March 8, Thursday, Toronto.
The room in Toronto hotel is smaller than that in New York, but Zhang Qingxue did his homework in advance--
The hotel's network bandwidth is sufficient to support high-frequency trading, and the latency is within acceptable limits.
She placed two laptops side by side on the desk by the window. The one on the left was connected to Goldman Sachs's brokerage account, and the one on the right was open to the encrypted communication channel of Lin Shicheng's legal team.
Su Wantang is sitting on the sofa next to him, with a fund schedule spread out in front of him, checking his account balance every hour.
Zhao Chen was sitting on the edge of the bed, holding a cup of coffee from the hotel in his hand, looking at the Toronto skyline outside the window.
CN Tower loomed in the morning fog, and there was thin ice on the surface of Lake Ontario.
He withdrew his gaze and glanced at the clock on the wall - it was nine twenty in the morning, ten minutes before the opening of US Stocks.
"Aunt Zhang, have you passed the network test?" Zhao Chen asked.
Zhang Qingxue didn't even raise his head:
"Tested. The latency is a few milliseconds higher than New York, but within the acceptable range.
Placing orders, canceling orders, and modifying price limits are all no problem."
Zhao Chen nodded. "Where is Lawyer Lin?"
Zhang Qingxue said, "He has confirmed that today's transaction records will be synchronized and backed up to his server. There is no problem with the compliance review."
Zhao Chen stood up, walked to the window, and took another look at CN Tower.
Then he turned around, walked to the desk, and stood behind Zhang Qingxue.
"Slow down today." He said, "We are at Canada, not New York.
The market is still not sure whether we are buying, so it is best not to expose it."
Zhang Qingxue nodded, his fingers hovering above the keyboard.
At nine-thirty, US Stocks opens.
Tesla opened at 278 US Dollar, which was less than 1 US Dollar higher than yesterday's closing price.
On the market, sell orders are still thick, but buy orders are less than in the past few days - those retail investors who follow the trend are waiting and watching.
They want to know if that mysterious fund will buy anything today.
Zhang Qingxue was in no hurry to take action.
She waited for fifteen minutes, watching the stock price slowly slide from 278 to 277.5, then bounce back from 277.5 to 278.
The sell orders on the market are accumulating, and the buy orders are shrinking.
The market is testing - if the mysterious funds don't appear, the stock price will fall.
"Pending order." Zhao Chen said.
Zhang Qingxue entered the first instruction:
100,000 shares, price limit 277.5 US Dollar.
She did not directly hang it on the handicap, but hung a Hidden Order - only visible to Market Maker, and will not appear in the public handicap data.
This is the skill Lin Shicheng taught her. She needs to be more cautious when operating at Canada than at New York.
After ten seconds, the transaction is completed.
The stock price remains unchanged.
100,000 shares in this market are like a drop of water falling into the ocean.
Zhang Qingxue waited for two minutes and placed another transaction:
100,000 shares, price limit 277.5.
Deal.
The stock price remains unchanged.
The third tranche: 100,000 shares, price limit 277.5.
Deal.
Three transactions, 300,000 shares.
The average price is 277.5.
The stock price started to react - it was pushed from 277.5 to 277.8.
But the selling orders immediately filled in and pushed the price back to 277.5.
Zhang Qingxue did not continue to place orders.
She glanced at Zhao Chen, who shook his head.
"Wait. Let the market digest it."
In the next twenty minutes, the stock price of Tesla fluctuated within a narrow range between 277.5 and 278.
Selling is still thick, but those placing sell orders are starting to hesitate--
They saw someone buying 300,000 shares at 277.5, but they didn't know if this person would continue to buy.
At 10:40, Zhang Qingxue placed the fourth transaction:
100,000 shares, price limit 277.5.
Deal.
The stock price was pushed to 277.8.
The fifth tranche: 100,000 shares, price limit 277.8.
Deal.
The stock price reached 278.
Selling orders began to loosen.
Those sell orders placed at 278 saw someone buying up and began to cancel the orders.
If someone withdraws, someone will follow.
The stock price was pushed from 278 to 279 in ten minutes.
Zhang Qingxue did not pursue.
She stopped and waited for the stock price to fall back.
Sure enough, the selling orders came in again, and the stock price dropped from 279 to 278.5.
She placed another 100,000 shares at 278.5 and the transaction was completed.
Throughout the morning, Zhang Qingxue spent two and a half hours buying 500,000 shares.
They didn't buy it all at once, they bought it one by one, 100,000 to 150,000 shares each time, with Hidden Order listed, without revealing their intentions.
