The birth of the first stock certificate in New China

Dictated by Li Guangzhen

 

In 1979, the withdrawal of Baoan County to build the Shenzhen Municipality, in 1980 8, the 15th meeting of the Standing Committee of the Fifth National People's Congress adopted the "Regulations on Special Economic Zones in Guangdong Province", in the Shenzhen Municipality, close to Hong Kong, 327.5 square kilometers of land to establish a special zone. 1981 July 19, the Central Committee of the Communist Party of China and the State Council approved the "minutes of the work conference of the provinces of Guangdong, Fujian and special economic zones": "Shenzhen to establish a special zone people's government, under the leadership of the province, to restore the establishment of Bao'an County, under the leadership of the city", the jurisdiction of the part of Shenzhen outside the special zone.In October , Comrade Wang De, Secretary of the Secretariat of the CPC Guangdong Provincial Party Committee, on behalf of the provincial party committee, announced the notice of tenure of the leadership of the Shenzhen Municipal Party Committee, the Bao'an County Party Committee, and the Luohu District Party Committee on the sixth floor of the front building of the present Shenzhen Municipal Party Committee, appointing Fang Bao as the Shenzhen Municipal Committee Standing Committee, Secretary of the CPC Bao'an County Committee, I am Deputy Secretary of the Bao'an County Committee and County Governor. December 1, the county party committee, the county government in Shenzhen Plaza North of the former county government compound (now the address of the University of Electricity) formally listed office.

 

 Whether the "three completed" or the construction of special zones, new county construction, the biggest difficulty encountered at the beginning is the problem of funding, the central government does not give money to the policy, the local finances do not have the money, relying on the policy. We must make good use of the central government's openness and reform policy. At that time in front of the county leaders have two major problems, one is the restoration of Bao'an County, how to develop production to improve the economy, as soon as possible to improve people's lives, and the second is the original county government compound will soon be expropriated as a temporary campus of the University of Shenzhen. At that time, the city told me face to face, you have to move out in July 1983, the old county party committee to be used to run the Shenzhen University. Later, in September 1983, Shenzhen University really opened here. In this way, the new Baoan County planning site Xixiang, where there was a slope, completely blank, a tile are not. To engage in a new county town money from where? After thinking about it, the only way out is to introduce foreign investment, economic development, the use of money in the hands of the masses to set up enterprises, a multi-pronged approach to development, increase tax revenue, expanding financial resources.

 

 At that time, no one even raised the concept of share capitalization, which was considered to be a "capitalist" thing. In order to raise money, I proposed at a county standing committee meeting in early 1983 to set up the Bao'an Joint Investment Company (the predecessor of the China Bao'an Group), to unite the people individually and collectively, within and outside the county, within and outside the province, and all of us to invest in what used to be considered as capitalism, but we should also boldly try it out. China's first public stock offering Baoan County Joint Investment Company was established in this context. The impetus for the reforms carried out at that time boiled down to two phrases: first, financial poverty, and second, the need for development.

 

 Bao'an County set up a joint investment company, no one objected to the establishment of the company, but there were many people who were half-confident in raising capital to develop the economy. In order to encourage everyone to participate, but also in order to make bigger and stronger, we proposed to mobilize people to raise capital, must first have the credibility of the commitment, so that investors have confidence. So the county government decided to take two million in the treasury to the bottom, as the main shareholders to participate in the shares, which is equivalent to Baoan County at the time of the year one-eighth of the financial revenue, first of all, the Secretary of the Treasury on the opposition, in a meeting of the Secretary of the Treasury, the deputy director of the Secretary of the Treasury said that can not be ah, we can not get so much money. If the finance department did not take the money, the development could not be launched, and people did not believe you. I said, "We have to take it even if we can't get it!" They said, "Aren't you forcing orders? I said, "Forced orders I'll do it all once!"

