Friends, I hope you will adopt my mission! First of all, it is certain that China already had stocks in 1994. See the following information I compiled.
April 1994, Lengguang Shares was the first state-owned company to be converted into legal person shares.
In June 1994, Ha Suibao was the first company to issue shares via online bidding.
In June 1994, Lujiazui was the first company to reduce capital from state-owned shares.
On July 28, 1994, the People's Daily published "The China Securities Regulatory Commission and relevant departments of the State Council discuss measures to stabilize and develop the stock market."
The stock market crash on July 29, 1994
On July 30, 1994, the three major policies of "stopping the issuance of new shares, allowing securities firms to finance, and establishing Sino-foreign joint venture funds" rescued the market and the Shanghai Composite Index started from that day It closed at 333.92 points in August and rose to 1052.94 points on September 13, with a cumulative increase of 215.33 points.
History of China’s stock market:
In 1984, a group of poor students who had never seen the stock market were more than 20 graduate students from the Graduate Department of the People’s Bank of China (including Cai Chongzhi, Wu Xiaoling, Wei Benhua, Hu Xiaolian, etc. ), published the sensational "Discussion on China's Financial Reform Strategy", in which the idea of ??establishing a securities market in China was discussed for the first time. The scale of the ideological storm caused by the Second China Financial Annual Conference in 1984.
Established on July 20, 1984, Beijing Tianqiao Department Store Co., Ltd. was the first joint-stock company.
In November 1984, Shanghai Feile Audio Co., Ltd., the first company to publicly issue shares in China, was established.
In January 1985, Shanghai Yanzhong Industrial Co., Ltd. was established and raised all funds from the public in the form of stocks, becoming the first collectively owned enterprise to publicly issue stocks to the public. Fully tradable shares.
In 1985, Beijing Tianqiao Company began to issue shares.
In May 1987, Shenzhen Development Bank issued shares to the public for the first time, becoming the first stock in Shenzhen.
The first securities counter trading point on September 26, 1986 was the Jing’an Branch of Shanghai Trust and Investment Company of the Industrial and Commercial Bank of China.
1987-09-27 The first securities company, Shenzhen Special Economic Zone Securities Company, was established.
On July 9, 1988, the People's Bank of China held a securities market symposium, led by the People's Bank of China, to form a stock exchange research and design group.
On December 19, 1990, the opening ceremony of the Shanghai Stock Exchange was held in Shanghai. Zhu Rongji, then mayor of Shanghai, sounded the first gong for the opening of the Shanghai Stock Exchange at the Pujiang Hotel. Only 30 kinds of treasury bills, bonds and the so-called "Old Eight Stocks" (Yanzhong, Electric Vacuum, Dafei and Xiaofei) were listed for trading. Le, Aishi, Shenhua, Yuyuan, Xingye) stocks. On the same day, Shenyin Securities Company opened the first large account office in Shanghai, and the first generation of large individual securities investment/stock investors in China appeared.
On July 11, 1991, the Shanghai Stock Exchange launched stock accounts, gradually replacing shareholder name cards.
On July 15, 1991, the Shanghai Stock Exchange began to publish to the public the price change index of eight stocks in the Shanghai stock market.
On July 3, 1991, the Shenzhen Stock Exchange officially opened. On December 1, 1990, the Shenzhen Stock Exchange "trial" opened.
On August 1, 1991, Qiong Energy was the first company to issue convertible corporate bonds.
On October 31, 1991, China Southern Glass Co., Ltd. and Shenzhen Property Development (Group) Co., Ltd. issued shares to the public. This was the first time a Chinese joint-stock enterprise issued B shares.
In January 1992, a kind of ticket called "stock subscription warrant" appeared on the streets of Shanghai, resulting in a large number of subscription warrants. Broadly speaking, it is also a kind of warrant. The warrant price was 30 yuan, which was later speculated to several hundred yuan.
On January 13, 1992, Industrial Real Estate shares were listed and traded on the Shanghai Stock Exchange. It was the first newly listed stock after the opening of the Shanghai Stock Exchange and the only real estate stock listed for trading in the country.
On January 19, 1992, Deng Xiaoping inspected Shenzhen for four days from now on. After understanding the situation of the Shenzhen stock market, he pointed out: "Some people say that stocks are capitalist. We will experiment first in Shanghai and Shenzhen. After a while, it turned out to be successful. It seems that there are some things in capitalism that can be used in the socialist system. It doesn’t matter if it is wrong! If it is wrong, it is closed and reopened later. There is no 100% correct thing." Deng Xiaoping "Try resolutely. If it doesn't work, turn it off."
