The office was quiet for about two minutes.
The sun shines in from the window, casting interlaced light and dark shadows on Zhao Chen's face.
Chen Xi sat quietly, with the notebook in his hand spread out on his knees and the pen tip hanging above the paper.
Zhao Chen finally spoke.
"Tongce Medical, the market is currently divided the most. The greater the controversy, the greater the opportunity."
Chen Xi's fingers moved slightly, but did not interrupt him.
Zhao Chen stood up, walked to the whiteboard, and picked up the pen.
"Bidiya, there is still room for downside in the first half of the year, and the negative effects of declining subsidies have not yet been exhausted.
Wait until the first quarter report comes out and the market sentiment is in place, then it's time to enter the market. There's no rush now."
He wrote "Bidiya" on the whiteboard and made a circle next to it.
"Pianzaihuang, I'm not too sure about the short-term rhythm.
But I know that the current price of 85 yuan is not expensive." He also circled next to "Pianzaihuang".
Chen Xi's pen was writing quickly on the notebook. Zhao Chen turned around and looked at her.
"Tongce Medical is the best buying opportunity now.
If there is a big controversy, the stock price will be divergent; if there is a divergence, there will be excess returns.
When everyone understands it, the price will no longer be this price."
He walked back to his seat and sat down.
"Starting from tomorrow, scan Tongce Medical and Pianzaihuang on Secondary Market. Buy both at the same time and open a position at the same time."
Chen Xi raised his head.
"Two at the same time? How to distribute the funds?"
Zhao Chen thought for a while.
"First invest 500 million principal. Tongce Medical 300 million, Pianzaihuang 200 million. Do not exceed 5% of the total share capital, just 4.99%.
If it does not exceed 5%, there is no need to disclose it and it will not alarm the market."
Chen Xi is calculating quickly on his laptop.
The total share capital of Tongce Medical is approximately 447 million shares, 4.99% of which is approximately 22.3 million shares.
Based on a stock price of 43 yuan, it is approximately 960 million yuan.
The total share capital of Pianzaihuang is approximately 603 million shares, 4.99% of which is approximately 30.1 million shares.
Based on a stock price of 85 yuan, it is approximately 2.56 billion yuan.
She raised her head.
"Zhao Zong, the principal of 500 million is far from the 4.99% position."
Zhao Chen nodded.
"So increase leverage. Negotiate with the brokerage and see if you can operate with 2.5 times leverage."
Chen Xi was stunned for a moment.
"2.5 times leverage? In other words, 500 million principal, leveraging 1.25 billion funds?"
Zhao Chen nodded.
"Yes. Tongce Medical, using 300 million principal and leverage, leveraging about 750 million, can buy close to 2% of the shares.
Pianzaihuang, using 200 million principal and leverage, leveraging about 500 million, can buy less than 1% of the shares.
Adding the two together, the position does not exceed the appropriate proportion of Henglong Capital's net assets, and the risk is controllable."
He paused and his voice slowed down a bit.
"Shunxin Agriculture Over there, we can remove the lever when the time comes.
But Tongce is different from Pianzaihuang - they are more certain and their volatility is relatively controllable.
Moreover, Henglong Capital has just been established and needs to achieve results quickly.
500 million principal plus 2.5 times leverage, total capital is 1.25 billion. After the position is completed, as long as the stock price rises 30%, the floating profit will be 375 million.
This number will be a significant improvement over Henglong and Financial Statement."
Chen Xi Close the notebook and stand up.
"Zhao Zong, Tongce Medical and Pien Tze Huang open positions at the same time. I will start the operation tomorrow.
I will communicate with the brokerage this afternoon about the financing limit."
Zhao Chen nodded. "Go ahead."
Chen Xi walked to the door, suddenly stopped and turned around.
"Zhao Zong, Pianzaihuang are really cheap now?"
Zhao Chen looked at her, was silent for a second, and then smiled. "You will know in a few years."
Chen Xi shook his head, opened the door and walked out.
April 10, Tuesday, Shan City.
Chen Xi arrived at the office half an hour earlier than usual.
