Liao Guofa, the second main force of the air side, was once regarded as a dark horse in the securities and futures industry. 1994, Liao Guofa listed Aishi shares (related, quotation). Although the acquisition was unsuccessful, as his first appearance, Liao Guofa not only made a lot of money, but also made a big splash and tasted the sweetness of being a farmer. Therefore, Liao Guofa can be found in any stock, bond, futures and capital lending market as long as he can get money and have the opportunity to make money. Judging from its hunger for food, it is not like a dark horse, but simply a hungry dog. Later, it was revealed that Gao Ling, the chairman of Liao Guofa, and others engaged in illegal financing and foreign business activities such as securities, bonds, securities repurchase and stock futures speculation by fraudulent means in Shenyang and Wuhan, with a debt of 9.866 billion yuan, total assets of 8.262 billion yuan and a balance of assets and liabilities of 654.38+604 billion yuan, which caused huge economic losses to the country.
1in may 1994, Liao Guofa rented his seats in Wuhan, Shenyang and Tianjin stock exchange centers through a mainland securities company, promising a generous return of 15 ~ 20%. Afterwards, Liao Guofa borrowed 654.38 billion yuan in the name of a securities company. For example, I used the so-called warehousing notice of a branch of Wuhan Securities Exchange Center to fill in a huge amount of national debt, and then I went to mortgage financing everywhere. There are dozens of financial institutions, securities companies and securities trading centers involved in this case alone, involving tens of billions of yuan and losing billions of yuan. 1995 On the morning of February 23rd, Liao Guofa collected the short positions (selling contracts) of several related households under the name of a company in Hainan, and illegally sold them through Wuxi Guotai Futures Brokerage Company, in an attempt to lower the price and achieve the purpose of reducing losses or making profits. When the suppression was ineffective, Liao Guofa took the lead in somersaulting, creating an illusion to disrupt the market order. Before the incident, Liao Guofa and his related households still had serious illegal joint operations, and the over-limit positions reached 6.5438+0.2 million.
After the 327 incident, the Shanghai Stock Exchange found that Liao Guofa had more than 800 accounts, but all the notices of a large number of treasury bonds were empty. At this time, it rushed to recover the loan from Liao Guofa and forced to liquidate its shares and those of its related households, but it was too late. At that time, the supervision of the securities market and securities companies was carried out under the dual leadership of the People's Bank of China and the China Securities Regulatory Commission, and some things had not been dealt with before. Local judicial institutions were used by local institutions involved in self-protection, which triggered a wave of competition for funds, accounts and jurisdiction. 1April, 1996, the Supreme People's Court explicitly requested all localities to suspend the judgment of Liao's economic dispute case, and the public security department conducted further investigation. 1997 10, a coordination meeting attended by eight high courts and five intermediate courts was held in Wuhan, and the case was settled.
Second, it was dark under the closed lamp.
When the spotlight focused on the empty protagonist Wanguo and Shanghai Stock Exchange in the 327 incident, it intentionally or unintentionally ignored the opening of another multi-protagonist. This phenomenon can be called black under the lamp.
In fact, although Zhong Jingkai has a background in the Ministry of Finance, this is not only a prerequisite for him not to make mistakes, but also Li's biggest suspicion. As long as we carefully examine the whole process of the incident, it is not difficult to find that the asymmetry of information is not only its innate advantage of "getting the moon first", but also the trigger for the full-scale outbreak of this crisis.
1February 23, 1995, the reason why the market dared to do more was that a prophet knew in advance that the Ministry of Finance would raise the annual interest rate of the national debt (that is, the corresponding futures product 327) delivered in June of 1992 from 9.50% to 12.24%. Although it can't be concluded that it is insider trading, it will inevitably lead to various speculations. Enter the site around 1994 04 15. First, the variety 3 13 was hyped. By May 27th, the variety had increased by 3.30 yuan. During this period, the Ministry of Finance and the China Securities Regulatory Commission issued a notice on May 20, demanding that the short-selling of short-term financing bonds be strictly investigated, forcing the short-term financing bonds to be replenished in large quantities, and many parties with foresight will win the game invisibly.
1994 September19 to 23, the long and short sides fought again on the 3 14 variety. Due to the large throughput of hundreds of thousands of both parties, the Shanghai Stock Exchange issued an urgent notice on strengthening the risk management of treasury bond futures trading on September 20, and then made a decision not to open new positions and close the positions of both parties. Many parties did not benefit from this battle, but the empty strategy prevailed.
