Rebirth: The Financial Giant

On Thursday, November 8, Tiansheng Capital headquarters.

"Please come in!"

Lu Ming, who heard the knock on the door of the office, responded, and Han Qiulin walked in slowly, "The procedures for transferring to Tiansheng 2 have been completed, and we are waiting for your signature."

After speaking, Han Qiulin handed a document to the table. Lu Ming took a glance at it and signed and sealed it without much hesitation, and asked by the way, "Has the Tiansheng Convertible Debt closed?"

Han Qiulin took over the signed and sealed documents and nodded: "Yesterday, all investors completed the debt-to-equity swap, and Tiansheng Convertible Bonds were officially suspended from trading. Tiansheng Zhuan 2 basically seamlessly connected to the market."

Lu Ming returned to Ningzhou and returned to the company headquarters to deal with the approval of the issuance of "Tiansheng Zhuan 2". The issuance scale of the second convertible bond was still 30 billion yuan. It has been disclosed, and many investors are waiting to subscribe.

Although Lu Ming did not explicitly say or admit it, he has now conveyed his wishes to the market through other channels. Even the majority of retail investors now know that Tiansheng Capital's issuance of convertible bonds is not for lack of money, but for ordinary retail investors. A channel for indirect investment in Tiansheng Holdings.

Many people are incapable of the astronomical price of the underlying stock. Now, the further back the stock price is, the more outrageous the stock price is, and the more impossible it is to buy a lot. The highest price once soared to 41,000 yuan per share. It is no exaggeration that 99.9% of the investors in the A-share market cannot afford to buy a lot for more than 10,000 yuan.

In the past, only retail investors could not afford it, but now, with the continuous rise of stock prices, more and more public funds and private funds cannot even afford it.

The first hand is more than 4 million yuan, which means that if a public fund wants to allocate Tiansheng Holdings, the total size of the fund must be at least 41 million yuan, because according to relevant regulations, the proportion of funds for a single stock cannot be higher than that of the fund. 10% of the total scale, there are many domestic public funds, but a large number of funds of about 20 million are caught.

In other words, those public funds below 40 million cannot allocate Tiansheng Holdings.

At present, Tiansheng Holdings has 4,000 institutional allocations, with proper institutional votes, and nearly 1,200 institutions with a large vote are all allocated 100 shares, that is, first-hand, not only first-hand, but these public funds have The scale is generally in the scale of 100 million.

The scale of private equity funds is relatively loose, because there is no rigid requirement that a single share allocation must account for the total fund. .

Many retail investors saw the more than 1,000 institutions behind Tiansheng Holdings with 100 shares, and they also ridiculed constantly, thinking that they were following the trend.

The current ethos gives the impression that it is embarrassing to talk to the peers if the public funds do not allocate some Tiansheng Holdings, especially blue-chip funds, which must be allocated to Tiansheng Holdings.

...

At about 17:00 in the afternoon, Tiansheng Capital issued an announcement, officially disclosing the relevant news of the issuance and listing of "Tiansheng Zhuan 2". The time is to officially open online subscription on Friday, November 9th, that is, tomorrow, and Thursday, November 29th. The official listing can be traded in the secondary market, and this time, the full 30 billion fundraising will be subscribed online.

In this way, even large funds have to be new online like ordinary retail investors, but large funds must have advantages over ordinary retail investors, but in general, compared with the previous large funds designated offline The distribution is much more fair.

After all, the main purpose of Tiansheng Capital’s issuance of convertible bonds is to indirectly provide retail investors with an investment channel, but large funds can also participate in accordance with the rules.

The underwriter is still Cailian Securities, which was Lu Ming's brokerage institution when he fought against Big A with "retail investors". The cooperation between the two parties has a long history, and they are old friends. The cooperation is also very harmonious, and there are not too many questions. Work for an old friend.

It is worth mentioning that the new subscription of Tiansheng Zhuan 2 has been adjusted. Because the positive stock price is too high, the traditional 1 lot, that is, 10 pieces of 1,000 yuan, cannot be converted into debt-to-equity at all. You can only wait for the bonds to expire. interest income on bonds.

