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Talking about the house and stock

Edit: Lisa Source: Investor Report Date: 2018-05-07


Hainan is a big classroom, using facts to teach you what the market is.

The 1990s was a special era. There are too many events worth remembering. In this crucial decade, China’s future has become clear and confused by confusion.

Hong Kong and Macao returned to China, China completed the WTO negotiations, Beijing became the Asian Games, Shenzhou spacecraft flying, but the most noteworthy is the people's livelihood - housing reform, medical reform, laid-off and under the sea.

In the 1990s, the people in the system were pushed to the tide of the market economy. The grand revolutionary narratives of the past have gone far, and new desires for life have begun to dominate the era.

Just as today’s speculators discovered the “hype heaven” of digital currency and accompany the two major themes of “growth” of Chinese generations – houses and stocks. They also began to appear in the 1990s and developed wildly in the general market of rollercoasters. .

Some courageous lucky players took the chestnuts in this round of chaos in the bubble, and they were lucky enough to have accumulated their original wealth that was not clean.

  “Hainan is a big classroom, using facts to teach you what is the market”

In 1991, Zhang Baoquan, who graduated from the Beijing Film Academy, was happily preparing to shoot the first commercial film in life but received a notice of dismissal from the Bayi Film Studio. "If you don't make half a million of your money, just go to the sea and earn 500,000 for another shot," Zhang Baoquan decided to go to the south to look for opportunities.

He took the few hundred dollars of his body to this "unaccompanied" special economic zone. "When the aircraft door opened, the hot and humid air rushed toward me. The first feeling was like entering the sauna room." Zhang Baoquan's impression of Shenzhen was not good. "I was afraid of the heat." But Zhang Baoquan was still Shenzhen's asphalt. The road was shocked. In those days, many places in China were still gravel roads. The roads were barefoot people, and Shenzhen people were wearing good shoes.

In order to save costs, Zhang Baoquan lives in a cheap hostel without air conditioning. "I bought a box of instant noodles and stuffed it under the bed." He waited for an opportunity to find friends. A friend of the company resold approval and hand-held electric sewing machines in Shenzhen. The company added three bosses. Zhang Baoquan hopes to be the fourth person to end the state of “no-professional people”.

Once, the boss invited a lot of leaders to sing karaoke. This is also the first time Zhang Baoquan entered the K room. Among the guests were a couple of 50-60 year olds. A very beautiful singing girl sat in the middle of the couple. “Singing and singing, the old man put his hand into the back of the girl's clothes.” At that time, Zhang Baoquan was “frightened.” “His wife sat next to him.” The guests sang almost, the boss said: "What do the Bao brothers sing?" Then said: "This is the top student in the director department of the Beijing Film Academy."

“At that time, I felt very shameful, as if people said that you had just come out of the kiln.” In 2016, Zhang Baoquan remembered the cunning when he was in a villa on the outskirts of Beijing. “You might as well sing it. Southerners only look at the money.” At that time, art was not worth the money, and the money was the most valuable. The million-dollar family and the director went out and the smile on the face of the family was definitely for the ten thousand yuan household."

Later, Zhang Baoquan heard his boss's assessment of his friend at his office: Zhang Baoquan was a literati and he could not do business. "Basically I was sentenced to death." Zhang Baoquan had to leave Shenzhen, and after a few months he moved to another special economic zone, Hainan.

When he first arrived in Hainan, Zhang Baoquan did not have hot and humid air when he came out of the aircraft door. He only had the sound of a pile driver, and he was “drumbling” and “worked everywhere and instinctively felt that there was a chance in this place”. In 1992, it was the peak of the real estate bubble in Hainan. Funds headed by the Big Four Banks poured into the real estate market. “We must make money to Hainan. We must make a fortune and speculation in the off-season.”

Later, along with Zhang Baoquan, Feng Lun and Pan Shiyi, who were listed in the "four capitals of the capital" side by side in the real estate sector, have all started their original accumulation in Hainan. When Zhang Baoquan first arrived in Hainan, Feng Lun’s Wantong was raising funds, and others had sought Zhang Baoquan’s offer of shares. At that time, Hainan had a population of more than 1 million and there were more than 20,000 real estate companies. No one knew who the house had been sold to.

