Wednesday, 3:20 p.m.

In a courtyard in the western suburbs of Beijing, a bottle of champagne was opened ahead of time.

The closing numbers on the projection screen were still displayed.

The Shanghai Composite Index fell 4.71%.

The overall pullback of Taichu 2 was 9.43%.

Only 0.07% remains before triggering the first round of position reduction.

The man in charge of data statistics placed the last report on the long table.

"In the past three trading days, the confirmed amount of funds taken in is close to 50 billion yuan."

"After Tuesday morning, the available credit limit for the main account had been reduced to a minimum."

"Today, Taichu only used 1.2 billion yuan near the risk line, and there were no new large-scale buy orders."

"All the funds that Chen Mo can mobilize should have already entered the market."

The man in charge of overseas transactions picked up a glass of champagne and poured himself half a glass.

"If the price drops another 1% at the opening tomorrow, Tai Chu No. 2 will automatically reduce its holdings."

"Once the sale of holdings worth hundreds of billions of yuan begins, we will no longer need to push things forward."

"The market will do it for us."

Someone at the table smiled.

Two days ago, they were still marveling at Chen Mo's ability to mobilize nearly 50 billion yuan from around the world.

Today, these funds have become holdings in the market.

Interest is required for a 30-day loan.

Temporary authorized accounts need to be subject to rollback control.

The amount of overseas margin cannot be increased indefinitely.

The stronger Chen Mo's abilities are, the higher the costs he has incurred over the past two days.

"Worth a drink."

Someone raised their glass.

"Wait until Taichu No. 2 really starts reducing its holdings before drinking it."

Shen Chongyue remained cautious in his words, but did not stop the others.

Given the current market momentum, it's almost certain that the risk threshold will be triggered when the market opens on Thursday.

They will also release their prepared internal reports, inquiry materials, and opinion articles at the same time.

By then, the actual damage caused by Primordial II will be irreparable.

Even if Lu Zhilan resumes her work, she will still have to bear responsibility for the failure to control the risk of hundreds of billions of yuan in policy funds.

The white-haired old man picked up the teacup in front of him and took a small sip.

"Keep a close eye on overseas accounts tonight."

"Let's hope nothing unexpected happens on the last day."

"Don't worry."

The man in charge of overseas transactions chuckled.

"Chen Mo doesn't have another 50 billion yuan."

Champagne glasses clinked gently together on the long table.

The two participants who had previously refused to invest additional funds did not raise their glasses.

They stared at the risk line on the screen, which was only 0.07% away, and they were still not completely at ease.

Would someone who can amass nearly 50 billion yuan in a single weekend really so easily lay their last card in front of everyone?

No one can provide the answer.

More people have begun to discuss how to deal with overseas short sellers after Taichu No. 2 reduced its holdings, and at what price to buy back the lent shares.

In their eyes, the outcome was already decided.

The market is just one day away from opening, which will mark the final outcome of this multi-week-long strategic plan.

……

Thursday.

2:50 a.m.

The trading room was brightly lit.

Chen Mo stood in front of the battle plan that covered the entire wall.

After a night of verification, the other party's hidden financial structure has become basically clear.

Four major overseas platforms are responsible for shorting the A50 and over-the-counter derivatives.

Two of the accounts had margin utilization rates exceeding 80%.

The other two accounts, while still having available funds, also provide guarantees for domestic equity swaps.

If the A50 price rises by more than 5% from its current level, the first batch of accounts will receive a mandatory margin call notice.

If the price rises by more than 7%, at least two accounts will be placed into the automatic liquidation zone.

Domestic securities lending is also nearing its limit.

Of the eighteen most important holdings of Taichu No. 2, the twelve stocks that could be borrowed have been almost completely borrowed.

If the other party wants to continue dumping shares, they can only sell their last batch of physical shares or use market panic to induce other investors to sell.

Zhao Qiang finished reading the report.

"What if they don't attack today?"

"They have no way out."

Chen Mo said.

"Tai Chu No. 2 closed down 9.43% yesterday, just 0.07% away from the reduction line."

"In their view, if the opening price is lowered even a little more, Taichu itself will become the biggest seller."

"Having come this far, no one will voluntarily stop just one step away from the finish line."

Zhao Qiang looked at Group B's funds.

The transaction capacity of over 47 billion yuan has been fully launched.

Some of them are located within the territory.

Responsible for the CSI 300 ETF, banking, insurance and core holdings.

Another portion is distributed across accounts in Hong Kong, London, New York, and the Middle East.

It is mainly used for A50, Hong Kong stocks and cross-market hedging.

These accounts have not placed a single order in the past three trading days.

The other party is aware of the possibility of their existence, but cannot determine the account, limit, and transaction boundaries.

