However, although he placed his sell order at the top of the sell queue immediately, it was useless without any trading volume across the market.
Under the impact of major negative news.
Throughout the call auction process, for 'Teli A', only over 300 lots of shares were traded.
Compared to the 20,000 lots of main sell orders he placed, this was merely a drop in the ocean.
Based on the total trading volume of this stock during the call auction, his 20,000 lots of main sell orders were basically impossible to execute.
Of course, in a sense.
Su Yi also didn't intend to sell all 20,000 orders he placed.
The reason he rushed to place orders, leveraging his channel advantage, was to immediately block the limit down.
Firstly, he indeed wanted to sell some shares to further reduce his holding costs and increase his cash flow for future operations; another reason was that he felt the pattern of a no-volume one-line limit down was not entirely bad for 'Teli A' at a time when negative news was dominant.
With all shares locked in the market, the negative news reached its extreme catharsis.
When the limit down eventually lifts, it will actually be beneficial for the overall exchange of share structures within the market.
After all, once the negative news has been fully absorbed, under extreme panic, if market liquidity recovers, most of the unstable shares that entered the market earlier will be dumped en masse, either to take profits or cut losses, and this... will lead to extremely thorough turnover in the market, meaning a new share structure platform can be formed.
At that time, as long as the market's enthusiasm for 'Teli A' remains.
As long as its core speculative logic has not collapsed.
Then, after thorough turnover and the re-formation of a share structure platform, the market will still easily be stirred, generating new speculative sentiment and displaying a 'dragon's head back' pattern.
This is also why 'Teli A' has had consecutive limit downs several times before.
And ultimately managed to reverse and reach new highs.
Looking at the current overall market trend, 'Teli A' is the core market leader, regardless of whether it rises or falls, affecting the hearts of numerous investor groups across the market, especially countless short-term investors.
As the saying goes, where there is attention, there is room for sentiment to play out.
What's more, after 'Teli A' experienced several negative limit downs, its previous trend of rapidly reaching new highs.
Has already formed a certain cognitive inertia in the minds of many short-term investors.
Utilizing this cognitive inertia to operate the market.
Su Yi believes... after 'Teli A' digests this wave of negative news, it will certainly be able to rally sentiment and break to new heights, and only when everyone's strongest expectations are met, and funds from all sides lose the motivation to continue driving the market up, will this stock gradually exit the watchlists of numerous investor groups in the market and its top position on the hot stock rankings of both exchanges.
"Ah, a no-volume one-line limit down. 'Teli A' is completely dead, isn't it?"
While Su Yi was pondering the subsequent trend of 'Teli A' and observing the opening patterns of other popular stocks on both exchanges, in his university classmates group, a classmate who bought at a high point last week and was now trapped expressed their frustration, feeling quite depressed.
"A negative limit down at this position is definitely dead."
"Luckily I didn't chase it last Friday, or I'd be trapped now."
"Young Master Zhao, it looks like your Bugatti Veyron is going to fall through!"
Zhao Xinqiang replied,
"Don't panic, it might still reverse. Didn't 'Teli A' also recover after being put in the 'small dark room' by regulators last time, even with consecutive limit downs after resuming trading? I think we still need to have some faith in the leader, and isn't President Su also still in it?"
"The last time it could reverse, wasn't 'Teli A''s stock price still relatively low?"
"The last position wasn't low either, but this time the negative news is clearly more significant, and this stock has risen 8 times from its bottom. It's indeed difficult to continue speculating upwards with negative news at this position, but there should be an oversold rebound after several consecutive limit downs."
"How many limit downs do you all think there will be?"
Zhou Jiahao, who held a position in 'Teli A', asked,
"Damn it... please don't let it be four or five limit downs, I'll really lose so much money I'll vomit blood."
Zhao Xinqiang said,
"It shouldn't exceed two limit downs."
"Young Master Zhao, aren't you too optimistic?"
Liang Xu said,
"The major shareholder is liquidating their holdings; it's obvious they think the stock price at this level is severely overvalued. This blow to market sentiment is no small matter. It feels like this round of 'Teli A''s adjustment might start with a halving."
"It's impossible for it to halve."
