The Road to Rebirth Finance

Chapter 436 Jun Shi No. [-] Suspected of Short Positions

Tuesday, July 1.

The call auction ended in early trading, and the Shanghai Composite Index opened lower at 3511.50 points, hitting the lowest point yesterday. At the same time, the Shanghai Composite Index fell below the 10-day line.

The trend of the Shanghai Composite Index’s pullback is already very obvious. For this reason, Liu Tingting has some headaches. Among the three major sectors, only the positions of Junshi Investment still have a relatively high market value.

"Boss, there are still about 70 billion positions, what should we do if Jimin has not significantly reduced his positions?"

Due to the evacuation of some institutions and large investors, the overall scale of Junshi Investment has dropped to around 100 billion yuan. However, as Liu Tingting said, the redemption of ordinary fund holders is indeed limited.

This is also a headache for Gu Junhao. As a fund manager, he can't speak publicly. The high purchase limit is already the highest standard warning he can do.

But there is no doubt that ordinary investors are still so slow in predicting risks. In the past month, due to the steady rise of the liquor sector, more ordinary users have subscribed.

Yesterday’s sharp drop in the liquor sector led to a serious retracement of Junshi’s real price investment. Not only did it not stop these people, but the trend of subscription increased, probably because of the bottom-hunting as mentioned in the comment area.

"Continue to reduce the white bar, and switch the position to the pharmaceutical sector. If it really falls, there is no way. I hope it will retreat less." Gu Junhao said helplessly.

It is also a defensive sector. Compared with liquor, the rise of the pharmaceutical sector as a whole is not so exaggerated. It was only in the third quarter of 2017 that it began to exert its strength slowly.

At the beginning of the big correction, the adjustment of pharmaceuticals, which has not risen, must be milder than that of the liquor sector, which has doubled even in Maotai this year.

Speaking of it, Gu Junhao and the trading team of Junshishi Investment are quite diligent. Even in the past two years, Gu Junhao should care more about his family.

However, every quarter, the turnover rate of Junshi Investment is above 100%, which fully demonstrates that the fund is operating frequently and using various means to create value for investors.

It is not like some fund managers whose quarterly turnover rate is less than 30%, purely charging management fees on a flat basis.

According to the news, the richest man Lao Wang and well-known domestic entrepreneurs such as Mahua signed an investment agreement of 340 billion yuan for the privatization of Wanda Commercial Hong Kong shares.

Even with such a positive stimulus, the market still opened low and moved low without any indication. The Shanghai Composite 50 Index and the CSI 300 Index continued to drop yesterday's diving performance.

The liquor sector still performed poorly. Gu Junhao was in the trading room, watching traders sell their liquor stocks while being forced to buy pharmaceutical stocks.

This kind of feeling is really strange. Knowing that it will fall sharply, but you have to buy it, and under the high-level stock exchange, the losses caused can only be paid by those who chased the high price.

To a certain extent, most of the chips raised by the market were bought by the fund. Compared with selling at such a high level as Gu Junhao, he only needed to bear short-term losses.

Those who increase positions at a high position are the scariest, and it is even worse to encounter a black swan or something like that.

Throughout the day, the hot spots on the market were very limited. Liquor and real estate were still the top losers. Xincheng Holdings once fell by the limit in late trading, driving the real estate sector to fall sharply.

2018 is a year of turning point for real estate companies. At this time, Lao Wang, who is full of enthusiasm and thinking about delisting from the privatization of Hong Kong stocks and returning to A shares, still does not know what kind of results his commercial real estate empire will face in the future.

The gears of fate, in the spring of 2018, have already started to turn.

On June 6 last year, Belt transferred all of its 9% Vanke shares to Shenzhen Railway at a price of 14.07 billion yuan.

After acquiring a 15.29% stake in the original largest shareholder, plus a 14.07% stake in the belt, Shenzhen Railway finally held a 29.36% stake in Vanke, surpassing Baoneng's 25.4% stake and becoming the largest shareholder.

Belt spent a total of 362.7 billion yuan to buy these shares of Vanke, but the transfer price was only 292 billion yuan, although I don't know the meaning behind it.

But from the book point of view, the belt has lost 70.7 billion yuan in real terms. After all, these shares in the secondary market are collected through real money.

However, when asked by the reporter whether he would be unwilling to lose more than 70 billion yuan, he showed that he was rich and powerful, how could he do things that he was unwilling to do, and all the things he did were happy things.

It seemed that this loss was within his expectation.

Bao Neng's exit, the belt's huge loss, and the first thing after Shenzhen Railway came to power was the resignation of another Lao Wang. The real estate industry has undergone unpredictable changes in the past two years.

The old Wangtou left and lost the power to fight for control. After a lapse of half a year, after today's close, he once again entered the public's sight.

At the close of trading today, the independent director of Vanke wrote to the China Securities Regulatory Commission, suing Baoneng for illegal shareholding. The independent director pointed out: Baoneng’s seven asset management plans have expired, and the current Baoneng is an illegal shareholding, which should be liquidated immediately.

