"Yes, it's really supportive. At that time, the capital was simply pouring the full strength of China's foreign exchange reserves to support Xiangjiang. After the delegation you mentioned returned to Xiangjiang, a financial Armageddon began. When Li Xiaoteng spoke, his eyes revealed a haze of memory.

In the first half of '97, the Hang Seng Index peaked above 16,000 points.

It directly set a new all-time high at that time. And as the return date approached, Soros commanded his combined army and began to ship stocks at a high level in an orderly and step-by-step manner. It's really scary when international speculators don't ship stocks for the main purpose of making money.

No matter what time it is, as long as it is not for the purpose of making money, capital operation is extremely terrifying. Soros's strategy is to profit from short orders in stock index futures, which means that you can make money when you smash the stock market, and it doesn't matter if you can't make money.

As long as it falls, you can make objective profits through hedging!

The first person to use the term hedge was Alfred Winslow Jones, who found the stock market difficult to predict, but predicting a company's prospects was much easier. After all, anyone can use their industry knowledge to pick out the best companies in the industry, and the accuracy rate is much higher than listening to the news of the brick family. In this way, you can buy a good company and sell a bad company. In this way, the influence of the stock market is removed, and as long as the perception of these two companies is correct, it can be profitable. With this idea, Jones pioneered the first modern hedge fund in 1949, using a strategy called "long and short stocks"!

It is worth mentioning that the stock market in most capital markets can be profitable in both long and short selling. If you are bullish, you will buy, and if it rises, you will make a profit. If you are bearish and choose to sell, you can also make a profit. This concept is similar to the margin financing and securities lending in ChinaAMC's capital market today.

It's just that China's capital market has fallen more than it has risen all year round. Brokerages are businessmen and will not be stupid enough to bet against investors. This also makes the securities lending business in the Chinese capital market useless.

Get thousands of big blue-chip stocks and throw them in the pool of securities lending and borrowing for customers to short. The number is limited, and it seems that the brokerage does not expect this to make money, and if it really loses money with customers, it should be a welfare.

So, Soros's modus operandi is very simple. I remember people told me that the main condition is that there must be enough money to support it, and it is necessary to choose the right time to manipulate the market. Li Xiaoteng continued to tell Li Yan the story of Soros.

The people waiting next to Li Xiaoteng were quiet, but Twilight looked around sharply. Bi Peilin on the side listened with relish. On the contrary, Wu Zhilin's expression was slightly pale at this time, and he didn't know what he was thinking.

Li Yan asked: "Brother Teng, do you mean to use a part of the funds to continuously buy stocks, especially the underlying stocks of the index? They buy without regard to the cost, and then open a large number of short orders for stock index futures when the stock index reaches a high level. Then, starting from the highs, resolutely push the stock index lower, and the stocks sold will of course be profitable, but not the main source of profits. The real profit lies in the short position of stock index futures?"

"Of course, the most important thing in this operation is to use the market to follow the trend, and all market participants will become the driving force. This is what we often say when it rises, and it helps when it falls. Li Xiaoteng summed up the core situation in one sentence.

The decisive day before the return of 97 is June 28, before which the Hang Seng Index has been pressed below about 10,000 points by international capital speculators led by Soros. At this time, the situation of individual investors is not optimistic. It's basically the kind of situation that mourns the wilderness!

"The cleverness of the Xiangjiang side is that they are silent and unobtrusive, and they let Soros suppress and dominate the market. In order to paralyze the opponent, but in the early morning of the 28th, Soros's stock sell-off began to continue to release steadily, and it also successfully pressured the Hang Seng Index to continue to accelerate its decline. This is done in order to trigger the panic of the crash, so that all investors can join the countless scattered people who are fleeing for their lives, so as to achieve the purpose of helping him to suppress the index. Li Xiaoteng glanced at Li Yan as he spoke.

He saw that Li Yan was just listening quietly at this time, smiled and continued: "And when the index fell to a terrifying 4,000 points, those retail investors had even stepped on the roof, and the scene could not even be described as crying without tears. In front of them, when the state-owned speculators led by Soros were winning, they suddenly discovered that there was a mysterious fund that silently collected all the countless selling orders!"

"Soros is starting to get nervous, right? Didn't he mobilize all the stocks of his allies and sell them at no cost? In other words, whether it is a loss or not, it is still selling?" Bi Peilin asked Li Xiaoteng on the side.

looked at Bi Peilin, who clenched her little pink fist, nodded and smiled: "Yes! After the crazy smashing, the mysterious funds were still quietly collected." Harvest is receiving, but they will never pull up. Before the market closed, the trading volume of the Hang Seng Index had already hit a record high. When his inventory was almost polished, the Hang Seng Index was still above 4,000 points. When Soros borrowed stocks from the exchange and planned to continue to sell shorts again, the answer he got was that he would not borrow!"

"Is this a violation?" Biperin instantly seemed to begin to sympathize with Soros.

"Well, this is indeed a suspicion of violation...... In the afternoon, after confirming that Soros had no goods in his hands, the market began to counterattack. Mysterious funds continued to push the stock index higher, and anti-water speculators began to appear within Soros's United Army! Someone joined the bulls behind his back, bought back the stock and ended his short futures index. ”

After listening to Li Xiaoteng's story, Li Yan said with emotion: "It seems that it is to reduce my losses." But didn't they think about the result of such a betrayal?"

"How could you not have thought about it? It's just that compared to wealth, will foreigners be soft-hearted? By the time the market closed, almost all of the Hong Kong stocks had recovered the ground they had lost that morning. And Soros didn't expect the top management of Xiangjiang to make a move. ”

"This is what we mean by carelessness, right? Soros must have suffered a very heavy loss at that time. Li Xiaoteng muttered.

The loss of stocks plus the loss of stock index futures, this double shock should be painful for Soros.

When Wu Zhilin saw that Li Xiaoteng and Li Yan were silent, he took the opportunity to put the teacup in his hand on the table and said: "The whole Huaxia as a backer has directly destroyed the principle of marketization, and after a break, the Hang Seng Index has fallen from about 16,000 points to 6,500 points, a drop of about 60% of the market value......