My Fintech Empire

Due to the Zheng Jinsong beating incident, the first phase of the wealth fund product has been released from the three-year lock-up period in advance and the redemption channel has been fully opened. Most retail investors are watching the excitement, but many investment institutions regard it as a sudden negative event. .

With such a large scale of funds, although we don’t know what the redemption scale is, things that didn’t exist before have now appeared, and their appearance means that expectations are formed, which may lead to established facts.

In the event of large-scale redemptions, the first phase of the wealth fund's funds may sell stocks to cash out in response to the redemption pressure. This is a super main force, and its selling pressure is absolutely extraordinary, so it is interpreted as a sudden negative market. incident.

Because the outside world doesn’t know that when Fang Hong decided to open the redemption channel for the first phase of the wealth fund’s fund in advance, he also gave Qunxing Capital permission to do so. As long as the amount of funds is redeemed, Qunxing Capital will correspondingly subscribe for the first phase of funds. The stock market ensures that the initial capital stock of 2 trillion yuan remains unchanged, so there is no need to cash out stocks to cope with possible redemption pressures.

The outside world does not know about this matter, and Fang Hong has not decided to announce it at this time.

It definitely cannot be announced now. Since the redemption channel has been fully opened in advance, Fang Hong has to consider that starting from June, when Big A enters the plummeting stock market, panicked investors will make large-scale redemptions. At that time, it will definitely There will be huge redemption pressure.

Originally, the three-year lock-up period was left there, but it was also within the lock-up period during the stock market crash, and there was no need to consider the redemption pressure in the first-phase fund allocation.

But now that we are letting it go, it will be really difficult to guarantee that investors will not make large-scale redemptions in the catastrophic market, because during a period of explosive decline, even the stars will have to follow the market. , at that time, even if God came, he couldn't hold him back, and Fang Hong couldn't let Stars Capital pay for the madness in front of him.

Therefore, Fang Hong is suppressing the announcement now and will wait until the disaster-level market to announce it. The purpose is to boost market confidence. To announce it now is to play a good card casually in advance, and the effect will be greatly reduced.

…

The next day, Thursday, May 28th.

The A-share market opened today. Due to the incident of Zheng Jinsong being beaten yesterday and the full opening of redemption channels for the first phase of wealth fund products today, both cities opened lower in early trading. The Shanghai Composite Index opened lower at 4909.89 points during the bidding stage -0.64% .

After the opening, the Shanghai Stock Index dipped slightly and then climbed slowly.

The first phase of the Wealth Fund product officially opened the redemption channel today. Some people really choose to redeem it and plan to operate it themselves. These people are now super confident.

The bull market is only halfway through. The market has not broken through 5,000 points. It has just started to reach 5,000 points. It is not a dream to reach 10,000 points. This bull market will definitely break through 6,124 points and hit a record high...

As time went by, the two cities slowly climbed up, and the market turned red and rose around 10:00. At around 10:40, the Shanghai Stock Index reached 4986.50 points.

At that time, the increase had expanded to 0.9 percentage points. This trend seemed to have digested the negative impact of yesterday's negative news about wealth funds, and there was a strong intention to launch a sprint towards the important integer mark of 5,000 points today.

However, just around 10:40, the highest point of today's market index was fixed at 4986.50 points.

The Shanghai and Shenzhen stock markets suddenly turned around and dived, turning green again in just three minutes, and then fluctuated all the way down. At the morning market close at 11:30, the Shanghai Stock Index fell below the 4900 point mark, falling back to 4872.46 points, closing down. -1.40%.

During the noon break, a bigger piece of bad news came.

According to public information disclosed by the Hong Kong Stock Exchange, Huijin reduced its holdings in ICBC and China Construction Bank by more than 3.5 billion yuan in the A-share market on Tuesday, May 26, with amounts of 1.629 billion yuan and 1.906 billion yuan respectively.

Relevant announcements show that Huijin’s shareholdings before and after reducing its holdings in ICBC and CCB fell from 46% to 45.89% and 5.05% to 2.14% respectively.

This amount of reduction is not even a fraction of the current market with trillions of transactions.

But this is not the point. The point is that this is the first time that Huijin has reduced its holdings in the four major banks this year, and it is also the first time that Huijin has reduced its holdings in the four major banks. When investors saw this, they exclaimed that Team Guo Jia was retreating!

Run quickly——!

As soon as the news came out, some people in the industry quickly said that it is not possible to prematurely judge the comprehensive impact on the A-share market of Huijin's reduction of holdings this time, but there may be some impact in the short term.

…

At the opening in the afternoon, the two cities plunged further, with the Shanghai stock index extending its decline to -2.36%. This is not a problem that may have an impact, but has already begun to impact.

At around 13:30, the market index had rebounded by 1 percentage point, but at this time another piece of bad news came.

According to foreign media citing sources, the central bank has recently conducted targeted positive repurchases of more than 100 billion yuan to some institutions, with terms including 7 days, 14 days and 28 days, and the price is based on market interest rates.

This news was interpreted by the market as a signal that monetary policy is tightening.

The rebound came to an abrupt end. Both cities once again fell in volume and fell below the intraday low again. The large financial sector led the decline with banking stocks. The Shanghai Composite Index fell further to 4,800 points after falling below 4,900 points.

At around 14:23, the market index fell to 4751 points, and the decline expanded to -3.85%.

Margin financing and securities lending have pushed the current market market toward 5,000 points, which has also aroused management concerns. Some securities firms have been notified to increase the margin ratio of margin financing and securities lending to curb further frenzied entry of leveraged funds into the market.

The monetary policy here is sending out a signal of tightening, and next week will start the seventh batch of new stock issuance this year. It is actually estimated that the frozen funds will be astonishing as high as 8 trillion, and next Monday will be WeChat, the super Large-cap stocks have landed in the A-share market, and this one company alone has frozen 2.82 trillion market funds. Such a huge blood-drawing effect has also caused the market to fluctuate more and more violently.

The market index showed signs of stopping its decline near 4750 points, but this situation only lasted for 20 minutes, because another bigger bad news appeared at around 14:40 in late trading.

Relevant sources said that Qunxing Capital has recently been clearing out its holdings in brokerage stocks.

Major market software also pushed this news in small windows.

Good guy!

The brokerage sector had already plummeted by nearly 5 percentage points. Now that such a huge negative news came out, its trend fell like a waterfall.

At around 14:50, the securities sector dropped to its limit!

That's right, in just about ten minutes, the entire sector was stuck at the limit.

Even the relatively less volatile banking sector fell by more than 5 percentage points at this time.

At present, the panic in the entire market is overwhelming. It is also a negative thing due to the opening of redemptions of wealth funds' super funds. It is also a negative thing for Huijin to reduce its holdings in the four major banks. It is also a negative thing for Qunxing Capital to reduce its holdings of securities companies. It is also a negative thing for the tightening of financing and financing. The negative news for WeChat and the negative news for WeChat’s listing next week...

These major negative news appeared on the same day. The three major stock indexes of the two cities were already in the ICU. They died on the spot at the end of the trading day. The whole market collapsed, and the market indexes plummeted in a straight line.

In the morning, the two markets opened lower and then fluctuated upwards. The Shanghai Composite Index once touched 5,000 points, the Shenzhen Component Index also strongly exceeded 17,000 points during the session, and the ChiNext Index even hit 3,700 points. After 10:40, the two cities began to dive, and continued to fall in the afternoon. The Shanghai Stock Index fell to 4800 points and 4700 points in succession. At this moment, it exploded all the way to 4614 points, with the maximum drop reaching -6.63%. The 4600 point mark was in danger.

…