On February 2, 1992, my country’s first Sino-foreign joint venture stock, United Textile, was issued.
On February 21, 1992, Evacuum, the first B-share listed company, issued shares to foreign investors for the first time.
On March 2, 1992, the first lottery ceremony for the 1992 stock subscription certificates was held.
On May 21, 1992, the Shanghai Stock Exchange suddenly fully liberalized its stock prices, and the market jumped directly to open higher at 1260.32 points, an increase of 104.27 points from the previous day. The Shanghai Stock Index jumped from 616 points to 1265 points that day. In just 3 days, it reached the top of 1420 points. The stock price soared, jumping 570 points! Among them, the face value of 5 new stocks rose sharply by 2,500 to 3,000! The Shanghai Composite Index crossed 1,000 points for the first time.
On July 7, 1992, Shenzhen Yuanye stock was suspended from trading.
On August 5, 1992, the Shenzhen Post Office received a 17.5 kilogram package, which actually contained 2,800 ID cards.
On August 10, 1992, the "8.10 Incident" occurred in Shenzhen's 1992 new stock subscription lottery table that shocked the country.
On October 12, 1992, the Securities Commission of the State Council and the China Securities Regulatory Commission were established.
In November 1992, the Shanghai stock market hit a new low of 393 points. In just 5 months, the Shanghai Stock Exchange Index fell by thousands of points.
In November 1992, Shenzhen Baoan became the first domestic listed company to issue convertible bonds and the first listed company in China to issue warrants.
After 1992, stock prices skyrocketed. He started trading stocks in a daze and somehow made a fortune.
The period from February 1993 to March 1996 is known as the first major bear market in the Chinese stock market, which was mainly caused by the national macroeconomic tightening to curb economic overheating.
The second batch of subscription certificates in 1993. This time investors were almost completely compensated, and the subscription certificates disappeared from then on.
February 1993, 1558 points.
On April 13, 1993, the stock market quotes from the Shenzhen Stock Exchange were transmitted to Beijing using satellite communications.
On April 22, 1993, the "Interim Regulations on the Administration of Stock Issuance and Trading" were officially promulgated and implemented.
On the first day of publication on May 3, 1993, the Shanghai Stock Exchange Classified Stock Price Index was divided into five major categories: industrial, commercial real estate, public utilities and comprehensive ***
June 1, 1993 , the "China Stock Price Index" jointly compiled by the Shanghai and Shenzhen Stock Exchanges
On June 29, 1993, Tsingtao Beer's first H-share listed company was officially listed in Hong Kong
1993 On July 7, 2009, the Securities Commission of the State Council issued the "Interim Measures for the Management of Stock Exchanges"
The financial consolidation in mid-1993 also brought the stock market to a greenish state.
On August 6, 1993, all A-shares listed on the Shanghai Stock Exchange adopted call auction.
On August 20, 1993, Zibo Fund, the first listed investment fund
On September 30, 1993, China Baoan Group Co., Ltd., the first equity acquisition company, announced its holdings of Shanghai Yan China Industrial Co., Ltd. has more than 5 common shares outstanding, thus opening the first page of China's acquisition of listed companies.
The "Baoyan Crisis" in which Baoan acquired the equity of Yanzhong Industrial and controlled it through the secondary stock market
On October 25, 1993, the Shanghai Stock Exchange opened treasury bond futures trading to the public.
April 1994, Lengguang Shares was the first state-owned company to be converted into legal person shares.
In June 1994, Ha Suibao was the first company to issue shares via online bidding.
In June 1994, Lujiazui was the first company to reduce capital from state-owned shares.
On July 28, 1994, the People's Daily published "The China Securities Regulatory Commission and relevant departments of the State Council discuss measures to stabilize and develop the stock market."
The stock market crash on July 29, 1994
On July 30, 1994, the three major policies of "stopping the issuance of new shares, allowing securities firms to finance, and establishing Sino-foreign joint venture funds" rescued the market and the Shanghai Composite Index started from that day It closed at 333.92 points in August and rose to 1052.94 points on September 13, with a cumulative increase of 215.33 points.
On January 1, 1995, the T 1 trading system will be implemented from that day forward.
On February 23, 1995, what is known as the "327 Crisis" occurred in the Shanghai government bond market.
In March 1995, after the securities market had developed for more than four years, the government work report was submitted and the birth certificate was obtained.
On May 17, 1995, the China Securities Regulatory Commission issued the "Emergency Notice on the Suspension of the Pilot Program of Treasury Bond Futures Trading" and agreed to close the position.
