Chapter 353: Every sip and every bite has its destiny
The first time you build a position, you are qualified to hold a placard. Although it is just a small-cap stock, it is enough to make people excited.
Another trader, Zhang Muye, invested 480 million yuan in Ganfengliye, which accounted for about 1.2% of the total share capital. As the stock price fell, the funds were able to buy more and more chips, and it was already close to the level of the top ten shareholders.
In fact, considering the current size of Junshi No. 2, even if the position is designed based on only 10% of the total position, most of the stocks purchased in the emerging industry sectors are already close to the edge of raising the banner.
Everyone is condemning those who hold up placards now, and Gu Junhao dares not go against public opinion. As for growth stocks, Gu Junhao's principle is to hold no more than 4.99% of the total share capital. This will not only avoid attracting everyone's attention, but also enable better sales.
It is January now, and the 2015 annual report and this year's first quarter report will not be released until March or April. By that time, the stock price may have risen, and you can reduce your holdings.
The two markets opened sharply lower today. In fact, the external reasons include the sluggish foreign market trend and huge exchange rate fluctuations, but also the focus on the interpretation of the registration system. The market generally believes that the registration system will be implemented in one step this year.
The second is the issuance of new shares. Even though a substantial stock market crash has already occurred, the regulatory authorities have not responded to the market's calls to stop issuing new shares and suspend IPOs. They have not suspended IPOs as quickly as they did during the stock market crash in 2015.
There are even rumors in the market that the registration system will be officially implemented on March 1 this year.
There is no improvement in the current market situation. The negative factors outside the market will not be eliminated for the time being. The negative factors inside the market mainly come from the introduction of the registration system and the concerns of company shareholders about reducing their holdings.
Although new regulations on share reduction have been introduced at the regulatory level, this has not hindered shareholders from reducing their holdings. After the new rules were introduced, even if the reduction could not exceed 1%, many directors, supervisors and senior managers of companies still issued announcements of share reduction.
These directors, supervisors and senior managers missed the opportunity to reduce their holdings during the peak of the bull market in 2015, and then encountered the stock market crash and mandatory restrictions on reducing their holdings. Now they are no longer able to do so.
Even though the current stock price has fallen sharply from its high in 2015, for the original shareholders who have almost no cost, any reduction in holdings will be a huge profit. They don't care about 1% or 1%, but just want to cash out as much as possible.
As for whether the current position is high or low, it does not matter to them at all. The executives of listed companies may have their own way of participating in the operation of the enterprise and managing the company, but they may not understand the financial market.
Even as the founder of the giant Penguin, every time he reduced his holdings, the stock price was laughed at by the market, and he reduced his holdings to the lowest level of the period. People laughed at him for losing a lot of money from reducing his holdings, but he didn't know that others had lost a lot of money and became the richest man.
Trading began at 9:30; the Shanghai Composite Index opened low and then continued to fall, with the stock index falling to a low of 2867.55 points, a drop of nearly 3%.
“Fortunately, the circuit breaker has stopped, otherwise there would be another 15 minutes of trading time today.” Gu Junhao said with a smile. If the circuit breaker had been added to today’s opening situation, panic would have inevitably increased, and the probability of the circuit breaker being triggered is already high.
Without the circuit breaker, the support at 2850 points still had a certain effect. The index began to rebound around 2870 points. Ten minutes later, the Shanghai Composite Index rose above 2900 points to 2907.69 points, down 1.42%.
Later in the morning, the Shanghai Composite Index repeatedly fought around the 2900 point level. Both markets performed poorly, relying only on some blue-chip sectors to drive the index. The Shanghai Composite Index closed at 2917.52 points at noon, down 1.09%, with very low trading volume.
At noon, the China Securities Regulatory Commission held an emergency press conference. The spokesperson interpreted the recent market policy on the registration system and made it clear that the market's interpretation was wrong. The registration system reform is a gradual process and will not be achieved in one step.
The pace and price of new stock issuance will not be relaxed all at once, which will not lead to a large-scale expansion of new stocks.
