The Ordinary Road of Siheyuan

On March 3, the stock market gradually fell due to the discovery of three fake stocks of Hopewell Industrial Co., Ltd., which triggered a wave of selling.

On March 3, the trading volume of Hong Kong stocks dropped sharply, and the market situation was also very low...

Such an atmosphere in the stock market is due to the tightening of monetary conditions on the one hand, and the discovery of three counterfeit shares of Hopewell Company, which has caused stockholders to panic and worry that their shares may be counterfeit.

Under this psychological effect, stockholders began to sell wildly.Once the news spread, more people followed suit blindly, the total trading volume fell to 4 million yuan, and the Hang Seng Index closed at 1604 points.

On March 3, the stock market still couldn't get rid of the weakness, and it fell more and more quickly.Due to the reversal of the sentiment, some investors suffered huge losses because they were too late to sell their stocks.

Regarding this situation, the newspaper reported: "The stock market has fallen sharply in recent days... Many stock holders are all devastated and terrified in the face of this tragic decline, and they are likely to turn pale when talking about it."

However, it can be said that the "slump" of Hong Kong stocks in early March was only the prelude to this huge disaster, and the real "destroyed and frightened" is yet to come.

Those speculators who were unwilling to "stop the loss and leave the market" at this time, and even "buy the bottom while the market is falling", suffered huge losses as a result.

On March 3, another stock market crash came quietly.On the same day, the Hang Seng Index fell from 26 points to 1417 points, a single-day drop of 1229 points, a drop of more than 188%, which greatly shocked the market.

At this time, there are still a small number of people in the market pointing out that "the stock market will soon stop falling and recover", so they suggest "buying at low prices".

It's a pity that this overly optimistic forecast cannot be realized in the short term, and the stock market's decline is getting worse and worse under the pressure of continuous selling by "big market players".

The sharp drop lasted until April. At this time, the Hong Kong Taxation Bureau also published an advertisement on April 4 that "profits from trading stocks must be taxed", planning to tax stock investors. The news made investors even more panicked and intensified Market sell-off.

On April 4, the Hang Seng Index finally fell below the psychological barrier of 9 points and closed at 1000 points, turning the atmosphere from pessimism to panic.

In fact, in just 30 days, the Hang Seng Index has fallen by more than 800 points, a drop of nearly [-]%.The urgency of the decline and the magnitude of the decline are really "disgusting about stocks".

Due to the rapid decline in the stock market and signs that it would impact the financial system and affect social stability, on April 4, the heads of the four exchanges and banks met with Financial Secretary Xia Dingji to discuss policies to "stabilize the stock market."

After several rounds of meetings, the government still insists that "it will not interfere with the operation of the free market", but expresses its support for some voluntary measures introduced by banks and exchanges.

The measures are as follows: 3. Postponing the listing of new shares for 24 months to reduce stock supply; [-]. Strictly restricting brokerage settlement within [-] hours to suppress short-selling speculation; [-]. Some large banks agree to relax stock mortgage loans and loosen market money; [-]. , Remove foreign exchange control, restore the market's investment confidence.

Although government officials and people in the market continue to call on investors to "keep calm and don't panic", and even say that "the stock market will stabilize soon" or "Xiangjiang's economic foundation is solid and the prospects are promising", they hope that investors' confidence can be restored and reversed. market decline.

However, all efforts seemed to be ineffective. Instead of turning around and rising, the stock market fell deeper and deeper, which made the stockholders even more panicked and panicked.

From the fall of the stock market on March 3 to the closing of the market on May 12, the stock market fell for two consecutive months.

During this period of "dark sun and moon", many investors suffered heavy losses and complained endlessly.

In the case of "nothing can be done", many investors begged the government to intervene to prevent the stock market from continuing to decline.

In order to "rescue the market", four exchanges announced to resume full-day trading from May 4, hoping to stimulate trading and reverse the decline by extending the trading hours.

Afterwards, Commissioner of the Securities Regulatory Commission Shi Weixian also publicly stated on May 5, "Xiangjiang's economic prospects are good, citizens need not worry too much, and confidence in the stock market can be restored."

受到各类“救市”措施刺激，股市总算在5月9号的低位656点中反弹，并上升至5月14日的742点，而港*麦理浩在5月18号也公开表示香港股市已经回复正常的言论，又使股市进一步上升至5月21日的861点。

However, this short-lived rebound lasted less than two weeks. On May 5, the stock market turned around and fell under the influence of "big market makers" taking advantage of the rebound momentum to "ship heavily".

