327 is the code name for the Treasury bond, which refers to the 3-year Treasury bill issued in 1992.
It seems that this is just an ordinary financial futures product in the form of treasury bonds, but Chu Tianyao clearly remembers that it was precisely because of this 327 treasury bond that it triggered the darkest day in the history of China Securities.
Before 1990, treasury bills were issued through administrative allocation. It was also in this year that a national secondary market was formed. Many individual investors began to regard the purchase of treasury bonds as a means of long-term savings.
Starting in the 1990s, with reference to the international financial market, superiors decided to carry out financial innovations in the way of issuing national bonds. However, it was impossible to engage in stock index futures because it would be too risky, so national bond futures came into being.
At the end of 1992, the Shanghai Stock Exchange designed and piloted 12 types of futures contracts for the first time, including 327 Treasury bonds.
However, for ordinary people, treasury bond futures are too unfamiliar. Almost 99% of the people have no experience in futures investment. Therefore, the launch of 327 treasury bonds this time has become more of a battle between financial giants.
of fighting.
As for the 327 treasury bonds, it is nothing more than a game between short sellers and long sellers.
One o'clock.
In the hotel room.
Du Guoying had already left, and Chu Tianyao was sitting alone in the room, lighting up cigarettes one after another.
It would be fine if he didn't know about this incident, but as someone who had been in the business world in his previous life, how could Chu Tianyao not know about the famous 327 national debt incident.
"Want to go in?"
Chu Tianyao took a deep breath, exhaled a long stream of smoke, and his expression suddenly became solemn.
Originally, what he should have been worried about was the cooperation with Datong Trading, but the sudden appearance of the 327 treasury bonds caused Chu Tianyao's originally calm heart to stir up huge waves.
If the historical trajectory does not change, then this is an unprecedented opportunity for him.
Because Chu Tianyao knows the next direction of the 327 national debt.
This is equivalent to holding the winning numbers of the next lottery in his hand. If he doesn't buy it, he will waste this excellent opportunity to get rich.
At present, both Xingyao Wine and Xingyao Technology need a lot of funds for market expansion. If they can suddenly make a sum of money, this will naturally solve Chu Tianyao's considerable troubles and even save him at least one or two dollars.
year layout time.
With money, he can build a large number of factories in a short period of time and occupy the northern market before Wanyan Company. There will be no suspense in the VCD war.
However, does Chu Tianyao dare to ask for this money?
Just think about it, winning a lottery ticket that is one time your bet can be said to be luck, but if you win a lottery jackpot that is a hundred times your bet, no one will believe it.
327 Treasury bonds are even more so.
This is an extremely hot potato, and many people have been imprisoned because of the 327 national debt.
"Right now, Guan Jinsen of Wanguo Securities is the short seller in the 327 treasury bonds. If I remember correctly, his biggest opponent should be Director Wei of CICC."
Tapping his fingers on the table, Chu Tianyao quickly recalled it in his mind, obviously weighing the pros and cons.
Needless to say, Guan Jinsen is the general manager of Wanguo Securities, the largest securities firm in China. He is also known as the godfather of securities, which shows his status.
From the 1980s to the early 1990s, when mentioned in the domestic financial circles, almost everyone admired this person.
After the issuance of 327 treasury bonds, Guan Jinsen became the short seller in this game. In Guan Jinsen's view, the coupon rate of 327 treasury bonds is 9.5%. If the value preservation subsidy is not included, the sum of the principal and interest at maturity should be 128.
5 yuan.
However, from 1991 to 1994, the domestic inflation rate remained high, so the discount rate for 327 government bonds was always 7 to 8 points.
The reason why Guan Jinsen chose to go short was because he saw this and believed that the final redemption price of the 327 Treasury Bond should not exceed 132 yuan. Therefore, when the market price fluctuated at 147 yuan, he decisively chose to go short.
Not only did he short-sell on his own, Guan Jinsen also formed a short-selling alliance with the Gao brothers of Liao Guofa Group. With the two major capitals entering the market, Guan Jinsen naturally felt extremely confident.
To be fair, if we only look at the strength of the short side, no one would think that the outcome is in doubt.
But Guan Jinsen’s opponent was Director Wei from CICC.
The founder of Yongjin Department, he was only 28 years old. He took charge of the CICC Securities Department just two years after graduating from graduate school. He can be said to be a rising star in the Chinese financial industry.
However, Director Wei is not a key figure. What really awes people is just because of CICC’s background.
China Economic Development Trust and Investment Company, referred to as CICC!
CICC is affiliated to the Ministry of Finance.
It goes without saying who Jinsen will be his enemy.
Different from Guan Jinsen's idea, Director Wei advocated going long on 327 Treasury Bonds. He believed that the special nature of 327 Treasury Bond futures meant that it would be impossible for the top to make them open higher and move lower.
Ever since, the two major investors have been fighting over 327 Treasury Bond futures.
As for who will win this battle in the end, no one knows at the moment, but for Chu Tianyao, the answer is already in his mind.
But what he was worried about was whether to get involved or not.
After the 327 National Debt Incident, the short side suffered a disastrous defeat, and the leader, Guan Jinsen, was imprisoned.
And you think that if you go long, the whole army will win?
If Chu Tianyao remembers correctly, the four major winners who profited from the 327 treasury debt incident all ended up extremely miserable.
Director Wei, who was on the long side, made a profit of more than 200 million in the first battle. Later, he simply quit CICC and founded the "Yongjin Group", which included the famous Jiuzhitang, Qianjin Pharmaceutical and other companies.
However, just over ten years later, Director Wei was investigated by his superiors and jumped from a high-rise building in the capital, leaving a huge mystery in China's financial world.
In addition to Director Wei, the long parties include Zhou Zhengyi, the later Shanghai Stock Exchange tycoon, Yuan Baojing, the number one person in Chinese stocks, and Liu Han, a billionaire from Sichuan Province.
None of these three people escaped prison.
Ordinary people seem to know nothing about the great changes that have taken place in the financial world. However, Chu Tianyao, as a later comer, has a deep understanding of what this great change means to the entire Chinese financial system.
Right now, there is such an opportunity to make money in front of him. As long as Chu Tianyao is willing, he can even surpass Director Wei and others and become the biggest beneficiary.
However, if this happens, there will be countless pairs of eyes behind Chu Tianyao.
Are the opportunities before you really worth the risks?
At some point, most of the cigarette was burned out between Chu Tianyao's fingers, and a slight burning sensation woke him up from his meditation.
Bang bang bang!
He could even hear his own heartbeat clearly.
"Forget it, if you want to make a big fortune, you will have to drain all the money from the accounts of Xingyao Liquor and Xingyao Technology. This alone will lead to people being caught, and if you make too big a move, you will be suspected."
Chu Tianyao thought for a while and finally shook his head.
It would be a lie to say that I don’t feel bad for giving up such an excellent opportunity to make money.