I want to be emperor

Lee's Steel Company and Dachu Commercial Bank have not yet finalized a plan for the cooperation of issuing small shares. The central bank has already issued a document requiring Lee's Steel Company and commercial banks to closely protect the interests of small investors. No messing around.

The reason why this matter has attracted the attention of the central bank is that many companies have done this before and caused problems.

In order to raise funds, these enterprises will issue some shares with a small share, and then attract small and medium investors to buy them at high prices to raise funds.

These are all normal, but then a series of problems are caused, that is, there are more minority shareholders, so there will be more share transactions.

The objects of these scattered and small share transactions are not professional investment institutions, but often individuals.

Although these individual traders hold shares, it is actually difficult to know the specific situation of the company to which they belong, and they are easily deceived and cause a lot of losses.

For this reason, many economic cases have also been triggered, and to a certain extent, they have affected the affiliated companies.

For example, once those small shareholders in the market sell their shares at a low price in a hurry, it will easily cause a chain reaction, causing other small shareholders to also sell their shares. In the end, the value of the shares will be greatly depreciated and even no one will care about them... But the problem is that the companies run by others good.

Finally, and more importantly, there are some unscrupulous companies whose operators deliberately ask ordinary people to buy their small shares in large numbers in order to make money, and then donate and run away after making money, which is illegal fundraising!
Now the central bank is very concerned about the relatively large-scale trading of scattered shares in the market, so when Lee's Iron and Steel Company wants to issue small shares, it will directly send a warning letter: Don't mess around, or you will be punished to death !
But mere warnings are useless. After all, this situation does not exist alone, but is already a common situation. The central bank has already pondered whether it is possible to establish a complete set of systems for companies to issue shares to raise funds. It can not only guarantee the company's need to raise funds, but also protect the rights and interests of small and medium investors.

After all, it is already a fact that a large number of companies issue small shares to raise funds, and legally speaking, you have to let others issue shares... Are you not allowed to sell your own things?
At the same time, there are a large number of small shareholders who also need to trade with each other. Small investors are different from large-scale investments and corporate investments. Those large-scale institutional investments are strategic investments, mainly taking dividends. Even the transfer of shares is relatively large. institutional structure.

They all have enough professionalism to guarantee their own interests.

But small investors probably don't even know where the company they bought the shares directly is!
At the same time, they have limited funds, and they will transfer shares to raise funds once they need funds.

And these frequent small share transactions have caused a lot of problems.

In addition, under such circumstances, large investors and even enterprises themselves are easy to use some means to buy low and sell high, thereby harming the interests of small investors.

After all, major shareholders must clearly know the situation of their own company, and even know what the company will do in the future.

If a few months later, the company has major benefits, then he can use this information in advance to absorb the shares of minority shareholders to make a profit.

Conversely, if the company is going to lose money after a few months, he can also use the information to transfer shares to cash out in advance.

This kind of major shareholder and business operator personally participates in small share transactions, naturally occupying an absolute advantage.

This must also greatly damage the interests of small and medium investors.

It will destroy the entire stock trading market and cause many unnecessary problems.

Finally, the most important one is to collect taxes!
Although at present, the tax law also collects tax on share transactions, but it is only collected when the share registration is changed, which is troublesome and not much...

For this reason, the tax department has submitted suggestions to the finance department many times, asking them to regulate stock transactions so that they can collect taxes. Otherwise, if you don’t do it, my tax department will specialize in a stock transaction tax registration so...

For this reason, the central bank, as a financial regulatory agency, has already planned to set up a special agency for stock trading, and the government will supervise the trading and limit the qualifications of enterprises. The public buys and creates a bunch of illegal fundraising and running away.

The idea of ​​the central bank quickly turned into a document and was passed on to the finance department. However, this was the first time that such a stock exchange had been done.

Finally, it was sent to Luo Zhixue's office.

When Luo Zhixue saw that the Ministry of Finance requested the establishment of a stock exchange to regulate and supervise corporate fundraising and stock trading, so as to protect the interests of small and medium investors, avoid large-scale illegal fundraising, and increase financial taxes.

Luo Zhixue was dumbfounded... He must know about stocks, and he also thought about setting up a stock exchange when the time is right.

But he didn't expect that the officials below would bring it up before he had mentioned it to the outside world.

This also allowed Luo Zhixue to once again see the inertia of historical development.

Even if there is no Luo Zhixue to toss about many things, they will emerge by themselves when the time is right.

