In 92, a "Great Era" was popular, in the fictional plot, on the day of the final battle between Fang Zhanbo, the protagonist played by Liu Qingyun, and the Ding crab played by Zheng Shaoqiu, the stock market rebounded from 9050 points by 4100 points in one day, an increase of more than 40%. And this day is known as "Big Miracle Day" in this TV series.

"The Great Era" had a great impact on Xiangjiang pop culture and the stock market, and since then, people in Xiangjiang have called the trading day when the stock market fell sharply and then rebounded sharply as the Great Miracle Day.

Of course, the counterattack of 4000 points in a day can only exist in TV dramas, in reality, on the day of November 25th, the rebound exceeded 1200 points, and the opening plunged to 6200 points to the rebound of 7400 points to close, a rebound of nearly 20%, which is already the limit that can be reached in reality, enough to be called "Great Miracle Day"!

After the BBC interview accident, whether it was Yi Media's office or his own home, he was chased and intercepted by the Dagong, Wenhui, Ming Pao and other media, and wanted to interview Lai Conghao and asked if he planned this false run.

There must be something wrong here.

Lai Conghao smuggled to Xiangjiang at the age of 12, started as a child laborer, struggled for decades, became a well-known garment tycoon in Xiangjiang, and entered the media industry in recent years.

Over the years, the business sea has been crawling and rolling, and I haven't seen anything, if it weren't for someone making trouble behind it, then there would really be a ghost.

There was a commotion at the door, the iron gate opened, and a Mercedes-Benz slowly drove into Lai Conghao's mansion, and the media flocked to it, but was stopped by several bodyguards pulling people to the wall.

"Jimmy, I found it. Maximon, the commercial director of Yi Media, got out of the car and hurried to Lai Conghao's study.

"The first news should have been on the Internet. Maximon shrugged his tie and sat down unceremoniously across from Lai.

"Internet?" Lai Conghao raised his eyebrows, "What do you mean?"

Maximon pulled out a stack of printer paper from his briefcase: "This is what I printed from the largest discussion board in Hong Kong, three days ago, on Saturday night, there was a post on this discussion board, and this is what it is. ”

The post asked other netizens in an inquiring tone if they had come across someone who offered them money to come to the bank and queue up for dollars. You see, these are all replies. ”

Lai Conghao frowned, turning page by page of what Maximon had printed. Initially, few people replied, and it wasn't until an hour later that a man named Tommy Cho replied that he had met him. Immediately after, a few more people said they had met in the same way.

At this time, the topic began to heat up, and there were many repliers.

Immediately afterwards, someone opened a new theme and put forward all kinds of evidence, saying that international speculators are using various means to short Xiangjiang, and the post just now proves that international speculators want to create a false run.

Although one or two people questioned the post, most netizens were furious and said that they would go to the scene to reveal the truth.

The current Internet is different from a few years later, and the Internet in a few years will of course have a great influence, but now even Lai Conghao, who is a media, is very unfamiliar with the Internet, let alone the general public.

But the Internet in this era also has a benefit, that is, it has a high reputation.

Twenty years later, everyone knows that there are more rumors than truths on the Internet, but in this era, the credibility of information on the Internet is still very high. Most netizens prefer to believe what is on the Internet than traditional media.

Although the proportion of fake news in these messages is not low, people are willing to believe it.

"Since this topic is very hot on the discussion board, some of the media have noticed it, so a considerable part of the media has already received the news this morning. Maximon listed the key points for Lai Conghao.

"Three days ago?" Lai Conghao frowned, "There's something wrong with this."

Maximon nodded and said: "Yes, I checked the time of posting, the time of posting, we just reached an agreement with Druckenmiller, the task has not been assigned, how can this news appear on the Internet." This shows ... ”

Lai Conghao narrowed his eyes: "This shows that either other people also want to create a run, and the Americans have also found other people, or someone is secretly playing tricks! Have you found out whose post this is?"

Maximon shook his head: "No, I can't find it, I also found a professional to investigate, but the other party didn't leave any specific information." What's very interesting is that the ID of the fake run post can't find specific information. ”

In this era of the Internet, no one really knows whether it is a dog sitting in front of the screen, no identity registration, no mobile phone registration, only one account and password, and trying to check people is tantamount to looking for a needle in a haystack.

If you hide the IP through professional means such as proxy servers, you will not be able to find out who sent it.

Although Maximon is nominally the commercial director of Lai Conghao's company, Lai Conghao knows that the background of this foreigner is not simple, and he said that he did not find it, and it proved that it was really impossible to find it.

"What about that idiot on TV? I can't find it!?" Lai Conghao's eyes flashed fiercely, if it weren't for this idiot who made a lot of nonsense on the BBC live broadcast, the whole situation would not be so irreparable.

He also bet a large amount of money to short the Hang Seng Index, and today's surge made him lose at least 300 million Hong Kong dollars.

300 million.

Maximon looked embarrassed: "That person is indeed hired by us, a villager from Dapu, although the exact information has not yet come and found out, but it seems that there is no problem." ”

The fire in Lai Conghao's heart rubbed against him, and he was actually ruined by an idiot.