On the bright side, this is an order to evict Baoneng from the new management of Vanke, but Gu Junhao seems to be helping Baoneng to ship goods.

After the advocacy of price investment in the third and fourth quarters of 2017, amidst the soaring market of blue-chip white horses, Vanke's shares are also rising steadily.

As of January 1 this year, Vanke set a historical record of 24 yuan. In Gu Junhao's impression, this should also be the highest price in Vanke's history.

Even after several trading days of downward adjustment, Vanke fell 5.73% at the close today, but the stock price still closed at 36.36 yuan.

It can be said that Vanke still belongs to the highest price range in history. Based on the calculation of the holding cost of 19.83 yuan to guarantee energy, its profit is as high as 83.36% at today's closing price!

According to the current price, the profit of energy conservation has exceeded 400 billion yuan!

When making a huge profit, using the name of righteousness to force Baoneng to liquidate; no matter how you look at it, it seems to help Baoneng ship goods, not a real order to evict customers.

Under such conditions, even if the share price of Vanke plummeted due to Baoneng's reduction of holdings, investors seemed helpless.

And for Vanke, this can be regarded as killing two birds with one stone; Baoneng left, and the stock price fell, which seemed to be what they always wanted to do.

At the end of 2017, Junshi Capital did not participate in the rise of Vanke and real estate in this round. From the trend point of view, the highest increase of Vanke in this round was as high as 50%, which was a considerable profit.

Some other real estate stocks have also risen very well, and some even doubled.

However, now that he has decided not to engage in the real estate sector, Gu Junhao thought that the exit should be more thorough, and he should not lose his eyes because of the current increase.

For an industry that has experienced rapid growth, just for a rebound, it does not make much sense for Junshi Capital, which has an existing capital stock.

In Gu Junhao's view, instead of investing a huge amount of money to gain a 50% increase in stocks that have to bear the risk of cutting in half, it is more cost-effective to use a small amount of money to invest in monster stocks.

At the very least, the monster stocks have soared, and their profits are not low, but a small amount of losses is nothing to Junshi Capital.

No matter how good the performance is and no matter how strong the fundamentals are, the high-ranking blue-chip stocks are still bloodless knives.

The so-called value investment is just that you buy the right value.

Buying an item worth 10 yuan at a price of 50 yuan and selling it near 50 yuan is called value investment.

And with a value of 1000 yuan, you can buy an item worth 100 yuan. This is not called value investment, it is called a catcher!
On January 1, Wednesday, the Shanghai Composite Index continued its decline yesterday, and the stock index closed at 31 points, falling below 3480.83 points.

Although the index rose as high as 5.25% throughout the month, the last three trading days saw a retracement of as much as 100 points. This posture is still very scary.

The GEM index fell 1% month-to-month, and the stock index closed at 1735.06 points. While the monthly line level was negative for four consecutive times, it once again lost its position on the monthly 60-day line.

Due to the baijiu's soaring market for more than half a month, although Jun Shishi Investment has suffered heavy losses in the last three trading days when the baijiu market has retreated.

However, this month still increased the net value to 2.6954, an increase of 1.9% from the previous month.

Since Gu Junhao took over in March 2016, until the end of January 3, Junshi Price has risen by 2018%, still firmly ranking first in the history of public funds.

Although the historical record is still very strong, since October, this is the fourth time that Junshishi has underperformed the sector it holds a heavy position in.

This month, Junshi Price Investment even underperformed the major indexes, and what everyone didn't expect was Junshi No. [-].

Compared with the outstanding performance in 2017, the net worth performance of Junshi No. [-] this month has surprised the market.

Although Junshi Price Investment has underperformed the index this month, it still has a growth rate of 1.9%, while Junshi No. 1.5147’s net worth performance of 0.07 is only a [-]% increase compared to last month!
In a month of sharp rise, the net value of Junshi's real price investment has hardly changed, which surprised investors and the market.

"For a fund of more than 400 billion yuan, there is almost no fluctuation in a month. There are only two possibilities. One is that the trading of a certain stock is almost full, and the other is that Junshi No. [-] has already been short!"

With more than 400 billion funds, it is impossible to suspend the trading of a stock with a heavy position, so the only thing that can explain it is that Junshi No. [-] is almost short!

"You are so courageous, you dare to take short positions, and you really operate according to your own judgment. It seems that public funds have underperformed the sector for several months, which is reasonable." Wang Chao stared at the net worth of Junshi No. [-], and couldn't help sighing. road.

Compared with ordinary investors who are concerned about the performance of Junshi Investment, private equity peers should pay more attention to the performance of Junshi No. [-], because no one thinks that Wang Ruoyu has the ability to fully control a private equity fund with a level of more than [-] billion.

Judging from Junshi No. [-]'s previous liquidation and fundraising in advance, the strategy of this fund is still under the control of Gu Junhao.

Gu Junhao's peers naturally know the reason for the limit of public offering funds; it's just that Gu Junhao will be so resolute in implementing his own views and shorting out private equity funds.

