Black technology: a super empire spanning two worlds

Chapter 123 [I was stunned! I have never seen such a scene in my life (two chapters merged and updated)]

In this wave, countless short sellers have lost everything they have owned. Some were even unable to pay back their debts and were driven back into poverty overnight. Some short sellers, who were in debt that they could not repay in their entire lifetimes, simply chose to jump off a rooftop to pay off their debts. Their debts are paid off when they die.

Just as Lingjing Technology's stock price triggered a temporary halt twice in a row at the opening, the securities sector suddenly plunged.

Some large funds were willing to sell off their stocks at any cost and flee, and the overall market index was also dragged down by the sharp drop in securities firms, with the Shanghai Composite Index plunging and plummeting all the way downward.

Because of this unprecedented wave of short squeeze, many securities firms were indirectly impacted, including some institutions that lent securities through repo.

The short positions are liquidated, but in fact the positions are not closed, and the stock price is still soaring. After losing the principal and profits, the short positions continue to owe debts, and the debts are still expanding. If the short positions cannot repay the debts, the securities lenders will be forced to bear this part of the loss. The brokerage institutions cannot get the securities back, and the short positions become deadbeats. The lost part is forcibly transferred to the hands of the brokerage firms or institutions, becoming an astronomical amount of bad debts.

But how could the brokerage firm pay for the short sellers? With such an astronomical amount of money, even the best of friends would turn against each other.
But the biggest problem now is that the short sellers cannot afford to pay so much. The worst thing is that they have not closed their positions yet. If the stock price continues to rise, it means that the debt will continue to increase.

So the brokerage sector is plummeting and experiencing a big dive at this moment, because some investors have realized the huge risk of a default and are quickly running away.

Some of the brokerage firms involved in the incident are already furious internally, and the short sellers are also privately instigating, why not just unplug the network cables?

But no one at the brokerage firm dared to take the initiative, so they urgently called the villagers: Help!
Everyone in the village is also feeling very nervous now.

save?
How to save?
Unplug the network cable directly?
Or get Xiao Yu done?
But Xiao Yu is now a celebrity who is being followed and supported by the higher-ups. He has also developed room-temperature superconducting materials, something that is enough to promote a new round of scientific and technological revolution. It is no exaggeration to say that this is a technological breakthrough that can affect the country's destiny. Xiao Yu's importance has therefore skyrocketed.

At this critical moment, to punish Xiao Yu? I'm afraid the old man will hang himself.

The people in the village really don't dare to do it now. They might end up destroying themselves first.

However, brokerage firms here are calling for help one after another, which shows how big the impact is. How can the huge short orders of more than 2700 billion not be huge? This is an astronomical figure of more than 2700 billion, not 2700 million.

Moreover, now they have been forced to cover their positions. According to the rules of the game, closing these short positions means that it actually costs more than 1.3 trillion instead of more than 2700 billion. The most terrible thing is that after the temporary suspension ends, this number will most likely increase. The shorts have been squeezed to death by the longs.

You know, the total market value of all listed securities companies in the entire securities sector is only 3 trillion yuan. No wonder they came here to cry for help at this time!
The villagers really want to save them, but the question is, how?
Judging from the situation, the most effective way is to attack Xiao Yu, but who dares to do that now?

They were like ants on a hot pan, frantically trying to find ways to save themselves, while the press conference was still going on.

……

The scene of the press conference of AVIC Linfei Company.

Xiao Yu came to the podium again, and the microphone carried his voice throughout the audience: "With the emergence of room-temperature superconducting materials, the world will truly usher in the fourth technological revolution!"

Xiao Yu spoke in an orderly and eloquent manner: "In the field of energy, room temperature superconductivity can significantly reduce the loss of power transmission and storage, and improve energy efficiency and reliability. In addition, it can also provide strong magnetic field support for controlled nuclear fusion, achieving clean, safe and efficient net energy output. Perhaps the joke that controlled nuclear fusion will last for '50 years forever' will become a thing of the past."

"In the medical field, room temperature superconductivity can make medical equipment such as magnetic resonance imaging more convenient and accurate to diagnose and treat various diseases. It can also provide better performance and compatibility for medical technologies such as biosensors, artificial organs, and neural stimulation."

"In the field of computing, room temperature superconductivity can make quantum computers run more stably, quickly and scalably, solving complex problems that traditional computers cannot solve. At the same time, it can also provide traditional computers with higher computing speeds and storage capacity, and reduce heat dissipation and energy consumption problems."

