My Fintech Empire

The technology circle has been very lively these days. The topic of Xingyu Technology's summer new product launch conference has been hotly discussed. On the capital market side, the New Certificate 50 Index did not set a new high after reaching a record high of 2,400 points on Tuesday.

On Wednesday, the New Certificate 50 Index fell back by -0.62%. On Thursday, it opened low and then fluctuated and turned positive. It closed up +0.42% after the market closed at 2,401.74 points, barely holding the 2,400-point mark.

At the opening of this Friday, the New Certificate 50 Index rose to 2,406.89 points at around 9:55 in the morning. Just as it was about to set a record high, the wealth fund announced a large-scale reduction plan.

It officially announced that the first phase of its capital plate held Matrix Quantum, Kunpeng Technology, Maker Square, Ucommune, Jiuzhouxing, WeChat and other stocks would be reduced by no more than 3.5% of their total share capital, and the reduction would officially begin after 15 trading days.

The announcement shows that the reduction plan is expected to cash out 1 trillion yuan from the secondary market.

This is a massive reduction of holdings, cashing out trillions of yuan.

As soon as this news came out, the entire A-share market was frightened by the announcement of the reduction of holdings by the wealth fund, especially the SGX market, which crashed directly, and the SGX 50 Index plunged sharply.

Nearly ten minutes after the announcement was disclosed, a new message prompt appeared in the relevant listed companies whose holdings were reduced, reminding investors that the company had issued a reduction announcement, and the major shareholder would implement the reduction plan after 15 trading days.

The wealth fund cannot force a reduction in advance, and it is technically impossible. The trading system platform of the SGX is restricted. After the reduction announcement is included, the trading system platform will not release the lock-up restrictions until 15 trading days later, and the reduction can be carried out in the secondary market.

At the same time, Fang Hong is also paying attention to the trend of the SGX market. At this moment, the entire market is turning downward. The companies on the reduction list are all plummeting at this moment, and the SGX 50 Index is also plummeting.

About fifteen minutes after the announcement was released, Matrix Quantum hit the limit down, Kunpeng Technology also hit the limit down, and WeChat was pressed on the limit down board soon after.

Funds are fleeing in panic on a large scale, and the sudden mass reduction of holdings to cash out trillions of yuan has left investors in the market at a loss.

Today, the three major A-share trading markets fell across the board, among which the SGX fell the most severely, losing the 2400 and 2300 points in succession during the session, because the majority of the reduction targets of wealth funds are in the SGX, and the majority are still in the SGX 50 Index constituent stocks.

As of the close, the Shanghai Composite Index fell -0.91% to 3246.07 points, with a turnover of 224.1 billion; the Shenzhen Component Index fell -1.26% to 10519.86 points, with a turnover of 286.9 billion; the SGX 50 Index fell -4.49% to 2293.83 points, with a turnover of 455.8 billion throughout the day.

The SGX market released a historical volume today, breaking the record for the largest single-day turnover since the market opened. The SGX 50 Index fell 109.91 points in absolute points within one day today, which can be described as a sharp drop.

Investors were also in an uproar. Fang Hong's Weibo was once again very lively. Everyone went to his Weibo to leave messages to ask what exactly was going on with the reduction of holdings by the Wealth Fund?

Although Fang Hong was not the direct manager of the Wealth Fund, everyone habitually went to his Weibo to leave messages when something happened. Who made him love to be active on the Internet? He was the real ultimate boss of the galaxy.

This weekend, the most important news topic in the capital market was the trillion-yuan reduction of holdings by the Wealth Fund.

At this time, people with ulterior motives began to secretly lead the rhythm, saying that the galaxy was finally exposed and finally began to harvest investors. At the same time, voices that were bad-mouthing the SGX also emerged in large numbers at this time.

The water army began to create panic and spread rumors that the 2,400-point universe top of the New Securities 50 Index was really coming this time, and the bull market that had lasted for more than a year was about to end.

These rhythms did scare a lot of investors. Fang Hong was also watching silently, but he was not in a hurry to speak out or take action.

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After the weekend, the stock market opened for the new week. The three major A-share trading markets fell again. On Wednesday, April 19, the SGX 50 Index closed down -1.40% at 2220.12 points, breaking the recent low.

The announcement of the trillion-yuan reduction of holdings by the wealth fund had a significant impact on the market. The absolute majority of the reduction was on the SGX side, but the main boards of the two neighboring cities were not much better, because during this time window, many neighboring listed companies began to "report annual reports".

After four consecutive declines, on Thursday and Friday, the market ushered in a technical oversold rebound. The SGX 50 Index rebounded +0.96% and 0.61% on these two days, closing at 2255.11 points.

Investors thought there were signs of stabilization, but bad news was exposed again on the weekend.

It is now mid-to-late April. The annual report disclosure of listed companies ends at the end of April at the latest. Many companies have basically disclosed their annual reports. At the same time, the latest quarterly holdings of investment institutions of major listed companies have also been announced.

Everyone has found that the holdings of wealth funds have undergone huge changes. For those targets whose original shareholding ratio did not exceed 5%, the latest institutional holdings information shows that wealth funds are gone, because there is no need to announce in advance if the proportion of reduction does not exceed 5%.

Someone roughly counted that wealth funds sold those listed targets whose shareholding ratio did not exceed 5%, and cashed out another 200 billion yuan, and they have already cashed out.

This news fermented over the weekend, causing panic among investors again.

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On the opening of Monday, April 24, the three major A-share trading markets fell across the board again. The SGX 50 Index lost the 2200-point integer mark that day, and fell by -2.46% after the market closed to 2199.68 points, further creating a new low in recent times.

At the same time, some people who wanted the SGX to die also worked hard to mobilize the water army to lead the rhythm, all kinds of bad-mouthing the market, all kinds of smearing, saying that Fang Hongtu was exhausted and it was time to start harvesting.

Some people were affected by this rhythm and were more or less hesitant, worried that the SGX 50 Index might really usher in a historical top like the main board Shanghai Composite Index 6124.

However, after today's big negative line, the SGX 50 Index did not further explore the next day, but ushered in a four-day rebound, rising by +0.87%, +0.63%, and +0.81% respectively. On Friday this week, the SGX 50 Index rebounded further by +0.44%, closing at 2260.84 points after the market closed.

The negative line that fell sharply on Monday has successfully reversed and repaired.

The reason for the rebound in the past four days is mainly that the stock price of Matrix Quantum has continued to rebound, driving the New Securities 50 Index, and the reason for the rebound of Matrix Quantum again is that the company's head Chen Yu took the lead in organizing an industry developer conference, or the MHAC Ecological Developer Conference.

The technology circle has attracted much attention, especially the circle of artificial intelligence.

There are many industry insiders participating in the conference. This conference is actually to formulate industry standards and pave the way for building a unified market for storage and computing services across the country.

Those who want to get a share of this field basically came to Xincheng to participate in this conference, including some well-known foreign hardware manufacturers who also sent people to participate in the meeting, which can be regarded as coming to understand the latest situation in the Greater China market.

Matrix Quantum has not made any special restrictions. Anyone in the industry can come, whether it is a mainland enterprise or a foreign enterprise.

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