On September 7th, 2002, the China Securities Regulatory Commission gave a written reply, which made it clear that the final fate of Dalian Securities, which was widely circulated, was to suspend business for rectification. In fact, this largest securities company in Dalian, which was established 14 years ago, is likely to disappear. Less than a month after Anshan Securities was revoked, Dalian Securities fell apart, which largely reflected the common problems faced by China securities firms in a specific historical development stage: poor management, illegal operation, huge financial black hole, and extremely profound and painful lessons. Weekly reporter witnessed the sad "last moment" of Dalian Securities in Dalian.

The working group entered the headquarters and was taken over

Saturday, September 7th. Dalian people enjoy the unique autumn scenery of this coastal city, and the atmosphere in the multi-function hall on the third floor of Dalian Life Building is so dignified that even breathing is a burden. At 2 pm, the China Securities Regulatory Commission, together with the people's governments of Liaoning Province and Dalian City, held a special meeting attended by all employees of Dalian Securities here to announce the decision of Dalian Securities to suspend business for rectification.

This decision was announced by the CSRC through the media two days later: "In view of the serious illegal operation of Dalian Securities Co., Ltd., in order to maintain the stability of the securities market and financial order and protect the legitimate rights and interests of investors and creditors, the China Securities Regulatory Commission decided to set up a working group with the people's governments of Liaoning Province and Dalian City to suspend business for rectification, and to suspend business for rectification from now on. During the period of suspension and rectification, the securities business department under the company is managed by Datong Securities Co., Ltd. and continues to operate. The legal principal and legal interest after the company's natural person debt registration and confirmation will be paid according to law, and the specific measures will be announced separately by the working group of Dalian Securities Co., Ltd. "

Responsible persons attending the Dalian meeting came from various competent departments: Ge, deputy director of the Institutional Department of the CSRC, director of the Liaoning Provincial Financial Work Office, Zhang Jidong, deputy mayor in charge of finance and finance in Dalian, deputy director of the special office of the CSRC in Dalian, Guo Dan, current chairman of Dalian Securities, and chairman of Datong Securities. The participation of Director Wei Xu of Dalian Public Security Bureau shows that the working group attaches great importance to the security order inside and outside the venue.

The working group for business suspension and rectification consists of six parts: comprehensive group, financial group, assets and liabilities group, legal group, custody coordination group and creditor's rights registration coordination group. As the leader of the working group for suspension of business and rectification, Li Zhengqiang first read out the Decision of China Securities Regulatory Commission on the Implementation of Suspension of Business and Rectification of Dalian Securities Co., Ltd. and the Notice of China Securities Regulatory Commission on Appointing Datong Securities Co., Ltd. to take charge of the securities business department of Dalian Securities Co., Ltd. ... Later, Li Zhengqiang particularly emphasized the working principles of the working group: maintaining social stability and preventing and defusing financial risks.

Zhang Kaihua, chairman of Chase Securities, who is in charge of business custody, also made a speech at the meeting. According to Zhang Kaihua, Chase Securities has trained the personnel involved in the custody work, and some staff members have been sent to local business offices. Others will be in place before the evening of September 4 to conduct comprehensive custody of Dalian Securities' securities business offices all over the country. It is understood that Chase Securities will send two or three staff members to each Dalian securities business department according to the specific situation. During the custody period, all decisions shall take effect only after being signed by the principals of both Chase and Dalian Securities.

Guo Dan, chairman of Dalian Securities Company, had tears in his eyes when he spoke. Guo Dan said, we must do a good job in cooperation. The trembling voice indicates that the lady must be very upset at the moment.

Finally, Zhang Jidong, deputy head of the working group for suspension of business and rectification, and deputy director of the special office of China Securities Regulatory Commission in Dalian, announced the working discipline of the working group and put forward three specific requirements: correctly treating the work of suspension of business and rectification, observing various rules and regulations, and enhancing the concept of legal system. It is also required that the senior executives, department heads and every employee of Dalian Securities shall not leave their posts, leave their posts or leave the country. Under normal circumstances, they are not allowed to leave Dalian. It is also specifically required that during the period of business suspension and rectification, rumors should not be heard and spread, and everything should be centered on stabilizing debtors, investors and employees.

After the meeting, the leaders of the six groups of the working group for business suspension and rectification met with the senior executives and department heads of Dalian Securities Company and the heads of four sales departments under Dalian's jurisdiction respectively, and the takeover work was carried out in an orderly and intense manner.

