wild 1995

Chapter 71
July 2 at 24:8 p.m.

When Di Ye was explaining the usefulness of the Internet to Lu Hanming in Yuncheng, Tang Renrong was having dinner with Kan Zhidong, the general manager of Shenyin Securities, who rushed back from Hong Kong in the Red House Western Restaurant on Huaihai Middle Road, Pujiang, and chatted with him by the way.

Kan Zhidong was known for his conservative personality. He was given the nickname Kan Ermao, which meant that he would run away as long as he earned [-] cents in the financial market. He didn't believe that Di Ye was so powerful. He analyzed: "You and I know what Liao Guofa is. Think about it carefully. Without Di Ye, would you agree to Gao Ling borrowing our company's self-operated positions?"

Tang Renrong thought for a while, then said hesitantly, "Probably not."

"Then let me ask you again, on the afternoon of the 23rd, if you didn't have Di Ye, would you have forcibly closed Gao Ling's position with your usual way of doing things when the bulls have become a big trend?"

Tang Renrong hesitated even more, and after thinking for a few seconds, he said, "Probably yes."

"That's terrible. The so-called suspicion breeds dark ghosts. In fact, this Di Ye didn't do anything. You imagined him to be very powerful."

Tang Renrong and Kan Zhidong are similar in age, one is 42 years old and the other is 43 years old. They not only have frequent contacts in business, but also have a good relationship in private.

"You just believe what he says? How do you know that he raised funds by himself? How do you know that his money must have been raised? The mainland is not Hong Kong, and few people like to watch movies. Is that DVD player so attractive? Not to mention the poor and remote places like Yuncheng, it is in Pujiang. How many families are willing to spend 2500 yuan for the so-called DVD rental package?"

Kan Zhidong's series of rhetorical questions made Tang Renrong speechless. After eating a few mouthfuls of food in silence, he said, "Then he asked his girlfriend to interview Guan Jinsheng and predicted the run this afternoon, so what?"

"What is Guan Jinsheng's personality? Do you still need to interview him? Just ask a passer-by at the gate of Wanguo Securities. As for the run in the afternoon, it is a common occurrence in financial history. I thought of it on the plane back to Pujiang in Pengcheng. What's so strange?"

Since Tang Renrong founded Haitong Securities in 1988, he has seen thousands of speculators, but he has never met such a maverick young man as Di Ye, so his first impression was extremely strong. Later, Di Ye used his curiosity to give various hints, and he became a fan without knowing it.

Now being educated by Kan Zhidong, tearing off the stunning filter, he suddenly came to his senses, and felt that Di Ye was not as amazing as he imagined, so he couldn't help but smiled wryly: "I hunt geese all day long, but I didn't expect to be blinded by geese instead. I'm really ashamed."

"It's not enough to be ashamed. This Di Ye still has some skills, good vision, and great courage. At his age, you and I would never dare to gamble with more than 2000 million in the futures market."

"makes sense."

The topic about Di Ye was just an appetizer, and the two quickly changed the subject to discuss how to solve the mess of 327 treasury bond futures.

"According to the rough estimate of the stock exchange, Wanguo Securities currently holds nearly 1000 million short orders of 327 treasury bond futures. Based on Pujiang's closing price of 151.8 today, the loss is at least several billion. If calculated based on the closing price of 153 yuan or more in Beijing and Pengcheng, the loss will be tens of billions. Bankruptcy is a certainty."

Tang Renrong first briefly introduced the loss situation of Wanguo Securities, and said with a frown: "Wanguo Securities has more than 40 customers, large and small, all over the country, and has collected a total of more than 30 billion deposits. If it goes bankrupt, the consequences will be disastrous."

"What is Guan Jinsheng going to do?"

"He can't decide this matter. He should still be in a meeting with the municipal government at this moment."

Kan Zhidong picked up his glass, took a sip of red wine, and speculated: "Old Shen also went to a meeting and said he was studying how to prevent a run on next Monday. Industrial and Commercial Bank of China is the clearing bank for all securities companies, and will definitely provide emergency loans to Wanguo. Tomorrow and the day after tomorrow are weekends. It is estimated that Old Shen will use these two days to turn Wanguo upside down and find high-quality assets that can be used as collateral."

Old Shen is Shen Ruolei, the chairman of Shenyin Securities, and the president of Pujiang Branch of Industrial and Commercial Bank of China. Tang Renrong was surprised when he heard this, "You Shenyin want to take this opportunity to eat Wanguo?"

