To Yu Ming's surprise, the class teachers and counselors before and after his transfer of departments all subscribed to the Quantum Fund to support him.

Nakamura Baihui also subscribed for 50,000 yuan is something Yu Ming did not expect, Nakamura Baihui's brother is Nakamura Shunsuke, Nakamura Shunsuke is a football star, a member of the Chinese national team, and a member of the provincial team of Yamato Autonomous Province, representing the Toshiba football team in the Chinese First Division League and winning two consecutive championships.

The income of football stars is very high, but I heard that their brother and sister are not harmonious, Nakamura Baihui's usual life is very economical, and she also subscribed to the quantum hedge fund, which makes Yu Ming still very moved.

Quantum hedge fund is a company-based fund, which has the problem of double taxation of corporate and individual income tax, and must make more profits than other types of fund companies.

Fortunately, the Quantum Hedge Fund has 5 to 10 times the leverage, and can manipulate 5 billion to 10 billion yuan of funds in the securities market, which gives Yu Ming and Chengxin Fund Management enough confidence to eliminate or reduce the adverse effects of double taxation.

The quantum hedge fund is founded by the integrity investment fund management company, which belongs to the first private equity fund managed by the integrity investment fund management company, and the 100,000 yuan raised by the quantum hedge fund has been handed over to the construction bank for custody, and the quantum hedge fund is independently calculated, and the bank custody fee, the management fee of the integrity investment fund management company, and the profits extracted by the integrity investment fund management company are all used as the operating costs of the quantum hedge fund.

On March 5th, after the completion of the formalities for the filing of the Integrity Investment Fund Management Company and the Quantum Hedge Fund with the Securities Regulatory Commission, and after Yu Ming's course was completed, Yu Ming was taken to the general manager's office of the Integrity Investment Fund Management Company.

"Yu Dong, take a look, this is a detailed information about the short-selling mechanism of our Huaxia Empire's stock market."

Yu Ming took the information in front of him, carefully read it word for word, and then asked:

"Sister Cai, at present, the short-selling mechanism of China's stock market mainly includes short selling of securities lending, short stock index futures, on-site put options, over-the-counter put options, and negative leveraged products.

Yu Ming pointed to the daily K-line chart of the Kyoto index that had been displayed on the computer and said:

"The Kyoto index has fallen for more than a year since the peak on February 16 last year, and the current Kyoto index has not been able to get rid of the suppression of the annual line, and the monthly line and the 20-day moving average have formed a dead fork. At the macro level, inflation will continue, and the central bank is preparing to raise interest rates for the third time, and there may be a fourth and fifth rate hikes; In addition, in the current stock index has fallen by half, new shares are still being issued, indicating that the management recognizes the current stock index, and feels that the current bear market is a risk education for shareholders, and the current bear market has not endangered social stability, so the macro and policy aspects are also bearish. ”

Jacy says:

"I immediately started the short operation of the quantum fund, so how long is the right time to short?"

Yu Ming replied:

"If there is no policy intervention, there should still be half of the downside at the current point, considering that there is room to leave a position, the Kyoto index will be cleared after a 30% drop and wait for the opportunity to go long."

Jacy says:

"Okay, just do as you say!"

After Lucy Cai sent Yu Ming away, she immediately held a meeting of middle-level cadres and above of the integrity investment fund management company, and issued various tasks for the quantum fund to participate in the short-selling mechanism......

Yu Ming returned to the campus of Huaqing University, and by the way, he went to the business hall of the CCB on the campus to check the balance on the stock market fund account, which was 196.78 million yuan.

After Yu Ming sold Yanzhong Industrial, he purchased 253.444 million yuan of treasury bonds, plus 130.6314 million yuan of treasury bonds that were not sold when he opened Yanzhong Industrial, a total of 384.0754 million yuan of funds purchased treasury bonds, and Yu Ming sold the treasury bonds before the establishment of the quantum fund, making a total profit of 402.78 million yuan, and then invested 6 million yuan in the integrity investment fund management company, 200 million yuan in the quantum hedge fund, and 196.78 million yuan remained.

At present, ChinaAMC's personal investment has not had more short-selling mechanism for A-share stocks, and can only buy stock index futures, and there is only one futures variety of Beijing Securities 300, and the maximum position limit is 600 hands, which means that after opening an account in a futures brokerage company and completing the prescribed simulated trading, the Beijing Securities 300 stock index futures purchased 600 short contracts.

Because of the leverage effect, at present, a contract of Beijing Securities 300 stock index futures requires a margin of about 50,000 yuan, plus funds to cope with fluctuations, a contract of 100,000 yuan for a stock index future, and a 600 contract needs a capital guarantee of 60 million yuan.

In this way, Yu Ming had to use the remaining 136.78 million yuan of funds to play new (subscribe for new shares).

Every 1 point of the Beijing Securities 300 stock index in the stock index futures contract is equivalent to 300 yuan of funds, and the current Kyoto index is 980 points, because it is a 600 short contract, which is equivalent to Yu Ming using 60 million yuan of funds to operate 294 million yuan of stock index futures, and after that, if the Beijing 300 stock index rises, it will lose, and if it falls, it will make a profit.

……

Friday, 15 July 1994.

The Kyoto Index fell 4.32% to close at 454.93 points, and the Beijing Stock 300 Index closed at 536 points.

After the close of trading on this day, Yu Ming informed Lucy Cai that all the quantum short stock index contracts would be cashed out, because the stock index futures closed 15 minutes later than the stock market, and there was enough time to clear the position, and the securities lending position of the quantum fund could not be cleared until tomorrow's stock market trading day.

After Yu Ming cleared his position on this day, because the Beijing Stock Exchange 300 stock index fell by 454 points, after deducting handling fees, commissions, and stamp duty, at 260 yuan per point, Yu Ming made a profit of 118 million yuan after 4 months of shorting.

After 4 months of new listing, Yu Ming subscribed for 6 stocks, with a winning rate of about 0.3%, because the subscription price of each new stock is different, Yu Ming won 50 to 80 lots each time, and the winning stocks were sold on the day of listing, with a total profit of about 5 million yuan, and the funds on Yu Ming's stock fund account increased to 381.78 million yuan.

The Quantum Hedge Fund used 15 accounts to buy 600 short contracts in stock index futures, making a total profit of $1.77 billion.

The next day, the quantum hedge fund made a total profit of 40 million yuan after liquidating its securities lending positions.

Yu Ming told Lucy Tsai that starting tomorrow, the quantum hedge fund will start to build positions in stocks.