In 2005, China's stock market launched a vigorous wave of shareholding reform.

The so-called equity division reform is, simply put, the process of turning the shares of a listed company that are not allowed to be tradable into tradable shares, and in the process, the non-tradable shareholders transfer some interests to the tradable shareholders.

In the process of development, China's securities market, an emerging market, has had many non-standard practices due to various special reasons, such as the original shares of listed companies cannot be freely circulated and traded.

In addition to raising funds, the listing of a joint-stock company's stock is more important to facilitate the trading and circulation of shares.

What is the use of shares that cannot be traded?

In the early days of China's securities market, the stock listing system was relatively primitive and backward, and not only was the issuance of stocks subject to an examination and approval system, but even the issue price of stocks was set by the China Securities Regulatory Commission.

This leads to a major contradiction. The pricing power of listed companies' shares is not determined by shareholders, but by the stock issuer, and the price must be distorted.

Especially when the stock is listed and issued, the issue price is often more than ten or twenty yuan, and the cost of holding the original shares of shareholders is only one or two yuan or even a few cents.

This is equivalent to those original shareholders who can make tens or even hundreds of times the profit of the stock after it changes hands casually.

If the pricing power of the stock issuance is determined by the shareholders who buy the shares, then they naturally have nothing to say, and you can not buy it if it is too expensive. But at that time, the pricing power of the stock was set by the Securities Regulatory Commission, and the shareholders did not buy it.

You said that this stock is worth 20 yuan, 20 yuan, why?

In this case, the China Securities Regulatory Commission formulated a strange rule at that time: after the shares of listed companies are listed, the original shares shall not be tradable, and these untradable original shares are called non-tradable shares.

The original shares cannot be circulated and traded, and the shares held by those original shareholders are actually no different from waste paper, and they naturally will not have the incentive to do a good job in the company.

If these non-tradable shares are forcibly circulated, the rights and interests of the shareholders of the tradable shares will be infringed.

Therefore, in those days, as long as any stock said that it would reduce its holdings of state-owned shares, the stock price would definitely plummet.

As a result, China's securities market has become increasingly depressed, with the Shanghai Composite Index falling from 2,245 points in 2001 to 998 points in 2005.

As a result, China's securities regulator finally came up with a workaround, that is, the shareholders of non-tradable shares and the shareholders of tradable shares negotiated to compensate for the transfer of interests in the form of a large amount of cash dividends and share gifts to the shareholders of tradable shares, so as to exchange for the qualification of non-tradable shares to be listed and circulated.

This is the "share reform" that has been in a uproar since 2005.

The reason why I want to give you a science popularization of the content of the share reform here is because the story we are going to tell next is related to the background of the share reform.

Lu Jialiang, the general manager of Liangjing Investment, has had a very good time during this time. Since the last time he made 1 billion on Jiangzhou Machinery, the board of directors is very satisfied with his performance.

Naturally, more important tasks were entrusted to him in the future.

The new trading task is completely different from the previous speculation task, and this time Lu Jialiang has only one thing to do, that is, to speculate on the price of a designated stock.

In Liangjing Investment Company, Lu Jialiang convened a meeting with Zhang Yixin and others to analyze the trading task this time.

The projector projected the basic information of a stock on the snow-white wall of the conference room, and the name of this stock was Zhongying Technology.

"Zhongying Technology is a high-tech enterprise located in the old industrial base of Northeast China, and its main business is the production and processing industry of copper wire and copper foil and the high-tech industry of rubber material processing." Lu Jialiang is introducing the basic information of Sino-British Technology to several company members.

"Copper wire and rubber, isn't this just selling wires, high-tech fart." Halfway through hearing this, Zhang Yixin began to complain.

Lu Jialiang glanced at Zhang Yixin and said: "Not only selling wires, but also all kinds of insulation materials and heat shrinkable tubes. These materials and products have obtained national invention patents. Therefore, it is not an exaggeration to say that he is a high-tech enterprise. ”

Although Lu Jialiang gave an explanation, Zhang Yixin didn't buy it, and still muttered below: "Speaking of which, it's still a company that sells wires and related auxiliary materials, and there are no bright spots in the main business." ”

"Do you still need to find us to pull up the stock price? Now is a big bull market, but stocks with a little theme have long been speculated by retail investors. ”

After a pause, Lu Jialiang continued: "The main topic of our meeting today is how to create topics and hot spots for this company whose main business has no bright spots, and then speculate on the stock price.

Next, I will give you the background of the mission.

Zhongying Technology, a company that completed the equity division reform at the beginning of last year, and according to the share reform agreement, the company voluntarily promised to restrict the sale of shares for 18 months after they were circulated.

Now that the 18-month lock-up period is approaching, the stock's performance in the market is not satisfactory at the moment.

The fundamental reason why the stock price cannot rise is because the company's main business has no bright spots and cannot attract the attention of retail investors.

Therefore, the client entrusted our company to help create hot spots and speculate on the stock price.

This mission is different from the previous bank missions. Our focus is primarily on creating buzz and hype. Except for the necessary bottom position when trading, there is no need to open a position. In addition, because the stock market is in a big bull market now, there is no need to think about shipments.

All we have to do is push up the stock as much as possible.

The reward given to us by the board of directors is that within the given funds and time frame, if the stock price rises by 50%, our company can get a reward of 2 million yuan, and on this basis, we can get an additional 100,000 yuan for every additional percentage point increase in the stock price, with no upper limit. ”

Zhang Yixin whistled: "In other words, if we double the stock price, we can get a bonus of 7 million?" ”

"You're right, so the rewards for this trading are still very generous. In addition, because the only purpose of our trading this time is to pull up the stock price, the difficulty will be relatively low. ”

"The prize money is so high!" Everyone was a little surprised, you must know that the previous hype of Jiangzhou Machinery, Lu Jialiang's Liangjing Investment Company made a billion yuan for the board of directors, and the total amount of money that was finally distributed to everyone was only 10 million yuan.

This time it is just to pull up the stock price, and the difficulty and risk are much lower than the last time I sat in the bank, but the bonus is still as high as millions of yuan.

"The nature is different, the money we made from trading last time belonged to investors, and we just made some management fees from it. And although we made a lot of money that time, the impact of the incident was also relatively large, and we spent a lot of money in order to make points for all aspects.

But this time is different, this time the bonus is directly from the customer's side, so as long as everyone works hard, the final bonus is indispensable for everyone. ”

While everyone was excited, Zhang Yixin asked, "Do we still want to cooperate with the Amagi Fund this time?" ”

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