Three hundred and twenty-one financing (twenty-six)
Cheng Dong thought something was wrong. If this was the case, what would the Canton Stock Exchange do? Wouldn’t all the transactions be sucked away by the black market? He said: "This 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 regulate 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 mention Delong Bank. It seemed that Meng Xian not only wanted to eat the issuance fees, but also had ideas about transaction fees. He really regarded himself as a securities firm.
Of course, there will definitely be securities companies in the future, but this securities company 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 involved in 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 should be settled 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 tooth payment, and we will make a thousand and three, and the tooth money of a thousand and two is just a handling fee."
Cheng Dong agreed: "I also agree with Ai Ju'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 we entrust transactions through Delong."
In the beginning, the exchange will only be responsible for trading intermediaries, registration and transfer, so 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 handle the matter of market makers.
Go out and do it, we will cooperate with you to issue guidance prices, and wait until the third issuance to establish a complete system of entrusted quotations, matching transactions, etc. What do you think?"
Upon hearing this, Chu He felt that Cheng Dong's plan was a good one. First, it left preparation time for the Canton Stock Exchange to establish a trading system and did not delay the first and second phases of Nanyang Company's financing. Second, it made the Canton Stock Exchange and the entire financing plan the most risky.
The link that controls the stock price has been cut off, and it is also the main responsibility of Nanyang Company to cause any trouble.
No matter what happens, if a problem arises, 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 issuing stocks to individual elders and spread the word at the same time.
We are also preparing public opinion for the next phase of the first tranche of bond issuance for indigenous people. 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 financing case of Nanyang Company 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.
Work. Because Cheng Dong had talked to him privately the day before to ask for his opinions and suggestions on the project. It could be said that he and Lao Ren were inseparable from getting the 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 - soon after he was promoted to the director of the "Cheka" Guangzhou Branch. Although his job was not officially announced, Cheng Dong had already told him clearly:
Through the Organization Department, his relationship has been transferred from the education department back to the finance 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 notice from the organization office. 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. A good cooperative relationship should be established.
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 been gloomy all the time, made various senators and naturalized citizen cadres frightened at first sight, 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 registration and settlement, issuance approval, transaction organization, self-discipline management and other functions 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 secretly complained.
He continued to look down and saw that the five major functions were listed below: standardized governance, stock transfer, value discovery, direct financing and credit enhancement. The specific words were basically old routines, nothing new, Chu He just gave a brief summary
And passed.
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, 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. But it is not possible to realize it at the moment, it can only be regarded as a "long-term plan".
Next are the conditions for listing on the stock exchange. There are six in total, which are no different from the old times. Then there is the listing process, which Chu He is more concerned about, because this 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 oily man 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 were discussed in teahouses. Stocks and 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 space and time can be compared to the previous ones. The Senate does not need an exchange with such complex functions.
Chu He thought to himself that your plan is completely different from what you said! After a long time, you are ready to make a "long-term plan"?