Kan Zhidong nodded in agreement, and said, "Wanguo, Haitong, and Shenyin are just the three major securities firms in Pujiang. They are incomparable to the three national securities companies, Huaxia, Cathay Pacific, and Nanfang. I have always wanted to expand Shenyin by increasing capital and shares, but the People's Bank of China is very hard-pressed, so I am determined not to approve it. If I can eat up Wanguo, it will be a way to expand."

"Kan Ermao, Kan Ermao, I didn't expect that you are usually afraid of this and that. At critical moments, you are more courageous than anyone else, and you want to take advantage of the fire!"

Tang Renrong teased him and reminded: "A skinny camel is bigger than a horse. You Shenyin and Wanguo have fought fiercely for several years. There is a deep gap between employees. It may not be easy to eat them."

"Of course it's not easy, but it's imperative."

Haitong Securities is backed by the Bank of Communications, whose strength is far behind that of ICBC, the leader of the four major banks. Therefore, Tang Renrong has no idea about Wanguo Securities, but is worried about the supervision of government bond futures. He said: "There was a problem with 10 in October last year, and now there is a problem with 314. There will be more problems in the future. I am going to write a proposal to suggest that the stock exchange suspend the trading of government bond futures. Do you think it is feasible?"

"With the trading volume of hundreds of billions of treasury bond futures every day, there is no reason to stop it at will, and the stock exchange has no right to do so. The treasury bond is under the control of the Ministry of Finance, and the futures are under the control of the Securities Regulatory Commission. It is only possible to suspend it if both of them nod."

"Do your best and obey the destiny. After all, I am a director of the stock exchange, and I have the responsibility and obligation to maintain the order of the financial market."

"I didn't expect that after all these years, you are still an idealist, so give it a try. Anyway, I don't think there is much hope."

At the beginning of 1995, Pujiang implemented the big and small week system. February 2th was the big week’s Saturday, and he didn’t have to go to work. However, Tang Renrong came to the company early in the morning and spent a few hours in the office. He wrote a proposal of about 25 words by hand, proposing four major hazards of treasury bond futures and four measures that should be taken.

After finishing writing, he checked it twice and felt very satisfied, so he called Secretary Wang in and said, "Type this proposal for me, and I want to submit it to the stock exchange."

Secretary Wang took the manuscript with both hands, glanced at the title, and said with a smile: "Mr. Tang, what a coincidence, Di Ye just faxed a manuscript reflecting on 327 treasury bond futures. I would like your help to recommend it to the editor of "Pujiang Securities News."

Due to his rebellious psychology, after communicating with Kan Zhidong last night, Di Ye's image in Tang Renrong's heart suddenly fell from the cloud to the deep valley, and he sneered: "Not all articles can be published in "Pujiang Securities Journal."

At this time, Secretary Wang still had a filter in his mind, so he didn't hear the sarcasm in Tang Renrong's tone. He walked quickly outside, took a manuscript fixed with a pin from his desk, and said, "Mr. Tang, I think his writing is very wonderful. It can be described as far-sighted. Take a look."

Tang Renrong took it over and took a look, and found that the title read "327 Major Problems Exposed by 10 National Bond Futures and Corresponding Solutions", and he was immediately irritated.

"I have worked in the securities market for more than ten years, and I have seen many storms and waves before I summed up 4 problems and solutions. You, a young student at school, actually came up with 10 problems? You really don't know what to do!"

With this mentality in mind, Tang Renrong sat up straight, read the manuscript carefully, trying to find out the faults, then vigorously refuted and slapped Di Ye in the face.

However, contrary to expectations, after reading the manuscript, not only did Tang Renrong fail to find out what was wrong, but he felt amazing again. The image of Di Ye falling into the deep valley soared to the clouds again, which made him very sour.

"Lu Xun said that Zhuge Liang is very wise and close to a monster. I think this guy is the same. He really looks like a monster."

After Tang Renrong sighed, he got up and walked outside the office, and said to Secretary Wang who was typing: "Xiao Wang, don't type this manuscript anymore, take Di Ye's and make 20 copies, and I will take it to the stock exchange for everyone to see."

　In order to avoid being harmonized, I will not describe too much in the book, and here is a background explanation.

　　Tang Renrong did write a proposal on February 1995, 2, and the circulation process was: Director of the Futures Department of the China Securities Regulatory Commission - Vice Chairman of the China Securities Regulatory Commission - Vice Minister of Finance - Vice President of the People's Bank of China.

　　
　
(End of this chapter)