Countercurrent 1982

Chapter 1854 Historical Moments
On the second day Duan Yun came to Hong Kong, he met with the staff of the State Economic Reform Commission who came here a week earlier.

Relevant ministries and commissions of the country also attach great importance to the listing of Jinbei Automobile in Hong Kong. In fact, in order to facilitate the listing of mainland companies in Hong Kong, the superior leaders have already started to make arrangements a few years ago.

Similarly, Hong Kong has also been discussing the possibility of mainland companies listing in Hong Kong since the early 90s.

In June 1990, the Hong Kong Stock Exchange organized more than 6 experts to set up a China research group to study issues related to mainland companies listing in Hong Kong.

On February 1992, 2, the China Research Group of the Hong Kong Stock Exchange completed a non-public interim report on the future direction of development.

The report mainly studies what may happen when securities in mainland China are listed in Hong Kong, points out the main problems and differences between mainland China and Hong Kong in several important aspects, and puts forward suggestions for future development.It is suggested that mainland China should allow mainland companies to list in Hong Kong after enacting regional or national securities laws; the way to list in Hong Kong is to go public indirectly or through the second board.

The main reason is that the systems and laws of the two sides are different, which has become one of the biggest obstacles for mainland companies to go public in Hong Kong. In order to solve this problem two years ago, the relevant departments of the mainland and Hong Kong also conducted at least 10 negotiations. Just came up with a feasible plan.

In November 1992, at the Fourth Working Conference in Hong Kong, the joint working group decided through consultation that three documents should be formulated to make up for this gap: first, a "Standard for Joint Stock Companies" was issued in the name of the State Restructuring Commission. Supplementary Provisions of the Opinion".For example, the supplementary regulations specify that "foreign shares" include B shares issued in the Mainland and H shares issued in Hong Kong.

In other words, all mainland stocks listed in Hong Kong are designated as H shares, which has also become a sample for the classification of mainland stocks listed in Hong Kong in the future.

Second, send a letter to the Hong Kong Stock Exchange in the name of the State Restructuring Commission to explain some concepts and clauses in our regulations that are difficult for Hong Kong and other foreign investors to understand.For example, in the "Opinions on the Regulation of Joint Stock Companies", shares are divided into state shares, legal person shares, individual shares and foreign shares.In the letter, it should be stated that this is only a division based on different investment entities, and it does not affect the principle of equal rights for the same shares.

Third, the two parties jointly drafted a document to clarify the matters and terms that must be stated in the articles of association of companies listed in Hong Kong.

Through the above documents, about 200 issues with legal gaps between the two places have basically been resolved.

At this meeting, the cadres of the Economic Reform Commission mainly talked to Duan Yun about the specific details and precautions for listing in Hong Kong. Because this matter has attracted a lot of attention in Hong Kong, they are required to pay attention to maintaining their image. When answering journalists' questions, be careful not to smear or slander the country's image.

In fact, there is no need to be reminded about this kind of thing, Duan Yun will naturally grasp the measure, but from the tone of these economic reform committees, he can hear how much the country's upper echelon attaches importance to this state-owned enterprise's listing in Hong Kong.

What I have to say is that in the early days of reform and opening up, Hong Kong, as a window to the world close to the mainland, did make a very important contribution to the development of the mainland. On the one hand, through many "patriotic businessmen", the country obtained military technology On the other hand, the funds brought by Hong Kong businessmen have indeed revitalized a large number of enterprises in the Mainland, especially in Shenzhen, Guangzhou and other places. Without the investment of a large amount of Hong Kong businessmen's funds, it is absolutely impossible to release so fast.

Even after many years, some people in Hong Kong still show contempt and a superior attitude towards the mainland, but the contribution Hong Kong people made to the mainland back then is absolutely indelible.

In addition, during this meeting, Duan Yun also got a piece of news, that is, the Hong Kong Stock Exchange specially reserved the stock code 168 for Jinbei Automobile, implying that it will go all the way.

In the blink of an eye, it came to June 6th. Early in the morning, Duan Yun, Zhao Xiyou, Wu Disheng and others got into Yang Shoucheng's famous No. 15 Rolls-Royce and headed for the Hong Kong Stock Exchange.

To Duan Yun's surprise, their car had just arrived at the gate of the Hong Kong Stock Exchange, and there were already hundreds of reporters waiting there. Duan Yun couldn't open his eyes. Although more than 20 security personnel from the stock exchange cleared the way, it still took several minutes to pass through the crowd and enter the interior of the stock exchange.

At this time, on the second floor of the stock exchange hall, a red silk gong had already been hung, and a logo of Jinbei Automobile Factory was pasted on the top of the gong. The scene looked very grand and festive.

The listing ceremony of ringing the bell is already a fixed process of all stock exchanges in the world. The earliest Shanghai Stock Exchange and Shenzhen Stock Exchange adopted the listing ceremony of ringing the bell, but the listing ceremony of the Hong Kong Stock Exchange adopts the listing ceremony of ringing the bell. And beating the gong is a ritual, representing new beginnings and good beginnings.

According to the unwritten regulations of the Hong Kong Stock Exchange, the person who knocks the gong is generally the legal representative of the newly listed company. According to the current shareholding ratio, Zhao Xiyou, the director of the Jinbei Automobile Factory, should be the one who knocks the gong, but Zhao Xiyou finally took the responsibility. This glorious task was handed over to Duan Yun. After all, Duan Yun was the biggest contributor to Jinbei Motors' listing in Hong Kong. Without him, the first mainland company listed in Shanghai and Hong Kong would definitely not be able to get Jinbei Motors.

Holding the wooden hammer in his hand, Duan Yun was extremely excited at the moment.

He knew what this moment meant. The moment the gong was struck, Duan Yun's name would forever be recorded in the annals of history. On the other hand, this hammer will completely solve the problem of insufficient funds of the Jinbei Automobile Factory. From then on, His road to developing domestically produced cars will become much smoother.

At 9 o'clock in the morning, after everyone arrived, looking at the clock hanging above the hall, everyone started the countdown with one voice.

"10, 9, 8, 7, 6, 5..."

When the countdown reached the last number, Duan Yun swung the wooden hammer in his hand and slammed it hard at the huge gong.

"Boom!!"

At this moment, the crisp sound of gongs resounded throughout the stock exchange hall. Duan Yun was so blinded by the spotlights of countless cameras that he couldn't look directly at him. The warm applause and cheers seemed to overturn the roof of the building. The scene was extremely shocking...

(End of this chapter)