China's stock mall 17 years - the history of Chi

XIII, iron this event (1999-2006)

for Liu Hongru, Zhou Daojiong and Zhou Zhengqing the three old comrades, Chairman of China Securities Regulatory Commission is the end of their vocation. But Zhou Xiaochuan, chairman fourth start, this practice was broken, the central bank governor Zhou Xiaochuan was promoted to fulfil his nightmare of act Greenspan China. Shang Fulin, Chairman of the fifth position from the Agricultural Bank, is also a likely way they know how lawful figures. While I was writing this book, Shang Fulin, chairman of China Securities Regulatory Commission is still, but this should be his position and experience an addition in transfer station.

2004 年 2 1 May, is CCTV's nine views, commonly known as the This policy manner is the first time in the history of the Chinese stock market really gives a fresh emotion. At least it did not like the past, using promulgated positive measures to increase the stock market instantly, only excitement a few days to let the market lost interest.

Chinese old saying Further, when the Also proved that, after two years of China's stock market is approximately the

Since 2001, China's stock market has been going on a three-year bear market, people thought that the central go-vern-ment with the support of the bull market to come behind, so large positions, see the multi-market, from January 1600 The emulating point has to do 1,783 points. But this is only a big bear market elasticity, like a hibernating bear stumbled out of the cavities in the trees, looked outside, is still ice and sleet, then cornered and re-entry apertures in the trees to slumber. Bear in the big rebound is the most muddled people, many have three-year bear market of people to lest, defeat in this circular of market, the end of 2004 and the Shanghai Composite Index closed at 1,266 points, down an appalling rate.

triggered a rebound in rapidity opposition the backdrop of the end of April is the central go-vern-ment's macro-control. 2003, The most emphatic arrow is the 2003 iron and steel, cement, investment grew by 92.6% and 121.9%, respectively, the first quarter of 2004 increased by 107.2% and 101.4%. Investment expansion has endowed to the extravagant size of credit expansion, broad money supply (M2) growth rate in the first half of 2003 reached 20.8%, an haste of 6.1 percent, 1.78 trillion yuan of new loans has been close to the year 2002 level, and the first quarter of 2004, M2 has increased by 19.2% year on year. Since 1998, the fiscal expansion policy was originally designed to prevent deflation in the Chinese economy, surprisingly, it now seems to boost the universal economy. The whole world is arguing the The central go-vern-ment on April 25 to raise the deposit reserve at the same time, has taken a very Chinese specifics means a serious investigation of

This approach reminds me of 1993 when the Great Wall of important macro-control, whereas many people have already forgotten this fact, it and China's macro-control practices and absence of progress.

1993 年 March ), involving up to mediocre people in the central cadres to nearly 20 million people. Finally, Shen Tai Fook were executed in aid of his agent adviser of the State Science Commission effective while Lee was sentenced to 20 years in jail.

Shen Fu-financing of the project is so phoned Great Wall Industry Corporation was created in 1989 to May 1992, Shen Tai Fook although only 10 million to buy the invention, but wait until the Department of Electrical and via the citizen identification number of banks in Beijing have been owed nearly $ 50 million in loans. Today, Shen Tai Fu can detect venture capitalists provide, but at the period is impossible.

So also Shen Fu in the Shen Tai Fook individually to sell the whole patent, with one person to pay compact, financing development of the motor, pay the people who can not get the patent, Shen Tai Fook to their monthly interest rate is 2%, with an open SSTC support and advocacy of the size of the media, the Great Wall in just 20 days to heave as much as $ 20 million. As the State Science Commission and the People's Bank of China are the same level under the jurisdiction of the State Council departments, the people who saw the National Bank of the money from the state where the company moved to the Great Wall. Until 1993, amuse at 9% of the citizen debt is also unable to go, the central go-vern-ment judged to amend the financial order, the Great Wall company began raising funds for nine months after the central bank issued a stop the Great Wall of illegal fund-raising documents.

this time the Great Wall company has spent 10 billion yuan 200 million, along to the central bank to claim repayment whether the company definitely was heavily in debt, Shen Tai Fook has no better life. His desperate, decided to make things big, the Bank sued to the court, require the central bank announced the correction file is invalid, and compensation for loss of 1 billion yuan. Perhaps this mad move to Shen Fu's life too.

