Zhongjing enlightened the 327 national debt incident and Changhong's rights issue, manipulated Dongfang Electronics, and finally died of Yin Guangxia's fraud.
Economic development: from noise to silence
1 327 national debt incident, the country will win in World War I.
"This incident has had such a great impact on China's futures industry that people who have experienced it will never forget it." The person who said this was Zou Jianzhong, CEO of Guangdong Deke Investment Consulting Co., Ltd. Before 1997, he was the vice president of Guangdong United Futures Exchange (hereinafter referred to as "Guanglian"), and the thrilling fight on the 327 national debt futures contract is still vivid in his mind.
Treasury bond futures fever
When Zou Jianzhong entered GuangLian on 1993, the whole country had just entered the first futures boom. At the peak, 70% of the futures brokerage companies in China gathered in Guangdong. 1994 After the rectification, half of the more than 600 futures brokerage companies in China are still in Guangdong. Guanglian Stock Exchange was the largest 1 1 futures exchange in China at that time. "At that time, the management of the futures market was very chaotic, and the CSRC did not manage this piece. The establishment of a futures brokerage company can be opened as long as it is filed with the Industrial and Commercial Bureau. " Zou said.
At the end of 1992, the Shanghai Stock Exchange took the lead in introducing treasury bonds futures trading to securities firms, and opened it to the public in June 1993. The Beijing Commodity Exchange also took the lead in introducing treasury bonds futures trading on the futures exchange. At that time, due to three years of macro-control, as an important measure to curb inflation, commodity futures such as steel, coal and sugar were suspended one after another. Coupled with the stock market downturn, a large number of funds flocked to the treasury bond futures market. From 1994 to 1995, treasury bond futures developed rapidly.
1994 10 after guanglian launched treasury bond futures products, customers flocked to the market, and the daily transaction amount was tens of billions of yuan. Zou described the grand occasion at that time as: the banks in Guangzhou broke through the threshold of business, because the average daily deposit of customers of Guanglian Association was about 654.38 billion yuan.
The popularity of trading in Guanglian Stock Exchange has also attracted many funds from northern institutions and customers. Although they also have a deep background and are inextricably linked with major market participants in Beijing and Shanghai, these institutions and customers have chosen powerful big bookmakers who avoid Shanghai and Beijing stock exchanges as their counterparties.
327 is a hot day.
327 national debt refers to the three-year national debt issued on 1992 and due on June 30, 995, with a total amount of * * * 24 billion yuan.
During the period of 1994, China faced double-digit high inflation pressure, and the bank deposit interest rate reached more than 10%. Naturally, few people pay attention to the national debt with fixed interest rate. According to Zou Jianzhong's recollection, the national debt 327 with an annual interest rate of 9.50% was due for payment 132 yuan, 1994 10 month. But at that time, the market price of treasury bonds futures was less than 1 16 yuan. In order to ensure the smooth issuance of new treasury bonds, the state implemented value-added subsidies to the issued treasury bonds at that time, and the rate of value-added subsidies was announced by the Ministry of Finance every month according to the inflation index, which meant that the 327 treasury bonds should be paid at a higher price when they expired. Therefore, different expectations of inflation rate and value-added subsidy rate lead to differences between market forces on long and short positions.
Zou Jianzhong said that during the period from 1994 to 10, the subsidy rate for value preservation announced at that time was 8%, which kept rising every month. By the close of 12, it broke through double digits, and the futures price of 327 treasury bonds began to rise linearly. From 1994 to10 yuan in June 1994, it rose to 140 yuan in early 1995, with an increase of more than 20%. At that time, the standard of bond futures margin was set at 2.5%, and paying 2.5 million bonds could make a transaction with a market value of 654.38 billion. An increase of more than 20% means that in just three months, the buyer has made a huge profit equivalent to more than ten times the principal! The organization is advancing at a speed of tens of millions every day, and it is ecstatic. At that time, there was such an episode: a customer representative of a northern institution called back to Beijing in the morning to ask for another way to raise funds, and then made100000 when the market was in full swing. But an hour later, the customer called back to Beijing base camp again and told the other party: Don't mention your100000 yuan, I just earned it here!
Game between value preservation and subsidy rate
Since the beginning of February 1995, it has been rumored in the market that the Ministry of Finance will raise the value-added subsidy rate again, and the 327 national debt will be paid by 148 yuan. In the face of rumors, there are sharp differences in the market: Guan Jinsheng, the godfather of the domestic securities industry and then president of IWC, believes that the first of the three major goals of macro-control in three years is to control high inflation, so it is impossible to increase the subsidy rate for value preservation, and the Ministry of Finance does not need to pay an extra interest of 654.38 billion yuan for this, which will increase financial difficulties. Guan Jinsheng's point of view represented the point of view of a group of brokers at that time, so he put all his money on shorting.
"At that time, only a few brokers among Guanglian's customers were short, and only they suffered heavy losses later." Zou Jianzhong said.
At this time, China Economic Development Co., Ltd. began to firmly enter the market, but there was no public reason. However, the background market of China Economic Development Co., Ltd. is very clear. China Economic Development Co., Ltd., as a public institution directly under the Ministry of Finance, has close ties with the Ministry of Finance in personnel, capital and management.
