Piao Tianwen    Faced with such a "humanized" clothing revolution, the European left-wing, which has always advocated freedom, has been extremely enthusiastic.

Roman Rolland of France, Henry Simon of Germany, Bernard Shaw of Britain and others wrote articles to praise this "cultural innovation". Bernard Shaw, who has always admired war and power, naturally did not forget to bring private goods: "...War can bring human evolution, while order brings real creation and greater freedom. The clothing culture from the East fully illustrates this..."

Soon, the stores of several major fashion brands in China opened on major commercial avenues in cities such as Paris, London and New York. These beautifully decorated, fashionable, scientifically arranged, well-trained employees, combined the sense of the times with traditional culture. Flagship stores with Chinese elements quickly became popular in the upper class of Europe and the United States and became a place for famous ladies and upstarts to flock to.

Referring to the operation strategies of later brand stores, the savvy Chinese merchants have launched a series of measures such as "VIP cards", "member discounts", "member issue", and "cooperative merchant discounts". They also cooperated with Chinese travel agencies to launch additional services such as "China Travel", which has triggered a consumption frenzy in the upper class of Europe and the United States.

Every day, several Chinese brand stores located on Fifth Avenue in New York are crowded with crowds of people and even "ranking numbers". With this whirlwind, China's stores have expanded rapidly, not only soon called "China Street", but also quickly expanded to major cities in the United States.

The same story also takes place in Paris, New York, Vienna, Rome, Madrid, Berlin, Brussels, Amsterdam...

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As a crucial part of the entire business plan, the stock exchange has officially opened in January 3, Huaxing.

It has learned from the experience of several ups and downs of securities markets in various countries in another time and space. The Financial Regulatory Bureau established by Zheng Yu is similar to the FSA in the previous life of the UK, and has targeted mixed operations in the financial industry from the very beginning.

The Securities Regulatory Commission under the Financial Regulatory Bureau, led by the Securities Regulatory Commission, organized a group of professionals to follow a complete set of regulatory framework proposed by Zheng Yu (in fact, some legal frameworks of various countries in later generations) and first proposed a complete set of legislation in the securities field: the Company Law amendment, the Securities Law, the Fund Law, and a complete set of professional regulations: Securities Trading Regulations, Securities Company Access Regulations, Sponsor Professional Ethics Manual, Sponsor Business Process Specifications, Listing Registration Process Specifications, etc.

In terms of exchanges, considering that China's territory is too vast, several major economic centers are too far away, and communications, transportation and information dissemination are not as convenient as future markets, the Financial Regulatory Bureau finally approved three stock exchanges: Beijing Stock Exchange, Guangzhou Stock Exchange and Shanghai Stock Exchange.

In the Beijing Stock Exchange, Zheng Yu selected some candidates and allowed them to voluntarily participate in the chairman's election. Finally, after voting by the exchange board, Zhang Zunyou, former head of the royal investment business in the UK, served as the first chairman of the exchange. Submitted by the Standing Committee of the Exchange, the board of directors voted by, and passed a series of documents such as the "Beijing Stock Exchange Articles of Association", "Beijing Stock Exchange Internal Control Management Regulations", "Beijing Stock Exchange Listing Trading Process Specifications", and "Beijing Stock Exchange Information Disclosure Specifications".

With this complete standardized system that has begun to take shape, Zheng Yu has a lot of confidence.

He was completely convinced that China's securities market would be at the forefront of the world's securities industry from the very beginning. After all, in this era, securities trading in various countries was still in the stage of free market development, lacking effective supervision, and even lacking sufficient requirements for information disclosure. As for government supervision, it was more about the introduction of the "Glass-Stigell Act" in the United States in the 1930s.

In Zheng Yu's system, participants in the securities market cannot include ordinary civilians, but can only be composed of a wealthy class with sufficient surplus funds, that is, institutional investors and foreign investors, and information must be transparent, fair, just and open.

The reason why he is so cautious is that Zheng Yu knows better than anyone else. In a society where power is paramount, once the stock market is open to the whole society, it will inevitably become a tool for the powerful and allies to plunder the wealth of civilians.

He knew very well that civilians would not not participate in this legal gambling just because they did not have much extra money. The more civilians were, the more they were. They lived at the bottom of the house every day, but did not lose hope. They often fantasize about one day becoming a "successful person" around them. "Master" and living an extremely happy life.

When they have a certain amount of savings, they are easily confused by various "making wealth stories" and rush to invest in the bloody slaughterhouse of the stock market, enter with hope, and leave with bruises.

In Zheng Yu's view, from the perspective of investors, the stock market is more suitable for the surplus class to use spare money as capital and bear certain investment risks. Professional investment institutions can carry wealth, including civilian funds, use their professional skills to start investment activities under the supervision of professional departments.

Within this policy framework, wealthy people can choose to invest on their own, or choose to invest by purchasing shares of investment funds, or jointly establishing professional investment companies. While civilians can only indirectly invest in the stock market by purchasing funds.

Regarding investment funds, Zheng Yu did not adopt the public fund model developed in the United States in later generations and promoted it to the world.