On May 18, 1995, the pilot trading of treasury bond futures was suspended. The Shanghai A-share market opened with a gap of 130 points, and the Shanghai stock index rose by more than 40 points that day; leaving the largest gap in the New China stock market. It was greatly enlarged to 8.493 billion yuan.
On May 20, 1995, just two days later, the Securities Commission of the State Council announced that the scale of new share issuance would be announced in the second quarter, and the Shanghai Stock Exchange Index instantly fell to 16.39.
On July 11, 1995, the China Securities Regulatory Commission officially joined the International Organization of Securities Regulatory Commission.
In 1995, FAW Jinbei became the first loss-making company.
The Shanghai stock market in 1996 was like a big turntable, from more than 500 points at the beginning of the year to 1,250 points; the Shenzhen stock market was even crazy, from more than 900 points at the beginning of the year to 4,200 points.
To purchase new stocks offline, you need to bring cash to your doorstep
On April 1, 1996, the People's Bank of China issued an announcement stating that it would no longer handle new value-preserving savings services from now on.
On April 24, 1996, the Shanghai Stock Exchange decided to lower seven market charging standards, including annual trading fees.
On April 25, 1996, "Shenyin & Wanguo Securities Co., Ltd." was established through merger.
On May 29, 1996, Dow Jones launched the Chinese stock indexes, namely the Dow Jones China Index, Shanghai Index and Shenzhen Index.
On September 24, 1996, the Shanghai Stock Exchange decided to lower the stock and fund trading commissions and handling fee standards respectively from October 3; at the same time, it made major adjustments to the securities trading method, that is, from the original physical seats The transaction method is changed to a transaction method that combines tangible and intangible products and focuses on intangible products. Starting from October, the off-site invisible seat quotation and trading method will be fully promoted.
After the National Day in 1996, the stock market was booming across the board. The China Securities Regulatory Commission could not sit still, and a cold wind was blowing towards the stock market in an attempt to cool down the market, but the market was still rising.
The "People's Daily" special commentator's article "Correctly Understand the Current Stock Market" on December 16, 1996 [written by Zhou Zhengqing, the third chairman of the China Securities Regulatory Commission] "The surge in the recent period is not normal and irrational,” causing the market to plummet.
On December 16, 1996, stocks listed on the Shanghai and Shenzhen stock exchanges were subject to a limit of 10% or less of the previous day's closing price.
“12 gold medals”
On April 10, 1997, the pilot program of issuance of convertible corporate bonds kicked off.
In May 1997, the stock market finally adjusted under heavy pressure.
On June 6, 1997, bank funds were prohibited from illegally flowing into the stock market.
In November 1997, with the approval of the State Council, the Securities Commission of the State Council promulgated and implemented the "Interim Measures for the Management of Securities Investment Funds."
The decline from May 1997 to May 1999 was the second major bear market in the Chinese stock market that is worth pondering.
On March 23, 1998, five major securities investment funds including Jintai, Kaiyuan, Xinghua, Yuyang, and Anxin, and two convertible bonds, Nanhua Convertible Bonds and Silk Convertible Bonds, were launched one after another. Expert financial management is a sign of the expansion of financial derivatives in the securities market.
On April 28, 1998, Liao Materials A was the first ST company.
In 1998, the People's Bank of China cut interest rates three times in a row on March 25, July 1, and December 7.
On June 12, 1998, the state announced to reduce the stamp tax on securities transactions from 5% to 4% for unilateral transactions.
Beginning in 1999, batches of Companies in difficulty began to go public one after another to "get out of trouble", and more and more companies engaged in fraud. Many of the companies that were later exposed as violating regulations and fraud were listed at that time, making the stock market "nondescript."
On the weekend of May 7, 1999, NATO missiles attacked the Chinese Embassy in the Federation of Yugoslavia.
On Monday, May 10, 1999, the Shanghai and Shenzhen stock markets plummeted, and the "missile gap" exploded in the hearts of every investor.
Markets on May 19, 1999. Internet stocks started to take the lead at the opening of the market, including Oriental Pearl, Radio and Television, CITIC Guoan, etc., which rose by 51 points in the Shanghai stock market and 129 points in the Shenzhen stock market. After May 19, the market is still in the red
On June 1, the State Council announced a reduction in B-share stamp taxes.
On June 10, the central bank announced its seventh interest rate cut.
On June 12, 1999, Lengguang Shares was the first company to be publicly condemned by the exchange. On June 14, China Securities Regulatory Commission officials gave a speech stating that the rise in the stock market was restorative.