At that time, the vast majority of small and medium-sized retail investors and some institutions in the market also did more, including northern institutions closely related to CDB. At that time, their view was that inflation would definitely be uncontrollable in the short term, value-added subsidies would definitely rise, and the redemption price of 327 national debt would also rise. In mid-February, the market boundary of who is the enemy and who is the friend has been clearly defined: retail investors and small and medium-sized institutions all over the mountains follow the "multi-head command", and a number of institutions such as Wanguo and Liao Guofa Gao Brothers are short-selling.
Before February 23rd, both long and short sides increased their warehouse receipts by a large amount near 147 yuan. At that time, IWC held 2 million warehouse receipts, far exceeding the provisions of the Shanghai Stock Exchange. For every increase or decrease of 1 yuan in the 327 contract, the profit and loss of the countries will fluctuate by 400 million yuan. An industry insider later commented that in fact, at this time, both long and short sides have no way out, and the expected difference in policies has become a competition for funds.
Between 2.23 burning icebergs
On February 23rd, the Ministry of Finance issued an announcement to raise the interest rate of 327 national debt. 327 Treasury bonds with face value of 100 yuan shall be paid by 148 50 yuan.
On the same day, the long and short sides launched the final life-and-death fight. After the market opened in the morning, under the leadership of CDB, many parties pushed the closing price of the previous day 148.2 1 yuan to 150 yuan with orders of more than 3 million yuan. At this time, the empty side has suffered heavy losses. After the market opened in the afternoon, Liao Guofa, an ally who shorted the main securities, finally couldn't bear it. He turned over the market and was empty. Close to 152 yuan, which means that bulls earned more than 95% that day! At that time, there was a cheer in the Guanglian Association, and the bull was ecstatic.
It is said that the northern institutional clients of Guanglian Association have flown back to Shanghai to take command. According to its statement at that time, at 4: 22 pm, in the last eight minutes before closing, 500,000 empty orders suddenly appeared, which caught the bulls off guard, and the futures price was hit to 150 yuan, and then hundreds of thousands of people hit the price back to 148 yuan. At this time, Zou Jianzhong only saw the price drop of Guanglian, and he didn't know what happened at all. The last time before the market closed, there were 7.3 million people who sold a huge amount of orders and sealed the price at 147 50 yuan. This means that in a few minutes, the bulls not only lost all the profits of the day, but also lost at least half of the principal, which made both inside and outside the exchange dumbfounded. Afterwards, the parties in the northern institutions recalled that they were pale, cold and numb, and some even fainted on the spot. According to statistics afterwards, IWC sold10.56 million orders in the last eight minutes.
What do you mean by "10.56 million empty sheets? It means that the total market value is 210 billion! At that time, the total national debt of 327 was only 24 billion, which was unprecedented. " Even a few years later, Zou said that the parties who had experienced this incident were still afraid and could not accept the scene at that time: "Wei, the general manager of Shanghai Stock Exchange, was too scared to know what to do. I wonder how many people will go bankrupt in the end! "
Half an hour after the market closed, news came from the Shanghai Stock Exchange: Guan Jinsheng was out of his mind, and an empty order of 65.438+00.56 million needed a deposit of 5.28 billion yuan, which the nations simply could not afford. That night 10, the Shanghai Stock Exchange declared the last seven minutes of trading invalid according to the instructions from Beijing, and the closing price of the day was 15 1 30 yuan. If the transaction was valid in the last eight minutes, IWC earned 4.2 billion, but now it has become a loss of 654.38+06 billion.
Many people go back and forth between the nouveau riche with a net worth of one million and the poor with heavy debts in one day.
Sit tight.
From 1994, but the key factor that determines the outcome: 327 national debt appreciation and subsidies were announced at the last minute. At that time, a sales manager of IWC said: "The unfair competition of securities companies is one of the biggest problems. Companies like China Economic Development Bank have almost no losses on treasury bonds futures and have been making money, relying on information. " The special status of CDB inevitably criticized the market: at that time, the chairman of CDB had just stepped down from the position of deputy minister of finance, and the general manager was the director of the comprehensive department of the Ministry of Finance.
On February 23rd, the madness of one day made Guan Jinsheng and other countries pay a heavy price: Guan Jinsheng was sentenced to 17 years' imprisonment for embezzlement and misappropriation of public funds, and the "securities kingdom" lost1400 million yuan, with heavy losses, and was reorganized by Shen Yin soon. The "327 incident" also made the just-started treasury bond futures give up halfway. On May 65, 438+07, China Securities Regulatory Commission
At that time, the Shanghai Stock Exchange was also criticized. Why doesn't it control its position? Why are there 2 million or even tens of millions of seals? Afterwards, Wei, general manager of Shanghai Stock Exchange, left. Zou Jianzhong said: "There are some problems in the internal control of the Shanghai Stock Exchange. How can the computer place an order without sufficient margin? Wei was planted on it. "
Although Zhong Jingkai also violated the rules that day, he was unscathed. After this battle, several powerful opponents were eliminated and their wings grew. Later, the northern organization of Guanglian Association was worth tens of millions. Some people bid farewell to the futures market and even become well-known local industrialists. These people are still secretive about what happened seven years ago. Our reporter Zhang.