In his opinion, this is a special product under the American-style pension system and is only suitable for mature markets such as the United States and European developed countries. In these countries, the capitalist system has been very perfect. After hundreds of years of economic and cultural precipitation, there are a large number of tried and tested old blue-chip stocks, especially multinational companies, with mature business models, standardized management, and suitable for long-term investment.

On the contrary, in a society with rapid economic development and rapid social transformation, enterprises are generally impetuous, lack cultural accumulation, and are often eager for quick success and instant benefits. They make huge profits smoothly at some stages and are keen on scale expansion. However, when the economic cycle changes, or the economic model and science and technology are rapidly updated, these enterprises will almost fall into the abyss and go bankrupt without exception.

What’s even more terrifying is that mutual fund managers themselves lack cultural accumulation and public responsibility, and the mutual fund’s “big pot”-style return model makes these people have no motivation to create higher returns for investors.

Under the mutual fund model, managers can only withdraw one to two percent of the scale of the management funds as income, which also leads to the general inaction and flock of fund managers. The reason is simple: as long as you follow the crowd, your grades will basically be mid-stream and will not be eliminated. You can live a comfortable life every year. If you are independent, you will put aside the mainstream of the market and play your own varieties. Once you make a mistake, you may become the last and be eliminated.

These factors have accumulated together, resulting in failure of mutual fund models in almost all emerging countries.

Referring to later experience, Zheng Yu introduced two strategies:

The first is index investment, that is, by publishing various stock indexes, each fund company releases index products, that is, passive allocation. It simply copies the stock combinations in the index to copy the trend of the stock index. This kind of passive investment basically ensures that mutual funds can obtain average returns, and the commission is naturally pitifully small: 0.5%, and the requirements for fund managers and other funds are of course very low: just know how to calculate.

The second article is income commission. In addition to passive index funds, other funds adopt active investment strategies, that is, funds that choose stock investment targets, and all income sharing strategies are adopted, that is, funds settled in a quarter. 25% of the income is withdrawn by the fund company. But at the same time, Zheng Yu also stipulated that half of the interest commission of the fund company must be invested in the fund of his own company, and even half of the fund manager's personal bonus income must be invested in the funds he manages to maximize the avoidance of the fund: in the "bull market", he desperately pursues high profits, obtains high income, and then he will not change his bet in the subsequent bear market and loses most of the investment of the fund holders. He does not need to compensate for any losses.

With this mandatory provision, the behavior of fund companies and fund managers will be curbed to a certain extent, and the consistency between their interests and fund holders will be achieved, avoiding the behavior of "making a vote and leaving".

In addition, the Securities Supervision Committee under the China Financial Regulatory Bureau has also established a complete set of personnel assessment, supervision, review and elimination mechanisms, including the practitioner examination system, securities company and fund company manager management testing system, fund manager license system, sponsor qualification certification system, etc. It has implemented an accountability system, and cooperated with the Bureau of Investigation and the Ministry of Police to establish a joint investigation system for securities and financial crimes.

However, although the Financial Regulatory Bureau seems to be omnipresent, its power is limited to formulating laws and regulations, supervising the implementation of laws and regulations, and it does not have the power to review company listing applications. It also has the power to decide on personnel arrangements of securities companies, fund companies, exchanges and other institutions. It only has the power to impose non-criminal punishment on persons involved in the case and violate the rules in accordance with relevant regulations, and the criminal punishment is the responsibility of the court.

However, China's Securities Act, referring to the laws of the United States in later generations, has formulated extremely severe penalties for illegal laws in the securities investment field. Anyone who uses insider information to obtain securities investment benefits must not only recover the income, but also imposes a three-fold fine and criminal responsibility. In addition to confiscating the income and imposing a three-fold fine, it can be sentenced to up to twenty years in prison.

The harsh punishment made Liu Ziye, who was originally excited to "show off", stick out his tongue and even joked that "it was obviously targeted at me."

Zheng Yu didn't care.

For Liu Ziye, he was not prepared to let her be responsible for domestic investment. In addition to supervising the entire royal industry for himself, so that he could devote more energy to social, political, cultural and other fields and perform the functions of the emperor, Liu Ziye's battlefield in investment is actually overseas.

From the beginning, he didn't want Liu Ziye to make a vase, but was really ready to let her show her skills.

Of course, Liu Ziye is now shouldering an important task: to pass on the family line.

This is not only Zheng Yu's expectation, but also the expectations of almost all Chinese people, as well as Liu Ziye's own expectations. Whether it is public or private, even if it is just out of love for her husband, she has long planned to have children early and build a complete and happy family. Only by achieving this goal can she feel at ease in business and other aspects that she is interested in.

This is a later story.

The first batch of listed companies had 66 of the three exchanges, covering various fields such as shipbuilding, automobiles, steel, coal, chemicals, construction, finance, textiles, etc., and even two real estate development companies. The overall fundraising amount reached an astonishing 600 million yuan. The entire time span reached three months, with seven or eight exchanges each month, almost two companies a week.

