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Song Yuanping didn't go back, he still had a lot to say to communicate with Fan Wuxi, so the two of them simply didn't sleep, stayed at the company's headquarters, and talked about the stock market while drinking tea.

"For me personally, I don't like the domestic stock market, the policy is too strong, and the cheating methods are full of every stock, which looks disgusting, even some policies introduced by the government are often disgusting, too utilitarian, and do not take into account the feelings of ordinary investors." Fan Wuxian said to Song Yuanping.

"The market is chaotic and the supervision is not effective, these are the prerequisites for sitting in the bank." Song Yuanping replied with a smile, "If the market management mechanism is perfect and the supervision is strong, we bookmakers will have nothing to eat." ”

When it comes to the domestic policy market, the two of them have a common view on this point, and they believe that in terms of manipulation, the domestic stock market is unparalleled in the world.

For example, the 327 Treasury bond futures incident that occurred in February 1995.

327 was issued in 1992 for three years. The code of the Treasury bills, the 24 billion yuan 327 treasury bonds due in June 1995, the coupon interest plus the hedging subsidy rate, 132 yuan for every 100 yuan of bonds due at maturity. However, the price of the 327 treasury bond has been fluctuating around 148 yuan, because there is a theory circulating in the market that the Ministry of Finance believes that the return on 327 is too low compared with the interest rate on bank savings deposits in the same period, and may raise the interest rate and pay it at the face value of 148 yuan.

In support of this claim, it is done on 327 varieties. Many wholly-owned subsidiaries of the Ministry of Finance, its first chairman is the former vice minister of finance, successive general managers are from the Ministry of Finance, the general manager at that time is also the former director of the comprehensive planning department of the Ministry of Finance, as long as a little common sense of national conditions will follow the China Economic Development to do long, at least will not confront it.

However, the general manager of Wanguo Securities. Guan Jinsheng disagreed, he believed that it was undoubtedly a fantasy to let the Ministry of Finance pay 1.6 billion yuan in subsidies of 327.

As a result, the Ministry of Finance really released the news of raising the interest rate on 327 Treasury bonds. Jin Sheng was desperate and illegally threw out an order worth 140 billion yuan eight minutes before the market closed in the afternoon, causing the price of 327 treasury bond futures to plummet.

In the evening of the same day, the Shanghai Stock Exchange canceled the last illegal transaction. The coupon lost 1.3 billion at once.

In this incident, although China Economic Development is a big winner, but the flow. The profits recorded in the books are not even 100 million, and it is still a mystery where the huge wealth was transferred. At the end of that year, the person in charge of the business at the China Economic Development Institute was assassinated in Beijing and almost died, after which he recuperated for a long time and his whereabouts are unknown.

The 327 incident is following the Shenzhen. After the warrant incident, the second disaster that affected the development process of China's securities market exposed the systemic chaos in China's stock market, really touched the nerves of the government's fear of social instability, and greatly hindered the development of new products in the securities market, especially derivatives.

Song Yuanping said to Fan Wuxi, "In 1996, the Shenzhen Stock Exchange was more valuable for investment than the Shanghai Stock Exchange, and the price-earnings ratio of the Shenzhen Stock Exchange was only eight times, while the lowest price-earnings ratio of the Shanghai Stock Exchange was 26 times. At that time, the two governments linked the stock index to the financial center, and it seemed that whoever had the fastest stock market would be the financial center of the country. As a result, from the city government to the banks to the stock exchanges, to some securities firms, to some listed companies, to the local securities media, they almost openly conspired to improve the stock market. ”

In the past, the tax revenue and image of the two exchanges were valued by local governments, and it was natural to support and help the stock market, but this is the first time that such a large-scale direct intervention in the stock market has occurred.

In Shanghai, it is under the direct command of the municipal leaders, and its mobilization speech is conveyed to the securities firms by the editor-in-chief of the Shanghai Securities News. Originally, I wanted to stir up the market, but I just wrote something full of hints or paraphrases from others, and it did not indicate the rise and fall of individual stocks. At that time, I didn't care about anything, and let the brokerage write articles in the newspaper without concealment to cooperate with the stocks of the banker, which was a taboo for running a newspaper.

Song Yuanping said, "At that time, in order to find a leading stock in the Shanghai Stock Exchange that was opposed to Shenzhen Development, Shanghai first launched Shanghai Petrochemical, and later launched Lujiazui. Lujiazui's speculation is driven not only by the imagination of the bright prospects of the Pudong financial and trade zone, but also by the expectation of its extremely good dividends and shares. But one afternoon, Lujiazui Company sent an announcement of major events, and its distribution plan was much lower than market expectations. At that time, I worked for the newspaper and was on night duty as an editorial boarder, and when I saw this announcement, I knew that Lujiazui would definitely not be able to afford it tomorrow. But at seven or eight o'clock in the evening, we suddenly received a notice from the Shanghai Stock Exchange to take down the announcement that had already been on the page, and it seemed that someone had informed the Shanghai Stock Exchange and even the government of the stakes. In order to soar in the market, he did not hesitate to change the decision of the company's board of directors, which shows the chaotic energy at that time. By the way,The leading stocks confirmed by the government are not recognized by the market,In the end, the market chose Changhong, the king of color TV at that time。 ”

In the face of such a scene, Beijing will of course have an attack. With the resurgence of the Shenzhen and Shanghai market in October 1996, the China Securities Regulatory Commission (CSRC) began to issue a number of circulars and commentaries in succession, warning all sectors of the market not to engage in financing transactions, strictly prohibiting market manipulation, investigating and dealing with violations by institutions, and publishing an editorial on the front page of the People's Daily, which was read out on the CCTV "News Network" the night before.

