War two exchangesin the business world, there is no eternal lose and win, only permanent human nature. Also for 5045 Shennan Road behind the hand and Pudong South Road 528 behind the hand, there is no eternal lose and win, only permanent interests. Money Never Sleeps. Interests Never Sleeps. As of April 10, 2013, Shanghai Stock Exchange (hereinafter referred to as 'the Shanghai Stock Exchange'), the total market capitalization 15451973000000, the Shenzhen Stock Exchange (hereinafter referred to as 'the Shenzhen Stock Exchange) 9.415837 trillion total market capitalization, the Shanghai Stock Exchange is only 6%, but hands rate of 1.77, the Shanghai Stock Exchange to 0.66 from the market situation, the number of listed companies in the Shanghai Stock Exchange and the Shenzhen Stock Exchange, respectively, 959, 1578, the Shenzhen Stock Exchange average price-earnings ratio of 26.51, the Shanghai Stock Exchange's twice from No. 5045 to suspend the IPO business, GEM to fierce competition, to the Hong Kong and Shanghai through the offensive recently, this is not a simple story about the capital of the war continue to rely on a large number of small and medium enterprises resources, the Shenzhen Stock Exchange opened the gap, the more the lines farther.; And 20 years ago, sitting on the Shanghai Stock Exchange is a Big Brother state-owned resources. 20 years of ups and downs in 20 years turned upside down from the homogeneous competition to differences in development, the two exchanges in 2014 returned to the same runway reshuffle March 27, 2014, the Commission said that the first companies according to their own wishes, to choose between the Shanghai and Shenzhen market listing, the number of non-public offering of shares of companies linked to the Chinese Securities Regulatory Commission audit departments will conducted in accordance with the principles of the Shanghai and Shenzhen exchanges, according to a balanced starting audit the financial weekly newspaper reporter Statistics found that in the past, there are 46 enterprises in Guangdong to Shanghai stock exchange;. Shanghai has 60 enterprises in Jiangsu and Zhejiang two 325 companies listed on the Shenzhen and general. case, select enterprises with regional advantages of listing; it is after the Shenzhen Stock Exchange listed company may also usher in huge profits of the large open listing of resources means that exchanges between fierce 'battle' 'I had not now. After contact with the Shanghai Stock Exchange, 'a senior security on behalf of Shenzhen, told financial weekly newspaper reporter, the project needs its last contact with the Shanghai Stock Exchange in early 2000.' If I had a project that I will introduce to the Shenzhen Stock Exchange, I'm afraid the project to the Shanghai Stock Exchange will be discrimination. 'Money Weekly reporter in the interview that, more than the securities industry believe that' service 'is the Shenzhen Stock Exchange the largest competitive. According to the British Institute of Lida Xiao Tai Securities, introduced in the nineties, the Shenzhen Stock Exchange's first total Xia Bin, manager to the Shenzhen Stock Exchange listed companies in order to boost to the country for business presentations. 'His low stance more freely, and counseling business, so when getting some enterprises choose the Shenzhen Stock Exchange.' senior financial commentators make Xuantie talk Road, the Shenzhen Stock Exchange suspended the IPO in four years, single-minded to do service, really do sink the grassroots, counseling for SMEs. 'They have no reason to put on airs, the Shenzhen Nike Air Zoom Flight The Glove Stock Exchange in the past few years a very close relationship with the enterprise, and therefore many of the listed resource reserve ; In contrast, the Shanghai Stock Exchange high above, waiting for businesses seeking to market. 'In its opinion, the Shenzhen with institutional advantages, instinctively harness innovation; Shenzhen did not much interest group interference, nor excessive and Shanghai planned economy.' Innovation is no local hard the Shanghai Stock Exchange listing of resources, Shanghai's small businesses are SOE weight of the wearer, and a large number of small and medium enterprises in Shenzhen. 'Person close to the Shenzhen Stock Exchange, told financial weekly newspaper reporter, the Shenzhen Stock Exchange in the' training 'enterprises, the praise more.' They engage in exchange for the industry to where the training, the competent authorities are also invited to participate. Enterprises not only to catch the line with the government sources, laying the foundation for future healthy communication; can exchange ideas with their peers, to broaden their horizons. 'In its view, the Shenzhen market institutions more flexible, talent and executives focus, do one. Field training easier. 