The previous iron-ribbed wooden-hull warship is a very typical example. This thing was first proposed by the Navy's Ship Administration Department. Luo Zhixue didn't know that the people in the navy were planning to build iron-ribbed wooden-hulled ships until after seeing their initial design plan. up.

The reason why the navy engaged in warships with iron ribs and wooden shells was because Daye Iron and Steel Company had made a breakthrough in the mass production technology of wrought iron. The output of wrought iron increased greatly and the price dropped. Capability of wrought iron components.

Coupled with the lack of ship rib timber, the Navy had to find alternatives.

Putting all these together, without any reminder from Luo Zhixue, the navy would start thinking about iron-ribbed wood-hull ships first.

Even Luo Zhixue felt that if it wasn't for the fact that the price of iron was relatively expensive, and the potential enemy's artillery power was just that high, and the wood used for the wooden shell was easy to find, it is estimated that the navy would have proposed a plan to build an all-iron warship.

Thinking of the possibility of an all-iron sailing warship with sails and front-mounted smoothbore guns... Luo Zhixue himself would feel particularly awkward.

This does not conform to his common sense cognition.

However, this is the natural driving force brought about by the continuous development of technology and the continuous development of society.

As in shipbuilding, so in finance.

In fact, Luo Zhixue did not create the rules and even the laws of many financial industries in the Great Chu Empire himself... He is very busy, so he has no time to stare at the financial industry every day.

That is to say, Luo Zhixue paid more attention to it at the beginning, but it was only in the early days, and even in the early days, Luo Zhixue did not participate in some details of the development of the financial industry.

He always specifies the framework, finalizes the general financial strategy plan, and then hands it over to the officials under him.

Specifically, it was probably that he set up the Ministry of Finance that year, and then set up the Finance Bank, the Central Bank, and laid down some basic principles of financial supervision.

As for the follow-up, basically let the finance department do it naturally.

The Ministry of Finance has continued to improve the rules and regulations of various financial industries in the past ten years, and has established a set of financial systems that are relatively primitive but relatively complete.

The most important of these is the perfection of currency and banking.

Currency, mainly adopted the abolition of the two to change the yuan, established the concept of Chu Yuan, and issued a variety of silver coins and copper coins on a large scale, and more importantly, the corresponding banknotes were introduced.

As for the banking industry, they came up with a series of concepts of savings banks, and finalized the basic businesses of banks such as soliciting deposits, issuing loans, and exchanging foreign exchange. Don't talk about financial investment.

These are all to ensure the safety of depositors' funds.

But at the same time, the Ministry of Finance has guided the establishment of several fund companies, which can raise funds and then participate in various types of finance, mainly to invest in various companies for profit, so as to allow the funds in the market to flow.

There are many other things, which are basically created by the officials of the Ministry of Finance according to the changes in the market economy and the political needs of the empire.

The same is true for the stock exchange this time.

The finance department found that there are a large number of companies issuing small shares in the market, and also found that a large number of small shareholders are conducting frequent transactions.

This means that a large number of enterprises need a channel to raise funds other than loans. It also means that there are many people in the market who have a lot of money and want to invest, but it is difficult to participate in real business operations due to limited funds. go.

In other words, there is a strong market demand for the trading of small stocks, not only for enterprises, but also for large investment institutions, and even for small investors, that is, individual investors.

However, this market demand has not been correctly guided, and a series of problems have emerged.

Now the idea of ​​the Ministry of Finance is very simple, that is to bring this market demand into the official supervision, so as to formalize the trading of these small stocks.

In this way, it is convenient for companies to raise funds, it is also convenient for investors, and it can also reduce the situation of investors being deceived to a certain extent.

The most important thing is that it can also revitalize the stock of idle funds in the market and provide additional assistance for the industrial and commercial development of the empire.

To develop industry and commerce, and enterprises need funds, we cannot rely solely on bank loans.

Based on this situation, the Ministry of Finance will finally request the establishment of an officially governed stock exchange based on the proposal submitted by the Central Bank.

After Luo Zhixue read the report of the finance department in detail, he quickly issued an order to allow the establishment of a stock exchange, but he must control the pace and not go too far at once. He must first experiment a little bit, and then perfect it after exploring experience. After the various rules and regulations are established, they will be rolled out on a large scale to avoid any chaos.

With Luo Zhixue's approval, the Finance Department quickly finalized the corresponding charter, preparing to set up a stock exchange in Jinling City, which would be directly under the jurisdiction of the Finance Department.

