Cheng Dong thought something was wrong. In this case, what would the Canton Stock Exchange do? Wouldn't all the transactions be sucked away by the black market? Said: "In this case, it will not be conducive to the development of the Canton Stock Exchange."
At the venue, everyone in Caijinkou was whispering. Ren Youzi quickly came out to explain:
"You can rest assured that our intention is not to allow black market trading. We will initially set up teahouses around the exchange to provide traders with a place for negotiation and gather information. Let them gather around the Canton Stock Exchange from the beginning. Third After a period of public issuance, it will become a registered stock, and dividend distribution will be subject to registration, and transaction transfers must be carried out on the exchange. In addition, we also recommend that the initial stamp duty and transfer fees should be reduced or charged as much as possible to train them in trading. The custom of trading.”
Meng Xian expressed confusion: "Then why do the first and second phases have to be anonymous? Isn't it better to standardize the transfer to a formal institution from the beginning?"
Chu He almost didn't laugh. It was a formal institution, and it only needed to be called Delong Bank. It seemed that Meng Xian not only wanted to eat the issuance fees, but also had ideas about transaction fees. He really thought of himself as a securities firm.
Of course, there will definitely be a brokerage in the future, but this brokerage cannot be used by Delong. Delong is at most one of the shareholders.
Before he could speak, Ren Youzi immediately came out and declined vaguely: "We can also study this further. I think the first two phases are not large, and it will not have much impact no matter what."
"You don't have to worry about stamp duties," Ai Zhixin said in a calm manner. "At this stage, we don't expect the securities market to support the finance in the form of taxes and fees. Our opinion is: Stamp duties involving securities transactions Yes, but the collection is temporarily suspended and a buffer period of several years is given. The purpose is to provide good services and let the water go to fish. The terms are set first, and the collection can be resumed when the stock market needs to be adjusted in the future. Also, I think the Canton Stock Exchange We should first perform our functions as a transaction intermediary and registration office. When someone else negotiates a transaction, we will be a witness and receive a toothpaste. If we make a thousand or three thousand toothpaste, isn't it just a handling fee?"
Cheng Dong agreed: "I also agree with Ai Bureau's idea. However, since there are no brokers at this stage, we do not need to charge transaction fees. If we conduct business in other places in the future, we can collect them when entrusting transactions through Delong." From the beginning, the exchange will only be responsible for trading intermediaries and registration and transfer. It will charge an intermediary fee of 1,000 yuan to see how things go. As for the registration fee, it is one yuan each time, and the account opening fee is additional. You Nanyang Company should just take care of the market maker thing. Go outside and we will cooperate with you in issuing guidance prices, and then we will establish a complete system of entrusted quotations, transaction matching, etc. when the third issuance is issued. What do you think?"
Upon hearing this, Chu He felt that Cheng Dong's plan was a good one. The first is to leave preparation time for the Canton Stock Exchange to establish a trading system, so as not to delay the first and second phases of financing of Nanyang Company. Second, the Guangdong Stock Exchange and the most risky link in the entire financing plan, that is, the part that manipulates stock prices, have been cut off. It is also the main responsibility of Nanyang Company to cause any trouble.
No matter what happens, if a problem occurs, it cannot be directly blamed on the officials of the Senate.
After looking around, the attitudes of the elders were clear. So he said: "This is a good idea. Our Nanyang Company supports this plan. I suggest that we immediately start the stock issuance work for individual veterans, and at the same time spread the word, and also prepare public opinion for the next phase of the first bond issuance for indigenous people. Get ready. Elder Meng, Elder Ding, what do you think?"
Meng Xian immediately said: "No problem, we, Delong, have no choice but to serve the Senate. The problem is the underwriting fee..."
The people around me smiled and said, "Ah... that's easy to talk about."
Chu He has been in a good mood these days. The Nanyang Company's financing case has been officially passed, and subsequently, the proposal to establish the Guangzhou Stock Exchange has been approved. Judging from the current situation, he and Ren Youzi are likely to be responsible for this part of the work. Because Cheng Dong had talked to him privately the day before to inquire about his views and suggestions on the project. It can be said that he and Lao Ren were already inseparable when they got this project.
However, according to Cheng Dong's plan, although the stock exchange has a dedicated person in charge, it must also take care of other business work of the financial department - it can even be said that this part-time job will only be the main business for a long time in the future. In other words, Lao Ren had to continue to do his audit work - and soon he was promoted to the director of the "Cheka" Guangzhou branch. Although his job has not been officially announced, Cheng Dong has clearly told him that his relationship has been transferred from the education department back to the finance department through the organization department.
"... We still need to discuss what your part-time job is specifically. Of course, you can also come up with your own ideas. Currently, both China Reserve Bank and Delong are in urgent need of professional senior cadres like you..."
