20,000 lots, a total of 34.98 million in chips, crashed onto the market.
The market, which had already completely locked at the daily limit with 150,000 lots in pending buy orders, was immediately scattered by these 20,000 lots of main sell orders.
Many in-market profit-taking funds that had originally planned to wait and see.
Seeing someone make a run for it.
Rushed to follow suit, quickly selling off their shares.
As more and more sell orders appeared at the daily limit, the groups of funds that had been scrambling for chips at the daily limit also began to withdraw their orders.
Subsequently, the stock price of 'Teli A' remained at the daily limit for less than 5 minutes before being broken open by excessive profit-taking sell orders.
Su Yi saw 'Teli A' break the limit, and the expectation of in-market profit-taking had completely formed.
In an instant, he dumped all of his remaining 33,000 lots of orders as market sells.
As his sell orders relentlessly bombarded the pending buy orders on the price levels downwards, in just a moment, they hammered 'Teli A's stock price from a gain of nearly 10% when it broke the limit, down to 5.65% at market open.
Subsequently, with the rapid plunge of the stock price and the rapid expansion of selling volume.
More and more active sell orders began to crash the price.
At the same time, 'Teli A' breaking the limit instantly ignited selling sentiment in the 'State-owned Enterprise Reform', 'Oversold Rebound', and even 'New Secondary Stocks' concept sectors, causing many concept stocks that had followed 'Teli A' to surge, all to dive from high levels and crash with massive volume.
And due to the concentrated volume selling in these popular concept stocks.
It led to a rapid decline in market speculation sentiment and investor confidence.
As a result, the Shanghai Composite Index further declined, moving farther and farther from the 4000-point mark, while the Shenzhen Component Index, SME Board Index, and ChiNext Index also plunged into the red, with their declines gradually widening.
Furthermore, as market trading time continued to progress.
Many investor groups in the market, seeing no hope for the Shanghai Composite Index to recover 4000 points, began to see their faint bull market hopes collapse again, while the surging 'stock market crash phobia' became increasingly severe.
Under such emotional shifts, market selling became heavier and heavier, while active buying became less and less.
"It's over, what do we do, market sentiment has completely turned weak."
Seeing the market trend completely reverse, at 9:47 AM, in a private VIP trading room at Huafu Securities Tiancheng East Road branch in Yuhang, Yang Kunrong, a powerful market hot money player, glanced at the 20,000 lots of 'Teli A' chips bought just over ten minutes ago in his account, his brows furrowed.
"It's supposed to be the emotional leader of both markets, is this all it's got?"
In his stock account at this moment, besides the 20,000 lots of 'Teli A' shares he held.
He also had approximately 50 million in cash remaining.
However, with this capital, facing the complete weakening of market sentiment and the 'Teli A' stock price still being suppressed by surging sell orders, he dared not pour more money into it.
At the same moment, in a quiet private tea room in the city center of Shenzhen.
The middle-aged man, known as 'Jintian Ge' among the A-share hot money community and a well-known local hot money player in Shenzhen, gazed at the plummeting 'Teli A' stock price and the gradually emerging crash pattern of the Shanghai Composite Index on the computer screen in front of him, also speechless, thinking to himself:
"The 'national team' is saving the market, yet they can't even pull it up to 4000 points, what kind of rescue is that?"
At this moment, 14,000 lots of 'Teli A' shares lay quietly in his stock account.
Earlier, at 9:30 AM, the funds that violently snatched chips to lock the daily limit came from his hands.
Originally, he saw that 'Teli A' had become the emotional leader of the market, as well as the leading stock for the 'State-owned Enterprise Reform' and 'Oversold Rebound' concept themes.
Coupled with the 'national team' providing support at the 4000-point level, he thought of taking over, continuing to open up 'Teli A's upside potential, and further stimulating market speculation sentiment in the main areas of the 'State-owned Enterprise Reform' and 'Oversold Rebound' concept themes.
Thereby leveraging the surging market speculation sentiment to indirectly rescue his heavily held stock, which was also stuck in another stock belonging to the 'State-owned Enterprise Reform' concept sector.
Achieving the goal of using leverage to pull up the leader and exit his trapped heavily held stock chips.
But he never expected...
This time, the 'national team' didn't provide strong support and hold the 4000-point level.
Instead, they let market investment sentiment fall, which quickly led to a concentrated escape of internal profit-taking from 'Teli A'.
However, even though the strategy of forcibly locking 'Teli A' in the morning, intending to use leverage, failed, he was not discouraged.
He knew that 'Teli A', having become both the emotional leader and the main concept leader of the market, with extremely high market attention and discussion, as long as the market wasn't experiencing the extreme plunge with a complete lack of liquidity seen before the 'national team' intervention, then 'Teli A' would not completely lose liquidity and suddenly crash.
In other words, after this wave of relatively concentrated profit-taking selling, the turnover rate would reach a relatively sufficient level.
'Teli A' still had the hope of consolidating sentiment for another surge and a strong re-lock within the day.
Even if 'Teli A' ultimately couldn't re-lock due to too much selling pressure on the market, he could use a violent rebound of this stock after sufficient turnover to restore some liquidity to another heavily held stock of the same concept that he was trapped in, allowing him to cut losses and exit on a large scale.
Having understood this point.
'Jintian Ge' was no longer anxious or worried.
He calmly took a sip of tea, his eyes fixed on the market, waiting patiently.
And this wait extended until after 2 PM.
When the Shanghai Composite Index fell all the way to a 3.75% decline, finally beginning to show signs of resistance and a gradual rebound in its trend.
At the same time, the Shenzhen Component Index and ChiNext Index also showed clear intraday bottom rebounds, and when 'Teli A's turnover rate reached 15%, its real-time trading volume had declined to a continuous low, and selling pressure on the market was very light.
'Jintian Ge' began to utilize the remaining funds in his stock account.
A large order of 5,000 lots directly pulled 'Teli A's stock price from a 1-point decline below water to a 6% gain within one minute.
Subsequently, seizing the opportunity as funds from all sides once again focused on 'Teli A'.
And also taking advantage of the liquidity rebound in the entire 'State-owned Enterprise Reform' concept sector after 'Teli A' showed expectations of re-locking.
He immediately began to heavily cut his position in another heavily held 'State-owned Enterprise Reform' concept stock that he was trapped in, but which had now been driven up by 'Teli A' and had recovered some liquidity.
Finally, when the market closed at 3 PM.
Although he was temporarily trapped with 19,000 lots of chips in 'Teli A', he had sold 150 million worth of chips in another stock, and overall, he actually didn't incur a loss.
Of course, specifically for 'Teli A', his relay today was quite a failure.
After all, 'Teli A' still fell sharply in the last ten minutes before closing, retreating to near the flat line, and ultimately the Shanghai Composite Index plummeted by 3.03%, while the Shenzhen Component Index, ChiNext Index, and SME Board Index also plummeted by nearly 3%, indicating a complete breakdown for both markets.
Such a closing situation meant that he would likely have to cut losses on his 'Teli A' chips tomorrow.
One could only say that the main position managed to escape, without incurring a loss.
Just as 'Jintian Ge', relying on his excellent trading skills, completed his self-rescue measures, breathed a sigh of relief, and planned to cut losses on 'Teli A' tomorrow.
Su Yi gazed at the closing situation of both markets and the intense volatility of 'Teli A' throughout the day, his thoughts were completely opposite to the other party, thinking that if 'Teli A' could open significantly lower tomorrow, it would be time to buy back chips.
(End of this chapter)
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