Please contact Datong Securities, which was taken over at the time, to find out
On September 7, 2002, the China Securities Regulatory Commission issued a document clarifying the final fate of the much-rumored Dalian Securities— —Closure of business for rectification. In fact, this largest securities company in Dalian, which has been established for 14 years, is likely to disappear. Less than a month after Anshan Securities was revoked, Dalian Securities collapsed, which to a large extent reflects the common problems faced by Chinese securities companies at a specific stage of historical development: poor management, illegal and illegal operations, and huge financial black holes. The lessons must be said. It is extremely profound and painful. Weekly reporters were in Dalian and witnessed the sad "last moments" of Dalian Securities
The working group moved in and the headquarters was taken over
Saturday, September 7. Dalian people are enjoying the unique autumn colors of this coastal city, but in the multi-functional hall on the third floor of Dalian Life Insurance Building, the atmosphere is so solemn that even breathing feels like a burden. At 2 p.m., the Dalian Securities Suspension and Rectification Working Group, formed by the China Securities Regulatory Commission, together with the Liaoning Provincial and Dalian Municipal People’s Governments, held a special meeting attended by all Dalian Securities employees here to announce the decision of Dalian Securities to suspend operations and rectify.
This decision is what people saw through the media two days later. Legitimate rights and interests, in accordance with the "Securities Law of the People's Republic of China" and relevant national regulations, the China Securities Regulatory Commission decided to set up a suspension and rectification working group together with the people's governments of Liaoning Province and Dalian Municipality to implement suspension of business and rectification of the company from now on. During the period of suspension of business and rectification, the securities business department of the company will be under the custody of Datong Securities Co., Ltd. and will continue to operate. The legal principal and legal interest of the company's natural person debts after registration and confirmation will be repaid in accordance with the law. The specific measures will be determined by Dalian Securities Co., Ltd. for suspension of business and rectification. The working group will make a separate announcement."
The leaders participating in the Dalian meeting come from various competent authorities: Li Zhengqiang, deputy director of the Institutional Department of the China Securities Regulatory Commission, Ge Lefu, director of the Liaoning Provincial Financial Affairs Office, and the director of Dalian City’s finance department. Vice Mayor Dai Yulin, Deputy Director of the China Securities Regulatory Commission’s Special Office in Dalian Zhang Jidong, current Chairman of Dalian Securities Guo Dan and Chairman of Datong Securities Zhang Kaihua. The participation of Director Xu Wei of the Dalian Municipal Public Security Bureau showed that the working group attached great importance to safety and order inside and outside the venue.
The suspension and rectification working group consists of six parts: the comprehensive group, the financial group, the assets and liabilities group, the legal group, the custody coordination group, and the creditor's rights registration coordination group. As the leader of the suspension and rectification working group, Li Zhengqiang first read out at the meeting the "Decision of the China Securities Regulatory Commission on Implementing Suspension and Rectification of Dalian Securities Co., Ltd." and the "China Securities Regulatory Commission on Designating Datong Securities Co., Ltd. to host Dalian Securities Co., Ltd. Notice from the securities business department of the responsible company. Later, Li Zhengqiang particularly emphasized the working principles of the working group: maintaining social stability and preventing and mitigating financial risks.
Zhang Kaihua, chairman of Chase Securities, who is responsible for business custody, also spoke at the meeting. According to Zhang Kaihua, Datong Securities has trained personnel involved in custody work, and some staff have been sent to business departments in various places. The other staff will be in place before the evening of September 4 to implement the supervision of Dalian Securities’ securities business across the country. comprehensive management of the department. It is understood that, depending on the specific situation, Chase Securities will send two to three staff to each Dalian Securities business department. During the custody period, all decisions must be signed by the heads of both Chase and Dalian Securities before they can take effect.
Guo Dan, chairman of Dalian Securities Company, had tears in his eyes when he spoke. Guo Dan stated that he must do a good job of cooperation. The trembling voice showed that the woman must not be calm at the moment.
Finally, Zhang Jidong, deputy leader of the suspension and rectification working group and deputy director of the China Securities Regulatory Commission’s Special Office in Dalian, announced the work discipline of the working group and put forward three specific requirements: treat the suspension and rectification work correctly, abide by all regulations rules and regulations, and enhance the concept of legality. It also requires senior executives, department heads and every employee of Dalian Securities not to resign, not to leave their posts, not to leave the country, and are not allowed to leave Dalian under normal circumstances. It also specifically requires that during the period of business suspension and rectification, not to listen to rumors or spread rumors, and to focus on stabilizing creditors, stabilizing shareholders, and stabilizing employees.
