Stock1992 August10-When was the "810" event? Can you be more specific? How to establish management regulations? Then legislate like this? Pray for the great gods.

1992 August 10 is an important day in the development history of China's securities market. At that time, with the encouragement of Deng Xiaoping's southern tour speech, the legal status of the China stock market was formally established, and the Shanghai and Shenzhen stock markets came out of a magnificent bull market, in which the Shenzhen stock market rose more than twice, and the stock supply was in short supply. In order to stabilize the stock price and increase the supply, on August 7th, Shenzhen announced to issue 500 million public shares. In that year, 5 million lottery tables were sold, with a winning rate of 10%. Each lottery table can buy 1 0,000 shares. But at that time, the market enthusiasm was extremely high and the demand for stocks was extremely huge. 500 million shares is undoubtedly a drop in the bucket. As a result, millions of people competed for the lottery table, leading insiders to cheat and secretly buy subscription tables. As a result, most people went to the city government to demonstrate because they didn't buy the lottery form, which triggered the "8· 10/0 incident" that shocked the whole country. The outbreak of this incident shocked the management, aroused concerns about social stability, and aroused public investors' concerns about the existence and abolition of the securities market, which led to a deep plunge in the Shanghai and Shenzhen stock markets, and the Shanghai stock market plunged more than 400 points in three days. Looking back at "8 10", we can see the crazy years of China stock market, 2008, 10,06, 15:29 phoenix network feature Liu Fang: Now we can hear people complain that China stock market is manipulated from time to time. However, it is not easy to manipulate the stock market in China today. People often say that the China stock market is like riding a roller coaster, but what if you think that the daily limit of 10% is like riding a roller coaster? How about the skyrocketing 105% that day? In the early 1990s, the China stock market once created the myth of getting rich overnight, which also made many people wake up from their dreams and see the cruel reality. 1August, 992, something called stock subscription card attracted the attention of millions of people. Many people who dream of getting rich borrow ID cards from relatives and friends everywhere in Shenzhen, scrambling to buy this trendy gadget. When all the lottery tables are sold out, it is quite common to speculate on subscription tables in front of outlets. A watch of 100 yuan was fired to 300 to 500, and then the bank announced that it would extend the payback period of the watch to August 1 1. Many people began to question and get angry, and the order in Shenzhen began to be chaotic unconsciously. 10 and 8 10 in August, 1992 were thrilling and brought great changes to the development of China stock market. Commentary: On the night of August 10, many investors who didn't buy the new stock lottery platform gathered angrily at the gate of Shenzhen Municipal Government, demanding a reasonable explanation. Party Li Chunyu: "8 10", why did someone make trouble? Because you are unfair, undisclosed and unfair, we make trouble. If I was the first in line, I waited for three days and nights. I am willing to bear the fatigue of these three days and nights, or I am willing to bear the time and energy, so that I can enjoy it. I am the one who can get the lottery table the fastest. I went to the queue for three days and nights, and on the last day, there was no one to squeeze. Initially, there were 100 lottery tables. I am ninety people, the ninetieth person, and I can get them. Because of your corruption, because of your secret operation, I only took out 50 lottery tables that day, and I didn't have the chance. Originally, this opportunity was mine, because of your accidental supervision, improper supervision, poor management and corruption. Then I don't want to do it. I have a lottery table. I won the stock. Falling stocks are my risk. I put up with it. What I earn is my harvest. I like it. But before, because your distribution system was opaque, you didn't disclose that you were unfair. I can't do it. I will definitely quit. I will quit. People also think so, which will lead to social instability. Because they can't buy a subscription card, and then wait in line for such a long time, and then find privacy fraud here, these people will definitely be dissatisfied. Commentary: The situation deteriorated rapidly, and a few people began to use violence, smashing cars, smashing motorcycles and attacking police officers on duty. Under the crisis, the government held an emergency meeting and decided to advance the issuance quota of new shares in the second year, print 500,000 new shares overnight to subscribe for lottery tickets, and exchange 1 coupon for1lottery tickets. And make a public statement, never tolerate fraud, and immediately investigate the leadership responsibility if found. Party Liu Kan: So that night, Shenzhen decided that the government would issue 5 million subscription cards, which temporarily calmed the market. But on the night of 1 1, the mayor at that time was Zheng Liangyu, who made such a televised speech. Those who take part in the subscription card should know the general situation, take care of the overall situation and cherish this hard-won situation of stability and unity, but there are good subscription cards in the market. Individuals must thoroughly investigate Liu Fang: on the evening of August 10,1,the assistant to the mayor of Shenzhen personally came forward and announced five notices from the Shenzhen municipal government, including issuing subscription forms and so on. But the crowd still refused to disperse until the conflict finally broke out. Although the fraud in the "8 10" storm was later found out, and more than 10,000 internal interception lottery tables were found out, the incident seriously affected the China stock market. Shenzhen Stock Exchange Index fell from the high point of August 65,438+00 to 285 points in 4 days. The Shanghai Composite Index fell 19% two days after August 10, and the Shanghai and Shenzhen stock markets weakened sharply. Many people who have not experienced the ups and downs of the stock market are wrong. I remember China Prime Minister Wen Jiabao said earlier this year that the stock market is risky. People understand from the point of view, but they just can't accept it emotionally. This situation is 18 years after the development of China stock market. At that time, in the early 1990s, few people knew that the stock market was risky before entering the market. Commentary: At the end of 1992 and 10, that is, two months after the "8 10 incident", the the State Council Securities Commission was established, which is the highest securities management authority in China, responsible for the management of the securities market and protecting the legitimate rights and interests of investors. Reporter: What impact will the "8 10 Incident" have on the future development of Shenzhen stock market? Li Chunyu: I think its experience is that the securities market must be based on fairness, openness and justice, and you should provide investors with a fair, open and just investment environment. Without this cornerstone, the masses will have opinions, investors will vote with their feet, they will not participate in this market, and even have more radical behavior. We think that if a management made a mistake after this incident, I think it was understandable and forgivable at that time. What I can't forgive is that you have this experience and lesson, and you haven't made up for this defect. You can forgive this corruption problem once. If it happens two or three times, I think it is unforgivable. Without experience, you can accumulate and learn. We can see that after the "8 10 incident", we can see that our current stock issuance system is constantly improving. We haven't had such an incident again, which is very rare. This is also a very positive thing. If the regulatory authorities were not stimulated to pay attention to this matter at that time, there may be some related problems in the future, such as institutional defects, such as corruption. Maybe there will be many systems. So "8 10" has two sides. I think this is the inevitable outcome of China's economic development and China's productivity development. This has played a very important role in the rise of China market. I can feel that any country will have asset fission in the middle of economic development. Only once will there be no second time, the signal of capital fission, that is to say, the transformation and development of the shareholding system has formed a new mode of production development. In China, the planned economy has been implemented for decades, and this change is revolutionary. Because the rise of China is inseparable from the rise of the capital market, the development of any big country is inseparable from the capital market. Liu Fang: 18 is not long. China's capital market is still in the primary stage of development. China is a rapidly changing country, especially in the 30 years since 1978. Many cities in China are changing with each passing day. Everyone is desperately busy, the economy is developing rapidly, and the stock market is constantly reforming. I think if we don't stop and look back at our past footprints, we will easily get lost in the crazy operation. For China stock market, "8 10" may be a painful memory, but without "8 10", what twists and turns might China stock market take? 18 years later, looking back at the stock market that was just born that year, people at that time were naive and crazy, as if they were separated from each other. This means that 18 years later, we will also recall today's China capital market with a smile.