Zhang Baoquan went to Hainan to first meet with Ma Yuhe of Hainan Minyuan Company. The People's Source, which is preparing for listing, later became a big dark horse in the Shenzhen stock market. Ma Yu's graduation from primary school and the technique of “empty gloves and white wolf” made Zhang Baoquan greatly surprised. Ma Yuhe told Zhang Baoquan his story: How did you first get to Hainan and was defrauded to 400,000 of the only 500,000 capitals? How did you take the remaining 100,000 to cooperate with the troops to find a construction team? Build the house, and finally get the listing index. Although later the “dark horse” people source was forced to suspend business in 1997 and became a famous major case in the history of securities, this kind of thinking of capital operation left a deep impression on Zhang Baoquan at that time.

“That was the most crazy time in Hainan. Drumming and passing flowers. A poor man could become a millionaire overnight.” The millionaires then could reach the current billionaires. Hainan’s speed of making money in the past can make today’s currency circles shame.

Zhang Baoquan saw this myth with his own eyes. One person from Beijing to the sea, penniless, borrowed 2 million and bought two Mercedes instead of buying it. He specifically ran local leaders and invited leaders to eat and entertain. As a result, he approved a large plot and took out part of it. If you change hands, you really have money. After the rich man returned to his impoverished hometown, Guangzong Yaozu, he promised to help his hometown government get rid of poverty, and the county raised 20 million to him. He also promised to earn two or three times as much. He bought the money, but did not expect that the real estate bubble in Hainan soon burst.

"Land prices fell by half and it really became a 'negative'." Zhang Baoquan recalled the miserable situation of this friend: "Older families say he is a liar, 20 million is terrible to their home, and the oldest public security bureau comes When he arrived in Hainan, he was taken away. Later, he was told that he had been tortured and completely finished.” Zhang Baoquan said that when the bubble was the most miserable, it was a multi-millionaire and a millionaire, because they all loaned several times in the bank. Money is on the land.

Zhang Baoquan, who just arrived in Hainan, spent a lot of effort to register a real estate company. “It took a month and the chiefs and division chiefs all ran over.” Zhang Baoquan remembered that at that time there was no bus in Haikou. “If you can't afford to beat the bus, you can hit a motorcycle. The motorcycle is three bucks no matter where you go. But when you beat the motorcycle, you are afraid to see it. You get off at 100 meters from the Industrial and Commercial Bureau. Get your clothes done and walk in."

Zhang Baoquan remembered that at that time there was a "macro section chief". "The chief of the department was full of pockmarks. He not only had to invite him to dinner but also had to sing and dance." One month later, the money was used almost.

Zhang Baoquan was the entire company. "I have done everything by myself, including cooking, typing, cleaning, and general manager." At the time, "all financial institutions went to Hainan to do real estate," and there were many investors and fewer entrepreneurs. Soon there was a financial institution in Beijing who came to talk about cooperation. The assistant to the president hopes that Zhang Baoquan can help them register a real estate company. Zhang Baoquan, who just ran for a month in the Bureau of Industry and Commerce, helped them register the company one week later.

One day, the assistant to the governor took four or five people to the seaport. “I was very serious to negotiate with me to develop real estate in Hainan, and I was alone.” The conditions for negotiation are: all projects are divided into five-five, co-financing, joint operations, risk sharing, and sharing of profits.

"I was happy when I heard it. Because I have no money, it is definitely because they have to raise money. The bank has some money. It just doesn't work. So I use it to run." Very smoothly, the two sides signed joint development. contract. Zhang Baoquan also began a real business life. At the time of the end of 1992, there was only a few months left before the real estate bubble burst from Hainan.

When the bubble burst after six months, Zhang Baoquan has jointly developed three projects in Hainan. “Money will certainly not come back, but the assets are all because my contracts are well written. Although the prices have fallen, they have not yet become negative assets. At least financial institutions have no losses, but they can’t cash out. In this way, the bank is very grateful to me."

In Hainan, Zhang Baoquan also bought a ship for the shipping business. Wang Shi started his career in Shenzhen in the early years and started from the sea. "Judging that the economy is not overheating depends on the freight rate of the boat: if the economy is overheated, the freight rate must rise by 50% or even double. The shippers are looking for a ship. The shipowners are sleeping at home every day. When the economy is not optimistic, it is like now. Owners are looking for goods everywhere, but they still cannot find the owner."

In the early years when the economy was overheated, Zhang Baoquan's fleet went on to have three more 20,000-ton-class ships. Two years later, he became a shipping company with the top ten taxpayers in Hainan. "As soon as the Chinese New Year, the tax bureau sent us a red envelope. After two years of selling the boat, we made a lot of money." Zhang Baoquan did shipping while doing real estate. "At the beginning, I really did business and made money in shipping. After that, real estate began to collapse. The shipping company also supported our transition."