10 years after the iron is comprised in over ten billion dollars in this project. to a pot of gold. October 1996, Dai Guofang Iron Company was set up, to 2003, iron and steel production reached the 100 million tons, annual sales income of more than 2.5 billion. Meanwhile, Dai Guofang was a magazine estimated worth of 2.2 billion.

ecology is the expansion of private chief. In 2002, Dai Guofang proposed an ambitious maneuver, within three years than the world's fifth production capability of 2,000 tons of Baosteel. He in the local go-vern-ment's help, has access to 9,400 acres of land, set up seven mutual ventures, wholly-owned company, the project split up, split into 22 sub-projects to the pertinent departments for acceptance. In June 2003,Lacoste Finham SPM Trainers, while the design side while approval of railway construction steel base of the Riverside project was launched, the size of the incipient devise of the project is 200 million tons, and encouragement in all aspects, and finally into 840 million tons, 10.59 billion tangible investment greenbacks.

iron deserve this bad fortune is the starting of 2004, two Xinhua News Agency correspondents Diao Chasan and Nong Wenti, overheard The iron to the central reporting. Has the central government attaches magnificent magnitude to end of March 2004, jiabao.wen Prime Minister went to Jiangsu, Changzhou metropolis leaders to listen to call to report in early April, jiabao.wen and former Premier Zhu Rongji to visit Changzhou investigate the problem of iron. April 19, Dai Guofang and others to the action of tax evasion is a murderer detention, the Public Security Bureau.

Interestingly, until two years after the April 19, 2006, Dai Guofang still not the courts.

and a company with a consolidation of memorabilia Qiaoshanzhenhu, which is a smaller cost control means. A few years ago, in talking about the rich people when the video star Liu Xiaoqing imprison for tax evasion. Liu's identity is not necessarily agreeable, but she did not matter in this shame (because she is not rich and disagreeable), but the subject of compassion. Without the approval of the Central Railway

In fact, the concept of China's planned economy has long been fashionable, in other words, some people think they are smarter than others cause, the right to apportion resources. Is not only responsible for approving the case to the officials, some think that they have experienced entrepreneurs also have the ailment. In 2004 China's automatic industry has not been off ahead,Lacoste Canvas Trainers, CCTV They almost unanimously believe that the automotive industry is a tall threshold of the industry, no industry experience, Mr. Li did not absence to do. Mr. Li is also very cute, but the jaws that these so-called entrepreneurial spirit. Later, Geely exported overseas. Recently Shanghai also plans to produce own-brand automobiles, likened to Geely, Shanghai Automotive Industry experience much richer, but they worry about is presumptuous, until after the success of Geely, came to the comprehending. We are constantly spoken of approval on the construction and technical level is not repeated, but no one thought, when recycling scrap metal Dai Guofang has built a production capacity of 1 million tons of iron and steel factories. Similarly, the Changhong television king is the final one to acquire the introduction of color TV production line contractor, Kelon refrigerator industry leader and final production of a refrigerator to allow manufacturers. Finally, a fact that is striving to get the In appending to market, nobody of us have the means to accurately decide the success of enterprises and entrepreneurs to be.

iron in this event, it has been two aspects of ######ism. On the one hand is the state-owned companies and exotic investment. Baosteel in April 2004 made it clear that the recent financing is no longer, but four months later additional five billion shares totaling 28 billion yuan of new shares for the company's overall market. And as early as April 22, that is, Dai Guofang was arrested three days later, and Changzhou Jinju 105 km of the Suzhou Industrial Park, investing 1.7 billion Australian BlueScope Steel has opened the company's premier to submit matters within 7 working days after got the business prerogative issued by the park, well just let people get mad. On the other hand, iron is the same is typical of private companies with the construction of Ningbo Dragon has saved the day. Is located in Ningbo, Zhejiang Province, to build and $ 1.2 billion long anniversary output of 600 tons of steel project is not ratified, and adopted a very alike with the iron in this mode of action, and as early as the end of 2003 and early February 2004, national authorities have to build long investigation, but has no conclusion. The ultimate or in the Ningbo Dragon is behind the personal enterprises to build wealthy Guo Guangchang, apparently, there are ways Guo Guangchang much more than the Dai Guofang,Lacoste Casual Trainers, the best sense of humor, in .