At the same time, the central bank further released liquidity to the market at noon. Today, the central bank entered into a 7-day reverse repurchase of 160 billion yuan, and the interest rate continued to remain at 2.25%. So far, the central bank has achieved a net injection of 40 billion yuan into the market this week, continuing the net injection pattern.
Generally speaking, the CSRC's press conferences are held after the market closes or on weekends. It is extremely rare to hold a press conference during the trading break, and this only happens during stock market crashes.
All this shows that the current regulatory authorities are anxious about the performance of the stock market. If the policy bottom of 2,850 points is broken, the six-month rescue operation will become somewhat ugly.
The continuous net injection of the central bank also added funds to the market. Stimulated by the two major policy benefits, the three major indexes of the Shanghai and Shenzhen stock markets began to rebound in the afternoon. At 1:30 p.m., the Shanghai Composite Index turned positive and closed at 2954.77 points, up 0.18%.
Theme stocks blossomed in the afternoon, with small and medium-sized board and ChiNext component stocks rising rapidly. While the Shanghai Composite Index rose, the ChiNext Index rose sharply, reaching 4.48% at 13:30 to 2152.81 points.
Tianqi Liye’s share price closed at 120.21 yuan, up 8.71%. It rebounded for four consecutive trading days this week. At 13:38, Tianqi Liye’s trading volume expanded to 300 million yuan in a short period of time as its high-level selling pressure decreased. Its share price closed at 121.64 yuan, up 10%!
This is the irreversibility of the upward trend. The reduction in selling and the consistent long positions both inside and outside the market make it so easy to pull up the price. Compared with the huge differences in funds when Gu Junhao established a position, it is much easier to pull up the price.
It is said that a positive line can change one's beliefs. Tianqi Liye has closed in the green against the market trend for four consecutive trading days. With the rebound of the index today, it is naturally relatively easier to pull it up.
After the closing, Tianqi Liye had no chance of opening. The three major indexes rebounded in a resonant manner in the afternoon and broke through important integer barriers one after another. The trading volume also showed an increasing trend, and the funds entering the market in the afternoon were more obvious.
At the same time, the number of stocks that hit the daily limit increased significantly in the afternoon, and market enthusiasm recovered to a certain extent in the afternoon. It was still a general upward trend, with small and medium-sized theme stocks leading the gains, among which the stock with potential for bonus and transfer, that is, the high bonus and transfer stock, rose sharply.
It is worth mentioning that Tianqi Liye, whose stock price remains high, has also been identified as having expectations for bonus and share transfer and has been transferred to the bonus and share transfer potential sector. This is also one of the reasons for Tianqi Liye's continuous rebound.
After the New Year, trading was sluggish and there was almost no market hotspot. The high-dividend and high-bonus stock sector was hyped again, continuing the hot market in 2015.
However, since 641 took office, this sector has been suppressed to the point where there is no heat at all. But this is also a good thing. The high bonus and share transfer itself is just a word game. More than 80% of the stocks in the market do not need bonus and share transfer.
Throughout the day, the Shanghai and Shenzhen stock markets rebounded sharply under the support of the policy bottom of 2850 points and the favorable policies at noon. The Shanghai Composite Index closed at 3007.65 points, up 1.97%.
The ChiNext Index began to stage a major counterattack at 1991.23 points, and eventually surged 5.59% during the day to close at 2100 points, and closed at 2175.01 points.
A long-term positive line and the timely call from the regulators finally planted the seeds of a rebound for the stock market, which had been falling continuously, but it is still unknown whether this rebound after the long-term positive line can continue.
Keheng shares fluctuated by more than 12% today, with the stock price falling to a low of 21.30 yuan. In the afternoon, it rebounded with the counterattack of the two markets and finally closed at 23.42 yuan, a daily increase of 3.17%. Today's trading volume also increased to around 100 million yuan.
On Friday, January 15, the last trading day of the week, both markets fluctuated around the flat line in the morning session. Although it was not as exciting as yesterday's rebound, it was also relatively gentle.