From the registration of the company in October 1992 to the collapse of Hainan real estate in June 1993, Zhang Baoquan experienced a baptism of the economic crisis. More than 20,000 real estate companies have closed down 95%, and three major landscapes have emerged in Hainan: “End of the World, Cape, and End of House”.

In 1994, Zhang Baoquan returned to Beijing to start a new business. “The South is very market-oriented. Hainan is a dream place for me. The most important thing is to tell me what the market is.” Beijing’s entrepreneurial environment was still very poor. “Beijing is a dual-track system and it is real estate in Beijing, or else State-owned enterprises must rely on relations in order to affiliate with state-owned enterprises." At that time, only 10 state-owned enterprises in Beijing had qualifications for real estate development. Zhang Baoquan wanted to develop the Jindian Garden project now located in Xizhimen, and found a total cooperation in residence. However, due to reasons such as changing leadership, the project was ultimately not successful.

Zhang Baoquan had to cooperate with a qualified real estate company of the Ministry of Civil Affairs, but just after the approval of the chapter was completed, the company of the Ministry of Civil Affairs had to revert. “In their name, they wanted to kick me out, sold the project, and made a fortune.” Zhang Baoquan was very angry. “I’ve already planned and bought a demolition room and I’ve already spent thousands. Tens of thousands of people, even tens of millions, are enough to make me bankrupt."

Later, Zhang Baoquan found a complaint from the Beijing Construction Commission that the company had only qualifications and had no development strength. The Beijing Construction Commission was also very aware of the situation before and after this project. Later, it was stated that the company of the Ministry of Civil Affairs must make a pledge of 20 million yuan to the Construction Account within two months, or else it will withdraw.

"In 1996, when it was the lowest level of real estate, they jumped up and down like crazy to get money. But for two months, to me, it was like a sentence of death." Fortunately, the other party did not find a penny. After the project was withdrawn, the project finally returned to Zhang Baoquan.

“Hainan is a big classroom. In a very short time, like a play, it tells you what is a market with facts.” In 1993, real estate regulation in Hainan caused land prices to drop by half a month, causing everyone to collapse.

However, in the early 1990s, Hainan’s real estate bubble trained a large number of entrepreneurs. Many of the 92 entrepreneurs who became famous in the past experienced peaks and crashes in 1993. "Zhang Baoquan said.

"In order to buy stocks, nothing can be ignored."

While Hainan's real estate has entered a frenzy, there is also a new kind of thing that is also being stired up by the people - stocks.

In August 1992, more than 1.2 million people flocked from all over the country to the Shenzhen Special Economic Zone and snapped up new shares to subscribe for a draw. They lined up day and night and a series of out of control caused chaos on the night of August 10. The Shenzhen Municipal Government responded with an emergency and called it an “8·10” incident. The private sector called it “8·10” stocks.

Yi Junpeng now serves as a mid-level member of a public institution in Guangdong. Prior to August 8, 1992, he was a junior high school student in Shenzhen who had no relationship with the stock. August 8th, Saturday, sunny. He was waking up to 7 o'clock in the summer vacation. The father told him to hurry up for breakfast and go out. "The team is already in line and people are everywhere."

The mother also urged her next: "Come on, hurry up. She doesn't wait for stocks!" She counted up what she was queuing up and waiting for: kettles, fans, oil, and more than a dozen identities borrowed by her relatives. certificate. Junior high school students understand what adults do, Yi Junpeng only remember that they see this line is particularly important, the summer vacation whether at home or to go to fellow students, parents are saying a new word: "play new." One day, Yi Junpeng asked what is “playing new”. His father stared at the stock market news in the newspaper and drew with a pen circle. Answer: “It is a queue to grab a draw, and you can buy new shares to make big money.”

This explanation is largely based on the scores. In the early 1990s, a large number of companies were preparing for listing. Before the listing, new stock subscriptions would be conducted, and the “playing of new” stocks would be an impediment to the earliest purchase. Under normal circumstances, the stock price will be higher than the subscription price after the stock market is listed, and the stock is basically the lowest on the first day, slowly rising. "Playing New" can indeed make money. When Yi's family went to line up, domestic stocks not only went up, but they continued to grow wild for months.

In March 1992, Shenshang Property Trading Co., Ltd. listed on the first day of the listing price of 11 yuan, compared with 3.6 yuan per share issued at the end of October of the previous year, which has nearly doubled. At the same time, Shenhua and Shenzhen Huafa also The issue price of 3.75 yuan and 1.9 yuan to 12 yuan.

