Becoming the King of Bottom Fishing After Going All-In on A-Shares

Chapter 118 Buying Against the Market Trend

The Hang Seng Index opened lower, around 13650 points.

The three old stocks remained calm, with people watching over them, so they couldn't fall. But Galaxy Entertainment was different.

The opening price was 0.58.

On the order book, Goldman Sachs' sell order was the first to appear, 500 million shares, at a price of 0.57.

Morgan Stanley followed suit, with 300 million shares at 0.56.

Tiger Asia, JPMorgan Chase, UBS, Citigroup, and others followed one after another, flooding the market with sell orders like water released from a dam.

0.57、0.56、0.55、0.54、0.53..

Zhang Yixing's voice tightened: "Foreign capital is dumping [the goods]."

Lu Chenzhou didn't speak. He looked at the betting odds, his fingers resting on the mouse, but he didn't move.

0.52, 0.51, 0.50.

Xia Yaozong leaned against the window, his hand still holding the soy milk, staring at the screen.

Lu Chenzhou still didn't move.

0.49, 0.48.

Galaxy Entertainment fell to 0.48, a drop of 25%.

Based on Xia Yaozong's purchase price yesterday, the price has fallen by more than 37%.

On the order book, sell orders are still pouring in.

Goldman Sachs listed 500 million shares at $0.47.

Morgan Stanley listed 300 million shares at 0.47.

Tiger Asia listed 200 million shares at 0.47.

Citigroup, UBS, and JPMorgan Chase also followed suit.

At the 0.47 price level, sell orders are piling up.

2000 million shares were piled up there, but no one bought them.

In the trading room of CICC, researcher Li Mingyang stared at the order book and turned to look at Lin Zhengmao.

"Chief Lin, Galaxy Entertainment has fallen to 0.47. Foreign investors are dumping it, and no one is buying."

Lin Zhengmao stood in front of the whiteboard, holding a pen, without moving.

Where is Lu Chenzhou?

"It hasn't been moved yet."

Lin Zhengmao was silent for a few seconds. "He will move."

In the international business department of CITIC Securities, traders were also keeping an eye on the order book.

"It's at 0.47 now, and foreign investors have dumped over 2000 million shares."

"Is anyone answering?"

"No, the checkout counter is empty."

"Where's that student? Didn't they buy it yesterday?"

"I don't know, it hasn't been touched yet."

The supervisor stood behind, arms crossed, staring at the screen without saying a word.

The head of research at Guotai Junan's Hong Kong subsidiary stared at the screen and shook his head.

"Macau gaming license stocks have terrible fundamentals: Sands construction halted, policies tightening, and gaming revenue declining. Who dares to take them on?"

His assistant whispered, "Lu Chenzhou bought it yesterday."

"He bought it yesterday, but he might not dare to buy it today. It's 0.47. Yesterday, he bought it at an average price of 0.765, so he lost almost 40%. If he were smart, he should have cut his losses today."

In the international business department of China Merchants Securities, someone suggested, "Should we buy some? It's already dropped so much, 0.47."

The supervisor thought for a moment, then shook his head. "Let's wait and see. Foreign capital is still pouring in; going in now is like catching a falling knife."

""

In the trading room of Shenyin Wanguo Securities, several people were discussing something.

"Galaxy Entertainment is currently trading at 0.47. What is its price-to-earnings ratio?"

"Losing money. No price-to-earnings ratio."

What about the price-to-book ratio?

"0.6 times."

"So low?"

"What's the use of a low price? The fundamentals are deteriorating, policies are tightening, and Sands China is shutting down. There's a reason why it's so low."

"Why did Lu Chenzhou buy it?"

"Him? He's a student. What would a student know?"

No one spoke anymore, but some people were thinking: This student hasn't missed a single word since September, does he really know nothing?

In the trading floor of Phillip Securities, retail investors stared at their screens, their faces pale.

A middle-aged man in a gray jacket stood in front of the electronic screen, clutching a transaction slip in his hand, his knuckles white.

He bought Galaxy Entertainment shares at a high price last Friday, with a cost of 0.72. Now it's at 0.47, a loss of 35%.

"It fell again," said the person next to him, his voice hoarse.

"To cut or not to cut?"

"have no idea."

"Let's wait a little longer."

"Wait for what? Wait for it to drop to 0.3?"

No one answered.

A young man wearing glasses stared at the order book; there were over 2000 million sell orders piled up at the 0.47 price level.

He swallowed hard. "So many orders, who can handle them all?"

"Nobody's buying," someone nearby said. "They're all selling. Anyone who buys will be a fool."

The young man stared at the number, rubbing his fingers along the seam of his trousers.

He wanted to sell it, but he couldn't bear to part with it.

With a cost of 0.72, selling it would result in a real loss.

If we don't sell, the price might rise back up. Maybe.

In the Goldman Sachs trading room, Wang Zhihao stared at the order book.

He placed a sell order for 500 million shares at 0.47. No trades were executed. The sell order remained unfilled.

"Nobody's buying?" a colleague next to me asked.

