Chapter 457: Prince Ning's Performance Exceeds Expectations
In 2018, apart from Li Daxiao, there are not many people who dare to be openly bullish.
Especially under the extreme global market conditions in the first week of October, there was no other fund manager who dared to publicly express optimism except Gu Junhao.
Junshi Capital has grown since 2014, and its actual controller can be said to be the most representative figure in the transition from bull market to bear market.
The market has been extreme throughout the year, and the industry has been extreme in the past week. It is very attractive that such a fund manager with excellent fund performance and extremely high winning rate in every round of major market trends has publicly sung bullish notes twice in less than a month.
However, it is an indisputable fact that its public funds have fallen by as much as 15.6% so far this year.
When the fund he managed was in a period of withdrawal throughout the year and the market was in an extremely dangerous situation, he still maintained a bullish view, so it was inevitable that he would be scolded and criticized.
By the morning, when people who were not working on the weekend started to get up, more and more comments began to appear on Gu Junhao's social media, and more and more people began to curse him.
Especially on a certain blog, the atmosphere there has become worse and worse over the past few years, but no matter what, it is still a good channel for expressing one's opinions.
"The market trend is unstoppable. Isn't it a bit shameless to advise people to buy at the bottom at this time? How is it different from Li Daxiao?"
"That's enough. You made billions from the rebound last month. That's enough, right? Do you still want to defraud investors' money?"
There are quite a few sarcastic comments like this, and Li Xinyu even contacted Gu Junhao to ask whether he should delete them.
"If you don't want to delete it, just keep it. Pin this post to the top and wait for time to tell."
"Ah? Boss, you are so radical. Didn't you always keep a low profile before? What's wrong?"
"It's okay, just do as you are told."
"Okay, since you are so confident, I will also support our company's fund and buy some more."
Most fund companies will require their employees to purchase the funds issued by the company. However, the funds issued by Junshi Capital will not have trouble selling, so there is no such regulation.
Apart from complying with the fund issuance requirements, all other purchases are based on the principle of voluntariness. Employees like Li Xinyu will naturally purchase the funds, but they will only purchase them when the fund is first issued.
In fact, whether it is Junshi No. 1, Junshi No. 2 or public funds, in recent years, Junshi Capital employees who have investment needs and those who have honestly followed the lead in purchasing funds have indeed made a lot of money.
It is precisely those who like to trade stocks on their own who have suffered considerable losses in the past few years, especially this year. The extent of their losses is much greater than the fund's drawdown.
In fact, his peers in the public fund industry do not understand Gu Junhao's behavior. There is no sign of a reversal in the market. Even at this time, even if it is the bottom, it is actually a thankless task to be bullish.
The news that the actual controller of Junshi Capital continued to be bullish on Saturday fermented in the market. At the stockholder symposium held on Sunday this week, 641 also publicly stated: The spring of the stock market is not far away.
On the news front, the financing balances of the Shanghai and Shenzhen stock markets were officially announced.
After the end of trading on Friday, the financing balance in the two cities dropped sharply by 12.578 billion yuan, falling below the 800 billion yuan mark, setting a new low since November 25, 2014.
In the evening, it was reported that the Shenzhen Municipal Government had arranged tens of billions of special funds to help local listed companies resolve their liquidity crisis.
This is the first time since this year's long bear market that a local government has explicitly participated and has policies with real money, and the argument for saving the market has begun to become popular again.
After a week of sharp decline, the news this weekend was generally positive. First, the most popular fund manager in recent years once again reiterated his bullish attitude.
Soon after, the regulators publicly stated that the spring of the stock market was far away. The financing balance of the two cities was at its lowest level in nearly five years, and for the first time, a local government invested real money to participate in the rescue operation.
A large brokerage firm also issued operational recommendations on Sunday evening, advising investors not to blindly sell at the current point, especially since it is not advisable to continue to follow the trend and sell after a continuous decline.
For investors with heavy holdings, the advice is to optimize the shareholding structure rather than reduce holdings at a loss.
In just two days, the direction of some leading institutions has changed. You can look down on their operating ideas, but you cannot deny their sense of smell.
Monday, October 15th.
Ningwang announced its third-quarter profit forecast this weekend, expecting third-quarter profits of 1.42 billion to 1.5 billion yuan, with year-on-year growth expected to be between 87.52% and 99.12%.
Early in the morning, Gu Junhao called Liu Tingting and the other two to his office again, this time to summarize King Ning's total shareholding.
The third quarter's performance exceeded expectations. No matter how the market performs today, Ning Wang will have a good start.
"King Ning, what is our total shareholding now?" After the three of them sat down, Gu Junhao went straight to the point.
"Currently, our total shareholding is 105.72 million shares, and our shareholding ratio should be around 4.82%. Do you still need to buy?" Xu Jianqing quickly reported the numbers.
Recently, Ning Wang's buying principle is to do T of the two funds within the same day and not to increase positions; there is no other way, the price has fallen too much, and sometimes you really can't buy when you want to.
