Chapter 561: Avalanche and Earth Crack

DJ??? K3???? 1?? c? {l?jΘ0`??? qU?? 0?? P?5?'?;?? k??? Bringing Monica Bellucci back to the Fantasy Manor, Xu Cun knew that he was really blind this time - Monica Bellucci was really not the woman who could be easily pushed down by himself as Xu Cun thought before, even if Monica Bellucci was already full of curiosity about herself. Pen @ fun @ pavilion wWw. biqUgE。 info

In addition, because he wanted to make huge returns in this stock market crash, Xu Cun, who had been nervous for many days, was really tired.

Therefore, Xu Cun had a rare night without a woman......

……

Hong Kong time: Tuesday, October 20, when the market opens at 10 o'clock.

The Hong Kong Stock Exchange announced that the Stock Exchange would be closed for four days in order to keep investors calm and clear the backlog of uncleared settlements.

This announcement made many people feel quite stunned! At the same time, many investors applauded, believing that this was a wise and rational move, which put a stop to the vicious circle. In particular, stock markets around the world have plummeted, with Japan's Nikkei Stock Average plummeting by 3,836 points, the Financial Times Index in London plummeting by 250 points, and the Australian stock market plummeting by 510 points.

During the four days of the market shutdown, the news about the stock market did not calm down because of the market closure, and the front pages of newspapers of all sizes were inseparable from the stock market every day, and some newspapers even printed additional editions to report the closing of the US stock market as soon as possible.

Wednesday.

Wall Street's sharp 249-point rally has led some to ask: Is a four-day shutdown too long? Does it damage Hong Kong's reputation as a financial centre?

At the same time, members of the legal profession began to complain that the suspension of the Stock Exchange by the Chairman of the Hong Kong Stock Exchange, Mr Lee Fuk Siu, was unlawful.

In other words, Li Fuzhao began to face pressure from the public opinion circles.

But—

Despite this, Li Fuzhao still insisted on resuming market trading until next Monday, and believed that if the market resumed hastily due to the rebound of U.S. stocks, would the U.S. market be suspended again if it fell again?

In addition, Li Fuzhao also believes that if the market had not been wisely decided to close on Tuesday, the stock market would have been full of corpses.

As for the British government in Hong Kong, it also made remarks in favor of the Stock Exchange's approach, with Financial Secretary Shak Hak-shing saying at a Legislative Council meeting: "The Government believes that the decision to suspend the stock market for four days is very appropriate, and the Government will not thoroughly investigate whether there is any personal interest involved in this incident." ”

In addition to clearing the backlog of settlement in the stock market, keeping investors calm and causing controversy in the society, the most serious thing is that the futures market is facing a collapse crisis.

Because of the importance and complexity of the issues involved, the British government in Hong Kong even hired Hambroath Bank Limited, one of London's leading commercial banks, as a consultant.

……

The four days of no shares and no market quickly passed. Everyone is in a bad mood - everyone doesn't know what the market will be like on the day of reopening, and how should they face it?

Prior to the resumption of trading, various contingency measures had been put in place – in addition to experts arguing that Hong Kong's economy is doing well and the stock market should not fall again, the Association of Banks has also lowered the prime rate by one percentage point to seven and a half percent, hoping to stabilize the market.

26 October 1987.

On a sunny day, all the activities of society are the same.

Central is also generally busy, and it has not faded due to the stock market storm, but everyone who walks in Central seems to have a sense of imminent disaster, especially the mood of shareholders at that time, which cannot be described by pen and ink.

Today's market opens an hour later than usual.

At eleven o'clock, as soon as the market opened, there were only sellers and no buyers in the city - sellers jumped to sell, no one dared to block the mantis arm to enter the market to buy goods, and blue chips were the first to have sporadic buying orders into the market, and the first price generally accepted was the highest price of the day.

Fifteen minutes later, the Hang Seng Index had fallen by more than 650 points.

At 11:45, the market fell by nearly 900 points.

Then there was a slight rebound, but the Hang Seng Index was down 845.04 points at the end of the morning.

In the afternoon, instead of improving, the stock market situation turned bad again - the market was full of wind, and investors were extremely pessimistic, and investors entered the market with a liquidation order, and investors sold for the sake of selling, and as a result, the market fell by 1,120.70 points throughout the day and closed at 2,241.69 points, a total decline of 33 percent, setting a record for the world's largest one-day decline. The spot futures index market is even lower than the limit for the fourth time.

The next day, the Hong Kong Economic Journal reported the news on the front page, describing the situation of the stock market crash with the term 'landslide and ground cracking'.

Immediately afterwards, the British government in Hong Kong announced a series of rescue measures, including: exempting listed companies from the restriction on buying back their own shares, and the Exchange Fund, Jockey Club, HSBC, etc. all entered the market to buy stocks, hoping to play a leading role.

……

On the evening of 26 October, the Hong Kong Stock Exchange held a press conference.

During the meeting, a foreign journalist bluntly asked (no Chinese newspaper reporter dared to ask the same question) whether the decision to suspend the stock market for four days was legal. Li Fuzhao was so embarrassed that he stretched out his right index finger and pointed directly at the reporter's position, angrily reprimanded the reporter in English, and also knocked his fist on his face to demand an apology.

"This is malicious slander!"

"Tell me your name, and I want my lawyer to record it!"

"I'll give you a ticket right now!"

"Accuse him, take him to the police station, send him to the police station!"

“……”

Other top officials at the Stock Exchange tried to persuade Mr. Li to calm down, but they all failed.

It wasn't until a group of reporters and TV videotapers half-dragged the Australian reporter who asked the question out of the exchange's conference room that Li Fuzhao calmed down a little, and the reception ended in a loud noise.

On October 29, the South China Morning Post published a front-page headline titled 'Cancer is Eating Away at the Financial Heart of Hong Kong', mercilessly criticizing Li Fuzhao's suspension and saying that the cancer had seriously damaged Hong Kong's reputation as an international financial centre. Prior to this, LegCo Member Martin Lee had asked Mr Lee to resign as Chairman of the Stock Exchange for the erroneous decision to close the Exchange.

Previous life.

At the end of this year, the Stock Exchange was re-elected, and Li Fuzhao was only the vice chairman.

Three months later, Lee was arrested by the Independent Commission Against Corruption (ICAC) and accused him of illegally accepting shares placed by a newly listed company in the course of reviewing the listing of the Stock Exchange and profiting from it.

As a result, Li Fuzhao was convicted and sentenced to four years in prison.

After being released from prison, Li Fuzhao settled in Thailand to live a retired life.

Later, when Li Fuzhao was interviewed by the media, he recalled the legends and controversies he experienced in the past, and he quoted Su Shi's poem: Everyone raises a son and wants to be smart, but I was mistaken by being smart all my life.

……