The Wealth Empire Crossing the Hong Kong

Chapter 478 Securities Finance Conference
This time, Li Fuzhao, Li Guobao and others acted very quickly. At 6:17 pm on June [-], Claude, director of the Hong Kong Securities Management Office, specially invited the chairmen of the three major exchanges, as well as the general managers (presidents) of large and medium-sized banks and securities companies in Xiangjiang ) to attend securities and finance meetings, mainly to discuss whether to introduce a CBBC system.

As the president of Hongkong Top Financial Holding Group, Li Jianhui also attended the meeting on time with Peng Kezhi, president of Xinjian Bank, in the afternoon.

As the chairman of Hong Kong Stock Exchange, John Graydon knew what the CBBC was about as soon as he heard it. Isn't this just futures trading in disguise?

At present, only their joint exchange in Xiangjiang has futures trading. Whether it is the Far East Exchange, which ranks first in the total market value of listed companies, or the Xinhong Exchange, which ranks at the bottom, they can only engage in direct trading of tradable shares of listed companies. Futures transactions involving gold and silver spot futures and other products.

It was precisely because of this advantage that the United Exchange was able to leave the Far East Exchange far behind in terms of transaction volume.

Unexpectedly, the Far East Exchange was not reconciled to not being qualified for futures trading, and now it is playing side-by-side, attracting popularity for the exchange, and at the same time making profits for the securities companies that stand there.

How could Graydon be willing to see this situation appear? As soon as Crowder finished speaking, he said: "CBBCs are issued by securities companies as a third party guarantee, which is not conducive to the development of exchanges and securities management offices. Supervision, and there is no experience for reference in this regard, I think it is not suitable for implementation.

However, there are still some desirable points of view. We can definitely include the three major indexes of Hang Seng, East Asia, and Xinhong in futures trading. What CBBC. "

Graydon's words were not only opposed by the staff of the East Asia Club, Sun Hung Club, New Asia Club, and Xianghua Club, but also representatives of the Nanjiang Club, foreign banks, and securities companies.

None of these long-term financial players are fuel-efficient lamps. CBBCs are of great benefit to securities companies or bank securities departments like them. If they develop well, they can bring their performance to a few higher levels. Graydon’s words can Said to have provoked public outrage.

Li Fuzhao said: "Although our CBBCs have no experience to learn from, they will not be rolled out all at once. First of all, it is completely feasible on the index. In addition, some leading companies, such as Huihong Group, have a market value of up to 1640 billion Hong Kong dollars. , can be used as a sample for issuing CBBCs.

Of course, we can’t just take one company as a sample. Our Far East Exchange will prepare ten listed companies for the first time, including Huihong, Lane Crawford, Hutchison Land, Whampoa Shipping, Bank of East Asia, Jiayi Film and Television, Jinhong Jewelry, Datong Electric, Hongyu Clothing, Taoda, they are leading companies in various industries and are very representative.

Moreover, in terms of CBBC issuance qualifications, our exchange has also made strict requirements, emphasizing both strength and reputation. To issue CBBCs for companies listed on the Far East Exchange, we currently only plan to approve ten financial institutions.

Xinjian Bank, Bank of East Asia, Dao Heng Bank, Fuji Bank, HSBC, Standard Chartered Bank, Bank of China, and Defeng Bank are the securities departments of eight banks, and the other two securities companies are Sun Hung Kai and Merrill Lynch.

Take half a year as the trial period. If the development goes well, we will increase the number of listed companies according to the strength of the listed company, and at the same time, we will approve more financial institutions to participate. "

Li Fuzhao's statement obviously did not satisfy the heads of those banks and securities companies, and they did not want to need the approval of the exchange to enter here.

Black, the president of Citibank's Greater China affairs, said: "Citibank is very supportive of the CBBC system, but I think it is not reasonable to enter this aspect with the approval of the exchange.

In this regard, the Securities Management Office should be responsible for promulgating relevant entry criteria. As long as the relevant qualifications are met, they should not be restricted. "

As the director of the securities management department, Claude also hopes to take this right into the hands of the management department, and Black's words can be said to be exactly what he wants.

After his words fell, he immediately said: "It seems that most of the issuance of CBBCs are supported, so our securities management office will communicate with the three major exchanges in the next few days to discuss which ones will be listed. The company can issue CBBCs.

If there are no accidents, it will be officially implemented on the 1st of next month, and I hope everyone will publicize more in this regard, so that shareholders can understand this system.

In addition, our management office strives to complete the formulation of financial institution access qualifications within this week to ensure the interests of shareholders and the stability of Hong Kong's economy.

Once confirmed, our three major exchanges must set aside a section to show shareholders which financial institutions are eligible to issue CBBCs on behalf of them, so as to prevent shareholders from being deceived. "

Although Li Fuzhao was a little unwilling to be reconciled to the rights being taken away by the securities management office, he just couldn't twist his thighs, and he didn't want the CBBC plan to be dirty, so he also spoke on behalf of the Far East Exchange to agree with Crowder's opinion.

The Far East Exchange did not object, and the Xinhong Exchange naturally did not object. Although the United Exchange was somewhat reluctant, Graydon knew that objecting was useless, so he did not choose to speak out.

Seeing that the matter has been decided, Claude said happily: "Thank you very much for your support. I believe that with everyone's concerted efforts, Xiangjiang's financial development will become more and more prosperous, and our Xiangjiang will surely become another world-class financial center after London and New York." City.

Here, I also hope that everyone can provide more opinions that are beneficial to the development of Xiangjiang Finance in the future, so that your industry and the development of Xiangjiang can achieve mutual benefit and win-win results. "

Li Jianhui didn't come here today to be a spectator. Since he proposed a CBBC, he naturally hopes to develop well.

When the meeting was about to end, he said: "Our major financial institutions issue CBBCs as a third party. We hope that all parties will stand in a neutral position and not personally end the market to affect the rise and fall of the stock price of listed companies, so as to maintain bullishness. The benign development of the bear market.

At the same time, I also hope that the Securities Management Office will make strict regulations. Once such incidents occur, not only will their qualifications be disqualified, but their responsibilities will also be pursued. "

Originally, the heads of some financial institutions still had small calculations in their hearts, but now Li Jianhui mentioned that they know that some things cannot be done in the open.

And it can't be too much, once it is discovered by the outside world, it will not only cause huge losses to itself, but may also lose the Xiangjiang market.

Claude also immediately agreed to Li Jianhui's proposal, and he did not want problems in the Hong Kong Financial stock market.

He made it clear that when the time comes to formulate access qualifications, this aspect will be strictly written into the rules. Once a financial institution violates this rule, it will be strictly punished by the Securities Management Office and Xiangjiang Law. Hold financial institution management criminally accountable.

(End of this chapter)