We are no stranger to this problem, for previously narrated in 1996 in Shanghai and Shenzhen chief and local go-vern-ment has been referred to the stock mart game. Central to intervention and control zones, is worried about the local go-vern-ment to GDP growth performance, at the manufacture of bubble, and then disburse at the bank, for evidenced by numerous wrong 4 lines. In the present system, to borrow an age mentioning, with GDP growth at local go-vern-ment of performance namely no a best way, yet probably the best hard.

XIV Delong prequel (1999-2006)

the spring of 2004 stock market break led to different chief reason is the number one maker Delong Group collapse, although the market has long been its failure With more ample psychological arrangement. 2001 Business in the dealer after the accident, people who put the focus especially on Delong, a variety of media and public are trying to find a breakthrough to give Deron a pernicious blow. In fact, making manipulation of the stock price prototype has been very clear, high stock prices do continue to pawn financing and re-pledged financing to wield stock prices, the cycle, this prototype is ideal in the real world, this is a spend money, and cost more and more, if the interior system does not create the value and cost to match, it will break. Although everyone knows Delong

law and jeopardize the financial system to do someone, no one can not migrate it, the banks still lend to it and let it inflate its reach into listed companies, securities companies, trust companies and banks, mutual guarantee by listed companies, securities trust management companies and financial institutions own funds, hiked on its road of no return.

to 2002, almost all Zhuanggu are dying, and only the Department of Delong shares of listed companies buck the trend line, at the same time, the brothers of the Tang Wanli Down was also elected deputy for the National Federation of Chairman, Delong Group again made a political affirmation. On the other hand, Delong launch financial public narratives machine, a large number of world-renowned management consulting fixed for its planning archive,Lacoste Arixia FD Trainers, spent a lot of money. Interestingly, there is the first to write a writing, Dr. Delong landscaping books, Delong after the accident, wrote a writing about Delong insider's book, made a luck.

In fact, within the yet precarious Delong, Tang Wanxin in addition to the family, all the people that ought be collected within the hand, to agree vanquish. But Tang Wanxin bent, he believed that only continue to become bigger, huge ample to let the state elect up the point of no statute, Delong but more safe. This may Tang Wanxin Delong's biggest selling point is the claim not to do business, but in the integration industry, and not an industry coalition, presume the state We can look at Delong's Tunhe is how you do.

Tunhe to integrate the four industries - tomato beverage, sugar and cement. The company's tomato production capacity of more than 24 million tons, production capacity ranks first in Asia, second in the world, but in the end produced a number of profit, the company never unveiled. In other words, the Xinjiang zone of tomato industry is to make a social contribution to employ. On the nectar industry, the company has worked with the industry's most prominent Huiyuan Juice joint ventures, and 51% of the shares, but not the actual control the company, Huiyuan's management or by the final say, 2003, the joint venture failed. Companies to enter the sugar industry in 2002, up Delong collapse, but could not see whichever achieve.

Tunhe expansion in the cement industry, the most successful, but not integration, but it acquired the largest in Xinjiang Tianshan Cement shares of listed companies as a cash machine. According to the China Securities Regulatory Commission's inquiry, notwithstanding Tunhe in July 2003 ambition be granted to buy shares in Tianshan Mountains, but as early as March 1999, Tianshan shares up page accounts, etc. and Delong phylogenetic relationships such as confidence treatment, while hide profits, when providing funds for the Delong, until the incident, over 20 billion yuan.