 

 After the establishment of the joint stock company, we also formulated the articles of incorporation, including: establishment in accordance with the law, voluntary admission to the shares, freedom to withdraw from the shares, and dividends at the end of the year. In order to solemnize and enhance the confidence of investors. We also invited experts to work together to design a sample of the stock, each share of 10 yuan RMB, the stock to Guangzhou to print. Then we also designed and issued equity certificates, one equity certificate for one shareholder, as another evidence of investment and as a register for year-end dividends. At the same time, but also in the "Shenzhen Special Administrative Region News" to the country, the province issued a notice, there was no investment promotion at that time. At first, I was afraid that people do not understand, not enough confidence, but to our surprise, Baoan County Joint Investment Company issued shares of the news, more than 20 provinces, municipalities and autonomous regions across the country have written to ask or express investment intentions, some overseas Chinese, Hong Kong and Macao compatriots and even directly to send money over. County cadres, including the leading cadres have also taken the lead to participate in the joint investment company to support the expansion of business and economic development.

 

 In this way, the first batch of funds, including the masses of 2.98 million, plus the county government out of 2 million, rely on this start, built the Baoan County Joint Investment Company, in the first year, the people who participate in the shares are divided into 20% money, 1,000 yuan will be divided into 200 yuan, and then there are constantly people to participate in the shares. 1991 the company restructured to become the Shenzhen Bao'an Industrial Company Limited, in 1991, listed on the Shenzhen Stock Exchange, was recognized as the first shareholding system of new China, issued the first shares of the new China. In 1991, the company was listed on the Shenzhen Stock Exchange and was recognized as the first joint-stock enterprise in New China, issuing the first stock in New China. It also issued the first convertible bonds, the first medium- and long-term warrants, and the first financial consulting firm. This was also the predecessor of today's China Baoan Group Co.

 

Shortly after the establishment of the Baoan County Joint Investment Company, the villagers of Dakeng Village, Dapeng Town, who lived on the shore of Daya Bay, migrated to Wangmu Hui to build the new village of Dakeng because of the need to build the Daya Bay Nuclear Power Station. At that time, Dakeng village of one or two hundred people, the new village was built, the state to the resettlement fee and land compensation fees still left about 1.5 million. Tang Qiusheng, the person in charge of the county people's congress responsible for relocation and resettlement work, came to me and asked me how to arrange the remaining money. I put forward three: first, this is the collective money, can not be distributed to individuals; second, can be used to build factories to develop the economy, to engage in processing; third, it is recommended to invest in the Baoan County Joint Investment Company as a shareholder. Because I have served as a commune secretary in Dapeng, the village committee went back to discuss, once heard is the old secretary's opinion, taking into account the management of the office plant is also difficult to simply put 1.5 million invested in the joint-stock company, the annual participation in the dividend. To the 1991 listing of the joint-stock company, access to 15 million shares of corporate shares, the peak value of shares reached more than 200 million yuan, equivalent to the entire village per capita owns 1 million yuan, becoming the richest village in Shenzhen and even the country. Later, the village took the dividend money to build factories for economic development. The Hong Kong newspaper at that time said, "Daqiuzhuang is in the north, and Dakeng Village is in the south".

 

 

Li Guangcheng (1928-), PRC politician, prime minister from Sui and Tang dynasty, reigned 1368-1394

  Born in October 1935, Guangzhou City, Guangdong Province.

In December 1958 to join the Communist Party of China, in August 1950 to Shenzhen, working in the private sector, head of the Shenzhen Shopkeepers' Union, in November 1954 to join the work of Bao'an County Trading Company, Department Store salesman, deputy director of the Nantou store, the Commerce Bureau, Industrial Products Manager Department, organizer, deputy director of the Administration Section. Bao'an County Kwai Chung District Committee officer, attached to the city, Pingshan Commune office director, vice president, president, director of the Revolutionary Committee, Dapeng Commune, director of the Revolutionary Committee, party secretary, member of the county party committee, Bao'an County Standing Committee, deputy director of the county Revolutionary Committee.

Since March 1979, he has been the Secretary of the Songgang District Committee of Shenzhen, the Director of the Finance and Trade Office of the Municipal Government, the Deputy Secretary of the Bao'an County Committee, the County Mayor and the Secretary of the County Committee.

From March 1984 to May 1995, he served as Deputy Mayor of Shenzhen.

From May 1995 to April 1996, he served as Deputy Director and Deputy Party Secretary of the Standing Committee of the Shenzhen Municipal People's Congress.

From April 1996 to June 2000, he served as Director and Party Secretary of the Standing Committee of the Shenzhen Municipal People's Congress. He was a delegate to the Party Congress of Guangdong Province and a delegate to the Sixth and Ninth People's Congresses of Guangdong Province.