Why did 1992 Shenzhen flood into millions of people to buy subscription cards?

As mentioned in the last article, when the Shanghai stock market was not open to the outside world and many people still had doubts about the stock market, my friends and I took the lead in buying shares in Zhong Yan Industry. Soon, the Shanghai stock market opened and a large number of citizens entered the market. Under the impetus of capital, the stock of Zhong Yan Industry we bought also rose all the way. A few months later, after Zhong Yan Industrial rose 100 yuan per share, I rushed to Shanghai to sell Zhong Yan Industrial. Moreover, it also inspires us to care about the information of the stock market and look for new opportunities to make a fortune. At this time, I heard the news of Shenzhen stock issue. My brother should have told me the news at the earliest (although it was later published in the newspaper), because he worked in Shenzhen branch after graduating from college and belonged to a well-known trading company at home and abroad in Shenzhen. He worked in Shenzhen for several years, where he got married and had a house allocated to the couple by the company. 9 1 year, Shenzhen issued a stock once. At that time, I had to shake the number with my ID card, and my brother didn't expect to collect some ID cards at that time. As a result, he couldn't shake the number only by the ID cards of the husband and wife. A clever colleague of his unit entrusted relatives to get a lot of ID cards from other places, and as a result, he won several signatures and made a small fortune. Therefore, since I heard that Shenzhen was going to start a new round of stock issuance this time, I was told the news at the first time. Since the opening of the Shanghai stock market, the stock price has been rising steadily. Some reports in newspapers show that in the second half of 1992, more people knew that buying stocks could make money and make a fortune. Therefore, the news that the Shenzhen stock market is going to issue new shares soon spread all over the country through relatives and friends in Shenzhen or through newspapers, which also led to the August 10 issue in Shenzhen, because there were too many foreigners coming. This has caused great pressure to issue shares, coupled with poor organization, and backdoor phenomenon has appeared in the issuance. Finally, foreigners who couldn't buy stock subscription certificates began to smash some shops and break some glass windows that night, which caused the famous 8. 10 incident in China at that time. The above is the background. Let's talk about how to buy gub in Shenzhen. Since Shenzhen has started issuing shares again, it is really an opportunity for us poor mainland workers to make a fortune. There was nothing to hesitate about, so I began to prepare. First of all, you need a border pass to Shenzhen, a letter of introduction from the company and a holiday, so that you can have time to go to Shenzhen. Fortunately, my textile trading company has completed the task in the first half of the year, and the unit manager may have to take a rest by himself and announce a one-month high temperature holiday. This is really great. You know, then, it was a strict era. If you take a long vacation without justifiable reasons and are counted as absenteeism by your unit, your salary will be deducted and you may be fired. Now that I have a chance to have a holiday at work, I can go directly to Shenzhen. After the letter of introduction was issued, I went to the public security bureau and waited for about ten days to get the border card. Unlike today, it is very simple to get this card. The second thing is to collect identity cards. Personally, I am not a scalper specializing in securities business in the market. They have magical power and can go to the countryside to collect a large number of ID cards at a very cheap price (the ID cards in those days were not as important as they are now, but they are dispensable for farmers). I can only mobilize my family, relatives and friends. Borrow money from them and promise to return it after winning the prize. This kind of friendship loan is cost-free. Finally, I collected 30 ID cards and hit the road. There might not have been an airport in Shenzhen at that time. Of course, even if there is, I have to take the train to save money. After the train arrives in Guangzhou, I have to get off and go to another window to buy a train ticket to Shenzhen. Fortunately, everything went well. Arrive in Guangzhou at noon and leave the station immediately. I went to another window to buy a train ticket to Shenzhen. About an hour later, I boarded the train for Shenzhen and arrived in Shenzhen at that time. There are also ticket inspectors on the train. I have all the documents and tickets, so naturally there is no problem. I arrived in Shenzhen on August 2, and a few days later I heard that the train from Guangzhou to Shenzhen was getting more and more crowded. People from all over the country who want to buy stocks and get rich flock to the only train that can get into Shenzhen, so that the train is crowded. In the last two days from