'registration system implemented exchanges fight is the service, the fight is that we can not form a circle here.' Professor Dong Dengxin Wuhan University of Science and Technology has a different view, saying that the two exchanges in Shanghai and Shenzhen positioning is not clear, not have their own characteristics positioning, no differences in management. 'This is not to improve the quality of service will be able to solve the problem, the problem is not undercut the entire capital market needs a clear repositioning.' In its view, although the Shenzhen Stock Exchange in the previous positioning in Nike Barkley Posite Max services for SMEs, but in fact the small board and GEM companies are 'big man.' Dong Teng new display a set of data to reporters, as of April 4, 2014, the Shanghai Stock Exchange listed company 48% of its total market capitalization of between 10 -50 billion; small board and GEM situation actually identical, respectively, 66.8%, 74.4% of the total market capitalization of listed companies from 10 to 50 one hundred million 'Currently, China capital market, Lebron Slide 2 Elite on the one hand the listing threshold is too high, a. respect Exchange refused to lower social status. '' Under the administrative examination and approval system business line market, the longer the line, the greater the risk. Enterprises have anxiety, fear of being squeezed out later large enterprises. This best of the best practices, essentially artificially high listing standards, making the GEM companies are mature, high growth entrepreneurial businesses in the true sense of pitiful. 'Dong Teng new view that market regulators should restore the property, in the registration system repositioning Shanghai and Shenzhen listing standards, the formation of the difference of the operation, the formation of different market characteristics.' The Shanghai Stock Exchange should do mature businesses, relatively stable industrial ; while reducing IPO standards, a modest and small plates GEM butt, so grow and mature after the listing of small plates GEM companies, turn the plate over; and should be more inclusive of the Shenzhen Stock Exchange, refer to Kyrie Irving the Hong Kong GEM . 'The people close to the Shenzhen Stock Exchange's who also share similar views,' Now the problem is that the GEM is too small, less similar companies. The next step will study the Shenzhen Stock Exchange Listing of loss Internet companies, once these spaces are open, the GEM can have very good prospects. 'In the eyes of Dong Teng new, future-third of China's stock market can the world: the Shanghai Stock Exchange to become China's version of the New York Stock Exchange, the Shenzhen Stock Exchange to become China's version of the Nasdaq Stock Exchange of Hong Kong as an international board in the true sense of volume.' Killing 'mid-eighties, the state-owned enterprises into stock companies gradually embarked on the fast track, there is a growing business offering, Shenzhen took the lead in the 1982 issue of 13 million shares; in 1987, Shenzhen Development Bank issued shares of Shenzhen Special Economic Zone is located in what is now the securities. Next Lychee Park, in the past people can do in this counter trading frequently spawned private equity transactions OTC, according to a senior securities industry people Shenzhen Li Dong (a pseudonym) Talk to the financial weekly newspaper reporter Road Park on lychee trees People holding a small blackboard, outcry trading after the deal, the endorsement, there is physical stock, the Securities Department identification card exchange, securities company stamp is deeded while in Wuhan, Shanghai, Chengdu and other places , OTC and the black market is also popular. in May 1988, when he was Party Secretary of Shenzhen Mayor Li Hao after study abroad decided to set up the Shenzhen Stock Exchange. Soon, the Shenzhen Municipal Government decided to establish the 'Shenzhen Capital Markets leading group', in charge of finance Vice Mayor Zhang Hongyi chaired, had been sent to Japan to learn 禹国刚 securities, was transferred to engage in preparatory work. At the same time, far in the East region, in December 1989, Shanghai party secretary and mayor Zhu Rongji in financial reform meeting, determined to build the Shanghai Stock Exchange finalized by Bank chairman Li Xiangrui, People's Bank of China Shanghai Branch and the Shanghai Economic Restructuring Gonghao Cheng Ho-ho, director of the saint composed of three to build the team. Shanghai trio mainly Shanghai Nike Lebron 11 Elite exchange opinions and proposed to set up programs, specific issues by the People's Bank of China Shanghai Branch is responsible. However, in 1990, head of the Shanghai branch of the preparatory Cheap Nike Free Outlet work of mobilization occurred, Deputy Director of the People's Bank Shanghai Branch of the FSC replacement at Wei Wenyuan preparatory office. Although preparations do nothing, but yet it was also smooth the Shanghai Stock Exchange preparatory team to inspect the Preparatory Working Group of the Shenzhen Stock Exchange, Shenzhen direct reference system of information and experience;.. Meanwhile, in order to cope with the development of Pudong, the Shanghai Stock Exchange, in contrast but 禹国刚 but encountered difficulties, Everything is ready, only a strong wind. the Shenzhen Stock Exchange preparatory encounter a 'Belonging to Socialism or Capitalism' disputes, the higher has not been approved. 