After the adjustment of Tiansheng Zhuan 2, the minimum subscription unit for new subscriptions for a single account is 50 lots, i.e. 500 lots, 50,000 yuan.

The conversion price of Tiansheng Zhuan 2 is 38,735 yuan.

Such an adjustment also means that as long as the winning investor does not need to buy from the secondary market if he firmly holds and does not change hands, the amount he already holds can guarantee that he will be able to buy at least half a year later during the open conversion period. It can convert 1 share of Tiansheng Holdings, and it is more than enough.

As for the extra part, it is up to investors to decide whether to hold it for a price increase, sell it for a change, or buy a little more from the secondary market to make up a second share.

As soon as the news that Tiansheng Zhuan 2 was going to be released and listed, it aroused great attention. Many financial media also quoted and reported the news, and many investors also learned about it through the news pushed by their commonly used market software. Of course, There are also big V who speculated in the stock also forwarded the news.

The news spread overnight, which was highly anticipated, and many investors were looking forward to it.

"The news was released a few months ago, and I finally look forward to the listing of the second Tiansheng convertible bond. My big knife is already hungry!"

"I missed the era of the cabbage price of the stock king's 5,000 yuan share price, and I missed the era of the first convertible bond of the stock king. The second convertible bond can't be missed again."

"In order to be able to play Xintianshengzhuan 2, I specially cancelled a brokerage and registered a trading account of Cailian Securities instead!"

"I just cut meat today, I don't know what to buy, but for a hundred thousand yuan, I can make it to the top of the new stock market."

"By the way, is the winning rate of the stock king to 2 big?"

"It should be very large. After all, the scale of 30 billion yuan is definitely much more likely to win the lottery than other convertible bonds, and this time it is a full online new deal."

"According to the initial launch of Tiansheng's convertible bonds, the winning rate is very high.

"It's unlikely that Tiansheng will switch to 2. This time the subscription limit has been raised to 50,000, and looking at the popularity, there are probably a lot of people snapping up."

"It is true that the winning rate should be much lower than that of the first one. Assuming that each household is awarded 50,000, 30 billion is 600,000, but in fact, some people may be possessed by the European Emperor and give 1 million to the winning, so the actual number of households It must be less than 600,000, and there are more and less meat!"

...

The last trading day of the week was ushered in a heated discussion.

On Friday, November 9th, Big A opened as scheduled. At the same time, when investors opened their market software, a new window for today popped up. All major market software has the function of "one-click new", as long as investors do not close it. Today's new reminder, as long as there are new shares and new bonds listed on the same day, a pop-up window will pop up.

Investors basically click one button to start a new one. Whether they can win the lottery and see their faces is a smooth thing, but as long as they win, they will basically make a steady profit without losing. It is rare for new shares and new bonds to be listed, and new shares are generally listed first to double the board. This is also the reason why everyone is keen to launch new shares.

As for convertible bonds, usually after winning the lottery, they will choose to sell them on the first day of listing on the secondary market. It looks like 1,000 yuan can earn 300 yuan, and a late-night snack is appropriate.

Early this morning, many investors saw "Tiansheng Zhuan 2" on the new reminder, so they clicked the subscription without hesitation.

But today, the big A call auction has gapped and opened low and fell sharply. This low opening is not the escape of large funds. In fact, the main players are all confused.

It turns out that many retail investors have come up with a scene for the new "Tiansheng Zhuan 2" that makes the main funds smile bitterly. It is necessary to free up working capital. It can be seen that the group of novices in the stock market is quite large, and there are still many new novices entering the market.

These retail investors have sold their stocks to free up their funds to play Xintianshengzhuan 2. Because a considerable number of new small white groups gathered in the early morning call auction, they began to sell stocks, which triggered dominoes. effect……

When other funds looked at the market information, they shouted with question marks on their faces: What the hell, so many funds are running away, what happened? Don't know at all! But it doesn't matter, let's run first.

After the opening of the market at 9:30, it continued to decline. Some of the funds persisted in the call auction stage, and I dare not persist at this moment, but those who are not satisfied with the big A will be educated and obedient in the end, so in this case, run away , running may be wrong, but certainly not too much wrong!

This led to capital fleeing, followed by a stampede effect. Today, the broader market collapsed.

...