10 years of wind and rain can cool the dream of the former fierce Zhang Jinhan in

In the long river of the stock market, many ups and downs of the market are gradually forgotten, only some of the landmark "big transition" can be engraved into the hearts of shareholders. 10 years ago, "5 19" market is an example, it originated in the policy to promote the market for economic services, and then deduce the peak of the Zhuang stock market, and sparked a big debate about China's stock market.　　It has achieved the dream of many investors, but also put some investors into the abyss, the investment behavior of a generation of shareholders has a great impact.　　Now, ten years later, memories of the "5 19" This stock market history blockbuster, the vicissitudes of the world may let the old investors have mixed feelings, so that new investors such as to listen to the Arabian Nights, but on the "5 19" reflection will not stop. The former fierce Zhang Jinhan in "at that time, who wants to tie with the banker's relationship iron, immediately showered." Most market personage recalls "5 19" market, all mentions "the banker" this lets the market love and hate interweave the noun.　　It is such a group of powerful people in the two years after 1999 years, to many investors drew a big cake, and then the greedy people deeply trapped for five years, and some of the makers also set themselves up. Among these people, the first one to have to mention is Luliang, this person by some media as the first prediction to the big market dealer. He and that year's billionaire Zhu Liang teamed up Republicans to start a business. In order to manipulate the share price, Lvliang successively with the domestic more than 20 provinces and cities 120 Securities business Department to reach the financing relations, successively financing nearly 5.4 billion.　　After the industry personage said, this was China's first real use of circular financing chain to build the case of Zhuang stock. And the Luliang are playing with the share price to the point of arbitrary. There are rumours that, in February 2000, Lvliang married before the wedding, said to the trader: "Can you give me a special gift?" The next day, the closing price of China Branch's venture was just 72.88 yuan (homophonic "wife and Son hair"). After the incident, Lvliang disappeared. A book called "The Trader" vaguely revealed that Lvliang may have fled to Vietnam. There are market veteran evaluation Lvliang said: "I and the original general manager Ousi in-depth China securities market situation, in all fairness, we believe that Lvliang is indeed a talented person, I do not know whether he has harmed the Chinese stock market, or the Chinese stock market has killed him." In fact, Lvliang's fugitive is only a microcosm of the fate of the makers, Chongmin source of Wang Hanbing, Republicans billion security technology Rocheng, is said to hide abroad.　　And according to reports, stay in the domestic is most difficult to escape prison, such as the Wei Jianjun Waigaoqiao, Shi Jun, and so on, DeLong's collapse is to enlarge this miniature infinitely. Tanggu Old four Tangwan for the soul of the group, known as "China's first investment banker", its "asset reorganization keynote speech" tickets have been fired to 3000 yuan a piece. A private placement told the reporter, 2001 delong in Hangzhou held an important shareholder meeting to study third stock (Xiang Torch A, alloy investment, Xinjiang Tun River) problem, originally Tangwan request large-scale lighten, but other shareholders do not agree, so missed the opportunity to lighten, for the collapse of the foreshadowing. Rumors abound that DeLong may alsoThere is a chance to avoid extinction, a "Dunfite" people have been invited to DeLong headquarters speech, he advised Tang to buy Sinopec, the results are quite fruitful, easing the capital chain pressure. Some say Jordelon more boldly betting that Sinopec may be spared the fall, but that is a joke now.　　Recently, media reports said Tangwan medical parole wanted to get back to life, but then he got into a dilemma. Of course, there are some of the man after the baptism of tribulation, still with the market does not abandon. When the fencing of the Hong-Hai Rainbow Holding and Fenghua Hi-Tech has been declared by the SFC, the market is still in charge of the investment business of an investment institution, and he still has been talked about by the industry. The operation of the Qinling Cement Chen and the operation of Chang ' an automobile tang, life is also quite moist.　　But now they are very low-key. Stock market such as chess bureau may be because of the current market manipulation phenomenon of widespread existence, only later on the "Casino theory." After the "fund Shady" was published, the famous economist Mr. Wu stepped forward to compare the stock market to "gambling tide." He said: "In our stock market, some people can see other people's cards, can cheat, can engage in fraud." Republicans hype, manipulation of share prices can be said to be the pinnacle. "Mr. Wu said is the" 5 19 "market after the derivative of the stock market is not standardized. To comprehensive arts technology, Shanghai Merlin, Sea Rainbow Holding and billion-Ann technology, such as the representative of the network behind the stock, almost all can see the Phantom of the market, such as the Hong Mei behind Merlin, the Rocheng behind the technology, such as renowned.　　