SUDDENLY THE STOCK MARKET IS OK
The official text published by the normally staid official New China News Agency read liek a broker’s blurb. Yanzhong Photocopy Company’s subsidiary went public in 1985 amid scenes of wild enthusiasm in Shanghai. Within seven hours of its shares being issued, 60% had been snapped up. The flotation was spectacularly successful, raising RMB5 million for new equipment and industrial premises.
But the best news came this year: with gross profits for 1985 of just under RMB1 billion, a 15% dividend had been declared.
With pardonable hyperbole, the agency claimed that shareholders “would receive the first dividend cheques since 1949” when the Chinese Communist Party came to power.
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