Shanghai was even more lively. On May 21, 1992, the Shanghai Stock Exchange revoked the daily limit, and the Shanghai Index rose to 1,266 points from 617 points the previous day, an increase of up to 105%, of which light industry machinery rose the most, reaching 470%. In the unprecedented super bull market, many ordinary people who took the initiative have become millionaires. At that time, a mainland employee was working hard and earning up to two to three hundred yuan a month.

More and more people know that the stock market comes with quick money, and even believe that stocks can become rich overnight. In addition, when Deng Xiaoping encouraged the stock market experiment during the 1992 talks in the South, no one had asked for a few years ago that he had to go to all government units and street peddling stocks and became a hot commodity. The formal channels can't be bought, and those who are eager to buy shares will try their luck at the “cattle market”. At that time, in the north of Shenzhen Litchi Park, people often handed over money to hand over the moonlight.

Everyone wants to “play new” and stocks are in short supply. Shenzhen had to follow the example of “lottery” in Shanghai. On August 7, Shenzhen announced the 1992 IPO Announcement: Offer 5 million lottery draws for new shares, draw out 500,000 valid ballots at a time, and the success rate is about 10%. Each stakeholder list can subscribe for 1,000 new shares. The issuance of domestic public shares of 500 million shares; subscribers use ID cards to queuing up to purchase dot-tables at outlets, and one ID card to purchase one, but each subscriber may bring 10 ID cards with a total of 100 yuan for each draw. Lottery tickets are scheduled for sale from August 9 to October 10, 1992.

Investors can easily calculate that, according to the market, the price of new shares issued by Shenzhen will be at least 10 times after listing. If you invest 1,000 yuan to buy 10 lottery tables, you cannot buy one, and you can buy 1,000 new shares. , will soon be able to profit million yuan. If the signing of the stock is not a stock, the light transfer lottery table can earn a lot. Yi Junpeng listened to his father and said that someone had bought 300 coupons in Shanghai, and that the total cost of queuing and renting ID cards was less than 10,000, and they changed hands and sold, earning more than 700,000 nets in a few days.

The front page of the “Shenzhen Commercial Daily” on August 7 published the full text of the announcement and the specific addresses of the 303 sales outlets in the city. At that time, "Shenzhen Commercial Daily" was sold to the whole country, and it was concerned about the nation because of the provision of special economic zones. On that day, newspapers could reach major domestic cities such as Harbin by air. With radio stations, landlines, and pagers being unblocked, countless Chinese people who want to make a fortune in the stock market like Yi Chunpeng’s father quickly determined the news.

Well-informed investors heard the wind earlier and began to act. On August 5, 1992, the Shenzhen Post Office received a 17.5 kg parcel, of which 2800 were actually ID cards. At that time, relevant departments estimated that about 3.2 million ID cards had "flyed" to Shenzhen, all for the purchase of new shares. The Yi Junpeng family lived at the East Gate of Luohu at that time and was located in Shenzhen's business-centric old city. But when they started queuing up two days in advance, the time just arrived at 11 am on August 8th, they couldn't find the front position.

"A lot of people, people are crowded, people are everywhere, more and more, more and more crowded." When Zhao Qing, an editorial board member of the Shenzhen Evening News and famous photographer, recalls, he couldn't find anything more direct than "man". Language to describe that hot scene. Zhao Qing was in her twenties and had just arrived in Shenzhen for a few months. She was a photo reporter at Shenzhen Commercial Daily. Before and after the "8.10" incident, he used film cameras to record hundreds of crowded and helpless queues. Recalling that scene, Zhao Qing said: "They desperately drank water and looked at the poor, so many people lined up in hopes of being embarrassed."

He remembered a small business room directly opposite Litchi Park. The operating window was only officially released on the morning of the 9th. Everyone had no choice but to start early. It was still relatively good for recreation. Some old people took a stool and listened to the radio. There were also Three-and-four-year-old children and teenage girls are playing there. There are hawkers selling drinks along the side, and people from all over the place are arguing with each other in hometown dialects.

Later on the 8th, the platform in front of the business center was already full of people, plus the weather was too hot, there were people who jumped the queue and the crowd began to shake. Yi Junpeng's family also lined up in Luohu. He remembers that the closer to August 9th, the more crowds were waiting to buy buy-in lottery tables. There were a few quarrels, wranglings, and shoves. Fortunately, people want to make a fortune. In order to buy new shares, those who line up are patient. Under the guidance of public security on the scene, men and women were young and old, one by one, and they stretched their arms around the person in front of them.