The "Shanghai Securities News" and the "Securities Times," which represent the positions of the two exchanges, were so confused that they ignored this important editorial and did not reprint it in a timely manner. Beijing was so disgusted with these two newspapers that it suspended the two deputy editors-in-chief for inspection and suspended the qualifications of the newspapers and periodicals designated for information disclosure by listed companies for one month.

It doesn't matter if you sacrifice a deputy editor-in-chief, this is a common thing in the media, but the latter is to cut off the financial route of the securities newspapers, and without the monopoly of specifying information disclosure, the two newspapers have to close their doors. Since then, the two securities newspapers have obediently followed the baton of the China Securities Regulatory Commission.

However, the markets in Shenzhen and Shanghai have long been in the midst of excitement, and every time they suppress, they can only make the stock index pull back slightly, and then move forward bravely, and the market seems to be numb to the policy that is most feared on weekdays.

Finally, the full text of a special commentator's article entitled "Correctly Understanding the Current Stock Market" that will be published in the "People's Daily" the next day was read out in the "News Network." The article pointed out that the current rise in the two markets is abnormal and irrational.

As is customary, it is a serious matter for a special commentator to publish an article in the People's Daily, and the day before, the management had sent the article to all provinces, municipalities, autonomous regions, and ministries and commissions by telegram to greet them in advance, which was an extremely unusual move.

The severity of the tone and the sharpness of the wording, such as "lifting a stone to shoot oneself in the foot," "removing from the securities market the 'black sheep' that disrupt the market order," and so on, are all reminiscent of the political storms of the past.

The next day, except for one new stock, all 610 stocks and funds fell together, and the next day it was all down the limit. At this time, the management felt scared again, and hurriedly lowered their figures, saying how they loved the stock market, and that China's stock market was still bright, and so on.

On the third day, after the stock market opened sharply lower, there were funds to enter the market to buy the bottom and stabilize the market.

"All in all, management can do whatever it wants, so why can't we?" Song Yuanping said to Fan Wuxian, "In some respects, we at least follow the rules of the stock market, and we have to pay taxes when we buy and sell, which is much stronger than some people's red mouth and white teeth turning up and down with two mouths, and they can earn fat, right?" Although the dealer makes a lot of money, there are times when he loses, not to mention that no matter what he loses, we have to pay taxes! ”

Fan Wuxi scratched his head and said, "Well, in essence, the so-called sitting in the village is just a lot of money raising a lot of small vests, and this doesn't seem to be anything wrong, but the regulator said that you are not right, you are not right, and you have no ability to bring down others, are you not obediently admitting defeat?" The rules are set by others, you only have to abide by them, even if you can find the BUG and use this to hit the BOSS, but people can also clearly stipulate that you are not allowed to use the BUG to fight the BOSS, you are still in vain! ”

"I'm just not convinced by this, so I want to sit in the bank by myself, and I must start a high-priced stock under the nose of the regulator, and then make enough money and leave. The government has placed greater emphasis on the regulation of the stock market, but it has mainly focused on investment behavior, and has opened up its eyes to listed companies and intermediaries. What is a public company? It is a commodity in the stock market. What is it to insist that there can be no thieves and scammers in the store, but sell fake, shoddy, and counterfeit goods to customers? Song Yuanping said to Fan Wuxi, "Why can people do this, but I can't do this?" ”

"You see, you're a battle of wills, it's very meaningless." Fan Wuxian sighed and said, "It is precisely because the water in the domestic stock market is very muddy, so I am reluctant to get involved in it, and you can't get involved in the affairs of the yamen, so once something goes wrong, it will be you who have no backstage to shoot you, unless you yourself also sell yourself to those big forces in others, otherwise, what awaits you is handcuffs and prison cells, there is no doubt about this." ”

Although Song Yuanping felt that Fan Wuxi's words were reasonable, he was still a little unconvinced, but thinking that he was about to go to the United States to earn dollars, and that he also had a large amount of funds authorized by Fan Wuxi, and thinking of the annual salary of 100 million yuan and a dividend of 1 percent, he felt that his money was immeasurable.

"Hehe, it's just whining, I'm going to make money from American investors in the future!" Song Yuanping smiled at Fan Wuxian.

"I hope you earn more, the more you earn, the more points you get." Fan Wuxian nodded and replied, "But you can rest assured, I have a lot of legal experts over there, and I promise that I won't let you suffer." ”

Song Yuanping also bowed his head and said that he understood, after all, when people are abroad, safety is the most important thing, and there is always enough money to make money.

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