On June 6, the Xiangjiang stock market finally broke out the problem of "the company encountered financial difficulties" due to the sharp drop in the market value of some companies.

The first company that suddenly reported financial difficulties was a financial investment company specializing in buying and selling stocks on behalf of clients, called Hualilai Financial Investment Company.

According to reports, the company used customers' stocks as collateral without authorization when the stock market crashed, so as to cope with its own financial crisis of insolvency.

When the customer made a complaint and the police came to investigate, the person in charge had "emptied the building and fled", which aroused great concern from the public.

As investors were worried that there would be thunderstorms in the company one after another, they dared not hold stocks (stocks) for too long, and even sold them aggressively regardless of the consequences, causing the Hang Seng Index to further fall to 7 points on July 11.

之后，股市曾一度出现技术性反弹，并由500点左右上升至7月18号的602点、6月24号的678点及7月27号的735点。

However, starting from July 7, the stock market bottomed out again.

Entering August, the stock market continued to slide under the influence of a series of unfavorable news.One is that the Legislative Council passed the bill to tighten the opening of exchanges, the other is that fake stocks have been discovered one after another, and the third is that banks have raised interest rates.

Due to wave after wave of unfavorable news, the stock market has been unable to get rid of its weakness, and has been in a predicament of being weak and unable to rise for a long time, only falling but not rising.

In fact, from the beginning of the market drop on March 3 to mid-September, the Xiangjiang stock market has fallen by nearly 12 points.

By the end of the year (December 12), the Hang Seng Index fell further to only around 24 points.

Stocks rallied slightly after Christmas, but still ended the year at 433.

Compared with the peak of 3 points on March 9, in just 1774 months, the Hang Seng Index has dropped by 10% and the annual turnover is 482 billion, but if the nearly 300 billion in the first quarter is deducted , and the other nine months totaled less than 9 billion yuan.

That is to say, after March, the stock market has fallen sharply and sharply, which is astonishing.

He Yuzhu stopped watching the news recently. People jumped off buildings every day, and people were oppressed by debts every day.

Still the same sentence, the road is chosen by oneself, and the stock market crash is reincarnated every ten years, how many times, but the memory is not long!
He Yuzhu looked overseas. Since the United States destroyed the Bretton Woods system in 71, gold has started a long bull run that lasted for 10 years, rising from US$35 per ounce to US$1980 per ounce in 850!
The money invested by He Yuzhu in 71 also reaped a lot!

At this time, He Yuzhu can also say in Versailles: I am not interested in money anymore!

He Yuzhu used the money on hand to purchase a large amount of land. He knew that another round of real estate market was coming!

This year, another major event is that members of the Hong Kong British Government's Corruption Reporting Team discovered that Chief Superintendent Godber was suspected of major corruption and asked him to explain his personal property of more than 400 million Hong Kong dollars, which is equivalent to his entire salary for 20 years. 6 times.

But Godber not only refused to explain, but also fled Xiangjiang and lived in England.

The incident caused a huge shock in Hong Kong.

In August, Xiangjiang students started a protest activity, 8 groups.

In September, students took to the streets to demonstrate, demanding that Godber be arrested and brought to justice.The student movement and demonstrations by citizens from all walks of life prompted the authorities to resolve the problem of corruption once and for all.

On October 10, Governor MacLehose announced in the Hong Kong Legislative Council that a new, independent anti-corruption agency - the Hong Kong Independent Commission Against Corruption will be established. The anti-corruption office originally established within the police will be abolished.

On February 1974, 2, on the same day that the "Governor's Independent Commission Against Corruption Ordinance" came into effect, the Hong Kong Independent Commission Against Corruption was formally established.

After the ICAC was established, it immediately applied to the court for an extradition order, requesting that Godber be extradited to Hong Kong for trial.

With the efforts of the Independent Commission Against Corruption, on November 1974, 11, the London court ruled that Godber must return to Hong Kong for trial.

In January 1975, Godber was extradited to Hong Kong.Subsequently, the court ruled that Godber was convicted of two counts of bribery and sentenced to four years in prison.

So far, the conclusion of the Gerber case and the victory of the ICAC have greatly boosted morale and increased the public's confidence in the ICAC.

After the conclusion of the Gerber case, the ICAC pursued the victory and cracked down on various corruption acts with severe measures, cracking down on many cases of corrupt syndicates.