Wang Zhihao remained silent. He placed another order for 300 million shares at 0.47. Still, no transaction was completed.

In Morgan Stanley's trading room, Richard Gray's assistant ran over: "Boss, the sell order has been placed, but no one is taking it."

Gray picked up his coffee and took a sip. "Wait."

In Citibank's trading room, traders were also watching Galaxy Entertainment's order book. Sell orders were piled up at 0.47, but there were no buy orders.

"No one's answering," one trader said.

"Goldman Sachs and Morgan Stanley are dumping shares, Tiger Brokers are dumping shares too, who's going to take the hit?"

"Nobody's here."

In UBS's trading room, the same scene unfolded: sell orders hung there, motionless.

"What are they waiting for?" someone asked.

"Wait for the idiot to come and pick him up."

Lu Chenzhou made a move, but not to buy Galaxy Entertainment.

He opened the holdings interface of China Shenhua, showing 9002.50 million shares, with a cost of 10.20 and a current price of 14.55.

To take over foreign investment, he needed cash, and Shenhua was his ATM.

He started selling Shenhua products.

The first transaction involved 1000 million shares, which were traded at 14.55.

The second transaction, involving 1000 million shares, was completed at 14.52.

The third transaction, involving 1000 million shares, was completed at 14.50.

The fourth transaction involved 400 million shares, which were traded at 14.48.

Four sales totaling 3400 million shares brought in approximately HK$4.95 billion.

In the trading room of CICC, Li Mingyang noticed Shenhua's unusual activity.

"Chief Lin, someone is selling Shenhua shares, big orders, 10 million shares at a time."

Lin Zhengmao glanced at it: "It's him."

"Lu Chenzhou?"

"Yes. He's selling Shenhua shares to raise cash."

"He's going to take over Galaxy Entertainment?"

Lin Zhengmao did not answer; he stared at the screen, waiting.

In the trading room of CITIC Securities, some people also noticed it.

"Shenhua has a large sell order, 3400 million shares, which is about 5 million yuan."

Who is selling it?

"Sinking Ship Capital".

"Is he adjusting his portfolio?"

"It looks like they're selling Shenhua to prepare to take over Galaxy Entertainment."

"He really dares to accept?"

No one answered, but everyone's attention turned to Galaxy Entertainment's betting odds.

The money arrived, and Lu Chenzhou's finger touched Galaxy Entertainment.

At a price of 0.47, there were over 2000 million sell orders piled up there, and he started buying them.

100 million shares were traded at 0.47.

100 million shares were traded at 0.47.

100 million shares were traded at 0.47.

Stroke by stroke, slowly and deliberately.

In the Goldman Sachs trading room, Wang Zhihao sat up straight.

"They're here."

"Who?"

"Sinking Ship Capital".

He stared at the screen; the sell orders at 0.47 were decreasing rapidly.

2000 million, 1900 million, 1800 million...

His 500 million shares were snapped up.

Morgan Stanley's 300 million shares were bought up.

Tiger Asia's 200 million shares were bought up.

Citibank's $200 million, UBS's $150 million, and JPMorgan Chase's $100 million were all swallowed up.

Lu Chenzhou absorbed all the sell orders for more than 2000 million shares at the 0.47 price level.

Wang Zhihao leaned back in his chair: "He ate it all by himself?"

"One person, no one else."

In Morgan Stanley's trading room, Gray stared at the screen, his brow furrowed.

"Did he eat it?"

"They bought 2000 million shares, all of them."

Gray put down his coffee cup and walked to the trading table.

In Citibank's trading room, traders looked at each other in bewilderment.

"He ate it? By himself?"

"one person."

In UBS's trading room, someone whistled.

"This guy's got guts."

In the trading room of CICC, Li Mingyang stared at the screen without saying a word for a long time.

Lin Zhengmao stood behind him, also staring at the screen.

After a long pause, Lin Zhengmao said, "He answered."

"one person?"

"one person."

Lin Zhengmao was silent for a few seconds: "He took on 2000 million shares all by himself."

Foreign investors are selling, and he's buying.

Everyone thinks Macau gaming license stocks are doomed, but he doesn't think so?

In the trading room of CITIC Securities, someone gasped.

"He actually bought 2000 million shares at 0.47, he bought them all."

"one person?"

"A person has no one to follow."

"That's insane."

"Crazy? He hasn't missed a single transaction since September. Do you think he's crazy, or did he have a sure thing?"

No one answered.

In the trading room of Guotai Junan Securities, the manager stared at the screen, his finger hovering in mid-air.

He just said, "If he were smart, he would have cut his losses today."

But Lu Chenzhou didn't cut his losses; he increased his position.

The assistant asked in a low voice, "Should we go with them?"

The supervisor remained silent for a long time before saying, "Let me think about it again."

In the trading room of Shenyin Wanguo Securities, the person who had previously said that students didn't know anything was staring at the screen, speechless.

The person next to him said, "He answered it."

"I saw it."

"Do you still think he doesn't understand anything?"

He did not answer.

Wang Zhihao listed another 500 million shares at 0.47.

Lu Chenzhou continued eating.