In truth, Tang Wanxin the late 19th centenary to imitate Morgan consortium integrated railroad manufacture madman, but later became a financial membership of Bale. Tang Wanxin the prosecution's interrogation transcripts, Tang Wanxin Delong each day claiming payment of money due tin not, outcome in the client page ~ ant, threatening suicide, smashing the securities business division and other events. To cope with the crisis, Tang Wanxin, who opened every day of payment crisis, the volume of commerce accounted for about 80%, the rest of the report To October 2003, afterward Delong-controlled financial traditions stand to acquire virtually no new money, Tang Wanxin Delong manufacture and banks on the convey of funds alternatively loans to friends, to encounter the payment crisis.

to the emergency, Delong system up to 57 billion yuan of total liabilities, including liabilities of 34 billion yuan of fiscal companies (200 billion is not realized), liabilities of 23 billion yuan industrial companies (including bank loans and guarantees 167 billion). Delong Holdings Deheng only stock a line above the bottom and a commitment to vouch a fixed rate of return reach to the 413 elements and 772 individuals to absorb funds 20.89 billion yuan, 6.8 billion yuan to the episode did not shape a disbursement.

going to rain, mother to get marital, Delong aboveboard challenge regulations, no an challenged to control them, merely April 13, 2004 the stock market, and alloy investment limit; April 16, 9:30 stock market opened 40 minutes after, Tunhe limit; the same day, 10:35, Torch restrict; 10:00 45 points, alloy investment limit anew. Delong folk eventually penetrate the collapse of the day. To June 30, 2004, January 30 Torch from the 15.31 yuan / share fell to 3.33 yuan / share; Tunhe January 30 from 14.42 yuan / share fell to 3.30 yuan / share; alloy investment from March 31 of 26.95 yuan / share fell to 4.36 yuan / share.

Tang Wanxin on December 17, 2004 were arrested, and the Delong also arrested more than 60 workers. In the spring of 2006, the trial court Tang Wanxin still think he is learning to Warren Buffett, condensed shareholding. Yes, Buffett's Coca-Cola has been held centrally in a long time, Coca-Cola's performance as rising share prices persisted to ascend. The Delong held centrally Tunhe other stocks, the company's performance is simply not, therefore, to depend on their dealer Tang Wanxin rising prices to paint a line. Buffett's investment focus is on creating value, and Tang Wanxin long village in the destruction of value, is altogether assorted.

2004 August, by the disposal of banks' bad assets, specifically China Huarong Asset Management Corporation to take over Deron Williams, at the same time, the central bank injected Delong, the number of funds is not precise to say, 170 million or $ 7.3 billion factor has. Heavily emancipate a private bank, which is the first time.

private enterprises in the special sound of the collapse of Delong, June 28, 2004, and into the other eight new private enterprises in the Shenzhen Stock Exchange, signal the official launch of the SME board market. SME board originally called the GEM market in 2000, prepared to open, so the Shenzhen Stock Exchange in September 2000 to stop the listing of new shares, China Securities Regulatory Commission has positioned as a board home to Shanghai and the Shenzhen positioning GEM's intentions. I did not expect drastic changes in the stock market, the market becomes more chaotic, November 7, 2001, Premier Zhu Rongji said in Brunei, Hong Kong and the world learn from the experience of other markets, to rectify the motherboard market after the launch of the GEM market in the securities before the market does not systematize, if hastily launched the Growth Enterprise Market, worried about repeated faults and weaknesses of the motherboard market. Prescient words absolutely. World stock markets really successful GEM only the U.S. Nasdaq market, Hong Kong's GEM market since its inception Hunhunee cheap volumes. I was also recommended that China's market is the GEM board, risk, income is very low, it is difficult to assume and then engage in a bigger hazard than the motherboard market, will do. However, the delay in beginning of the Shenzhen Stock Exchange GEM, but it is not a new main board listed companies, has become increasingly marginalized. 2004 SME board is ready to fly, had to be transmitted.

8 after the 1st day of the SME market, it built a lot of billionaires, only one company BDO Runda have four, and a large laser leader Gao Yunfeng topped the account with 1.74 billion yuan.

