Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：1  发布时间：2026-05-12

▲ Cover photo of Deng Xiaoping in Time Magazine

In November, John Fanlson, the chairman of the New York Stock Exchange, visited China and presented Deng Xiaoping with a beautiful badge - the emblem of the New York Stock Exchange. As a gift, Deng Xiaoping chose the first publicly issued stock in New China - a Shanghai Feile stock with the serial number 05743 and a face value of 50 yuan. Deng Xiaoping told him that the capital of this stock was 1.65 million yuan, with 33000 shares issued, and he was the only foreign shareholder. Fanlson happily said, "I am honored to be the first American shareholder of a socialist enterprise." This Feile stock has since been kept in the showroom of the New York Stock Exchange. The year before this, China's first stock trading market, the Shanghai Jing'an Securities Business Department, officially opened on December 31, 1985, allowing only spot trading at that time. In fact, earlier on, some companies in Shenzhen, Beijing, and Shanghai had already attempted to sell their stocks to the public, with Guangdong's Happiness Audio, Beijing's Tianqiao Department Store, and Shanghai's Feile Audio successively selling their own stocks. These are only experimental measures, and the real vitality of the capital market will have to wait for several more years.