He had further added “ To play it safe, I only buy into blue-chip stocks like banks now for stable returns” of about 10%. The days when punters could get rich overnight on the casino-like local stock market are history”, as per the 2020's report in SouthChinaMorningPost. He had even organized a securities workshop in Shanghai where he taught many individual stock investors how to trade on the market, besides publishing a number of books on trading.Īfter the government’s efforts to ramp up the infrastructure of the capital market since 2018, millionaire Yang said, “Chinese retail investors will need to ‘upgrade’ too. Yuan had become a celebrity after he earned more than 1 million yuan ($156,300) trading stocks in the late 1980s, a time when many Chinese only earned a meagre monthly salary.Īround 1993, Yang made his name known throughout China by successfully dodging the crash on the markets, as per GlobalTimes. “Those hefty profits in the early days inspired me to make the switch” he added, in the SouthChinaMorningPost of 2020. He said “ You could say the stock market offered me a new career path,” said Yang, who had experienced at least three boom-and-bust cycles – the 1997 Asian financial crisis, the 2008 Lehman Brothers collapse, and the 2015 domestic market crash. Yang decided to pull together $8,000 to put into bonds that were more like bank IOUs, which is a written promise to pay back the owed money.Īnd he made his first million from dabbling in the initial batch of 8 stocks soon after the local bourse came into operation in December 1990, which prompted him to devote himself to full-time trading, as per SouthChinaMorningPost. It all began at the dawn of China’s financial-market experiments in the late 1980s. “I was confident that shares of Shanghai Vacuum Electron Device were a good buy at that time because they were undervalued based on the cash dividend stream,” said Yang, who bought thousands of shares in the state-owned television tube company at 80 yuan, and got out at 800 yuan before the stock hit 2,000 yuan. It was a rented ballroom at the Astor House Hotel where Yang scored some of his early stock winnings. Then all it took was one decision that turned out to be a life-changer for him, making him the first stock trading hero of his country China.Īnd today, Yang Huaiding is fondly remembered as “Millionaire Yang” in the folklore of China’s stock market.Īlso Read: This Is How The Japanese Stock Trader Turned $13k into $153 Million! The Key Decisions & Journey JPMorgan took control of most of the San Francisco-based bank's assets and all of its deposits.Until 1988, Yang Huaiding was an unknown 40-year-old warehouse keeper at a Shanghai steel factory, earning about US$7.80 (51 yuan) per month back then. bank failure in two months and the largest since Washington Mutual in 2008. But it was listed on the stock market again in 2010 after being sold by Merrill's new owner Bank of America Corp (BAC.N), following the 2008 financial crisis.Īt its peak, in November 2021, the bank was valued at over $40 billion.Ĭalifornia regulators on Monday seized First Republic and put it into Federal Deposit Insurance Corp receivership, marking the third major U.S. Trading in all the shares will be suspended immediately, the exchange said.įirst Republic was acquired by Merrill Lynch in 2007. May 2 (Reuters) - The New York Stock Exchange said on Tuesday it will delist shares of First Republic Bank (FRC.N), the lender that was seized by regulators before JPMorgan Chase & Co (JPM.N) acquired most of its assets.Īpart from the company's common stock, seven different types of its preferred stock will also be delisted.
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