International Tourism Island calls for capital spring

[] On December 16, Hainan Strait Shipping Co., Ltd. A shares were listed on the Shenzhen Stock Exchange. Xu Tangxian (the right one), the mayor of Haikou, and Lin Yi (second from the right), chairman of the Straits, jointly ringed...

[] On December 16, Hainan Strait Shipping Co., Ltd. A shares were listed on the Shenzhen Stock Exchange. Xu Tangxian (the right one), the mayor of Haikou City, Lin Yi (second from the right), chairman of the Straits, jointly sounded the listing bell.

"铛铛铛"--At 9:25 am on December 16, 2009, with a clear and agile listing bell ringing in the listing hall of the Shenzhen Stock Exchange, a new face appeared in the small and medium-sized board - Hainan Strait Shipping Co., Ltd. landed in the capital market with 39.5 million A shares. From August 2002, the first investment in new shares was listed, and the Hainan capital market has been crouched for seven years.

Perhaps it is a coincidence of history. The provincial economic work conference, which is the economic indicator of Hainan, also opened at 9:00 this morning. Some people have a metaphorical metaphor. "The listing of the Straits shares has sounded the clock of hope for Hainan's economic take-off."

There are indications that under the great news of the construction of international tourist islands, the spring of Hainan's capital market is about to come.

Creating a myth of capital

As one of the earliest regions in China's joint-stock pilot and the opening of the securities market, Hainan has created a myth of capital markets.

The enthusiasm for building a provincial special economic zone has not only opened the door to Hainan's opening to the outside world, but also opened the door to the capital market. The old investors in Hainan still remember that although they started late, but with the spirit of the SAR, the Hainan capital market once led the country and became an active area after Shanghai and Shenzhen.

In 1991, the provincial government established a joint-stock pilot group; in 1992, “Hainan’s first share” Qiong Energy was listed on the Shenzhen Stock Exchange. Of the five foreign listed companies listed on the Shenzhen Stock Exchange, four were from Hainan, making Hainan the province with the largest number of listed companies in the world.

In 1992, the provincial securities trading center was announced, followed by a series of trading varieties such as new energy convertible bonds and Fudao Fund, which became one of the most active trading places in China at that time.

At the same time, Hainan South African listed companies have sprung up. In 1994, the peak number of development reached nearly 130, attracting a large number of investors to Hainan, injecting valuable construction funds for the development of the Grand Zone.

According to relevant data at the time, Hainan has set a number of national “firsts” regardless of the density of listed companies, the density of securities business departments, the number of accounts opened per capita, the amount of deposits, and the number of shares of joint stock companies. Even the current trading stocks that people are looking forward to – stock index futures, have once been piloted in Hainan.

In just a few years, Hainan has become a well-known capital province, and tens of billions of funds have been rapidly gathered from across the country to the Qiongzhou Strait.

Seven years of capital dilemma

The creation and destruction of myths is sometimes a cruel "meteor" speed.

After 1993, the Hainan real estate bubble burst, and the securities and futures markets, which were not supported by the real economy, shrank rapidly. Banks and local financial institutions were bad and bad debts, and Hainan Development Bank, China’s first local commercial bank, was forced to close. "Almost overnight, tens of billions of capital was withdrawn from Hainan, which led to the rapid collapse of Hainan's capital market." Mr. Chen, a senior member of the Hainan securities industry, was saddened to recall.

After many years, most Hainan listed companies lost their ability to refinance due to poor overall performance. Especially in 2002, after the issuance of the approval system in China's securities market, no company in Hainan was listed. Hainan is a high-risk area in the country and is gradually being forgotten by the capital market. According to Hainan Securities Regulatory Bureau, most of the 20 listed companies in Hainan are companies established in the 1990s. Due to the irregular reforms at the time, the historical burden was heavy, and the overall performance was poor, and the delisting risk warning was implemented. There are 7 “ST” hats, accounting for about 35% of the total, which is much higher than the average of 10% of the ST stocks in each province.

The capital market is not enough. Many listed companies in Hainan have chosen “Beifei” or have been renamed. In the past, Hainan’s “five old” listed companies have all “transformed”: Qiong Energy changed its name to Lvjing Real Estate, Qionghua Fiber to Haihong Holdings, Qiongzhujiang became Pearl River Holdings, and Hong Kong and Macao Industries became CCID Media. Qiong Minyuan is now called Zhongguancun. Since the establishment of the Shanghai and Shenzhen Stock Exchanges in 1990, there have been 26 listed companies applying for recommendation from Hainan, and 4 listed companies have moved out of Hainan, one for each company to be delisted and delisted. There are only 20 listed companies still registered in Hainan.

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