At the just-convened imperial finance and taxation meeting, the emperor gave a group of finance and taxation ministers a dose of heart-warming agent. The emperor told them that inflation was not scary, and even proper inflation was beneficial to the court.

The inflation that is happening now is completely stable and controlled, and is expected. The court can completely control the giant beast of the country's economy and prevent it from breaking away.

After the meeting that day, Imperial Bank, that is, the Central Bank of Dahan, immediately issued the latest announcement, announcing that Dahan's deposit and loan benchmark interest rate was lowered by 0:25 percentage points again to further reduce the financing costs of industry and commerce and provide more favorable support for Dahan's industry and commerce.

The Company Law and the Securities Law also officially passed the approval of the cabinet and the emperor and began to be fully implemented. In these two regulations, the court determined the legitimate rights and interests of industry and commerce in the form of legal provisions. Under the Securities Law, those companies approved by the Securities Bureau will be qualified to issue securities to raise funds, and can use private capital to expand production, while also protecting the legitimate rights and interests of those investors and establishing a fair, just, fair, reasonable and healthy development order.

According to the Securities Law, to issue securities publicly, it must comply with the conditions stipulated in the laws of the Han Empire and administrative regulations, and shall be submitted to the Imperial Securities Regulatory Bureau and the Ministry of Finance for approval in accordance with the law. No unit or individual that has not been approved in accordance with the law shall issue securities publicly.

After these two news came out through major newspapers, many keen businessmen discovered that the era of great change was about to usher in. However, many people were still waiting and watching how this change would begin.

After the news was reported, the newly established Securities Regulatory Bureau immediately welcomed the first batch of companies applying for public offering of securities.

Dahan Royal Bank, Dahan Agricultural Bank, Dahan Industrial and Commercial Bank, Dahan Construction Bank, Dahan Bank of Communications, Dahan Rural Credit Cooperative.

On the first day, the six banks with royal titles were led by the presidents of each bank to apply for the Securities Regulatory Bureau. The six banks established successively were all derived from the Sihai Bank back then. In addition to the Imperial Bank of the central bank, these six banks were all occupied by the emperor and had privately recruited shares. These six banks are now giants in the financial industry in the Han Dynasty, with outlets all spread throughout the Han Dynasty. Compared with those of the merchants of the scale of money shops, silver accounts, money shops, etc., their status is unshakable.

In fact, these six banks are not short of funds at all. They don’t even need to go public. As long as they make a hole, countless people will want to invest.

But Liu Jun is ready to make a good start, and at the same time it can be regarded as sharing the dividends of the bank with the people of the empire. Of course, such a public offering of securities is also beneficial for these six financial giants. If there is more sufficient funds, their expansion will be faster, and it is possible to even open banks to Nanyang and Europe.

Countless people saw these six banks joining the stock office, and everyone was watching the first one to try it out.

Zhao Xiaoshan, the Director of the Securities Regulatory Commission, came to meet with the presidents of six banks. After a greeting, everyone sat down. The delegation of the six banks, the official representatives of the two courts of the Securities Regulatory Commission, the Ministry of Finance, as well as the Censorate and Dali Temple, attended. Their participation in the meeting was also a legal support.

As the first director of the Securities Regulatory Commission, Zhao Xiaoshan personally received guidance from the emperor and had some understanding of what he wanted to do, but he was indeed a little confused.

After all, this kind of thing is unprecedented, and he is also the first time a big girl has been in the sedan chair.

But the emperor once said, it doesn’t matter if we don’t understand, it’s not scary to have experienced it, everything will be the first time. Be careful. When we cross the river by feeling the stones, we can always make a way.

In order to show your importance and support for this matter, the emperor also specially arranged high-quality assets under the names of these six emperors to come and fight this shot.

"Everyone, are you sure you want to apply for a public offering of securities?" Zhao Xiaoshan asked.

The six bank presidents nodded in turn to confirm.

"So OK. According to the rules, I have to ask first, are you all companies that have been officially registered in accordance with the Company Law?"

After being confirmed again, Zhao Xiaoshan continued, "According to the provisions of the newly promulgated Company Law and Securities Law, you must apply for issuance of securities. First, you must meet the following conditions. First, you are a registered company in the Han Empire. Second, the company's net assets shall not be less than one million silver dollars. Third, the average return on equity in the company's accounting year shall not be less than six percent. Fourth, the cumulative balance of corporate bonds after this issuance shall not exceed 30% of the net assets at the end of the last period. Fifth, the average annual distributable profit realized by the company in the last fiscal year shall not be less than one year's interest on corporate bonds."

