It has to be said that the efficiency of the Tianyu Fund is very high, and by the time Zhong Shi returned to the Central office, a report on borrowing shares from a brokerage firm had been placed on his desk.

Since the Hong Kong Stock Exchange allows brokers to make markets, many large brokers are also shareholders of listed companies, such as Peregrine, the largest brokerage, which is the majority shareholder of more than 20 listed companies. In this case, these market makers can lend their stocks to short sellers in the case of long-term bullishness.

Although brokers compete with institutions, they are a channel in themselves. Fees will be incurred as long as they use their brokerage channel, and generally speaking, a portion of the interest accrued by the short seller's account will be intercepted by the broker, and this part of the interest will be used as a fee for selling the stock.

However, in the event of a sharp decline, it is likely that the market makers themselves will become victims of the short-selling mechanism, as long as the price of the shares they lend falls below the average price at which they opened their positions. In fact, many market makers will do small things behind the scenes, such as inflating the stock price before the expiration date of the loaned stock to force short sellers to close their positions, or using options or warrants to use correlation to make profits.

"According to our requirements, many brokerages can provide a small amount of shorting quota for heavyweight stocks, but in terms of red chips, the amount that can be shorted is significantly higher, and obviously brokers are not very optimistic about the future of red chips." Just as Zhong Shi was flipping through the report, Maxim, who was in charge of the Hong Kong fund, reported respectfully.

Since the previous few people were in charge of the Hong Kong fund, the performance was not optimistic. Zhong Shi could only be ruthless and demote them to researchers. Originally, this level conversion was very humiliating for a fund manager who had climbed to a high position, but the return on investment of the flagship fund was really amazing, so that most of these people could not bear this level of decline and resigned angrily, of course, their shares here were redeemed accordingly.

Zhong Shi glanced at Maxim, his face unchanged, a noncommittal look.

Next, Maxim analyzed the situation in other sections. Among them, the real estate section focuses on the analysis. The words revealed that he wanted to cash out the shares of Huade Real Estate, which was a heavy shareholder.

"No!" Zhong Shi categorically denied, "Other shares can be liquidated or even shorted, but Huade Real Estate can't be moved, because this is my ...... No. This is the only bright spot we can have. Believe me. With good development prospects and huge cash reserves. Huade Real Estate will not have too much volatility. ”

In the excitement, Zhong Shi almost blurted out that Huade Real Estate is his property. Fortunately, he corrected his mistake in time.

Maxim glanced at Zhong Shi suspiciously, but did not open his mouth to refute. In fact, he has long had objections to holding such a large number of shares in Huade Real Estate, but since Zhong Shi said so, he is not good at doing anything more. Although the two parties did not have a direct subordinate relationship, Zhong Shi's order had long since become an order that could not be violated.

"Well, as long as the amount of Huade real estate you hold does not change, I will not take into account the performance between now and next year. It is the performance of all your funds, as long as you do not lose to the broader market index, you are qualified. What do you think? After thinking about it, Zhong Shi felt that this kind of mandatory order was not conducive to the operation of the fund manager, so he set an extremely lenient condition for Maxim.

According to the development of later generations, Hong Kong stocks will begin to fall sharply in the coming period, and then until September 98, the entire Hang Seng Index is fluctuating violently in ups and downs, in this case, as long as a little hedging on the stock index futures, the fund share will not change too much.

Compared with Zhongshi's near-miraculous performance, the other fund managers of Tianyu Fund are feeling great pressure all the time. Fortunately, Zhongshi's requirements for them are not too high, generally speaking, as long as they do not underperform the market, and sometimes they can even pass without underperforming the inflation rate.

Hearing Zhong Shi's words, Maxim's face was full of joy, and in September he made a lot of money by shorting stock index futures. Now he still retains some positions, according to the internal analysis of Tianyu Fund, Hong Kong is about to face the impact of international speculative capital, in which case the Hang Seng Index will definitely fall. According to Maxim's analysis, it is definitely not a problem to outperform the market in the future, in this case he has gradually shifted his focus to stock index futures, but the first heavy stock Huade Real Estate makes him a little uneasy.

Now that the burden he thought was a burden had been removed invisibly, he suddenly felt a sense of relief.

……

The next day, apart from the researchers who were still outside, an all-hands meeting was held in an extremely rare place within the Tianyu Foundation. All the people in Hong Kong were there, and Chung Shi gave a speech at the conference.

