Rebirth Enchanted Xiangjiang

Hong Kong stocks became the only stock market in the world that was suspended during the stock market crash. The impact was quite huge. It is normal for public opinion to question the rationale for the stock exchange’s decision to close the market. Legislative Councillor Martin Lee asked Li Fuzhao to resign at the Legislative Council meeting. As for the chairmanship of the Stock Exchange, it is unclear whether it is because I really feel that Li Fuzhao has done something wrong or has other demands.

The chairman of the Stock Exchange, Li Fuzhao, began to face pressure from the public opinion, but he still insisted on resuming market trading until next Monday. He believed that if the US stock market rebounded and the market resumed hastily, would the US market be suspended again if it fell again?He also believes that unless the market was wisely decided to close the market on Tuesday, the stock market would be full of corpses.

"Li Fuzhao is really hard-talking, so multimedia and financial professionals have questioned his wrong decision to close the market. He still insists that he is not wrong at all, and he has to insist on opening the market until next Monday." After reporting on the suspension of the Hong Kong stock market and the interview with Li Fuzhao, Chairman of the Stock Exchange, Li Zhi looked at the newspaper and said with admiration.

"Born from the famous Li family in Hong Kong, after graduating from the University of Hong Kong, he studied at the University of Pennsylvania and obtained an MBA degree and obtained an accountant qualification. In 1969, he founded the Far East Exchange and became the first chairman. Last year, several exchanges merged and he was elected as the Stock Exchange. The first chairman, with such a background, Li Zhaofu has the confidence to make a decision for himself. Besides, even the Hong Kong government supports the decision to close the market. What is there to worry about Li Zhaofu?" Qiao Feng said mockingly.

"Although this is the case, it is really inappropriate and improper to stop the market so hastily. The suspension will only delay the decline of the stock market and cannot reverse the decline. The stock price will inevitably fall again on the day of market resumption. "Li Zhi is worthy of learning. She sees the economy very clearly, and this is one of the reasons why many financial professionals criticized and criticized the market suspension.

"Yes, this suspension is not only criticized by Hong Kong public opinion, but even European and American public opinion has also criticized him. If the suspension has indeed avoided the Hong Kong stock market, it will be fine if the stock market improves after the market opens, but once the suspension is not reached If the expected goal is even contrary to the expected goal, then he will wait for bad luck. Someone will be responsible for this matter." Qiao Feng said helplessly.

"Could they still be unable to settle accounts after fall?" Li Zhi asked with wide-eyed eyes.

"Otherwise, what do you think?" Qiao Feng sneered.

"Then he is unlucky," Li Zhi sighed.

"It's not unlucky for him that it has nothing to do with us. The US stock market has rebounded, and all our transactions have been completed. It is time to mobilize funds to return to Hong Kong."

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Despite the fact that many Hong Kong stockholders now say that the suspension of the market is doing well, the Hong Kong government has also made remarks in support of the Stock Exchange’s approach. The Financial Secretary Zhai Kecheng said in a meeting of the Legislative Council: The government believes that the decision to close the stock market for four days is very important. Appropriately, the government will not thoroughly investigate whether this incident involves personal interests.The Hong Kong government believes that this decision is in full compliance with the interests of the community and investors.

They want to clear the backlog of settlements in the stock market by closing the market for four days, so that investors can remain calm, and the most serious thing is to solve the crisis of the futures market facing collapse.Due to the importance and complexity of the issues involved, the Hong Kong government hired Hambros Bank Ltd., one of the major commercial banks in London, as a consultant.

Everyone is thinking in a good direction and working hard for good results.

But after the market reopens, everyone will change their views, and the previous exaggeration will turn into hate.

The four days of no shares and no market soon passed.Every investor is in a bad mood. Everyone doesn't know what the market will be like on the day the market resumes, and how they should face it.

Although all parties have taken contingency measures before the resumption of the market, apart from experts saying that Hong Kong’s economy is performing well and the stock market should not fall further, the Association of Banks also lowered the prime interest rate by one to seven and a half percent. Can use this to stabilize the market.

On October 26, 1987, a sunny day, all social activities remained as usual.

The opening time of the day was delayed by 1 hour than usual, and the market officially opened at 11 o'clock. There were only sellers in the market but no buyers. Sellers jumped to sell, and no one dared to buy goods. Blue chip stocks were the first to have sporadic buying orders to enter the market. , Generally, the first-hand price to buy is the highest price of the day.

Let Lizhi's point, the stock price really ushered in another sharp drop on the day of market resumption, and everyone's expectations were vanished.

15 minutes after the opening of the market, the Hang Seng Index had fallen by 650 points, and the broader market dropped by nearly 900 points at 11:45. It then rebounded slightly, but the Hang Seng Index fell by 845.04 at the close of the morning.

Not only did the market not improve in the afternoon, but it became worse. The market blew up, and the investment sentiment was extremely pessimistic. The market entered the market and investors sold off. As a result, the market fell by 1120.70 and closed at 2241.69, a total decrease of 33%. Set the world's largest single-day decline record.The spot index market is even more limited for four times.

The stock market disaster was like the end of the world, the world fell apart, and the Hong Kong stockists mourned. Flying men appeared on the roofs of many buildings that day.

Lizhi asked Qiao Feng why he did not operate in Hong Kong or Japan but had to stir up the US stock market. This is the reason. Qiao Feng knew how miserable the Hong Kong stock market would be, so he did not dare to stir up the Hong Kong stock market, even the nearby Japanese stock market. I didn't even dare to go, 20 transfers of funds from Japan to the US stock market to stir up the US stock market. What I am afraid of is that if it is stirred up in Hong Kong or Japan, it will cause Hong Kong stocks to fall even more miserably, that would be a crime.

But even if he went to the U.S. stock market, he could see reports of the miserable situation in the Hong Kong stock market and the news that stockholders committed suicide.

On the evening of the 26th, the Stock Exchange held a press conference to explain the decision to close the market.

An Australian journalist questioned the relationship between the suspension of the market and Li Fuzhao's private interests and whether the decision was legal.

Li Fuzhao, who had been under pressure for many days, couldn't help but broke out. He flew into a rage, pointed his index finger directly at the reporter, knocked his fist on the table, and demanded an apology from the reporter. Li Fuzhao said, "This is malicious slander." Your name, I want my lawyer to record it." "I'll give you a ticket now." "Sue him, take him to the police station, and send him to the police station."

The senior staff of the United Communications Department once persuaded Li Fuzhao to calm down, but to no avail, a group of reporters dragged the Australian reporter out of the conference room, and the press conference ended amidst the noise.

Then, the Hong Kong government announced a series of rescue measures, including exempting listed companies from buying back their own shares. The Exchange Fund, Jockey Club, HSBC, etc. all entered the market to buy stocks, hoping to take the lead.

And Qiao Feng, who made a fortune in the U.S. stock market, also instructed Lizhi to bring a huge amount of money back to the Hong Kong stock market to participate in the rescue.