There are many different opinions on how the largest bull market in China's securities market on May 19, 1999 was brewing and what was behind it, but the truth remains unclear.
Cheng Ran was also confused for a while. There were several key points. Without comparison and verification, it would be impossible to get an answer.
And now, Cheng Ran can more or less see the clues.
Because chance never happens twice.
A big policy impact is necessary first. At that time, Zhou Zhengqing, chairman of the China Securities Regulatory Commission, held the view that the capital market must play its "functionality" and should not experience big ups and downs, but should grow in a "slow bull" manner.
And along with the national economic construction, it will maintain sustained, healthy and prosperous development.
Today, the A-share market has been in a slump for nearly one or two years. Compared with the high point in 1998, the Shanghai Composite Index has fallen by 25.4%, the Shenzhen Composite Index has fallen by 24.9%, and countless stock funds have fallen below their issue prices.
The gloomy market makes it impossible for the country to raise funds for economic development, and state-owned enterprises cannot get out of trouble. People cannot buy stocks for investment purposes. Once they buy stocks, they are trapped and lose money. Who dares to enter this market
The CSRC, led by Zhou Zhengqing, formulated six policies after careful research. However, these six policies were far from enough to be implemented by the CSRC alone, so the CSRC quickly reported to the State Council. The State Council, together with the Ministry of Finance, the Central Bank, the National Development and Reform Commission and other departments, after some consultation and discussion, finally decided to approve the policy.
However, the policy itself was only implemented internally and was not intended to be announced to the public. But the strange thing is that the media somehow got to know all of it and then announced it in advance on May 16.
If the policy can meet the needs and meet general expectations, it will be a timely rain for the dry land.
At least judging from the subsequent impact, the policy issued by the CSRC was indeed thorough in investigation and analysis, and the measures introduced were accurate, decisive and powerful.
However, the market will not be effective just by raising your hand. Even the most powerful policies will be useless without ammunition.
Ammunition is money.
The large-scale capital increase and stock expansion of securities companies and the rapid development of closed-end funds provided such ammunition support. In addition, the listed companies at this time were not large and the circulating stock market was even smaller. The market makers could easily absorb chips, even 90% of the circulating chips, so they were able to easily manipulate stock prices to soar.
Imagine a dozen closed-end funds with a scale of 20 to 30 billion, one after another, pushing the stock price up continuously. The bolder the dealer is, the larger the territory he can occupy. It looks grand and lively, but in fact, the dealers are the winners. Ordinary investors and stockholders follow one after another, but rarely make big money.
Many famous figures have emerged in the midst of such events, breaking through and becoming talked about by people, but only those who have experienced them know the dangers, fierce fighting and the fortunes that come to them.
However, it does not prevent people from looking forward to the scene created by the special history of this era. Since then, every May, someone will bring up this matter again and again, hoping for another wave of history and the reappearance of the east wind leading to wealth.
What was Cheng Ran doing before this schedule arrived
It is probably a life of going back and forth between school and home every day. Campus life is as peaceful as ever. The world of ivory tower does not have as many turbulent waves as the outside world.
The unpleasantness caused by Zhang Yu before and Jiang Hongshao seemed to have faded, at least the cold war was over. In fact, the things they had experienced together could not be diluted by some unpleasantness and quarrels in reality.
The real frankness between the two began when they sat side by side during physical education class that day after the embassy bombing, breaking the ice and chatting in the evening.
After the sudden outbreak of a major national event, some faint suppressed emotions lingered in the hearts of the two people in the changing situation.
It seemed that because of this, Jiang Hongshao no longer had the intention to compete with Cheng Ran. Instead, she just naturally felt like moving closer to the person she trusted at this time.
Maybe some things that have happened cannot be undone. Maybe some emotions, whether anger, sadness or confusion, cannot be resolved through words or external comfort.
But it is often the case that when you are lost and don’t know where to live, what you may need is not a sermon, but a bright look looking at you. When you are sad and drunk, what you may need is not a flowery persuasion, but someone who can accompany you to get drunk. When facing the thousands of troops of life and the heavy hand of fate that is so dense that you can’t breathe, what you may need is not a heroic and majestic shout, but the back that says "I will come, you cover the rear".
During the conversation that night, Jiang Hongshao said, "I told Zhang Yu that I think he is wrong."
Cheng Ran was stunned, recalling the gentle voice of Lao Jiang when she said this on the phone. He thought to himself, she has always been stubborn and has her own independent opinions and views that will not be easily shaken. Is she showing weakness to him
Cheng Ran laughed and said, "Actually, what I said at the time was a bit too much, but I always felt that a serious illness requires strong medicine, otherwise he will not be able to recover."
Jiang Hongshao said, "It's not that exaggerated. Maybe they have a grudge about this matter, but it's not to this extent. They are not completely cut off from each other. My aunt planned to talk to Zhang Yu during her return to China. My aunt said that everyone wanted to argue about who was right and who was wrong, but in retrospect, it might not be a pity. If she had really gone on with Zhang Yu at that time, maybe because of the differences in their mentality and personality, they would have had disputes in a few years, and they might even get divorced. So it may not be a bad thing now."