On June 15, "People's Daily" once again published a special commentator's article repeating that the stock market was recovering and rising. On June 25, the trading volume in the two cities reached 83 billion yuan, setting a historical record. The management also allowed three types of companies to enter the market. The market jumped short and opened higher that day. The Shanghai Composite Index rose by 103.52 points that day, or 6.59 points. The government quickly introduced a series of favorable measures to add fuel to the fire. The Chinese stock market has entered an unprecedented bull market with utilitarian overdraft.
On July 1, 1999, the Securities Law was officially implemented. What is ironic is that the Shanghai and Shenzhen stock markets plunged sharply to welcome the first piece of legislation for China’s securities industry.
On April 16, 1999, Xiahaifa announced that its stocks would be subject to special treatment starting from April 19, becoming the first ST company in 1999.
On July 9, 1999, Agricultural Commercial Cooperative, Shuanglu, Su Sanshan, and Chongqing Titanium Dioxide were among the first batch of PT companies.
In October 1999, the State Council approved the implementation of the "Regulations on the Stock Issuance Review Committee of the China Securities Regulatory Commission."
After 1999, the stock market ushered in a high-tech storm led by the Internet. Listed companies are busy accessing the Internet. Regardless of whether it is true or false, as long as the word "digital" or "internet" is involved in their name, the stock price will skyrocket. This situation lasted until 2001.
In April 2000, Wujiang Silk was the first convertible bond company to issue shares.
In early January 2001, economist Wu Jinglian put forward the "casino theory" and angrily denounced black market dealers in the stock market, which then triggered the view of "tear down and start over" in the Chinese stock market. Immediately attracted counterattacks from economists Li Yining, Dong Fu, Xiao Zhuoji, etc., who wanted to care for the stock market like a baby. A big discussion about the stock market started in China: "Tuition Theory"
In early January 2001, economist Wu Jinglian threw out The "casino theory" angrily denounced black dealers in the stock market and then triggered the view of "tear down and start over" in the Chinese stock market.
Immediately attracted counterattacks from economists Li Yining, Dong Fu, Xiao Zhuoji, etc., who wanted to care for the stock market like a baby. A big discussion about the stock market started in China: "Tuition Fee Theory". On June 14, the measures for reducing state-owned shares were promulgated. Finance Minister Xiang Huaicheng immediately said: "The reduction of state-owned shares is a positive factor." Later, shareholders realized that the reduction was a disguised form of apportionment and expansion, and the reduction based on the issuance price of new shares The principle is to kill the rich and give to the poor. The Shanghai Composite Index hit a new high of 2,245 points in the previous 11 years. As of July 13, the stock market was still consolidating at a high level. On July 26, the reduction of state-owned shares officially began in the issuance of new shares. The stock market plummeted, and the Shanghai Stock Exchange Index fell 32.55 points. On October 19, the Shanghai Stock Exchange Index plummeted from 2,245 points on June 14 to 1,514 points, with more than 50 stocks hitting their daily limits. That year, 80% of investors were trapped, the net value of the fund shrank by 40%, and brokerage commission income dropped by 30%. The "iron bottom" of 1,500 points was in danger
At 9:00 pm on October 22, CCTV announced that it would reduce its holdings of state-owned shares The method is suspended. The measures for reducing state-owned shares, which were jointly investigated by five ministries and commissions and presided over by the Ministry of Finance, were suspended by the China Securities Regulatory Commission after three months of implementation. On October 23, the China Securities Regulatory Commission announced that it would stop the sale of state-owned shares during the initial issuance.
In 2001, China's stock market seemed to have opened Pandora's box. "Separation of shares has gradually become a basket, and any problem can be put in it." "Returnee" officials have successively launched "marketization" and "internationalization" reforms, most of which were "acclimated to the local conditions" and were distorted under the framework of share splitting during the vigorous implementation.
From 2001 to 2005, after all the old methods of policy rescue were exhausted, the stock market still languished. The previous "Nine National Articles" were also in decline, and Premier Wen's speech was also regarded as negative. There are many trapped investors everywhere. The call to "stay away from drugs and stay away from the stock market" has become a symphony.
After 2001, China’s stock market began to over-expand. Although the stock market has been falling, the amount of financing has reached about 40% of the amount of financing in the past 15 years.
In February 2001, with the approval of the State Council, the China Securities Regulatory Commission decided that domestic residents could invest in the B-share market.
Listed companies are still trying every possible way to "trap money", and they are trying their best: from overall listing to spin-off listing, from vowing to reveal their true colors, from not paying back debts to paying off debts with shares... But the good ones However, companies have listed overseas one after another.