"In addition, I am here to remind you that the securities you are issuing now are non-convertible corporate bonds, but they can be circulated. The bonds have an agreed repayment time when they expire, and the principal and interest must be repaid after maturity. The securities issued are not shareholders of the company, and the bonds they hold cannot be converted into company shares, nor can they interfere with the company's operations, but the company must regularly publish accounting reports."

"The period of non-convertible bonds is at least one year and up to six years. The interest rate of the bond is determined by negotiation between the company and the lead underwriter, but it must comply with the relevant regulations of the court."

This kind of non-convertible securities is actually a kind of bond issued by a company, which repays principal and interest at maturity. It cannot be converted into the company's shares after buying it directly, nor can it become a shareholder, nor can it interfere with the company's affairs.

Although from the perspective of development laws, issuing convertible securities is actually more in line with the interest rate of the issuing company.

However, as Liu Jun and Zhao Xiaoshan said, this is an unprecedented first time. There is no previous example to escape. You must cross the river by feeling the stones. Therefore, you cannot be too radical and have to take it step by step.

Moreover, even such unconvertible corporate bonds, as long as they are operated well, can still help Dahan's industry and commerce. Although companies that can temporarily obtain such qualifications have extremely high requirements, obtain a net asset of one million, and have detailed requirements for net income, etc.

But I would rather be more cautious than mess.

However, one thing is that although these corporate bonds cannot be converted into company shares, they can be circulated. However, the company's bond issuance and the purchaser must be publicly operated by securities companies.

After Zhao Xiaoshan declared these, six banks began to submit review of materials, various company documents, asset certificates, financial statements, yield tables, etc. as required.

This cannot be done in a short while, both sides understand very well.

"We will complete the review within 30 working days, and we will notify you as soon as possible."

“Waiting for good news!”

After some politeness, representatives from six banks said goodbye and left.

Zhao Xiaoshan looked at the pile of reports left on the table and smiled bitterly.

"Okay, start work now, review as required, and complete it as soon as possible."

An official said, "Sir. These six banks are royal industries. High-quality industries cannot be more high-quality. Do they really need to be reviewed?"

Everyone knows in their hearts that there is no need for review at all, so there is definitely no problem.

"Of course, you need to review it, and you need to review it carefully. In the end, you have to submit a detailed review report for a while. I don't want to see any sloppy intentions. If anyone wants to fool me, it's better to pack up and leave as soon as possible. I don't need such a person here."

The officials were only excited at this time, knowing that the first shot to open the door must be fired.

The application materials of the six banks were perfect, but the Securities Regulatory Administration still carefully and did not dare to relax and reviewed them several times. Finally, the six companies were officially notified half a month after the report was submitted.

"I am very happy that the six presidents can go there in person. Your materials have been reviewed and have all been approved. Now, you can use our review report to go to Tianjin Securities Company to issue bonds publicly."

After receiving the approval document, the six presidents rushed to Tianjin.

Dahan's first and only stock exchange is currently established in Tianjin, not in Beijing. According to the Securities Law, although the six banks have obtained approval from the Securities Regulatory Commission and the Ministry of Finance, they still have to pass their qualifiers to go public.

First of all, the six banks must establish shareholders' meetings, boards of directors, and boards of supervisors. The current situation of the six banks is the same. The emperor is the largest shareholder of the six banks. His shareholdings in the six major banks have reached more than 90%. Some of the other shares are all in the hands of thousands of small shareholders. These small shareholders are almost all honorable and powerful. The shares in their hands are all licensed by the emperor. In fact, it is also a reward from the emperor to them and a large amount of dividends given to them.

These shareholders are actually not willing to go public in their hearts to issue corporate bonds. Although the six major banks are both banking businesses, their respective operations have different focus. For example, Bank of Communications focuses on transportation and transportation businesses. Even the huge industry of shipbuilding is mostly their customers.

Rural credit cooperatives are rooted in prefectures and counties across the country, mainly engaged in farmers' small agricultural loans, etc.

