(The data in this chapter is from "Twenty Years of Honor and Disgrace")

The stock market is risky, so you need to be cautious when entering the market!

This golden sentence, which is popular among Chinese and known to women and children, was first published in the media in July 1990.

In July 1990, the three regulations on the stock market issued by ICBC SH Trust and Investment Company were issued in the form of a notice through SH Media.

The "Circular" warns investors that the stock market is risky and needs to be cautious when entering the market, and reiterates that it is strictly forbidden to buy and sell stocks privately.

The two most important items in the "Notice" are: "First, stock trading has changed the previous practice of on-the-spot transfer. After the stock is traded, the delivery procedures will be postponed to the fourth trading day;

"Second, stock trading is subject to price limits. The average trading price of the last stock transaction fluctuates by 3%, which is used as the upper and lower limit of the stock price on the day. ”

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"What should I do, the decline can't suppress the stock price at all!" said a person from the Jing'an Securities Trading Department anxiously in the conference room of the municipal party committee.

"Can you tell us about it?" asked a leader.

"You don't know, the stock of electric vacuum has only exploded from 300 yuan to 650 yuan in two days, and now the stock price is close to 700 yuan. Said someone from the trading department.

"Really, it's impossible, right?" asked the leader who didn't believe it.

"How is it impossible! Since the arrival of those thousands of Pengcheng people, the stock price has begun to rise wildly, and now it is not only the electric vacuum that one stock is rising, but several other stocks are also rising. The leader in charge of the economy also said worriedly.

"Can you give us an example?" a leader asked.

"Yesterday, a customer took 10 shares (face value of 100 yuan) of Yuyuan Mall shares and entrusted us to sell them at a price of 180 yuan per share, and the asking price was almost sky-high compared with the listing price on our exchange! At that time, our staff were thinking: "Is he crazy about money, who wants such a high price?" But since the customer has a request, he can't hang out. But what we didn't expect was that someone soon paid for these 10 shares of Yuyuan shares. Said the manager of the exchange.

"Maybe it's just an isolated phenomenon!" said one leader hesitantly.

"You don't know that Yuyuan shares were also underwritten by our trust company, and the stocks were not hot at that time, so the control over the subscription objects was not very strict, and almost everyone in the company was required to buy about 10 shares of Yuyuan shares. But a few days ago, some people went to the family area to collect stocks, and many people had already taken off when they were about 120 yuan, and now the monthly salary is about 100 yuan, and they are still very happy to earn one or two hundred yuan. Unexpectedly, the transaction price of 180 yuan was released yesterday, and each of the 10 shares of stock made a profit of 1,200 yuan less! At that time, the more the big guy calculated, the more heartbroken he became. The manager said bitterly.

"What you said is just one side, we need to have evidence! Only with evidence can we report the situation to the top. Mayor Zhao finally spoke.

Because Mayor Zhao knew that his wife, brothers, and even the seven aunts and eight aunts of the whole family had taken out money to let his brother-in-law Xu Feng speculate in stocks, he actually had a little impression of the stock price.

"Do you want proof? I'll figure it out!" said the manager of the securities company, stomping his foot.

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News, 26 July 1990.

"Foreign "speculators" are like swarming, stock trading is like a tide, Pearl City stocks have skyrocketed a few days ago, the relevant parties have taken measures to prevent micro problems, and the Pearl Securities Center will rain over the sunny day", reported the situation that occurred in the Jing'an Securities Business Department:

On the 24th of this month, two new records in the Pearl stock market attracted people's attention.

First, the stock trading volume on that day reached 850,000 yuan, 8,307 shares, which was one-tenth of the stock turnover in the first half of last year;

Second, because demand exceeds supply, stock trading is the first time to adopt the auction method.

On the morning of the same day, the crowd lined up in the Jing'an Securities Business Department to buy various stocks, and the listing price of electric vacuum shares was 110 yuan, and the buyers were like clouds.

A Guangxi visitor bought 1,000 shares at once, and the business department traded about 7,000 shares in the morning. In the afternoon, in the face of limited stock sources and the public's burning desire to buy, the business department of Jing'an Securities decided to adopt the bidding method.

In the first session, 1,000 shares of electric vacuum stocks were sold, with a starting price of 111 yuan, and within 15 minutes, 26 people asked to entrust the purchase, with the opening price ranging from 111.2 yuan to 115 yuan, and finally, according to the opening price from high to low, 1,000 shares were distributed by 13 people;

In the second session, 100 shares of Yanzhong stock were sold, with a starting price of 70 yuan and a minimum price of 82.1 yuan at the time of the transaction, and the stock was listed at 75 yuan in the morning of the same day......

This is the method that the manager of the securities company came up with, and the Jing'an Securities Business Department held a small trade fair under the pretext of trial bidding and trading, and found out the reality of the stock price at once.

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"The stock market is so hot, if something happens, will the Pearl Stock Exchange still be opened?" said the deputy governor of the People's Bank of China after the trade fair.

On July 1, 1990, the People's Daily compiled and published a compilation of the situation entitled "Pengcheng Stock Market is Fanatical, Potential Problems Are Worrisome", saying that the stock market has made the authorities empty.