August 10, the Guangzhou-Shenzhen special train simply stopped, completely blocking the hope of latecomers to buy stocks in Shenzhen. Of course, some Shenzhen leaders have taken measures to restrict more people from entering Shenzhen after learning that a large number of foreigners have flooded into Shenzhen. At that time, Shenzhen was a famous special zone in China, and the wages of people working there were generally higher. Of course, this refers to people with formal units, except migrant workers. Moreover, Shenzhen citizens are people who want to get rich all over the country and have certain cultural knowledge. So Shenzhen people are not as isolated as Shanghai people. Almost everyone has a stock account for stock trading, and so does my brother. But now the stock market is not as easy to speculate as it was at the beginning, with ups and downs. According to my brother, the stock he bought has been locked up, but he didn't take it to heart, just put it there and didn't care much. It should also be noted that the wages in Shenzhen were much higher than those in the mainland. At that time, my monthly salary was only 70 yuan, and my brother's monthly salary was already 1000 yuan. Therefore, the psychological state that Shenzhen people bear the ups and downs of the stock market is undoubtedly much stronger than that of mainlanders. This is also the reason why the stock purchase in August 10 is too crowded. After the riots, the real local people in Shenzhen didn't participate much, because they felt that it was not worthwhile to spend so much effort to snap up a subscription card. When I came to my brother's house in Shenzhen, accommodation was not a problem, but many people who came from other places to buy stocks had no relatives in Shenzhen, so it is conceivable that hotels and restaurants in Shenzhen were full or even overcrowded during that time. Because I came early, I couldn't issue shares until 10, so I wandered around the streets of Shenzhen in those days. The most frequently visited places are several securities companies in Shenzhen. At that time, there were few securities companies. In order to buy and sell stocks, people queue up at the gate of the company very early, and they can queue up from the inside to the outside to form a long queue, and the trading market is likely to start in this long queue. As the money I brought was used to buy new shares and win the lottery, I didn't participate in the Shenzhen stock market. Soon, August 10 is approaching. As early as a day or two ago, local people lined up in front of the bank where the subscription cards were going to be sold, carrying some substitutes such as small benches and bamboo baskets, and there were people guarding them at night. It is said that this method was quite effective when Shenzhen first issued the lottery table, because at that time, it was all local people, not many people, and everyone was very polite, but this time it was. On the afternoon of August 9, the subscription army began to act. At the gate of the bank where the stock subscription certificate will be issued tomorrow, people began to line up. At night, it is even more crowded. As if in an instant, a million people suddenly appeared on the land of Shenzhen City. Every bank or securities company is surrounded by a dense crowd. Although there is a general formation, later people will deliberately push forward and rush to the front, making the team messy. Security guards at the gates of banks and securities companies keep waving sticks or bamboo poles over their heads to maintain order. Even so, they can't stop the flood of people who want to buy subscription cards. In this city, on this night, I finally saw how fierce the security guards in Shenzhen are and how they treat people like people. They held sticks and almost hit others on the head. It is true that someone was beaten, but the security guard went his own way, and the person who was beaten did not dare to resist, and of course he did not dare to pursue his responsibility. Afterwards, I thought about the reasons for this phenomenon. The main reason is that Shenzhen is a city with a relatively concentrated foreign population. Many farmers come here to work. Most of them have never seen the world and can't safeguard their rights and interests. People like cattle and horses are rushing to work in Shenzhen, and these security guards treat these people as human beings and dare to beat them away at will. Although there are many people from big cities in line tonight, security guards have been using this method for a long time. Indiscriminate, of course. Hit the head. However, among these people queuing to buy stocks, there are indeed people from all over the country, including people from Northeast China, Shanghai, Hunan and Guangdong. People from all over the world speak different accents and gather in this small land of Shenzhen. And many people come in partnership, not alone. I saw a woman with a northeast accent arguing with a man with a Guangdong accent. The man wanted to push the woman behind by his strong body, but a northeast man standing outside suddenly shouted and