The situation is under control. Ranked shareholders are in a stable mood.

On September 9th, Monday, this day is the first working day for Chase Securities to formally trust Dalian Securities, and it is also the first working day for the first anniversary of the formal establishment of Chase Securities. Early in the morning, the reporter went to Dalian Securities Business Department located at 72 1 Zhongshan Road, Shahekou District, Dalian. Different from the previous trading days, the announcements of the CSRC, the working group and the Dalian Public Security Bureau were posted at the door of the business department. The position of the original security guard in the sales department was replaced by four public security guards, and the security guards walked back and forth in the hall. On the north side of the hall, a creditor's rights registration consultation office was set up. There are also some serious people sitting in the hall with small briefcases in their hands. The reporter recognized that some people were staff members who attended the takeover meeting on September 7. Others wear casual clothes and hold walkie-talkies commonly used by public security personnel. Obviously, the sales department has stepped up its vigilance.

At the scene, five staff members are distributing instructions and detailed instructions for the registration of creditor's rights for four creditor's rights registration points in Dalian, and they come forward to consult customers from time to time to solve doubts. Most people who come forward to ask questions are people in their fifties and sixties. Some people walk away as soon as they hear that it has nothing to do with stocks. Some people look at two pages of registration paper anxiously because they bought bonds. As it is rumored that the problem of Dalian Securities is mainly bonds, the reporter interviewed several customers who bought bonds on the spot. According to them, because of the high interest rate, they decided to buy bonds. "Because there are many people to buy, it is very difficult to buy. If it is less than 65438+ 10,000 yuan, it will not be sold. You have to find someone you know to buy it. " Some investors told reporters: "Because I said to buy government bonds at that time, I didn't expect there would be problems." Some investors also said doubtfully: "I didn't know what debt it was at that time. Whatever. Anyway, the interest is quite high, so I will buy it. "

At present, investors are generally concerned about whether the principal and interest can be recovered. The person in charge of creditor's rights registration consultation in the lobby kept explaining to customers that in order to ensure that the creditor's principal and interest can be paid, the People's Bank of China has prepared 654.38+04 billion yuan of funds, and there is no problem in ensuring the principal and interest. Among them, a 40-year-old staff member of the consulting office seems to be familiar with the customers there, trying to comfort a customer: "I know you bought too much, it's okay, I'm sure I can return it." The customer said, "At that time, I bought it for you." "Yes, Taisho started selling government bonds from 1993, and there has been no accident. If there is a problem with the original boss, where can it be? " The customer insisted, "Did you buy it?" The staff lowered their heads, adjusted their glasses and said, "No, I have no money."

At about 9: 30, the business department began to have a shuttle bus to all creditor's rights registration points in the city. The reporter then went to the Dalian Merchants Bank (related, quotation) friendly branch located in Kunming Street, Zhongshan District, Dalian. According to a staff member of the branch, this is the largest creditor's rights registration point of Dalian Securities in Dalian. The working atmosphere of the bank is as usual, except that there are two more sun umbrellas outside the door and several public security personnel sitting under it. As soon as the reporter approached the bank gate, a policewoman came forward and asked her if she had come to register her creditor's rights. Only two of the original nine windows in the hall were left for daily business, and the rest were temporarily changed into creditor's rights registration windows. The reporter only saw one or two people registering their claims.

According to a person in charge of the branch, by noon 1 1, more than 20 customers had come to register their claims. Due to the regulations, the person in charge no longer said a word.

In the afternoon, the reporter went to Dalian Securities Headquarters on the 25th floor of Dalian Life Building. The staff at the front desk has been put in place, and the signs of various departments on the floor have been covered by the announcement of the CSRC. The work order seems to have improved. Previously, that is, before the CSRC announced the decision to suspend business for rectification, the reporter went to Dalian Securities several times to understand the situation. Although all insiders kept their mouths shut, they did not answer any questions and even refused to talk about the registration time of Dalian Securities. However, judging from the difficulty of entering and leaving Dalian Securities at that time and the opening of the office, there was still some confusion. It is not difficult to imagine that when such a big thing happens in the company, you don't know the specific situation, and you don't know where to go. Who can not be flustered?

The secret of the chairman's detention remains to be solved.

Dalian Securities is the earliest securities company established in Dalian, and it is also the only professional securities company with lead underwriting qualification in Dalian. It was once one of the largest cross-regional brokers in Northeast China. Why did it take 14 years to reach the instant collapse today?

