In February 1995, it was rumored in the market that the Ministry of Finance might have to redeem the 327 national debt at a face value of 148 yuan instead of 132 yuan. But Guan Jinsheng, who has always been going well, doesn't view it that way. He wants to lead IWC to go short.
On February 23, 1995, the Ministry of Finance issued an announcement stating that the 327 treasury bond will be paid at 148 yuan and five cents. On February 23, the China Economic Development Corporation led many parties to take advantage of the advantage to cover up and kill, and it has been attacked to one hundred and fifty one yuan. Then Liao Guofa, the Allied Forces of All Nations, suddenly changed to a long position. The 327 national debt rose by 2 yuan within 1 minute, and after 10 minutes it went up by 3 yuan 0.75!
Every time the 327 national debt rises by 1 yuan, the International Securities will lose more than one billion yuan! Guan Jinsheng's eyes reddened and he ignored everything. At 4:22 in the afternoon, Kong suddenly launched an attack, first hitting the price from one hundred and fifty three yuan to one hundred and fifty yuan with 500,000 mouths, and then hitting the price to one hundred and forty-eight yuan, and the last one was 730. The huge selling order of 10,000 mouths hit the price to one hundred and forty-seven or four yuan. The face value of the 7.3 million units sold was 1.46 trillion yuan, which was close to 1/3 of China's 1994 GDP! It can be said that Guan Jinsheng was only one step away from disrupting China's financial market and bringing China into an economic crisis. How dangerous!
In the evening, the Stock Exchange urgently announced that all transactions after 16:22:13 on the 23rd were invalid, and the closing price of the 327 variety on that day was the last transaction price of 151,3, which was signed before the violation.
If delivery is due at the closing price set by the Shanghai Stock Exchange, IWC will pay 6 billion yuan; if calculated at 147 or 4 yuan, IWC will earn 4.2 billion yuan; if the position is closed at 151, IWC will lose money. 1.6 billion yuan. On the second day, there was a run on Wanguo Securities. Three months later, the treasury bond futures market was closed.
Fu Hua told Xiang Huaide about the whole process of the March 27 Incident, and then said: "After the March 27 Incident, Guan Jinsheng, President of IWC Securities, was arrested for the crime of manipulating securities and was later sentenced to 10 years in prison in 1997. In seven years, the godfather of the momentary stock market technology flow has fallen."
Jiang Yu smiled and said: "What Mr. Fu said is what the mainland officials said on the table, but in fact, our Hong Kong securities industry has another interpretation of this. We think this is Mr. Guan Jinsheng once. A classic trader that turns defeat into victory. It is a pity that he challenged an opponent who cannot be challenged, so his failure is doomed. Mr. Fu knows the origin of China Economic Development Corporation in this matter, right?"
Fu Hua smiled and said: "It is a relatively special enterprise. Its predecessor was the China Agricultural Development Trust and Investment Corporation. It was established in 1988 with the approval of the Ministry of Finance and the Ministry of Finance. It started with a prominent government background and extensive personal connections. In January 1992, it was renamed China Economic Development Trust and Investment Corporation, and its business extended to credit, securities, futures and industrial fields. The senior executives of CICC come from the Ministry of Finance, and they have an advantage over other securities firms in obtaining relevant information from the Ministry of Finance."
Jiang Yu smiled and said, "This is where the problem lies. China Economic Development Co., Ltd. dared to do more madly enough to void the last eight minutes of the day's transactions. This is all related to the strong background of China Economic Development Development Co., Ltd. Based on the special background of China Economic Development and China's crazy long-term behavior in the market, it is very likely that China Economic Development has participated in insider trading. When the market is not sure whether to increase the discount rate, it has received inside information and confirmed that the Ministry of Finance Interest rates will definitely be raised. If this assumption is true, this insider trading is one of the worst insider trading, even if it is not the largest insider trading case. The most strange thing is that in the March 27 incident, it is said that the China Economic Development Theory The profit on the company should be more than seven billion, but the actual funds in the CEIBS account are less than 100 million. The flow of the remaining funds is a mystery. In the end, Mr. Fu knows what crime Jinsheng was imprisoned on. Right?"
Fu Hua smiled and said: "In the end, Guan Jinsheng was sentenced to 17 years in prison for bribery and embezzlement of public funds, deprived of political rights for 5 years, and confiscated 100,000 yuan of personal property, but the charges did not involve illegal transactions."
Jiang Yu smiled and said, "Then Mr. Fu knows why didn't Guan Jinsheng be convicted of illegal securities trading?"
Fu Hua smiled, and said, "I just know the course of this case in general, and I don't know the inside story of this case, so it's really hard to answer your question."
Jiang Yu smiled and said, "This question will be understood with Mr. Fu's cleverness."
Fu Hua pondered for a moment, and said, "Could it be that you are afraid of involving China Economic Development?"
