The earliest joint stock limited company system in the world was born in 1602, the East India Company established in the Netherlands. After the emergence of joint stock limited company, it has been widely adopted by capitalist countries and become one of the important forms of enterprise organization in capitalist countries.
The earliest stocks in the history of China were issued by foreigners. 1840 after the opium war, foreign businessmen started to set up industrial and commercial enterprises in China and began to issue stocks. The earliest joint-stock bank in China is the British HSBC, which set up its head office in Hong Kong on March 3rd, 1865, and set up a branch in Shanghai in April. Brokers who buy and sell foreign stocks appear around 1870 in China.
At the same time, under the impetus of Westernization Movement in Qing Dynasty, joint-stock companies set up by Chinese people and stocks issued by Chinese people themselves also appeared. 1872, Li Hongzhang and Sheng Xuanhuai issued shares of Shanghai Shipping Bureau. 1882, Shanghai initially formed a stock market. China businessmen organized Shanghai Securities Company, and foreign businessmen organized the earliest institution specializing in stock trading in China-Securities Brokers Association. 189 1 year, foreign companies set up Shanghai stock office. 1902, the Qing government established the Shanghai MCC office. 1908, the first serious speculation occurred in the history of our country.
19 14, Shanghai Stock Merchants Association was established. In the same year, in 12, Beiyang government promulgated the first securities trading regulations in China, and the securities trading had preliminary provisions. At that time, Shanghai Securities Business Association was located in Ermayina Road (now Jiujiang Road) in Shanghai. At first, there were 12 members, and later it was increased to 15 members. Members pay 12 taels of silver as guild funds, and pay 2 taels every month. Trading varieties include government bonds, railway bonds, company stocks and foreign exchange. The transaction method is spot transaction. When the trading time is 9- 1 1, the handling fee will be charged at 1%-5%. This marks the birth of the first modern stock exchange run by China people themselves.
In the autumn of 192 1, the situation changed suddenly. At that time, there were 150 exchanges in Shanghai, and some of them issued shares to set up trust companies, which closed down because of the sharp drop in share prices, causing a chain reaction. Nearly 100 stock exchanges in Shanghai closed down, leaving only a dozen, including the Shanghai Commodity Exchange. The stock exchange in Tianjin also closed due to the stock price collapse in Shanghai stock market. 1922 was closed. Later, people called the collapse of the exchange and trust company of 192 1 the trend of "exchanging letters", which was the first time that the China stock market plunged.
June 1949 East China Arms Control Commission closed the Shanghai Stock Exchange in order to stabilize Shanghai's financial order. 1949 After the liberation of Tianjin in June, the Tianjin Military Commission took over and cleaned up the stock exchanges of the former Kuomintang period, and established the Tianjin Stock Exchange on this basis, which officially opened in June 1949 and became the first stock exchange in new China.