"This, I will obey the leadership's arrangements." Chu He immediately stated, "The specific part-time jobs can be arranged according to my expertise."
"That's good." Cheng Dong did not say what specific work to arrange. "In this case, you will wait for the notification from the Organization Department. As for the specific work arrangements of your exchange, you and Lao Ren can coordinate on your own. The location of the exchange , Liu Xiang’s opinion is that it should be arranged on the Great World side. After all, our customers are mainly Guangzhou citizens.”
Now that the matter has been basically finalized, Chu He decided that without further delay, he should talk to Ren Youzi first. The two parties would explain to each other about the future work of the exchange. After all, they would be working partners in the future. To establish a good cooperative relationship.
He immediately asked Xiao Pu to find Elder Ren. Unexpectedly, Elder Ren came to find him himself.
"Chuhe!" Ren Youzi also looked like "people are in high spirits when happy events happen." His face, which had always been gloomy, made the senators and naturalized cadres from all walks of life tremble at the sight of it, but his face actually put on a smile.
"Old Ren! I was about to send someone to find you..."
"Don't bother me. I have something to ask you." Ren Youzi happily sat down at the small conference table and took out a document from his briefcase.
"Look, this is the basic charter and structure of the Guangzhou Stock Exchange that I created. It's relatively simple. Take a look and make some comments."
Chu He opened it and saw that the beginning was a standard stereotype:
"In order to solve the contradiction between capital supply and demand and liquidity, a securities market will naturally arise. The stock exchange will solve the docking problem of financing and investment through securities issuance and trading, thereby resolving the contradiction between supply and demand of funds and the problem of capital structure adjustment. Guangzhou As a profitable corporate tangible centralized trading market, the stock exchange will integrate functions such as registration and settlement, issuance approval, organization of transactions, and self-discipline management based on the actual situation of the year, and is committed to providing capital market services to various enterprises..."
Didn't you just take out the old document and replace the words? Chu He complained secretly.
He continued to look down and saw five major functions listed below: standardized governance, stock transfer, value discovery, direct financing and credit enhancement. The specific words and sentences are basically the same old routines, there is nothing new, and Chu He just skimmed over them.
What is more important is the following exchange settings:
“…The exchange has 17 internal departments, namely: Board of Directors Office, Board of Supervisors Office, Discipline Inspection Office, General Office, Trading Department, Settlement Department, Supervision Department, Legal Department, Issuance Department, Registration Department (Preparation), Finance Department, Internal Audit Department, Human Resources Department, Equity Division, Debt Division, Innovation Division (Preparation) and Administrative Center..."
"I wonder if Cheng Dong has talked to him and told him that this newly launched stock exchange only has two 'full-time' staff members like us." Chu He thought to himself, this configuration is too luxurious.
Complaints are complaints, the setting itself is very organized and can be called strict. It's just that there is no possibility of realization at the moment, and it can only be regarded as a "long-term plan."
Next are the conditions for listing on the stock exchange, six in total, which are no different from the old times. Then there is the listing process, which Chuhe is more concerned about, because it is the next step.
"...The sponsoring securities firm prepares materials and submits them to the Issuance Review Committee for review - receives the approval document after passing the review - discloses the prospectus - public inquiry - discloses the issuance announcement - pricing issuance - raises funds, handles the account transfer, registers shares, applies for listing - review by the Listing Committee -Disclosure of listing announcement - listing. All investors who successfully subscribe for stocks will obtain physical stock certificates on the day of listing (refer to banknote printing and anti-counterfeiting standards)..."
"Old Ren, your plan is good and professional enough!" Chu He fully affirmed it first, and then said, as expected, "But..."
"Alas, alas, you don't need to say anything, I understand what you mean. This plan is empty, isn't it?"
"No, no, don't blame yourself." Chu He thought to himself that this guy is really difficult to deal with.
"I know what you mean," Ren Youzi said, "It's just that we don't have the conditions now. Don't worry, I didn't say that this plan will be implemented soon - this is clearly impossible."
"That's good, that's good." Chu He nodded repeatedly.
Ren Youzi continued: "The exchange solves the pricing problem, and the operation of raising funds is actually carried out off-site. The earliest exchanges were either pubs and cafes, or under big trees, just a place to discuss business - in fact, we In ancient times, similar transactions were often discussed, such as buying and selling bulk goods and livestock, and most of them discussed business in teahouses. Stocks, bonds, etc., may sound high-end, but there is not much difference in essence. So, we don’t need to use the old The exchange of time and space can be compared to the previous ones. The Senate does not need an exchange with such complex functions at all.
Chu He thought that your plan and what you said were completely different things! Are you ready to make a "long-term plan" after working on it for a long time?