The stock price was pushed from the opening price of 278 to 279.5, and then fell back to 278.5.
Traders who were watching the market could see someone buying, but they couldn't see who it was, how much they were buying, or when they were going to stop.
During lunch time, Zhang Qingxue closed the computer and moved his shoulders.
"I bought 500,000 shares in the morning, with an average price of 278.2."
Zhao Chen nodded.
"Slow down in the afternoon. 200,000 shares are enough. The total amount today will be controlled within 700,000."
Trading in the afternoon is more cautious than in the morning.
Zhang Qingxue only placed two orders, each of 100,000 shares, which were traded at 278 and 278.2 respectively.
700,000 shares were bought throughout the day, with an average price of 278.0.
The total shareholding reached 12.9 million shares, accounting for 7.68%.
After the market closed, Zhang Qingxue exported the day's transaction records, encrypted them and sent them to Lin Shicheng.
Su Wantang recorded today's expenditure on the fund schedule - about 195 million US Dollar.
Zhao Chen stood in front of the window, looking at the night view of Toronto.
CN Tower has colorful lights on, and the lights of the city are reflected on the lake.
"Xiao Chen," Zhang Qingxue close the computer,
"After the CNBC program is broadcast today, more people will pay attention tomorrow.
We are operating at Toronto, will it be seen?"
Zhao Chen turned around and thought about it.
"I can't tell. The IP address is Toronto, but the transaction is executed through the channel of Goldman Sachs, and the broker displayed is still Goldman Sachs.
Unless someone hacks into Goldman Sachs's system, no one will guess it's us."
He paused and then said:
"But there's one thing - our trading rhythm is too regular.
This pattern is too easy to see half an hour after the opening, before midday, and before the close.
I will change it tomorrow and place orders randomly.
No fixed time, no fixed quantity."
Zhang Qingxue nodded. "Understood."
March 9, Friday.
Toronto.
Tesla opened at 276 US Dollar, which was 2 US Dollar lower than yesterday's closing price.
Market sentiment is cooling down - Era Vanguard bought 700,000 shares yesterday, but the stock price did not rise much.
Those retail investors who followed the trend began to hesitate.
Zhao Chen asked Zhang Qingxue to change strategy.
I won't buy anything in the morning, I'll wait until lunch.
One hour after the market opened, the stock price of Tesla fell from 276 to 275, and then rebounded from 275 to 276.
The sellers and Buying Pressure are in a stalemate, and no one dares to make the first move.
At eleven o'clock, Zhang Qingxue placed the first order of the day:
50,000 shares, price limit 275.5.
Deal.
The stock price did not move.
Fifteen minutes later, the second stroke:
50,000 shares, price limit 275.5.
Deal.
Before noon, the third stroke:
100,000 shares, price limit 275.8.
Deal.
I bought 200,000 shares in the morning, with an average price of 275.6.
The stock price was pushed to 276, but selling orders immediately came out and pushed it back to 275.5.
Trading in the afternoon was more sporadic.
Zhang Qingxue places an order every half hour, for 50,000 to 80,000 shares each time, with no fixed quantity and no fixed price.
At two o'clock, 80,000 shares were traded at 275.2.
At 2:40, 50,000 shares were traded at 275.0.
At 3:20, 120,000 shares were traded at 274.8.
500,000 shares were bought throughout the day, with an average price of 275.3.
It is nearly 3 US Dollar lower than Thursday's average price.
The total shareholding reached 13.4 million shares, accounting for 7.98%.
After the market closed, Zhang Qingxue organized the transaction records and sent them to Lin Shicheng.
Su Wantang recorded today's expenditure on the fund schedule - about 138 million US Dollar.
Zhao Chen stood in front of the window, looking at the Toronto night.
CN Tower's lights are brighter than last night, fog has appeared on the lake, and the city lights are blurred in the fog, like a watercolor painting.
"Aunt Zhang," he didn't look back, "United States on Monday. If the customs only gives seven days, we only have five trading days.
At the current pace, we have to buy about 850,000 shares every day to buy the rest."
Zhang Qingxue did the math. "13.4 million shares, which is still 3.2 million shares short of 16.6 million shares.
In five days, 640,000 shares per day can be completed. If it is 85,000 shares, four days will be enough."
Zhao Chen nodded. "That's 850,000. After I go back on Monday, I'll see Market Reaction."
If Short Sellers is still smashing, we will speed up. If Follow-up Orders gets up, we will slow down a little."
He turned around and looked at Zhang Qingxue and Su Wantang.
"Have a good rest over the weekend. Next week, buy the rest."