"What should we do today?"

Zhao Qiang asked.

Chen Mo picked up a red pen and drew four areas on the battle plan.

"The first step is to protect the index."

"The second step is to work on emotions."

"The third step is to let the plate expand on its own."

"The fourth step is to wait for the short sellers to buy for us."

"What is the specific order of purchase?"

There is no fixed order.

Chen Mo looked at the real-time betting odds.

"The market will tell us which door will open first."

In his previous life, he spent twenty years navigating the ups and downs of the capital market.

Having experienced bull and bear market cycles, and witnessed countless market rescues, stock market crashes, and liquidity crises.

By 2035, institutions will have long been accustomed to incorporating news, capital flows, volatility, ETF creation and redemption, and cross-market prices into the same model.

When a market changes, the algorithm will transmit the changes to other assets within seconds.

In 2015, most investors still preferred to observe stocks, indices, futures, and sentiment separately.

What Chen Mo saw, however, was a system where all parts were interconnected.

Pulling up the banks can only temporarily raise the index.

Even if you manage to rallied a small-cap stock, it can only attract short-term funds.

To truly turn the market around, different funds must simultaneously find reasons to buy.

Long-term investors are looking at valuations.

The institutions observed that the index remained stable.

Speculative investors saw the potential for profit.

The quantitative system detected a trend reversal.

The short sellers, on the other hand, see the closing price line approaching steadily.

When all forces begin to move in the same direction, Chen Mo's prepared funds are no longer the only buyers in the market.

This is the counterattack he truly wanted.

……

8:55 a.m.

Foreign short sellers have begun to take action.

With five minutes to go before the A50 opens, off-exchange quotes have already been continuously lowered.

Several international brokerage firms have lowered their opening expectations for the Chinese market to below -3%.

Nine o'clock sharp.

A50 enters trading.

In the very first second after the market opened, more than 10,000 short orders were simultaneously dumped onto the order book.

The index opened 2.1% lower.

It then continued to decline.

2.8%.

3.5%.

At 9:06, the drop reached 4.2%.

The offshore accounts of Taichu were not immediately taken over.

Chen Mo simply watched as the trading volume continued to increase.

The number of contracts used by the short sellers in the first round was more than the number used in the last round of attacks yesterday.

"They've started."

Zhao Qiang said.

"Wait a little longer."

9:10.

The A50 index fell by 4.7%.

The other party's sell orders started to decrease.

The first round of concentrated positions has been fully released.

Chen Mo finally pressed the call button.

"One group from overseas, please proceed."

Orders were placed simultaneously from London and Hong Kong accounts.

There was no attempt to raise the price.

All long positions were stopped at the price level where the short sellers were actively selling.

Five thousand hands.

Ten thousand hands.

20,000 hands.

The index remained low, but trading volume increased sharply.

Upon seeing the familiar response, the opponent immediately launched a second round of attacks.

More short positions were placed.

Chen Mo caught them all.

The A50 neither rose nor continued to fall.

The order book seemed to have an invisible sponge, silently absorbing all the sell orders.

9:15.

A-shares entered the opening auction.

The other party has lost patience to continue hiding.

All eighteen core holdings of Taichu No. 2 saw large sell orders.

The banking, securities, and insurance sectors all opened lower.

The Shanghai Composite Index is expected to fall rapidly to 3.6%.

Based on current prices, the opening pullback of Taichu No. 2 will exceed 11%.

The risk system for the three separate accounts was notified in advance.

If the price cannot return to below 9.5% before 10:00 AM, the first batch of sell-off orders will be officially executed.

No one spoke in the trading room.

After 9:20 AM, orders placed during the call auction phase cannot be withdrawn at will.

To ensure a successful opening sale, the seller continues to increase its orders.

Chen Mo did not make a large-scale purchase.

Only a few accounts are allowed to place basic buy orders that can be actually executed below the CSI 300 ETF and four bank stocks.

These buy orders are insufficient to change the opening direction.

However, this laid the first step for the counterattack that followed.

9:25.

The call auction has ended.

The Shanghai Composite Index opened 3.82% lower.

Nine core stocks opened at their daily limit down.

The real-time valuation of Taichu II has retreated by 11.36%.

Within the risk management system, the countdown to reducing positions at 10 AM has officially begun.

Thirty-five minutes.

Zhao Qiang stared at the constantly changing numbers in the upper right corner of the screen, his breathing becoming heavier.

Chen Mo turned his gaze to another screen.

The A50 index continued to fall by 4.4%.

However, the transaction structure has changed.

The number of short positions actively sold is decreasing.

The long positions below are growing at a steady pace.

The first overseas network has been deployed.

9:30.

A-share continuous bidding begins.

"One group within the territory."

"start."

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