rushed over. The man with a Cantonese accent realized that there was still a flower base, and his tone suddenly softened and he had to wait in the back. I also crowded in line, but at about 10 in the evening, someone in the crowd booed again, mainly later. Those who can't get to the front are not willing to wait behind and start attacking. As a result, the queue was chaotic again, and there was really no way to queue up. At night/kloc-around 0/2 o'clock, I had to go back to my brother's house to have a rest and think about it the next day. Early the next morning, I ate some breakfast in a hurry and rushed to the place where stocks were sold. This time, I went to the door of a bank that looked like a neat queue and lined up again. From six o'clock to ten o'clock in the morning, there was still no sign of distribution. At this time, the loudspeaker in this meeting place began to broadcast: "Hello, shareholders, in order to ensure the order of issuance, please queue up and maintain good order, and issue stock subscription cards later ..." It should be said that this is the first time I have heard the names of shareholders here, which is very fresh. Of course, this name is not rare now. As a result, those of us in line had to wait in the scorching sun in southern China in August. At this time, some vendors selling mineral water are also taking the opportunity to raise prices. The original one-yuan bottle has been raised to ten-yuan bottle, but the demand is still in short supply. The main reason is that everyone is afraid to leave the team, because as soon as you come out, the people behind you won't recognize you, and they are all waiting for the iron gate of the bank to open early so that we can buy a subscription card. It should be noted that Shenzhen issued shares in the form of lottery at that time. A lottery ticket 50 yuan, one person can only buy one lottery ticket in line. Ten numbers can be assigned to a lottery, that is, ten ID cards participate in the lottery and ten shake out a lottery number. Therefore, as long as you queue up to buy lottery tickets that day, there will be a lottery stock subscription card in the future, and you can subscribe for 1000 shares. My idea at that time was that one share earned one yuan, and a thousand shares earned one thousand yuan, which was equivalent to my income from working in the mainland for one year. Now, as long as you work hard for one day, you can earn one year's income, which is still very worthwhile. For me, a city resident with a job, and for young farmers with their backs to the loess, this is an astronomical income, so it is conceivable that there was such a flow of people at that time. Of course, some migrant workers don't know much about this situation and dare not invest with their own funds, but the bosses who employ them are all smart people. They also organized migrant workers who were employed in their own factories and asked them to queue up to get his number. On that day, it is estimated that all Shenzhen people stopped their work and joined the ranks of buying stocks. Unfortunately, with the passage of time, the door of the bank has not been opened, anxious people have slowly lost patience, and the team has become restless. Coupled with the input of some people who failed in the queue in front, the place where I queued became chaotic. Although the security guards who maintained order once again attacked the crowd with sticks, they still could not stop the chaotic crowd. In this big square, it is crowded with dense crowds at the moment, and the crowds are like a tide. Facing east for a while and west for a while, everyone was forced to open their mouths, and some people couldn't stand it and gasped in pain. Even so, many people still don't want to quit their team ... It can be said that China people, who have been politically lectured for decades, finally burst into a desire for money in today's land of Shenzhen, and once this desire is ignited, the energy caused is really amazing. I really can't buy a subscription card after seeing this. It's too crowded, and I'm afraid of being hit by a stick, so I have to back down and wait and see. Because I didn't give up, I went to another publishing place for a walk. It's all messed up, and the stock lottery table can't be issued at all. At night, I had to go back to my brother's house for nothing. My brother and sister-in-law are already at home. They said that they went to a nearby sales point in the morning and wanted to buy a lottery table. But when they saw such a chaotic and crowded situation, they resigned early and went back to work. Moreover, the employees of their company basically quit because of difficulties, and no one stood in line stupidly, hoping to buy this stock lottery table. I think this is understandable. After all, their monthly salary is around 1,000 yuan, and they are all well-paid people. Compared with the poor people in mainland China, their desire to make money through stocks is much worse than ours. Their psychology is: they can buy lottery tables if they have the opportunity, of course. Since you can't buy it, forget it. However, we