1. Shanghai Shenhua Electric Co.
600653,Shenhua Holdings
2. Shanghai Yuyuan Tourism Chamber of Commerce Co.
600655 Yuyuan Shopping Center
3.
600602,Guangdian Electronics
5.Zhejiang Phoenix Chemical Co.
600656,ST Fangyuan
6.Shanghai Feile Audio Co.
600651,Feile Audio
7.Shanghai Ai Make Ltd
600652.love to make shares
8.Shanghai Yanzhong Industrial Co.
600601,Founder Technology
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The old eight shares is a kind of historical legacy, but also use or rely on the development of the capital market to promote the reform of China's property rights Icebreaker. Its historical significance also lies in the fact that it not only influenced the early piloting and later development of China's stock market, but also had a far-reaching impact on the reform of China's economic system. The past life and present life of the old eight shares not only turned a new page in the development of the contemporary Chinese securities market, but also heralded the reform itself is a kind of development.
China's stock market is arguably one of the most eye-catching achievements of the 30-year reform and opening-up. Those who survive in people's memories of the passionate years, queuing up all night to buy stocks, using sacks of stock trading vouchers, from paper stocks to today's electronic trading, from the old eight shares to thousands of companies listed on the stock market for economic and social development of the influence of the stock market is witnessed
The "old eight shares": the beginning of the development of China's stock market
With the passage of time, the stories or events of the early development of China's stock market have gradually faded away. China's stock market development has gone through 18 years, but the story of the first generation of stocks - the introduction of the old eight shares and its predecessor's present life is still touching. From the information coming out of the collector's market, the value of the complete set of paper stock certificates of the old eight shares has risen at present. Perhaps, in the eyes of today's people, this wealth does not seem to be anything, but the value of the "old eight shares" of the value of the increase itself shows that this is a memory of the early stages of the development of a lost stock market.
The introduction of the old eight shares is a historical legacy. It is only because of the time that has passed that we feel the value of what they once were, the role they once played, and the hazy memories they once left us of an unenlightened market economy. These eight early and most interesting stocks are: Shanghai Shenhua Electric Co, Shanghai Yuyuan Tourism Chamber of Commerce, Shanghai Feile Co, Shanghai Vacuum Electronic Devices Co, Zhejiang Phoenix Chemical Co, Shanghai Feile Audio Co, Shanghai Love to Make Electronic Devices Co, and Shanghai Yanzhong Industrial Co.
The eight enterprises have some relatively **** with the same characteristics: one is not large, one is mostly collective nature of the enterprise, there are located in the suburbs of the city. For example, Shanghai Vacuum Electronic Devices Co., Ltd. is the first issuance of stock enterprises in the suburbs of Shanghai, and Shanghai Yuyuan Tourism Mall Co., Ltd. formerly known as the old Chenghuangmiao shopping mall, is a collective enterprise. From the above analysis, we can see that at that time in China, there is no exchange, there is no real sense of the stock market, "the old eight shares" is bound to appear with a very strong nature of the water test.
In the late 1980s, after the reform of China's economic system turned to the cities, how to revitalize enterprises became the top priority in the reform. According to records, after the founding of New China, the Beijing Stock Exchange had reopened in 1950, but the stock exchanges in Tianjin and Beijing closed in 1952. This shows that in the decades since then, only two forms of equity existed in our economies: one was universal ownership, or state-owned enterprises, and the other was collective enterprises. Reform and opening up to revitalize the city's enterprises, the first hurdle is the issue of property rights. 10 years ago, I interviewed the securities industry, Gong Hao Cheng, an old man, who recalled that when the shareholding reform in Shanghai from small to large to carry out is a historical reason.
In 1984, I had the honor of witnessing the whole process of shareholding reform of Beijing Tianqiao Department Store, the then National Reform Commission and Beijing Municipal Commission for the design of the Tianqiao Department Store, the most controversial differences is the division of equity, whether or not it is necessary to design the state shares, enterprise shares and employee shares, and how these equity shares reflect the nature of the state-owned enterprises. Tianqiao Department Store than those collective enterprises and a step forward, is a national enterprise. However, it is still a commercial enterprise relatively close to the edge of Beijing, and its scale cannot be compared with that of Wangfujing. If Beijing's joint-stock enterprises why there, I can only use the personal experience of the fact that the manager of that enterprise was very thoughtful, trying to do something in China's economic reform, so that the Tianqiao Department Store has a big development.
In the early days of China's reform society, there are two conditions that will lead at the start. One is opportunity and the other is capable people. That is to say, there are ideas dare to call the shots with the traditional system of people, opportunity is of course the opportunity to meet the reform of the good times. So, Beijing Tianqiao Department Store became the northern representative of China's stock market, following the old eight shares to the Shanghai Stock Exchange listed companies.
China's stock market seeks rapid development through trial and error
Reviewing the development of China's stock market after liberation, China closed its stock market at the beginning of liberation. After that, the stock market stayed away from our economic life for 30 years. In other words, the shareholding reform and the stock market that emerged from the reform and opening up were products of the reform. Like other reforms of China's economic system, the development of China's stock market is also highly tentative. Mr. Zhou Qiren said at a symposium on 30 years of reform at Peking University that many of our reforms were "hasty", ways that we had no choice but to take in order to solve our pressing problems. Since these approaches have impacted on the old system and norms, the effects of reform have been most evident in a short period of time. Of course, with the present perspective, this inevitably also left new challenges for our economy to integrate with the international community later on.
