"There is another question," Chen Xi said, "How to use these 1.25 billion funds? Which account does it go into? Or is it our previous account?"
Manager Wang said:
"Henglong Capital can open another credit account - including a credit securities account and a credit fund account.
You transfer 500 million principal from the ordinary account of Henglong Capital to the credit fund account as a deposit.
Then, you make a financing purchase in your credit account, and the brokerage system will automatically match the principal of 500 million with the credit limit of 1.25 billion, and the stocks purchased with financing will go directly into the credit securities account."
"What happens when you sell? How do you withdraw the proceeds?"
Manager Wang said, "After selling, the funds will be returned to the credit fund account first, and financing liabilities and interest will be returned first.
The remaining part after repayment belongs to your own funds and can be withdrawn to the ordinary account.
The premise for withdrawal is to maintain the guarantee ratio at no less than 300%."
Chen Xi Write down these points one by one.
The calculation formula for maintaining the guarantee ratio is - the total assets in the credit account (cash + position market value) divided by the financing liabilities.
500 million principal + 1.25 billion credit, initial total assets of 1.75 billion, financing liabilities of 1.25 billion, and initial maintenance guarantee ratio of 140%.
Chen Xi frowned, picked up the pen and counted on the paper.
After she finished the calculation, she found something wrong - the maintenance guarantee ratio corresponding to the initial margin ratio of 40% was not 140%.
The formula for calculating the maintenance guarantee ratio of margin financing and securities lending is total assets divided by financing liabilities.
However, Zhao Chen said before that the stock price volatility of Tongce Medical and Pien Tze Huang is low, and the initial guarantee ratio of 140% for Risk Exposure is too large, so sufficient safety cushion needs to be left.
She sent a message to Zhao Chen:
"Zhao Zong, the credit line granted by the securities firm has a principal of.5 billion, a quota of 1.25 billion, and an interest rate of 5.8%.
The initial maintenance guarantee ratio is 140%, Liquidation Threshold 130%. Is this safety cushion enough?"
Zhao Chen replied:
"Enough. Tongce and Pianzaihuang will not fall by 40%.
Even if it falls, Henglong Capital still has cash to cover the position. Follow the plan."
Chen Xi replied with the word "good".
Su Wantang nodded and wrote down this number on the fund schedule.
Wednesday, April 11th.
Chen Xi and Su Wantang are sitting in Henglong Capital's Trading Room. In front of them are two computers and a hotline directly connected to the brokerage.
Chen Xi split the buying plan into ten trading days - buying about 125 million per day, Tongce Medical about 75 million, and Pianzaihuang about 50 million.
However, the specific implementation must be flexibly adjusted according to the market's capacity.
"On the first day, follow the plan first. Tongce Medical 75 million, Pianzaihuang 50 million." Chen Xi said.
Su Wantang nodded.
In the first instruction, Chen Xi entered a buy order of Tongce Medical - 800,000 shares, with a price limit of 43.5 yuan.
She waited for more than ten seconds, watching the changes in the buying and selling orders on the handicap.
The selling order was not strong. After the buy order was placed, the stock price was pushed from 43.2 to 43.4, and the transaction was completed.
800,000 shares, average price 43.35 yuan, transaction volume 34.68 million.
"The handicap is OK. Continue." Su Wantang said.
The second tranche, 700,000 shares, with a price limit of 43.6 yuan.
Transactions were completed with an average price of 43.5 yuan and a transaction volume of 30.45 million.
The two transactions totaled 1.5 million shares, 65.13 million.
The stock price was pushed from 43.2 to 43.6, and the selling price recovered and stabilized around 43.5.
Chen Xi placed the third order, 500,000 shares, with a price limit of 43.5 yuan.
Transactions were completed with an average price of 43.45 yuan and a transaction volume of 21.725 million yuan.
The three transactions totaled 2 million shares, 86.855 million.
Tice Medical's goal of 75 million has been achieved and slightly exceeded.
She switched to the interface of Pianzaihuang.
The mouth of Pianzaihuang is thicker than that of Tongce Medical.
Chen Xi placed the first order - 150,000 shares, with a price limit of 85.8 yuan.
Transactions were completed with an average price of 85.7 yuan and a transaction volume of 12.855 million yuan.
The second transaction, 150,000 shares, with a price limit of 85.9 yuan, was completed with an average price of 85.8 yuan and a transaction volume of 12.87 million.
