On August 7, 1992, Shenzhen City issued an announcement on the sale of lottery forms for subscribing to the 1992 IPO, announcing that 500 million domestic public shares would be issued in 1992 and 5 million lottery forms would be put up for sale, with a winning rate of 10%; each lottery form would be good for subscribing to 1,000 shares, and each ID card could be used to pay $100 to buy a lottery form. The government is sympathetic: to reduce the number of people in line, each person in line can hold up to 10 ID cards to buy a lottery form.
Starting on the morning of Aug. 7, about 200,000 people set up in front of 300 outlets spread across the city in a long line that quickly thickened and snaked away. Long ropes were brought in, and men and women clung to them and even wrapped them around their wrists. The city's 21 securities offices, each in front of a sea of people. People lined up, day and night. A piece of paper in the middle of the crowd was passed to each person again and again, and then taken over by those who came after them. The names of people were densely written on the paper, and each name was preceded by a serial number, which was the most important at that time.
This way of numbering people is a spontaneous creation of the people, and is implemented by the "dragon head" elected by the people. According to the regulations, the "dragon head" every two hours, not call the name of the person, but only called the serial number, such as 365, or 563, the hearer immediately answer "to", day and night, without interruption, if after two sounds no If there is no "to" response after two times, the "dragon head" will immediately cross out the number together with the name of the person.
Nearing the time of the sale on Aug. 9, public security officers began to appear to maintain order.
The sale of lottery forms began in the morning of Aug. 9, but by noon, the windows at a few points were closed again, and the forms were sold out. Later, more and more windows closed. By the morning of the 10th there were still poor people in line. And this morning on the stalls of Shenzhen newspapers have announced that 5 million new shares on the 9th lottery table on sale, and said the sale process reflects the "fair, just and open" principle.
But those who didn't get the IPO subscription form simply didn't believe it. They saw so many insiders, including law enforcement officers, securities firms and the financial system, buying up large numbers of the forms on the sly. They told each other their grievances and exchanged what they had seen and heard, and people began to get angry! This dynamic reached its peak on the evening of August 10, when large crowds began to gather and began to put up slogans calling for the punishment of corruption and the crackdown on fraud, which eventually turned into a clash of events.
Things came to a close call. What to do? Everyone was at a loss. The boss of Shenzhen at the time said: "If there is nothing else we can do, we propose to advance next year's quota of 5 million shares to this year's issue. Because the stockholders came for the stocks, and if their demands could not be met, they would still be dissatisfied even if there was no malpractice. Some people said that this solution would not work. Diverting next year's quota to this year requires asking for approval from above? It's a close call, every second counts, and if you don't make a decision right away, the consequences will be unimaginable! Where's the time to ask for permission? It is so decided, all the responsibility on me alone, dismissed from the law I bear alone.
After the decision, even the drafting of documents are too late, hastily wrote five, and immediately got the radio car to broadcast. Announced the issuance of an additional 5 million lottery forms, will be issued next year's quota ahead of schedule. Shenzhen decided to issue an additional 5 million lottery forms, and it was so useful because everyone could apply to subscribe to lottery forms again tomorrow. Things are gradually stabilizing.
Four months later, the results of an investigation into the "8-10" incident were released. From more than 2,900 pieces (times) of public reports screened out 62 key clues, involving finance, supervision, industry and commerce, public security and other five systems, 20 units 75 people, including 22 cadres at the department level and above. A **** there are more than 4,000 people privately share more than 100,000 subscription forms, including a securities business department of the vice president of a person alone swallowed a whole box of subscription forms (5,000). Many of the staff, supervisors and duty officers at the offering points were guilty of malpractice to varying degrees.After the August 10th fiasco, the Shenzhen stock market was hit hard, with the index dropping from 310 points on August 10th to 285 points on August 14th, a drop of 8.1%. Meanwhile, the yuan was badly hurt, and the Shenzhen Composite Index has since fallen to 164 points on Nov. 23 before stopping its fall and rebounding.
Shares are certificates of ownership issued by joint-stock companies, which are issued to shareholders as certificates of ownership for the purpose of raising capital and as a means of obtaining dividends and bonuses. Each share represents a basic unit of ownership of the enterprise by the shareholders. Behind each stock is a public company. At the same time, each listed company issues shares.
Each share of stock of the same class represents equal ownership of the company. The size of each shareholder's share of company ownership depends on the number of shares he or she holds as a proportion of the company's total share capital.
Shares are a constituent part of the capital of a joint-stock company and can be transferred, bought and sold, and are the main long-term credit instrument of the capital market, but the company cannot be required to return its capital contribution.
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