"In the field of transportation, room temperature superconductivity can make maglev trains more economical, efficient and safe, and become an alternative to highways and railways. It can also provide lighter, stronger and more durable batteries and motors for electric vehicles, extending their range and lifespan."

Xiao Yu said this, looking at the material in his hand: "This ternary compound superconducting material we synthesized is more powerful than anyone could imagine. It can be suspended in the air just by relying on the earth's magnetic field. The flying cars in science fiction movies will no longer be a distant concept, but will become a reality in the foreseeable future."

When everyone heard Xiao Yu's description of the blueprint for the future, they subconsciously imagined a sci-fi scene of floating cars traveling in the air, as if they had foreseen science fiction becoming reality.

Xiao Yu looked around at the crowd and added, "What does it mean if transportation vehicles can float in the air? It means that urban transportation will usher in an unprecedented transformation, from the current two-dimensional flat transportation road network on the ground to a three-dimensional transportation network in the air."

"The upper limit of a city's size depends on its commuting capacity. The current ground transportation plus subways can only support a metropolis with a population of more than 3000 million even if the commuting efficiency is maximized. If it is expanded further, either the transportation operating costs will soar exponentially or the traffic will be so congested that it is difficult to move."

"But if vehicles can leave the ground and float in the air, it will be possible to achieve a three-dimensional spatial layout of the urban transportation network. As a result, a new economic sector will also emerge, that is, the low-altitude economy. In the future, the low-altitude economic sector has infinite room for imagination."

"For example, if a four-lane road in the city is planned to be doubled to eight-lane, the traditional method means that the road area must also be doubled. In the city where land prices are expensive, there may also be problems with house demolition. The combined cost is unbearable."

"But when urban transportation is three-dimensionally laid out, we don't need to occupy more land to expand roads. Instead, we can expand upwards on the original road surface, saving all the land costs."

"If one elevation surface is added to the original road surface, the actual commuting capacity will be 8 lanes, two elevation surfaces will become 16 lanes, and ten elevation surfaces will become 40 lanes, while the occupied land area remains unchanged."

"In this way, not to mention a metropolis with a population of 3000 million, even a megacity with a population of 1 million will not have any traffic jams, and the transportation cost will be low."

Xiao Yu was talking eloquently, and everyone was listening to his description, imagining that kind of city scene in their minds, a sci-fi scene where superconducting floating cars shuttled through different spatial heights in the metropolis.

The application of room-temperature superconducting materials is too broad. Xiao Yu only briefly mentioned some representative application scenarios at the press conference, and he did not mention a word about its military application. As long as the production capacity of this thing is sufficient, aircraft carriers can take off from the ground and become sky carriers, and the Nantianmen Project can be advanced from "creating a new folder" to the actual stage.

This is a truly disruptive product. Graphene material is known as the "king of new materials in the 21st century", but once room-temperature superconducting materials come out, graphene will have to give up the C position.

The footage of Xiao Yu's demonstration at the press conference quickly went viral on the Internet, and was even made into a dynamic picture and circulated in major communication groups.

Some scholars in the industry who study superconducting materials were so shocked to see that the material could support such a powerful suspension ability just by relying on the earth's natural magnetic field that they almost jumped up with disbelief written all over their faces.

Netizens who were just watching the show said that physics no longer exists.

When the short sellers saw this scene, they felt very disappointed.

How much they hoped that Xiao Yu was lying, but when they saw that the piece of material he threw out at the scene was like anti-gravity black technology, floating upwards without any external force instead of falling to the ground, they had to accept the fact.

……

On the other side, the capital market.

At around 9:50, Lingjing Technology's second intraday suspension ended as scheduled and trading resumed.

Thousands of eyes across the market are staring at this target, and everyone knows that they are witnessing history at this moment and in this scene.

When the moment of resumption of trading came, Lingjing Technology's stock price time-sharing line once again showed a 90-degree vertical trend and quickly surged upward, and the stock price set a record high.

It went straight up to 80 yuan, with a daily increase of +431.56% and a market value of 69440 billion yuan.

It went straight up to 85 yuan, with a daily increase of +464.78%, and a market value of 73780 billion yuan, officially breaking through 1 trillion US dollars.

It continued to rise to 103.52 yuan, with a daily increase of +587.84%, and a market value of 89855.36 billion, about 1.25 trillion US dollars, surpassing the peak of 2010 trillion when Zhongyou Petroleum was listed in 8.8, setting a new record for the peak market value of individual stocks in the history of A-shares. The whole market was stunned, completely stunned.

