At the recent Imperial Finance and Taxation Conference, the Emperor gave a boost to the ministers of finance and taxation, telling them that inflation was not terrible, and that even appropriate inflation was beneficial to the imperial court.

The inflation that is happening now is completely stable and controlled, and it is predictable, and the imperial court can completely control the giant beast of the national economy and not let it get out of the way.

After the end of the meeting, the Imperial Bank, the central bank of Dahan, immediately issued the latest notice, announcing that the benchmark interest rate for deposits and loans in Dahan was lowered by 0.25 percentage points again, in order to further reduce the financing cost of industry and commerce and provide more favorable support for Dahan's industry and commerce.

The Company Law and the Securities Law were also formally approved by the Cabinet and the Emperor, and began to be fully implemented. In these two regulations, the imperial court established the legitimate rights and interests of industry and commerce in the form of legal provisions. Under the Securities Law, those companies that have been approved by the Securities Bureau will be qualified to issue securities to raise funds, and can use private capital to expand production, while also protecting the legitimate rights and interests of those investors, and establishing a fair, just, and fair and reasonable and healthy development order.

According to the provisions of this securities law, in order to issue securities to the public, it must meet the conditions stipulated in the laws and administrative regulations of the Han Empire, and report to the Imperial Securities Regulatory Administration and the Ministry of Finance for approval in accordance with the law. No entity or individual that has not been approved in accordance with the law shall not issue securities to the public.

After these two pieces of news came out through the major newspapers, many astute businessmen found that an era of great change was about to be ushered in. However, many people are still waiting to see how this change will begin.

After the news was reported, the newly established Yamen of the China Securities Regulatory Bureau immediately ushered in the first batch of companies that applied for public issuance of securities.

Dahan Royal Bank, Dahan Agricultural Bank, Dahan Industrial and Commercial Bank, Dahan Construction Bank, Dahan Bank of Communications, Dahan Rural Credit Cooperative.

On the first day, the presidents of these six banks with royal names personally led a team to the Securities Regulatory Bureau to apply. These six successive banks were all derived from the Four Seas Bank of the year, except for the Imperial Bank, which was the central bank. These six banks are the largest shares held by the emperor, and have privately recruited shares, these six banks are now also giants in the financial industry of Dahan, all of which have outlets all over the Han Dynasty, compared to those money banks, silver numbers, money shops and other scale peers, their status is unshakable.

In fact, these six banks are not short of funds at all, and they don't even need to be so troublesome as a public listing, as long as he opens an opening, there will be countless people who want to invest in shares.

But Liu Jun is ready to make a good start, and at the same time, he can be regarded as sharing the bank's dividends with the people of the empire. Of course. Such a public offering of securities is also beneficial to these six financial giants. If there is more abundant capital, then they can expand more rapidly, and it is possible to even open banks to the South Seas and Europe.

Countless people saw these six banks enter the stock exchange, and everyone was looking at the first one to eat crabs.

Zhao Xiaoshan, director of the China Securities Regulatory Commission, personally came to meet with the presidents of the six banks, and after a greeting, everyone took their seats. The delegations of the six banks, the Securities Regulatory Bureau and the Ministry of Finance, as well as two special teams from the Metropolitan Procuratorate and Dali Temple, attended the meeting as legal supporters.

Zhao Xiaoshan served as the first director of the China Securities Regulatory Commission. I personally got the emperor's guidance, and I have some understanding of what I have to do, but I really don't know what I have to do.

After all, this kind of thing is unprecedented. He is also the first time that the eldest girl has been on the sedan chair.

But the emperor once said a word, it doesn't matter if you don't understand, and it's not terrible if you haven't experienced it. Anything has a first time. Be careful, we can always find a way to cross the river by feeling the stones.

In order to show his attention and support for this matter, the emperor also specially arranged for the high-quality assets under the names of these six emperors to come over to fight this shot.

"Ladies and gentlemen, are you sure you want to apply for a public offering of securities?" Zhao Xiaoshan asked.

The six bank presidents nodded in acknowledgement.

"Okay, according to the rules, I have to ask first, are you all companies that have been officially registered in accordance with the Company Law?"

