Reborn Capital Madman

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During this period, the Hong Kong stock market was second to none among the world's major stock markets in terms of the level of speculation. The important reason for this was that the level was developed, but the supporting mechanisms had not kept up, resulting in loopholes that could easily be exploited by people with ulterior motives.

In such a situation, it is difficult to describe the complexity of various aspects of mentality. You might as well try to figure it out through examples.

For example, green ticket blackmail in the U.S. stock market was understood by clever people like Liu Daxiong, and then "dimensionality reduction" was used in the Hong Kong stock market to attack listed companies with unstable control, and then take advantage of them.

Those who suffered a big loss and those who didn’t come to join in the fun...wait a minute, everyone obviously has their own ideas about the existing regulations of the securities industry in Hong Kong!

To put it bluntly, when you want to make money, you hope to be as free as possible; when you fall into a trap, you remember the protection of supervision.

In this logical weird circle, only one can sincerely find the most suitable solution. Sir Gao, the president of the Hong Kong Monetary Authority, put forward that "anything can be done without prohibition by law, and nothing can be done without authorization."

The principle simply struck a chord in the soul, and the response it aroused was so enthusiastic that it was quickly praised in Hong Kong as the latest economic strategy following "laissez-faire" and "active non-intervention".

Let me briefly mention that "laissez-faire" was the work idea of ​​Kwok Bowei, the then Financial Secretary of Hong Kong in the 1906s. It can be roughly described as the market doing whatever it wants, and the Hong Kong government does not care. This has indeed increased vitality and produced prosperity, but there is nothing like this in the world.

Absolutely, there are more and more side effects. For example, the bottom class is increasingly resentful about being exploited, and social conflicts are becoming increasingly acute.

In the 1970s, when Guo Bowei retired and Charles Xia took over as Financial Secretary of the Hong Kong government, MacLehose came to clean up the mess after the turmoil in Hong Kong. He launched a ten-year housing construction plan, built a subway, etc. Obviously, the Hong Kong government still intervened.

market, and before his retirement in the 1980s, Xia Dingji summarized his work philosophy during his tenure as "active non-intervention".

As for the deeper things of "laissez-faire" and "active non-intervention", we will not cover them. It is easy to argue and be sensitive. We can understand Gao Xian's proposition that "anything can be done without prohibition by law, and nothing can be done without authorization by law". Quickly,

It is enough if it is widely accepted!

As a reflection of the fact that under the leadership of Sir Sir Gao, President of the Hong Kong Monetary Authority, the Hong Kong International Financial Center has become an increasingly important node in the path of international capital flows, Gao Xian proposed that "it can be done without prohibition by law, and it can be done without authorization by law."

"What should not be done" has been cited by international media. In particular, executives from large Wall Street institutions have taken the initiative to say that they have noticed this idea in the midst of their busy schedules, and have become interested in the Hong Kong stock market.

become bigger.

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

In fact, although Gao Xian previously hoped that the Legislative Council of the Hong Kong government would pass the "Hong Kong Securities Regulatory Commission Ordinance" within one month at most so that the Hong Kong Securities Regulatory Commission could start its work as soon as possible, he was not as impatient as many people had speculated, because many tasks have already been completed.

It's a parallel progression.

One thing to say is that Sir Gao's proposal and the Gao Xian Report, which is the basis of the "Hong Kong Securities Regulatory Commission Ordinance", have long been fully understood and studied at all levels. One month is enough to review the "Hong Kong Securities Regulatory Commission Ordinance".

, there is nothing wrong with that; but if the Legislative Council of the Hong Kong government, under the influence of "deep-seated" forces, insists on designing check and balance points in the "Hong Kong Securities Regulatory Commission Ordinance", it would make sense if it takes a year and a half.

Of course, if the "Hong Kong Securities Regulatory Commission Ordinance" is reviewed and passed as soon as possible, it will definitely be in line with Sir Gao's expectations.

Now, the review and approval of the "Hong Kong Securities Regulatory Commission Regulations" has been delayed for such a long time. It seems that Gao Xian has lost a game in the game. But if the pattern is enlarged and all kinds of checks and balances are transformed, the Hong Kong securities industry will enter the forefront of the world.

If you think about it in the long run, that may not be the case.

Mu Yong admitted that Gao Xian was caught between Xiangjiang Huazi, who was sometimes more concerned with immediate interests, and Gui Lao, who had ulterior motives and more sophisticated methods. There were inevitably difficulties that were not common to outsiders, and he still needed to pay attention to his resolving skills.

For example, let one side seem to have the upper hand for a moment.

Correspondingly, on certain issues, Gao Xian will not make detours.

A good example occurred when the Financial Secretary of the Hong Kong Government, Zhai Kecheng, who acted as a bridge of communication, took the latest version of the "Hong Kong Securities Regulatory Commission Ordinance" to seek Sir Gao's opinion.

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

"It is very necessary and important to maintain the nature of the Hong Kong Stock Exchange as a commercial company." Sir Gao clearly refuted it in front of Zhai Kecheng and others. "I can understand why some members want to designate the Hong Kong Stock Exchange as a non-profit company."

For-profit organizations are nothing more than further regulation.”

"However, have you ever thought that Hong Kong is an international financial center, and the Hong Kong Stock Exchange will also go global. It can be foreseen that when the time comes in the near future, the Hong Kong Stock Exchange will acquire exchanges in other markets.

, to further develop and grow.”

"Changing the Hong Kong Stock Exchange into a non-profit organization is tantamount to short-sighted tying its own hands. Think of the example of Hui Feng. It does not follow the general Hong Kong Company Law, but implements its own Hui Feng Regulations. This gives it international

How many restrictions does it bring?"

"Sir Gao is really thinking too far. The Hong Kong Stock Exchange wants to acquire other exchanges around the world?" Financial Secretary Zhai Kecheng couldn't help but scratch his head. "But some members want to designate the Hong Kong Stock Exchange as a non-profit organization and a global one."

The regulatory mechanism should still respond, right?"

Sir Gao smiled and said, "All roads lead to Rome. Maintain the nature of the Hong Kong Stock Exchange as a commercial company, list it on the Hong Kong Stock Exchange, and regulate it through the mechanism of a public listed company. It will achieve the same goal."

"The Hong Kong Stock Exchange is listed on the Hong Kong Stock Exchange..." Financial Secretary Zhai Kecheng seemed a little confused.

Sir Gao shrugged, "If a stock exchange is listed on its own platform, wouldn't it be more self-explanatory for the stock market mechanism?"

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

Gao Xian continued: "In order to make the principle that anything can be done without prohibition by law and nothing can be done without authorization by law more feasible in implementation, I suggest that the status of Xiangjiang International Financial Center be clearly written into the regulations. How about it?

"

Financial Secretary Zhai Kecheng felt that it was normal to add this clause. After he brought the suggestion back to the Legislative Council of the Hong Kong Government, the ghostly old legislators with various "deep" connections behind them did not think there was anything wrong. Sir Gao's face,

It always has to be given, so add it explicitly.

After receiving the news, Gao Xian was very satisfied. With this, he could make greater room for performance.

Now that all parties have completely reached a compromise, the day has arrived for the Legislative Council of the Hong Kong government to pass the "Hong Kong Securities Regulatory Commission Ordinance" on the third reading!