'There was a saying, 'Shenzhen in addition to the five-star red flag, the rest are capitalism' In fact a lot of pressure in Shenzhen, 'according to Li Dong said that the Shanghai Stock Exchange has been prepared on the December 19 after the official opening, November 22, Shenzhen Li Hao, Zhang Hongyi, and other leaders to the National Investment Building, 15th Nike Kobe 8 System MC Floor, inspect the Shenzhen Stock Exchange preparatory work immediately closed: with or without a 'certificate', 10 days later, the Shenzhen Stock Exchange on time thus born, December 1, 1990, the Shenzhen Stock Exchange opened quietly, the first 18 days than the Shanghai Stock Exchange introduced Li Dong, the Shenzhen Stock Exchange a. years later got the 'birth certificate' before the 'soft opening', but the Shenzhen Stock Exchange was unable to manage so much. In 1992, China Securities Regulatory Commission was established. Li Dong told financial weekly newspaper reporter, then the Commission does not have jurisdiction Exchange , the two exchanges are still managed by the local People's Bank. 'Exchange of orders from the Shanghai Municipal Government and Shenzhen. They and the Shenzhen Municipal People's Bank, Shenzhen Securities and rights at large. The two who have the highest volume in comparison, order in chaos, the two exchanges has done a lot outrageous things. ' It is reported, the exchange opened in 1990, ushering in a wave of investors crazy stock market has also ushered in a bull market for several months. Government has taken a variety of control measures to check the stock market enthusiasm, and soon bear fruit, like a roller coaster market, instant plummeted. Nike Air Foamposite One Even the Shenzhen Stock Exchange in April 22, 1991, stock market turnover to zero. Subsequently, the Shenzhen municipal government began a secret bailout, Zhang Hongyi, Yu Guogang and seven bodies. Shenzhen Municipal Government policy is to stabilize the financial allocation 200 million Shenzhen Development Bank leader, then drive dragon tail swing. Effective method. September 30, Shenzhen Development Bank shares bottomed. After the National Day, the stock rose to 28 from from 14.95 dollars. The bear market ends, investors usher in a new Nike Air Max bull market. In Dong-view, which is actually the government manipulated the deep development of dividends and performance. In addition, the right to delay the warrants in the hands of the Exchange. 'Warrants Expiring in time, the Shenzhen Stock Exchange suddenly announced that the warrants may be extended. Many fell 1 cent warrants, suddenly rose to a dollar, Nike KD 7 the same day can be up to 10 times, a lot of people get rich.' Another example , the two exchanges staggered opening time. Who will start the transaction, who can guide the other side of the index. 'It also, for example, when the Shenzhen Stock Exchange IPO stop chaos.' In early 1994, Xia Bin, general manager of the Shenzhen Stock Exchange's first provisional took a big speaker, stood on the seat to the transaction who declared 'suspended shares' stock immediately soared. He believes that through shares suspended for several months, can activate the stock market turnover, far better than the Shanghai Stock Exchange. But the Shanghai Stock Exchange Wei Wenyuan continue to issue new shares, so a lot of the Shanghai-listed company. Soon the Shenzhen Stock Exchange regret. '1995,' Treasury 327 incident 'occurred, executives began to change subsequently Exchange Wei Wenyuan resignation, the Council appointed the Shanghai Municipal Government Securities Management Office Yang Xianghai as general manager of the Shanghai Stock Exchange;. The Shenzhen Stock Exchange the same year exemption Xia Bin office in 1996. In October, the Commission appointed Zhuang Xinyi, general manager of the Shenzhen Stock Exchange, Zhang Yujun, Huang Tiejun, deputy general manager in 1997, the Commission appointed Gui Minjie, Mr. Tu of the Shenzhen Stock Exchange, the Shanghai Stock Exchange general manager. In August, two trading The transfer of jurisdiction to the China Securities Regulatory Commission for competitive differentiation split learn Nasdaq experience, in August 1999, the CPC Central Committee, the State Council promulgated the 'Decision on Strengthening the industrialization of technological innovation and development of high technology,' he said, to foster the development of high-tech industries in favor of the capital market, and gradually establish a risk investment mechanism, an appropriate time in the existing Shanghai, Shenzhen Stock Exchange, set