The third transaction, 100,000 shares, with a price limit of 86.0 yuan, was completed with an average price of 85.9 yuan and a transaction volume of 8.59 million.
The three transactions totaled 400,000 shares, with a transaction volume of 34.315 million.
At the end of the first day, Tongce Medical bought 2 million shares, with an average price of 43.45 yuan and a transaction volume of 86.9 million yuan;
Pianzaihuang bought 400,000 shares, with an average price of 85.8 yuan and a transaction volume of 34.32 million.
The total amount is 121.22 million, which is close to the planned 125 million.
The share prices of both stocks were barely affected --
Tongce Medical closed at 43.6 yuan, and Pianzaihuang closed at 86.0 yuan.
Thursday, April 12th.
Chen Xi and Su Wantang decided to slightly increase the day's buying volume to 130 million based on the previous day's market conditions.
Tongce Medical's handicap acceptance was better than expected, so Chen Xi decided to buy more.
For Tongce Medical, Chen Xi was purchased in four tranches:
The first tranche of 600,000 shares had a price limit of 43.8 yuan, an average transaction price of 43.7 yuan, and a transaction volume of 26.22 million;
The second tranche of 700,000 shares had a price limit of 43.9 yuan, an average transaction price of 43.8 yuan, and a transaction volume of 30.66 million;
The third tranche was 600,000 shares, with a price limit of 44.0 yuan, an average transaction price of 43.9 yuan, and a transaction volume of 26.34 million;
The fourth tranche of 500,000 shares had a limit price of 44.1 yuan, an average transaction price of 44.0 yuan, and a transaction volume of 22 million.
2.4 million shares were bought throughout the day, with an average price of 43.85 yuan and a transaction volume of 105.22 million yuan.
For Pianzaihuang, buy in three tranches:
The first tranche of 150,000 shares had a price limit of 86.5 yuan, an average transaction price of 86.4 yuan, and a transaction volume of 12.96 million;
The second tranche of 150,000 shares had a price limit of 86.6 yuan, an average transaction price of 86.5 yuan, and a transaction volume of 12.975 million;
The third tranche of 100,000 shares had a price limit of 86.8 yuan, an average transaction price of 86.7 yuan, and a transaction volume of 8.67 million.
400,000 shares were bought throughout the day, with an average price of 86.53 yuan and a transaction volume of 34.605 million.
The total of Tongce Medical 105.22 million, Pien Tze Huang and 34.605 million on that day totaled 139.83 million, slightly exceeding the daily average plan.
In the two days, Tongce Medical 4.4 million shares were traded, with a transaction volume of 192.12 million and an average price of 43.66 yuan;
Pianzaihuang 800,000 shares, transaction volume 68.925 million, average price 86.16 yuan.
Total 261.05 million.
April 13, Friday.
Tongce Medical The day when the annual report is released.
Chen Xi has been waiting for this annual report all morning.
Before the market opened in the morning, the announcement came out - full-year revenue in 2017 was 1.18 billion yuan, a year-on-year increase of 34.25%;
Net profit was 217 million yuan, a year-on-year increase of 59.05%. The data was in line with expectations, or even slightly exceeded expectations.
After the market opened, the stock price of Tongce Medical jumped short and opened high, jumping directly from 43.8 yuan to 44.5 yuan.
Chen Xi did not chase the high.
She wrote in her notebook, "The annual report is in line with expectations. Don't chase it, wait for a correction."
Sure enough, half an hour after the market opened, the stock price dropped from 44.5 to around 44.0.
Chen Xi started placing orders, with a price limit of less than 44.2 yuan, and buying in batches.
1.8 million shares of Tice Medical were bought throughout the day, with an average price of 44.1 yuan and a transaction volume of 79.38 million.
As for Pianzaihuang, 300,000 shares were purchased as originally planned, with an average price of 86.8 yuan and a transaction volume of 26.04 million.
The total for that day was 105.42 million.
In the three days cumulatively, there were 6.2 million shares of Tice Medical, with a transaction volume of 271.5 million and an average price of 43.79 yuan;
Pianzaihuang 1.1 million shares, transaction volume 94.965 million, average price 86.33 yuan, totaling 366.46 million.
There was no special news from the market during the two days over the weekend.
Chen Xi and Su Wantang reviewed last week's trading rhythm and decided to maintain a daily rhythm of 120-130 million this week and strive to complete the opening of positions within ten trading days.