What happened to the Shenzhen 8 10 incident?

1992 Shenzhen "8. 10" incident directly led to the birth of the firewire of China Securities Regulatory Commission. Because it was so long ago, many things at that time were different from now, but if you look closely, it seems that there are many things that are no different from now.

First, fill in the form before you make a new call, and pay before you fill in the form.

At that time, the subscription of new shares was mainly based on winning lots. However, due to the lack of channels, you can only apply at the counter. Unlike now, you can apply online, and the mobile app can be completed with one click.

Investors who want to subscribe for new shares must first fill out an application form. In order to control the subscription quantity, this application form is not free, and each one will be charged 100 yuan.

1992, one hundred dollars, not a decimal.

However, it turns out that this design has not limited the number of applications, but has played a disguised role in encouraging.

The idea of ordinary people is simple: it costs 100 yuan to apply for registration. Now that the state has collected the money, it can't let the applicant lose money again, can it? Otherwise, it will be a lie. How can a country lie to its people?

Two, an ID card can only submit one form, but a person can submit ten ID cards to apply.

Although this design is equally jaw-dropping, it also has its own factors of the times.

Restrictions on identity cards are naturally similar to real-name applications. Why can everyone submit ten ID cards? Considering that the cost of foreign investors going to Shenzhen is too high, local relatives and friends in Shenzhen are allowed to handle it on their behalf.

Even if the registration system has been tested now, the winning of new shares is still regarded as winning; What's more, it was 1992, and the Shanghai and Shenzhen stock markets were still in the wild era of the old eight shares and the old five shares.

In order to improve the winning rate, ID card trading almost became a hot profiteering industry at that time.

The whole of Shenzhen has fallen into the craze of buying identity cards, and identity cards from all over the country have flooded into Shenzhen.

According to statistics, at least 3.2 million identity cards flowed into Shenzhen at that time. At the same time, about 700 thousand foreign investors came from all directions with their ID cards, ready to queue up to submit forms.

Three, internal fraud, shocking, exacerbated the intensification of contradictions.

The original plan was to start selling the application form on August 9. As a result, on August 7, investors began to line up at the gate of the outlet two days in advance.

To be honest, Shenzhen, as an economic pioneer, has some preventive measures against the hot stock subscription. They set up 303 subscription outlets in advance, covering urban and rural areas in Shenzhen, and prepared 500,000 application forms.

However, the fanaticism came off guard, and the actual number of people in the queue exceeded 1.2 million.

Because of overcrowding, order can't be maintained at all, and many places have caused fights because of queuing disputes.

The application form originally scheduled to start at 8 o'clock has been sold until 12 o'clock.

More serious than chaos is internal fraud.

For example, there are only over 300 application forms actually sold at outlets where thousands of people line up.

As soon as the sold-out announcement came out, traffickers took hundreds of application forms and sold them at a price ten times higher.

Extreme disappointment and anger, coupled with the general aversion to the phenomenon of "back door", a large number of investors began to take to the streets, and the ranks along the way continued to expand. All investors in all the sales outlets rallied after hearing the news.

The situation got out of control, the building was blocked, the traffic was interrupted, and the top management was very angry.

Fourth, punishing evil and promoting good, the CSRC is at stake.

There is no doubt that investors' behavior is irrational; At the same time, internal fraud is also an ironclad fact.

Later, after being traced by the regulatory authorities, this fraud case involved 20 units in five major systems, including finance, public security and industry and commerce, involving more than 180 people, including 33 cadres at or above the departmental level.

There are 65,000 private purchase applications within the financial system, 20,000 private purchase applications from the regulatory authorities, and 20,000 applications from related households through the back door.

Such appalling data have dealt a blow to the determination and confidence of financial reform in the national capital market. For more than a year, Shanghai and Shenzhen stock markets did not issue any new shares.

However, only two months later, as a regulatory agency specializing in the securities market, China Securities Regulatory Commission was established and ordered to start its career in the capital market.

To sum it up

8. 10 incident is essentially the pursuit of scarce resources and collusion of internal power.

The high-level thinking is: as long as it is scarce, it must be restricted;

The underlying idea is that as long as it is restricted, it will make a profit.

The idea of the middle level is: as long as it passes, it must be stained with some oil.

Nearly thirty years have passed, and we can see that many things in the stock market have changed, and many things have never changed.

Brief introduction of Shenzhen 8 10 incident

August 10, Shenzhen. "1992 Stock Subscription Certificate" was drawn for the fourth time. At that time, 5 million subscription forms were issued in advance, and each person could buy 1 copy with his ID card. It is said that there are "millions of people vying to buy". It's unbelievable that all the lottery forms have been sold out in less than half a day. Order began to be chaotic, and conflicts occurred in people's doubts. On this night, thousands of investors who didn't buy lottery tables posted anti-corruption slogans on Shennan Middle Road, demanding justice, and laid siege to the Shenzhen Municipal Government and the People's Bank, which triggered the "8· 10/0 incident". The Shenzhen Municipal Government negotiated urgently that night and decided to issue 5 million new share subscription exchange forms, and the situation gradually subsided.