Zhao Xinqiang said,
"With such high market attention for this stock, if it drops more than two limit downs, a large number of capital groups will surely come in to buy the dip. What's more... major funds like President Su, 'Qingchun Road', 'Shaoxing Branch', 'Qilu Gang', 'Rongcheng Gang' are currently all locked in the market. With their tens of millions or hundreds of millions in holdings, it's hard for them not to save themselves."
"If there are only two limit downs, then it's not a big problem."
"Don't worry."
Zhao Xinqiang said confidently,
"How can the 'Demon King' die so easily?"
"But 'Teli A''s influence is truly immense!"
Zhou Jiahao said,
"Almost all hot concept leader stocks on both exchanges have been brought down by this stock."
Zhao Xinqiang said,
"This is the influence of a leader; the entire market has to follow 'Teli A''s lead."
"The market is probably going to crash today."
Tu Hongyong said.
"Ah, I originally thought the Shanghai Composite Index could break above 3500 points this time."
Liang Xu said,
"Now it looks like it will have to retest last week's low point to further confirm the support strength of that low."
"A retest might be good too."
Tu Hongyong said,
"Directly attacking 3500 points, the pressure is still too great."
Zhao Xinqiang responded,
"It still needs 'Teli A', this core leading stock, to drive it. Anyway, I'm firmly bullish on this stock; I won't exit until it reaches a 10-fold gain."
As messages in the group refreshed rapidly, and everyone discussed market conditions and 'Teli A'.
Soon, market time reached 9:30 AM.
Both exchanges entered the official continuous auction trading session.
After just five minutes of sentiment brewing, as the market once again began to trade, the selling pressure evident on the market was even heavier than during the call auction.
The three major indices: Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index.
Without even a basic surge and rebound, they dived downwards directly under heavy selling pressure, continuously expanding their market declines.
Meanwhile, 'Teli A' maintained its no-volume one-line limit down pattern.
And those related follow-up concept leader stocks, such as 'Chuan Sheng Jiuzhou', 'Sanxia Xincai', 'Yishang Zhanshi', 'Jiqiren', 'Tonghuashun', 'Duofuduo', 'Tianci Cailiao', 'Peng Hui Nengyuan', 'Baofeng Keji'… and other popular stocks, as well as the concept and theme sectors associated with these stocks.
Also continued to show a downward trend, accompanying the sustained decline of the indices.
At 9:40 AM, just ten minutes after the market opened on both exchanges, among the top 20 popular concept stocks most watched by investors on both exchanges, over 4 stocks had already hit their intraday limit down, with three of them completely locked at the limit down.
At 9:55 AM, the intraday declines of the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all expanded to over 1%.
Among them, the ChiNext Index's intraday decline had reached 1.55%.
At 10:11 AM, 'Chuan Sheng Jiuzhou' hit its limit down, and its market turnover rate reached over 15% in just over half an hour, with a large number of main bullish funds in the market retreating.
At the same time, in the core concept and theme sector of 'State-owned Enterprise Reform'.
Both the concept and theme sector index and its strongly related industry sector index showed a sharp decline, leading the fall among both concept and theme sectors and industry sectors on both exchanges.
At 10:28 AM, 'Yishang Zhanshi' hit its limit down, and the 'Sub-new Stock' sector suffered a heavy blow.
At 11:07 AM, 'Dongxing Securities' plunged over 7%, and the entire 'Securities' sector index saw its intraday decline expand to 3%.
At 11:30 AM, as both exchanges entered the midday close.
The Shanghai Composite Index fell to a decline of 1.5%, giving back the market gains made last Friday and re-losing the 3400-point mark.
As for the ChiNext Index, suppressed by the sharp declines of numerous 'SME and ChiNext' concept stocks.
It plunged 2.39%, with a 'dark cloud cover' candlestick pattern, once again engulfing the market gains made last Friday, seemingly poised to retest the low support level from last Wednesday's plunge.
Then, as the brief midday break arrived.
Under the influence of the morning's very weak market and obvious losing effect.
The overall market's bullish sentiment and the views of numerous investor groups couldn't help but continue to slide towards pessimism.
Bearish views began to fully suppress bullish views, and at the same time, investors' risk appetite also began to fall sharply.
Such midday sentiment.
Directly led to, after the market reopened in the afternoon.
'SME and ChiNext' concept and theme stocks were completely abandoned by various active institutional funds and countless follow-up retail investor groups.
