Chapter 444: China News Service Launches
If, for China News Service, Gu Junhao wanted to take advantage of the upward trend of technology stocks, but for Ning Wang, it could really be considered a value investment.
Starting from today, Gu Junhao does not plan to reduce his holdings in Ning Wang for at least the next four years. This is a stock that can generate huge returns.
It is the weather vane of the future of the ChiNext. For a long time in the future, if Ningwang rises, the ChiNext will rise; if Ningwang falls, the ChiNext will fall. This is not just talk.
On that day, Ningwang closed at 66.55 yuan, down 5.66% on the day, with a trading volume of 8.6 billion yuan, while the overall trading volume of the ChiNext on that day was less than 62.5 billion yuan.
The trading volume of Ningwang alone accounts for 12.8% of the overall trading volume of the GEM! Fortunately, Ningwang, which has just been listed, has not yet been included in the GEM index indicators.
Otherwise, with today's trading volume and decline, the ChiNext Index, which had already fallen below 1,600 points, would have been in trouble.
Since Sino-Singapore Telecom resumed trading on June 13, its continuous limit downs have also affected the trend of 5G concepts and technology stocks, thereby affecting the trend of the index.
Starting from June 13, the ChiNext Index fell below 1,600 points for four consecutive days and closed at 1,549.66 points on June 22.
The trend of the Shanghai Composite Index after June 13 has not been much better, and it closed at 2889.76 points today.
3,000 points is already an unattainable goal for the Shanghai Composite Index, not to mention 3,200 points.
At 5:30 in the afternoon, Ning Wang, with a daily turnover of 59% and a transaction volume of 8.6 billion yuan, once again appeared on the Dragon and Tiger List.
Junshi Group is firing on all cylinders, with the top three buying seats all being Junshi Group’s institutional seats, with the three seats buying a total of 1.324 billion yuan!
The fund with the largest purchase was Junshi No. 2, which bought more than 680 million yuan. The second largest purchase was made by Xu Jianqing's proprietary trading account, which bought 438 million yuan.
1.324 billion yuan is far from the final holding figure of the Junshi Group. Ning Wang had a market value of over one trillion yuan at its peak, so there was no harm in buying him for a few billion yuan.
Gu Junhao was not afraid of appearing in the list of top ten shareholders. Such a large purchase today would definitely not escape the attention of those interested.
Such a stock driven by the joint efforts of capital will not change its normal trend because of Gu Junhao's large-scale intervention.
Junshi Group, which is now also considered a member of capital, will even play a certain role in promoting it.
In Gu Junhao's impression, Ning Wang has never converted shares. Except for a few private placements, its stock price has actually increased for several years, just like Maotai on the main board.
As a GEM stock, its share price has risen to several hundred yuan, but it has not been converted into shares. It is indeed worthy of the title of leader.
But then again, if Ning Wang transfers his shares, it would to some extent represent the beginning of a new stage for him.
Gu Junhao had no way of knowing whether the stock price would rise or fall at the time of stock conversion , but the level would definitely decline. At least there would be a long period of downturn.
Just like Mao Tai, although some people say every day that Mao Tai should have a high bonus and share transfer, if it really does, then Mao Tai will fall from the altar, this is certain and definite.
The fact that retail investors cannot afford it is, to a certain extent, one of Maotai's divinity. With the current price of Maotai at 700 to 800 yuan, retail investors know that its expectations are still there, but they cannot afford it.
Data shows that there are not many ordinary investors whose A-share holdings are worth more than 500,000 yuan. Buying 100 shares of Maotai Liquor Industry will cost 70,000 to 80,000 yuan, which is unaffordable for most investors.
Over the weekend, the central bank announced a targeted cut in the reserve requirement ratio by 0.5 percentage points starting from July 5, releasing certain positive news to the market. Under the influence of this, the three major indexes of the Shanghai and Shenzhen stock markets all opened higher on Monday, June 25.
"This high opening won't last long, right?" Liu Tingting looked at Gu Junhao.
"It didn't last long. I lasted the whole morning."
Under a weak market situation, any positive news without substantial changes will be useless, and the final result of the market is nothing more than opening high and closing low.
The only difference lies in how long this high opening can last. A smaller positive factor like a reserve requirement ratio cut can add fuel to the market during a bull market.
But in a real bear market, the effect it can play is minimal, let alone a targeted reduction in the reserve requirement ratio.
The stock market continues to be sluggish, and Junshi Value Investment has not had a good time recently. Its positions cannot be so flexible. Since the net value retreated in April, it has been in a downward trend for two consecutive months.
This month, it seems that the downward trend cannot be maintained, and there are naturally more insults in the comment section, some scolding Gu Junhao, some scolding Liu Tingting, and some scolding the entire trading team.
In short, no matter how great you were before or how excellent your performance was, as long as there are investors who are trapped, you must be prepared to be scolded.
Compared with Junshi Price Investment, whose performance has not had much drawdown, those fund managers with higher drawdown rates are treated worse. Compared with these fund managers, Gu Junhao at least has some halo.