up special high-tech enterprise sector. May 2000, the State Council, China Securities Regulatory Commission discussions on the establishment of the second board referrals, China Securities Regulatory Commission Nike Air Jordan 3 agreed in principle to the views, the Second Board named the GEM market. Shanghai a broker who said that Shanghai does not want to GEM, the international board the Shanghai Stock Exchange as one plan, it was placed on the Shenzhen GEM reported, when foreign companies listed on the strong will of the Chinese, such as Coca-Cola, HSBC, the Shanghai Stock Exchange also hope that through the creation of an international board, to show the status of 'international financial center'. However, Li Dong analysts believe, is the top-level design, 'the Shanghai Laigao motherboard, Shenzhen engage GEM, as the difference of development. 'ordered preparations for the GEM, September 15, Zoomlion in the online issue of the Shenzhen Stock Exchange after the Shenzhen Stock Exchange to stop the IPO in the motherboard market.' At that time I thought six months can be opened, did not expect to encounter NASDAQ crash, then Hong Kong has just launched the GEM, to come out by the impact of the Internet bubble cold, so the regulators requirements mainland market improves, then careful preparation, a back burner for four years. 'Finance and Securities Institute of Wuhan University of Science and Technology Dong Teng new interpretation. It is understood that in March 2000 the Nasdaq biotech stocks and network technology stocks plummeted, triggering the collapse of the entire Nasdaq, the Nasdaq composite index fell Three days plunged more than 100 points. '2000 to 2004, Shenzhen is very difficult four years, during the suspended shares, a large financial corporate relocation, the brain drain, the Shenzhen Stock Exchange Womens Nike Zoom Hyperflight PRM and the Shanghai Stock Exchange gradually widening the gap, then a Sign Colonel Guo wrote 'Shenzhen whom abandoned' net culture, a great impact, the Shenzhen market, people always felt suffocating, 'recalled Li Dong expressed. Xuantie make recall the year, On the Road to the financial weekly newspaper reporter,' political environment is an important factor. The country was to focus on the development of Pudong, we need financial resources, financial resources, mostly in the south, so the flow of funds to go to Pudong, Womens Nike Kobe VIII the Shenzhen Stock Exchange only obey the overall situation. 'It is reported that the Shenzhen Stock Exchange several executives have also been transferred to the Shanghai Stock Exchange. Hyun iron Order said, 'then there was a statement put the Shenzhen Stock Exchange's main board moved to Shanghai, the Shenzhen Stock Exchange only engage in GEM, but has not been approved. Shenzhen when he was Party Secretary Zhang Gaoli, in order to keep the motherboard, has called 'Shenzhen is not only the people in Shenzhen, Shenzhen, Shenzhen is the country', and since then no one took the motherboard from the Shenzhen Stock Exchange, the price of new shares is suspended. We should also have been rumors the Shenzhen Stock Exchange moved to Guangzhou, 'According to the weekly financial reporter statistics, four years, there are 298 companies which landed to the Shanghai Stock Exchange, financial institutions Minsheng Bank, Southwest Securities, China Merchants Bank, Huaxia Bank, etc.; Only there are 28 enterprises in Guangdong and four years later, in June 2004, as a transitional GEM market, small plates are pushed stage, while in the small board on the eve of the launch, the Shenzhen Stock Exchange general manager Zhang Yujun was transferred regulators the Shanghai Stock Exchange, the Shanghai Stock Exchange led the team shortly, the regulators listed .IPO new guidelines issued capital of over 100 million, went to the Shanghai Nike Lebron 10.8 Stock Exchange listing;. less than 1 million, to the Shenzhen Stock Exchange in October 2009, the Shenzhen Stock Exchange GEM has finally come into the world, first. Batch 28 listed companies traded. However, for the purposes of the Shanghai Stock Exchange, which in 2008, the construction of the international board is included in the focus. May 2009, Zhang Yujun, general manager of the Shanghai Stock Exchange publicly stated that where the product further promote international trade of the same time, we should steadily building an international board to attract foreign companies to market. In September, the launch of the international board is put on the administration schedule, when many market participants speculate the international board will be the next focus after the launch of the GEM job market in 2600-2700 point point you can launch an international board. widen the gap, however, the launch of the international board proved to be 'thunder, little rain.' There was news came out, the Shanghai Stock Exchange in the second half of 2011 Release Plan awaited international