"What's the matter!?didn't you see me talking about something!?" There was a knock at the door, and Lai Conghao couldn't suppress his anger and scolded loudly.

"Master, there is a messenger outside the door who wants to see you, saying what SFC is. Ah Cheng is stopping them at the door, do you want to see them?" said the maid in Lai Conghao's house cowered and stood at the door of the study.

SFC?

Lai Conghao suddenly stood up, and the Securities Regulatory Commission came to him? Lai Conghao suddenly found himself only thinking about how to solve the reputation crisis of Banana Daily, but completely ignoring the most important risk involved.

Lai Conghao stubbornly said: "Please let them in, by the way, bring Lawyer He too, and let him come here immediately." "It's impossible for SFC to avoid people, no matter what, it's better to look at the other party's purpose before you can make a plan.

"Mr. Lai, hello, I am Zhu Kangrui, the securities and exchange supervision commissioner of SFC. I took the liberty to visit today to learn something from you. A middle-aged man in a black suit with an SFC badge pinned to his collar said politely, followed by two young men who were also wearing black suits.

Lai Conghao said calmly: "It turned out to be Zhu Sir, I have been friends with you for many years, if there is any problem, just ask, I know everything." ”

Lai Conghao is talking about Liang Da, the current chairman of SFC and the first Chinese SFC chairman, former assistant director of the ICAC, and barrister Leung Anbang.

Zhu Kangrui nodded expressionlessly, as if he didn't hear Lai Conghao's words at all: "Well, the stock market fluctuated sharply today, and there are rumors that all your banana daily newspapers are operating behind the scenes, what explanation do you have for this?"

Lai Conghao narrowed his eyes: "Sir Zhu, you can eat indiscriminately, but you can't talk nonsense." Are you accusing me of manipulating the stock market, and what evidence do you have that Banana Daily is manipulating the stock market?"

Zhu Kangrui strained his face: "Banana Daily has used a large page to sing down the Hong Kong dollar and the stock index for three consecutive days, and we have counted that there are a total of 23 reports in the Apple Daily in the past three days, all of which have a short attitude towards the Hong Kong dollar and Hong Kong stocks. ”

Lai Conghao snorted: "What? Breaking the law? Xiangjiang is a society governed by the rule of law, there is freedom of speech, no matter what the newspaper reports, it is our freedom, what does it have to do with SFC?"

Zhu Kangrui smiled slightly: "You're right, if it's just a real-time report, no matter what position you hold, it has nothing to do with us." However, if someone manipulates the stock market for their own benefit by controlling the media and creating panic through improper means, the SFC has the right to investigate the suspected stock market manipulation and insider trading. ”

Lai Conghao's heart sank, when he was shorting, of course, he did not use his own name, but used the name of 15 securities companies that seemed to have nothing to do with him.

No way, even if there is a hand tail, it can't be so fast.

Xiangjiang does not prohibit shorting, shorting is a completely legal means of operation, but manipulation of the stock market is absolutely prohibited in any securities market. Lai Conghao sang down the stock market through his media, and bought a large amount of short himself, once he is confirmed, the crime of manipulating the stock market and insider trading will never escape.

This kind of thing will not necessarily go to jail, but being punished by the SFC is certain. (After 08 years in Xiangjiang, stock market manipulation and insider trading were officially criminalized)

Of course, prohibition is prohibition, in fact, there is no stock market that is not manipulated, the key depends on whether it is caught.

Whether or not it is caught depends on whether the manipulator is stupid enough to leave direct evidence, and on the other hand, it depends on whether the SFC wants to arrest it.

Lai Conghao said calmly: "Sir Zhu, since you say so, I can understand that this is an improper accusation against me by the SFC, if so, I have nothing to say, please go back." ”

Zhu Kangrui and the other two young people stood up: "Okay, Mr. Lai, let's leave today." As he spoke, Zhu Kangrui took a piece of paper from the young man's hand, "However, please also ask Mr. Lai to come to the SFC within three days to cooperate with the investigation and explain the relevant situation. ”

Lai Conghao's face was gloomy, and before Zhu Kangrui could get out of the Lai family's mansion, he heard Lai Conghao's angry voice, "Pounce on your mother! Manipulate the stock market? Why don't they check the four major families? Why don't they check the Chinese-funded banks? Take me under the knife? Don't even think about it!"

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"Stanley, I think we can consider closing the position. Julian Robertson lit a cigar and said calmly, "We have made enough money in Xiangjiang before, the variables are increasing, and the risks are increasing accordingly, so we don't need to take risks." There are still many opportunities in the future, and there is no need to cling to Xiangjiang. ”

Druckenmiller's face tightened: "Close the position? If we close the position now, we will have to pay a net loss of 2,500 Hong Kong dollars for each short order." 90,000 empty orders are 250 million, or 30 million US dollars! We still have two-thirds of the chips in our hands that have not been used.

Julian Robertson's Tiger Fund is also a big dealer in this short selling operation, accounting for more than 30% of the funds, and hearing Drucken Miller's words, Julian Robertson's wrinkled face also showed a trace of hesitation.

