From the Shenzhen Special Zone Securities Company (later renamed Jutian Securities), we can vaguely find that the securities industry in China has completed a round of "starting-madness-standardization" after several ups and downs.
Riding a bike to promote national debt:
"Three or five people, seven or eight guns" is an appropriate idiom to describe the establishment of securities companies in Shenzhen Special Economic Zone. According to the recollection of those who participated in the establishment of securities in the SAR, those who visited the securities market in the UK applied to the senior management of the People's Bank of China for the establishment of a securities company after returning to China. As a result, similar to other subordinate units and enterprises of the People's Bank of China, Shenzhen Special Economic Zone Securities Company started its trial operation on June 1985 1.
At the initial trial operation, the employees of SEZ Securities, equivalent to the former People's Bank of China, knew little about the specific business of the securities company. Under the background of basically undertaking the issuance and circulation of national debt, most of the time, the main job of employees is to ride bicycles to "sell" national debt all over the town. With the initial formation of the primary and secondary markets, listed companies pay dividends every year, which makes the stock trading business of securities companies gradually put on the agenda. 1987 in may, two months before the formal establishment of the securities company of the special zone, SDB issued shares. However, the new thing of stock was not recognized by ordinary people at first, and the listing of SDB was not smooth. At the call of the government, party member cadres took the lead in subscribing. In April, 1988, the securities company of the special zone began to accept the share transfer business of SDB.
Handwriting stock quotes on the blackboard:
1990, the special zone securities entered an era of rapid expansion. The concept of setting up a sales department is similar to that of setting up a grain depot, and the examination and approval is simpler and faster than now. "Set up a point where there is no place." At that time, special economic zone securities was the securities company with the largest number of outlets, with more than 10 business departments in Shenzhen. Even so, the headquarters located on the first floor of Shenzhen Yuanling 18 building has only 22 employees, and its business area is about 100 square meters. There is no electronic display screen that can be seen everywhere in the later period, and there is no computer to watch the market. There is only a big blackboard on which the price and quotation of every stock transaction planned for the day are written in chalk. The staff of the securities department mainly do matchmaking work. Every time the buyer and the seller make a deal, the staff will erase the transaction records from the blackboard.
In the early 1990s, under the huge money-making effect, Shenzhen people's enthusiasm for stock trading was greatly mobilized. There is a simple reason. Buying listed stocks at the counter of a securities company can double as soon as it goes out of the black market. As the distribution center of Shenzhen stock market, the securities headquarters of the SAR is too small, so crazy people carry sacks full of cash to expand the black market trading area to the opposite street and even parks.
Be entrusted with an important task:
1997 is an important watershed in the brokerage industry. Although the salary and welfare of the employees of SEZ Securities are in the first echelon in China, the advantages of SEZ Securities-related businesses in the industry are not significant. In addition, at the end of 1990s, special economic zone securities occupied 800 million yuan in customer deposits, and there were a considerable number of entrusted financial management. In 200 1 year, the special economic zone securities increased its capital and shares to 600 million yuan, thus becoming a comprehensive securities firm, which was later renamed Jutian Securities, meaning "a huge experimental field". Although the intention is good, the new name has not got rid of the old troubles. Jutian Securities is burdened with historical burdens such as entrusting financial management and occupying security funds, and it is faltering.
After five years of tossing, on May 8, 2006, Jutian Securities failed to complete the rectification on schedule, and there was a big funding gap in customer transaction settlement. The CSRC took measures to restrict its business and suspended its sponsorship and underwriting business. Since July 3, 2006, the company's securities account opening agency business has also been suspended. After the market closed on June 3, 2006 at 5438+00 and/kloc-0, Jutian securities brokerage business and its securities business department were entrusted by China Merchants Securities. At this point, the first securities company in China suddenly withdrew from the market.