The rules and regulations of the stock exchange are temporarily formulated strictly to avoid too much disturbance.

Under such circumstances, the establishment of Jinling Stock Exchange and the corresponding company listing and stock trading rules are very strict.

First of all, enterprises, temporarily do not accept self-application by enterprises, but first select a few large enterprises with sufficient strength to go public, and the number is not large, tentatively set to five, four of which will be government-run enterprises affiliated to the Ministry of Industry , and another enterprise is tentatively designated as a private enterprise.

At the same time, the industry the company belongs to should try to choose a low-risk industry that has been making stable profits for many years in a row, and the company itself has matching real assets.

They want to select a group of high-quality companies for listing, and they also want to ensure that even if the listing goes wrong, investors will not suffer too much loss after buying stocks.

Not only the selection of listed companies is strict, but also great restrictions have been placed on stock trading. First of all, there is a one-size-fits-all approach. Except for the stocks that are publicly issued on the stock exchange, other stocks are not allowed to be traded on the stock exchange. , that is, non-tradable shares.

The shares circulating on the stock exchange can only be the batch of tradable shares issued on the market, and no other shares are accepted for trading.

Therefore, shareholders should not expect to be able to sell their stocks in the market to cash out, because their holdings are non-tradable shares and cannot be sold on the stock exchange.

This kind of strict one-size-fits-all is simply a strict measure taken in advance to avoid problems. After the relevant policies are further improved in the future, relevant adjustments will be made to this policy.

Whether to further tighten or relax the conditions at that time depends on the situation.

But... No matter how you adjust it, there is only one basic principle, that is to protect the interests of investors in the stock exchange, and to prevent shareholders from cutting leeks in the stock market on the spot, cashing out at high prices and leaving.

The Ministry of Finance set up a stock exchange not to cash out high positions for those shareholders and realize the freedom of wealth...but to allow companies to gather funds for development.

Enterprises and shareholders are different entities. The Ministry of Finance of the Empire pays attention to the former. As for the latter, life and death are at your own risk...

Of course, if shareholders can sell their shares off-market, this is a normal business operation. How much you can sell is up to you. As long as you pay taxes in accordance with laws and regulations, the imperial officials will not interfere.

After all, the Finance Department of the Great Chu Empire cannot prevent other shareholders from transferring their shares, isn't it... If they really want to do this, it will conflict with many industrial and commercial laws and financial laws of the Great Chu Empire.

Freedom of trade is still very important for a surging economic system!

However, investors who buy shares still get non-public tradable shares... These stocks still cannot enter the stock exchange for trading.

The series of stock exchange rules formulated by the Ministry of Finance are, in principle, to protect the trading of tradable stocks on the stock exchange and the interests of investors.

For off-market share transfers, how to do it or how to do it.

After a series of rules and regulations were formulated one after another, the Ministry of Finance also announced the establishment of the "Jinling Stock Exchange" through the Dachu Dibao, and announced the general principles of stock trading.

Afterwards, through internal review, the first batch of five companies were drafted for listing.

Four of these five companies are government-run enterprises directly under the Ministry of Industry, and they are 100% controlled. This is to ensure that the listed companies will not have any problems and can be stabilized.

The fifth company is a private company used for the pilot, and this company is none other than Li's Steel Manufacturing, which has been making a lot of noise in the high-level circles of the domestic business community.

Lee's Iron and Steel Company had publicly introduced strategic investors before, and successfully introduced Guangzhou Iron and Steel Company as a strategic investor. After paying [-]% of the shares, it obtained a strategic investment of [-] Chu Yuan from Guangzhou Iron and Steel Company.

However, this amount of money is actually not much, and it is far from enough for the at least hundreds of thousands of funds that Li's Steel Manufacturing needs.

It's not that Li's Steel is not willing to pay more shares, but that Guangzhou Iron and Steel Company is not a particularly rich company. Although the scale is not small, they also need funds for development.

The strategic investment of [-] Chu yuan is only to further bind Li's Iron and Steel, a major customer.

You ask them to pay more... that's unnecessary, they can't afford it either!

Since the money was not raised enough, they naturally had to continue to raise money, so at that time they were planning to cooperate with Dachu Commercial Bank and planned to issue stocks directly to small and medium investors to raise funds.

Later, it was suspended after being warned once by the official regulatory agency...

But they quickly contacted the finance department... After learning that they wanted to set up a market for publicly traded and circulating stocks, Lee's Iron and Steel Company said that we can come to be the guinea pigs for this experiment.