Under the premise that the market has risen throughout the month, even if we look at adjustments, the index will fall to 3000 points at most, so there is no need to short positions.

"I don't understand it. From the current point of view, the market does need to adjust, and the increase of the entire SSE 50 is indeed too high, but what does short position mean? Another stock market crash?" Shi Xin touched his chin and replied.

"The stock market crash is not enough. There is no systemic risk at present. Although the person on the other side gets nervous from time to time, the impact is only short-term."

"I don't know Mr. Gu's thoughts. The public funds under Mr. Gu also hold stocks such as liquor and pharmaceuticals, and they are also mainly defensive."

"Liquor has risen so much, what's the defense, medicine is barely considered."

"Haha, let me make a bet. Judging from the adjustment of liquor in the past few days, Mr. Gu must have reduced his position. In the next quarter, it is estimated that the position will not be high."

After listening to Shi Xin's analysis, Wang Chao stroked his chin and smiled and said, "It's really possible. This kid is a real thief, as was Shih-kura Wanke before, and then he couldn't even find out what he held."

"No matter what, the next month's transaction will be known. Mr. Gu still has a certain view of the overall situation, but this short position is really incomprehensible."

"Let's take a look before the Chinese New Year and see where it can go. Adjustments will definitely be made, and the external market is also showing a tendency to adjust."

Compared with the previous year's Spring Festival, this year's Spring Festival is much later. February 2018, 2 is the Lunar New Year's Eve.

The trading of A shares will continue until February 2, which is Valentine's Day.

Valentine's Day is the day before New Year's Eve, which is relatively rare, and the business of the hotel will be much worse.

Thursday, February 2st, statutory drop day.

The Shanghai Composite Index fell 0.97% again today, and the stock index fell below the 20-day line.

The GEM index fell 2.17%, and the index once again fell below 1700 points to 1697.39 points.

The two markets in Shanghai and Shenzhen had four consecutive negative days, and both markets showed heavy volume declines. Today, there are more than 200 stocks in the Shanghai and Shenzhen stock markets that have fallen by the limit. On the list of declines, the liquor sector is still at the top.

Many individual stocks experienced flash crashes in the market, and behind the flash crash stocks, there are shadows of trust holdings. Under the new regulatory environment, the stock allocation business of trust companies has been tightened.

At present, the trust plans among the shareholders of some small and medium-sized market capitalization companies are facing the problem of being unable to continue when they expire. At the same time, the stocks with high pledge rates of large shareholders and the products with a large amount of asset management among tradable shareholders need special vigilance. .

And just today, Big A gave birth to the first stock in history with a stock below one yuan, which is commonly known as penny stock.

1月30日晚间，*ST海润公告称，公司2017年度预计亏损23.7亿元至28.4亿元，公司预计将在2017年度报告年后被实施退市风险警示。

Two trading days after the announcement day, Hairun officially fell below 1 yuan, and today's closing stock price was 0.97 yuan, becoming the first stock in the Shanghai and Shenzhen stock markets to break the price of 1 yuan.

According to the A-share trading rules, when a stock’s share price falls below 20 yuan within 1 consecutive trading days, it will be forced to delist.

As a representative enterprise in the photovoltaic market, ST Hareon once had a time of unlimited glory. Before 2010, the state vigorously supported the photovoltaic industry, and Hareon once became a leading enterprise in the industry.

However, with the end of a stage of dividend era and the introduction of relevant policies by foreign countries, in recent years, photovoltaic companies have fallen into a certain predicament, including Hareon.

Hairun, which fell into a loss in 2015, has been in constant litigation in recent years. The former chairman and major shareholder of the company have been banned from entering the market for five years by the China Securities Regulatory Commission.

ST Hairun is destined to become the first stock in A-share history to be delisted because its stock price has been lower than 20 yuan for 1 consecutive trading days.

In addition to the sudden change of the industry and its own problems, its delisting has a lot to do with the change of the current market style.

In the second half of 2016 and 2017, major institutions began to join forces with blue chips, and the market style changed from a preference for small and medium-sized boards to blue chips.

In the whole year of 2017, the turnover of leading stocks in various industries of A shares accounted for close to 10% of the whole market, and under this circumstance.

In an environment where funds were already biased towards big blue chips, Hairun implemented two high-payment transfer plans when the stock price was extremely low, trying to bring the stock price back to life through hype on the concept of high transfer transfers.

However, he ran into 641 again~~
Until today, the share price of ST Hairun has fallen below 1 yuan. If there is no series of showy operations, it will survive the cold winter of the industry for a few years.

Hareon may really have the possibility of being brought back to life, after all, it was once one of the largest crystalline silicon solar cell companies in the domestic photovoltaic industry.

At present, there are a total of 3 stocks in the Shanghai and Shenzhen stock markets whose share price is less than 35 yuan. In the next year, can these stocks not become the next stock that falls below [-] yuan and is delisted?
(End of this chapter)