Also led many active institutional funds to subconsciously increase their positions in the 'Big Finance' and 'Big Consumption' sectors.
Consequently...
At 1:20 PM, the 'Liquor and Beverages', 'White Goods', 'Banking', and 'Insurance' sectors strengthened against the trend, gradually becoming the leading sectors and core main lines on both exchanges, while the 'State-owned Enterprise Reform', 'Securities Finance Holdings', 'Industry 4.0', 'Lithium Battery'… and other concept and theme main lines, which were previously highly watched and heavily speculated by various funds, continued to fall further, showing a complete retreat.
Under this evolving market pattern.
At 2:00 PM, a wave of limit downs began to unfold among many popular high-position stocks in the market.
At 2:17 PM, 'Sanxia Xincai' hit its limit down.
At 2:24 PM, 'Tiancheng Zikong' hit its limit down, and the 'Sub-new Stock' concept and theme sector index saw its intraday decline expand to 3.78%.
At 2:39 PM, 'Yishang Zhanshi' hit its limit down.
At 2:48 PM, 'Baofeng Keji', a 'demon stock' from the bull market that had just started to rebound and not yet fully recovered, was also hit to its limit down by a large volume of concentrated selling.
Finally, amidst the continuous wave of limit downs among major concept and theme popular stocks towards market close.
When 3:00 PM arrived, and both exchanges officially closed.
The Shanghai Composite Index settled at a 1.43% decline and, thanks to the strong performance of weighted main lines like 'Big Finance' and 'Big Consumption', it stabilized around the 3400-point mark, while the ChiNext Index plunged nearly 4%, with the entire 'SME and ChiNext' concept and theme sector, and its related popular concept leader stocks, suffering a comprehensive heavy blow.
Among the heavily hit popular concept leader stocks.
'Teli A', with the highest attention, maintained a one-line limit down throughout the day, and only traded a total of over 14 million yuan in value for the entire day, virtually burying almost all capital groups that bought in last Friday.
'Chuan Sheng Jiuzhou' and 'Yishang Zhanshi', which had the second-highest attention after 'Teli A'.
Under similar limit down trends.
Their market turnover, however, increased significantly compared to last Friday, with extremely thorough turnover.
Moreover, other popular concept stocks with similar trends to these two were not few.
This indicates that while the institutional funds and speculative retail funds gathered around these core concept leader stocks were generally retreating, the market's buying power remained strong, suggesting that the funds daring to take on these shares were also not few.
However, regardless of everyone's enthusiasm for bottom fishing and buying in.
Under the influence of 'Teli A''s no-volume limit down trend, the decline in bullish market sentiment remained an undeniable fact.
Furthermore, after both exchanges closed, at 5:00 PM, when the market's Dragon-Tiger List was released, everyone saw the buy and sell data on the Dragon-Tiger List for popular stocks like 'Teli A', 'Chuan Sheng Jiuzhou', 'Sanxia Xincai', 'Baofeng Keji', 'Yishang Zhanshi'... and found that all the institutional and speculative funds that had entered earlier were in a selling state.
This decline in bullish sentiment was like an accelerating car; it simply couldn't be stopped.
Fortunately, the trend in the external markets during the evening was very strong.
U.S. stocks continued to open higher and trade higher, under a frantic trend of reaching new historical highs, continuing to give the domestic market a strong shot in the arm, relatively reversing the rapid decline in sentiment caused by the collapse of 'Teli A', and also allowing investor confidence to recover somewhat.
After all, everyone felt that with U.S. stocks at new highs.
Even if A-shares couldn't follow suit and recover to June's bull market high, there was absolutely no reason or motivation for them to continue plummeting downwards.
Then, driven by such news, with negative internal influences and positive external influences.
After a night of sentiment fermentation.
The next day, October 27th, Tuesday.
The indices of both exchanges finally broke free from yesterday's sharp decline and once again saw a slight higher open.
However, amidst the widespread higher open of the indices, 'Teli A', the 'demon stock' that still topped the hot stock list on both exchanges, continued to hit its limit down with a no-volume one-line pattern, sealing the limit down, burying all the capital that bought in at high positions, and continuing to digest the negative impact of the major shareholder's liquidation and sell-off.
(End of chapter)