The stock price of Wharf Holdings was fluctuating around HK$15, with trading volume shrinking noticeably.
"That last dip was brutal — it fell more than ten percent in one go."
"You think it can bounce back?"
"Who knows…"
"By the way, Wharf suddenly surged earlier today. You think there's some good news we don't know about?"
"Good news my ass. This stock's been falling for years. The company's been mismanaged. The fact that there's no bad news is already a blessing."
"But what if this year's performance actually improved a little?"
"…"
As the price wavered, retail investors murmured among themselves, speculating about the reason behind today's sudden surge in Wharf's stock.
"Old Chen, how's it going? Did you sell your shares yet?"
A friend turned to ask Chen Baocai — after all, not long ago, he had increased his position.
Chen Baocai shook his head with a grim expression. When the stock had broken through HK$15 earlier, he had bought another 1,500 shares at an average price of HK$15.1, bringing his total holdings to 3,500 shares — 35 lots.
If he sold now, he wouldn't lose money; the first 20 lots he bought were still in profit. But he remembered when the price had hit HK$17 — if he'd sold at the peak, he could have made an extra 10% easily. He'd held on, waiting for an even higher breakout that never came. Instead, the price had suddenly plummeted, now hovering around HK$15 again. After such a drop, he was reluctant to sell.
"Maybe it's time to cash out," a friend advised. "A 15% gain isn't bad at all. Better to pocket it before it disappears."
"Yeah, the stock's just oscillating now. If the buy orders can't hold the price, there'll be another correction soon," another added analytically.
"I'll wait a bit longer," Chen said stubbornly. "My cost basis is low anyway."
He decided to hold on. Stocks that attracted big capital like this were rare — and when large funds stepped in, the price usually either soared or crashed; it rarely stayed flat.
You only get a few chances to gamble big in life. Fully invested, Chen Baocai decided to wait for a stronger swing before making his move.
The stock hovered around HK$15 for over ten minutes. When it became clear no new capital was entering, the profit-takers started selling. The few bottom fishers couldn't absorb the wave of sell orders, and the price began to drop again.
Then came the nosedive.
In just two minutes, Wharf's stock fell sharply to HK$14.5 — and it kept falling.
Although the price was still far below HK$17, Li Jiacheng didn't move to buy. He was simply observing today, waiting to see how another powerful player would react.
But An Yuan was different. Lin Baicheng had instructed him to buy aggressively — as long as the price didn't exceed HK$20. So when An Yuan saw the price tumbling toward HK$14 with no buyers stepping in, he immediately ordered massive purchases.
With tens of millions of Hong Kong dollars at his disposal, An Yuan's confidence was unshakable. He swallowed up every sell order that appeared and continued buying upward. Within a minute, the stock reversed sharply, shooting up at an astonishing pace.
Seeing this sudden reversal, everyone realized that big capital had entered the field again. Retail investors and institutions alike rushed to follow, driving the price even higher.
This time, An Yuan didn't hesitate — in just five minutes, he pushed the price above HK$19, leaving many traders stunned, unable to catch the rally in time.
At that level, some traders chased the price, but others were more cautious. As the selling for profit increased, the upward momentum began to slow.
"Push higher! Keep going! Break HK$20!"
Chen Baocai was trembling with excitement as he watched the ticker climb. Every price tick upward made his heart race — his shares were becoming more valuable by the second.
HK$19.7… HK$19.75… HK$19.8… HK$19.85…
He was already preparing to sell once the price broke HK$20. At that point, his 3,500 shares would fetch HK$70,000 — nearly HK$20,000 in profit, a 40% gain over his HK$50,000 cost.
Then—
"Oh my God!"
"What the hell?!"
"That's a dump order!"
Just as Chen turned to place his sell order, cries erupted behind him. He spun around — and his eyes nearly popped out.
The price that had just been HK$19.88 moments ago was now HK$18.75 — and it was still plummeting with every refresh. Within seconds, it broke below HK$18 and kept falling.
"Everyone run!"
A wave of panic spread through the trading floor. Holders scrambled to sell.
Chen was among them. But by the time his order reached the counter, he was told the price had already fallen to HK$15.5. The broker asked if he wanted to sell at the next available price or set a specific target.
At that level, Chen's profit had nearly vanished. He hesitated for just a few seconds — and the price dropped again, crashing below HK$15.
Now it was every man for himself.
Originally, Li Jiacheng had planned to wait for the price to break HK$20 before dumping his shares. But seeing the heavy resistance just below HK$20, he changed tactics — he unloaded everything immediately. The massive sell-off looked like profit-taking, but it triggered chaos.
Because An Yuan had already stopped buying near HK$20, there were no buyers left to catch Li's dump. The price collapsed nearly one dollar in an instant.
When institutions and retail traders realized what was happening, they too began to sell.
And when everyone sells — the market crashes.
The stock tumbled off a cliff, unstoppable.
By the time it neared HK$15, Li Jiacheng had already sold most of his position. But when An Yuan saw the plunge, he decided to add a final push — dumping a portion of his shares as well.
It wasn't much, but like the last straw that breaks the camel's back, it sent panic through the market. Seeing large sell orders still coming in, everyone rushed to dump whatever they had left. The price fell again.
Finally, when the stock dipped below HK$14, the selling eased.
That level was close to yesterday's closing price — and for many traders, it was their entry point.
They stopped selling. The chaos slowed, but the storm had already left its mark.