Moreover, our conditions in all aspects are also very suitable, and we have been profitable for more than ten consecutive years, and the profit is still very large!

The scale of the company is large enough, with assets of several million. The largest private enterprise in China, even counting government-run enterprises, can enter the top [-] in terms of single-round assets.

Moreover, many of the top [-] are government-run enterprises in special industries such as banks, grain companies, salt companies, armed trading companies, large mining companies, and steel companies.

And we Lee's Steel has a strong official background... Although we are a private joint-stock company, many of our shareholders are official capital...

Among the top five shareholders of Li’s Iron and Steel, the first is naturally the Li’s family, to be precise, the Foshan Li’s Company. The shareholders are all core members of the Li’s family, and they hold the shares of Li’s Iron through Foshan Li’s Company. shares.

The second largest shareholder is the Finance Department of the Guangzhou Prefect Yamen, which holds [-]% of the shares.

The third largest shareholder is the Industry Department of Guangdong Governor's Office, holding [-]%.

The fourth largest shareholder is Nanyang United Investment Fund, which is one of the investment funds directly under the Ministry of Finance.

The fifth largest shareholder has nothing to do with private capital. It is Zhujiang Machinery Sales Company, and this company is a machinery sales company established by more than a dozen governments in Guangdong and Guangxi. Distributor of daily-use iron products such as farm implements, cooking utensils, hardware tools, etc.

Among the top five shareholders, except for the Li family themselves, all other official capitals, and the total shares held by these four official capitals in Li's Iron and Steel have reached more than 20.00%.

Although they have not been able to complete the holding, they have a very large say in Lee's Iron and Steel. Of course, although they have a large say, they generally do not intervene in specific operations.

Li's family is still responsible for the operation right of Li's Steel Manufacturing. After all, the purpose of those investors is not for the operation right, but for profit.

The Provincial Department of Industry and the Government Finance Department have very clear goals, that is, to support a large leading enterprise, promote the development of the industry, and develop the industrial economy.

In addition, another purpose is to prevent the golden hen from flying away... After all, the conditions for heavy industry in Guangzhou are not so good. What about the Bohai Rim region?
How can Li's Iron and Steel be tied to the Pearl River Delta for a long time? The local government's answer is to invest money in and become a shareholder...

Under such circumstances, as long as Li's Steel Manufacturing keeps investment, employment, and tax revenue in the local area, and by the way, an annual dividend or something, they don't care about the specific operations...

Not to mention Nanyang Investment Fund, they are here to increase value and distribute dividends. Although this fund is run by the government, all the money belongs to customers... It is their only mission to ensure the safety and value-added of customers' funds. If you can make money, you can say anything.

As for Zhujiang Machinery Sales Company, this is even more so, this is a channel dealer...

These top-ranked major shareholders actually have limited overall influence on Lee's Steel Manufacturing. After all, there are dozens of other shareholders who check and balance each other.

After more than ten years of development and several rounds of introduction of strategic investors, Lee's Iron & Steel has very scattered shares, with more than [-] shareholders.

And these shareholders are all institutional shareholders, even the Li family holds shares through Foshan Li Company, and other institutions either invest directly with official capital, or invest in large government-run or private funds, or cooperate with them. Lee's Steel has a strategic partner for major business cooperation and is also a large and medium-sized enterprise in Yishui.

Each of these shareholders is not simple, but they do not intervene in the operation of the company.

This is also the reason why the Li family introduced them in the first place... It's fine to share the money, but if you want to snatch the operating rights of Li's Iron and Steel, you have to go as far as you can!

The Li family doesn't want any money.

Under such circumstances, the Li family has always firmly controlled the operation rights of Li's Iron and Steel.

However, if any major event occurs, if these institutional shareholders can cooperate, they can still interfere with the operation direction of Li's Iron and Steel, and even take away the operation rights of the Li's family.

To a certain extent, Lee's Steel Manufacturing is also under the control of the imperial government...

As the first batch of listed companies, it is very important to be under control. After all, the big officials in the Ministry of Finance do not want any problems in the stock exchange.

If it wasn't for the purpose of emphasizing the importance of private enterprises...they would like to designate all five listed companies as government-run enterprises wholly owned by the Ministry of Industry, but the impact of that would not be very good.

In order to reflect the government's equal treatment of government-run capital and private capital, there must be one private enterprise, and it cannot be an uncontrolled private enterprise.

All in all, Lee's Steel Manufacturing has become the best choice!

When everything was ready, the Jinling Stock Exchange officially opened...