June 19, 2006, was an ordinary trading day. If anything, a year has passed, IPOs in China's stock market have reopened.

Most of the world's major securities markets have a registration-based system for the issuance of securities, which means that companies are free to choose to list as long as they comply with the listing rules of the stock exchange.

But the IPO market in China's stock market is somewhat different.

Because China's financial system is a closed economy, China's stock market still retains the issuance system inherited from the planned economy era -- the examination system.

To put it simply, even if the financial report of a joint-stock company fully meets the listing conditions, it is not possible to be listed if it wants to be listed, it must be reviewed by the stock exchange, and it can only be listed when the state deems it suitable.

It is precisely because of this somewhat deformed new stock issuance system that there are many drawbacks in China's stock market, such as many loss-making stocks that die but do not freeze, the price of new shares is extremely high after issuance, and the issuance of new shares is suspended as soon as the stock market goes bearish......

Previously, due to the continuous decline of China's stock market, the exchange had to temporarily suspend the approval of new share issuance, and this suspension was only one year.

Until recently, new stock issuances that had been hiatred for a year were finally restarted as the stock market rallied again.

The name of the first new stock after the restart is China Industrial International. A seemingly inconspicuous stock.

Early this morning, Sun Haoyang began his daily busyness.

With the recovery of the stock market, the business department of Wanyue Road has returned to its former prosperity, and the trading hall is crowded with people, and the flow of people who open accounts is lined up.

These people who open accounts basically have zero stock experience and don't understand anything, and they are completely attracted by the money-making effect of the stock market. Therefore, Sun Haoyang had to patiently explain to them over and over again the procedures that need to be taken to open an account, the format of filling in the form, and answer all kinds of common sense questions about stock trading.

It was in this bustling atmosphere that China Industrial International opened. The opening price of 17.11 is unobtrusive.

After the opening, the price of China Industrial International was sold off by the new shares, and the stock price fell all the way to 15.5 yuan before stabilizing. Everything looks so bland.

But in the large room of the business department on Crescent Road, there is a person who is paying close attention to the trend of this stock, and keeps operating the account to buy ......

Time flies in a busy day, and the two-hour trading time in the morning quickly passes in the busy.

The clock in the trading floor was moving towards 11:30, and Sun Haoyang finally had time to run to the back canteen to eat.

As soon as he entered the cafeteria, Sun Haoyang saw the martial hero greeting him.

Wu Yingying saw that no one around him was paying attention to him, pulled Sun Haoyang to his side, leaned into Sun Haoyang's ear and said in a very slight voice: "I found a strange thing this morning, there are too many people here to make a noise, you will come to my room and I will tell you." ”

After speaking, he buried his head and began to eat, no matter how Sun Haoyang asked, he refused to reveal another word.

Sun Haoyang, who was full of suspicion, quickly finished eating, and then followed Wu Yingying to his room.

Wu Yingying looked around at no one, and then quietly asked: "In the big family next to me, do you know his details?" ”

Sun Haoyang tilted his head and thought about it and said, "You mean that person named Chen Wei?" ”

Wu Yingying nodded: "Yes, do you know where he came from?" ”

Sun Haoyang frowned and said, "Why are you asking this?" The customer information of the sales department is confidential, and the company has regulations that cannot be easily disclosed. ”

Martial Hero glanced at Sun Haoyang and said, "What secrets do I have to talk about with my brother, I just want to know what the origin of that person is, and it's not a big deal." ”

The relationship between Wu Yingying and Sun Haoyang is very good, and Chen Wei's situation is not too much of a secret in the sales department, so Sun Haoyang hesitated for a while and said: "He is a trader in a private equity investment company, and it is said that he has hundreds of millions of funds in hand. ”

"That's ......" Wu Yingying pondered for a while and then asked, "Do you know the stock of China Industrial International?" ”

"You mean the new stock that went public today?" For the stock of China Industrial International, Sun Haoyang knows a little.

This is the first share after the IPO restart, and just a few days ago he also instructed retail investors on how to subscribe for new shares, so remember the name of this stock.

"This morning, I overheard that Chen Wei had been sneaking on the phone, and then when I passed by his door, I saw that his computer screen kept showing the time-sharing chart of the stock of China Industrial International, do you think there is a chance in this?"

Sun Haoyang opened the time-sharing chart of China Industrial International on the computer screen.

The tick chart shows that the stock began to climb slowly after a wave of declines in early trading. At the same time, the stock has a very high turnover rate, exceeding 50% in one morning.

China's stock trading system is a T+1 rule, and stocks bought on the same day cannot be sold. The 50% turnover rate means that in just two hours in the morning, half of the shareholders who were lucky enough to win the lottery have sold their holdings of China Industrial International shares.