I have to mention Shi Xue, former chairman and general manager of Dalian Securities. Shi Xue took office on 1996 when Dalian Securities increased its capital and shares, and left after the Spring Festival in 2002. The two women who succeeded Shi Xue were Chairman Guo Dan and General Manager Lv Jia. Regarding the whereabouts of Shi Xue, Dalian Securities only informed in an internal document on September 3, 2002 that Shi Xue, the former chairman and general manager of the company, had been arrested on suspicion of participating in illegal business operations. As for the specific case, the relevant personnel are ignorant; The announcement of the China Securities Regulatory Commission did not mention any details of the alleged illegal operation of Dalian Securities and Shi Xue.

There were many rumors in the market before, and the reporter learned from many sources and tried to sort out a clue. However, because the insiders and relevant departments are too strict about the case, it is difficult to figure out the details one by one and can only describe the outline.

According to the analysis of local insiders in Dalian, the problem of Dalian Securities lies in issuing fake government bonds, which is also the reason why it has repeatedly mentioned the registration of creditor's rights for customers.

Dalian Securities has the business of underwriting treasury bonds, but while selling treasury bonds normally, it has successively issued a large number of voucher-type fake treasury bonds to customers in the name of consignment of treasury bonds, that is, Dalian Securities does not have so many underwriting treasury bonds at all, but it still issues vouchers to customers in this name to defraud funds. At the same time, because Dalian Securities can't recover the investment and advance payment in time, it further adopts the way of issuing new fake government bonds to repay the old debts, getting deeper and deeper in the quagmire, and the snowball of debts is getting bigger and bigger. According to the audit report of Dalian Securities 200 1 issued by Dalian Xinyi Certified Public Accountants, there are more than 44.08 million yuan overdue for more than one year. According to the speculation of relevant people, it is estimated that the fake national debt issued by Dalian Securities has reached about 400 million yuan, and the unrecoverable amount of foreign investment is about 654.38+0 billion yuan. In addition, Dalian Securities is also suspected of misappropriating customer deposits.

How big is the financial black hole of Dalian Securities, which needs to be thoroughly investigated by the regulatory authorities. An industry insider who once participated in the liquidation of Anshan Securities analyzed that when Anshan Securities was taken over by the liquidation team, the book cash flow was only 3 million yuan, which meant that the normal trading could not be maintained the next day, and the cash flow situation of Dalian Securities might be relatively better. According to the manager of a sales department of Dalian Securities, the operation of their sales department has been very good, ranking among the best in Dalian. If it weren't for the top management, it wouldn't have come to this.

At present, there are various local speculations about Dalian Securities, and the official has not made a clear statement. An official of the supervision department said that in order not to cause more losses, the work of suspension of business and rectification must be carried out as soon as possible, so we can only make rectification and inspection at the same time, and we can only make treatment suggestions after all doubts are identified.

In this case, the inside story was revealed.

In March 2000, some media published a notice saying that Huayin International Trust and Investment Company (hereinafter referred to as Huayin Trust) in Hainan Province will auction the shares of Dalian Securities in the name of relevant units on March 23. Three days later, Beijing Zhongtian Aviation Investment Co., Ltd., Dongbei University of Finance and Economics and Beijing Dajinyuan Co., Ltd. issued a joint statement, saying that the shares to be auctioned had been transferred by these three units, and it was illegal for any unit or individual to dispose of the shares, and said that they would reserve the right to pursue legal responsibility.

It is reported that the shares held by Huayin Trust in the name of relevant units were auctioned because the company invested the deposits of two other Hainan creditors in Dalian Securities Company (now Dalian Securities) as the share of Huayin Trust's investment. The court found that the above shares were actually owned by Huayin Trust. In order to repay the debts owed by Huayin Trust to its creditors, the Hainan Intermediate People's Court entrusted the auction market to publicly auction160,000 shares of Dalian Securities held by Huayin Trust in the name of Dalian Shipyard,100,000 shares of Dalian Securities held in the name of Dalian Trust and100,000 shares held in the name of Dalian Port Authority.

The court stressed that when the above-mentioned equity was seized, no unit raised an objection; When the court sent someone to Dalian Administration for Industry and Commerce to investigate, it did not see that the shares of Dalian Securities Co., Ltd. were registered in the names of Beijing Zhongtian Ye Hang Investment Co., Ltd., Dongbei University of Finance and Economics and Beijing Dajinyuan Co., Ltd., and the three units issued a joint statement on the share dispute, which was not submitted to the court in writing according to legal procedures, which was a contempt for the court's judgment.

