Chapter 135 Selling the Daily Limit "Pray for the Monthly Pass"

Fan Wubing thought about it for a while, and then said to Vice Chairman He, "This question really makes me a little embarrassed, the chairman hurriedly asked.

Not to mention that Fan Wubing is a regular customer of Boss Zhu, and he is also a guiding light recommended to him by him. Ministry-level father, these are not negligible.

Although ordinary people don't know what happened between Fan Wubing and Fan Heng at that time, senior cadres like Vice Chairman He, especially leading cadres who are well-informed, are quite clear about this matter, and they also know that Fan Heng Being able to be promoted to a ministerial-level leadership position so quickly is inseparable from his son.

Without Fan Wubing, how could Panshi build such a large-scale international airport? How could it be possible to upgrade from a county-level city to a prefecture-level city, and then to a provincial-level city? This is just like dreaming!

Since he has such an honorable status, he must have the corresponding ability. Therefore, Vice Chairman He is quite looking forward to Fan Wubing's opinion.

Fan Wubing touched his chin, and after thinking for a while, he said to Vice Chairman He, "Now we regard the stock market as a way to solve the difficulties of state-owned enterprises, rather than as a way to divert limited resources to the most efficient enterprises, Financing channels for the most capable entrepreneurs./\This kind of development of the stock market for poverty alleviation. The guiding ideology of the government should be to ensure the protection of fair trade. Protect the interests of investors, not the special interests of a few people. I suggest , we should solve the difficulties of state-owned enterprises indirectly, let those good and potential private enterprises and non-state-owned enterprises go public, and then use the funds raised to acquire state-owned enterprises. This kind of indirect not only solves the problem of funds, but also solves the problem of mechanism

Hearing what Fan Wubing said, Vice Chairman He's face immediately turned like a bitter gourd, "Mr. Fan, you may be right to think so, but if I ask the leader to do so, it may be fine, but the common people don't treat me like that." It's only strange to be scolded to death!"

Although the relationship between private companies and state-owned companies is now clear, the government is also encouraging vigorous private companies to acquire some state-owned companies that cannot survive.

False how the vice chairman followed Fan Wubing's proposal. If you use the stock market as a means of financing for private companies to acquire state-owned companies instead, you will be scolded to death by many people. There is no doubt about this.

Fan Wubing shrugged his shoulders with a smile, "Okay, this one won't work, then let's think about other things./\"

"Yes, let's think about other things." Vice Chairman He nodded repeatedly.

After thinking for a while, Fan Wubing said, "There is another way to list quotas. This should be improved."

The method of index quota listing,

In other words, the vast majority of listed indicators are for local poverty alleviation, and bundled listings are very common. There is a serious problem of fraud, so after the listing, the company's mechanism and financial problems were quickly exposed. It was really good performance in one year, loss in two years, sT in three years, and delisting in four years. A considerable number of companies have become empty shells.

Except for quotas. Fan Wubing also criticized the share split system.

At present, all listed state-owned companies have two types of shares, non-tradable shares and tradable shares, the former being state-owned shares. The latter is privately held, and the rights of the two types of shares are the same, but the cost of holding shares is hugely different. This has caused serious injustice between the two types of shareholders, and at the same time provided a natural operating space for the dealers to wreak havoc.

"The questions you asked made me very difficult." Vice Chairman He shook his head and smiled wryly, "China's stock market is different from foreign stock markets, you know this, otherwise we wouldn't be so difficult to solve the root of the problem If you don't solve these problems, you will still have endless headaches." Fan Wubing spread his hands and said helplessly, "If it really doesn't work, then there is only one good idea."

"What idea?" Vice Chairman He asked quickly.

In fact, after listening to the three questions Fan Wubing raised just now, Vice Chairman He knew that he had not asked the wrong person. These three questions were indeed restricting the development of China's stock market, so it was impossible to talk about the healthy development of China's stock market, but the status quo was not. Just like what he said to Fan Wubing, these three problems are caused by human beings, at least the current management has not dared to touch this system, otherwise it will only put itself in it first.

Vice Chairman He himself knew that the phenomenon of fraud not only appeared in the listing review process, but also extended to the qualifications for allotment of money without any suspense. According to the regulations of the China Securities Regulatory Commission, a listed company must achieve a return on net assets of more than 10% for three consecutive years before it can enjoy the allotment rights. As a result, a large number of companies stick to the lifeline of 10% annual rate of return.