Needless to be said, many funds are behind the scenes, and listed companies are doing a lot of money by rising share prices. After great heat, there will be Dahan, after the hurricane, the stock market into a long bear. It is fresh to remember that in the bear market after "5 19" a career survey, the securities industry is funny in the most unwilling to engage in the second, analysts are ridiculed as the easiest "home."　　Capital tycoon after the performance of the stock market as backwater, quiet almost no one dared to involve in it. Of course, the Chinese stock market is by no means simple repetition, ten years later the market body has been healthier, the game pattern has undergone an essential change. As of the end of last year, due to the release of the non-tradable shares, all types of institutional investors hold the listed a-share market capitalisation ratio of 54.62%, its own statistics since the first time the institutional investors held more than 50%. At the same time, the model of manipulating the market entirely by capital Advantage has finally faded out, and the new model of mutual game and cooperation between industrial and financial capital has become popular.　　Insiders believe that in the process of China's stock market entering the whole circulation era, the traditional "Republicans" road, the direction of the change may be the financial industry.　　Regulation is the eternal proposition today, looking back at the "5 19" market, the core topic may be two: policy and market, regulation and development. Today, most people define "5 19" as Policy city, which is to speed up the relief and reform of state-owned enterprises in order to resist the impact of the Asian financial crisis.Positive policies have spurred the stock market to drive this round.　　In China, the relationship between policy and market is complex and difficult to solve, and how to evaluate it will be a historical proposition. As for the relationship between the regulation and development of the stock market, it is also the problem that all the stock markets face, but now it seems that the development of China's stock market is not high, the regulatory system is not perfect, it does not hold the popular wind of Zhuang stocks. In fact, before the "5 19", the crops of the soil has been very fertile, the operation of the village unit was even widely used in the fund. And the 90 's is also "top" the endless generation of hand, such as Zhang Shaohong, Wang Hanbing, Gaojiang and so on.　　According to the industry, Zhang Shaohong, the capital market, the famous third reading company chairman, had been sentenced to 10 years for illegal fund-raising, single he manipulated the stock has a deep development (has been the deepest development of personal largest shareholder), Hubei Maia, Sichuan shares, Gold Cup cars and other stocks.　　Another year Hainan Hong Kong and Macao Securities trader, because the operation of the Jones Gold Plate (now the hippocampus shares) for the company net earn 170 million yuan, winning a BMW, a time to make the industry quite exciting. However, ten years ago, the city's "final outcome is, so many helpless investors deeply quilt, also make many shareholders disheartened." According to statistics, 1999 and 2000, the Chinese stock market turnover of up to 400%, the average holding time of only about 3 months, while the United States NYSE stock exchange rate is only 86%, the average holding 1.2 years, the Chinese capital market speculative color, the stock market financing function extremely atrophy. At that time, the stock said with indignation: "If the billion-tech, the Chinese branch of entrepreneurship, and so is evil Zhuang evil, then Yin Guang Xia, the eastern electronics of the false, trickery, it gives a fatal blow." It seems hard to find justice, the word ' good faith ' is worthless? "As the market develops today, few people have discussed the possibility of a repeat of the" 5 19 "market, which is not the same as it was ten years ago.　　As Li Dahuan, director of the British Securities Institute, said, the current market and "5 19" than the changes in scale, and more importantly, the transformation and evolution of investment ideas. As the regulatory authorities in recent years to the security market vigorously purged, many have been in the A-share market, the makers have collapsed, and then these Hao Zhuang under the "younger brother" (trader) of the second batch of large investors began to ponder the new investment model. A former PE player in Shanghai private placement said: "The past things are not glorious, but those experiences are really valuable, let me really realize that ' come out to do, sooner or later," the truth. So it began to change ideas, learn value investments, and combine trends and values to form a new style. "In addition, the fund that grew up in the last ten years, under the strict supervision of management, also seems to be rid of the shadow of" fund shady ", and start to make a difference. Although the irrational behavior of the fund is still happening, the overall investment level is still improving. Data show that the fund's strength is increasingly becoming the dominant force in the A-share market. Li Dahuan said that the current a stock marketField has achieved the "5 19" market beyond. "5 19" market in the hearts of old investors, whether it is a difficult to forget the scenery, or a difficult to wipe the scars, but because of deep memory, so every year on the eve of May 19, the market will always have some voice to remind people to remember it, look forward to it. History is often strikingly similar, but history does not repeat itself. From the long-term development of the capital market, perhaps we should remember the profound lessons of the "5 19" market, rather than expect a new version of the "5 19" market.