Chapter 126: Unusual Movements before New Share Subscription
Although Hailanxin failed to achieve the daily limit today, it still surged by 7.42% in the end and ended today's trading with a closing price of 15.93 yuan. Hailanxin's transaction volume for the whole day was 610 million yuan, and the turnover rate reached 24.35%. It is bound to be on the Dragon and Tiger list today.
This is the 10th time that Hailanxin has been on the Dragon and Tiger list since May 26, including today. It has been on the Dragon and Tiger list 10 times in 11 trading days. The trading volume and turnover rate have been rising steadily, which can be said to be the talk of the town.
This kind of hot money, with deep institutional involvement and frequent fund transfers, is a stock that is often on the Dragon and Tiger lists. It is no wonder that someone like Xu Jianqing, who has a hot money dream, would target it.
This can be seen from the popularity of Hailanxin's stock trading area, which is extremely lively. Generally, this situation will only occur for small and medium-sized stocks, and only when the current market is extremely hot. Usually, the stock trading area is deserted.
This can be seen in Wan'an Technology and Xibu Securities, especially Xibu Securities, which, as a quasi-new brokerage firm, has such a low trading volume despite its large market cap. It can be said to be the worst of the worst.
There are not even many abusive comments in Xibu Securities. It is estimated that the retail investors who are trapped in it have already accepted their fate and have no intention of criticizing it anymore.
At 5:30, HaiLanXin's Dragon and Tiger List was announced on time. As expected, the top five hot money seats that bought on the previous trading day reduced their positions today. There were no institutional seats on HaiLanXin's Dragon and Tiger List today.
The lowest selling position, the top five, was sold by hot money for nearly 5 million, and Gu Junhao was not even on the list.
The buying seats were replaced by a new group of hot money. Buy one, buy four, and buy five are all seats of business departments under Shenwan Hongyuan Securities Co., Ltd., which are most likely related seats. Buy two and buy three are also suspected to be related seats.
The Dragon and Tiger List had a net purchase of nearly 4 million yuan today. This kind of hot money relay behavior is still relatively common at present, and the supervision is not so strict. Some hot money is even more unscrupulous and pulls the market at will.
"This bunch of hot money, wait for the list to be drawn up for this kind of behavior." Gu Junhao couldn't help but shook his head after reading it. It was a bit too much.
The next day, Wednesday. The same T-trading method as yesterday was used. Today, the volume and volatility of Hailanxin decreased. Hailanxin only traded 448 million yuan throughout the day, but this volume was not big enough to accommodate Gu Junhao's current funds. The volatility also dropped from 12% yesterday to 6%, and the exchange rate of Hailanxin also dropped below 20% today, so it did not need to appear on the Dragon and Tiger list.
In today's early trading, Hailanxin opened sharply lower at 15.50 yuan. Still following the logic of yesterday's purchase, Gu Junhao increased his position in the call auction by selling part of yesterday's shares, totaling 2,640 lots.
The volatility of HaiLanXin today was not too big compared with the past, but there were two opportunities to turn positive during the trading session. When it turned positive for the second time, Gu Junhao reduced his holdings of HaiLanXin by 140 lots at the price of 16 yuan.
Today's volume adjustment did not fall below the five-day line, but the stock price remained in the red. Gu Junhao also changed his original operation plan and did not sell all the increased positions in the early trading session.
After increasing its position to 7,000 lots, HaiLanXin's cost has returned to 14.14 yuan. Based on today's closing price of 15.63 yuan, HaiLanXin's current market value exceeds 10 million yuan. Combined with the more than 200,000 yuan after the reduction in position , the total funds in the sub-account have reached more than 11 million yuan, with a profit of more than 10% in three trading days.
The heavyweights performed well today, with huge inflows of funds from banks and insurance companies. After breaking through the 60-day line yesterday, the Shanghai Composite Index rose again by 0.12% today to close at 2054.95 points, continuing to hold the 60-day line. The ChiNext Index also continued to rebound to 1367.39 points, up 1%.
However, small and medium-sized growth stocks performed poorly today. Junshi Growth Mixed No. 1 holdings closed down for the first time today, and brokerage stocks such as Xibu Securities were not able to lift them.
In Gu Junhao's opinion, this performance of individual stocks is largely caused by the issuance of new shares next week. On the one hand, it is necessary to ensure the market value of new holdings, and on the other hand, it is necessary to raise enough funds for the payment of new shares.
At this time, large-cap stocks with little volatility, such as bank stocks, and blue-chip stocks become the best choices. Investors choose to buy these stocks to ensure the stability of the market value of their new shares. It is also normal to choose to sell small and medium-sized stocks.
The first wave of capital absorption effect has already arrived. When the subscription for new shares ends and there is no need to prepare market value, funds will sell weighted targets such as banks and then enter small and medium-sized growth stocks. At this time, the second wave of impact will come.
But there is no way around it, this is the system. We have to endure this system of early payment for new shares for another year and a half. I remember that the abolition of this system was announced on New Year's Day 2016.
Although all the stocks held by No. 1 Fund closed down today, the retracement rate was not high, and Wang Ruoyu made a great contribution to this. Although Dongfang Wealth rose and fell today, Wang Ruoyu still maintained a profitable status.