Beijing Zhongtian Aviation Investment Company, Dongbei University of Finance and Economics and Beijing Dajinyuan claimed that they had signed equity transfer agreements with Dalian Shipyard, Dalian Port Authority and Dalian Trust on March 10, July 16 and February 19, respectively, and received a total of 3,600 shares of Dalian Securities held by them.

Dalian Shipyard also confirmed that Huayin Trust did hold 0/60,000 shares of Dalian Securities in the name of the factory, and Huayin Trust sent people to attend every shareholders' meeting of the company. But two years ago, Huayin Trust has transferred this equity.

Dongbei University of Finance and Economics said that they bought 6.5438+million shares of Dalian Securities from Dalian Trust, which was transferred from Huayin Trust at 654.38+0997. However, after the change of shareholders, they did not go to the local industrial and commercial bureau to go through the change registration formalities in time.

On the eve of the equity auction, Hainan Intermediate People's Court suspended the auction temporarily, waiting for the Supreme People's Court's ruling.

Things didn't end there. The case caught the attention of relevant departments, and it was found that Huayin Trust had become the major shareholder of Dalian Securities, and Shi Xue himself was also the chairman and general manager of Dalian Securities, and was also the main person in charge of Huayin Trust. With the in-depth investigation of the Huayin Trust case, the relevant parties followed the trail and led Shi Xue and Dalian Securities to be suspected of illegal operations, and Shi Xue himself was jailed.

A person from the brokerage research institute, who asked not to be named, said that some irregularities of Dalian Securities existed in large numbers at some time in the past. Problems such as misappropriation of customer deposits often occur when customer deposits are not separated from securities firms' own capital accounts, and even now they have not been completely solved, thus leaving a large number of financial black holes.

The investigation of Dalian Securities seems to be decisive, and there are indications that the CSRC has intensified its investigation in this regard. After Anshan Securities was "suspended", market participants analyzed that due to superficial calmness, relevant parties may "suspend the execution" of securities firms such as Dalian Securities and basically verify it. The clarity of the Dalian securities issue shows the determination of the regulatory authorities to clean up the old accounts of brokers and investigate and deal with the current problems in time. Although this move may be accused by some people of aggravating the loss of market confidence, more respondents believe that long-term pain is better than short-term pain, and timely treatment can reduce the uncertainty of the future market and effectively prevent the parties from leaving the market and the historical materials from being destroyed. More importantly, the effective establishment of afterwards punishment mechanism is the basis of market development.

Related background

Dalian Securities Co., Ltd., formerly known as Dalian Securities Company, was established in June of 1988 with a registered capital of100000, which is the first professional securities operation institution in Dalian. 1995 to 1996, according to the relevant national policies, the company implemented decoupling restructuring, increased capital and shares for the first time, and its capital was expanded to 1 100 million yuan, and it was renamed Dalian Securities Co., Ltd., with its headquarters in Dalian.

Before the suspension of business for rectification, Dalian Securities had 22 sales offices in China and regional management headquarters in Beijing, Shanghai, Shenzhen and Shenyang. As the lead underwriter and deputy lead underwriter, he successfully completed the underwriting task of stock issuance of 50 enterprises.

As of 200 1, the company has 453 employees, with an average age of 3 1.

According to the statistics provided by Dalian Securities, the securities transaction volume in 2000 was 76.06 billion yuan, and the fee income was 238 million yuan. By the end of 2000, the number of accounts opened by Dalian securities investors was 239,000, ranking 33rd and 39th in Shenzhen and Shanghai stock exchanges respectively.

From 1996 to 200 1, Shi Xue, chairman and general manager of the company.

From 200 1 to being taken over, Guo Dan, chairman of the company, and Lv Jia, general manager.

Datong Securities Co., Ltd., established on September 8, 20001,with a registered capital of11.80 billion yuan, is a national comprehensive securities operating institution. Datong Securities was re-established on the basis of Dalian Finance Securities Company and Dalian Huaxin Trust Company, and absorbed the funds of some enterprises in Dalian to increase capital and share. At present, there are more than 20 business organizations in Beijing, Shanghai, Shenzhen, Tianjin, Chengdu, Taiyuan, Hangzhou and Dalian. At present, it is the largest brokerage firm in Northeast China, and its current chairman is Zhang Kaihua.