Cheng Ran suddenly realized, yes, in fact, there are not so many obstacles that cannot be overcome. The reason why there were obstacles at that time was just because you did not have the strength to match them, whether it was personal strength or mind. I was still confused by the situation and did not see this.
It also means that although the reborn self has experience and knowledge, he will actually be affected by the current environment and his young body and mind. Just like him and Jiang Hongshao now, they are still teenagers. Can those precious and heart-stirring things they have experienced withstand the changes of time
Only he knew that what Zhang Yu said was actually right.
When you were a teenager, there was a girl who performed on stage with you. You thought you would never forget the shy feeling you had when you looked at her face. You thought your life would be dull without the figure you waited for under the trees every day after school. You said to your like-minded friends, I will keep playing football, I will keep running our vocal club, and I will persevere in starting a business...
The reality is, none of this counts.
The determined young man who shouted that he wanted to kick the ball has become a middle-aged bald man with a big belly who only knows how to buy outdoor equipment. The band members who promised to make music, write songs and release albums to become popular are now tirelessly selling insurance to people, or doing micro-business in the circle of friends, and showing off a bunch of Ferrari and Bentley keys bought from Taobao for 9.9 yuan with free shipping at every party.
Time is the cruelest thing in this world, because people will become indifferent and numb after living for a long time.
It is said that we should not forget our original intentions, but you who had such an original intention back then could spend half a year's savings to travel thousands of kilometers across the ocean just to see him. You can get so excited when you mention something you are interested in that you can't bear to give up day and night.
However, in the end, all the things we say we should "not forget" are actually because we have forgotten them.
You have forgotten the face that used to make your heart beat faster, and you have forgotten the figure that once made you feel like the world was unimportant when you saw it under the trees.
So, will they forget the days and nights when they painted the cultural wall behind the isolation wall together, rode bicycles together to catch criminals, confronted experts together, and communicated through phone and text messaging chat software
Perhaps sensing some kind of emotion from Cheng Ran, Jiang Hongshao said, "Cheng Ran, we all did very poorly on this exam."
Cheng Ran laughed and said, "Does this count as the Condor Heroes disappearing from the martial arts world?"
"Don't let them disappear from the martial arts world," Jiang Hongshao said with a smile on the other end of the phone, "We need the Black Wind Twins to stir up unrest in the martial arts world."
Cheng Ran said, "You are still cruel."
After a pause, Jiang Hongshao said, "I know you've been delayed by something recently, so I'll take a break too. You know, it's still lonely when you stand at a high place for a long time..."
"That's a very annoying thing to say."
"Come on, come on, hit me," Jiang Hongshao laughed over there, and then said, "But next, by the end of this semester, our task is still to study, right? I hope you can handle these and hand in a satisfactory answer sheet... Well, let's do it together."
Cheng Ran smiled, "Don't you think that when you said 'our mission is still to study'... you were so cute."
"Cheng Ran, stop talking nonsense... You're asking for a beating."
…
Yes, you have to submit a satisfactory answer.
And what Cheng Ran is going to do next is fill in the answer sheet.
May 19th.
The Shanghai and Shenzhen stock markets suddenly pulled out a big positive line from the lowest point of 1057 points.
Sectors led by Technology Valley, Internet stocks, blue chip stocks and state-owned enterprises are vying to lead the market and ignite the market.
Among them, Internet stocks and technology stocks became the strongest leading sectors, with almost all stocks rising.
Cheng Ran bought Dongmingzhu shares at a price of 10.8. After several trading days of gains, Cheng Ran gave Zhao Qing instructions, "Sell immediately and hold one-third of the position!"
Zhao Qing had already been holding the phone waiting for Cheng Ran's transfer. When he received Cheng Ran's order, his voice was still trembling as he repeated, "The current price is 21.92, sell two-thirds of the position, I will start immediately. Now the market is rising, no matter how many orders are sold at this position, I will take all the orders below, and I will take whatever I can!"
Zhao Qing paused for a moment and said, "We bought Guangxin shares at 9.2, and now it's 18.54. Do we need to sell them as well?"
Cheng Ran shook his head. "Don't worry. We haven't reached the top yet. Hold on a little longer. When the price breaks 20, we will sell two-thirds of the stocks. At that time, the dealer will not push the price up anymore. It depends on what the dealer does. There is a high probability that there will be a continuous shock in the future. The traders will be shaken out by continuous declines. That will be the best time for us to buy stocks!"
"Shensanda is a bit strange, the trend is hard to understand... It hasn't risen much."
"It doesn't matter. Let's wait and see. We'll talk about it when we have the chance."
Cheng Ran frowned. This check didn't seem to match his expectations. It was obvious that when the market was rising, this check was still being held. It was a little strange, but it didn't matter...
Of course, Qin Xizhen, who was far away in the United States, did not know these details. She only looked at the stock information that Cheng Ran gave her and saw the purchase price and the current price.
Just by calculating the number of stocks and the increase in share price, she felt her brain buzzing.
Then, in this small villa in Las Vegas, a crisp scream broke out, just like a little girl seeing a Christmas toy for the first time.