Rebirth capital madman - Chapter 1152

The Hong Kong stock market in this period, in terms of the degree of speculation, is second to none among the major stock markets in the world. The main reason is that the level is developed, but the supporting mechanism has not kept up, resulting in many loopholes and easy to be used by ulterior motives.

Under such a situation, the complexity of the mentality in all aspects can be described as indescribable. You might as well try to figure it out through examples.

For example, the green ticket blackmail in the U.S. stock market was learned and understood by a nimble person like Liu Daxiong, and he “dimension reduction” was used in the Hong Kong stock market to target listed companies with unstable control, and then took advantage of them. Those who suffered a big loss, didn’t come to join in the fun… Wait a minute, obviously they have their own ideas about the existing regulations of the Hong Kong securities industry!

To put it bluntly, when I want to make money, I hope the more freedom the better; when I fall into the pit, I remember the protection of supervision.

In this logical vicious circle, only one’s own people can sincerely find the most suitable solution, and the Hong Kong Monetary Authority President Sir Gao proposed that “doing can be done without prohibition by law, and cannot be done without authorization by law”. The principle is about to hit the soul directly, and the enthusiastic response it has caused has been quickly praised in Hong Kong as the latest economic strategy after “laissez-faire” and “active non-intervention”.

To briefly mention, “laissez-faire” was the work idea of ​​Guo Bowei, then the financial secretary of Hong Kong in the 1906s. It can be roughly described as, whatever the market does, the Hong Kong government does not care. This has indeed increased vitality and brought prosperity. Absolutely, there are more and more side effects. For example, what should we do if the bottom is being exploited and the grievances are getting worse and the social contradictions are becoming more and more acute? MacLehose, who was in a mess, was making a big deal about the ten-year housing plan, the construction of the subway, etc. Obviously, the Hong Kong government is still intervening in the market, and Xia Dingji, before retiring in the 1980s, summed up his work ideas during his tenure as “Positive non-intervention”.

As for the deeper things of “laissez-faire” and “active non-intervention”, it will not be involved. It is easy to raise the bar and be sensitive. I can understand Gao Xian’s proposal that “doing can be done without prohibition by law, and cannot be done without authorization by law.” Wide acceptance is enough!

As a reflection of the fact that under the leadership of Sir Gao, President of the Hong Kong Monetary Authority, the Hong Kong International Financial Center occupies an increasingly important node in the path of international capital flow, Gao Xian proposed that “it can be done if the law does not prohibit it, and the law does not authorize it. It was quoted by international media, especially the executives of large Wall Street institutions, who took the initiative to express that they still noticed this idea in their busy work, so that they became interested in the Hong Kong stock market, or were interested in it. become bigger.

In response to this reaction, the Legislative Council of the Hong Kong government passed the Hong Kong Securities and Futures Commission Ordinance, and the countdown was increasingly entered.

In fact, although Gao Xian hoped that the Legislative Council of the Hong Kong Government would pass the “Hong Kong Securities Regulatory Commission Ordinance” in a month at most, so that the Hong Kong Securities Regulatory Commission could start its work as soon as possible, but he was not as impatient as many people guessed, because a lot of work requires It’s running in parallel.

One thing to say, Sir Gao’s proposal, the “Gao Xian Report”, which is the basis of the “Hong Kong Securities Regulatory Commission Regulations”, has long been fully recognized and studied at all levels. It takes one month to review the “Hong Kong Securities Regulatory Commission Regulations”, which is enough. , there is nothing wrong; but if the Legislative Council of the Hong Kong government, under the influence of “deep” forces, insists on designing checks and balances on the “Hong Kong Securities Regulatory Commission Ordinance” and dragging it on for a year and a half, it makes sense.

Of course, the “Hong Kong Securities Regulatory Commission Regulations” must be reviewed and approved as soon as possible, which is definitely in line with Sir Gao’s expectations.

Today, the deliberation and approval of the “Regulations of the Hong Kong Securities Regulatory Commission” has dragged on for so long. It seems that Gao Xian has lost a game in the game. However, if the pattern is enlarged, various checks and balances will be transformed into the international forefront of the Hong Kong securities industry. In the long run, not necessarily.

Needless to say, Gao Xian is sandwiched between Xiangjiang Huazi, who sometimes pays more attention to immediate interests, and ghosts with ulterior motives and more sophisticated methods. Let one side seem to have the upper hand for a moment.

Correspondingly, on some issues, high strings will not take detours.

A good example emerged when the Financial Secretary of the Hong Kong Government, Chai Kecheng, who acts as a bridge of communication, took the latest version of the Hong Kong Securities and Futures Commission Ordinance to seek Sir Ko’s opinion.

In order to check and balance the Hong Kong Stock Exchange, some ghosts came up with an idea to legalize the Hong Kong Stock Exchange as a non-profit organization in the Regulations of the Hong Kong Securities Regulatory Commission.

“It is very necessary and important to maintain the Heung Kong Stock Exchange as a commercial company.” Sir Gao made a clear-cut rebuttal in front of Zhai Kecheng and others, “I can understand why some congressmen want to make the Heung Kong Stock Exchange an illegal one. Profit-making institutions are nothing more than further supervision.”

“However, have you ever thought that Hong Kong is an international financial center, and the Hong Kong Stock Exchange is also going to the world? It is foreseeable that when the time is ripe in the near future, the Hong Kong Stock Exchange will acquire exchanges in other markets. , to further develop and grow.”

“The transformation of the Heung Kong Stock Exchange into a non-profit organization is tantamount to shortsightedly tying its hands and feet. Think of the example of Huifeng, it does not follow the general Heungkong company law, but implements its own Huifeng regulations, which gives its international How much restriction does it bring?”

“Sir Gao really thinks too far, the Heung Kong Stock Exchange has to acquire other exchanges in the world?” Financial Secretary Zhai Kecheng couldn’t help scratching his head, “But some MPs want to designate the Heung Kong Stock Exchange as a non-profit organization, and it is also a global commons. The regulatory mechanism should still respond, right?”

Sir Gao smiled with a determined plan, “All roads lead to Rome, maintain the attributes of a commercial company on the Hong Kong Stock Exchange, let it be listed on the Hong Kong Stock Exchange, and conduct supervision through the mechanism of a public listed company, which is similar in purpose.”

“The Heung Kong Stock Exchange is listed on the Heung Kong Stock Exchange…” Financial Secretary Zhai Kecheng seemed to be a little confused.

Sir Gao shrugged, “The stock exchange is listed on its own platform, isn’t it better to justify the mechanism of the stock market?”

The Financial Secretary, Zhai Kecheng, digested it for a while, feeling that it was indeed enough to oppose turning the Hong Kong Stock Exchange into a non-profit organization, so he nodded.

Gao Xian continued: “In order to make the principle of doing things without law prohibition and law not authorized by law more feasible in implementation, I suggest that the status of Heung Kong International Financial Center be clearly written into the regulations, how about it? ”

Financial Secretary Zhai Kecheng felt that it was normal to add this article. After he brought the proposal back to the Legislative Council of the Hong Kong Government, the ghost members with all kinds of “deep” connections did not figure out what was wrong. Sir Gao’s face, Always give, so add it explicitly.

After receiving the news, Gao Xian was very satisfied. With this one, he can make more room to play.

Now that all parties have reached a compromise, the day has come when the Hong Kong Legislative Council will pass the Hong Kong Securities and Futures Commission Ordinance in the third reading!