The old eight stocks, along with the Shanghai Stock Exchange, were difficult to evaluate at the time. Although we always require companies to follow the norms in the operation, but in reality we do not have a standardized success paradigm in hand, because if you only rely on creative thinking and invention to seek development based on. According to the Shanghai Stock Exchange, the old man Qiang Jiying recalled that the Shanghai Stock Exchange trading methods were temporarily mobilized staff to find ways to design the program, from the daily from the trading bills in sacks, to the later book-entry transactions, the book-entry form is also their own drawings.
This is the generation of people who were full of hope for reform at that time, and still relied on the spirit of "fighting for the sky and the earth" in the economic reform, and creatively invented the soil products and soil rules of the Chinese-style market economy. At that time, in the old eight shares on the market soon, the exchange because there are flaws in the design, can not accommodate so much trading capital, the number of shares is too small resulting in the Shanghai stock market from December 1990 began to count the points, the end of 1992 rose to 780 points, an average annual increase of 179%; Shenzhen stock market from April 1991 began to count the points, the end of 1992 rose to 241 points, an average annual increase of 68.5%, the average annual increase of 68.5%. The Shenzhen stock market started counting points in April 1991 and rose to 241 points by the end of 1992, with an average annual increase of 68.5 percent.
Like capital markets around the world, China's stock markets experienced large fluctuations in share prices at the beginning of their development due to a lack of listed stocks. It's just that history has given them hundreds of years to mature, while we've only had 18 years so far.
Similarly, the growth of China's stock market has been characterized by one thing: development in the midst of debate and growth in the midst of debate. From the nature of the stock market to the role of the stock market, from the stock market's operating procedures to the emergence of regulations, these issues have caused different debates and controversies. It can be said that the Chinese stock market is in the "repeated trial and error correction, and then trial and error correction" in the growth. As mentioned earlier, from nothing to the "old eight shares", have shown that people for the development of China's stock market at that time was to try to see the mentality. Because the "old eight shares" are some collective enterprises or state-owned small enterprises, even if they do not succeed in the pilot, it does not matter to the overall situation of national economic development. Therefore, the "old eight shares" itself can go so far, is inseparable from the background of China's economic reform and opening up.
Subsequent facts have also proved that the benefits of enterprises seeking public listing are more than people think, and are of great benefit to the reform of China's economic system. To some extent, the stock market has a huge financing effect, in a long time dominated and influenced the steps and methods of China's economic system reform. For example, the "old eight shares" pilot, realized through the market financing channels to solve the business difficulties of the purpose, this demonstration effect also promoted a large number of state-owned enterprises have to enter the stock market, "stock market to solve the difficulties of the said". Also, using or relying on capital market development to promote China's property rights reform. In addition, the development of the stock market has also become an important support for the development of large enterprises, and prompted a number of large enterprises to go to overseas markets. Although many investors at that time expressed their dismay at the financing tendency of some enterprises to "eat the bank after eating the treasury, and eat the stock market after eating the bank", it was difficult to avoid these defects at that time. The reason is that our reform is to break with the old system and establish a new one, and it cannot be pushed back to the past. All reform strategies are bound to bear the marks of history.
The old eight shares: the early development of China's stock market to provide a successful example
Now, we look back and will find that the early development of China's stock market in the process of leaving a regret is the lack of attention to the market to protect the interests of investors. How to establish the principle of "openness, fairness and impartiality" in the market was postponed for a long time due to some specific goals of the stock market reform. It was not until after 2005 that market parties began to pay attention to the importance of investors in the development of China's stock market.
It can be said that China's stock market has evolved through trial and error, including a variety of comments and debates about the development of the stock market. For example, it was only after Deng Xiaoping's speech during his southern tour, in which he said that the stock market could be shut down if it was not done well, that some of the stock market issues involving ideological disputes were basically resolved. In March 1995, the development of the securities market was written into the government work report for the first time. All of this has greatly encouraged and invigorated those concerned about the growth of the stock market.
The fortunate thing is that the early experiments of the old eight stocks have provided us with very valuable experience. In addition to the above mentioned effect of testing the waters for our institutional reform, there is another aspect worth mentioning. According to the statistics of Shanghai Caihui Information, although the SSE index has been adjusted many times, among more than 1,000 stocks in Shanghai and Shenzhen, there are 16 stocks*** that reached 1,000 dollars after reweighting (including bonus, transfer, additional shares and dividends in all periods). Among them, the share price of more than 10,000 yuan after the reweighting of four stocks are from the "old eight shares", especially Shenhua Holdings, but also reached 69,500 yuan. This also reflects the positive effect of the Chinese stock market on wealth accumulation after more than 10 years of development.
At present, the fact that most of the "old eight stocks" have survived to this day, with the exception of one that will soon come to an end, is testimony to the success of the reforms. For example, the predecessor of Founder Technology is Yanzhong Industry, Founder Technology is a shell listed enterprises. In fact, shell resources itself is a product of the mutual compromise between China's reform and market economy principles. Mature market economy countries listed companies do not operate well loss only one way out of class delisting, while in China's reform both to move forward, but also to take into account the interests of corporate employees and investors, and ultimately the Chinese wisdom to create a kind of shell resources. Therefore, shell resources are very Chinese characteristics, but also the characteristics of the times. Right now, the company delisting will inevitably become a trend.
While the "old eight shares" have become a kind of history or collection, it is a sign that China's securities market has turned over a new page; their past life and present life, but also suggests that the reform itself is a kind of development concept.