As soon as Li Xiangyu's words were finished, Kim Il-tae was directly angry: "You still have the face to say this, if you didn't operate indiscriminately today, would the young master be so passive?" ”

Li Xiangyu smiled bitterly: "It's all my fault, so I blame myself and regret it inside." ”

He looked at Chen Daojun with blank eyes: "Young master, please let me finish my words, I want to atone for my sins." ”

"I'll only give you 2 minutes, if you don't have any useful information, just keep your mouth shut!"

Chen Daojun looked at his watch, meaning that he could start now.

Lee Sang-woo's expression didn't look like he was pretending to be eager, and Chen Do-jun didn't mind giving him a chance.

Li Xiangyu was sincerely grateful: "Thank you, then I'll make a long story short." ”

He craned his neck and coughed: "The key opportunity for us to turn defeat into victory is that the institution has made a big mistake!" ”

Institution?

Chen Daojun's eyes froze, and he and Kim Il-tae glanced at each other: "You go on." ”

"Please turn on my computer and find out the trading details of Sakata stocks in these issues!"

Li Xiangyu motioned to his colleague to turn on the computer: "I understand it this way, excluding the factor of retail investors, repeated see-saw is like a refueling tactic, consuming a lot of money, and there are many variables, I believe that no normal trader will do this, the short side should be almost the same as our strength, if the strength is really strong enough, the chips are enough, he will definitely smash the market to the end!" ”

Shorting is essentially betting that the stock price will fall, so after an institution like Yuan Chuan shorts Sakata, it will use various means to spread unfavorable news about the stock in an attempt to suppress the stock price for profit.

Now, many institutions represented by Yuan Chuan have put bearish news in the market, indicating that they have entered the market.

There is no reason to have funds in hand, and instead of directly smashing through the floor and scaring away Xiaosan, you will let the stock price rise and expose yourself to the risk of liquidation.

Kim Il Tae nodded: "I agree with this, the short side was really weak at the beginning, but recently the chips have suddenly increased, how do you explain this." ”

Li Xiangyu leaned on the table, he was very excited about the problem he found: "Yes, I didn't figure it out at first, normally speaking, the bargaining chips of institutions are on par with us, and the stock price only depends on our trading, until I just recalled the data and found that in addition to us recently, the buy order of the brokerage is far lower than the sell order this time, and in conversion, the institutions and brokerages on the market bought 10 shares, but they got close to 50 shares out of thin air, which is extremely unscientific!"

"I see, they're 'naked shorting', right, why didn't I think of that!"

Kim Il Tae patted his head and woke up like a dream.

Dongying's brokerage has the function of borrowing stocks, and institutions are looking for brokerages to lend stocks to sell at the current price, and then buy back the stocks in the stock market at a low price at a certain time after that.

If the broker happens to have this stock in hand, it will borrow it directly, and if it does not, it will buy a share from the market and lend it to the institution.

The institution pays a fee or interest to the broker, and when Sakata's stock price falls to a certain price, the institution will buy a share in the market and return it to the broker, and the transaction will be completed.

Li Xiangyu's meaning is obvious, according to the normal shorting method, the theoretical maximum shorting ratio is 100%, that is, the institution uses all the outstanding shares on the market to short at most.

The reason why the short-selling chips of institutions in the market suddenly increased, even exceeding 100%, was because of the "naked short selling".

"I have been in an institution before, and what Xiang Yu said is not wrong, in fact, when the brokerage lends shares to the institution, it is not lent in time, but three days after the loan is initiated, it will be transferred to the name of the institution." Lee Yoon-ho added.

Regardless of whether the brokerage has a stock in its hand, the institution can first borrow the stock from the broker, and as long as the IOU is played, the trading market will show that the institution holds the stock and can also sell it.

But in fact, it will take three days before the name of the institution is written on the stock, and at this time, as long as the institution buys the stock in the market and returns it, it can close the account, which is called "naked short selling".

"Then the three-day gap is very knowledgeable." Chen Daojun frowned.

Obviously, "naked short selling" can create a lot of transactions out of thin air, and there is theoretically no upper limit.

Shorting stocks with very poor liquidity is often used by institutions because the stock price is based on the last traded price.

Therefore, once the institution "naked short selling", it will spread the negative news of the stock more frantically, so that the stock price will fall even more, so as to make itself more profitable.

"If that's the case, then it's understandable that Yuan Chuan and the newly joined institutions have been so crazy about hype recently!"

Under Kim Il-tae's introduction, Chen Do-jun understood the specific operation.

