Due to the beating of Zheng Jinsong, the first phase of the wealth fund product was lifted from the three-year lock-up period ahead of schedule, and the redemption channel was fully opened.

Although I don't know what the scale of redemption is, something that was not there is now appeared, and after it appears, it means that expectations are formed, which may lead to established facts.

In the event of a large-scale redemption, the first phase of the wealth fund may sell stocks to cash out in order to cope with the redemption pressure, which can be called the existence of the super main force, and its selling pressure is absolutely extraordinary, so it is interpreted as an emergency in the bearish market.

Because the outside world does not know that when Fang Hong decided to let the first phase of the wealth fund open the redemption channel in advance, he also ventilated to the side of Qunxing Capital, as long as the amount of funds redeemed, Qunxing Capital will correspond to the directional subscription of the first phase of the capital disk to ensure that the initial capital of 2 trillion remains unchanged, and there is no need to cash out the stock to deal with the possible redemption pressure.

The outside world didn't know about this matter, and Fang Hong didn't decide to announce it at this time.

Now it is definitely not announced, since the redemption channel has been fully opened in advance, Fang Hong has to consider that starting in June, when the big A enters the plummeting stock market crash, panicked investors will redeem on a large scale, and they will definitely face huge redemption pressure at that time.

Originally, the three-year lock-up period was left aside, and the lock-in period was also within the lock-in period during the stock market crash, and the first-phase capital plate did not need to consider the redemption pressure.

But now that it is released, it is really difficult to guarantee that investors will not redeem on a large scale in that kind of catastrophic market, because during a period of explosion and killing the main falling wave, even the target of the galaxy will have to fall with the market, and at that time, even God will not be able to pull it, and it is impossible for Fang Hong to let the stars capital pay for the previous madness.

Therefore, Fang Hong has to press not to announce it now, and he has to wait until the catastrophic market period to make an announcement, in order to boost market confidence. Announcing it now is equivalent to playing a good and good card casually in advance, and the effect will be greatly reduced.

……

The next day, Thursday, May 28.

Today's A-share market opened, due to yesterday's Zheng Jinsong beating incident, as well as the impact of the full opening of the redemption channel for the first phase of the wealth fund today, the two cities opened lower in early trading, and the Shanghai Composite Index opened -0.64% lower at 4909.89 points in the auction stage.

After the opening, the Shanghai Composite Index slowly climbed after a slight decline.

The first phase of the wealth fund product officially opened the redemption channel today, and there are really some people who choose to redeem and plan to operate by themselves, and these people are now super confident.

The big bull market is only halfway through, the market has not broken through 5,000 points, 5,000 points are just starting, 10,000 points is not a dream, this wave of bull market will break 6,124 points to hit a record high......

With the passage of time, the two markets slowly climbed, and the market turned red at about 10 o'clock, and at about 10:40, the Shanghai Composite Index rushed to 4986.50 points.

At that time, the increase had expanded to 0.9 percentage points, which seemed to have digested the negative impact of yesterday's negative news on wealth funds, and there was a great sense of sprinting towards the important integer mark of 5,000 points today.

However, at around 10:40, the highest point of today's broad market index was fixed at 4986.50 points.

The Shanghai and Shenzhen markets suddenly turned around and dived, turning green again in just three minutes, and then all the way downward, to the close of the morning market at 11:30, the Shanghai Composite Index fell below the 4900 point mark, falling back to 4872.46 points, closing down -1.40%.

During the lunch break, a bigger piece of bad news struck.

According to the public information disclosed by the Hong Kong Stock Exchange, Huijin reduced its holdings of ICBC and CCB by more than 3.5 billion yuan in the A-share market on Tuesday, May 26, with an amount of 1.629 billion yuan and 1.906 billion yuan respectively.

According to the relevant announcement, the proportion of shares of Huijin before and after reducing its holdings in ICBC and CCB decreased from 46% to 45.89% and 5.05% to 2.14% respectively.

Compared with the current trillion-level trading volume market, this reduction amount is not a fraction.

But this is not the point, the point is that this is the first time that Huijin has reduced its holdings in the four major banks this year, and it is also the first time that Huijin has reduced its holdings in the four major banks.

Run——!

As soon as the news came out, some industry insiders soon said that it is not good to prematurely judge the comprehensive impact of Huijin's reduction on the A-share market, but it may have a certain impact in the short term.

……

At the opening of the afternoon, the two cities directly dived further, and the decline of the Shanghai Composite Index expanded to -2.36%, which is not a possible impact, but has already begun to impact.

At around 13:30, the broader market index had rebounded by 1 percentage point, but at this time, another negative news came.

According to foreign media citing sources, the central mother has recently carried out more than 100 billion yuan of directional repurchase to some institutions, with a period of 7 days, 14 days and 28 days, and the price is priced at the market interest rate.

This news was interpreted by the market as a signal that the currency was trending towards tightening.

The rebound came to an abrupt end, with both markets falling again and falling below a new intraday low again, with the large financial sector led by bank stocks, and the Shanghai Composite Index fell further to 4,800 points after falling below 4,900 points.

At around 14:23, the broader market index fell to 4,751 points, and the decline expanded to -3.85%.

Margin financing and securities lending leveraged the current round of market market to sprint to 5,000 points, which also aroused the concerns of the management, and some brokerages have been notified to increase the margin ratio of the two financial institutions to curb the further crazy entry of leveraged funds into the market.

The currency here is signaling a tightening signal, and next week will be launched the seventh batch of new shares of the year, the actual expectation that its frozen funds are as high as 8 trillion, and next Monday is the stock market, this alone has frozen 2.82 trillion market funds, such a huge blood pumping effect has also led to more and more violent market shocks.

The broader market showed signs of halting its decline around 4,750 points, but this situation lasted only twenty minutes, as another bigger negative news came around 14:40 at the end of the session.

According to relevant sources, Qunxing Capital is recently reducing its holdings of brokerage stocks.

Major market software also popped up a small window to push this news news.

Boy!

The brokerage sector has plummeted by nearly 5 percentage points, and it is reported that there is such a huge bearishness, and its trend should fall like a waterfall.

At around 14:50, the securities sector fell to the limit!

That's right, in just about ten minutes, the entire plate was pressed to the fall limit.

Even the relatively volatile banking sector fell more than 5 percentage points at this time.

At present, the panic in the whole market is on the table, and it is the negative of the opening and redemption of the super fund of the wealth fund, the negative of Huijin's reduction of the four major banks, the negative of the liquidation of the brokerage of Qunxing Capital, the negative of the tightening of the two financial institutions, and the negative of WeChat's listing next week......

This major negative appeared on the same day, the three major stock indexes of the two cities have been lying in the ICU, and the end of the market died directly on the spot, collapsing across the board, and the market index plummeted in a straight line.

In the morning, the two markets opened low and then fluctuated upward, the Shanghai Composite Index once touched 5,000 points, the Shenzhen Component Index also broke through 17,000 points intraday, and the ChiNext Index rushed to 3,700 points. After 10:40, the two cities began to dive, and continued to fall in the afternoon, with the Shanghai Composite Index losing 4800 points and 4700 points in a row, and at this moment it was all the way to 4614 points, with a maximum decline of -6.63%, and the 4600 point mark was in jeopardy.

……