"Regardless of gender and age, whether you know or not, you have to put your chest on your back. In order to buy shares, you can ignore anything." Yi Junpeng said with emotion. But at the time, he was only 13 when he was crowded in a long line. His mind was awkward and he couldn't think about it. “How can you not feel bad? After a few days and nights, when you are sleepy, you are squeezed to sleep there, afraid to go to sleep completely, afraid to be squeezed out by others, and move forward with a sleepy pace.” He said he would always remember the team. The smell in the restaurant was extremely odorous. Everyone stayed in the queue and did not take a shower. Those people who came from other provinces may have been washed and rested since they got in the train.

There are many people lined up from factories in Shenzhen and Dongguan. Some factory bosses suspended their business, lining up every worker’s tens of dollars. The workers did not enter the SAR without a border guard and the owner gave money to the farmers near the “second line gate” in Shenzhen to allow them to lead the wire to avoid inspections. A number of Shenzhen retired officials who have witnessed the incident said that about 1.2 million people had queued up at more than 300 new stock subscription sites throughout the city.

The first wave of chaos appeared before the 9th sale. Within a few days, there were so many people. The Shenzhen Municipal Government set up a headquarters for coordination order on the 8th and invested 78,000 in police force. “Every point has public security to maintain order. By the morning of the 9th, additional armed police and border guards were sent,” Zhao Qing said. A former soldier stationed in the station remembered that almost all of his troops were dispatched and the soldiers armed themselves to form a wall and separated the queues in an orderly manner.

The demand for order maintenance was initially due to the excitement of the stockists who urgently signed the fortune, and later was the disappointment and anger of the dreams. Some outlets opened in less than an hour, announced the sale of the lottery tables; some outlets out of control, the opening time is constantly pushed back, one night every night to open the sale, the crowd's violence will increase one point, and even open outlets salesperson. Investors suspected that there were staff frauds, thousands of people lined up in long queues, and only dozens of people bought them. The yellow cows were holding a lot of lottery tickets and the price was several times higher than the original price.

The weather is also very gratifying. “Thirty degrees of high temperatures, while the sun, while it rains, people stay up late to line up, the toilet are afraid to go on, certainly can not stand.” Yi Junpeng also saw people faint at the scene, on duty public security with bottled water His head.

When it dawned on another day, the chaos continued to escalate. The front page of “Shenzhen Commercial Daily” on August 10th Street printed the results that investors did not want to see – “The sale of new stocks in our city was completed on one day”, and the introduction emphasized: “At 9 o'clock last night, the city More than 300 outlets have all been sold.” The salesperson who came to work at the outlet also shouted again and again: “No, no.” People refused to leave, continue to encircle, and Yi Junpeng saw a row of two days. In a matter of seconds was a mess.

“People’s expressions are desperate, noisy, but what can they say? They are all blasphemous.” Tensions that have been tossed for days and nights have become even more angry. Thousands of people have gathered in Middle Shennan Road. Violence. Tear gas bombs and water cannons are passive at this time.

In order to stabilize the situation, Li Wei (the former Shenzhen Party Committee Secretary and the chief pioneer of the Shenzhen Stock Market), who had been inspected by the Xinjiang team, proposed to eat and sell the 500 million shares of the following year in advance and continue to sell on the afternoon of August 11. The printing factory in Shenzhen started printing coupons overnight and the incident stabilized. On the afternoon of the 11th, people gathered again and queued up to buy stocks that could be exchanged for the chance to sleep.

Yi Junpeng, who lined up with his parents to “play new,” remembers that he later bought the lottery form and signed it. “At that time, as long as the queue could be bought, they were all earned, but the stock that I had queued for was initially lost. point".

After the “8·10” frenzy in the Shenzhen stock market, the first round of bear market in the New China stock market was established. The CSRC was thus established, and the illusion that “buying stocks for a profit and rushing for new shares” has finally burst.

In December 1992, the Shenzhen Municipal Committee announced the results of the investigation of the "8.10" incident: private buying of more than 100,000 draws, involving 4,180 cadres and workers. Many witnesses believe that the truth may be more serious than this.

"That turmoil was counted as the happiest thief and ox." Yi Junpeng joked.

The investors who lined up all brought a lot of cash, and the stockholders were exhausted and exhausted. The thief stole hands, and some succeeded in going for the day.

Some people realized the mysteries of 'arbitrage' in the reform process, and devoted themselves to 'pastoralism' and 'yellow cattle'. With the help of several great historical reforms over the next 20 years, they have rapidly accumulated 'unclean' original wealth. , boarded the successful book cover of the airport bookstore.

After all, history is written by winners.

Raise the quota of the bud to 50,000, and pay attention to the WeChat public number: Confidence notes, and reply to “Flower”.

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