Category: Money tips Release Date: 2006-07-15
Editing statement: this article published in the gold line does not mean that agree with the statement or description, just to provide more information and does not constitute any investment or other recommendations. This is a case study on China's economy for many years a friend to write an article on China's stock market part of the draft, I think after the very lamented, in seeking his own views, translated into Chinese. In particular, he stressed that I was easily the best comedy is the translation of some, should not be too careful, lest in trouble, so I Fengci wishes, specifically added a sentence to the next in the title is purely fictional. Translation is as follows:
In my study the Chinese language, there are a lot of bad translations, among which China's most influential phrase "socialism with Chinese characteristics," it will be difficult to live me, even though many Chinese people are many versions available to me to explain What is Chinese characteristics, but I still can not accurately translate it. Over the years, in my research process of China's economy, the right superficial understanding of China's stock market has also been understanding, I do not know how to understand, then, I found only one sentence that could explain all of this, it is: "Chinese characteristics" .
Here is what I have found that the stock market some of the "Chinese characteristics":
One of the characteristics of China: No one to make money This is the most shocking findings of me, in the development of China's stock market more than a decade later, China's stock market on a variety of institutional and individual investors are losing money and are huge losses.
In the available on all the data, the history of the highest market value is now twice, but that the new hair, issuance, the total funding allotment, etc., plus a variety of taxes, than it is now more than the total market value.
There is a very interesting comment on this is like, through the history of the Chinese stock market out of "big" and eliminate the banker, out of a few large brokerages such as stage, and was officially considered to be the most successful thing. In several major out in numerous market value wiped out, and said to each have a large group of people jumping out, but no statistical data. In China's retail in the most recent publicly available survey data in the search as much more than 99% of the investors are loss-making, in which a loss of more than 50% is still the mainstream.
The question of why some people jumping from a height survey, the answer is this: can only stock diving, but also allowed investors to jumpå‘€! Presumably this is the "Chinese characteristics" bar.
The two Chinese characteristics: major shareholders do not care about stock prices Chinese Stock Market China has a particularly large number of medium-sized enterprises, these state-owned assets of enterprises background, holding about 50-60% of non-tradable shares, which traded on the stock market is probably accounted for more than 40%. These enterprises are the undisputed majority shareholder. It stands to reason the vast majority of shares held by major shareholders of the stock price should be very concerned about. However, in China, the major shareholders do not care how the stock prices. In China a number of large public companies had an interview, some when asked the price of their shares, they actually answered he did not know. One of them answered, chairman of China's large listed companies, probably more than 10 yuan I say it, but the price of their shares has in fact only seven dollars more.
In this bit, I am exploring with some of China's investors, I am most impressed by the words is this: they can not even life and death we do not know, you say they know the stock price. Presumably this is also the "Chinese characteristics" bar.
The three Chinese characteristics: the same index, not the same as the price of China's Shanghai Composite Index in 1992 and break 1000 on the Motion the whole point, after 15 years later, to return to 1,000 points, but in the same index of conditions, China's stock market the average price of the stock fell by only a few dozen yuan yuan, If you want to carefully compare the 11, a considerable portion of the portfolio at this point with the 1000 1000 1000 point in history, when the share price fell 8 percent, 90 who were not few. On this issue, I also answer to question all aspects of the theory that the answer is this: index of large capitalization stocks down prices. But for this I am not interested in the answer. However, in a variety of analytical articles like this in the description of both the Chinese government in charge of some of the amazing ability to have control index.
Impressed me most was this statement: I do not know the index of how much, and I only know that an account that only 10%. Presumably this is the "Chinese characteristics" bar.
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