However, news came from the market at noon that some banks had stopped pledging equity of small and medium-sized enterprises and only accepted pledges of CSI 300 component stocks.
This rumor is definitely a huge blow to small and medium-sized start-up stocks and the overall market. You must know that pledging equity is also an important .
Just like when Gu Junhao obtained 6 million yuan of funds by pledging Tong Huashun to invest in Berning Auto Parts, he raised the funds through banks.
If you cannot pledge it, then this investment opportunity is likely to be missed.
Although Tong Huashun is also among the CSI 300 stocks and can still be pledged, this rumor is a fatal blow to shareholders of individual stocks outside the CSI 300 index.
Affected by this, the Shanghai and Shenzhen stock markets plunged sharply at the opening of the afternoon session, with the Shanghai Composite Index falling by more than 4%. Individual stocks in traditional industries such as coal, steel, oil, and nonferrous metals, which were used to support the market in the early stage, became the hardest hit areas.
The steel sector plummeted by more than 5%. As these sectors are currently identified by the market as sunset industries, most of the individual stocks are not included in the CSI 300 Index holdings.
The Shanghai Composite Index fell below 2,900 points throughout the day and finally closed at 2,900.97 points, a 3.55% drop in one day. Following a 9.97% drop last week, it fell another 8.96% this week.
The ChiNext Index closed at 2112.90 points today , down 6.05% for the week. The ChiNext Index had four consecutive negative weekly lines, while the Shanghai Composite Index also had a three-sided negative trend on the weekly line.
Today's plunge made yesterday's trend look like just a technical pullback. The three major indexes fell rapidly after touching the 5-day moving average.
The rise is weak and the decline is accelerating. It is only a matter of time before it falls below the policy bottom of 2850. The rebound triggered by the news will eventually be brought back to its original shape by the news.
Every sip and every bite has its destiny.
This week, Junshi No. 2 did not announce the specific changes in its net value. The announcement given was that the fund's operating model would be adjusted, which surprised investors.
This kind of operation has never appeared in the two funds of Junshi Capital, which is really confusing for the market. However, there are no mandatory requirements for private equity funds. Apart from announcing the needs to investors, the mood of the fund is entirely up to the outside world.
In fact, Gu Junhao was also helpless. Since the second fundraising in November last year, the continuous fluctuations of Junshi No. 2 Fund have been very small, which has attracted great attention.
This level of attention is no less than the high-profile entry of Gu Junhao when he posted an update after last year's stock market crash and the subsequent rumors of a rescue.
There has been no major fluctuations for two and a half months, and the market has also determined that Junshi No. 2's position is extremely low. Gu Junhao is bearish on A-shares, but he dares not go short due to size constraints.
Although the positions have increased this week, the positions in Keheng Co., Ltd. and Ganfengli Industry are far from completed, and the 600 million yuan of funds have not been spent, not to mention that there is still a large amount of funds lying in the fund.
The outside world’s speculation is not wrong. Although Gu Junhao is not bearish on A-shares at present, Junshi No. 2 does have a very low position, and the local regulatory authorities are well aware of this.
There is no demand for a rescue of the market nowadays, and regulatory authorities cannot require a private equity fund serving investors to forcibly increase its holdings and interfere with its specific operations.
However, it also gave Gu Junhao a hint that as a private equity company, it would be enough to announce the net value once a month. There is no need to announce it every week.
In view of this, Gu Junhao could only use this kind of announcement to adjust the operating method and chose not to disclose the net value of the fund, and would only disclose it once a month thereafter.
During the position building process, it can indeed be understood as an adjustment of operating methods, and it cannot be considered as misleading investors.
As for investors who want to know the changes in net value within this month, they can find out by calling the company or other means, which will not affect their understanding of the fund.
As the internet celebrity fund manager of 2015, this is the first time that Gu Junhao has been hit hard by online comments, although the impact is not that great.
Just like the stock market which was hit by news today, so was Gu Junhao.
