Chapter 135: Sales limit up

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

"Mr. Fan said this?" Vice Chairman He asked hurriedly.

Not to mention that Fan Wubing is a regular guest of Boss Zhu, it is also a guiding light he recommends to himself. The foundation he created by himself is enough to attract attention, not to mention that there is also a ministerial-level father who was supported by him. These are not something that can be ignored.

Although ordinary people do not know about Fan Wubing and Fan Heng at that time, cadres of higher-level positions like Vice Chairman He, especially those with well-informed leading cadres, are still quite clear about this matter, and they also know that Fan Heng can be promoted to a ministerial-level leadership position so quickly, which is inseparable from his son.

If Fan Wubing had not been able to build such a large-scale international airport? How could it be that it could be upgraded from a county-level city to a prefecture-level city and then to a provincial-level city? It's like a dream!

Famous name is not fortunate. Since he has such a honorable position, he will definitely have corresponding abilities. Therefore, Vice Chairman He is quite looking forward to Fan Wubing's opinions.

Fan Wubing touched his chin, pondered for a while, and said to Vice Chairman He, "Now regard the stock market as a way to solve the difficulties of state-owned enterprises, rather than as a financing channel for making limited resources flow to the most efficient enterprises and the most capable entrepreneurs. This idea of ​​developing the stock market for poverty alleviation is unhealthy. The guiding ideology of the government should be to ensure the protection of fair transactions and the interests of investors, rather than to protect the special interests of a few people. I suggest that state-owned enterprises should be indirectly solved, so that those good and potential private enterprises and non-state-owned enterprises will be listed, and then the raised funds will be used to acquire state-owned enterprises. This indirectly not only solves the capital problem, but also solves the mechanism problem."

When he heard Fan Wubing say this, Vice Chairman He's face immediately turned like bitter gourd, "Mr. Fan, you may be right to think so, but if I ask the leader, it may be fine, but it would be strange if the people don't scold me to death!"

Although the relationship between private enterprises and state-owned enterprises is now clear and the government is also encouraging dynamic private enterprises to acquire some state-owned enterprises that cannot survive, there is a prerequisite, that is, your private enterprises have money to acquire.

If the vice chairman uses the stock market as a means of financing for private enterprises and instead acquires state-owned enterprises, he will be scolded to death by many people, and there is no doubt about this.

Fan Wubing smiled and shrugged his shoulders and said, "Okay, this one doesn't work, so let's think about the others."

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

Fan Wubing thought about it and said, "There is another way to list indicator quota, which should be improved."

The plan for listing indicators is very arbitrary. Most listing indicators are used to solve local difficulties and get rid of poverty. Bundled listing is very common. The problem of fraud is serious, so after listing, the company's mechanism and financial problems are quickly exposed. It is truly a year of excellent performance, two years of losses, three years of st, and four years of delisting, and a considerable number of companies have become empty shells.

In addition to the quota system, Fan Wubing also criticized the shareholding system.

At present, all listed state-owned companies have two types of shares: non-circulating shares and circulating shares. The former is state-owned shares and the latter is privately held. The rights of the two types of shares are the same, but the cost of holding is huge, which causes serious injustice between the two types of shareholders, and also provides a natural operation space for the rampant market makers.

"The questions you asked made me feel embarrassed." Vice Chairman He shook his head and smiled bitterly, "The Chinese stock market is different from the foreign stock market. You know this, otherwise we wouldn't be so difficult."

"But these points I said are the root of the problem. If you don't solve these problems, you will still have endless headaches in the end." Fan Wubing spread his hands and said helplessly, "If it really doesn't work, then there is only one idea."

"What's the idea?" Vice Chairman He asked hurriedly.

In fact, after hearing the three questions raised by Fan Wubing just now, Vice Chairman He knew that he had not asked the wrong person. These three questions are indeed the three major cancers that restrict the development of China's stock market. If these three problems are not solved, there is no way to talk about the healthy development of China's stock market. However, the current situation is just as he told Fan Wubing. These three problems are caused by man. At least the current management team dare not touch this system, otherwise they will only put themselves in first.