Zheng Yu has comprehensive considerations on the listing arrangements.

If too few listed companies are launched at one time, they will not be able to form a scale and lack targets for selection, which will reduce the attractiveness of the stock exchange; if too many companies are launched at one time, problems will easily arise, and too large investment will lead to insufficient private surplus funds, affecting issuance pricing, and even insufficient subscriptions.

Although the first batch of listed companies only need to be registered with the Financial Regulatory Bureau and completed formal review by the exchange, Zheng Yu still adhered to the principle of quality and through behind-the-scenes coordination, he ensured that the listed companies had excellent quality.

Simply put, these companies are basically preferred companies controlled or invested by Royal Industry. As well as a group of storefronts carefully selected by various chaebols, they will almost certainly develop rapidly in the next few years.

This first shot in securities trading can only be fired, and must not be odorous.

According to the information disclosure specifications released by the exchange, each company has issued detailed prospectus, prospectus, legal opinion, audit reports, etc. It is basically the set of things that have been completed in later generations over a hundred years.

In addition to mailing free of charge to major investment institutions and super rich people, these documents are also sold to other investors at a certain price and placed in public reading rooms on various exchanges for investors to read for free.

With such complete investment information, investors can make preliminary judgments. The listing roadshow arrangements similar to future roadshows make it easier for investors to deepen their understanding of the company through interactive methods and make prudent investment decisions.

This systemic legislation is used to supervise the three-legged Financial Regulatory Bureau, stock exchanges and criminal investigation agencies, and uses qualification certification. High income and strict laws force securities practitioners to self-discipline and use strict information disclosure regulations to regulate the securities market that forces listed companies to disclose information. As soon as it was launched, it became the focus of close attention in the European and American financial circles.

In this era, securities scandals emerged one after another, and listed companies even did not disclose financial reports for many years. A company suddenly plummeted its stock and then quickly declared bankruptcy. The stock market is more like a casino, full of market manipulation and insider trading.

In the United States, with Theodore Roosevelt pointing the stick to monopoly organizations, scandals of listed companies emerge one after another, including industrial tycoons and financial tycoons. Whether it is Rockefeller or Morgan, in the eyes of the lower-class people, no one has much less leper than others.

The left-wing thoughts inspired by the British, French and Soviet Russian revolution triggered great turmoil in the public opinion community. The leftists who seized this opportunity to try to expand their political power pointed their fingers at the greedy financial tycoons and industrial and commercial tycoons who were insatiable, turned their hands on the clouds and turned their hands on the rain, accusing them of manipulating the market and deliberately plundering the national wealth.

As soon as China's securities market was launched, it won praise from public opinion in various countries, and they all called it a "really standardized and clean" securities market and a "model of other countries."

Although the information disclosure published by Chinese listed companies in accordance with the information disclosure requirements, in order to avoid "one-way transparency" and to prevent their competitors from using the disclosed commercial secrets to damage the competitiveness of the company and hide important sensitive information such as suppliers and downstream customers, it is ultimately an unprecedented innovation.

After reading these documents, celebrities from all walks of life in Europe and the United States in China were also excited and selected securities companies to open stock accounts and started buying stocks based on their own judgment.

When European and American newspapers selectively published the prospectus of some Chinese listed companies, they read the industry analysis, corporate business status, future plans, and financial statements in the prospectus, and witnessed the management standards of these companies, with abundant profits and good development trends. The wealthy European and American classes called on friends to ask how to invest in the Chinese stock market.

risk?

The first part of other people's prospectus is "risk warning". What kind of spirit is this? This is more honest than Christians. It is based on protecting the interests of investors. It is a spirit that is not selfish and specializes in others.

If you invest like this, you will lose money, then it can only be said that you are too lucky.

Voted?

Sent.

Very considerate, major securities companies in China, especially Huasheng, which is a former business backbone of the royal industry investment department, such as Weigao, Qingyu, a subsidiary of Qingyu Bank, and Longsheng, an Annan Li family, have set up overseas branches in several major cities in Europe and the United States, accept remote account opening and remote trading, receive transaction data from several domestic exchanges through telegrams and telephones, publish them in the trading halls within the company, and use these remote communication tools to place orders.

Listed companies, as representatives of Chinese corporate image, have established direct contact with European and American business circles. Newspapers in London, Paris and New York have begun to report more and more on China's stock market trends, and these operating norms and transparent companies have subverted the traditional impressions of Chinese companies in all European and American classes.

They began to intuitively feel the advanced Chinese business culture. The most important thing is integrity.

Since Chinese companies operate in such standardized and honesty, there is no need to say much about the quality of Chinese products. Many European and American business people began to consciously become sellers of Chinese products out of their conscience or for the sake of the Chinese stocks they invested in - of course, this does not include the part of the products that compete with their own careers.

This is the next step in the economic and national war arranged by Zheng Yu: let the European and American business community intuitively feel the integrity of Chinese companies, enhance the image of Chinese business community in the fields of business ethics and culture, and thus overall enhance the positioning and attractiveness of Chinese products.
Chapter completed!