Beijing Stock Exchange. Pen, fun, and www.biquge.info

This domestic exchange operates a securities trading market that can be called the financial lifeblood of the country. Its importance can be roughly compared to that of banks. In countries where capitalist finance is developed, financial markets are even more important than the banking system. However, this exchange is not a purely state-owned unit in China, but a joint-stock enterprise. Although there are certain state-owned shares, the largest shareholder, Fengchao Holdings, is not a state-owned enterprise.

So, it has the strong support of the state, and at the same time, it has a great deal of autonomy.

This exchange is currently the only stock exchange in China - the Shanghai Stock Exchange and the Shenzhen Stock Exchange, which have not yet been established!

The general manager who controls such an important organization is only a young man under the age of 20 - Wang Tianxing!

Younger than many college students, he actually became the general manager of a financial exchange, and there is no second example in the world.

This shows that the state has great trust in the ability of the traverser. In addition, the state currently has no experience in running a stock exchange, so let Wang Tianxing start a business first. Anyway, the traverser has an agreement with the state, and sooner or later all the assets of the Phoenix Nest Company will be sold to the state.

In addition, just approving Fengchao to engage in the Beijing Stock Exchange does not mean that the Beijing Stock Exchange has always been monopolized. If necessary, the SSE and SZSE can also be launched in advance.

Here's how it happened. One day a few months ago, ****** said: "The organization has decided, and you will be the general manager of the Beijing Stock Exchange." ”

So, Wang Tianxing also recited two lines of poetry: "If the country lives and dies, how can it be avoided because of misfortune." "Then, I went to be the general manager of the exchange.

Of course, the organization also thinks it's very strange, how much do these two poems like this group of supporters from parallel worlds?

In short, Wang Tianxing was entrusted with a heavy responsibility.

Not long after taking office, Wang Tianxing said at an internal meeting of the exchange: "We are a socialist stock exchange with Chinese characteristics, bonds, stocks, futures, etc. need to be issued. We can use the main means of capital to develop the productive forces. However, we need to be more cautious and responsible than capitalist countries. ”

"What is the sense of responsibility, the first thing is to protect investors. If the most basic rights and interests of investors are protected, the market will be able to develop sustainably, give blood to project financing, and truly achieve financial services for the real economy and promote the development and progress of productive forces. ”

"We want to improve the productivity of the whole country, not to alleviate poverty. Therefore, the priority is to bring to market projects that are both profitable and can enhance productivity. For example, the Shijingshan Power Plant, a coal-fired power plant with more advanced technology, is encouraged to go public and raise funds because of its low cost and high profits, and the sales market for electricity is extremely stable. As for some enterprises that have no market for their products, factories are basically shut down, and there is no money to pay wages, I'm sorry, those companies don't want to take money from the market! This is because even if they get the money, most of them will not be able to provide more jobs, create value, and only destroy value. Economically backward areas, hoping to issue stocks to alleviate poverty, no! We are not the Office of Poverty Alleviation......"

"Backward industries, industries that are not encouraged, will not be approved for listing. We need to invest money in more efficient and encouraging directions. In short, we will contribute to the economic growth of socialism with Chinese characteristics and the preservation and appreciation of the property of the broad masses of the people. ”

"The scale of issuance should be large, and the operation of the issued products should be stable and the profit prospects should be reliable. As long as we can send it out, we provide excellent project financing services. As long as the projects are guaranteed to be excellent, the long-term return of investors is guaranteed in the long run, and decisions are not determined by short-term fluctuations in the stock market. We should not look at the market price, we should not look at the index, as long as we can send out stocks and bonds. For stocks worth 10 billion yuan, 5 billion yuan is no problem to be issued, as long as new assets are financed and the funds are invested to promote the development of productive forces, there is no problem. ”

After the tone was set, the Beijing Stock Exchange issued various assets, and the pace was very fast. A large number of issuances allow more securities to be supplied to the market, while investors have less money on hand, so assets are sold cheaply.

For example, the current annualized yield of bonds is around 20%, which is equivalent to 5 times the price-earnings ratio of stocks.

As for the bond yields are so high, the price-to-earnings ratio of stock issuance is naturally very cheap. Basically, the first batch of stocks issued a price-to-earnings ratio of 5 times, and the price-to-book ratio is less than 1! Soon after the issuance, they all fell below 5 times the price-to-earnings ratio, which was lower than the 1 times price-to-book ratio.

That is, all stocks in the market are traded below the price of net worth.

For example, after the issuance of bonds, Fengchao Real Estate Company issued 100 million yuan of new shares at an issue price of 3 yuan per share, accounting for 20% of the total share capital!

In other words, the valuation of Fengchao Real Estate Company is 1.5 billion. This price is really cheap for investors.

After all, it is estimated that within this year, the profit of Fengchao Real Estate Company may exceed 300 million yuan.

According to the plan of the traverser, the orderly promotion of real estate prices across the country has risen one after another. In the future, profits will only get higher every year.

And with such a good yield, the stock issue price is so cheap, mainly for the sake of the gold market, creating a wealth effect, and attracting more people to enter the market.

In the future, as more money comes in, and there are relatively few stocks in the market, the overall market valuation will rise and become less cheap.

Of course, even with such a cheap issue price, but - investors can't afford it!

In the 80s, the national bank deposits were about 50 billion yuan, and the savings rate was so low, which shows that the cash in the hands of the people is really tight.

Therefore, the stock issuance of Fengchao Real Estate Company has a similar scene similar to the Shenzhen development of Shenzhen's high-performing stocks in the history of the origin world and the issuance of shares by Vanke, on the one hand, because the people have no money, and on the other hand, they have concerns about the new thing such as stocks. As a result, these stocks could not be sold at all at first, and the prices were outrageously low. In the history of the origin world, there was a time in Shenzhen where party members and civil servants lined up to buy local stocks of the Shenzhen Stock Exchange, including Vanke, with their salaries, and carried out the political task of buying the stock price. Subsequently, the state banned civil servants from buying stocks, so these civil servants who were ordered to buy shares with their salaries did not hesitate to sell them all, so that they did not make any money at all, and missed the return of Vanke Company hundreds of times later.

The stock of the Beijing Stock Exchange is much cheaper than the Shenzhen Stock Exchange at the beginning of the history of the origin world, but there is no government order to mobilize civil servants to buy companies with their salaries.

Because, the transaction is deserted, and the market value of Fengchao Real Estate, a high-performing new stock, has fallen to a minimum of 1 billion yuan, and the lowest per share is even less than 2 yuan.

As a result, Fengchao Real Estate Company issued an announcement overnight: "Real estate projects are booming in rental and sales, and it is expected that the sales amount this year can reach about 1 billion yuan, and a profit of 100 million yuan has been achieved within this year, and the annual profit is expected to be no less than 200 million." At the same time, considering the high profit of real estate projects, the company decided that the annual dividend should not be less than 50% of the net profit! ”

When this announcement was released, the market was still indifferent, and the stock price even fell to 1 yuan per share. That is to say, the market value is 500 million yuan. (To be continued.) )