As a result, five leaders of the middle school made comments on this "compilation of information".

Some people say that stocks are capitalist things, which cannot be spread in the country, and should be turned off immediately;

Some said that it is necessary to stop the irregular fund-raising of stocks, while others were more calm, holding that investigation and study should be strengthened. This internal reference almost made the entire securities market pilot, and the two stock exchanges in preparation stillborn.

Because of this internal reference, from July 3 to 17, the then General Li and Deputy General Manager in charge of the State People's Court issued instructions for a joint investigation team formed by the National Audit Office and the People's Bank of China to conduct another investigation.

The arrival of a higher-level investigation team frightened the speculators in Pengcheng City, and then in mid-July, the "Northern Expedition" arrived in Mingzhu City.

"I heard that my colleagues in Pengcheng were having an awkward relationship with the comrades of the investigation team, because some people suggested that the stocks they bought were illegal and should be handed over to the state. A municipal party committee leader rubbed his temples and said that they were still watching the excitement, but they didn't expect that in a blink of an eye, the people around them also became lively.

"How can we turn it in? That's not 10 yuan or 20 yuan, it's 100,000 or 200,000 yuan! We can't earn so much money in our lifetime!" a leader complained.

The staff of the Pearl Municipal Government also responded to the call of the city during the shareholding system reform and took the lead in subscribing for shares!

"Where did the stocks come from for the trade fair held by your company?" a leader asked from a different topic.

"Last year, the issuance of tens of millions of yuan of shares was quite sluggish, and various securities companies had eaten a large number of stocks and became a backlog of inventory, and those stocks were used in the trading fair. Said the manager of the securities company.

"We can only take one step at a time now, and we must use all means to keep the soaring stock price down. In the end, Mayor Zhao said conclusively.

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In a big bull market, it is impossible to suppress the public's enthusiasm for stock trading!

At that time, the manager of the sales department of Jing'an Securities tried various methods, such as extending the delivery period to one week, requiring traders to show their ID cards, and limiting the daily increase in size.

However, these have not been able to curb the rise in stock prices, but because of the decline limit of the trading department, the listing price of various securities trading companies is far lower than the value of the stocks on the market.

According to the regulations, the Jing'an Securities Business Department also raises the stock purchase price every day, but most of the customers who want to sell stocks are intercepted by black market "scalpers" before they go to our securities business department.

As a last resort, securities companies can only sell their inventory stocks to stabilize stock prices.

Before April 1990, the securities business department bought more shares and sold less, and in addition, some of the stocks underwritten by the Jing'an Securities Business Office could not be distributed, and the two securities business departments of Jing'an and Hongkou had a large backlog of stock inventory, and most of the stocks that had been listed on the stock market were backlogged in the treasury of the Industrial and Commercial Bank of China's Mingzhu Trust and Investment Company.

In the early days of the stock market boom, securities companies played a role in stabilizing the market price through this part of the stock inventory, and they could also withdraw some funds.

It's a pity that under the price limit system, the employees of the whole company see that the stocks they sell are rising every day, and they only go up but not down, and they are reluctant to sell them in the end.

In order to stabilize the supply and demand of the stock market, the leaders above also forced the business department to sell a certain number of stocks every day in the early days, but they were often sold out as soon as the door opened.

According to the regulations of the daily limit, the Jing'an Securities Business Department also raises the stock purchase price every day, but most of the customers who want to sell stocks are intercepted by black market "scalpers" before they go to the securities business department.

As a result, a large black market for stock trading gradually formed around the Jing'an Securities Business Department. The price of black market stocks was not much higher than that of the securities business department at first, but it quickly became a distance.

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Money is always prone to corruption! In such a big wave of money fanaticism, there are always people who can't resist the temptation to make big mistakes!

At that time, Pearl City stipulated that the stock transfer must be handled after the stock transaction, and the stock transfer must hold the ID cards of the buyer and the seller.

However, as several other securities business departments of Mingzhu also opened stock trading, all the stocks traded there were concentrated by their staff in Jing'an and Hongkou two securities business departments to handle the stock transfer, and the requirement that both buyers and sellers must show ID cards was actually impossible to do, so the above changed the practice of transferring ownership with a copy of the ID card.

Many "scalpers" also took advantage of this loophole to get some people in the securities business department, and those people didn't care whether the ID card was the original or not, which was also the reason why the black market in Mingzhu City was crazy at that time.

In that summer, the head of the department of the Pearl City Haitong Securities Company had a problem in this regard, and received a large amount of bribes from "scalpers" and was warmly received by the prison after the case was discovered.

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The stock market of Pearl City is still under control, and the stock market of Pengcheng has begun to play the prelude to the coming storm!

The autumn of 1990 is a platinum and gold boundary monument in Shenzhen's financial history.

On the one hand, the financial industry of Pengcheng City has since entered a turbulent and dangerous era from the indomitable rising tide;

On the other hand, the stock market change has opened the transformation of Pengcheng from a world-renowned pilot city for political reform to an economic city with finance as the main theme of reform and greater significance.

To put it simply, Pengcheng City has gone to the sea!