Although each has different emphasis, there are basically no real opponents in their respective fields, and their profits are extremely amazing. But the emperor now takes out this cake and gives it to others publicly, so why don’t they let them sigh secretly? In fact, they can completely take over the bonds, but they also know that if the emperor didn’t want to give it to others with benefits, there was no need to issue bonds at all, and the company was not short of money.

The registered capital of Royal Bank is 10 million silver dollars, and its current total assets are 180 million silver dollars. This time, the president of Royal Bank applied to the Tianjin Stock Exchange for the public issuance of 20 million silver dollars corporate bonds at the emperor's instructions.

Royal Bank of China corporate bonds are divided into one year, three years and five years, with fixed-rate one-year parity annual interest rate of 3.35%, three-year parity annual interest rate of 4.75%, and five-year parity rate of 4.75%.

At present, the bank's regular savings in the same period are three percent for one year, three-year, and four-three-year, four-three-five percent for five-year.

If you buy Royal Bank's corporate bonds, the principal of 10,000 yuan will be 35 yuan more interest on one-year bonds than the bank, and the annual interest on 10,000 yuan will be 335 yuan. After maturity of 3 and 5 years, you can get interest of 400 yuan and 475 yuan respectively.

Such interest is much higher than that of the bank. After buying bonds, they are the bank's creditors, not shareholders. The risk is not great. If the bank goes bankrupt, they can be better than shareholders to pay off their debts as creditors.

Of course, no one believes that a company like Royal Bank will go bankrupt, at least it will not be possible for this bond period to collapse within five years.

Of course, it does not mean that there is no risk. The biggest risk is inflation risk. If the inflation rate exceeds the interest rate of this bond, then the bond will make no money and lose money, but depositing the money in the bank will also depreciate. If it is kept at home, you will lose more unless you can find a good way to make money by investing.

The 20 million bonds issued by Royal Bank have a face value of five, ten, fifty, one hundred, five hundred, one thousand and six face value amounts, all of which are bearer-type corporate bonds, and there is no need to register and change when the change is changed. They can be traded in circulation, and after maturity, the principal and interest will be repaid together.

For Royal Bank, the fixed annual interest rate for the five-year period is only 4.75%, but the bank's five-year loans during the same period were 6.75%, which is two points higher.

This is actually somewhat similar to the disguised deposit-taking. The little interest paid by Royal Bank is not worth mentioning for the long-term money income of 20 million yuan. No matter how you look at it, the annual interest rate of the bond set by Royal Bank is very cost-effective. For investors who buy it, this is another cost-effective investment than depositing the bank.

Especially this denomination, from five yuan to one thousand yuan, the minimum investment threshold of five yuan gives most interested people the opportunity to invest and participate.

On the same day, the other five banks also submitted their bond issuance plans together, from 5 million yuan of corporate bonds from rural credit unions to 15 million yuan of Industrial and Commercial Bank of China, six banks issued a total of 80 million yuan of corporate bonds!

These bonds will be issued publicly to all people, with a term of one, three or five years, and can be repaid with the principal and interest at maturity of unlicensed bearer fixed interest rates.

After a period of publicity in various aspects, countless people have been paying attention to the progress of this matter.

On November 1st of the second year of Longhan, six banks officially listed on the Tianjin Stock Exchange to issue corporate bonds. Six banks had 80 million yuan in corporate bonds. On the day of issuance alone, countless merchants staring at this new business were divided up.

In one day, 80 million bonds were sold out. As soon as this result came out, it really shocked countless people who were paying attention.

Many people did not expect that this stock exchange had such great energy, with a trading volume of 80 million silver dollars a day.

This has made many ambitious businessmen see an extremely bright and feasible path, that is, the securities trading market has more huge funds, and raising funds from here is more cost-effective than lending from banks.

Moreover, if the court opened up the issuance of transferable securities by listed companies in the future, allowing the purchaser to voluntarily choose to convert the company's shares to the shares. The company does not have to repay the principal and interest, and it will be fine to directly distribute dividends in the future. At that time, wouldn't they be able to raise more funds from the exchange to rapidly expand their business kingdom?

However, many small businessmen have also seen many levels of the listing of six banks this time. Not to mention the hard requirement of a net asset of one million is enough to block countless people. Not to mention, there must be more than 6% of annual net income, and many requirements such as cash from a company. However, no matter what, this is indeed a good opening that has made the merchants extremely excited. (To be continued.)
Chapter completed!