Su Wantang was already in the tea room, holding a cup of freshly brewed Longjing in his hand. He smiled when he saw Chen Xi coming in.
"So early?"
Chen Xi Put the bag on the table and open the laptop.
"There is a mission, come early and prepare."
She went over Zhao Chen's conversation yesterday - 500 million principal, 2.5 times leverage, total capital 1.25 billion.
Tongce Medical is allocated 750 million, and Pianzaihuang is allocated 500 million.
If two stocks are opened at the same time, the target position does not exceed 4.99% of the total share capital, and the disclosure obligation is not triggered.
Su Wantang came over with tea, stood behind Chen Xi, and looked at the two stocks K-line Chart on the screen.
"Tongce Medical closed at 43.2 yuan yesterday, and Pianzaihuang was 85.6 yuan. It is not cheap to open a position at this position."
Chen Xi shook his head.
"Your guy said, if you don't buy it now, it will be more expensive later.
And with 2.5 times leverage, as long as the stock price rises 40%, our rate of return will be 100%."
Su Wantang's face turned slightly red, and without saying anything else, he sat down and turned on his computer.
The two people divided their work - Chen Xi was responsible for transaction execution and brokerage connection, and Su Wantang was responsible for fund scheduling and compliance review.
At nine o'clock in the morning, as soon as the securities firm went to work, Chen Xi dialed the number of the margin trading department.
The other party is the account manager that Chen Xi dealt with before. His surname is Wang. He is in his early thirties and speaks fluently.
"Manager Wang, Henglong Capital needs a financing line.
Total funds are 1.25 billion, 2.5 times leverage, 500 million principal. What level of interest rate can be given?"
There was silence on the other end of the phone for a few seconds, and then Manager Wang said:
"2.5 times leverage, a total of 1.25 billion, this is not a small amount.
I'll go to the leader to approve it and try to get it the lowest in the industry.
Henglong is Listed Company, and there is no problem with the credit rating. I will get back to you in the afternoon."
Chen Xi said, "Okay. I'm waiting for your news."
At two o'clock in the afternoon, Manager Wang's call came back.
"Mr. Chen, it has been approved. The annual interest rate is 5.8%, the credit limit is 1.25 billion, and the leverage ratio is 2.5 times.
However, there are several risk control conditions that need to be confirmed with you."
Chen Xi wrote "5.8%" in his notebook, and then asked, "What conditions?"
Manager Wang said:
"First, the initial margin ratio cannot be less than 40%.
Your 500 million principal corresponds to 1.25 billion in credit, and the margin ratio is exactly 40%, which is stuck.
We will monitor the maintenance guarantee ratio on a daily basis.
Second, concentration control - the market value of a single stock cannot exceed 70% of the total assets of the credit account.
Third, when the maintenance guarantee ratio is lower than 150%, we will issue an early warning notice;
When it is lower than 130%, additional collateral needs to be added within one trading day, otherwise Forced Liquidation will be triggered."
Chen Xi went through these numbers in his mind.
130% of Liquidation Threshold, calculated based on Tongce Medical 43 yuan, will only be triggered when the stock price drops to about 30 yuan.
Liquidation Threshold with 2.5 times leverage is probably at a position where the stock price has fallen by 35% to 40%.
Tongce Medical and Pianzaihuang are both Fundamentals solid companies, and the probability of falling 40% in the short term is extremely low.
"How much above the maintenance guarantee ratio can I withdraw?" Chen Xi asked.
Manager Wang said:
"When it exceeds 300%, you can withdraw the excess cash or securities.
After withdrawal, the maintenance guarantee ratio cannot be less than 300%. This rule is uniformly stipulated by Securities Regulatory Commission."
Chen Xi calculated in his mind - if the stock price rises by 40%, the maintenance guarantee ratio will increase from the initial 250% to about 350%, and the excess can be withdrawn.
This means that future profits can be liquidated in advance without waiting to sell the stock.
She didn't even ask about these details when she operated Shunxin Agriculture before.
The main reason is that Henglong has abundant cash flow, although it can replenish the margin.
But this time the investment was greater, and she had to ask carefully for details.