The Road to Rebirth Finance

Chapter 358
Opening a position for the first time is enough to qualify for the placard. Although it is only a small-cap stock, it is also enough to make people excited.

Another trader, Zhang Muye, bought Qianfeng Liye, with a capital of 4.8 million yuan to build a position, which also accounted for about 1.2% of the total share capital. As the stock price fell, the chips that funds could buy were also increasing. The more, it is already close to the level of the top ten shareholders.

In fact, as far as the current size of Junshi No. 10 is concerned, even if the position is only designed according to [-]% of the total position, most of the stocks in the emerging industry sector are close to the edge of the placard.

Everyone is shouting at the placards now, and Gu Junhao dare not go against the public opinion. For growth stocks, Gu Junhao's principle is to hold no more than 4.99% of the total share capital. Not only will it not attract everyone's attention, but it will also be able to sell better. goods.

Now it is January, and the 2015 annual report and the first quarterly report of this year will not be released until March and April. By then, the stock price may have risen, and you can reduce your position.

Today's two cities opened sharply lower. In fact, apart from the sluggish external market and the huge fluctuations in the exchange rate, the external reason is to pay attention to the interpretation of the registration-based issuance. The market generally believes that the registration-based system will be completed in one step this year.

The second is the issuance of new shares. At present, even though a substantial stock market crash has formed, the regulatory level has not responded to the market’s call for a suspension of new shares and IPOs. It did not suspend IPOs as quickly as it did during the 2015 stock market crash.

There are even rumors in the market that the registration system will be officially implemented on March 3 this year.

At present, the market situation has not improved in any way, and the off-market negatives will not disappear for the time being. The internal negatives are mainly due to the launch of the registration system and the concerns of company shareholders reducing their holdings.

Although the regulatory level has introduced new regulations on shareholding reduction, none of this will hinder the pace of shareholders’ shareholding reduction. After the introduction of the new rules, even if the reduction of shareholdings cannot exceed 1%, there are still many company directors, supervisors and executives who have issued announcements on shareholding reduction. .

This part of directors, supervisors and senior managers missed the shareholding reduction at the peak of the bull market in 2015, and then encountered a stock market crash and mandatory restrictions on shareholding reduction.

Even though the current stock price has fallen a lot from the high in 2015, for the original shareholders who have almost no cost, any reduction in holdings is a big profit. They don't care what 1% is not 1%. Cash out a little bit.

As for whether the current position is high or low, it doesn't matter at all to them. The executives of listed companies may have a way of participating in the operation of the company and managing the company, but they don't necessarily understand the financial market.

Even as the founder of Big Mac Penguin, every time he reduced his holdings, he was reduced to the lowest level of the stock price by the market joke. The joke was that he lost money when he reduced his holdings. Don’t you know that everyone has lost money and become the richest man.

At 9:30, the trading began; the Shanghai Composite Index fell inertially after opening lower, and the stock index fell as low as 2867.55 points, a drop of nearly 3%.

"Fortunately, the circuit breaker has stopped, otherwise today would be another 15 minutes of trading time." Gu Junhao said with a smile, if today's opening situation is combined with a circuit breaker, the panic will inevitably increase, and the trigger of the circuit breaker is already a high probability.

Without the circuit breaker, the support at 2850 points still had some effect. The index began to rebound around 2870 points. After 10 minutes, the Shanghai Composite Index rose above 2900 points to 2907.69 points, down 1.42%.

Then throughout the morning, the Shanghai Composite Index repeatedly competed around the 2900 point. The performance of the two cities was sluggish. Only some blue-chip sectors drove the index. The Shanghai Composite Index closed at 2917.52 points at noon, down 1.09%, and the trading volume was very low.

At noon, the China Securities Regulatory Commission urgently held a press conference. The spokesperson entered into an interpretation of 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 completed in one step.

The rhythm and price of new share issuance will not be released all at once, and will not cause large-scale expansion of new shares.

At the same time, the central bank also further released liquidity to the market at noon. The central bank entered into a 1600-day reverse repurchase of 7 billion yuan today, and the interest rate continued to remain at 2.25%. So far, the central bank has opened a net injection of 400 billion yuan to the market this week. , Continue to continue the net investment pattern of the net.

Generally speaking, the press conferences of the China Securities Regulatory Commission are held after the market or on weekends. This kind of press conference held when the market is closed is extremely rare, and it only happens during the stock market crash.

All this shows that the current regulatory level is anxious about the performance of the stock market. If the policy at 2850 points falls below the bottom, the half-year rescue behavior will look a bit ugly.

The continuous net investment 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 01:30 in the afternoon, the Shanghai Composite Index turned red and reported at 2954.77 points. Up 0.18%.

Theme stocks are in full bloom in the afternoon. The small and medium-sized boards and the GEM component stocks are rising rapidly. While the Shanghai Composite Index is on the rise, the GEM Index has also risen hugely. At 13:30, the increase was as high as 4.48%, to 2152.81 points .

The share price of Tianqi Liye was reported at 120.21 yuan, an increase of 8.71%. It rebounded for four consecutive trading days this week. Reported at 13 yuan, up 38%!

This is the irreversibility of the upward trend, the decrease in selling orders, and the consistency of going long inside and outside the market make it so easy to pull up. Compared with the huge divergence of funds when Gu Junhao opened a position, it is much easier to pull up .

It is said that a positive line has changed beliefs. Tianqi Liye has closed red against the market for four consecutive trading days. With the rebound of the index today, it is relatively easier to pull up.