After the meeting, the leaders of the six groups in the suspension and rectification working group met with the senior executives and department heads of Dalian Securities Company and the heads of the four business departments within Dalian respectively. The takeover work was tense. And unfolded in an orderly manner.
The situation is under control and investor sentiment is stable
Monday, September 9, is the first working day for Datong Securities to officially take custody of Dalian Securities, and it is also the official establishment of Datong Securities. The first working day of the first anniversary. Early in the morning, the reporter came to the Dalian Securities Sales Department located at No. 721 Zhongshan Road, Shahekou District, Dalian City. Different from the previous trading days, announcements from the China Securities Regulatory Commission, the working group and the Dalian Public Security Bureau were posted at the door of the sales department. The seats where the security personnel of the sales department used to sit were replaced by four public security personnel, and the security personnel were walking back and forth in the hall. On the north side of the hall, a debt registration and consultation office has been set up. There were also some serious-looking people with small briefcases in their hands scattered in the hall. The reporter recognized that some of them were staff members who participated in the takeover meeting on September 7; there were also some people in casual clothes holding public security personnel in their hands. Commonly used walkie-talkies. Apparently, vigilance has been stepped up in the sales department.
At the scene, five staff members were distributing creditor's rights registration guidance and detailed instructions to the four creditor's rights registration points in Dalian to customers, and were constantly answering questions from customers who came to consult. Most of the people who came forward to inquire were in their fifties or sixties. Some people walked away after hearing that it had nothing to do with stocks. Some people bought bonds and looked at the two pages of registration paper worriedly. Since it was rumored that the problems encountered by Dalian Securities were mainly bonds, the reporter interviewed several customers who had bought bonds on the spot. According to them, they decided to buy bonds because interest rates were high. "Because there are so many people buying, it's quite difficult to buy. It's not for sale if it's less than 100,000 yuan. You have to find someone you know to buy it." An investor told reporters: "Because it was said at the time that it was buying treasury bonds. I didn’t expect that there would be any problems.” Some investors said confusedly: “I didn’t know what kind of debt it was at the time, so I just bought it because the interest rate was quite high.”
A common concern among investors is whether the principal and interest can be recovered. The person in charge of creditor's rights registration consultation in the lobby constantly explained to customers that in order to ensure that the principal and interest of creditors can be paid, the People's Bank of China has prepared 1.4 billion yuan of funds. The principal and interest can definitely be guaranteed. There will be problems. One of the 40-year-old staff at the information desk seemed to be very familiar with the customers there. He tried to comfort a customer: "I know you bought a lot. It's okay. I will definitely pay it back." The customer said: " At that time, I asked you to buy it." "Yes, Dazheng has been selling government bonds since 1993, and nothing has ever happened. If it weren't for the original boss's problem, how could it have happened?" The customer refused. He asked, "Did you buy it?" The staff member lowered his head, adjusted his glasses and said, "No, I don't have any money."
At about 9:30, the sales department began to Shuttle buses are sent to various debt registration points in the city. The reporter then came to the friendly branch of Dalian China Merchants Bank (Related, Quotes) located on Kunming Street, Zhongshan District, Dalian City. According to a staff member of the branch, this is the largest debt registration point of Dalian Securities in Dalian. The working atmosphere of the bank was as usual, except that there were two more sun umbrellas outside the door, and several public security officers were sitting under the umbrellas. As soon as the reporter approached the door of the bank, a female police officer came forward and asked if she was here to register a debt. Only two of the original nine business windows in the hall were left to handle regular business, and the rest were temporarily converted into creditor's rights registration windows. The reporter only saw one or two people handling creditor's rights registration.
According to a person in charge of the branch, as of 11:00 noon, *** more than 20 customers came to register their claims. Due to regulations, the person in charge did not say another word.
In the afternoon of the same day, the reporter came to the Dalian Securities headquarters located on the 25th floor of the Dalian Life Building. The staff at the front desk are already in place, and the signboards of various departments on the floor have been covered by the Securities Regulatory Commission's announcement. It seems that the work order has improved. Previously, before the China Securities Regulatory Commission went to announce the decision to suspend operations for rectification, reporters went to Dalian Securities many times to understand the situation. Although the internal staff were very tight-lipped and refused to answer any questions, they even refused to tell the registration time of Dalian Securities. , but judging from the ease of entry and exit of Dalian Securities at that time and the open door of the office, it can still show a somewhat chaotic situation. It is not difficult to imagine that when such a big thing happens in the company, and one does not understand the specific situation and has no idea of ??where to go, who can not be panicked.
The mystery of the chairman’s detention remains to be solved
Dalian Securities is the earliest securities firm in Dalian and the only professional securities company with lead underwriting qualifications in Dalian. It was once the largest securities company in Northeast China. One of the largest cross-regional brokerages. Why did it take 14 years to reach the point where it suddenly collapsed today?