"Keep an eye on China News Service today. It released some volume last Friday, and it may open today."
"Okay, no problem. Are Hong Kong stocks still being copied?"
"Hong Kong stocks are just like that. Our real foundation is still in A-shares. It's okay to copy a little more A-shares, and it's also convenient to sell them."
China News Service opened at the lower limit price in today's call auction, with the share price at 13.48 yuan, which is still about a lower limit away from 12 yuan.
But it is obvious that this drop of around the limit down cannot be achieved all at once. The unusual movements in the call auction last Friday and today have already shown that this stock is about to be delisted.
Subsequently, the market will conduct a second bottoming out based on this fluctuation in the decline, and at the same time wash out some floating chips with weak willpower.
During the call auction of China News Service today, some funds had already intervened tentatively, and Gu Junhao also asked traders to try to place some buy orders.
At 9:30, trading officially began. The trading volume of Sino-Singapore Communications surged, with nearly 2.6 billion yuan traded in just a few seconds. The stock price rose straight to 14.10 yuan, and the decline narrowed to 5.87%.
After seven consecutive limit downs since the resumption of trading on June 13, China News Service finally opened the limit down board, but the selling pressure is still very severe.
The selling pressure does not actually come from retail investors. When the situation falls to the current level, retail investors have actually already laid flat. After all, there are only a few retail investors who bought at around 35 yuan and dared to sell for the first time after seven limit downs.
On the contrary, they may increase their positions at this time in order to find ways to reduce costs, or do T in order to get out of the predicament as soon as possible. The process of retail investors cutting their losses is more likely to occur when the stock hits a second bottom.
At this time, the panic of breaking the previous low will make them afraid that the stock price will fall to a deeper level, so they choose to cut losses.
China News Service opened for the first time today. The selling pressure mainly came from some financing orders and institutional stop losses. This is the chain reaction brought about by the black swan.
Taking a private equity fund like Junshi No. 2 as an example, suppose there is a private equity fund with a scale of hundreds of millions or billions, and it fully invested in China News Service at a price of 20 yuan or 30 yuan.
When the stock price continues to fall below the cost line by 20% or 30%, the fund will be forced to stop loss. However, due to the continuous limit down of the stock price, the trading volume is very limited and the losses are getting bigger and bigger.
On the first trading day after the stock is listed, you must unconditionally stop loss while taking advantage of the explosion in trading volume.
At 9:36, China News Service once again returned to the lower limit price of 13.48 yuan. In just six minutes, the transaction volume was nearly 4 billion yuan.
“Just buy at the lower limit price, maybe 5% of the total position, buy as much as you can.”
Today is the first day of building a position in the A-share version of China News Service. The company's three major sectors in the secondary market are still bought together. There are not many opportunities to buy China News Service at the eighth limit down.
In fact, the market reaction is a bit excessive. The fine of 1 billion US dollars is equivalent to China News Service’s net profit for the whole of last year. This fine has caused significant losses to the company, which is understandable.
There is no doubt that China News Service will suffer huge losses this year, but a two-thirds drop in its share price is a bit too exaggerated.
The prerequisite for handing over 1 billion US dollars is to lift the ban on Sino-Singapore Communications. Compared with the ban, the 1 billion US dollars has already minimized the losses.
From a strategic perspective, there is no controversy about using one year's huge losses in exchange for the normal operation of the company's business in the future.
The mission of state-owned enterprises is essentially different from that of private enterprises, let alone leading enterprises like Sino-Singapore Telecom that undertake 5G technology reforms.
Although it is very frustrating, if you put yourself in their shoes, using one year's profit in exchange for a breakthrough in 5G in the future is already the best outcome.
The reason why the capital market reacted so violently, in addition to the uncertainty about the future environment, there are also other reasons for man-made panic.
After all, the total trading volume of the previous seven days' limit downs was less than 300 million yuan; it can be said that this is a game of more killing more, through large orders, some financing and institutional positions are liquidated, so that one can obtain more chips.
The expected high opening and low closing came on time when trading reached 10:30, and the three major indexes fell step by step.
In the two stock markets, apart from the debt-to-equity swap concept driven by the targeted reserve requirement ratio cut, there is not much of this, and the market conditions in the two stock markets are still relatively bleak.
The onshore RMB fell below the 6.54 yuan mark, setting a new low since 2018. The affected aviation sector plummeted across the board, with Air China and China Eastern Airlines once approaching their limit down.
The share price of Sino-Singapore Telecommunications, which was under heavy selling pressure, did not change much and has been fluctuating around -9.5%, which seems a bit like it was done intentionally.
Only in this way, the continuous fluctuations at low levels can absorb more chips. Gu Junhao is also very happy to see this, and he goes long at low levels according to the market conditions.
At this moment, the bottom-fishing outside the market seemed to have reached a consensus at this moment, that is, the bottom-fishing was constantly going on, and the trading was unusually active, but there were no large orders.