"Based on our internal analysis, we believe that international travel is about to attack Hong Kong. Although it is not clear exactly how the attack will be, although we have analyzed it, based on our research, it is unanimously agreed that the value of the Hong Kong dollar is not likely to depreciate. ”

This means that international funds, including hedge funds, are very likely to return to nothing, and there is a possibility that they will lose money in the exchange rate market. But what we can analyze, they will analyze. In the case of obvious losses, they still insist on attacking Hong Kong, and the meaning of this can be imagined. In other words, they have the ability and the means to guarantee that they will make back their losses in the exchange rate market, and even make a big profit, otherwise they would not do such a thankless thing. ”

"Then the question arises, which market will be the focus of their attack. Our judgment is that the Hang Seng Index market is the focus of their attack, and the exchange rate market is only an important addition. If done properly, it is believed that they will be able to make greater profits from the stock market and the related warrant and options markets than the exchange rate market. Needless to say, the connection between the two is needless to say. ”

"The theme of today's conference is for you to choose, because we have no intention of entering the Hong Kong market in the short term. This is mainly related to regulation, and we are not willing to be exposed to the supervision of any one market at this time. Because once our performance is exposed, we will be subjected to unprecedented accusations, which we cannot afford at the moment. ”

As soon as Zhong Shi's words fell, there was a sudden disturbance below, obviously most people couldn't understand Zhong Shi's approach. Ignoring the discipline announced before the meeting, they began to talk to each other, and for a moment the whole room was filled with buzz.

For this situation, Zhongshi did not stop it. He just exchanged glances with Ma Jiarui and waited patiently. For this reaction, nature was expected by them.

It took a full five minutes for the discussion to fade down. The researchers talked to themselves for a long time, only to find that Zhong Shi had not finished all his words. It was this discovery that made them realize that Zhong Shi must have a follow-up. Most of them have a thought in their hearts, that is, they are not calm in the face of interests, and they are very enthusiastic. Compared with Zhong Shi, the cultivation of the mind is high.

Zhong Shicai didn't have the heart to think about what these guys were thinking, and only after the discussion quieted down did he continue: "Naturally, I won't stop you from getting rich. Others other than the staff of the Hong Kong Fund may choose to go long or short on the Hong Kong market at their own discretion, but we will not provide judgment and analysis accordingly. If you're lucky, you might be able to make a fortune, but if you're unlucky, you might lose a fortune. ”

"Because our funds are not involved in the Hong Kong market, all of your actions in the Hong Kong market are personal. Starting today, the discussion about the Hong Kong market will be limited to the Hong Kong fund and his researchers. Anyone else who touches this red line will be warned, or even handed over. We don't want our colleagues to be punished and arrested for insider trading. And the Hong Kong fund will move out of here tomorrow and go to another place. ”

"Also, we don't intervene in the Hong Kong market, we don't provide analysis, we don't stop it. Any action will be your personal investment and has nothing to do with X-Spatial Fund. Also, while you focus on the Hong Kong market, don't forget your main job, which is the analysis of the economic situation in the Asia-Pacific region. ”

Speaking of this, Zhong Shi paused, glanced at the audience, and said meaningfully: "I believe you will understand the trade-offs. ”

After finishing speaking, Zhong Shi got up and left directly, not giving these researchers a chance to ask questions at all. Immediately afterwards, a group of high-level personnel also came out, and none of them had the intention of speaking. Although their faces were solemn, their expressions were quite calm, and they obviously already knew about Zhong Shi's decision.

After the group left, the remaining researchers in the conference room looked at each other, and no one said a word for a long time, it was obvious that the news was too strong for them to digest it.

At the same time, employees of Hong Kong funds began to pack up their rooms, packing items such as the Bloomberg terminal, and they will be working in another location for the next year.

……

"Don't understand?" In Zhong Shi's office, Andrew had been sitting for a long time, and he wanted to ask Zhong Shi several times, but he swallowed back the words when he came to his mouth.

Zhong Shi smiled, glanced at Andrew, who was scratching his head and cheeks, lit a cigarette, and then said seemingly nonchalantly: "You won't understand that our enemies are not those hedge funds, they can still act according to the rules of the market." This time, we are facing a group of people who don't follow the rules at all, so take advantage of the current situation to wake up the internal momentum, and don't wait for the guys from the Independent Commission Against Corruption to come to the door. (To be continued......)

PS: Thank you book friends for the monthly ticket of Romantic Snail, Mouse Flying, God's Loneliness, Mystery, and irvinwj! The second will be released later, and I wish you all a happy Dragon Boat Festival holiday in advance! And don't forget to vote for Ha, thank you!