After the board was closed, Tianqi Liye had no chance to open the market again. The three major indexes opened in the afternoon and formed a resonant rebound, and broke through important integer barriers one after another.

At the same time, the number of daily limit boards increased significantly in the afternoon, and the market enthusiasm recovered to a certain extent in the afternoon, and the market was still generally rising.

It is worth mentioning that Tianqi Liye, whose share price remains high, has also been identified as having a transfer expectation and has been transferred to the transfer potential sector. This is also one of the reasons why Tianqi Liye has continued to rebound.

After the year, the transaction was sluggish, and there were almost no hot spots in the market, and the high-speed transfer 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. Gao Shuan itself is playing with words, and more than [-]% of the stocks in the market do not need to be sent.

Throughout the day, the Shanghai and Shenzhen stock markets finally achieved a big rebound under the support of the policy bottom at 2850 points and the positive policy at noon. The Shanghai Composite Index closed at 3007.65 points, up 1.97%.

The Growth Enterprise Market Index started to achieve a big counterattack at 1991.23 points, and finally rose 5.59% within the day, closing at 2100 points, and closing at 2175.01 points.

A timely call from Changyang and the regulatory authorities finally planted a rebound seed for the stock market that has been falling continuously, but it is still unclear whether this rebound after Changyang can last.

Keheng’s shares fluctuated by more than 12% today, and the stock price fell as low as 21.30 yuan. In the afternoon, with the counterattack of the two cities, it also rebounded, and finally closed at 23.42 yuan, a 3.17% increase in the day.

On January 1th, Friday, the last trading day of this week, the two markets remained oscillating around the flat market in early trading. Although the rebound market was not as exciting as yesterday, it was also relatively flat.

However, news came from the market at noon that some banks stopped the pledge of small and medium-sized venture capital, and only accepted the pledge of the Shanghai and Shenzhen 300 constituent stocks.

This rumor is definitely a big blow to small and medium-sized start-up stocks and the broader market. It is important to know that the pledge of equity is also an important way to refinance large funds.

Just like when Gu Junhao obtained 600 million yuan of funds to invest in Park Lane Auto Parts by pledging Tong Huashun, it was raised through the bank.

If it cannot be pledged, then this investment opportunity is very 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 the shareholders of individual stocks outside the CSI 300 Index.

Affected by this, the Shanghai and Shenzhen stock markets plunged fiercely at the opening in the afternoon, and the Shanghai Composite Index plummeted by more than 4%. Individual stocks in traditional industries such as coal, steel, oil, and non-ferrous metals, which were used to protect the market in the early stage, became the hardest hit areas.

The iron and steel sector plummeted by more than 5%. As these sectors currently recognized by the market as sunset industries, most of the stocks are not among the holdings of the Shanghai and Shenzhen 300 Index.

The Shanghai Composite Index once fell below 2900 points throughout the day, and finally barely closed at 2900.97 points. It fell 3.55% in one day. After falling 9.97% last week, it fell another 8.96% this week.

The ChiNext Index closed at 2112.90 points today, down 6.05% for the week.

Today's slump made yesterday's trend look like a technical counter-pump, and the three major indexes fell rapidly after touching the 5-day moving average.

The rise is weak, the fall is accelerating, and it is only a matter of time before it falls below the bottom of the 2850 policy; the rebound triggered by the news will eventually return to its original shape by the news.

A drink and a peck are all set.

This week, Junshi No. [-] did not announce specific net worth changes. The announcement was to adjust the fund's operating model, which surprised investors.

This kind of operation has never appeared in the two funds of Junshi Capital, and it is indeed somewhat incomprehensible to the market. However, private equity funds do not have mandatory requirements. In addition to announcing the needs of investors, the outside world completely depends on the fund. Feeling.

In fact, Gu Junhao is also very helpless. Since the second fundraising in November last year, the continuous fund fluctuation of Junshi No. 11 has been extremely small, which has attracted great attention.

This kind of attention is no less than Gu Junhao's high-profile entry and subsequent rescue rumors when he posted news after the stock market crash last year.

The two-and-a-half months of no major fluctuations have also been deemed by the market to have an extremely low position in Junshi No. [-]. Gu Junhao is in a state of being short on A shares, but he dare not short positions due to size constraints.

Although the positions have increased to a certain extent this week, the establishment of positions for Keheng shares and Qianfeng Liye is far from complete, and the 6 million funds have not been spent, let alone a large amount of funds lying on the fund.

The outside world's speculation is not wrong. Although Gu Junhao is not currently bearish on A shares, Junshi No. [-]'s position is indeed very low. The local regulatory authorities are well aware of this.

Now there is no need to rescue the market, and the regulatory authorities cannot require that as an investor-oriented private equity fund forcibly increase its position, interfere with its specific operations.

However, it also gave Gu Junhao a little hint. As a private equity company, it is enough to announce the net worth once a month. There is no need to announce it every week.

Seeing this, Gu Junhao can only use this announcement to adjust the operation method, and choose not to announce the net value of the fund, and will announce it once a month in the future.

In the process of building a position, it can indeed be understood as an adjustment of the operation method, and it is not considered to be fooling investors.

As for investors who want to know the changes in net worth within this month, they can be informed by calling the company or other methods, which will not affect their understanding of the fund.

As an internet celebrity fund manager in 2015, this is also the first time that Gu Junhao has been backlashed by online comments, although the impact is not very great.

Just like the stock market that was suppressed by the news today, so is Gu Junhao.

　Three chapters were updated today, [-] words!

　　
　
(End of this chapter)