Those Years When I Was Forced to Top the Forbes List

Chapter 209 Helping the Old Lady Down the Stairs
A fierce battle of short selling has quietly begun.

To be precise, what Chen Xuebing is doing now can't be called "emptying," it can only be called "short selling," since China currently doesn't have a short selling mechanism.

Driving down a stock isn't a battle that lasts only a day or two. The small-scale hype before the holiday was just a prelude to building positions at today's low prices.

Without a certain size of position, you can't do anything.

Chen Xuebing didn't want to delay, so he went all out from the start in building his position today.

However, the results at 9:30 were not satisfactory. Only 3 million shares were traded at the price of 2.88 yuan, with most panic selling being stopped at 2.95 yuan, which is today's opening price.

Needless to say, it's obvious who made the move.

The ten-day holiday gave them ample time to build momentum and also gave BOE sufficient time to make a decision.

The closing price before the holiday was 3.03, and today it opened at 2.95, down 2.66%.

Needless to say, Xu Jin had already realized that BOE's support funds had arrived and knew their bottom line. He didn't waste a single moment and immediately bought in large quantities above the price of 2.95 at the opening.

Within half an hour, all 30 million was bought up at an average price of 2.95, and the stock price returned to near the horizontal line at 3.01.

Their swift response prevented them from incurring significant losses this time, as they bought in just in time to buy at BOE's cut-off price.

Some of the shares of Moutai and China Shipbuilding were quickly converted into 2000 million yuan in cash.

The reason for choosing to sell these two stocks is because they have a large market capitalization and can be quickly bought up.

Changzheng Capital's trading team spread the news that "BOE has funds to take over" on various forums and websites, and continued to invest 2000 million yuan to drive up the stock price.

When helping an elderly woman down the stairs, the first step should be going up.

A sharp drop from a high price would allow Changzheng Capital to recoup its losses and also disorient BOE, leaving it unsure of what price to support.

It's too high, a loss.

If the price is pushed down too low, and the trading line is plummeting, it could cause panic among investors.

This is just the first step in breaking their will to hold on.

At 10:30, two people who shouldn't have been there appeared in the meeting room.

As soon as the door opened, Chen Xuebing stood up.

"Secretary Sun, Mayor Wu, what brings you here?"

The two officers looked like two students entering a bar for the first time, with expressions of illicit intimacy on their faces.

Whether from the cold or excitement, Secretary Sun was rubbing his hands together.

"Hehe, we just finished a meeting. Neither Mayor Wu nor I have ever traded stocks. We heard you were directing stock trading here, so we came to see how it was going."

Mayor Wu also knew what Chen Xuebing was wary of. After all, the government was aware of the situation and even intentionally encouraged institutions to short other people's stocks, which would not sound good if word got out.

"Don't worry, it's just the two of us. We'll pretend we didn't see anything that happened today! We didn't see anything! Haha!"

Chen Xuebing smiled, stood up to make room for the two leaders, and said:
"If you want to see a good show, you've come too early. We are building our position today and we are now the 12th shareholder of BOE, holding 1320 million shares, or 0.6%. Chairman Wang Dongsheng only holds 0.2% of the shares."

"Oh? So you can attend meetings at BOE now?" Secretary Sun didn't sit down, but looked at him with his hands behind his back, his face full of surprise.

"Hehe, I'm not an authorized director. I can only attend shareholder meetings, not board meetings, so it's meaningless. They have nine board seats. I don't know their company's articles of association's nomination threshold, but they don't have many major shareholders. A subsidiary of the Beijing State-owned Assets Supervision and Administration Commission holds 40.33% of the shares. The second largest shareholder is a company in the British Virgin Islands with 3.75%. We found out that it's backed by the Taiwanese Pan Group. The third largest shareholder is Bosera Value Growth Securities with 1.53%, and the fourth largest shareholder is Hong Kong Wanguo with 1.52%. This company's shareholding is quite dispersed. If I hold more than 5% of the shares, I would definitely have the right to request a nomination for a board seat."

"Sibose, Wanguo?" Mayor Wu perked up upon hearing this: "Aren't these the two you brought with you?"

Chen Xuebing chuckled: "Bosera's overseas fund department has nothing to do with President Lu. President Kan's time at Wanguo was a long time ago, and he was just a market investment shareholder. I'm a shareholder now too. What inside information do you think I could know?"

"Oh," the two nodded.

“However,” Chen Xuebing changed the subject, “BOE has now undergone shareholding reform, and the original B shares have been converted into A shares, gaining voting rights. If we want to seize control of BOE, these 3.05% of shares might have unexpected effects.”

Both of them were taken aback by these words.

"You want to seize power?"

"just kidding."

Chen Xuebing chuckled dryly and continued:
"However, I'm considering that after investing and acquiring shares, we definitely need to have seats on the board of directors, at least three. Also, their finances aren't good enough, so I need to be involved in BOE's financial management after the investment."

As he spoke, he pointed to a stack of documents on Cai Zhijian's desk:
“We have already drafted some of the details of the shareholding rights. Since the two leaders are here, please take a look.”

BOE's first attempt to intercept the project yielded an unexpected result.

The price rose steadily from below the opening price in the morning, reaching 3.08 by midday. After some fluctuations in the afternoon, it returned to 3.08, turning a 4.4% gain.

Guan's 5000 million yuan was all invested, with an average purchase price of 2.98 yuan, resulting in a floating profit of 3.4%, or more than 160 million yuan.

The forum was filled with insults.

"Before I started investing in stocks, I heard that big players always liked to shake out weak hands before driving up prices, but I never knew what that meant. Later I realized that I was the shakeout."