Sun Haoyang thought for a while and said: "According to the trading rules, there is no price limit limit for the listing of new shares, so it is easy to be speculated. Chinese people like new things, and the first share after a year of suspension of new shares like this does have the possibility of being hyped.

Theoretically, as long as the amount of money in the hands of those speculators with ulterior motives is large enough to buy all the stocks on the entire plate in one day, then it is not a problem for him to raise as high as he wants. ”

"Then do you think this China Industrial International may be hyped by the bookmaker?"

Wu Yingying's question Sun Haoyang couldn't easily answer for a while, so he began to check the relevant information of the stock in the hope of finding more clues.

After studying for a while, Sun Haoyang said: "It is theoretically possible.

The total number of new shares issued by China Industrial International is only 60 million shares, and according to the price of 17 yuan, theoretically only 1 billion funds can buy all the shares in circulation in the market.

In addition, many retail investors also like to chase new stocks, so if you want to speculate on this stock, I estimate that three or five hundred million is enough.

This amount of money can be obtained by a private placement of a slight scale. ”

After thinking about it, Sun Haoyang added: "And you see, this stock has changed hands by 50% in just one morning, and there are not many stocks left for retail investors to sell, I believe that if someone really wants to speculate, it is not difficult." ”

"So according to you, will this stock rise sharply this afternoon?"

Sun Haoyang shook his head: "I can't say for sure. Judging from the current form, the possibility of this stock being speculated in the afternoon does exist, but there is no way to determine this kind of thing.

In addition, even if the stock really rises sharply in the afternoon, I am afraid that it will fall back quickly in the next few days.

You think, the issue price of this stock is only more than 7 yuan, and the current valuation of more than 17 yuan is actually overestimated a lot, and if it rises at this price, it will be completely evil.

Knowing that the stock price has been speculated, what fool will take over at a high level at this time? ”

Next, Sun Haoyang and Wu Yingying discussed for a while, but they didn't come up with anything new. Unless there is inside information about this kind of thing, no one can guess the future trend just from the plate, and in the end they can only give up.

After the noon break, Sun Haoyang fell into endless busyness again, so he quickly put the matter behind him.

The time unconsciously came to two o'clock in the afternoon, and suddenly the decibel count in the already noisy trading floor increased by a few points, and retail investors seemed to be eagerly discussing something.

Why are you so excited, is the market skyrocketing or diving? Sun Haoyang thought about it and looked at the market, the market trend was quite stable, and there was nothing abnormal.

Just when Sun Haoyang was full of suspicion, Wu Yingying trotted all the way into the trading hall and shouted to Sun Haoyang: "China Industrial International, look at China Industrial International!" ”

Sun Haoyang hurriedly opened the time-sharing chart of China Industrial International, and saw that the stock price trend was like a rocket soaring into the sky, and it had rushed all the way to 30 yuan, and the disk showed that the buying was enthusiastic, but there were few selling.

Seeing that the stock price of China Industrial International broke through 30 yuan and was still rising wildly, Wu Yingying couldn't wait to ask: "Can you chase it now?" ”

Sun Haoyang thought about it and shook his head; "It's late. If 17 blocks are chased in, there may be a good return. But buying now is extremely risky. In the next few days, the stock will inevitably come out of a continuous downward trend. ”

Hearing Sun Haoyang say this, Wu Yingying and a few eager retail investors around him gave up. And the trend of China Industrial International did not stop there, and rushed all the way to 50 yuan before it began to fall back contentedly. In the end, China Industrial International closed at 30 yuan, up 300% throughout the day.

In the next few days, China Industrial International continued to pull out the immeasurable word drop limit as Sun Haoyang expected, and it fell until it was around 17 or 8 yuan before the speculation to stop the decline. During this period, all those retail investors who chased high and bought were trapped, and they lost all their money. But that's all for later.

There are many versions of the rumors about the hype of China Industrial International.

Some say that it is the method of the death squad, some say that it is speculation, and some say that it is the institution that won the lottery to pull up the stock price. There are even conspiracy theorists who have suggested that this may be a ploy by the official body to increase the enthusiasm of shareholders by deliberately inflating the first IPO to be listed.

After the incident, Sun Haoyang also used the authority of an employee of a securities company to privately investigate the account of Chen Wei, a private equity trader.

According to transaction records, Chen Wei bought more than 1 million shares of China Industrial International near 17 yuan that day, using more than 20 million yuan.

But the information that Sun Haoyang can find is limited to this, whether this speculation is organized and premeditated, who is the leader of the speculation, and what the purpose of the speculation is, will forever become a mystery.

But there are so many unsolved mysteries in the world, so I don't care if there is one more......

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