Among the commonly used fraudulent methods, it can be to inflate profits, or to sell their own products to themselves at a higher price to increase the rate of return, or to divest the negative assets to the higher-level group company for custody, and then inject another asset , the rate of return will naturally increase. This kind of financial game has long been an open secret.

It is on such soil that China's capital market has become a gray and speculative adventurer's paradise. Those listed state-owned enterprises seem to have picked up a big pie that fell from the sky, and their mechanisms have not been improved in any way. In particular, the local state-owned enterprises in various provinces and cities that obtained their indicators through the poverty alleviation policy quickly squandered all the funds they could easily raise, and then fell into a loss-making situation. In the end, they turned into shell resources one after another, and some capable capital players took the opportunity to enter, make troubles, and turn the Chinese market into an era of wild dancers.

"Now there is only one idea that can be realized, and that is to introduce daily limit and limit-down restrictions." Fan Wubing waved to Vice Chairman He.

The price limit system originated from the early foreign securities market. It is a trading system that appropriately limits the price rise and fall of each security on the day in order to prevent the sharp rise and fall of the transaction price in the securities market and restrain excessive speculation.

Some exchanges will set a single-day price limit for securities. For example, a single stock can only be limited to a maximum of 10% increase or decrease from the previous closing price in a single trading day. /\Some exchanges will stop trading when the limit is up or down, until the market price breaks away from the upper or lower limit of the price. There are also exchanges that resume trading within a widened price range after a brief halt to trading.

The main difference between the local price limit system implemented in China and the foreign system is that after the stock price reaches the price limit. It is not a complete stop of trading, but trading at or within the price limit can continue until the market closes on the same day.

"What is the practical significance of doing this?" Vice Chairman He asked.

"At least it can protect the interests of small and medium investors, so that they won't lose their fortunes easily like now. If the society is unstable, it will have a great impact on the stock market." Fan Wubing replied.

In fact, there are not many professional stock speculators today, and many of them are retired old men and old ladies. The reactions of these people are relatively slow. The rise and fall of the stock price is too high, which is unbearable for them, so there have been many cases of people dying suddenly in the hall of the stock exchange.

For the predators who are in the stock market, it is very easy to use the imperfect trading rules to speculate on a stock. Many retail investors have lost their heads and blood under such circumstances.

If we want to maintain the stable development of the stock market, we must consider the interests of small and medium investors, so how to effectively protect the interests of small and medium investors. This is the issue that the China Securities Regulatory Commission needs to pay attention to most. As for listed companies, they have never been losers, and those capital players don't need the China Securities Regulatory Commission to worry about them.

Fan Wubing believes that even under the most stringent system, capital players can find their own room to play, so they don't need others to worry about it. On the other hand, these rules introduced by the China Securities Regulatory Commission are basically against Bookmakers are favorable. It is really hard to imagine whose standpoint they are speaking on?

Vice Chairman He sat with Fan Wubing for a long time. Talked about a lot of things, and I feel that I have benefited a lot. Boss Zhu found a sensible person for himself. What's even more outrageous is that this person has only passed his 18th birthday, and he is already the boss of a multinational company. It is really hard for him to imagine how such a genius came into being Where?

"It's pointless for you to ask me about this matter, you should ask my parents." Fan Wubing replied with a smile.

After sending Vice Chairman He and his party away, Fan Wubing felt that he was more interested, so he went to the headquarters office to chat with everyone to see what new trends were happening recently.

"Boss, good news!" An employee put down the overseas phone and said to Fan Wubing excitedly, "The 64k international special line has been opened, and the full-featured connection with the ground has been realized."

"Oh?!" After Fan Wubing heard the news, his spirits were lifted immediately, and he thought that China had finally entered the Internet era! I waited for this day, but I waited for a long time.

It is China's national computer network. After its construction is initially completed, there is no information or data to be consulted on the network, and there are no good network applications. In order to make the network really useful, it must establish a formal connection with the Internet.

Due to political reasons, the U.S. does not allow Chinese access to engineering and technical personnel. Since 1992, they have been in contact with U.S. officials. Later, they won the support of a group of well-known figures in the U.S. Internet industry. Many well-known scientists wrote letters to the White House. , with the help of many enthusiastic people, this problem was finally solved. During this period, it took more than a year and a half to resolve political issues alone. Being integrated into the big family has brought many development opportunities for the Chinese people. (To be continued, if you want to know what will happen next, please read more chapters,