Yinzhijie also increased its holdings today. According to the originally expected position of 7 million, Yinzhijie's holding cost today has reached 3.5 million, and the position has reached half. At the midday closing, Gu Junhao gave the instruction that the existing positions except Xibu Securities could be slightly increased.
The reason for this choice is also out of consideration for the issuance of new shares next week. After the market value demand period has passed, funds may eventually flow back to small and medium-sized enterprises.
Generally speaking, among the three people today, except for Liu Tingting, who has no room for operation in Xibu Securities, the performance of the other two is still above the average. Liu Tingting is not guilty of any crime, and Xu Jianqing has been much calmer today since he was reprimanded by Gu Junhao yesterday.
"Okay, everyone has performed well today, let's go home early." Today's positions were all pulled back. Gu Junhao stayed in the operation room during the trading hours and had lunch with the three of them.
At the afternoon closing, after the four of them finished their review meeting, it was not yet half past five, but there was nothing else to do, so Gu Junhao decided to let them go home early.
Perhaps it was because they encountered a one-sided decline on the first day of building a position that tempered the mentality of several people; today's all-round correction did not make the three of them show any panic, especially Wang Ruoyu.
Wang Ruoyu's usual performance is mainly stable. In the past two trading days, Wang Ruoyu has maintained stability while also making bold moves. For example, yesterday he added 1,500 lots of Dongfang Fortune. Today, when Dongfang Fortune rose and fell, he decisively liquidated the 3,000 lots of Dongfang Fortune in his hands, leaving no share behind.
Later in the afternoon, after Dongfang Fortune turned green, it unexpectedly took back all the 1,500 lots that it had sold yesterday and the 3,000 lots that it had liquidated today, and its position reached an astonishing 4,500 lots.
The 4,500-lot position has consumed 5 million yuan in the Dongfang Wealth sub-account (cost 11.12 yuan), leaving only 3 million yuan in available funds.
"Okay, thank you, boss. We'll be leaving first." Xu Jianqing said happily. Although he often went to and from get off work on time during his internship and when he first started working at Junshi Capital, this was the first time he left early, and he couldn't help but feel excited.
"Did they liquidate or lock the positions?" Ren Yetao from Shen Da Investment Fund Department looked through the intraday transaction chart of Hai Lan Xin over the past two trading days.
Shen Da Investment is located in the Shanghai Stock Exchange. Ren Yetao serves as the company's general manager and also the actual controller. Unlike formal institutions, Ren Yetao's operating methods are actually hot money behavior. Relying on strong funds, he can achieve the level of control or basic control of small and medium-sized growth stocks, and then through a series of hot money relay behaviors, he finally achieves the purpose of raising shipments.
The recent surge in Hailanxin's stock price was precisely his work. The hot money that has recently taken over the baton is all based on his own connections and the default form of cooperation such as the language of the market. However, the sudden emergence of an institutional seat has also attracted Ren Yetao's attention.
Generally speaking, formal institutions mostly pay close attention to these small and medium-sized start-up stocks, as they are small in market cap and difficult to build a position; not to mention that the stock price has already reached such a high level.
Gu Junhao chose Hailanxin based on the thinking of later generations. There are two major cable leaders in later generations, Oriental Cable. Hailanxin was once very popular, but Oriental Cable is not listed yet. Gu Junhao chose Hailanxin as a second choice, also based on the thinking of taking a chance.
But others may not think so. Hailanxin's current performance is not that good, and conceptually it is only classified as a military industry enterprise. The performance of A-share military industry enterprises is obvious to all, and few of them are good.
Generally speaking, it is normal for formal institutions to look down upon a listed company like this. In fact, when Gu Junhao was a stock trader in his previous life, he often advised people around him not to buy these companies.
In Gu Junhao's opinion, there are three things that people should not buy when investing in stocks: Northeast stocks, technology stocks, and military industry stocks. The reason for Northeast stocks is not geographical, but economic. Most of the military industry stocks have poor performance. As for technology, Gu Junhao himself does not like it, and real technology companies will not be listed on the A-share market.
The purchase of Hailanxin this time was not based on the concept of military industry. If it was really this concept, Gu Junhao would not even look at it.
Yesterday's arbitrage sales were the work of Ren Yetao, but he did not use his institutional accounts. Instead, it was completed by two of his hot money seats, which was a buy one and sell one.
During this arbitrage, Ren Yetao also discovered some unusual movements. His original sell orders of more than 10,000 lots at the daily limit price were not fully executed, and nearly 5,000 lots were intercepted by others. Ren Yetao could not judge whether it was the work of a new entrant in the institution, but based on his many years of experience in the industry, he judged that it should be him.
There was no unusual movement in today's trading. I think it is just like my kind, doing hot money in the name of institutions, making a quick buck and leaving. However, we still need to observe for a few more days. If it is really institutional behavior, it will never be that simple.
"Should I make some noise tomorrow to see if he will take the bait?" Ren Yetao couldn't help thinking.
"Mr. Ren, I'm going to get off work first. You should go home early too." It was his personal assistant Dai Xiaolu.
Ren Yetao's thoughts were interrupted by his subordinate's words. He glanced at his watch and saw that it was already 8:30 in the evening. It was time to get off work.
Glancing at Dai Xiaolu, Ren Yetao said, "I'm off work too. Let me take you there."
"Ah? Thank you, Mr. Ren."
Dai Xiaolu had just graduated and had little social experience. With her sweet looks, she was the campus belle of the department during her college years.