Vice Chairman He himself also knows that in addition to the listing review process, the phenomenon of fraud also extends to the qualification to make money without any suspense. According to the regulations of the China Securities Regulatory Commission, listed companies must have a return on equity of more than 10% for three consecutive years before they can enjoy the issuance of equity. Therefore, a large number of companies have annual returns on the lifeline of 10% of the 10%.

Among the commonly used fake methods, it can be to inflate profits, or sell your own products to yourself at a higher price to increase the rate of return, or to divest negative assets to the previous group company for custody, and then inject another piece of assets, so the rate of return will naturally increase. This kind of financial game has long been a public secret.

It is on this soil that the Chinese capital market has become a gray and speculative adventurer paradise. Those listed state-owned enterprises seem to have picked up a big pie falling from the sky, and their mechanisms have not been improved in any way. Especially local state-owned enterprises that have obtained indicators through various provinces and cities through relief policies quickly squandered all the funds they easily raised, and then fell into a loss situation. In the end, they have become one shell resource after another. Some capable capital players take the opportunity to enter, make trouble, and turn the Chinese stock market into an era of market makers dancing wildly.

"There is only one idea that can be realized now, which is to introduce restrictions on daily limits and limit limits." Fan Wubing waved to Vice Chairman He and said.

The daily limit system originated from the early foreign securities markets. It is a trading system in the securities market where in order to prevent the surge in trading prices and curb excessive speculation, the price fluctuation of each securities on the day is appropriately restricted.

Some exchanges will set a daily limit on the rise and fall of securities, such as limiting a single trading day of a stock can only rise or fall by 10% from the upper closing price at most. Some exchanges will stop trading at the daily limit or limit until the market price breaks out of the upper or lower limit. Some exchanges will resume trading within the expanded price range after a short stop in trading.

The main difference between the daily limit system implemented in China and the foreign system is that after the stock price reaches the daily limit, trading will not be completely stopped, but trading at or within the daily limit price can continue until the closing of the day.

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

"At least, the interests of small and medium-sized investors can be protected from the fact that they will lose money all at once, just like now. If society is unstable, it will have a great impact on the stock market." Fan Wubing replied.

In fact, there are not many people in the current professional stock trading group. Many of them are office workers or retired old men and women. The reactions of these people are slow. The price fluctuations of stocks are too high, which is unbearable for them. Therefore, there have been many cases of sudden death in the stock exchange hall.

For the bigwigs who are hiding in the stock market, it is very easy to use the imperfect trading rules to speculate on a stock. Many retail investors lose their heads in this situation.

If you want to maintain the stable development of the stock market, you must consider the interests of small and medium-sized investors. Therefore, how to effectively protect the interests of small and medium-sized investors is the issue that the CSRC needs to pay attention to the most. As for listed companies, they are never losers, and those capital players do not need the CSRC to worry about them.

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

Vice Chairman He and Fan Wubing sat together for a long time and talked about many things. He felt that he had benefited a lot. Boss Zhu found a person who understood himself. What's even more outrageous is that this person was just 18th birthday and was already the boss of a multinational company. It was hard for him to imagine how such a talented person was born?

"It makes no sense for you to ask me about this matter. You should ask my parents." Fan Wubing replied with a smile.

After seeing off Vice Chairman He and his party away, Fan Wubing felt more interested, so he ran to the headquarters office to chat with everyone to see what new trends have been happening recently.

"Boss, good news!" An employee put down his cross-border phone call and said to Fan Wubing with great excitement. "NCFC has finally opened the 64k international dedicated line connected to Intercom through the American Sprint company, realizing full-function connection with Intercom."

"Oh?!" After hearing this news, Fan Wubing was immediately excited and thought that China had finally entered the Internet era! He had been waiting for this day, but he had been waiting for a long time.

ncfc is China's national computer network. After its construction is initially completed, there is no information or data available for reference on the network, nor is there good network applications. In order to make the network truly useful, a formal connection must be established with intercom.

Due to political reasons, the United States does not allow China to access intercom.ncfc engineering and technicians began to contact US officials in 1992, and then won the support of a group of well-known people in the American Internet industry. Many well-known scientists wrote 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 solve the political problem.
Chapter completed!