The emotional Yuan Chuan institution uses IOUs to lend stocks virtually, and then smashes the market crazily.

Institutions only need to pay up to half of the margin, they can lend double the stock, and even as long as they have money, they can continue to borrow, as long as the stock price is successfully dried, they can calmly buy the stock at a low price, and pay it back unknowingly.

"Good means! Then we have no choice but to admit defeat? ”

Chen Daojun vaguely caught something, but didn't think clearly, he motioned to untie Lee Sang-woo's handcuffs and move a stool to him.

Lee Sang-woo moved his wrist and sat in the middle of the office, he was still a little uncomfortable with being watched by everyone for the first time, but now he needed a more detailed explanation to ensure that everyone understood his thoughts.

"Master, not only stocks, but even futures, special circumstances institutions will use 'naked short selling' to operate, but this is a double-edged sword, and I am most afraid of encountering 'short squeeping'."

Since "naked short selling" is so easy to operate, why don't ordinary institutions operate like this, it's too risky!

The stock price has risen and fallen, in case the stock price does not fall but rises after shorting, the institution can only buy the stock and close the position with the brokerage after the stock price soars.

And the closer to the delivery date, the more eager institutions will be to buy stocks, the more the stock price will rise, and the short-selling institutions will lose more.

This is known as a "short squeeze".

But if an institution like Yuan Chuan is stubborn and does not close the position, and has to wait until the stock price falls before buying the stock and delivering it to the brokerage, then the brokerage will not be happy.

I bought the stocks with my hard-earned money, and you borrowed them with a little margin?

If you make a profit and return the stock, and when you lose it, you will come back, how can there be such a good thing in the world?

Therefore, the brokerage company that dreams of drought and flood protection must deliver with the market within the specified time, and if the institution loses a huge amount and cannot deliver it in time, the brokerage will worry that he will be dragged into the water, so every time the brokerage lends the stock, it will charge a certain margin.

For example, Yuan Chuan and other institutions shorted Sakata borrowed shares from a brokerage firm at a price of 100 yen and sold them, and paid a margin of 50 yen.

Soon after, the stock price rose to 120 yen, and if the institution bought the stock at this time and closed the position, then the institution would lose 20 yen, and this loss was still within the margin range, so the brokerage could wait.

However, once the stock price rises to 150 yen, the loss of the institution reaches 50 yen, and this loss is equal to the margin.

At this time, the brokerage will not wait any longer, regardless of whether the institution is willing or not, it will be forced to close the position and deliver, which is a liquidation for the institution, and there is no return.

"Young master, as long as you encounter a 'short squeeze', the institution will definitely not be able to withstand it!"

After listening to Lee Sang-woo's words, Kim Il-tae nodded slightly, but sighed again.

"But we have no chips, now the institutions have not yet reached the psychological level of suppressing the stock price, and when the market opens in half an hour, the institutions continue to smash the market, and the price may plummet, Xiangyu, you only think about it now, it's too late!"

"Young master, starting tomorrow will be a festival for three consecutive days, the stock market will be closed, as long as you can hold on this afternoon, everything will be fine, can you get money?"

Lee Sang-woo has a thousand plans in his head, and he will wait until this afternoon.

Everyone turned their attention to Chen Daojun, after all, he is the boss, hoping if there is any way?

Chen Daojun's expression froze, speaking of which, it is still a matter of chips!

A confident smile appeared on his face: "Everyone should think about it, I'll make a call." ”

Everyone looked at the back of Chen Daojun picking up the mobile phone and turning off the door, and they were faintly looking forward to it.

Everyone talked to each other much quieter, for fear of disturbing Do-joon.

They didn't know that Chen Daojun's face collapsed as soon as he entered the door.

As the boss just now, he must not be weak in momentum, but now he is alone, he collapsed on the sofa, clutching his scalp.

The money that arrived the day after tomorrow couldn't be rushed no matter how much it was urged.

This afternoon, just one afternoon, who can help themselves?

He even had the idea of contacting Chen Yangzhe, believing that with his grandfather's face, there would be no problem in getting money in Tokyo.

But in that case, the scope of involvement is too wide, not to mention that all the layout on your side will be leaked.

It is difficult to guarantee that his strength will not be known by his family, and the difficulty of many plans will be several orders of magnitude higher at that time.

Chen Daojun is not distressed about these two or three billion US dollars, he is just unwilling!

After all, it is a long-distance operation, and the conditions are still limited, and a Sakata was forced to do this by the organization.

Chen Daojun's competitive spirit was stimulated!

……

Before the stock market opened, Chen Daojun pushed open the office door and came out.