On June 23, 2002, the State Council decided to stop enforcing the regulations on using the securities market to reduce state-owned shares for domestic listed companies, except for overseas issuance and listing of enterprises, and will no longer issue specific implementation measures. The reduction of state-owned shares has stopped.
Quotes on June 24, 2002
In December 2002, the China Securities Regulatory Commission promulgated and implemented the "Interim Measures for the Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors", which marked the beginning of my country's QFII The system was officially launched.
The stock market is still embarking on the long "bear" road without hesitation - the "5·19" bull market, which was born in policy and good at policy, finally died in the trap of policy failure that has lasted for many years. The policy market has finally come to an end: not only are the marginal benefits of the policies diminishing, but management's credit has been severely overdrawn.
The first QFII order in July 2003
On January 31, 2004, the "Nine Articles of the State" and "Several Opinions of the State Council on Promoting the Reform, Opening up and Stable Development of the Capital Market" were promulgated.
The Securities Investment Fund Law came into effect on June 1, 2004. On October 28, 2003, it was adopted at the fifth meeting of the Standing Committee of the Tenth National People's Congress.
In 2004, the trading volume of the SSE 180 Index sample stocks accounted for more than half of the total stock trading volume, and the SSE 50 Index constituent stocks accounted for nearly 60% of the SSE 180 Index. Funds are flowing without hesitation. Concentrate on blue chip stocks.
There are two "death" signs in 2004 that will be recorded in history: one is that brokerage firms such as Nanfang, Hantang, Minfa, and Dapeng who make a living by "sitting in the bank" will find it difficult to make a living after the capital chain is broken. In order to continue, they were either taken over or liquidated; the other was that the Delong Group, which had been carrying the banner of "marketplace stocks" for many years, collapsed.
Since February 2005, the Shanghai Composite Index has made a desperate comeback, once returning to above 1,300 points. On April 29, the share-trading reform of listed companies was launched. Solving the share-trading reform is the "Liaoshen Battle" that China's stock market must fight. The "three major battles" of the stock market. On May 9, the China Securities Regulatory Commission quickly selected four listed companies to enter the first batch of pilot procedures for share-trading reform. The Shanghai Composite Index plunged 28 points to close at 1130.84 points, hitting another six-year low.
The original radical proponents of full circulation, such as Han Zhiguo and Zhang Weixing, said: The pilot plan is not conducive to shareholders of tradable shares, and it is too difficult to bargain with the State-owned Assets Supervision and Administration Commission. It is not a "pure" process, but the result of a game of interests.
On June 6, 2005, the China Securities Regulatory Commission launched the "Administrative Measures for the Repurchase of Public Shares by Listed Companies (Trial)". On that day, the stock index fell below 1,000 points. At 11:06 a.m., the Shanghai stock index fell to 988.32 points.
On June 8, 2005, the "artificial bull market" stock market soared by 8, setting the largest single-day increase and largest single-day transaction record since 2002. The Shanghai and Shenzhen stock markets*** There were 120 stocks hitting their daily limits, and the total turnover in the two cities was 31.7 billion yuan. "Weak Blowout".
Baosteel Warrants was listed on August 22, 2005. The daily trading volume exceeded the total trading volume of stocks, reaching 7 to 8 billion yuan.
On June 19, 2006, the Shenzhen Stock Exchange’s first IPO was CAMCE, the 51st stock on the SME Board.
On July 5, 2006, Bank of China was listed on the Shanghai Stock Exchange.
On October 27, 2006, the world’s largest IPO of Industrial and Commercial Bank of China opened in Shanghai and Hong Kong on the same day.
On May 30, 2007, the Ministry of Finance decided to adjust the stamp tax rate for securities transactions from 1‰ to 3‰ starting from May 30. Affected by this, the Shanghai Stock Exchange Index opened at 4087 points, a decrease of 5.71%. The index opened at 12,651 points, down 5.99%.
On October 16, 2007, the Shanghai Stock Exchange Index reached 6124 points.
On April 24, 2008, with the approval of the State Council, the stamp tax rate for securities (stock) transactions will be adjusted from the current three thousandths to one thousandth from now on.
On September 19, 2008, with the approval of the State Council, the Ministry of Finance decided to adjust the stamp tax policy for securities transactions from September 19, 2008, from the current bilateral collection to unilateral collection, and the tax rate will remain 1‰.
On the same day, in order to ensure the state’s controlling position in key state-owned financial institutions such as ICBC, China Construction Bank and China Construction Bank, support the steady operation and development of key state-owned financial institutions, and stabilize the stock prices of state-owned commercial banks, Central Huijin will The stock market will independently purchase the shares of ICBC, China Construction Bank and China Construction Bank and start relevant market operations from now on.