Hong Kong stocks have become the only stock market in the world that has been suspended during the stock market crash, and the impact is quite huge. It is normal for public opinion to question the rationale for the suspension of the Stock Exchange. Legislative Yuan MP Lee Chu-ming asked Lee Fu-shao to resign as chairman of the Stock Exchange at the Legislative Yuan meeting. This is not known because it is really because he really thinks that Lee Fu-shao did something wrong or has other demands.

Chairman of the Stock Exchange, Li Fuzhao, began to face pressure from the public opinion community, but he still insisted on resuming market trading next Monday, and believed that if the market resumed hastily due to the rebound of US stocks, will the United States fall again and then stop the market again? He also believed that if the stock market had not been wisely decided to suspend the market on Tuesday, the stock market would be full of corpses.

"Li Fuzhao is really stubborn. So many media and financial people questioned the wrong decision of his market suspension. He insisted that he was not wrong at all and would not open until next Monday. "Even the American financial newspapers are reporting on the suspension of Hong Kong stocks and the interview with the Chairman of the Stock Exchange Li Fuzhao. Li Zhi said in admiration when he looked at the newspaper.

"He was born in a famous family in Hong Kong. After graduating from the University of Hong Kong, he studied abroad at the University of Pennsylvania to obtain a master's degree in business administration and obtained an accountant qualification. He founded the Far East Exchange in 1969 and was the first chairman. Last year, several exchanges merged and he was elected as the first chairman of the Stock Exchange. With such a background of qualifications, Li Zhaofu has the confidence to stubbornly speak for his decision. Besides, even the Hong Kong government supports the decision to suspend the market, what is Li Zhaofu going to worry about?" Qiao Feng said mockingly.

"Although this is the case, it is indeed inappropriate to stop the market rashly. The suspension of the market will only delay the decline in the stock market and cannot reverse the decline. The stock price will inevitably fall sharply on the day of the market resumption. "Lizhi is worthy of being an economic student, she can see it clearly, which is also one of the reasons why many financial people criticize and accuse the mistake of stopping the market.

"Yes, this market suspension not only criticized Hong Kong public opinion, but also criticized him. If the market suspension has indeed allowed Hong Kong stocks to avoid the limelight, the stock market will improve after the market opening, but if the market suspension does not meet the expected target, or even the opposite of the expected target, then he will wait for the bad luck. There are always people who are responsible for this matter." Qiao Feng said helplessly.

"Can they settle the score later?" Lizhi asked with wide eyes.

"Or what do you think?" Qiao Feng sneered.

"Then he is unlucky." Lizhi sighed.

"It has nothing to do with us if he is not unlucky. The stock market in the United States has rebounded and all our transactions have been completed. It is time to mobilize funds to fight back to Hong Kong."

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Although many Hong Kong stock investors now say that the market is suspended well, the Hong Kong government has also made remarks supporting the practice of the Stock Exchange. Financial Secretary Zhai Kecheng said at a meeting of the Legislative Council: The government believes that the decision to suspend the market for 4 days is very appropriate, and the government will not thoroughly investigate whether this incident involves personal interests. The Hong Kong government believes that this decision is completely in the interests of the public and investors.

They wanted to clear the stock market backlog by taking advantage of the four-day market suspension to keep investors calm. The most serious thing was to solve the crisis of collapse in the futures market. Due to the importance and complexity of the problem involved, the Hong Kong government hired Hambros Bank Ltd, one of London's major commercial banks, as an advisor.

Everyone is thinking about the good direction and is working hard for the good results.

But after the market is reopened, everyone will change their views, and the previous praising pledge session turned into hatred.

The 4-day day without stocks and markets passed quickly. Every stock investor was in a bad mood. No one knew what the market would be on the day of the resumption of the market, and how they should face it.

Although all parties have taken response measures before the market resumed, in addition to experts saying that Hong Kong's economy is performing well and the stock market should not fall any further, the Banking Association has also lowered the best interest rate by one to seven and a half, hoping to stabilize the market.

On October 26, 1987, on a sunny day, all social activities were as usual. Central Hong Kong was also busy as usual, and it did not fade due to this market storm. However, everyone walking in Central seemed to feel that disaster was about to break out, especially the mood of the stock investors at that time, which could not be described in words.

The opening time of the day was delayed by one hour than usual. It was officially opened at 11 o'clock. There were only sellers but no buyers in the market. Sellers jumped to sell, and no one dared to enter the market to buy goods. Blue chip stocks were the first to buy sporadic buying. Generally, the first-hand price for buying is the highest price of the day.

Let Lizhi make a big mistake. On the day of the market resumption, the stock price really fell sharply again, and everyone's expectations turned into nothing.

After 15 minutes of opening the market, the Hang Seng Index had fallen by 650 points, and at 11:45, the market fell by nearly 900 points, and then it rebounded slightly, but at the close of the morning, the Hang Seng Index still fell by 845.04.

The afternoon market not only did not improve, but was even worse. The market was full of wind, and the investment sentiment was extremely pessimistic. The position was cut and entered the market. Investors sold for the sake of selling. As a result, the market fell by a total of 1120.70 throughout the day, closing at 2241.69, with a total drop of 33%, setting the world's largest single-day decline record. The spot futures index market even hit the limit four times.

This stock market crash is like the end of the world, with the sky falling and the earth breaking, and Hong Kong stockholders are in sorrow. On that day, flying people appeared on the roofs of many buildings.

Lizhi asked Qiao Feng why he didn't operate in Hong Kong or Japan but wanted to disturb the US stock market. This is the reason. Qiao Feng knew how miserable the Hong Kong stock market would be, so he didn't dare to disturb the Hong Kong stock market. He didn't even dare to go to the nearby Japanese stock market. Twenty funds were transferred out of Japan to disturb the US stock market. What he was afraid of was that if it was disturbed in Hong Kong or Japan, causing the Hong Kong stock market to fall even worse, it would be a heinous crime.

But even though he went to the US stock market, Qiao Feng's heart still felt a little painful when he saw the tragic situation of the Hong Kong stock market.

On the evening of the 26th, the Stock Exchange held a press conference to explain the decision to suspend the market.

An Australian journalist questioned the relationship between the suspension of the market and Li Fuzhao's private interests and whether the decision was legal.

Li Fuzhao, who had been under pressure for many days, couldn't help but burst out. He was furious and pointed directly at the reporter with his index finger, hitting the table with his fist, asking the reporter to apologize. Li Fuzhao said: "This is malicious slander." "Tell me your name and I want my lawyer to record it." "I will give you a ticket now." "Accused him, take him to the police station, and send him to the police station."

The senior staff of the Joint Service once advised Li Fuzhao to calm down but failed. The reporters dragged the Australian reporter out of the conference room, and the press conference ended in a noisy noise.

Then, the Hong Kong government announced a series of rescue measures, including exempting the restrictions on listed companies to buy back their shares. Foreign exchange funds, Jockey Clubs, HSBC, etc. all entered the market to buy stocks, hoping to take the lead.
Chapter completed!