Facing a pair of nervous and expectant eyes, he said with a smile: "You don't have to do anything this afternoon!" ”

“？？？”

Chen Daojun said seriously: "I just talked to the chairman of the board of directors of the Sakata company on the phone, in order to save my own fate, Mr. Tanaka of the Sakata company will hold a press conference at the same time as the stock market opens, announcing the repurchase of shares!" ”

"That guy Tanaka, isn't the industry saying it's so difficult? I was convinced by you."

Kim Il Tae muttered, "How did you do that?" ”

"Is it that difficult, he was actually polite to me?"

Thinking of Tanaka's tone that changed from arrogance to panic on the phone just now, Chen Daojun couldn't help but laugh.

In fact, Sakata doesn't have that much money, and the so-called repurchase of shares is just a gesture.

Isn't it just storytelling, as long as someone listens and someone believes, it's okay!

When I heard that Sakata was going to hold a press conference, the media came to hear the news like a shark that had seen blood.

Sure enough, Tanaka, who was full of wrinkles, was a good hand at public opinion, and he called the seven largest shareholders in the company to preach the company's corporate culture in public.

Of course, this is all the press release he memorized, but the writing is okay, at least the reporters on the scene listened and nodded again and again.

Immediately afterwards, he almost made an announcement with seven shareholders in a posture of breaking the boat.

will repurchase the company's shares, not only will the company spend 13.7 billion yuan to repurchase shares, but they will also personally support the company with their pockets and vow to live and die with the company.

In fact, no matter how much they buy, they have no psychological pressure.

They have staged this kind of performance too many times when employees are clamoring for a salary increase within the company.

It's just a different set of rhetoric.

They don't want the company to be delisted like this, after all, there are shares, the company is still there, and their status is also there.

As long as you get through this delisting turmoil, Tanaka will lead everyone, and you will still be invited to a banquet, drink wine, and dance!

The media are not interested in what kind of person Tanaka is, they are only responsible for reporting the news.

The fastest action was the radio station that Chen Daojun bought, followed by forums, TV programs, and newspapers.

The CLA once again called on everyone to support Sakata.

The enthusiasm for retail buying is high, coupled with the press conference of Sakata Company.

After a set of combination punches, even the empty side was a little confused.

Under normal circumstances, there have been several fights.

The bears understand that the strength of the multi-party side should not be underestimated, but at the moment there is no financial backing of the multi-party side.

On the contrary, there are a lot of small orders with dozens or hundreds of hands, which is very wrong, and it is not at all like the style of many parties.

As long as it is a normal person, it will be suspected that there is something greasy in it, and whether many parties are ready to fight back at a low price.

The bears tentatively put some orders down, which were quickly eaten by retail investors.

For a while, he didn't dare to act rashly.

There was no long or short stroke, retail investors got high, and Sakata's stock rose all the way from 75 to 84.6.

Yasuo Hamanaka originally thought that the chips were sufficient, and he was already sure to win.

Until Sato Hidenaka called him for instructions: "Minister, Sakata Company announced the repurchase of shares, and there are a lot of scattered orders in stocks, and the current situation is a bit uncertain, should we hold it off?" ”

Yasuo Hamanaka was directly laughed at angrily: "Hold off? I do."

Before he finished speaking, a high-ranking Sumitomo official, Tomohisa Yamashita, pushed the door in: "Hamanaka, the chairman is looking for you, please come with me!" ”

Yasuo Hamanaka knew that trouble was coming, and the company might have found out what he had found out about his unauthorized participation in copper futures trading, so he pressed the phone on the table: "Can I finish this call?" ”

"I'm sorry, the chairman asked me to take you over immediately, please don't embarrass me!"

Yamashita Tomohisa didn't give face like before, and said with a cold face.

"Smack!" Yasuo Hamanaka stared at him angrily, and hung up the phone helplessly: "You guy, let's go!" ”

On the other end of the phone, Sato Shunaka obediently heard half of the words, and no one answered the phone call later.

In desperation, he can only choose the most conservative way, stand still, wash dishes and reduce costs!

Yasuo Hamanaka went for a long time.

When I heard that the stock price had not been able to fall, I angrily scolded Sato all night.

Wednesday, May 3, Constitution Day, is closed.

Thursday, May 4, Green Day, closed for the market.

Friday, May 5, Children's Day, closed for business.

Plus two days on the weekend.

Chen Daojun got a rare five-day respite.

The funds he had transferred from outside had finally arrived.

But the real wins and losses are often outside the stock market.

(End of chapter)