people from other places undoubtedly attach great importance to the profit of 1000 yuan. In addition, there are opportunity costs such as travel expenses and time all the way to Shenzhen. Of course, there is a desperate queue! At that time, Shenzhen lottery tables were distributed, and there were indeed many backdoor phenomena. Banks and securities companies buy lottery tickets through relationships. Although the outside gate is not for sale, some banks actually inform some relatives and friends to buy it through the small window at the back. A woman in my brother's company actually bought three lottery tables in one day through an acquaintance, but those who stood in line sweating and were driven away by the security stick still missed the opportunity to buy lottery tables. Later, I heard that in August 10, except for a few distribution outlets, most distribution outlets did not distribute lottery tables because of disorder, and the iron gates of banks or securities companies were always locked, which made people waiting in line outside more and more disappointed and angry. As you can imagine, some people started queuing the night before and stayed up all night. The next day, hungry and thirsty, they were beaten by the security guard for no reason, but they found nothing. Plus, they know that some insiders bought the lottery table without any effort, and their inner anger can be imagined. Finally, this angry stagnation broke out at night. Some people began to smash the street windows with bricks and so on. An unattended car was overturned and caught fire. Groups of foreigners who didn't buy lottery tables gathered in the street. They were all talking angrily and even swearing. That night, there seemed to be no police. At the moment, Shenzhen seems to be in a state of disorder, that is, the state that shocked the whole country. 100.0000000000105 In order to cope with this unexpected event and to calm the anger of foreign investors, the leaders of Shenzhen at that time decided to issue another 500,000 lottery tickets under the original plan after urgent consultations, perhaps with the central authorities, so that everyone who queued up in order could buy them. This news was released to all the people in Shenzhen 1 1 by radio, newspaper and television in the early morning of August 30th. In addition, Shenzhen has also increased its police force at this time and adopted a management method of letting people in line squat down (squatting people can't move around like standing people, and it is not easy for others to jump the queue). Sales resumed the next morning, and the order of this day was undoubtedly much better than yesterday. Since I came to Shenzhen to buy stocks, I found a new distribution point that looked orderly and began to queue up. There are many people waiting in line. It seemed that it was my turn that night, and I waited until after 9 o'clock. Finally, I bought a green stock lottery table with a watermark anti-counterfeiting mark on it. All the lottery tables on August 1 1 were sold, but the next day, a large number of people still gathered at the gates of several banks. Because of the calculation of the people waiting in line, the actual number of foreign sales of these banks is too small, far from reaching the number allocated in the above plan. Many people gathered here without buying it, hoping that the banks would continue to sell, but the iron gates at the bank sales points were always closed. After I bought the stock lottery table, the purpose of my visit was achieved. As it takes a while for the new shares to be shaken, I left ten ID cards for my brother to help me shake the number. In addition, because I bought a lottery table with great efforts, and when I was going to Shenzhen, two friends who went to Shanghai to buy stocks also asked me to buy a lottery table. At this time, some lottery stations began to trade on the black market, and the price of the earliest lottery stations was as high as 3000 yuan. Later, because the lottery was not drawn immediately, but divided into several time periods, some lottery tables had to wait more than a year to participate in the lottery, so the price fell. A few months later, Shenzhen began to draw lots to subscribe. The lottery list is Shenzhen Energy (0027), which was sold soon after listing and earned more than 2,000 yuan. Two friends, one of whom signed Shanghai Petrochemical (600688), didn't seem to make much money (because Shenzhen issued another 500,000 lottery tables at that time, and Shenzhen didn't have enough shares, so Shanghai Petrochemical also transferred to Shenzhen for distribution). Another friend is Shen Nanguang (0043), who won the lottery more than a year ago. After deducting the subscription fee of 1500 yuan, he earned more than 2,000 yuan. It should be said that people who bought lottery tables in Shenzhen in those years and finally bought listed stocks basically made money. The "8. 10" incident in Shenzhen may be the first time that China people have awakened their desire for wealth and money. Since then, the China stock market has profoundly influenced people's thinking and behavior.