But after the ten trading days, 8 new shares in Jiangsu Qionghua proclamation, it hid the three items prior to listing the total sum of 3,555 million investment in bonds, one of the entrusted Department of Deheng securities institutions Delong honor crisis has appeared, I do not know if the return on investment, and so on. Market in an commotion, the news of the day, Jiangsu Qionghua shares fell 6.75%, and lower overall tug on the SME board. This uncommon entity in the motherboard market, but that is full view of the SME board ah. Six days later, China Securities Regulatory Commission at an agitating rate situation, to file for inspection in Jiangsu Qionghua, and sponsors for processing. November 3, Jiangsu Qionghua the President and vice president to resign.

fifth, the share reform (1999-2006)

2005 devastated the stock market in China in the spring, five-year bear market because most of the investors lost a 70-80% market worth, concordance tube fell by half, a large digit of securities companies is hosting a considerable number of private equity erased out, the seller who likewise underwent massive losses, gripping the grasp, to flee the flee, only strength is still in joint funds, chiefly in the massive blue pieces clutch together in every other, warm winter .

the Chinese old saying Now that can not be a bad bad to the point, what is bad market and the introduction of social reliability instability will then matter. April 29, 2005, China Securities Regulatory Commission chairman Shang Fulin has finally argued the State Department, began to broadcast to fundamentally solve the problem of split share.

China Securities Regulatory Commission to seek to determination the split share structure of the program is said to have thousands, but eventually found the face of different companies, non-tradable shareholders and tradable shareholders and could not find a location where everyone satisfactory solution. Including the China Securities Regulatory Commission, including the go-vern-ment finally understand that thousands and thousands of investors and market players are smarter than they, More precisely, only in this issue reserve on fighting and fighting and continual failure, the Commission finally lost confidence in the equity division to market to solve this problem.

people feeling that the China Securities Regulatory Commission finally show yourself to be beautiful, people still notice, pay attention and control of the good news after the loosen of the clash of soaring stock prices. The market of person listening this placard is enough to create misunderstandings, this is like the coldest winter comes, summer cooling allows people to do the work, which as yet away. April 29, 2005, the Shanghai index closed is 1,159 points, to June 6, 2005, running first to solve the split share (hereinafter referred to as fell below one thousand points, a minimum of 998 points.

bad and we just said a bad stock markets,Lacoste Trainers Online, which could not be saved wiseacre Commission, the market had to have investment value of the bottom of the But the power has been finite.

since stopped financing, from 2005 to 2006 in the first half, China's stock market in almost all of the people and institutions are busy one thing, around the share reform manoeuvre. Really, it is a manoeuvre.

share reform is the core of non-tradable shares to tradable shareholders, the right of redemption in propagation, commonly known as Baosteel's neutral directors published a document on a single Jianwei in the media to protest the unreasonable But people soon discovered that a unattached Jianwei is entered Shenzhen Development Bank's U.S. private equity fund Newbridge's project chairman, he was profoundly troubled that their investment in the development of the money had equitable posted to the shareholders of propagation. In fact, the share reform of the compensation object of A shares, preferably than the shareholders of B shares and H shares, which are illustrative, non-tradable shares B shares and H shares are not two market liquidity, increased supply will not influence the their share prices.

shares some change in a way similar to that of land reform, small and middling investors in China's stock market has been the first time in history, a sense of ownership, of course, this also most probable be the last. Because non-tradable shares in the last 2 / 3 of the case, not to mention the small shareholders, even agencies do nobody to listed companies. Two years antecedent, the investment bank has issued transformable bonds, attracted a number of funds and brokerages strongly opposed, and finally throwing in the towel is not nice ah. The different, non-tradable shareholders are to pass through.

participate in the pilot of the first four companies, at least two shareholders of tradable shares is not adjust to the right of way to enjoy the democratic decision,Lacoste Shua Lace Trainers, Liang Wengen May 14, 2005 meeting with the media, discard a If the big piglet is not the hogwash arc down, did not dine piglet on the point now, the pig will be hogwash arch down, a team of pigs began Nao Yixian, asked for more, how is this line? >
not how people petulant. Liang Wengen including himself in the non-tradable shareholders chart power, he seemed to serve the interests of all shareholders. However, Liang Wengen, including yourself, everyone knows that non-tradable shares is the biggest successor of the share reform. If in the elapse, people no material how petulant, Liang Wengen can not attention, but this time he not only let men several times to regret, but the and 8 yuan in cash.