The price of variety 327 has been fluctuating in the range of 147.8 ~ 148.3 yuan since February 1995, and it re-entered the market on February 9. The reason for doing more is mainly to predict the value-added subsidy rate, and later facts prove that this judgment is predictive. In fact, the market has not carefully calculated the trend of value ratio, which is largely a contest between financial strength and news. Here, instead of avoiding Guatian and Li Xia, Zhong Jingkai became famous and became a famous commander in chief. On February 23, many parties basically controlled the initiative. First, 800,000 people were raised to 148.50 yuan on the basis of the previous day's closing price, then 1 .20 thousand people attacked 149. 10 yuan, and then changed from110,000 people to 150 yuan. There were 2 million empty orders in the plate, but they were collected by many parties in an instant. This shows that it is not only the empty side that violates the rules, but also many parties have similar problems. However, for many reasons, luck always seems to go with it. In the last 8 minutes, the empty side actually lifted a rock and smashed its own feet, which also covered up the illegal facts of many parties to some extent.
Third, the impetuous treasury bond futures market.
Just as it is inevitable for all countries to move towards slippery railways, the derailment of the national debt futures market also has its own reasons. The treasury bond futures market began trial operation as early as 1992. But little known is that this so-called innovative treasury bond futures market is actually a pre-emptive product, even if it is not a whim of individual leaders of the Shanghai Stock Exchange. 1992, the then Shanghai Stock Exchange leaders came back from a trip to the United States and felt itchy. He wants to add a futures business specially designed for investors in the Shanghai Stock Exchange when the CSRC has just been established and can't manage futures. After discussion by the leading group, we chose treasury bonds futures. At the end of 1992, the first batch of 19 treasury bonds were commissioned by merchants. 1993 10 10 was opened to social investors on October 25th. Unexpectedly, treasury bonds futures are different from stocks. This is a wild mule. Once started, it can't be dragged.
The national debt issued by 1992, after one year's issuance, is only priced in 80 yuan in the secondary market, and the depressed market is undoubtedly in great need of stimulation. Nevertheless, at the beginning of the establishment of the treasury bond futures market, there were not many participants, the market scale was small and the trading volume was light. At the beginning, the Shanghai Stock Exchange stipulated that the margin should be set at 2.5%, the individual position should not exceed 30,000, and the institution should not exceed 50,000. However, in the process of implementation, the control of positions is gradually loosened. For example, 400,000 jobs are allowed in all countries.
On the morning of February 23rd, the leaders of Shanghai Stock Exchange were told that someone had placed a one-time order of 2 million yuan. "Who is it?" "Wuxi Guotai." "Blockade immediately. Check what is going on. " It is reported that Liao Guofa placed the order. Do you accept the forfeiture of the deposit? Answer: No, why? A person from Wuxi Guotai said, "He is my boss." The leader is complaining bitterly. Just as Guan Jinsheng asked for an audience, he asked: How big is your position? A: There are 700,000 people. Didn't I tell you to open 400 thousand mouths? A: Borrow Jinhua Trust. In fact, the old manager said 2 million, but he didn't tell the truth. "Then close the position quickly." The leader seems to have sensed that something is going to happen. However, Guan Jinsheng has not listened to any advice at this time. He didn't come to the Shanghai Stock Exchange to liquidate his position. He wants the Shanghai Stock Exchange to help him get a notice that he hasn't received the discount yet, and he also wants to bend his position. Of course, the Shanghai Stock Exchange can't promise anything more. Half an hour before the market closed in the afternoon, the Shanghai Stock Exchange found that the volume was wrong and was anxious to check it quickly. At the end of the investigation, the market was closed. The Shanghai Stock Exchange held an emergency meeting and there was no consensus. The leader is anxious: "Listen to me and withdraw the order!"
That night, the Shanghai Stock Exchange announced that trading was abnormal after 23rd 16: 22 and 13 seconds. After investigation, a member company deliberately violated the rules and affected the settlement price of the day. Therefore, all transactions of 327 varieties after 16: 22 and 13 seconds are invalid. This part of the transaction is not included in the settlement price, volume and position of the day. After adjustment, the turnover of treasury bonds on that day was 540 billion yuan, and the closing price of 327 varieties on that day was 15 1.30 yuan, which was the last transaction price before the violation. The Shanghai Stock Exchange also said that it will take corresponding measures for tomorrow's treasury bond futures trading. The member companies that violate the rules will be dealt with seriously with the relevant departments after further finding out the relevant situation.
Nevertheless, the Shanghai Stock Exchange has rightly received many accusations:
Why doesn't the Shanghai Stock Exchange control positions? Why are there 2 million or even tens of millions of seals?
Why can some members do business without margin on their accounts? /kloc-0.56 million people need to deposit 5.28 billion yuan. Is this money really in the account?
Why is there no early warning control when the price difference reaches as much as that of 4 yuan?
Why not set up a price limit system? ……
1September 199515th, Wei was removed from the post of general manager of Shanghai Stock Exchange and voluntarily left the securities industry for a self-determined period of three years.