This has to mention Shi Xue, the former chairman and general manager of Dalian Securities. Shi Xue took office in 1996 when Dalian Securities increased capital and expanded its shares, and left after the Spring Festival in 2002. The two women who succeeded Shi Xue were Guo Dan as chairman and Lu Jia as general manager. Regarding Shi Xue's whereabouts, Dalian Securities only stated in an internal document on September 3, 2002 that Shi Xue, the former chairman and general manager of the company, had been arrested for allegedly participating in illegal operations. As for the specific circumstances of the case, the relevant personnel were tight-lipped; the China Securities Regulatory Commission’s announcement did not mention any details of Dalian Securities and Shi Xue’s suspected illegal operations.
Previously, there were a lot of market rumors, and reporters tried to figure it out. However, because insiders and relevant departments were too strict about the case, it was difficult to figure out the details one by one. It can only be described in outline.
According to analysis by local industry insiders in Dalian, the problem of Dalian Securities lies in the issuance of fake treasury bonds, which is why the aforementioned registration of claims for customers has been mentioned repeatedly.
Dalian Securities has the business of underwriting treasury bonds. However, while selling treasury bonds normally, it has also issued a large number of fake certificate-style treasury bonds to customers in the name of entrusting the sale of treasury bonds. That is to say, Dalian Securities does not have that many to sell. Underwritten treasury bonds, but still issued certificates to customers in this name to defraud funds. At the same time, because Dalian Securities was unable to recover funds in time for investments and advances, it further adopted the method of issuing new fake government bond certificates to repay old debts, sinking deeper and deeper into the quagmire, and the debt snowball grew larger and larger. According to the 2001 audit report of Dalian Securities issued by Dalian Xinyi Accounting Firm, more than 44.08 million yuan of receivables overdue for more than one year have not been recovered. According to speculation by relevant people, the number of fake government bond certificates issued by Dalian Securities is estimated to be around 400 million yuan, and the amount of unrecovered foreign investment is about 1 billion yuan. In addition, Dalian Securities is also suspected of misappropriating customer deposits.
The extent of Dalian Securities’ financial black hole remains to be thoroughly investigated by regulatory authorities. An industry insider who participated in the liquidation work of Anshan Securities analyzed that when Anshan Securities was taken over by the liquidation team, the book cash flow was only 3 million yuan, which meant that normal transactions would not be maintained the next day, and the cash flow situation of Dalian Securities It might be relatively better. According to the manager of a business department of Dalian Securities, the operating conditions of their business department have always been very good, and they are ranked among the top in Dalian City. If there were no problems with the senior management, they would not be in this situation.
At present, there are various local speculations about the Dalian Securities issue, but there is no clear official statement yet. An official from the regulatory department said that in order to avoid causing greater losses, the shutdown and rectification work must start as soon as possible, so we can only conduct an inventory while rectifying, and only after all doubtful points are clarified can we make handling opinions.
The inside story of the case was revealed, pulling out the carrot and bringing up the mud
In March 2000, some media published that the Hainan Provincial Materials Auction Market would auction Hainan Huayin International Trust on March 23 Announcement on the equity of Dalian Securities held by the investment company (hereinafter referred to as Huayin Trust) in the name of the relevant unit. Three days later, three units including Beijing Zhongtian Aerospace Investment Co., Ltd., Dongbei University of Finance and Economics, and Beijing Dajinyuan Co., Ltd. issued a joint statement stating that the equity to be auctioned had been transferred to the three units, and any unit or individual The disposal of this equity is illegal, and it said that it will reserve the right to pursue legal liability.
It is reported that the equity held by Huayin Trust in the name of the relevant unit was auctioned because the company invested the deposits of two other Hainan creditors in its company into Dalian Securities in the name of a third party. The company (now Dalian Securities) serves as a share of Huayin Trust Investment. The court determined that the above-mentioned equity was actually owned by Huayin Trust. In order to repay the debt owed by Huayin Trust to its creditors, the Hainan Provincial Intermediate People's Court commissioned the auction market to publicly auction the 16 million Dalian Securities equity held by Huayin Trust in the name of Dalian Shipyard. 10 million shares of Dalian Securities held in the name of Dalian Trust, and 10 million shares of Dalian Securities held in the name of Dalian Port Authority.
The court emphasized that when the above-mentioned equity was seized, no unit raised any objection; when the court sent people to the Dalian Industrial and Commercial Bureau to investigate, it did not see Beijing Zhongtian Aviation Investment Co., Ltd., Dongbei University of Finance and Economics and Beijing Dajinyuan Co., Ltd. nominally own the registration of the equity of Dalian Securities Co., Ltd. These three units issued a joint statement in response to the court's decision when they failed to submit a dispute over the equity in writing to the court in accordance with legal procedures. Disdain.