"Believe me, even if we don't have to make any small moves, it's only a matter of time before we profit from Hong Kong. As long as we keep the stock index below 7,000 points this month, the December futures index will inevitably fall, and by December, when most companies are at the end of the fiscal year, the monetary market will be tighter, and we can still make a profit!" Stanley Druckenmiller affirmed.

For Tiger Fund and Quantum Fund, the most fundamental purpose of shorting Hong Kong is to make a profit. If you can completely crush a region's finances, you can certainly get the greatest benefits.

But if it can't be completely defeated, as long as it can create a crisis, it can also make profits, but it is not so profitable.

Julian Robertson smoked a cigar and thought for a long time: "I always feel that there are some problems in Xiangjiang's game, especially this time, it seems that someone is ahead of us at every step. In addition, the spot market is also wrong, I asked the analysis center to do an analysis, the previous three times, the effective utilization rate of funds on the bulls is four percentage points worse than now. Hua'an, which is now betting with us, obviously has a mainland capital background, which shows that Huaxia has already made a move, and if we continue to fight, we must undoubtedly be more fully prepared. In my opinion, even if the position is not closed, it will be rolled over to December. ”

Druckenmiller nodded: "I agree, December is the time for the real decisive battle." ”

"Sir, Mr. Soros's phone number. The assistant walked up to Druckenmiller and handed the phone to Druckenmiller.

"Hi, George, I'm with Julian. Druckenmiller picked up the phone, "There is a little trouble on the Xiangjiang side, but the problem is not too big. ”

Soros's aged voice came from the earpiece: "My child, don't you know yet?"

Stanley Drucken Miller was stunned: "What?"

Soros flipped through a fax he had just received, "Half an hour ago, the Hong Kong Monetary Authority issued seven measures to supplement the linked exchange rate system and 30 regulations to improve financial transaction procedures. ”

Stanley Druckenmiller's heart tightened, and the HKMA issued new regulations?

"What's in it?" asked Stanley Druckenmiller.

Soros said calmly: "I've already asked someone to send you a fax, you can see for yourself." ”

Druckenmiller took the fax from his secretary's hand, and as soon as he read two lines, a layer of sweat oozed from the corners of his forehead. And Julian Robertson, too, put on reading glasses, picked up a copy and looked at it.

"The delivery period of stocks and futures has been changed from 14 days to 2 days, and 150% margin will be levied on traders who hold more than 10,000 stock index futures?"

"Yes. Soros did not hang up the phone, "There are other restrictive regulations, and after the regulations are implemented, our practice will be completely useless in Xiangjiang." ”

Druckenmiller flipped through a few pages of faxes, and finally fixed his eyes on the last one, "Officially implemented on January 1, 1998?"

"We only have a month left. Soros's voice came, "Now there are only two choices: first, delivery and liquidation, Julian, you and I share the loss." 2. In the remaining two trading days of this month, we will make every effort to control the stock index below 6,800 points, transfer positions in December, increase the chips, and force the Hong Kong authorities to completely abandon the linked exchange rate system. ”

"Increase your chips?" Julian Robertson's cloudy old eyes flashed brightly, "Can you continue to increase your chips?"

Everyone is mixed in the industry, and anyone can guess how many backgrounds, Julian Robertson does not believe that Soros still has the strength to continue to invest.

Soros said calmly: "I have already met with Yeltsin, and he will guarantee short-term debt with tax and oil revenues, and I will package this debt into $4.5 billion subordinated debt, which is currently of great interest to some buyers." With leverage, I can still stock up at least $15 billion in chips by December 15th. ”

Stanley Drukenmiller's eyes lit up, "George, if there are still $15 billion in chips in December, the Hong Kong dollar will die!"

This does not require any advanced knowledge of international economics, it is just a simple arithmetic problem.

"I agree. Julian Robertson made a judgment in an instant.

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"Our goal is to make Soros think that December is the decisive month. Zhang Chen's face was serious, Zeng Xinquan had known him for so long, and he had never seen him so formal.

"As long as they take December as the decisive month, then they will definitely go all out to short the Hang Seng Index in the next two days, pulling down the price of the December futures index. Therefore, the next two days will be very difficult for us, and both sides of the foreign exchange market and the stock market will face severe tests. The HKMA must ensure that interest rates cannot be raised, no matter how many dollars they convert. Huaan will do its best to support the market in the market, pull the stock index above 7,500 points, and maintain this result, even if all the funds are used, it will not hesitate!"

Zeng Xinquan frowned: "The risk is too great! Since they want to transfer their positions to December, it means that they will continue to attack in December, and if the foreign reserves are exhausted, it will really be over." It is said that the Quantum Fund holds a large amount of short-term debt in Rakshasa and can withdraw funds at any time, and when the time comes, we will not be able to accept it, and the Xiangjiang economy will be completely finished!"

Zhang Chen smiled slightly, and said confidently: "Donald, don't worry, Rakshasa money, they can't transfer it." ”

(End of chapter)