The positions were too heavy in the early stage, but fortunately the holding costs were relatively low, and currently there is still an overall profit.
Junshi Price Investment did add some positions, but it was not much higher than the 10% holding standard, so the task of adding positions fell on the proprietary trading side.
Unlike the other two funds, the proprietary trading account has no performance pressure because it uses the company's own funds. Instead, the time cost is better than the cash cost.
Buying the most shares in the shortest time has been our mission since October.
This kind of operation strategy makes the proprietary trading method almost like unlimited position adding. No matter how much the price drops, the word "buy" is the same. It can be said that it has unlimited firing rights.
It feels really good, especially in the current bear market when everyone is selling but I am always buying.
Even Xu Jianqing himself couldn't help it and tried it himself for a few days.
Since becoming the person in charge of proprietary trading in 2017, trading fanatic Xu Jianqing has rarely operated the business himself in order to have an overall view of the situation.
However, he issued the most instructions. In the US stock market, Xu Jianqing jumped back and forth between short selling and long selling, and made a lot of money.
Ning Wang currently holds 105.72 million shares, and the expected purchase volume is 107.5 million shares, accounting for 4.99% of the total share capital.
Based on the current shareholding, that is to say, the purchase volume is less than 1.8 million shares, and based on Friday's closing price, it is approximately 110 million yuan.
However, this kind of top-selling stock that exceeded expectations certainly cannot be bought at Friday’s closing price, and the amount of funds required must be more.
After thinking for a while, Gu Junhao said, "Forget it, I won't increase my holdings. I'm only a little over 100 million short of opening a position. There's no point in buying up all of it. It would be more cost-effective to reserve some space for T."
I can still vividly remember the time when the national team held up a sign for a well-known local clothing brand company in Ningbo last year.
This was actually a blunder caused by holding 4.99% of the shares for T. On that day, the company issued 4 shares for every 10 shares it held, but the shares that were derailed could not be listed and circulated until the next day.
The national team's previous shareholding had reached 4.99%. It was estimated that they bought a little too much on that day for T trading, and bought 6,800 more lots. As a result, the trader probably forgot about the bonus shares the next day.
The result was that on the next trading day, after the bonus shares were received, I found that my shareholding had increased from 4.99% to 5.01%...
It is naturally difficult to talk about this directly, but everyone knows what is going on. As the national team responsible for the stabilization fund, they are actually very reluctant to hold more than 5% of the shares.
Otherwise, when the price goes up and you want to sell it in the future, you will have to follow the new rules on reducing holdings announced by the CSRC, which is too troublesome and will also have a bad impact.
Gu Junhao doesn't want such . It would be really embarrassing.
"Okay, I understand. I won't buy it then. I, King Ning, will just continue my daily tank duties."
"Well, okay, you can continue to buy other holdings, and calculate the shares. Don't hold more than 5%;"
After thinking for a while, Gu Junhao said, "Forget it, let's keep it below 4.9%, no matter which stock it is."
"Haha, okay, I'll explain it to them clearly. Don't make the same mistake as the national team trader."
"Okay, get ready. From today on, focus on increasing your positions. Make sure all your positions are fully filled before the end of the month!"
"clear!"
At 9:25, the call auction ended and the three major indexes opened flat.
Ningwang reported 68.80 yuan, and the stock price rose by 9.44%, approaching the daily limit. During the call auction, the funds for buying shares reached more than 300 million yuan!
There is a lot of jubilation in the comment section of Ning Wang’s stock!
"Wow! It's so strong that a stock with a market value of nearly 190 billion is about to open at the daily limit?"
"Damn! Is this really going to rebound? Gu Lao Er is making a fortune. The fund has a large stake, and he is one of the top ten circulating shareholders, with more than 70 million shares!"
"Ning Wang's opening is basically set to go up by the daily limit. Gu Lao Er has earned at least 4.5 small goals in one day. I just don't know if he can smash it or not."
"I don't think it will crash. From the time Ning Wang opened to now, the retracement is almost 50%. The funds are all fully invested. It is impossible for it to crash at this time. Everyone, go ahead and help Gu Laoer carry the sedan chair."
"Fuck, you guys were still scolding Brother T last weekend, but now you're helping him carry the sedan chair. I'm really impressed!"
"Beating is love, scolding is love. We scold Gu Lao Er because we love him so much. Laughing, we are too lazy to scold him now."
At 9:30, the transaction officially started, and more than 197 million buy orders pushed Ningwang’s stock price directly to 69.15 yuan, an increase of 10.01%!
What followed was a block order of more than 30,000 lots, with a block order amount of more than 200 million yuan, and Ning Wang’s stock price was capped within the first second of opening!
"Fuck, I didn't buy it, I should have known it would go up in price! "
"Shit! The market opened and the sell orders were in the dozens. There is no selling pressure at all."
"Forget it, forget it. I can't buy it anymore. I'll wait until tomorrow and go buy Shenzhen local stocks."