After receiving the confirmation again, Zhao Xiaoshan continued, "According to the newly promulgated Company Law and Securities Law, in order to apply for the issuance of securities, the following conditions must first be met. First, it is a company registered in the Han Empire, and second, the company's net assets are not less than one million silver dollars. Third, the average return on equity of the company in the previous fiscal year is not less than 6% on average. Fourth, the cumulative balance of corporate bonds after this issuance shall not exceed 30% of the net assets at the end of the previous period. Fifth, the average annual distributable profit realized by the company in the last fiscal year shall not be less than the interest of the corporate bonds for one year. ”

"In addition, I would like to solemnly remind you that the securities you are now issuing are non-convertible corporate bonds, but they are negotiable. The bond has a specified time for repayment at maturity, and the principal and interest must be repaid after maturity. The purchaser of the securities issued is not a shareholder of the company, and the bonds held cannot be converted into shares of the company, nor can they interfere with the company's operation, but the company must publish financial and accounting reports on a regular basis. ”

"The maturity of non-convertible bonds is a minimum of one year and a maximum of six years, and the interest rate of the bonds is determined by the company through negotiation with the lead underwriter, but must comply with the relevant regulations of the imperial court."

This non-convertible security is actually a kind of bond issued by a company, and the principal and interest are repaid at maturity. You can't buy it directly and convert it into shares of the company, nor can you become a shareholder, let alone interfere in the company's affairs.

Although from the perspective of the law of development, the issuance of convertible securities is actually more in line with the interest rate of the issuing company.

However, as Liu Jun and Zhao Xiaoshan said, this is the first time that has never been precedented, there is no precedent to escape, and you must cross the river by feeling the stones. Therefore, you can't be too aggressive, you have to take it slowly.

And even if it is a non-convertible corporate bond, as long as it is operated well, it can also play a huge role in the industry and commerce of Dahan, although the company that can obtain this qualification for the time being has extremely high requirements, with a net asset of one million, and also makes detailed requirements for net income.

But I'd rather be cautious than make a mess.

However, there is one point, although these corporate bonds cannot be converted into company shares, they can be circulated. However, the issuance of bonds by the company, as well as the purchasers, must be publicly operated by the securities company.

After Zhao Xiaoshan affirmed these articles, the six banks began to submit the materials and various company documents as required. Proof of assets, financial statements, yield statements, etc.

It's not something that can be done in a moment, and both sides understand it.

"We will complete the review within 30 working days, and we will notify you as soon as possible."

"Wait for the good news!"

After some politeness, the representatives of the six banks took their leave.

Zhao Xiaoshan looked at the pile of reports left on the table and smiled bitterly.

"Okay, let's start working now, review it as required, and complete it as soon as possible."

A clerk said. "My lord, these six banks are royal industries, and high-quality industries can't be high-quality anymore, so they really need to be reviewed?"

Everyone knows in their hearts that there is no need for audit, and it must be no problem.

"Of course, it has to be reviewed, and it has to be carefully reviewed, and finally you have to do a detailed audit report and submit it, I don't want to see the slightest sloppiness. If anyone wants to fool me, it's best to pack up and leave as soon as possible, I don't need such people here. ”

Only then did the officials cheer up and know that the first shot of the door must be fired.

The filing materials of the six banks were perfect. However, the Securities Regulatory Bureau still took it seriously and did not dare to relax in the slightest after reviewing it several times, and finally officially notified the six companies half a month after the report was submitted.

"I'm very glad that the six presidents can go in person, and your materials have been reviewed and all have been passed. Now, you can take our audit report to Tianjin Securities Company for public issuance of bonds. ”

After getting the approval, the six presidents then rushed to Tianjin.

The first and only stock exchange in Dahan. At present, it is located in Tianjin, not Beijing. According to the securities law, although the six banks have obtained the approval of the China Securities Regulatory Commission and the Ministry of Finance, they still have to pass their hurdle in order to go public.

First, the six banks had to set up a general meeting of shareholders, a board of directors, and a board of supervisors. The emperor is the largest shareholder of the six banks, and his shareholding in the six major banks has reached more than 90 percent, and some of the other shares are in the hands of thousands of small shareholders, and these small shareholders are almost all nobles and magnates, and the shares in their hands are all licensed by the emperor to participate in the shares, in fact, it is also a reward from the emperor to them, giving them a large number of dividends.

The six major banks, although they are all banking businesses, have different focuses, such as the Bank of Communications, which focuses on transportation and transportation, and even the huge industry of shipbuilding, which is mostly their customers.

Rural credit cooperatives, on the other hand, are rooted in prefectures and counties all over the country, and they are mainly engaged in small agricultural loans.