Jiang Yu laughed and said, "By the way, as far as I know, during the March 27 Incident, the reason why both parties are so big has serious violations. Legend has it that Guan Jinsheng is fancying economic development. If one party violated the regulations, he followed the violation. Therefore, if this case involves illegal transactions, the China Economic Development Corporation will also be punished. However, the role played by the China Economic Development Corporation in the March 27 incident is not only representative of the China Economic Development Corporation, but also Representing a certain real power department. Guan Jinsheng obviously realized who his opponent was during the trial and knew that he was in danger, so he did not hire a lawyer, so he accepted the court's ruling. In the days that followed, he never showed his face. Talk about it."
Having said that, Jiang Yu looked up at Xiang Huaide, smiled and said: "The general ins and outs of the March 27 incident are now basically known to Xiang Dong. I don't know what you can think of from this?"
Xiang Huaide was a little confused about what medicine Jiang Yu's gourd was selling. He smiled and said, "It seems to be very complicated."
Jiang Yu smiled and said, "This is indeed very complicated. I am not in a hurry to ask Xiang Dong to give me the answers to the few questions I raised today. Go back and think about it. If we want to understand, let's talk about the next step. Things. Come, let’s stop talking and drinking."
Jiang Yu turned his attention to drinking, and no longer asked any questions, securities and other things, just led Fu Hua and Xiang Huaide to drink.
After the dinner, Jiang Yu sent Fu Hua and Xiang Huaide back to the hotel, and then left. Fu Hua was a little tired from flying, and he drank a lot of wine at night, so he wanted to go back to the room to rest early. Unexpectedly, he was dragged by Xiang Huaide. Xiang Huaide said, "Don't rush back to sleep. Come and study with me. What kind of ecstasy is Jiang Yu and me?"
Fu Hua smiled and said, "Don't be so anxious, okay? We still have time to study this matter. Now I am very sleepy and want to go back to my room to sleep."
Xiang Huaide smiled and said, "That won't work, you can get a good night's sleep when you go back to the room, and I don't want to understand how Jiang Yu's problems can't sleep. Since we are here together , You should share the joys and sorrows, so I will never let you go back to your room to sleep.
Fu Hua smiled bitterly and said, "Xiang Dong, you can't sleep because you want the company to go public. What does this have to do with me?"
Xiang Huaide smiled and said, "Of course it does matter. I told you that if our company can go public, I am going to give you a sum of dry shares as a reward."
Fu Hua smiled and said, "This is forgotten. I won't take your share of shares. Do you know that this is illegal in itself?"
Xiang Huaide smiled and said, "It may be illegal to give it to you, but you can work around it. You can find a friend as an agent to help you with it. If it is illegal, it is legal."
Fu Hua smiled and said, "Forget it, I don't want to cause so much trouble. I am very grateful that you can put me back to sleep in my room now."
Xiang Huaide said: "Don't, even if you don't want to take advantage of the stock, can't I still invest in your Haichuan City? You are not willing to help me for this?"
Fu Hua smiled and said, "Dong Xiang, don't you threaten me, okay? The point is that I have been thinking about it all night, and I still don’t understand how Jiang Yu’s question is related to your company’s listing. , So even if I stayed up with you this night, I can’t help you. You might as well let me go back to sleep, my brain is clearer, maybe I will think of the key to some problems."
Xiang Huaide thought about it, so he let go, and said, "Okay, you can go back to sleep, but I will suffer. I will definitely suffer from insomnia this night."
Fu Hua smiled and said, "You do it for your company. It's okay to lose sleep. I'll go to sleep when I'm done."
Fu Hua went back to the room and wanted to sleep after taking a shower. Unexpectedly, because of Xiang Huaide's entanglement just now, his sleepiness disappeared, and he couldn't fall asleep lying on the bed tossing about.
Finally Fu Hua didn't sleep anymore, and knocked on Xiang Huaide's door. Xiang Huaide opened the door and asked, "What's the matter?"
Fu Hua said: "I can't sleep because of you, so I will come over and study Jiang Yu's problem with you."
Xiang Huaide smiled and said, "It deserves it, who told you to be so unjust. Come in."
Fu Hua entered Xiang Huaide's room. In order to prevent sleepiness, Xiang Huaide specially asked the hotel to bring them coffee. Fu Hua took a sip of coffee, then looked at Xiang Huaide and asked, Xiang Dong, what do you think is Jiang Yu's main intention for asking these questions
Xiang Huaide said: "The questions Jiang Yu asked were stocks, money, and 327 government bonds. They have nothing to do with each other. I really don't understand his intentions. What do you think of his problems."
Fu Hua said: "I don't think there is no connection at all. In fact, these three issues are all related to securities. The key is that although they are all related to securities, I don't think it is related to your company's listing What connection."
Xiang Huaide smiled and said: "If these three things are related to securities, then I think Jiang Yu is here to remind me what I mean, but what should I pay attention to?"