"Did the big players install GPS in my account? They're watching my measly little profits all day long, these lousy stocks that haven't risen in years. The moment I sell, they plummet. Fine, I won't buy anymore! Hurry up and drop, Dad!"

"Zhuge Wuyong, you are truly damn useless!"

"Li Dongming, you son of a bitch, pay up!"

Zhuge Wuyong and Li Dongming were two stock commentators invited by Xu Jin to spread bearish sentiment.

Meanwhile, a Japanese plane carrying a team headed to Shenzhen, fearing that BOE might take advantage of the situation.

At 5 PM, the Shenzhen Stock Exchange released its list of top buyers and sellers based on price fluctuations exceeding 7%. BOE Technology Group Co., Ltd. was the largest buyer, purchasing 3021 million shares.

Second place: CITIC Securities Chongqing Eight Kilometers Department, 1677 million shares.

At 6 o'clock, Chen Xuebing, a Sina blogger who had not posted for a long time, reappeared, attaching a screenshot of a stock account holding 1677 million shares of BOE Technology Group, with a 3.4% increase.

"Strongly support BOE!"

It quickly made it to the homepage.

Netizens exclaimed: A big shot has appeared! Come and see!

People from various stock forums also came upon hearing the news.

"**, so you were the main force!"

It is said that a chairman surnamed Wang in Beijing's Chaoyang district, during a meeting, praised Changzheng Capital, the company behind CITIC Securities Chongqing Eight Kilometers Securities Department, three times with great delight.

A donation of 5000 million in a time of crisis—a valuable asset to the people!

The following day, half an hour before BOE's stock opened, there was a deathly silence.

The waves were so small they were invisible.

Recently, most stocks in the stock market have been fluctuating steadily, with daily deviations exceeding 7%. The twenty-odd stocks that make it onto the list of top gainers and losers are being watched by most speculators. However, today, hundreds of thousands of shareholders of BOE Technology are stuck in a strange mood: some are shorting the market, while major funds are bullish. They are afraid that the major funds will sell, but they are also afraid that the major funds will try to push the price up.

The stock price didn't start to decline until noon.

Many people have realized that BOE's stock price was just over 2 yuan last October, 3 yuan before the holiday, and now it's 3.08 yuan, which is a bit high.

Emotions are returning.

3.06.

3.05.

A fluctuating downward trend.

However, by 2:30 PM, the stock price had only dropped by 3 cents, and BOE did not intend to support it.

2: 57.

Boom!
With little buying pressure below, a large price drop occurred, encountering some resistance and fluctuating in the air before falling as low as 6.2%, then rebounding, before falling to 6.5%, rebounding again, and then falling once more.

By the time most people realized what was happening, the final two minutes of the auction had already begun.

The stock price was frozen at -6.2%, and in the last second, it was still falling.

"It's over."

These two words are echoing in the minds of many stock market investors.

In the final two minutes, approximately 3 shareholders chose to sell at a price below 6.2%, and then anxiously awaited the transaction results.

Fortunately, most of the sell orders were absorbed.

Then, a group of people started cursing and searching for today's BOE stock trading data.

It was quickly noticed that BOE's stock was not on the daily trading list today!
The highest increase was one cent, or 0.3%, while the lowest decrease was two mao, or 6.5%, with a maximum deviation of 6.8%! Less than 7%!

fuck!

BOE, whose stock price is 2.89 yuan, was criticized on stock forums for another day.

Chen Xuebing's blog account was also affected, but he did not respond.

That evening, BOE held another emergency meeting.

A woman cautiously pointed to the fluctuation chart on the conference room screen and said, "Chairman, we reacted in time at the 2.88 yuan level and raised the stock price several times, but the other party has a large amount of shares and the selling pressure is very rapid. Moreover, we didn't have much time to react, and in the end, we couldn't hold on."

"You have the nerve to talk about timely response! It's obvious they deliberately made you take over!! They've got the market under control! 6.8%, so precise, just one cent off, and they won't let us see the trading data! Who is it! Who is it! Investigate them!"

The way Chairman Wang bared his teeth and roared today was exactly the same as how he laughed so hard his teeth were showing yesterday.

"We can only see the final data from the securities registration and settlement institution right now. We've checked it once, and the shareholding of the top 50 shareholders hasn't changed much. If we want to check the specific transaction details, we need to apply to the Shenzhen Stock Exchange for a special inquiry, which will take 3 to 5 business days."

Apply now!

Hefei.

Chen Xuebing leaned against the bed, holding his phone.

"Chairman, in the past, Lao Xu always made the decisions. Today, I, Lao Liu, personally took charge. Is that alright? This operation, from the end of the trading day to the pre-market buyback, involved 16,678,322 shares, not a single one missing! Even the listed company can't find out!"

"Hmm, very beautiful, but they'll find out it was us sooner or later. Today was just a show of force, to demonstrate our control... How much money did we lose by dumping shares this time?"

"When they pulled up the price at the last minute, we didn't lose too much. We lost our unrealized profit of 160 million and also lost more than 70! They will definitely pull up the price tomorrow. If it recovers to more than three yuan, we can easily make three million!"

Chen Xuebing got up, walked to the window, looked at the night outside, raised his palm, and then turned it over.

"Don't rush. Continue with the closing operations tomorrow. But this time they will definitely place low-price orders in advance, dumping the shares at their support level. We won't buy them this time. Let's see how much capital they have to absorb the panic selling."

"In addition, after the market opens at midday, let the media release the news."

(End of this chapter)