The trend of Lingjing Technology was beyond everyone's understanding. Institutions, retail investors, hot money and big investors were all stunned without exception.

Even if we look at the global capital market, there is no other listed company with such a large market capitalization that can create such a crazy market situation. It has created an unprecedented miracle even in the world capital market. This also indirectly illustrates how valuable the advent of room-temperature superconducting materials is.

There are listed companies with a market value of trillions of dollars, including Apple, Amazon, Google, and Microsoft.

However, Lingjing Technology, which had RMB 1.3 trillion equivalent to more than 1800 billion USD more than 1.247 minutes ago, increased its market value to trillion USD in less than half an hour, is the only company in the world that can do this.

The bigwigs on Wall Street were all stunned. They had never seen such a scene!
It sounds slow, but it is actually very fast.

The stock price of Lingjing Technology has not stopped and is still rising sharply, making history every second and setting a new historical high.

The stock price soon broke through 117 yuan, with a daily increase of +677.41%. Major market software pushed the news:
[Lingjing Technology's stock price continued to hit a new high of 117 yuan, with the intraday increase expanding to +677.41%, and the market value breaking through the 10 trillion mark. The A-share market ushered in the first listed company with a market value breaking the 10 trillion mark, and the current transaction volume is 237 billion]

The valuation has skyrocketed so much, but the current transaction volume is less than 300 billion, which means that the more than 2700 billion short positions closed at this time can be ignored. If the positions are closed at the current price, the price to be paid by the shorts has soared to a staggering 1.86 trillion, which means that the company has already owed 1.58 trillion in debt.

The reason for the crazy surge in stock prices was not only the efforts of the Ruilian Group to force a short squeeze, but also the fact that everyone was confused and forgot to operate. More importantly, there was a serious stampede among the short sellers to escape.

On the surface, they are of one mind, but secretly they are all trying to escape. I would rather my friend die than let myself die.

If a short seller wants to close his position, he has to buy chips, which makes him an actual long seller. All short sellers want to get ahead, so they all become long sellers.

As a result, the more anxious the shorts are to close their positions, the more they want to buy chips. The more anxious they are to buy chips, the higher the stock price will go. The higher the stock price goes, the more anxious they are to buy chips.

But today's stock price has no limit on its rise and fall, so it falls into this ever-reinforcing feedback loop, causing the stock price to go higher and higher, while the actual transaction volume is less than 300 billion yuan.

The result of everyone trying to get away early is that no one can escape.

In addition, there is another crucial factor, that is, the brokerage firm will carry out passive forced liquidation according to the rules at this time. No matter how high the stock price rises, the frozen short accounts will be forced to liquidate as much funds as possible, regardless of whether they can be liquidated or not.

The people at the brokerage firms certainly knew that this would only lead to a vicious trampling, but why didn't they take action? Why did they just sit there and allow it to happen?
Two words: scared!

Three words: afraid of taking responsibility!
When the amount of loss reached the trillion mark, the people at the securities firms were really scared.

At this time, if you do not follow the rules or procedures and make decisions on your own, if you stabilize the situation, at most your merits and demerits will offset each other. But if you fail to stabilize the situation, you will have to take full responsibility and bear the blame, and you will not be able to get rid of it even if you want to.

Based on this, no one dared to intervene. Even if the situation could not be stabilized, they still followed the procedures and did not make decisions on their own.

When the time comes to apportion the blame, they can make excuses by saying that the consequences were mainly caused by the imperfection of the market mechanism, and that the main problem lies not with people but with the imperfect mechanism. Although people are also responsible, the nature of the responsibility is different, and the biggest blame will definitely be passed on.

At this time, they think that the most important thing is to save their lives. They remain indifferent and do not seek credit. Not making mistakes is the credit.

So they just watched helplessly as the bulls squeezed the shorts to death without doing anything. They would rather watch the brokerage firms and even the entire financial system get dragged down, and no one dared to stand up and do anything.

The people at the securities firm chose to follow the regulations and procedures, thinking that even if they were dragged into this, it would only be a pile of bad debts and at least they could still collect the debts from the short sellers. It didn't matter whether the short sellers could pay it back or not. What mattered was that as long as the short sellers were not dead, they were the debtors and the securities firm was the creditor. This was a bad debt and theoretically there was a possibility of recovering it. Although the possibility was zero, you could say whether this was a bad debt or not, right?
If someone rashly steps forward and makes a decision at this time, it will be difficult to clearly define the division of responsibilities, and the people at the securities firms obviously do not want to take the blame for the short sellers.