Tongfang solution is 3.56 shares for every 10 shares, than the other two (Taurus Energy 2.5 shares for every 10 shares, Zijiang 3 shares for every 10 shares) is better. Moreover, after the share reform procedure of the price paid as long as the on proof also get three shares for every 10 shares of the class of minority shareholders generally befitting. But Tongfang four share reform has become the only company in the share reform companies did not pass, because the proportion of tradable shares in favor of only 61.91%.

Tongfang stock reform to the failure of many beginners experience. First, funds and other institutions to hold a large number of emphatic shares by listed companies more lightly, and Zijiang in Sany Heavy Industry's altitude ten shareholders of tradable shares, the fund's holdings accounted for 25% of the emphatic shares and 15%, The Tongfang only 4.5 percent. So, Liang Wengen Secondly, there are more than Tongfang more dispelled shareholders of tradable shares of listed companies, but Tongfang is historically hype from

spectrum of high-tech stocks, a disc high price was close to 72 yuan / share, right up to re-price up to 200 yuan / share, and the current price of only $ 10 / share hardly ever, in recent years, but no improvement in operating performance, investors Tongfang requirements on price is relatively high. Finally, and most importantly, when investors queried Tongfang modified program, which has been sent to count on the price high enough, and refused to agree, in failure. After the listed company wiser, first announced the share reform program of price changes has long been reserved for the space, and then will modify the time, agreeable viewpoint, and essentially no alteration.

to the success of the share reform of listed companies did her best, through manifold means to tradable shareholders to movement. To campaign this term to describe how the electorate referenda of elected candidates, but accustom here is very suitable. However, the share reform of listed companies to shareholders to campaign, sometimes by how much money per share to buy the securities business department in favor of this is Listed companies on the price of the program varied, relative interpretations. Commonly used way of bonus shares and bring the cash, which is the first four pilot mode. In the second batch of 42 pilot companies, launched a Major Holders 34 program, accounting for 80.95%, with the maximum you can get 10 shares for every five shares, the minimum is 1 share for every 10 shares. Are routinely sent with the perquisite issue, there are listed companies to dwindle and get warrants, but not much.

In addition to these bonus shares were present, some companies have helped the terms, such as the China Securities Regulatory Commission would have necessary the share reform of listed companies should be committed to non-tradable shares, held by non-tradable shares from the get listed the right of the date of the circulation, at least 12 months, not trade or transfer, and some stock restructuring the company to amplify the lock-up time, from 24 months to years. Another example is the China Securities Regulatory Commission, after the breath of the lock-up, non-tradable shareholders should be committed, the number of shares sold Zhangaigongsi total shares in the 12 months no more than 5% in 24 months does not exceed 10 %, some companies agreed, after the expiration of the lock-up, within a decisive duration to ensure a minimum stake. Some, such as Baoshan Iron and Steel Group is committed to Baosteel's price is lower than the 4.53 yuan / share, the former will total no more than 20 billion yuan of investment capital holdings of the outstanding shares, the cash promised to become the target of a large number of investors, Baosteel Group sprint out 20 million shares, or beneath the 4.53 yuan / share.

share reform is a movement, since it is movement, is a large radish basket, anything is installed inside, such as management equity incentive program also will be introduced, to see from the present case, the management design Let us reward target outsiders are eager to put it more extreme, even an simpleton can get the motivation, but how much it.

to the spring of 2006, to participate in stock market value has changed more than 60%, no change of the company through the stock was only 10, mainly with the larger holders of tradable shares in the negotiations did not succeed, these competitors often the Fund and a small quilt production. The most interesting is, Jinfeng Investment to cage a professional writer to write the appoint of reform, Zhou Meisen, and quite a few sets, Zhou Meisen launched off letters, wrote a similar the share reform program, of course yellow.

afterward stock reform will become increasingly tough, because the front of the listed companies will be sure to share reform, the latter company is to have a kind of difficulties. Small part of the share reform companies will not all over the spring of 2006 is not very clear. After entire these years, everybody says that the split share framework in China's stock market the biggest problem is the root of all evil, and immediately by and by solve, and it really magical?

I do not think so. China's stock market has long been a tradable shares, as we mentioned in the beginning of this part, the Shanghai stock market

- China's stock market is still cloud and mirrors.