Although each has a different focus, there are basically no real opponents in their respective fields, and their profits are extremely amazing. But now the emperor is taking out this cake and giving it away publicly, why don't they let them sigh secretly, in fact, they can eat the bonds, but they also know that if the emperor doesn't want to give away the benefits, there is no need to issue bonds, and the company is not short of money.

The Royal Bank was capitalized at 10 million silver dollars, and its total assets are now 180 million silver dollars. This time, in accordance with the emperor's instructions, the president of the Royal Bank applied to the Tianjin Stock Exchange for a public issuance of 20 million silver dollar corporate bonds.

Royal Bank corporate bonds are divided into three tranches: one-year, three-year and five-year, of which the fixed-rate one-year coupon rate is 3.35 percent per annum, the three-year coupon rate is 4 percent per annum, and the five-year coupon rate is 4.75 percent.

At present, the fixed savings of banks in the same period are 3 percent for one year, 3.8 percent for three years, and 4.35 percent for five years.

If you buy a corporate bond of the Royal Bank, the principal amount of 10,000 yuan, the interest on the one-year bond is 35 yuan more than that of the bank, and the annual interest of 35 yuan is 40 yuan more than that of the bank. For the principal amount of 10,000 yuan, you can get 335 yuan of interest for one year, and you can get 400 yuan and 475 yuan of interest respectively after the maturity of three years and five years.

This kind of interest is much higher than that of the bank. When they buy bonds, they are creditors of the bank, not shareholders. The risk is not large, and in the event of a bank failure, they, as creditors, will be able to pay off their debts better than shareholders.

Of course, no one believes that a company like the Royal Bank will fail, at least not within five years of the bond period.

Of course, this does not mean that there is no risk, and the biggest risk is the risk of inflation. If the inflation rate exceeds the interest rate of the bond, then the bond will not make any money and will lose money, but the same will be depreciated if the money is kept in the bank. If you keep it at home, you will lose even more, unless you can find a good way to invest and make money.

The 20 million bonds issued by the Royal Bank have a face value of 5, 10, 50, 100, 500, 1,000, and six face amounts, all of which are bearer corporate bonds, and there is no need to register for change at the time of change. It can be traded in circulation, and after maturity, the principal and interest will be repaid together.

For Royal Bank, the five-year fixed annual interest rate is only 4.75 percent, but the bank's five-year loan is 6.75 percent during the same period, which is a full two points higher.

This is actually somewhat similar to absorbing savings in disguise, and the interest paid by the Royal Bank is not worth mentioning for the 20 million silver money that can be used for a long time. In any case, the annual interest rate of this bond set by the Royal Bank is very cost-effective. And for those investors who buy, this is another cost-effective investment than depositing in the bank.

Especially this denomination, from five yuan to 1,000 yuan, the minimum investment threshold of five yuan, so that the vast majority of interested people have the opportunity to invest and participate.

On the same day, the other five banks also submitted their bond issuance plans, ranging from 5 million yuan of corporate bonds from rural credit cooperatives to 15 million yuan from Industrial and Commercial Bank of China, and six banks issued a total of 80 million corporate bonds!

These bonds will be issued to all citizens with maturities of one, three or five years, and will be negotiable bearer fixed rate for repayment of principal and interest at maturity.

After a period of publicity from all sides, countless people have been paying attention to the progress of this matter.

On the first day of November in the second year of Longhan, six banks were officially listed on the Tianjin Stock Exchange to issue corporate bonds, and the corporate bonds of the six banks amounted to 80 million yuan.

In one day, 80 million bonds were sold out, and this result really shocked countless people who paid attention.

Many people did not expect that this stock exchange would have such a large amount of energy, with a trading volume of 80 million silver dollars in a day.

This has given many ambitious businessmen a bright and feasible path, that is, there is a larger amount of money in the stock exchange, and it is more cost-effective to raise funds from here than from banks.

Moreover, if the imperial court opens up the issuance of transferable securities by listed companies in the future, it is allowed that after the issuance of bonds to a certain period of time, the purchaser can voluntarily choose to convert them into company shares, and the bonds will be converted into shares, and the company will not have to repay the principal and interest, and will directly distribute dividends in the future. At that time, wouldn't they be able to raise more funds from the exchange to rapidly expand their business empire?

However, many small businessmen have also seen the many hurdles that the six banks have gone through this time, not to mention the others, just the hard requirement of one million net assets is enough to card out countless people. Not to mention that there must be more than 6% of the annual net income, and there are many requirements such as the company's cash, but in any case, this is indeed a good opening, which makes the businessmen extremely excited. (To be continued.) )