So, just watching the army of short sellers trample on each other, Lingjing Technology achieved the miracle of leveraging a terrifying market value of over 300 trillion with only less than 10 billion.

Just as the market software pushed the news flash, Lingjing Technology's stock price continued to break upward with shrinking volume. About two and a half minutes later, the stock price reached 133.55 yuan.
Major market software pushes messages again:
【Lingjing Technology continued to hit a record high of 133.55 yuan, with the intraday increase expanding to +787.37%, with a total market value of 11.59 trillion yuan (about 1.61 trillion US dollars), and the current transaction volume exceeded 600 billion. 】

The stock price hit 133.55 yuan, hitting the highest intraday price today.

It was at this time that the market began to release a huge amount of volume, a huge amount of chips changed hands, and the transaction volume exploded exponentially in an instant.

Because Ruilian Group took action and promised Xiao Yu to cash out 2% of its equity and donate it to the HP Foundation.

As a result, a huge amount of chips exceeding 17 billion shares were released at once. Due to the indifference of securities firms, the short sellers were able to take over the stocks at high levels to close their positions. The huge selling pressure was taken up and did not trigger a flash crash in the stock price.

However, the frozen funds of short positions only closed less than 13% of the chips. To close the positions at the current price, more than 2700 billion is not enough, and an epic astronomical figure of 2.16 trillion is required.
At this time, Lingjing Technology's trading volume quickly exceeded 7.87 billion yuan. Seeing the huge volume, many retail investors followed suit and sold. The stock price skyrocketed times in one day. It was really difficult to hold on and not sell it to lock in the profits.

At 10 o'clock in the morning, Lingjing Technology's transaction volume set a new record for the largest single-day transaction in history, and for the first time broke the 2000 billion mark in daily transaction volume. At this time, the total transaction volume of all other listed companies in the GEM market was only more than 500 billion, and Lingjing Technology's single ticket transaction volume had exceeded that by three times.

Almost all the liquidity in the market was being siphoned off by this super behemoth, causing the liquidity of more than 5000 of the more than 4500 stocks in the market to plummet as the liquidity was siphoned away.

At 10:07, Lingjing Technology's transaction volume exceeded the historic 3000 billion mark, directly exceeding the current total transaction volume of the entire Shanghai Composite Index today.

Ruilian Group frantically cashed out 17.36 billion shares at a high price, with an average transaction price of around 125.5 yuan. This 2% stake directly cashed out 2178 billion yuan.

At this moment, Xiang Chongguang, who was sitting in the trading hall, was trembling in his heart. Others did not notice that his hands in his pockets were shaking constantly. He was pretending to be calm because he could not let his subordinates see him losing his composure.

Xiang Chongguang thought to himself: "Xiao Yu, you must not fall..."

At this moment, Mr. Xiang realized that he was really forced to take the biggest gamble. He actually didn't want to play so big. If he knew that things would develop like this, he would definitely refuse to help.

But now the development of things has completely put him in a difficult position. It is too late to jump out of the car now. He can't stop it. He can only be forced to bite the bullet and go all in. His future and destiny are forced to go all in without reservation.

Because if Xiao Yu was overthrown, Xiang Chongguang knew very well that he would also be completely finished. It was truly a case of rise and fall together.

Xiang Chongguang knew very well that his 2% reduction in holdings was not in compliance with regulations, and the shadow stock holding itself was not in compliance with regulations. If it was not weighed, it would weigh only a few ounces, but if it was weighed, it would weigh more than ten thousand kilograms.

Today's reduction of holdings is equivalent to burying a super mine for itself, and it has cashed out an astronomical figure of more than 2000 billion. Once it is reported that there is an astronomical figure more concrete than this 2000 billion? Then this mine is simply a nuclear bomb.

You can get 2 million or 20 billion and nothing will happen. Even if something happens, it is not a big deal. Most of the time, you will just have to drink three glasses of wine as punishment and it will be over.

But your set of numbers is an astronomical figure of more than 2000 billion. Either nothing will happen and rapid progress will be made, or once something goes wrong it will be a catastrophe. Xiang Chongguang will definitely go to jail and be sentenced to life imprisonment.

No wonder he was trembling inside and his hands were shaking at this moment.

……

(End of this chapter)