100 million shares were traded at 0.47.

100 million shares were traded at 0.47.

Wang Zhihao listed another 300 million shares.

It was eaten.

Another 200 million shares were listed.

It was eaten.

He stopped and stared at the screen.

The person opposite me is like a wall.

He'll eat as much as you hang.

In Citibank's trading room, the manager gave instructions.

"Pause the order placement and observe the situation."

The same was true in UBS's trading room.

"Let's not hang it up yet, let's see how much more he can buy."

In Morgan Stanley's trading room, Gray also stopped.

"Don't hang it up, let him buy it."

In the trading room of CICC, Li Mingyang watched as foreign companies stopped trading one by one, leaving only Tiger Asia with pending orders.

"Chief Lin, Goldman Sachs is no longer listed, Morgan Stanley is no longer listed, Citigroup and UBS are no longer listed, only Tiger is still listed."

Lin Zhengmao nodded: "Tiger Asia is the most aggressive short seller, and they won't stop easily."

"Can Lu Chenzhou catch it?"

Lin Zhengmao did not answer; he was looking at the betting odds.

After finishing Wang Zhihao's new list, Lu Chenzhou started scanning the results.

0.48, 0.49, 0.50...

He bought it voluntarily, no longer setting the price at 0.47, he directly scanned the price upwards.

In the trading room of Guotai Junan Securities, the manager stared at the fluctuating numbers: 0.50, 0.51, 0.52...

He swept it upwards.

The assistant asked, "Should we go with them?"

The supervisor remained silent for a long time before saying, "Wait a little longer."

In the trading room of Shenyin Wanguo Securities, someone shook their head.

"He single-handedly bought the stock from 0.47 to 0.52. Foreign investors stopped placing orders, and retail investors dared not follow suit. He was the only one who did it."

"The tiger is still hanging."

"The tiger is still hanging, he's still eating, he's alone, going against the entire market."

In the afternoon, the atmosphere was delicate at the Chinese-funded institutions.

In the trading room of CICC, Li Mingyang stared at the order book and turned to look at Lin Zhengmao.

"Chief Lin, he's still buying. Foreign investors are reducing their sell orders, but he's buying more."

Lin Zhengmao stood in front of the whiteboard, holding a pen, without moving.

"Should we..." Li Mingyang didn't finish his sentence.

Lin Zhengmao shook his head: "No. Our money doesn't belong to us; it belongs to our clients."

Clients won't understand why we're buying a stock that's fallen from $9 for $0.50.

Even if it goes up to 9 yuan in the future, customers won't remember why we bought it.

They'll only remember that at 0.50, we were buying a stock that everyone else was selling.

Not only are the customers failing, but the risk control hurdle is also insurmountable; we can only watch.

Li Mingyang nodded, continuing to stare at the screen. He didn't place an order. He was watching. Watching how Lu Chenzhou would handle things alone.

The traders in CITIC Securities' international business department are also watching.

"He bought more than 5000 million shares by himself."

"Foreign investment has stopped. Goldman Sachs is no longer listed, Morgan Stanley is no longer listed, and Citigroup is no longer listed."

"The tiger is still hanging."

"A tiger is a tiger, and he is himself."

The supervisor stood behind, arms crossed, staring at the screen.

"What if he's right?"

No one answered. Because nobody knew.

"What if he's wrong?" another trader asked.

The supervisor didn't answer. He turned around and walked back to his office.

He didn't place an order. Not because he didn't want to, but because he didn't dare.

Because he didn't know whether Lu Chenzhou was right or wrong.

If he knew, he would be a billionaire by now.

At Guotai Junan's Hong Kong subsidiary, the head of the research department stared at the screen without saying a word.

His assistant asked in a low voice, "Should we add a little?"

The supervisor shook his head: "No, we're not going to follow that. Our report is still bearish. We just released a short-selling report this morning, and it's already turned bullish this afternoon. What will our clients think of us?"

He paused for a moment: "Besides, the fact that he was the only one to answer the call doesn't mean he was right; he might just have answered it earlier."

The assistant didn't ask any more questions; they continued watching without following.

The international business department of China Merchants Securities remained equally silent.

"He's still buying."

"Um."

"Should we...?"

'

"don't want."

In Shenyin Wanguo's trading room, several people were gathered around a screen.

"This person is truly fearless."

"Whether he's afraid of death or not is his business; we can't play with our money like that."

"What if he's right?"

"If he's right, we missed a market move. If he's wrong, we avoided a loss. Missing out is better than losing."

No one objected; they continued watching.

In the trading room of Shih Fu Financial, the manager stared at the order book for a long time.

He didn't place an order. He was thinking about a problem: if Lu Chenzhou was wrong and he bought in, what would he say to his clients if the price dropped tomorrow? He didn't know the answer, so he didn't buy.

In the trading room of Tai Fook Securities, no one was placing orders either.

Someone whispered, "He bought more than 5000 million shares all by himself."

The person next to him added, "Just because he's alone doesn't mean he's right."

"What if he's right?"

"What if he's wrong?"

No one spoke anymore.

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