Beijing Zhongtian Aviation Investment Company, Northeast Finance University and Beijing Daijinyuan claimed that they had entered into negotiations with Dalian Shipyard on March 10, 1998, July 16 and February 19, 1997 respectively. , Dalian Port Authority and Dalian Trust signed an equity transfer agreement, transferring a total of 36 million shares of Dalian Securities held by them, so they have undisputed rights to these 36 million shares.
Dalian Shipyard also confirmed that Huayin Trust had indeed held 16 million shares of Dalian Securities in the name of the factory, and Huayin Trust sent people to attend every shareholders meeting of the company. But two years ago, Huayin Trust had transferred this equity.
Northeast Finance University stated that they purchased 10 million shares of Dalian Securities from Dalian Trust, and these 10 million shares were transferred by Dalian Trust from Huayin Trust in 1997, but after the shareholder change Failure to go to the local industrial and commercial bureau to complete the change registration procedures in time.
On the eve of the equity auction, the Hainan Intermediate People's Court temporarily terminated the auction, waiting for the Supreme People's Court's ruling.
The matter did not end there. The case attracted the attention of relevant departments and it was discovered that Huayin Trust had become the major shareholder of Dalian Securities, and Shi Xue himself also served as the chairman and general manager of Dalian Securities. and the principal person in charge of Huayin Trust. With the in-depth investigation of the Huayin Trust case, relevant parties followed the clues and led to the suspected illegal operation case of Shi Xue and Dalian Securities. Shi Xue himself was imprisoned for this.
An anonymous person from a securities research institute said that certain violations of Dalian Securities existed in large numbers at certain times in the past. Problems such as the misappropriation of customer margins often occur when customer margins are not separated from the brokerage's own capital accounts. Even now, they have not been completely resolved, leaving a large number of financial black holes.
The investigation and handling of Dalian Securities seems to be relatively decisive, and various signs indicate that the China Securities Regulatory Commission has increased its investigation and punishment efforts in this area. After Anshan Securities was "suspended", market participants analyzed that in order to maintain superficial calm, relevant parties may "suspend execution" of securities companies such as Dalian Securities that have verified the basic truth. The clarification of the Dalian Securities problem shows the determination of the regulatory authorities to clean up the old accounts of securities companies and promptly investigate and deal with current problems. Although this move may be accused by some people of exacerbating the loss of market confidence, more respondents believe that long-term pain is worse than short-term pain. If handled in a timely manner, it can reduce the uncertainty of the market's future and more effectively Preventing parties from fleeing and historical materials from being destroyed, and more importantly, effectively establishing a post-event punishment mechanism are fundamental to market development.
Related background
Dalian Securities Co., Ltd., formerly known as Dalian Securities Company, was established in June 1988 with a registered capital of 10 million. It is the first professional securities operator in Dalian. mechanism. From 1995 to 1996, in accordance with relevant national policies, the company implemented decoupling restructuring and the first capital increase and share expansion. The capital was expanded to 100 million yuan, and it was renamed Dalian Securities Co., Ltd., with its headquarters in Dalian.
Before the suspension of business for rectification, Dalian Securities had 22 business departments across the country, and had regional management headquarters in Beijing, Shanghai, Shenzhen and Shenyang. Successfully completed stock issuance and underwriting tasks for 50 companies as the lead underwriter and deputy lead underwriter.
As of 2001, the company had 453 employees, with an average age of 31 years old.
According to statistics provided by Dalian Securities, the securities transaction volume in 2000 was 76.06 billion yuan, and the fee income was 238 million yuan. As of the end of 2000, Dalian Securities had 239,000 shareholder accounts, ranking 33rd and 39th respectively in the Shenzhen and Shanghai stock exchanges.
Shi Xue, chairman and general manager of the company from 1996 to 2001.
From 2001 until it was taken over, the company was led by Chairman Guo Dan and General Manager Lu Jia.
Datong Securities Co., Ltd., established on September 8, 2001, with a registered capital of RMB 1.18 billion, is a national comprehensive securities operating institution. Datong Securities was re-established on the basis of Dalian Financial Securities Company and Dalian Huaxin Trust Company, absorbing some corporate funds in Dalian City and increasing capital and shares. Currently, there are more than 20 business institutions in Beijing, Shanghai, Shenzhen, Tianjin, Chengdu, Taiyuan, Hangzhou, Dalian and other places. It is currently the largest securities firm in Northeast China, and its current chairman is Zhang Kaihua.