board; then in 2012, the Shanghai Stock Exchange has been represented in the study, preparation, no recent plans to start substantive Shenzhen A brokerage analysts pointed out that, on the one hand investors do not accept more than a 'misappropriating' ground. On the one hand the decision of the international board is not exchange, 'which involves the country's foreign exchange control policies, whether state funding chain wealthy, whether the system can accommodate companies from different cultures and systems, etc.' while the small board and GEM has a gun and red from market data, small plates, the GEM with emerging industries, subjects of equity small cap and other small features, attracting investors of all ages, according to the Shenzhen Stock Exchange data show that as of the end of 2010, small plates in three years There are 531 listed companies on GEM in a year there are 153 listed companies in order to balance the listing of resources, regulators to adjust the guidelines listed in November 2010:. IPO newly issued share capital of less than 50 million, went to the Shenzhen Stock Exchange listing; over 8000 ten thousand, and to the Shanghai Stock Exchange listing; and the choice of 50 million to 80 million between the financial blog of people, 'said money every day,' Bowen pointed out that with the small board and GEM Release, Shenzhen steep appeal for funds. increase by 2012 in Shenzhen 'foreign currency deposits' has reached 46.5 percent in Shanghai in 2013 after catching up to 49% of financial added value of Shenzhen in 2013 reached 200.8 billion yuan, while Shanghai and Beijing are 2823 and 282.2 billion yuan, 114.6 billion yuan in Guangzhou only. British Institute of Lida Xiao Tai Securities, said the rise in Shenzhen GEM after opening. Small plates and Shenzhen GEM laid a strategic position, subversion 'deep strong Shanghai weak,' the pattern of distance and the Shanghai Stock Exchange. Until 2013, IPO financial verification, IPO stop brake year. The two exchanges to take this opportunity to re-position themselves. March 2013, the GEM Listing Rules adjustment that reduced the profitability of listed threshold eleven and 50 million more than one year to apply for listing; and break industry limits. The move was investment banking industry as a 'good Internet companies.' Same time, the Shanghai Stock Exchange launched three programs: the blue-chip T + 0, strategic emerging industries plate, Shanghai and Hong Kong through business. Impossible intensity is not small. April 2, the Shanghai Stock Exchange brokerage organization to carry out the 'new industrial development forum on capital market services strategy,' deputy general manager of the Shanghai Stock Exchange have led participants Liu Shian, Li Jing, director of listed real issue, Deputy Director of the Department of Zou Changlin members. Liu Shian told at the meeting, with the need to broker investment bankers for strategic emerging industries plate reserve resources listed; for a balanced market and strategic emerging industries have a correct understanding of the plate, and actively guide the market understanding. However broker who is more disdain. 'There is no sense, the Shanghai Stock Exchange is undercut,' said a Beijing insurance on behalf of the evaluation. Xuantie make the financial weekly newspaper reporter explained, between Exchange 'shares into the Shanghai Stock Exchange main board, as a pebble dropped in stagnant water, excites the waves, less than the GEM has a strong appeal. Board can be set up to promote strategic emerging industries healthy competition. 'April 10, the Shanghai Stock Exchange announced it will launch operations in Shanghai and Hong Kong through within six months. The Shanghai Stock Exchange and Hong Kong Stock Exchange will allow the two investors through a local securities firm (or broker) transaction within a predetermined range of other exchange-listed stocks. Lida Xiao told Air Jordan Outlet reporters the financial weekly, the Shanghai Stock Exchange re-emergence is a high probability event. 'Then rely on the Shenzhen Stock Exchange GEM win the Shanghai Stock Exchange, thanks to the two general manager Zhang Yujun, Song Liping. When tech frenzy, the structural transformation of society towards science and technology, the birth of the GEM line with requirements of the times, has come to the peak, but now GEM price-earnings ratio close 70, a bear market coming, GEM painful adjustment will begin. 'In its view, the Shanghai Stock Exchange's market state-owned shares will be paid off,' these stocks now in a very strong start on a low, round and Daniel will starting from the Shanghai Stock Exchange 'Source: Money Weekly solve problems starting from the discovery of the problem, we study together industry, financial practitioners explore the Internet world and the unique spirit of wisdom together. Welcome to join i horse Financial Group 339 180 903, to explore the future of the Internet finance.