes a stake in Shenzhen Development, we will be able to provide Shenzhen Development Bank with a lot of international experience in terms of management system construction and business development, so that it can take fewer detours in the process of growth!

Of course, if it is possible. Naturally, I would prefer to take a stake in the big four state-owned banks. That's the best asset in China's banking sector as a whole, but it's not realistic in the short term. So settle for the next best. Deep development is also a good investment object!

However, from the point of view of the issuance of bills, although I have not read the financial audit reports of these 21 rural credit cooperatives, I can guess that I will not be too optimistic. The premise of a successful stock issuance is to convince the public that it is a company with low risk and good returns!

But the Shenzhen Development Bank is obviously not up to this level now, and even if it can successfully become prosperous after raising funds, that is another matter! Because the future is completely uncertain, if Shenzhen Development squanders the newly raised money, who will be responsible for the losses of investors?"

Li Hao was silent, he had already understood what Li Xuan meant. As early as last year, the municipal government issued the "Interim Regulations on the Pilot Program of Shareholding of State-owned Enterprises", but the municipal enterprises with the best benefits, such as Shenhai Special Development Group and Shenhai Import and Export Group, not only did not have high enthusiasm for the shareholding reform, but even blocked the shareholding reform initiative of their subsidiaries.

Because these companies now have good profitability, they naturally want to maintain the status quo in a stable manner. Therefore, the Shenhai Municipal Party Committee and the Municipal Government can only promote those enterprises with poor efficiency to take the lead in the pilot, because these enterprises are willing to actively cooperate with the municipal government in order to change the status quo! In Li Xuan's eyes, this happens to be contrary to the investment law of the capital market!

In fact, China's stock market has always been deformed in the early days, with the state assigning listing targets to provincial governments. These indicators are in the hands of the provincial government, so naturally priority is given to state-owned enterprises. Even if the performance of private enterprises is excellent, it is difficult to get the listing index.

And sometimes. The attribution of listing indicators even needs to be decided by the Standing Committee of the Provincial Party Committee. The state-owned enterprises that need to be saved the most in each province have been listed after surprise beautification and packaging, and the money that has been brought in can make the enterprise prosperous for several years.

Therefore, for a long time, China's stock market has been replacing the central government's finances, playing a noble role as a blood transfusion for a large number of state-owned enterprises on the verge of collapse. These listed companies that are ruined outside of them naturally cannot be measured by the concept of value investment. Therefore, investors can only speculate on themes and hot spots, turning the stock market into a gambling arena.

"Personally, I think that if the SAR government wants to succeed in the shareholding reform, it needs to start from two aspects! The first is to set up a professional securities company to temporarily act as a full-fledged agent for all stock transactions. When the time is ripe in the future, we will set up a real securities trading market!

The second aspect is to promote a number of high-quality enterprises to carry out shareholding reform. And I think these pilot projects do not necessarily have to be limited to the narrow scope of state-owned enterprises, and township enterprises are also an important part of China's economy. Moreover, compared with state-owned enterprises, township enterprises not only have less historical burden, but also face a more sinister living environment, so they also have the motivation to carry out reforms!" Li Xuan said with a smile.

Secretary Li Hao seemed to be thinking about Li Xuan's proposal, so the room fell silent. In fact, Li Xuan is very clear about the other party's thoughts, and the main purpose of the Shenhai Special Economic Zone to actively promote the reform of the joint-stock system is to find a new way for the reform of state-owned enterprises.

So Li Xuan was about to add some chips, and he suddenly proposed: "Has Secretary Li considered letting large domestic enterprises go to the Hong Kong stock market to raise funds?"

"To Hong Kong?" Li Hao said noncommittally.

"That's right, Hong Kong's capital market is abundant in capital, and if a large amount of Hong Kong's capital can be introduced into China's real economy through the stock market, it will undoubtedly greatly accelerate the development of China's economy! Moreover, in fact, many enterprises in the special zone fully meet the listing standards of the Hong Kong Stock Exchange!

For example, the efficiency of Huaqiang Electronics Company in recent years has been very good, and the cooperation with the Oriental Group has made it more acceptable to the Hong Kong capital market! If Secretary Li is willing to give it a try, Asia Securities, Jiahua Bank, and Hong Kong Standard Chartered Bank will do their best to build momentum!" Li Xuan said very confidently.

Standard Chartered's Hong Kong branch was listed on the Hong Kong Stock Exchange as an independent company at the end of last year. Li Xuan successfully became the largest shareholder of Standard Chartered Hong Kong by replacing the Standard Chartered shares he held.

Hong Kong's original Taipan Sir Christopher Coston, after completing the listing work, was transferred back to the UK headquarters. So under Li Xuan's nomination, Yang Lingjun, the former chairman and president of Jiahua Bank, became the new president of Standard Chartered Bank in Hong Kong.

As the largest shareholder, Li Xuan himself served as the chairman of the board of directors of Standard Chartered Bank in Hong Kong. The newly established Standard Chartered Bank in Hong Kong is actually under Li Xuan's control. Of course, the reason why he was able to take over Hong Kong Standard Chartered so smoothly is also inseparable from the cooperation of the British head office.

The price paid by Li Xuan was the 17.5% stake in Standard Chartered that he originally held, and the shares he later purchased through Xu Jiankui, except for only 2% of the shares, the rest of the shares were replaced or resold.

After Li Xuan took control of Jiahua and Standard Chartered, the second and third largest banks in Hong Kong, his influence in Hong Kong's capital market can already be kept on a par with HSBC's! Even the Asian securities company, which was just established last year, has begun to exert its full strength in the Hong Kong securities market after receiving the full support of the two major banks, Jiahua and Standard Chartered.

Therefore, Li Xuan now dares to be very confident, and proposes to the secretary of the SAR Municipal Party Committee in front of him to introduce the concept of Chinese-funded H-shares into the Hong Kong stock market in advance! )