Chapter 1034 [Meeting in Beijing]

After the matter was settled and settled, they dispersed without too many pleasantries.

Both of them went to arrange their own trips to Beijing. Things were in a hurry. Tomorrow they would fly to the capital to participate in the discussion of rescue strategies.

As soon as Fang Hong returned home, Tian Jiayi stepped forward and said: "The itinerary has been arranged and you can leave at any time. But you should go find Zhang Qi first at this time. The higher-ups will definitely know about it, and they will also know about it by then. It’s a harmony.”

Hearing this, Fang Hong shrugged: "I didn't intend to cover it up, just because I was afraid that the higher-ups wouldn't know what was going on. I just needed a buffer so it wouldn't look too abrupt, that's all."

Tian Jiayi said nothing more after hearing what he said.

Fang Hong added: "You stay in the new city, and arrange for a few assistants to fly over with me."

Tian Jiayi nodded: "Yes, okay."

…

This trip was quite hurried. Fang Hong returned home and stayed for less than an hour before going out again and taking his private transfer flight directly to the capital.

After arriving in the capital, Fang Hong stayed at the hotel and rested for a few hours.

The next day, Saturday, July 4th.

Fang Hong arrived at the meeting place on time. It was already 10 o'clock. The CEOs of 22 brokerage institutions, including Xinhong Securities, who came to the meeting, had all arrived at the conference hall.

After a while, the big leader who presided over the meeting arrived. As soon as he took his seat, he said: "The situation is urgent, the enemy is clear and we are hidden, the situation is complex, and it is changing rapidly. Let's talk about the current situation of the capital market."

In the following period, the CEOs of various brokerage institutions participating in the meeting also reported on their own situations. Fang Hong naturally also talked about the situation of Qunxing Capital, but he did not talk about the several attempts by himself and Qunxing Capital to support the market.

But then the big leader who presided over the meeting personally mentioned this matter. He had obviously understood the situation before the meeting, and also affirmed Fang Hong and Qunxing Capital at the meeting.

In the next agenda, the main discussion was how to specifically rescue the market, and the CEOs of various securities firms also spoke one after another.

Zhang Qidu put forward some ideas to rescue the market, but Fang Hong remained silent for the moment and did not say a word.

At the end, the leader who presided over the meeting looked at Fang Hong and said: "Comrade Fang Hong, why don't you speak? If you have any suggestions or opinions, feel free to tell me."

Being directly named by the big leader, it was definitely not possible to say no. Fang Hong immediately said: "The senior bosses present are rich in experience. I do have some ideas, but they are not necessarily correct. Please criticize and correct me."

The big leader said: "But it doesn't matter, everyone wants to hear it."

Everyone focused their attention on Fang Hong, the youngest person at the meeting. He spoke very modestly, but his next speech was unambiguous.

Fang Hong organized his words in his mind and said methodically and calmly: "I think that in the dilemma of the capital market, the order of playing cards is the key. If the order is messed up, you will lose. We should establish a multi-level capital market, and then promote multiple channels of equity financing to let Huge amounts of money entered the stock market,"

"After boosting confidence in the stock market, we will start the reform of the registration system for stock issuance. I think the refinancing of restricted stocks should be cancelled. Isn't it a trap for shareholders to cash out at high price-to-earning ratios? It is easy to defeat confidence, but the road to rebuilding confidence is difficult and extremely costly. high."

The brokerage CEOs present at the meeting were shocked when they heard Fang Hong directly saying that he would cancel the refinancing program that had been implemented for three years.

Fang Hong continued calmly and confidently: "Besides, the market-oriented reform of the registration system for stock issuance must be preceded by strict punishments. The United States and the United States have the 'three swords' of stock issuance hanging over their heads. Once a listed company commits fraud, it will face jail time and may be fined to the point of bankruptcy, and intermediaries that assist in the fraud will also be banned for life.”

Good guy! OK OK! The big moves are fired in succession, right?

The conference hall seemed to have become quieter, with only Fang Hong's voice. Zhang Qi, who was present at the meeting, couldn't help but secretly sweat for him.

Fang Hong added: "The United States has these three laws and regulations, namely the Securities Law, the Securities Exchange Act and the Sarbanes-Oxley Act, so it can reform the stock issuance registration system."

"Without this severe punishment, the three-year lock-in period for stocks held by major shareholders and strategic investors would even be cancelled. As a result, some major shareholders would go crazy trying to get all their stocks as soon as they heard that the stock market was about to be listed. Throw it away, I even want to package the company and sell it to you."

"In order to cash out more, the stock issuance price was raised to 50 yuan, 100 yuan or even higher per share. Maybe the original price-earnings ratio was only 40 times, but the price-earnings ratio was raised to 70 times or even higher. Relevant intermediaries , law firms all charge commissions in proportion to the issuance volume, and will inevitably try every means to push the stock issuance price higher. This is not only irresponsible to shareholders and investors, but also detrimental to my country's construction and deepening of capital market reform. irresponsible."

The CEOs of the various brokerages present at the meeting looked at each other in confusion. Who was this so-called intermediary agency that Fang Hong was referring to? He did not name him directly, but everyone knew who he was referring to.

This is already a shameless output. I can't bear it. What else can I do if I don't say something?

After a while, a participant saw Fang Hong pause for a moment, and immediately took the initiative to speak: "Comrade Fang Hong, the content you discussed does not seem to have much relevance to the theme of this meeting. What we are discussing now is to agree on a rescue strategy. "

The aftertaste of gunpowder came, and Zhang Qi, who had not spoken at this time, was also quickly thinking about how to intervene in the topic and provide assists.

At this time, Fang Hong immediately asked: "Then why should we rescue the market? The stock market is operating abnormally, so much so that it has staged a century-level plunge. A systemic crisis is just around the corner. Such a catastrophic plunge has already shown that our capital market is on the development path. There is a problem on the market. Since there is a problem, should we solve the problem? What is the purpose of the bailout? Is it for the healthy, orderly and stable development of the capital market? Of course, the bailout must be rescued, but is it a temporary solution or a root cause? "

The participant was speechless for a moment. It is an established fact that the stock market has plummeted like this, and there is no room for fraud, which makes him unable to reply.

They didn't expect that Fang Hong was so elegant and humble when he first opened his mouth. Now that he got to the point, he turned on the gun with all his firepower, even hitting it close to his face. This young man didn't care about martial ethics at all.

Zhang Qi, who had been silent until now, suddenly took the initiative to speak: "Comrade Fang Hong, your idea is too radical. Even if what you say makes sense, it cannot be divorced from reality, let alone the basic national conditions of our country. Our stocks The market has been developing for less than 25 years. It has been a process of crossing the river by feeling the stones, exploring while developing. It is still on the path of exploration. It is inevitable to have bumps and bumps along the way. The Western capital market has been developing for a hundred years. How can the two be different? Comparable?"

The other brokerage CEOs present at the meeting couldn't help but nod in approval, but Zhang Qi's next words shocked them.

Zhang Qi then added: "Stability is paramount. A large framework should not be changed in a hurry. It is not conducive to stability, so we need to be cautious. In my opinion, we may set up another special pilot for the exchange and test it on a small scale. Whether this will succeed or not , the punch can be recovered calmly after being punched. The route test is correct and can be further promoted. If there is a problem with the route, it can be turned off directly. The impact is within the controllable range."

…