What happened to the Shenzhen 8 10 incident?
Fill in the form first, then make a new call, pay the money first, and then fill in the form.
At that time, the subscription of new shares was also based on winning lots. However, due to poor channels, I can only apply at the counter. Unlike the online application now, the mobile app can be done with one click.
To subscribe for new shares, investors must first fill out an application form, and in order to control the number of subscriptions, this application form is not free, and each one is 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 thinking of ordinary people is simple: it costs 100 yuan to apply for registration. Since the state has collected the money, it must not let the applicant lose any more, right? Otherwise, it is a lie. How can a country lie to its people?
Two, an ID card can only submit one form, but one person can submit ten ID card applications.
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 it is too expensive for foreign investors to travel to Shenzhen, local relatives and friends in Shenzhen are allowed to handle it for them.
Even now, the registration system has tested the water, and the winning of new shares is still regarded as winning; What's more, it was 1992 at that time, 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 hand in their forms.
Three, internal fraud, shocking, exacerbated the intensification of contradictions.
It was originally planned 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 tell the truth, Shenzhen, as an economic pioneer, is still on guard against the hot situation of 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.
Due to overcrowding, order can not be maintained at all, and many places have caused fights due to queuing disputes.
The registration form originally scheduled to start at 8 o'clock will be sold to 12.
More serious than chaos is internal fraud.
For example, in the outlets where thousands of people line up, only over 300 application forms are actually sold.
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 is out of control, the building is blocked, the traffic is interrupted, and the top management is 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 an ironclad fact.
Later, it was traced by the regulatory authorities that the fraud involved 20 units in five major systems, including finance, public security and industry and commerce, involving more than 80 people, including 33 cadres at or above the departmental level.
There are 65,000 private subscriptions within the financial system, 20,000 private subscriptions by the regulatory authorities, and 20,000 subscriptions by related households through the back door.
Such appalling data have dealt a blow to the determination and confidence in the financial reform of the national capital market. More than a year has passed, and the Shanghai and Shenzhen stock markets have not issued any new shares.
However, only two months later, as a regulatory agency specializing in the securities market, the CSRC was established and was ordered to start its capital market career.
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 bottom idea is that as long as it is restricted, it can be profitable.
The idea of the middle level is: as long as you pass, you should get some oil.
Nearly 30 years have passed, and we can see that many things in the stock market have changed, and many things have not changed.
Brief introduction of Shenzhen 8 10 incident
August 10, Shenzhen. The fourth lottery of "1992 stock subscription certificate" At that time, 5 million subscription forms were distributed in advance, and each person could buy 1 form with his ID card. It is said that there are "millions of people rushing to buy". In less than half a day, all the lottery forms were sold out, which was incredible. Order began to be chaotic, and conflicts occurred in people's doubts. On this night, thousands of investors who didn't buy lottery tables hung up anti-corruption slogans in Shennan Middle Road, demanding justice, and laid siege to the Shenzhen Municipal Government and the People's Bank, which led to 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.